HHI(601226)2024-04-25 12:37Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,274,810,534.03, representing a year-on-year increase of 41.55%[6] - The net profit attributable to shareholders of the listed company was a loss of CNY 97,125,654.27, with a decrease of 11.53% compared to the same period last year[6] - The net cash flow from operating activities was a negative CNY 1,077,150,837.50, reflecting a decrease of 53.77% year-on-year[6] - The net profit excluding non-recurring gains and losses was a loss of CNY 100,707,090.05, with a decrease of 9.20% year-on-year[6] - The company reported non-recurring gains of CNY 3,581,435.78 for the period, primarily from government subsidies and other income[8] - In Q1 2024, the company achieved operating revenue of RMB 1.275 billion, a year-on-year increase of 41.55%[12] - The net profit attributable to shareholders was RMB -0.097 billion, reflecting a year-on-year increase of 11.53%[12] - Total operating revenue for Q1 2024 reached ¥1,274,810,534.03, a significant increase of 41.5% compared to ¥900,593,681.20 in Q1 2023[24] - Net loss for Q1 2024 was ¥96,717,432.97, an improvement from a net loss of ¥111,193,042.13 in Q1 2023, reflecting a reduction of 13.0%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 10,365,774,713.18, down 10.04% from the end of the previous year[7] - As of March 31, 2024, the company's total current assets amounted to approximately CNY 6.93 billion, a decrease from CNY 8.04 billion as of December 31, 2023[21] - The company's cash and cash equivalents decreased to approximately CNY 1.39 billion from CNY 2.50 billion over the same period[21] - Accounts receivable increased to approximately CNY 2.21 billion from CNY 1.98 billion, indicating a growth in sales or credit terms[21] - The company reported a total asset decrease to ¥10,365,774,713.18 in Q1 2024 from ¥11,522,310,658.00 in Q1 2023, a decline of 10.0%[22] - Total liabilities decreased to ¥6,093,213,398.38 in Q1 2024 from ¥7,154,298,780.25 in Q1 2023, a reduction of 14.9%[22] - The company’s equity attributable to shareholders decreased to ¥4,093,587,391.05 in Q1 2024 from ¥4,189,446,175.30 in Q1 2023, a decline of 2.3%[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 38,350[10] - The largest shareholder, China Huadian Science and Technology Group Co., Ltd., holds 62.50% of the shares[10] Contract and Project Developments - In 2023, the company signed new sales contracts worth RMB 9.256 billion, with RMB 2.980 billion recognized as revenue[12] - In Q1 2024, the company signed new sales contracts totaling RMB 3.606 billion, a year-on-year increase of 180.40%[12] - The company experienced an increase in contract execution, leading to higher revenue from large contracts signed in the previous year[8] Research and Development - Research and development expenses decreased to ¥51,809,815.65 in Q1 2024 from ¥64,986,886.62 in Q1 2023, a decline of 20.2%[24] Hydrogen Energy Initiatives - The company has ongoing projects in hydrogen energy, including a 200 MW hydrogen production project in Damao Banner and a 3 MW photovoltaic hydrogen production project in Delingha[15] - The Damao Banner project has completed the commissioning of all 11 alkaline electrolyzers, successfully producing hydrogen and completing storage[15] - The Delingha project produced hydrogen on September 27, 2023, and successfully completed 72 hours of continuous trial operation[15] - The Tieling 25 MW off-grid hydrogen production project achieved full-load commissioning of the alkaline water electrolysis system by the end of March 2024[15] - The company is actively involved in national and group-level major technological projects to advance the hydrogen energy industry[15] - The company has a significant focus on expanding its hydrogen energy capabilities, contributing to the development of a complete hydrogen energy industry chain[15] Technological Advancements - The company has developed new environmentally friendly and efficient port machinery products, including a new type of shore bridge, which has completed manufacturing, installation, and debugging, and is set to pass acceptance in December 2023[16] - The company is involved in the development of automated port machinery, with five fully automated rail-mounted container cranes under research and design at Huanghua Port[16] - The company is actively developing gravity energy storage solutions, collaborating with clients on preliminary development near the Shunying pumped storage power station, and conducting research on vertical and slope gravity energy storage schemes[17] - The company is pursuing major technology projects related to green ammonia and has completed the design of a 10,000-ton low-temperature and low-pressure ammonia synthesis process package[18] - The company is expanding its alcohol and ammonia business, focusing on a full industrial chain from renewable energy to green ammonia and green methanol, and has obtained a patent for green hydrogen coupling equipment[18] - The company is advancing molten salt thermal storage technology, which is crucial for enhancing the flexibility of coal-fired power plants and achieving carbon peak and neutrality goals[20] Cash Flow and Expenses - Cash flow from operating activities showed a net outflow of ¥1,077,150,837.50 in Q1 2024, worsening from a net outflow of ¥700,483,110.09 in Q1 2023[27] - Cash and cash equivalents at the end of Q1 2024 were ¥1,339,320,812.20, down from ¥1,784,373,346.91 at the end of Q1 2023[27]