Jinko Power(SH:601778)2023-04-28 16:00Financial Performance - The company's revenue for Q1 2023 was approximately ¥818.07 million, representing a 36.90% increase compared to ¥573.19 million in the same period last year[30]. - The net profit attributable to shareholders for Q1 2023 was approximately ¥24.25 million, a significant recovery from a loss of ¥59.85 million in the previous year[30]. - The basic earnings per share for Q1 2023 was ¥0.01, recovering from a loss of ¥0.02 per share in the same period last year[31]. - The weighted average return on net assets for Q1 2023 was 0.20%, a recovery from -0.49% in the previous year[31]. - The net profit for the current period is 26,665,872.42, compared to a net loss of 47,714,269.04 in the previous period[61]. - The net profit attributable to shareholders of the parent company is 24,253,255.24, while the previous period showed a loss of 51,814,743.58[61]. - The total comprehensive income for the current period is 16,404,819.68, compared to a total comprehensive loss of 29,499,703.50 in the previous period[61]. - Basic and diluted earnings per share for the current period are both 0.01, compared to -0.02 in the previous period[61]. Assets and Liabilities - Current assets increased to ¥18,468,800,440.70 in Q1 2023, up from ¥15,018,788,795.56 in Q1 2022, representing a growth of approximately 16.3%[1]. - Total assets at the end of Q1 2023 amounted to approximately ¥40.88 billion, reflecting an 8.93% increase from ¥37.40 billion at the end of the previous year[31]. - Total liabilities decreased to ¥1,676,152,125.41 in Q1 2023 from ¥1,695,813,203.58 in Q1 2022, showing a reduction of about 1.1%[8]. - Total liabilities as of Q1 2023 amounted to RMB 25,343,489,258.97, up from RMB 24,996,502,935.45 in Q1 2022[58]. - Short-term borrowings rose to RMB 1.63 billion, compared to RMB 1.26 billion in the previous period[44]. - The company’s total equity attributable to shareholders at the end of Q1 2023 was approximately ¥15.42 billion, a 24.20% increase from the previous year[31]. - Total equity attributable to shareholders increased to RMB 15,419,558,897.53 in Q1 2023 from RMB 12,414,989,022.53 in Q1 2022[58]. Cash Flow - Net cash flow from financing activities was ¥3,490,744,441.91 in Q1 2023, significantly up from ¥999,462,350.32 in Q1 2022, representing a growth of approximately 249.5%[8]. - The net increase in cash and cash equivalents was ¥1,694,074,367.36 in Q1 2023, compared to ¥771,034,151.33 in Q1 2022, reflecting a growth of approximately 120.0%[8]. - The company reported a negative cash flow from operating activities of approximately ¥1.04 billion for Q1 2023, compared to a negative cash flow of ¥66.40 million in the same period last year[31]. - The company’s total cash inflow from operating activities was RMB 779,034,827.80 in Q1 2023, compared to RMB 516,537,152.06 in Q1 2022[48]. - The company’s financial expenses for Q1 2023 were RMB 214,712,517.02, compared to RMB 202,430,298.39 in Q1 2022[46]. Investments and Projects - The company reported a net cash outflow from investing activities of ¥760,491,159.96 in Q1 2023, compared to a net outflow of ¥179,035,546.65 in Q1 2022, representing a significant increase in investment activity[8]. - The company plans to terminate certain fundraising projects and redirect remaining funds to new projects, including a 49.63MW distributed generation project and a 25MW/50MWh energy storage project[23]. - The company is reallocating approximately ¥884.21 million of remaining fundraising to the construction of a 70MW agricultural photovoltaic project and a 200MW integrated project in Hainan[24]. - Investment income surged by 1,972.24% mainly from the disposal of equity interests in several photovoltaic power companies[37]. - The company completed the transfer of 100% equity in Tongling Jinneng Photovoltaic Power Co., Ltd. for a consideration of RMB 114 million, involving an installed capacity of approximately 110MW[42]. - The company signed an agreement to transfer 100% equity of four overseas subsidiaries related to the Antequera photovoltaic project for an initial price of approximately €20.75 million[42]. - The company plans to sell 100% equity of seven commercial distributed photovoltaic project companies for RMB 95.65 million, involving a total installed capacity of 50.83MW[42]. Operational Metrics - Cash and cash equivalents rose to ¥8,204,281,939.57 in Q1 2023, compared to ¥6,199,175,422.11 in Q1 2022, marking an increase of about 32.3%[1]. - Accounts receivable increased to ¥5,262,752,511.07 in Q1 2023, up from ¥4,780,025,401.48 in Q1 2022, reflecting a growth of approximately 10.1%[1]. - Inventory grew to ¥2,010,610,766.22 in Q1 2023, compared to ¥1,408,424,937.37 in Q1 2022, indicating an increase of around 42.6%[1]. - Operating revenue rose by 36.90% as the company's installed capacity of power stations exceeded the same period last year, leading to increased power generation[35]. - Operating costs increased by 39.58% due to higher business costs associated with the increased installed capacity of power stations[35]. - Research and development expenses for Q1 2023 were RMB 1,239,155.32, a decrease from RMB 1,946,339.04 in Q1 2022[48]. - The company reported an operating profit of RMB 33,456,769.82 in Q1 2023, compared to an operating loss of RMB 32,898,119.55 in Q1 2022[46]. Management and Governance - The company is led by Li Xiande, with Liu Xiaojun as the head of accounting and Liu Meixian as the head of the accounting institution[62]. - The company has not adopted new accounting standards or interpretations starting from 2023[63]. - The company announced its financial results on April 27, 2023[64].