CITIC Metal (SH:601061)2024-04-22 11:58Financial Performance - The company's operating revenue for Q1 2024 was CNY 26,831,643,746.72, a decrease of 3.25% compared to the same period last year[4]. - The net profit attributable to shareholders was CNY 154,753,847.05, down 71.49% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 321,613,368.75, a decrease of 40.64% compared to the previous year[4]. - Basic earnings per share were CNY 0.0316, down 74.41% year-on-year[4]. - The total profit for Q1 2024 was ¥87,745,103.70, compared to ¥685,138,033.08 in the same period last year, indicating a significant drop of about 87.2%[22]. - The operating profit for Q1 2024 was ¥87,238,663.40, down from ¥611,570,537.63 in Q1 2023, reflecting a decrease of approximately 85.7%[22]. - The company reported a net profit margin of approximately 0.16% for Q1 2024, compared to 0.02% in Q1 2023[21]. - The company reported a total comprehensive income of ¥269,535,901.07 for Q1 2024, down from ¥359,604,271.97 in Q1 2023, reflecting a decrease of approximately 25.0%[23]. Cash Flow and Assets - The net cash flow from operating activities was -CNY 5,782,306,349.69, not applicable for comparison[4]. - The cash flow from operating activities in Q1 2024 was negative at -¥5,782,306,349.69, compared to -¥2,489,525,547.72 in Q1 2023, worsening by about 132.2%[26]. - The total cash inflow from operating activities was ¥29,538,835,251.26, while cash outflow was ¥35,321,141,600.95, leading to a net cash flow from operating activities of -¥5,782,306,349.69[26]. - Cash and cash equivalents decreased from CNY 5,925,273,613.14 at the end of 2023 to CNY 4,462,078,552.56 as of March 31, 2024[18]. - The cash and cash equivalents at the end of Q1 2024 were ¥4,007,015,427.81, down from ¥3,670,966,334.87 in Q1 2023, showing a decrease of approximately 9.2%[27]. - The cash flow from investing activities in Q1 2024 was negative at -¥58,346,000.00, compared to a positive cash flow of ¥31,604,373.46 in Q1 2023[26]. - The cash flow from financing activities in Q1 2024 was positive at ¥4,775,258,048.85, an increase from ¥3,452,122,113.35 in Q1 2023, representing a growth of approximately 38.2%[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 48,153,773,079.60, an increase of 8.24% from the end of the previous year[5]. - Total assets as of March 31, 2024, were CNY 48,153,773,079.60, compared to CNY 44,486,782,591.98 at the end of 2023, representing an increase of 6.00%[20]. - Total liabilities increased from CNY 25,370,186,192.30 in 2023 to CNY 28,769,705,946.88 in Q1 2024, an increase of 9.45%[19]. - Long-term borrowings increased from CNY 3,112,194,809.41 in 2023 to CNY 3,266,894,000.00 in Q1 2024, an increase of 4.97%[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 118,229[10]. - The largest shareholder, CITIC Metal Group Co., Ltd., holds 4,395,750,153 shares, representing 89.71% of total shares[10]. - The second-largest shareholder, Long Shixue, holds 9,718,518 shares, accounting for 0.20%[10]. - The third-largest shareholder, Hou Xiaoxu, owns 6,859,816 shares, which is 0.14% of total shares[10]. - The China Agricultural Bank Co., Ltd. - CSI 500 ETF holds 5,895,506 shares, representing 0.12%[11]. - Abu Dhabi Investment Authority owns 3,999,941 shares, accounting for 0.08%[11]. - The company has no pledged, marked, or frozen shares among its major shareholders[10]. - The report indicates that there are no significant changes in the top 10 shareholders due to securities lending or borrowing activities[15]. - The company has not identified any related party relationships among other shareholders[13]. - The total number of shares held by CITIC Yulian (Beijing) Management Consulting Co., Ltd. is 3,096,000, representing 0.06%[14]. Operational Challenges and Strategies - The company faced challenges due to a decline in demand in the black metal industry and rapid price drops in commodities, leading to asset impairment provisions in the iron ore business[8]. - The company plans to continue a prudent operation strategy, focusing on channel construction and product expansion to enhance profitability[9].