SPC(SH:600688)2020-04-28 16:00Financial Performance - Net profit attributable to shareholders was CNY -1,202,367,000, a decrease of 296.90% year-on-year[4] - Operating revenue fell by 28.68% to CNY 17,926,384,000 compared to the same period last year[4] - Basic and diluted earnings per share were both CNY -0.111, a decrease of 298.21% compared to the previous year[5] - The company reported an operating loss of RMB 1,629,144 thousand for Q1 2020, a decline of 317.99% from an operating profit of RMB 747,350 thousand in Q1 2019, attributed to lower sales prices and high-cost inventory consumption[11] - Net profit for Q1 2020 was a loss of CNY 1,201,386, compared to a profit of CNY 610,997 in Q1 2019[20] - Other comprehensive income for Q1 2020 was a loss of CNY 95,257, compared to no previous figure reported[21] - The company’s cash flow from operating activities was significantly impacted, leading to a comprehensive income total of -1,296,643 in Q1 2020[21] Assets and Liabilities - Total assets decreased by 9.14% to CNY 41,465,657,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 17,816,603 thousand from RMB 22,309,163 thousand, reflecting overall declines in cash and inventory[15] - Total liabilities decreased to RMB 12,720,936 thousand from RMB 15,620,227 thousand, indicating a reduction in financial obligations[16] - Total assets as of Q1 2020 were CNY 39,781,376, down from CNY 43,243,202 in the previous year[20] - Total liabilities for Q1 2020 were CNY 11,553,990, a decrease of 15.9% from CNY 13,732,296 in Q1 2019[20] Cash Flow - Net cash flow from operating activities was CNY -3,880,619,000, a decline of 256.12% year-on-year[4] - Operating cash flow for Q1 2020 was negative at -3,880,619 thousand RMB, compared to -1,089,708 thousand RMB in Q1 2019, indicating a decline in cash generation from operations[25] - Total cash inflow from operating activities decreased to 19,291,390 thousand RMB in Q1 2020 from 27,312,873 thousand RMB in Q1 2019, a drop of approximately 29%[25] - Cash outflow for purchasing goods and services was 19,096,902 thousand RMB in Q1 2020, down from 23,266,199 thousand RMB in Q1 2019, reflecting a reduction of about 18%[25] - The ending cash and cash equivalents balance decreased to 4,137,606 thousand RMB in Q1 2020 from 8,271,046 thousand RMB in Q1 2019, a decline of about 50%[26] - The net increase in cash and cash equivalents was -3,312,093 thousand RMB in Q1 2020, contrasting with a slight increase of 29,153 thousand RMB in Q1 2019[26] Shareholder Information - The total number of shareholders at the end of the reporting period was 96,508[7] - The largest shareholder, Sinopec Limited, holds 50.44% of the shares[7] Government Support and Other Income - The company received government subsidies amounting to CNY 20,203,000 during the reporting period[6] - The company reported a significant increase in non-operating losses, totaling CNY -13,019,000[6] - Investment income decreased by 60.07% to RMB 77,983 thousand from RMB 195,291 thousand, impacted by the pandemic and fluctuations in the chemical market[11] - The company reported an investment income of CNY 77,983 in Q1 2020, down from CNY 195,291 in Q1 2019[20] Inventory and Accounts Payable - Inventory decreased by 26.42% to RMB 4,969,938 thousand from RMB 6,754,434 thousand, influenced by the COVID-19 pandemic and a drop in international crude oil prices[11] - Accounts payable decreased by 42.81% to RMB 4,383,186 thousand from RMB 7,664,296 thousand, due to reduced raw material procurement volume and prices amid the pandemic[11] Future Outlook - The company plans to focus on cost control and efficiency improvements in response to the challenging market conditions[20]