ECC(SH:600850)2024-04-29 08:45Financial Performance - Total operating revenue for Q1 2024 was CNY 1,994,277,143.09, a slight increase from CNY 1,970,798,484.42 in Q1 2023, representing a growth of approximately 1.3%[10] - The company's operating profit for Q1 2024 was 64,049,370.72, an increase from 60,305,850.15 in Q1 2023, representing a growth of approximately 4.5%[14] - Net profit for Q1 2024 reached 51,287,801.55, compared to 45,936,288.56 in Q1 2023, marking an increase of about 11.5%[14] - The total comprehensive income for Q1 2024 was 51,857,132.20, compared to 41,996,618.29 in Q1 2023, showing an increase of about 23.5%[15] - The basic earnings per share for Q1 2024 was 0.0688, slightly up from 0.0678 in Q1 2023, indicating a growth of approximately 1.5%[15] - The net profit attributable to shareholders for Q1 2024 was not explicitly stated but can be inferred from the changes in retained earnings, which increased to CNY 3,355,733,878.07 from CNY 3,308,344,391.89, indicating a growth of about 1.4%[9] Costs and Expenses - Total operating costs for Q1 2024 amounted to CNY 1,927,993,503.97, compared to CNY 1,897,925,211.09 in Q1 2023, reflecting an increase of about 1.5%[10] - The company reported a development expenditure of CNY 55,067,512.34 for Q1 2024, significantly higher than CNY 37,781,524.57 in Q1 2023, representing an increase of approximately 45.5%[7] - The company's research and development expenses for Q1 2024 were 103,562,908.09, compared to 102,202,923.60 in Q1 2023, showing a slight increase[14] - The tax expenses for Q1 2024 were 2,512,138.73, up from 1,504,598.69 in Q1 2023, reflecting an increase of approximately 66.8%[14] - The financial expenses for Q1 2024 were -145,046.29, a significant improvement from -6,002,873.15 in Q1 2023, indicating better financial management[14] Assets and Liabilities - Current assets as of March 31, 2024, totaled CNY 10,060,632,925.59, a decrease from CNY 10,424,785,913.84 at the end of 2023, indicating a decline of approximately 3.5%[4] - Total liabilities as of March 31, 2024, were CNY 6,415,721,077.09, down from CNY 6,683,952,045.75 at the end of 2023, showing a reduction of about 4.0%[9] - The company's total assets decreased to CNY 11,103,589,150.10 as of March 31, 2024, from CNY 11,424,659,144.26 at the end of 2023, reflecting a decline of approximately 2.8%[9] - The total equity attributable to shareholders increased to CNY 4,568,602,981.17 as of March 31, 2024, compared to CNY 4,512,660,322.04 at the end of 2023, indicating a growth of about 1.2%[9] - The company's total liabilities decreased to 1,516,314,382.09 RMB in Q1 2024 from 1,592,042,179.09 RMB in Q4 2023, indicating a reduction of approximately 4.8%[26] Cash Flow - The company's cash flow from operating activities for Q1 2024 was -925,807,564.43, a decline from -733,668,865.85 in Q1 2023, reflecting a worsening cash flow situation[18] - The net cash flow from operating activities for Q1 2024 is -127,211,698.66 RMB, an improvement from -180,064,706.68 RMB in Q1 2023[58] - Cash inflow from operating activities totaled 292,102,286.74 RMB in Q1 2024, up from 268,302,067.97 RMB in Q1 2023, indicating a growth of approximately 8.9%[58] - The company's cash and cash equivalents decreased to CNY 1,755,862,964.42 as of March 31, 2024, from CNY 2,721,778,066.21 at the end of 2023, reflecting a decline of approximately 35.5%[4] - The total cash and cash equivalents at the end of Q1 2024 decreased to 1,737,525,829.77 RMB from 2,119,178,119.85 RMB at the end of Q1 2023, reflecting a decline of approximately 18% year-over-year[21] Other Income and Support - The company's other income for Q1 2024 was 7,410,484.96, significantly higher than 2,122,172.20 in Q1 2023, indicating improved performance in this area[14] - The company received fiscal support amounting to 2,692,650.58 RMB, which is expected to have a sustained impact on its profitability[29] - The company received government subsidies amounting to RMB 169,314.30, which are closely related to its normal business operations[45] Inventory and Receivables - Inventory increased to CNY 4,175,521,887.97 as of March 31, 2024, up from CNY 3,613,317,111.30 at the end of 2023, marking a growth of around 15.6%[4] - The accounts receivable decreased to 207,910,257.54 RMB in Q1 2024 from 233,629,068.02 RMB in Q4 2023, reflecting a reduction of about 11%[26] - The accounts payable decreased to 594,784,589.34 RMB as of March 31, 2024, from 686,693,373.24 RMB at the end of 2023, indicating a decrease of approximately 13.4%[61] Financial Management - The company reported a financial income of ¥925,972.53 in Q1 2024, compared to ¥482,172.29 in Q1 2023, reflecting improved financial management[62] - The company reported a credit impairment loss of ¥36,974.30 in Q1 2024, a significant improvement from a loss of ¥161,421.46 in Q1 2023[62] - The cash inflow from financing activities in Q1 2024 was 17,259,432.30 RMB, a sharp decline from 67,000,000.00 RMB in Q1 2023, indicating reduced financing activities[21] - The cash outflow from financing activities totaled 42,472,087.61 RMB in Q1 2024, compared to 80,066,861.61 RMB in Q1 2023, showing a decrease of approximately 47%[21]