CHIFENG GOLD(SH:600988)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 1,586,753,225.40, representing a year-on-year increase of 6.66%[5] - The net profit attributable to shareholders for Q1 2023 was RMB 75,261,571.38, a decrease of 56.77% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 131,349,255.33, down 22.59% year-on-year[5] - Basic and diluted earnings per share for Q1 2023 were both RMB 0.05, reflecting a decrease of 50.00%[6] - Total operating revenue for Q1 2023 was CNY 1,586,753,225.40, an increase of 6.67% compared to CNY 1,487,670,713.10 in Q1 2022[28] - Net profit for Q1 2023 was CNY 90,283,774.25, a decrease of 59.11% from CNY 221,035,775.66 in Q1 2022[30] - The company reported a total comprehensive income of CNY 6,055,416.52, compared to CNY 147,211,704.74 in Q1 2022, indicating a decrease[32] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 186.68%, amounting to RMB 463,472,617.38[5] - The company reported a decrease in cash and cash equivalents to 1,415,901,279.59 RMB from 1,285,105,129.36 RMB at the end of 2022[21] - Cash and cash equivalents at the end of the period totaled CNY 1,193,406,833.83, up from CNY 637,081,216.79 at the end of Q1 2022[35] - The company incurred a net cash outflow from investing activities of CNY -432,721,830.61, compared to CNY -2,927,206,529.25 in Q1 2022[34] - Cash inflow from financing activities was CNY 598,408,821.20, a decrease from CNY 1,744,114,488.40 in the previous year[35] - The total cash outflow for operating activities was CNY 1,177,365,722.99, down from CNY 1,322,118,720.91 in Q1 2022[34] Production and Sales - Gold production reached 3,289,175.81 grams, an increase of 0.81% year-over-year, while sales increased by 11.25% to 3,541,682.61 grams[12] - Electrolytic copper production decreased by 48.58% year-over-year to 1,108.55 tons, with sales down 52.98% to 1,089.32 tons, primarily due to lower ore grade and recovery rates[13] Costs and Expenses - Total operating costs for Q1 2023 were CNY 1,388,363,112.45, up 15.85% from CNY 1,198,791,779.49 in Q1 2022[28] - The unit cash cost for gold was 216.45 RMB per gram, with a year-over-year increase of 8.77%, while the all-in sustaining cost (AISC) decreased by 7.85% to 267.55 RMB per gram[15][16] - Financial expenses for Q1 2023 were CNY 65,792,581.30, significantly higher than CNY 11,492,637.25 in Q1 2022, indicating increased borrowing costs[28] - The company reported a decrease in investment income, with a loss of CNY 12,514,295.84 in Q1 2023 compared to a gain of CNY 2,314,349.67 in Q1 2022[28] Assets and Liabilities - Total assets at the end of Q1 2023 were RMB 17,757,401,809.22, an increase of 1.21% from the end of the previous year[6] - The company's total liabilities as of Q1 2023 amounted to CNY 10,270,590,660.39, compared to CNY 10,135,991,558.70 in the previous year, reflecting an increase of 1.33%[25] - The total equity attributable to shareholders of the parent company was CNY 5,201,993,623.42, slightly up from CNY 5,187,569,558.63 in Q1 2022[25] - The company's total non-current liabilities were CNY 6,706,665,274.62, down from CNY 6,856,108,665.17 in the previous year[25] Strategic Initiatives - The company aims to enhance operational efficiency and reduce costs through organizational restructuring and improved procurement processes[19] - The company is focusing on a development theme of "breaking the situation, restructuring, and entrepreneurship" for 2023[18] - The company has established a special team to enhance market analysis and risk control in response to the challenges faced in gold leasing[8] - The gold production and cost metrics at the subsidiary in Ghana are expected to improve in the coming quarters due to ongoing optimization efforts[19] - The average ore grade at the domestic subsidiary increased by over 40% compared to the average for the entire year of 2022[19]