友发集团(601686) - 2024 Q1 - 季度财报

Financial Performance - The net profit attributable to shareholders of the listed company decreased by 99.37% due to a decline in product gross margin caused by falling steel prices [6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 106.02% compared to the same period last year, primarily due to the same reasons as above [6]. - Revenue for the first quarter was approximately CNY 10.75 billion, representing a decrease of 25.20% year-on-year [12]. - Basic earnings per share were CNY 0.0010, reflecting a decrease of 99.34% year-on-year [12]. - The company reported a significant decline in both net profit and revenue, indicating challenges in the steel market [6]. - Total operating revenue for Q1 2024 was CNY 10,750,765,962.97, a decrease of 25.5% compared to CNY 14,372,193,145.63 in Q1 2023 [21]. - Net profit for Q1 2024 was CNY 3,743,369.47, a significant decline from CNY 217,228,702.94 in Q1 2023 [22]. - Earnings per share for Q1 2024 were CNY 0.0010, compared to CNY 0.1520 in Q1 2023 [28]. - Return on equity fell to 0.02%, down 3.33 percentage points compared to the previous year [36]. - Diluted earnings per share decreased to 0.0010 RMB, a decline of 99.34% year-over-year [36]. Cash Flow and Liquidity - Operating cash flow net amount increased by 61.77% compared to the same period last year, mainly due to a decrease in prepaid accounts [6]. - Cash inflow from operating activities for Q1 2024 was CNY 11,939,918,511.91, a decrease of 32.5% compared to CNY 17,607,718,608.21 in Q1 2023 [64]. - Cash outflow from operating activities totaled CNY 12,265,144,367.96, down 33.6% from CNY 18,458,434,183.70 in the same period last year [64]. - Net cash flow from operating activities was negative CNY 325,225,856.05, an improvement from negative CNY 850,715,575.49 in Q1 2023 [64]. - Cash inflow from investment activities was CNY 637,975,622.18, a decrease of 38.1% compared to CNY 1,032,034,430.48 in Q1 2023 [64]. - Net cash flow from investment activities was CNY 333,322,045.91, an increase of 137.3% from CNY 140,691,538.31 in Q1 2023 [64]. - Cash inflow from financing activities reached CNY 1,984,495,679.89, an increase of 46.5% compared to CNY 1,354,693,507.22 in Q1 2023 [64]. - Cash received from borrowings was CNY 1,921,000,000.00, up 46.6% from CNY 1,309,385,741.01 in Q1 2023 [64]. - Cash received from other financing activities was CNY 62,495,679.89, an increase of 37.9% compared to CNY 45,307,766.21 in Q1 2023 [64]. - The company reported a significant reduction in cash outflow for purchasing goods and services, totaling CNY 11,670,505,122.31, down 34.5% from CNY 17,857,891,418.12 in Q1 2023 [64]. Assets and Liabilities - Total assets amounted to approximately CNY 17.64 billion, slightly down from CNY 17.65 billion at the end of the previous year [19]. - Current liabilities increased significantly, with short-term borrowings rising to approximately CNY 2.31 billion from CNY 1.38 billion [19]. - Inventory increased to approximately CNY 4.00 billion, up from CNY 3.49 billion year-on-year [19]. - Total liabilities increased to CNY 10,424,861,887.15 in Q1 2024 from CNY 9,947,221,096.91 in Q1 2023, reflecting a growth of 4.8% [20]. - Long-term borrowings rose to CNY 627,359,555.95 in Q1 2024, up from CNY 406,009,555.95 in Q1 2023, marking a 54.4% increase [20]. - The total equity attributable to shareholders was CNY 1,429,620,808.00 in Q1 2024, slightly down from CNY 1,429,700,650.00 in Q1 2023 [20]. - The total liabilities and equity amounted to 17,639,608,172.87 RMB, slightly down from 17,650,144,411.80 RMB [44]. Shareholder Information - The company’s major shareholders include Li Maojin with a 19.26% stake, and Xu Guangyou with a 6.73% stake [39]. - The total equity attributable to the parent company decreased from 6,713,166,252.34 RMB to 6,235,764,007.25 RMB, indicating a significant reduction in shareholder value [44]. - Equity attributable to shareholders of the listed company decreased by 7.11% to 6,235,764,007.25 RMB [36]. Research and Development - Research and development expenses for Q1 2024 were CNY 15,717,070.39, significantly higher than CNY 1,889,465.33 in Q1 2023, indicating a focus on innovation [21]. Non-Recurring Items - The company reported a government subsidy of 8,593,591.51 RMB, contributing positively to non-recurring gains [52]. - Non-operating income and expenses totaled 12,061,667.99 RMB, after accounting for tax and minority interests [37]. - Unallocated profits decreased from 2,995,866,711.66 RMB to 2,575,618,811.55 RMB, reflecting a decline in retained earnings [44]. Accounting Standards - The company is not applying new accounting standards or interpretations for the first time in 2024 [65].