GUANGHUI ENERGY(SH:600256)2024-04-25 09:25Financial Performance - The company's operating revenue for Q1 2024 was CNY 10,041,044,533.40, a decrease of 49.44% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 807,461,526.17, down 73.15% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 774,279,196.29, a decline of 73.88%[5]. - The basic earnings per share were CNY 0.1230, reflecting a decrease of 73.14% compared to the previous year[5]. - The weighted average return on equity was 2.75%, a decrease of 7.15 percentage points year-on-year[5]. - The total revenue for Q1 2024 was CNY 10,041,044,533.40, a decrease of 49.5% compared to CNY 19,861,531,725.11 in Q1 2023[58]. - The total comprehensive income for Q1 2024 was CNY 783,856,247.97, down from CNY 3,000,202,188.47 in Q1 2023[62]. - Basic and diluted earnings per share for Q1 2024 were CNY 0.1230, compared to CNY 0.4580 in Q1 2023, representing a decline of 73.1%[62]. - The company reported a net profit margin decline due to reduced revenue and increased costs, impacting overall profitability[58]. Cash Flow and Assets - The net cash flow from operating activities was CNY 1,710,695,025.65, down 20.58% year-on-year[5]. - Cash and cash equivalents increased to CNY 6,231,097,607.86 as of March 31, 2024, compared to CNY 4,760,467,690.76 at December 31, 2023, representing a growth of 30.8%[50]. - Total assets increased to CNY 60,653,951,099.42 as of March 31, 2024, compared to CNY 58,563,493,722.06 at December 31, 2023, reflecting a growth of 3.6%[56]. - Total liabilities reached CNY 31,499,601,086.12 as of March 31, 2024, an increase of 4.3% from CNY 30,192,463,545.94 at December 31, 2023[54]. - The company's equity attributable to shareholders increased to CNY 29,786,185,386.57 as of March 31, 2024, compared to CNY 28,965,301,632.45 at December 31, 2023, marking a growth of 2.8%[55]. - Inventory decreased to CNY 925,139,235.23 in Q1 2024, down 31.5% from CNY 1,351,335,158.49 in Q1 2023[52]. - Accounts receivable rose to CNY 2,221,527,484.51 in Q1 2024, up 15.7% from CNY 1,920,168,396.34 in Q1 2023[52]. Production and Sales - The company's LNG production in Q1 2024 was 18,791.55 million cubic meters (equivalent to 134,200 tons), a decrease of 4.61% year-on-year[24]. - Total natural gas sales reached 118,140.81 million cubic meters (equivalent to 82,100 tons), down 44.12% year-on-year[24]. - In the coal sector, the company reported a raw coal production of 589.17 million tons, a decrease of 12.96% year-on-year[28]. - Coal sales volume increased by 1.97% year-on-year, totaling 901.83 million tons[28]. - The average price of LNG in Q1 2024 was CNY 4,451.78 per ton, down 25.05% year-on-year[22]. - In Q1 2024, Xinjiang Guanghui New Energy Co., Ltd. achieved a methanol production of 288,000 tons, a year-on-year decrease of 3.65%[32]. - Xinjiang Guanghui Coal Clean Refining Co., Ltd. reported a coal-based oil product output of 144,900 tons in Q1 2024, down 15.07% year-on-year[33]. - Xinjiang Guanghui Chemical Sales Co., Ltd. recorded a coal chemical product sales volume of 618,400 tons in Q1 2024, a significant decline of 39.26% year-on-year[36]. - The company's by-product output was 97,200 tons, reflecting a year-on-year decrease of 4.72%[32]. Investments and Projects - The company plans to enhance its market expansion and optimize its supply chain strategies in response to market fluctuations[22]. - The company is actively pursuing the construction of intelligent mining operations to improve safety and efficiency in coal production[27]. - The company successfully completed the first charge of its chemical plant on March 30, 2024, and began normal production of polyester-grade ethylene glycol three days ahead of schedule[34]. - The company is advancing its hydrogen energy business, with plans for a comprehensive hydrogen industry chain including production, storage, and transportation, aiming for large-scale commercial use by 2025-2027[47]. - The CCUS project has made significant progress, with a 300,000 tons/year capacity project receiving necessary approvals and completing preliminary reports[45]. - The company has initiated the construction of the Marang Coal Mine, with all supporting facilities completed and ready for coal production[41]. - The LNG receiving station project in Jiangsu has entered trial operation as of April 10, 2024, with further developments ongoing[42]. - The company’s carbon capture and oil recovery project is currently operating stably, with a demonstration project of 100,000 tons/year in progress[44]. Expenses and Financial Management - Total operating costs for Q1 2024 were CNY 9,035,321,666.26, down 43.5% from CNY 16,005,786,639.45 in Q1 2023[58]. - R&D expenses for Q1 2024 were CNY 43,890,012.75, compared to CNY 41,520,228.94 in Q1 2023, reflecting an increase of approximately 5.7%[60]. - The company incurred financial expenses of CNY 282,682,770.33 in Q1 2024, down from CNY 321,842,222.97 in Q1 2023, a decrease of 12.1%[60]. - Investment activities resulted in a net cash outflow of CNY 520,795,074.95 in Q1 2024, compared to a net outflow of CNY 1,359,700,351.27 in Q1 2023[65].