PACIFIC QUARTZ(603688)2024-04-29 10:05Financial Performance - The company's operating revenue for Q1 2024 was ¥393,563,678.21, representing a decrease of 67.82% compared to the same period last year[4]. - The net profit attributable to shareholders for Q1 2024 was ¥158,447,111.85, down 80.70% year-on-year[4]. - The net profit after deducting non-recurring gains and losses was ¥163,762,283.28, a decrease of 79.74% compared to the previous year[5]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.44, down 80.44% from the same period last year[5]. - The total profit for Q1 2024 was CNY 181,837,060.75, compared to CNY 964,378,169.71 in the same period last year[30]. - The comprehensive income total for Q1 2024 was CNY 196,084,859.20, down from CNY 823,671,121.42 in Q1 2023[32]. - The net profit for Q1 2024 was CNY 149,197,324.08, down 81.7% from CNY 816,656,679.59 in Q1 2023[43]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥449,913,060.21, reflecting a decline of 31.47% year-on-year[5]. - Cash inflows from operating activities in Q1 2024 amounted to CNY 984,695,983.19, slightly down from CNY 998,913,933.17 in Q1 2023[34]. - The net cash flow from operating activities for Q1 2024 was CNY 449,913,060.21, a decrease from CNY 656,519,156.59 in Q1 2023[35]. - The cash flow from investing activities in Q1 2024 showed a net outflow of CNY 209,420,788.42, compared to a net outflow of CNY 166,265,369.55 in Q1 2023[35]. - The company reported a net increase in cash and cash equivalents of RMB 371,962,076.19 for Q1 2024, down from RMB 496,035,595.38 in Q1 2023[46]. - The ending balance of cash and cash equivalents as of Q1 2024 was RMB 2,805,103,865.71, compared to RMB 875,955,119.08 at the end of Q1 2023, showing a substantial increase[46]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,255,300,749.42, a decrease of 1.64% from the end of the previous year[5]. - Total assets decreased to CNY 7,998,357,066.14 in Q1 2024 from CNY 8,094,128,602.03 in Q1 2023, a decline of 1.2%[41]. - Total liabilities decreased to ¥522,271,305.64 in Q1 2024 from ¥827,464,034.26 in Q1 2023, a reduction of 36.8%[25]. - The company's total liabilities decreased to CNY 499,263,793.93 from CNY 751,485,327.99, a reduction of 33.5%[40]. - The company's total equity increased to ¥7,733,029,443.78 in Q1 2024 from ¥7,565,391,910.49 in Q1 2023, a growth of 2.2%[26]. - The total equity increased to CNY 7,499,093,272.21 in Q1 2024, compared to CNY 7,342,643,274.04 in Q1 2023, an increase of 2.1%[41]. Shareholder Information - As of March 31, 2024, the top shareholder, Chen Shibin, holds 95,922,682 shares, representing 26.55% of total shares[18]. - The second-largest shareholder, Futeng Development Co., Ltd., holds 81,990,000 shares, accounting for 22.69%[19]. - The company reported a total of 1,523,914 shares held by CITIC Securities - Tianhong CSI Photovoltaic Industry Index Fund, which is 0.42% of total shares[17]. - The total number of shares held by Hong Kong Central Clearing Limited is 9,610,464, which is 2.66% of total shares[16]. Industry Outlook and Strategy - The significant decline in revenue was primarily due to reduced sales of photovoltaic products during the reporting period[9]. - The company's performance in the photovoltaic business segment declined significantly due to oversupply and price drops in quartz materials, leading to decreased sales and profits[20]. - The company anticipates a recovery in the photovoltaic industry as inventory levels decrease, leading to a return to stable growth[20]. - The photovoltaic industry is expected to see long-term growth due to global consensus on renewable energy expansion[20]. - The company is focusing on optimizing cost structures and improving operational efficiency in response to market changes[20]. - The report indicates that the company is taking measures to reduce procurement volumes to manage costs effectively[20]. - The company has experienced a structural profit decline across the entire photovoltaic supply chain due to increased competition and changing supply-demand dynamics[20]. Research and Development - R&D expenses increased by 36.49% due to higher spending on new processes and product development[10]. - Research and development expenses increased to ¥41,001,796.06 in Q1 2024, compared to ¥30,039,559.50 in Q1 2023, reflecting a growth of 36.5%[28]. - Research and development expenses rose to CNY 37,293,171.39 in Q1 2024, up from CNY 25,981,018.53 in Q1 2023, an increase of 43.5%[42]. Accounting and Reporting - The company did not report any cash inflows from financing activities in Q1 2024, with cash outflows totaling RMB 28,447,325.91[46]. - The company is not applying new accounting standards or interpretations for the first time in 2024[47].