ACEG(SH:600502)2024-04-25 11:21Financial Performance - The net profit for the first quarter of 2024 was CNY 397.04 million, a decrease from CNY 437.19 million in the same period of 2023, reflecting a decline of approximately 9.5%[10] - The total profit for the first quarter of 2024 was CNY 504.90 million, down from CNY 555.82 million year-over-year, indicating a decrease of about 9.2%[10] - The company reported a total comprehensive income of CNY 397.83 million for the first quarter of 2024, compared to CNY 424.57 million in the previous year[10] - Net profit attributable to shareholders was CNY 310.22 million, down 10.75% compared to the same period last year[14] - The net profit excluding non-recurring gains and losses was CNY 284.41 million, reflecting a decline of 23.52% year-over-year[14] - The company achieved a weighted average return on equity of 2.46%, a decrease of 0.15 percentage points[14] - The comprehensive income attributable to the parent company was CNY 311,001,472.21, down from CNY 334,978,948.11 in Q1 2023[56] - Basic earnings per share decreased to CNY 0.18 from CNY 0.20 year-over-year[56] Revenue and Costs - The company reported a revenue of CNY 13.54 billion, a decrease of 16.25% year-over-year[14] - The total operating revenue for Q1 2024 was ¥13,537,737,170.98, a decrease of 16.5% compared to ¥16,165,293,896.12 in Q1 2023[45] - The total operating costs for Q1 2024 were ¥13,146,562,724.47, down from ¥15,641,397,180.89 in Q1 2023, reflecting a reduction of 15.9%[45] Cash Flow - The net cash flow from operating activities was significantly impacted by higher payments during the Spring Festival and the lack of measurable returns from post-holiday construction efforts[1] - Cash flow from operating activities was negative at CNY -3.20 billion, indicating a significant cash outflow[14] - In Q1 2024, the total cash inflow from operating activities was CNY 21,461,170,062.94, a decrease of 14.4% from CNY 25,045,753,863.49 in Q1 2023[47] - The net cash outflow from operating activities was CNY -3,201,152,358.94, compared to CNY -1,564,695,564.96 in the same period last year[47] - The cash paid for operating activities was CNY 24,662,322,421.88, down from CNY 26,610,449,428.45 in the previous year[47] - The cash and cash equivalents decreased from CNY 16.03 billion at the end of 2022 to CNY 13.15 billion as of March 31, 2024[7] - The cash and cash equivalents at the end of the period were CNY 11.25 billion, down from CNY 12.71 billion at the end of the previous period[22] - The cash received from other operating activities was CNY 277,705,148.01, significantly lower than CNY 1,636,572,178.84 in Q1 2023[47] Assets and Liabilities - The company's total current assets decreased from CNY 115.35 billion at the end of 2022 to CNY 109.92 billion as of March 31, 2024[7] - The total assets at the end of the reporting period were CNY 167.74 billion, down 1.95% from the previous year[14] - The total assets amounted to CNY 167,741,477,987.66, a decrease from CNY 171,083,595,695.07 year-over-year[53] - The company's total liabilities increased, with short-term borrowings rising to CNY 14,043,200,930.14 from CNY 12,946,688,967.23[53] - The total non-current assets reached CNY 57,820,923,467.85, an increase from CNY 55,730,156,404.28 year-over-year[53] Shareholder Information - The total number of common shareholders at the end of the reporting period was 73,678[1] - The largest shareholder, Anhui Construction Group Holdings Co., Ltd., holds 551,638,784 shares, representing a significant portion of the company's equity[3] - The equity attributable to shareholders increased to ¥12,733,975,082.60, up 2.14% from ¥12,467,649,769.79 in the previous period[32] - The company did not report any significant changes in major shareholders or their holdings during the quarter[40] Strategic Focus - The company aims to deepen reforms and optimize mechanisms to mitigate operational risks and achieve annual targets[5] - The company plans to focus on market expansion, project management, and risk prevention in the second quarter of 2024[16] - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The company has not indicated any new product launches or major market expansions in the current quarter[45] - The company is focusing on maintaining government subsidies that are closely related to its normal business operations, which have a sustained impact on its profits[30] Engineering Contracts - The company signed new engineering contracts totaling CNY 38.98 billion, an increase of 1.37% year-over-year, with infrastructure business accounting for 66.97%[16] Expenses - Research and development expenses for Q1 2024 were ¥166,153,938.92, a decrease from ¥197,171,816.48 in Q1 2023, indicating a reduction of approximately 15.7%[45] - The company reported an increase in financial expenses, totaling ¥484,177,817.68 in Q1 2024, compared to ¥402,255,980.35 in Q1 2023, marking an increase of about 20.4%[45]