GEM(SZ:002340)2023-04-28 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥6,128,599,637.93, a decrease of 12.03% compared to the same period last year[3] - Net profit attributable to shareholders was ¥172,449,771.10, down 48.01% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥87,458,646.91, a decline of 72.53% compared to the previous year[3] - The total profit for Q1 2023 was ¥270,020,250.27, a decrease of 38% from ¥435,370,746.28 in the previous year[19] - The company reported a total comprehensive income of ¥107,425,450.23, down from ¥343,741,079.05 in the same quarter last year[19] - Basic and diluted earnings per share for Q1 2023 were both ¥0.03, compared to ¥0.07 in Q1 2022[19] - Net profit for Q1 2023 was ¥236,392,180.70, down 32.7% from ¥351,393,170.42 in Q1 2022[19] Cash Flow - The net cash flow from operating activities improved by 83.34%, amounting to -¥358,713,655.61[3] - Cash received from sales and services amounted to CNY 6,128,456,939.08, an increase from CNY 5,992,058,726.29 in the previous period, reflecting a growth of approximately 2.27%[21] - Operating cash inflow totaled CNY 6,605,734,741.24, compared to CNY 6,265,008,167.21 in the prior year, indicating an increase of about 5.43%[21] - Net cash flow from operating activities was negative at CNY -358,713,655.61, an improvement from CNY -2,153,581,561.83 in the same period last year[21] - Cash inflow from investment activities was CNY 101,512,413.03, significantly higher than CNY 13,176,647.56 in the previous year[21] - Net cash flow from investment activities was CNY -1,223,044,980.80, worsening from CNY -899,111,573.61 year-over-year[21] - Cash inflow from financing activities totaled CNY 3,149,754,175.36, down from CNY 5,143,961,040.12 in the previous year, representing a decrease of approximately 38.73%[22] - Net cash flow from financing activities was CNY 478,621,161.10, a significant decline from CNY 2,896,711,486.45 in the same quarter last year[22] - The ending balance of cash and cash equivalents was CNY 4,099,553,446.75, compared to CNY 3,043,121,461.34 at the end of the previous year, showing an increase of about 34.73%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥43,976,016,022.96, a slight decrease of 0.35% from the end of the previous year[3] - The total assets at the end of the first quarter of 2023 amounted to CNY 22,593,128,257.47, an increase from CNY 22,084,765,740.65 at the beginning of the year[16] - Current assets totaled CNY 21,382,887,765.49, down from CNY 22,044,841,659.78 at the start of the year, indicating a decrease of approximately 3%[16] - The total liabilities decreased to CNY 22,951,346,524.01 from CNY 23,258,111,918.45, a reduction of about 1.3%[17] - The total equity increased to CNY 21,024,669,498.95 from CNY 20,871,495,481.98, showing an increase of approximately 0.7%[17] Production and Sales - In Q1 2023, the company produced over 1,540 tons of cobalt, but the overall production of cobalt decreased by nearly 70% compared to the same period last year, resulting in a profit decline of 118 million RMB[12] - The company sold 23,863 tons of precursor materials in Q1 2023, a year-on-year decrease of 22%, but plans to achieve over 45,000 tons in Q2 2023 to recover from the decline[12] - The Indonesian nickel resource project achieved a shipment of over 4,500 tons of metal nickel in Q1 2023, generating sales revenue of 83.35 million USD with a gross margin exceeding 30%[13] - The company plans to recover 35,000 tons of power batteries in 2023, aiming for sales revenue exceeding 2 billion RMB, with a year-on-year profit growth of 317% in Q1 2023[14] Investments and Future Plans - The company received government subsidies amounting to ¥41,019,556.13, contributing to other income growth of 150.21% year-on-year[6] - Investment income increased significantly by 621.76% due to the disposal of part of the equity in an associated enterprise[6] - Cash received from investment recoveries rose by 885.91%, primarily from the disposal of equity interests[6] - The company plans to increase investment in fixed assets, with cash payments rising by 30.42% due to projects in Indonesia and Jiangsu[7] - A memorandum was signed with Mercedes-Benz China and CATL to establish a battery recycling project, aiming to create a closed-loop recycling model for battery materials[15] - The company is expanding its nickel resource project capacity to 150,000 tons per year, with the second phase of the project under rapid construction[14] - The company plans to establish a joint venture in South Korea for a new generation of high-nickel multi-element precursor manufacturing with a capacity of 43,000 tons per year[15] - The company aims to achieve a precursor production capacity of 500,000 tons by 2026, focusing on maintaining market share in the U.S. and Europe[15] - The company’s nickel resource project is expected to contribute significantly to profit growth in 2023, with a total shipment target of 26,300 tons of metal nickel[14] - The company’s Q1 2023 net profit from battery recycling reached a record high, driven by a 149% increase in sales revenue[14]