振华新材(688707) - 2023 Q1 - 季度财报

Financial Performance - The net profit attributable to shareholders of the listed company decreased by 79.37% in the current reporting period due to a decline in upstream lithium salt market prices[1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 78.85%, as downstream customers adjusted their procurement of cathode materials to optimize inventory costs[1]. - Basic and diluted earnings per share for the current period were both down by 79.37% due to a decrease in product sales and an increase in unit labor and manufacturing costs[1]. - Operating revenue for the reporting period was CNY 2,006,164,565.53, a decrease of 22.21% compared to the same period last year[13]. - Net profit attributable to shareholders was CNY 70,641,478.89, down 79.37% year-on-year[13]. - Basic earnings per share were CNY 0.1595, reflecting a decline of 79.37% year-on-year[13]. - Net profit for Q1 2023 was CNY 83,054,132.52, a significant decline of 78.8% compared to CNY 391,452,746.26 in Q1 2022[34]. Cash Flow and Investments - The cash and cash equivalents at the end of the period amounted to 856,518,197.42 RMB, reflecting a net decrease of 741,153,653.19 RMB during the period[11]. - The company incurred an investment cash outflow of 112,642,329.68 RMB, with a net cash flow from investing activities of -111,717,116.58 RMB[11]. - The financing activities generated a net cash flow of 148,203,776.09 RMB, with total cash inflows from financing activities amounting to 681,825,640.41 RMB[11]. - Cash flow from operating activities was negative at CNY -777,647,036.07, not applicable for year-on-year comparison[13]. - In Q1 2023, cash inflow from operating activities was approximately CNY 1.23 billion, compared to CNY 668.59 million in Q1 2022, representing a significant increase[51]. - The net cash outflow from operating activities was CNY -777.65 million in Q1 2023, compared to CNY -91.76 million in Q1 2022, indicating a worsening cash flow situation[51]. - Cash inflow from investment activities totaled CNY 925.21 million in Q1 2023, while cash outflow for fixed assets and other long-term assets was CNY 112.64 million[51]. Inventory and Receivables - The company recognized a provision for inventory impairment at the end of the reporting period due to the decline in upstream lithium salt prices[1]. - Accounts receivable decreased from CNY 1,566,769,750.87 to CNY 1,209,496,467.84[15]. - Inventory increased from CNY 1,825,297,355.36 to CNY 2,074,752,879.83[15]. Research and Development - R&D investment totaled CNY 37,300,068.68, a decrease of 39.05% compared to the previous year[13]. - R&D expenditure accounted for 1.86% of operating revenue, a decrease of 0.51 percentage points year-on-year[13]. - Research and development expenses for Q1 2023 were CNY 37,300,068.68, a decrease of 39.0% from CNY 61,193,756.50 in Q1 2022[34]. Market and Strategic Focus - The overall gross profit margin decreased year-on-year, influenced by the rapid decline in upstream lithium salt prices and the corresponding cost fluctuations[1]. - The company is focusing on optimizing its product structure and cost management in response to market changes[1]. - The company has established a comprehensive cooperation relationship with leading domestic battery cell customers for sodium-ion batteries, achieving sales of several tons during the reporting period[44]. - The company has laid out corresponding patents and core technologies for sodium-ion battery materials, ensuring a solid foundation for future business development[44]. Assets and Equity - Total assets at the end of Q1 2023 were CNY 10,200,149,004.30, a decrease of 7.87% from CNY 11,071,740,496.25 at the end of the previous year[40]. - Equity attributable to shareholders of the listed company increased by 1.73% to CNY 4,159,539,044.66 from CNY 4,088,897,565.77 at the end of the previous year[40]. Financial Ratios - The weighted average return on equity was 1.71%, a decrease of 9.34 percentage points compared to the previous year[13]. - The company reported a significant increase in investment income from joint ventures, amounting to CNY 5,254,388.96 in Q1 2023 compared to CNY 13,008,239.80 in Q1 2022[34]. - The company’s financial expenses for Q1 2023 were CNY 19,311,141.08, slightly down from CNY 19,726,442.76 in Q1 2022[34].