MINLIST(SH:600058)2024-04-29 10:35Financial Performance - The company's operating revenue for the first quarter of 2024 was approximately ¥14.48 billion, a decrease of 19.63% compared to the same period last year[12]. - The net profit attributable to shareholders of the listed company was approximately -¥107.65 million, a decline of 409.68% year-on-year[12]. - The basic earnings per share for the first quarter of 2024 was -0.13, a decrease of 533.33% compared to CNY 0.03 in the same period last year[35]. - The company reported a net profit of -107,742,519.30 RMB for Q1 2024, compared to a net profit of 36,790,789.10 RMB in Q1 2023, indicating a significant decline[43]. - Total operating revenue for Q1 2024 was 23,197,651,034.52 RMB, down from 24,164,613,931.16 RMB in Q1 2023[45]. - The net profit attributable to shareholders decreased by 409.68% compared to the previous year, primarily due to a decline in the prices of steel and metallurgical raw materials[69]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 933.39% year-on-year, influenced by increased inventory impairment provisions[69]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥5.87 billion, indicating a significant cash outflow compared to the previous year[12]. - The cash inflow from operating activities was CNY 654,786,480.28, compared to CNY 558,463,657.33 in the first quarter of 2023, showing a year-over-year increase[31]. - The company’s cash outflow from operating activities totaled CNY 3,906,460,439.63, compared to CNY 4,492,133,775.21 in the same period last year, indicating a reduction in cash outflow[31]. - The company reported a significant increase in cash and cash equivalents at the end of Q1 2024, amounting to ¥627,267,515.16, compared to ¥166,377,469.91 at the end of 2023[46]. - The company’s cash and cash equivalents at the end of Q1 2024 were approximately 2.44 billion RMB, an increase from 2.62 billion RMB at the end of 2023[79]. Assets and Liabilities - The total assets of the company reached approximately ¥30.96 billion, an increase from ¥22.74 billion in the previous year[18]. - The total liabilities amounted to approximately ¥23.18 billion, up from ¥14.80 billion year-on-year[18]. - The company's total liabilities amounted to CNY 6,794,827,015.99, up from CNY 3,220,470,359.03, reflecting a significant increase in financial obligations[28]. - The company's equity attributable to shareholders decreased by 2.01% to CNY 7,369,302,549.99 from CNY 7,520,776,337.93 at the end of the previous year[35]. - The total owner's equity was CNY 8,414,163,056.90, slightly down from CNY 8,446,048,689.57 at the end of the previous year[28]. Operational Highlights - Iron ore sales volume reached approximately 2.83 million tons, while coal sales volume was about 0.88 million tons in Q1 2024[71]. - The steel business achieved a total steel supply of approximately 0.94 million tons, with a total steel sales volume of about 2.16 million tons[71]. - The logistics business reported a throughput of approximately 2.91 million tons and a processing volume of about 0.28 million tons[71]. - The company’s subsidiary, China Minerals, reported a revenue of 6.53 billion RMB with a total profit of -0.12 billion RMB due to falling iron ore prices[71]. Investments and Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters to improve financial performance[48]. - The company completed the acquisition of 100% equity in Japan's Wujin Mining Co., Ltd. and Korea's Wujin Co., Ltd. in October 2023, which will enhance its market presence[58]. - The company is actively advancing the injection of Chen Taigou Mining, having completed due diligence and audit assessments[62]. - The company plans to publicly issue renewable corporate bonds, pending shareholder approval[62]. - The company is actively expanding its futures delivery warehouse business to enhance its service capabilities[71]. Research and Development - Research and development expenses for Q1 2024 were reported at 3,723,527.34 RMB, up from 1,280,507.87 RMB in Q1 2023, indicating increased investment in innovation[43]. Financial Management - The company reported a financial expense of -¥32,655,630.03 in Q1 2024, which improved from -¥11,889,160.53 in Q1 2023, reflecting better financial management[49]. - The company has not identified any non-recurring gains or losses for the reporting period, indicating a focus on sustainable financial performance[59]. - The company approved a hedging business plan for 2024, with a maximum margin for commodity hedging set at 860 million RMB and a maximum contract value for foreign exchange hedging at 1.68 billion USD[62].