HLGF(SH:600346) Xin Lang Cai Jing·2025-04-25 06:29Group 1 - The company reported a total revenue of approximately 57 billion yuan for Q1 2025, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.56% [1] - The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter [1] - The non-recurring net profit was 1.239 billion yuan, showing a significant year-on-year decline of 31.88% but a substantial quarter-on-quarter increase of 112.75% [1] Group 2 - The company benefited from improved product price differentials, leading to a quarter-on-quarter increase in profitability [1] - The price differential for refined oil remained stable overall in Q1, with a widening in February followed by a decline in March; ethylene price differentials showed slight improvement compared to the beginning of the year [1] - The company’s construction projects decreased from a peak of 54.1 billion yuan to 38.6 billion yuan, with ongoing projects nearing completion, which is expected to stabilize cash flow [2][3] Group 3 - There is an expectation for significant improvement in free cash flow following high capital expenditures, which may lead to increased dividend expectations [3]