XWXN(SH:688778)2024-04-17 09:18Financial Performance - In Q1 2024, the total operating revenue was CNY 3,298,786,656.17, a decrease of 8.02% compared to CNY 3,586,248,672.17 in Q1 2023[26] - The net profit from continuing operations was CNY 110,584,292.30, down from CNY 115,820,109.54 in the same period last year, reflecting a decline of 4.25%[28] - The total profit for the period was around 114 million RMB, down 5.31% compared to the previous year[43] - The net profit attributable to shareholders of the parent company was approximately 111 million RMB, a decrease of 3.71% year-on-year[43] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was about 103 million RMB, an increase of 4.28% year-on-year[43] - The total comprehensive income attributable to the parent company was CNY 107,060,843.86, slightly down from CNY 112,530,409.00 in the previous year[29] - The net profit attributable to shareholders for Q1 2024 was approximately CNY 111.29 million, compared to CNY 115.57 million in Q1 2023, indicating a decline of about 3.9%[59] - The total profit for Q1 2024 was approximately CNY 114.00 million, compared to CNY 120.40 million in Q1 2023, reflecting a decrease of about 5.3%[59] Revenue and Costs - The company's operating revenue for Q1 2024 was approximately CNY 3.30 billion, a decrease from CNY 3.59 billion in Q1 2023, representing a decline of about 8.1%[58] - Total operating costs for Q1 2024 were approximately CNY 3.21 billion, down from CNY 3.54 billion in Q1 2023, reflecting a decrease of about 9.3%[58] Cash Flow and Liquidity - The net cash flow from operating activities was approximately 504 million RMB, a decrease of 25.51% year-on-year[34] - The company's cash flow from operating activities in Q1 2024 was approximately CNY 2.46 billion, significantly lower than CNY 4.32 billion in Q1 2023, a decrease of about 43.2%[60] - The company's short-term borrowings were reported at CNY 815,587,998.10, reflecting a stable liquidity position[25] - The company's cash and cash equivalents amounted to ¥2.28 billion, up from ¥1.58 billion at the end of 2023, indicating a significant increase of approximately 43.9%[55] Assets and Liabilities - The total liabilities as of March 31, 2024, amounted to CNY 4,556,879,306.42, compared to CNY 3,769,581,831.51 in the previous year, indicating an increase of 20.87%[25] - Total current assets increased to ¥8.60 billion from ¥7.83 billion, reflecting a growth of about 9.8%[46] - The company reported a total liability of approximately ¥5.48 billion, up from ¥4.64 billion, marking an increase of about 18.1%[48] - Total assets at the end of the period were approximately 14.401 billion RMB, an increase of 6.82% from the end of the previous year[34] - As of March 31, 2024, total assets reached approximately ¥14.40 billion, an increase from ¥13.48 billion as of December 31, 2023, representing a growth of about 6.8%[48] Research and Development - Research and development expenses totaled approximately 87 million RMB, a decrease of 21.72% year-on-year[34] - The ratio of R&D expenses to operating revenue was 2.64%, down 0.47 percentage points from the previous year[34] - Research and development expenses for Q1 2024 were approximately CNY 87.22 million, down from CNY 111.42 million in Q1 2023, a reduction of about 21.7%[58] Market Strategy and Sales - The sales volume of ternary materials reached 15,900 tons, a significant increase of 249.47% year-on-year, while lithium cobalt oxide sales were 8,400 tons, up 62.50% year-on-year[20] - The company continues to implement a major customer strategy to capture market opportunities and strengthen its market share in lithium cobalt oxide[20] - The company plans to further expand its market presence in high-voltage ternary materials due to their competitive cost-performance ratio[20] Government Support - The government subsidies recognized in the current period amounted to CNY 8,432,155.99, contributing positively to the financial results[13] Other Financial Metrics - The weighted average return on net assets was 1.29%, a decrease of 0.11 percentage points compared to the previous year[34] - The company's long-term equity investments slightly increased to approximately ¥400.76 million from ¥397.21 million, showing a growth of about 0.6%[46] - The company recorded cash inflows from investment activities of approximately ¥506.70 million, compared to ¥452.23 million in the previous year, indicating an increase of about 12.0%[54] - The net cash flow from financing activities was approximately ¥842.29 million, significantly higher than ¥165.26 million in Q1 2023, reflecting a growth of about 409.5%[55] Tax and Accounting - The company reported a tax expense of approximately CNY 3.42 million for Q1 2024, down from CNY 4.58 million in Q1 2023, a decrease of about 25.4%[59] - Other comprehensive income after tax for Q1 2024 was approximately CNY -4.26 million, compared to CNY -3.69 million in Q1 2023, indicating a decline in comprehensive income[59] - The company did not report any net profit from the merged entity prior to the merger, indicating no impact on overall profitability from this activity[60] - The company is not applying new accounting standards for the first time in 2024, maintaining consistency in financial reporting[63]