CSEC,China Shenhua(01088)2024-04-26 10:04Financial Performance - Total revenue for Q1 2024 was RMB 87,647 million, a slight increase of 0.7% compared to RMB 87,042 million in the same period last year[3]. - Net profit attributable to shareholders for Q1 2024 decreased by 14.1% to RMB 17,760 million from RMB 20,677 million in Q1 2023[3]. - Basic earnings per share for Q1 2024 were RMB 0.894, down 14.1% from RMB 1.041 in the previous year[3]. - The gross profit decreased to RMB 17,711 million in Q1 2024, down 14.8% from RMB 20,794 million in Q1 2023[17]. - The gross margin fell to 25.6% in Q1 2024, a decline of 4.6 percentage points compared to 30.2% in Q1 2023[17]. - The pre-tax profit was RMB 15,173 million in Q1 2024, a decrease of 21.9% from RMB 19,422 million in Q1 2023[17]. - The total comprehensive income for the period was RMB 20,773 million, down from RMB 23,616 million in the same period last year[30]. - The pre-tax profit for Q1 2024 was RMB 3,903 million, an increase of 16.8% from RMB 3,342 million in Q1 2023[27]. Cash Flow and Assets - Operating cash inflow for Q1 2024 was RMB 28,553 million, a decrease of 2.2% from RMB 29,203 million in Q1 2023[3]. - Cash and cash equivalents as of March 31, 2024, were RMB 110,661 million, reflecting a 2.3% increase from RMB 108,174 million at the end of the previous year[6]. - The net cash inflow from operating activities for the three months ended March 31, 2024, was RMB 28,553 million, down from RMB 29,203 million in the same period of 2023, representing a decrease of 2.2%[33]. - The net cash outflow from investing activities for the first quarter of 2024 was RMB 25,005 million, significantly higher than RMB 11,140 million in the same period of 2023, marking an increase of 124.8%[33]. - The total assets as of March 31, 2024, increased by 3.7% to RMB 656,569 million from RMB 633,412 million at the end of the previous year[3]. - The company's total non-current assets increased to RMB 438,205 million as of March 31, 2024, from RMB 434,461 million at the end of 2023[31]. - The total liabilities of the company as of March 31, 2024, were RMB 153,996 million, compared to RMB 151,761 million as of December 31, 2023, indicating a slight increase of 1.5%[32]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 142,062, with 140,226 being A-share shareholders[8]. - The largest shareholder, China Energy Investment Corporation, holds 13,812,709,196 shares, representing 69.52% of the total shares[9]. - HKSCC Nominees Limited, the second-largest shareholder, holds 3,370,204,910 shares, accounting for 16.96% of the total shares[9]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three shareholders alone accounting for over 86% of the total shares[10]. - The company has not disclosed any known relationships or concerted actions among the top ten shareholders[10]. - The increase in shareholding is part of a broader strategy to enhance shareholder value and market confidence[12]. - The company plans to increase its A-share holdings by no less than RMB 500 million and no more than RMB 600 million at a price not exceeding RMB 33.10 per share[12]. Production and Sales - The company reported a coal production of 81.3 million tons for Q1 2024, an increase of 1.5% from 80.1 million tons in Q1 2023[14]. - Coal sales volume reached 117.1 million tons in Q1 2024, up 8.8% from 107.6 million tons in Q1 2023[14]. - The sales volume of self-produced coal was 80.3 million tons in Q1 2024, a slight increase of 1.1% from 79.4 million tons in Q1 2023[14]. - The average selling price of coal decreased to RMB 573 per ton in Q1 2024, down 7.7% from RMB 621 per ton in Q1 2023[16]. - The company’s coal sales in the domestic market accounted for 98.6% of total sales volume in Q1 2024, with a sales volume of 115.5 million tons[16]. - The company reported a significant increase in investment income from joint ventures, rising by 97.5% to RMB 1,086 million compared to RMB 550 million in the previous year[5]. Operating Costs and Expenses - Operating costs increased by 4.7% to RMB 60,463 million due to higher coal procurement costs driven by increased sales volume[5]. - General and administrative expenses rose by 13.9% to RMB 2,429 million, primarily due to increased labor costs[5]. - Operating costs increased by 7.2% to RMB (51,574) million in Q1 2024 from RMB (48,131) million in Q1 2023, attributed to higher coal sales volume and related production costs[18]. - The unit production cost of self-produced coal increased to RMB 168.7 per ton in Q1 2024, up from RMB 144.4 per ton in Q1 2023, reflecting a 16.8% increase[20]. - The average selling cost of electricity for the power generation business in Q1 2024 was RMB 360.2 per MWh, a decrease of 3.3% compared to RMB 372.4 per MWh in the same period of 2023[25]. Future Plans and Investments - The company plans to continue expanding its coal and renewable energy production capabilities to meet growing demand[22]. - The company plans to invest approximately RMB 5 billion in the fifth phase of the Huanghua Port coal terminal project, which will add a coal loading capacity of about 50 million tons per year[26]. - As of March 31, 2024, the controlling shareholder has increased its A-share holdings by 11,593,528 shares, amounting to approximately RMB 36.53 million, which is 73.1% of the planned minimum increase of RMB 500 million[12].