WEIMING(SH:603568)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 1,330,817,613.52, representing a year-on-year increase of 28.34%[4] - The net profit attributable to shareholders was RMB 503,389,827.27, reflecting a growth of 9.58% compared to the same period last year[4] - Net profit for Q1 2023 reached CNY 512,301,828.62, an increase from CNY 461,888,656.28 in Q1 2022, representing a growth of approximately 10.5%[21] - Total revenue for Q1 2023 reached ¥1,330,817,613.52, a 28.4% increase from ¥1,036,983,395.46 in Q1 2022[19] - Total operating costs for Q1 2023 were ¥806,488,110.82, up 33.4% from ¥604,728,334.95 in Q1 2022[19] - Operating costs accounted for ¥681,939,747.94 in Q1 2023, compared to ¥487,972,599.90 in Q1 2022, reflecting a significant increase[19] - Total comprehensive income for the period was CNY 508,025,096.51, compared to CNY 458,728,368.42 in Q1 2022, representing an increase of approximately 10.7%[22] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 23.10%, amounting to RMB 348,228,964.08[4] - Cash flow from operating activities netted CNY 348,228,964.08, down from CNY 452,857,877.07, a decrease of about 23%[23] - Cash and cash equivalents decreased to ¥2,279,825,888.91 from ¥2,374,550,012.71 at the end of 2022, reflecting a reduction in liquidity[16] - Cash and cash equivalents at the end of the period amounted to $2,242,667,297.85, a decrease from $1,171,825,411.01 in the previous year[24] - The company experienced a net decrease in cash and cash equivalents of $102,326,382.77, contrasting with an increase of $366,917,072.10 in the prior period[24] Assets and Liabilities - The total assets at the end of the reporting period were RMB 21,043,696,217.90, an increase of 4.05% from the end of the previous year[5] - Current assets totaled ¥5,027,691,209.79 as of March 31, 2023, compared to ¥4,708,464,308.99 at the end of 2022, indicating growth[16] - Non-current assets increased to ¥16,016,005,008.11 from ¥15,515,312,460.43 at the end of 2022, showing a positive trend[17] - Total liabilities amounted to ¥9,986,363,986.30, an increase from ¥9,679,811,675.71 at the end of 2022[18] - Shareholders' equity totaled ¥11,057,332,231.60, compared to ¥10,543,965,093.71 at the end of 2022, indicating a healthy growth in equity[18] Investment Activities - The company reported a significant increase in interest income to CNY 6,353,984.37 from CNY 1,018,331.78, a growth of about 524%[21] - The total amount of cash received from investment activities was CNY 586,802,547.85, compared to CNY 699,077.56 in the previous year, indicating a substantial increase[23] - The company experienced a net cash outflow from investment activities of CNY -685,653,689.89, an improvement from CNY -1,445,314,227.88 in Q1 2022[23] Operational Highlights - The total waste processed in Q1 reached 2.6723 million tons, a year-on-year increase of 19.7%, with household waste accounting for 2.5620 million tons[12] - The company completed a total of 47 operational and trial operational projects for household waste incineration by the end of Q1[12] - New equipment sales revenue was achieved in the new materials equipment sector, with a total contract value of approximately RMB 899.8 million for the Chongyi County waste incineration power generation project[13] - The company signed contracts totaling approximately RMB 517 million for the Qimei Bang Phase II nickel ore project and RMB 680 million for equipment supply with Zhejiang Yongxu Mining Group[13] - The company is progressing well on its 40,000-ton high-nickel project in Indonesia and has acquired land for the Wenzhou lithium battery new materials project[13] - A joint venture was established to invest in a 100,000-ton battery electrolyte project with an estimated investment of RMB 400 million[13] Government Support and Recognition - The company received government subsidies amounting to RMB 25,394,448.06, which were recognized as deferred income[6] - The company received policy subsidies and local contribution rewards of RMB 15 million and RMB 5 million, respectively[14] - The company was recognized as one of the top five in the commercial and professional services industry in the 2022 annual market value ranking by Wand Consulting[14] Cost Management - The company’s sales expenses decreased by 44.24%, mainly due to a reduction in after-sales maintenance costs[8] - Financial expenses rose significantly to CNY 61,206,474.58, compared to CNY 50,648,185.55, marking an increase of about 20.5%[21] - Research and development expenses increased to CNY 13,594,957.90 from CNY 12,152,992.97, reflecting a rise of approximately 11.9%[21] Equity and Earnings - Basic earnings per share improved to CNY 0.30 from CNY 0.27, showing an increase of approximately 11.1%[22] - The weighted average return on equity decreased by 0.50 percentage points to 5.28%[5]