NONFEMET(000060)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was ¥16,783,042,624.45, an increase of 14.13% compared to ¥14,705,155,163.65 in the same period last year[3]. - Net profit attributable to shareholders decreased by 3.73% to ¥320,122,367.95 from ¥332,541,868.93 year-on-year[3]. - Total operating revenue for Q1 2023 reached ¥16,791,463,190.19, an increase of 14.0% compared to ¥14,731,102,655.28 in Q1 2022[18]. - Net profit for Q1 2023 was ¥464,481,935.96, compared to ¥386,121,669.34 in Q1 2022, reflecting a growth of 20.3%[18]. - The total profit for Q1 2023 was approximately ¥465.08 million, an increase from ¥387.72 million in Q1 2022, representing a growth of 20%[46]. - Net profit for Q1 2023 reached ¥375.20 million, compared to ¥336.31 million in the same period last year, marking an increase of 11.6%[46]. Cash Flow and Assets - The net cash flow from operating activities dropped significantly by 77.04%, from ¥139,928,936.55 to ¥32,124,218.11[3]. - Cash and cash equivalents at the end of Q1 2023 amounted to ¥4,253,606,193.44, up 3.1% from ¥4,124,275,928.82 at the end of Q1 2022[20]. - Total assets increased by 25.10% to ¥40,846,941,004.11 from ¥32,652,194,387.38 at the end of the previous year[3]. - The company's fixed assets increased by 30.74%, primarily due to the inclusion of new copper smelting enterprises in the consolidated financial statements[6]. - Inventory increased by 67.91% compared to the beginning of the year, primarily due to the inclusion of new copper smelting enterprises in the consolidated financial statements[25]. - Contract assets rose by 123.47% compared to the beginning of the year, attributed to an increase in receivable contract assets[25]. Liabilities and Expenses - Current liabilities increased to approximately 13.51 billion yuan from 9.86 billion yuan year-on-year, representing a growth of about 37%[70]. - Non-current liabilities rose to approximately 8.90 billion yuan from 7.50 billion yuan year-on-year, indicating an increase of about 18.5%[70]. - Financial expenses increased by 164.78% compared to the same period last year, attributed to higher interest expenses from expanded loan scales[9]. - Interest expenses surged by 847.76% year-on-year, primarily due to increased interest expenses from the subsidiary Zhongjin Futures[83]. - The company's income tax expense increased by 74.84% year-on-year, amounting to ¥89.89 million, due to a rise in total profit[60]. Investments and Acquisitions - The company plans to increase its investment in Dongying Zhongjin by ¥1.29 billion, bringing the total investment to ¥1.89 billion, with a 63% equity stake post-investment[15]. - The company participated in the bankruptcy restructuring investment of 20 companies, acquiring 100% equity of 15 companies after debt stripping[13]. - The company plans to expand its investment scope to include the substantial merger and bankruptcy restructuring of 20 companies, excluding asset acquisitions[65]. - The valuation of the company's main assets is estimated at 7.513 billion yuan, while the valuation of non-core assets is 1.135 billion yuan[66]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 139,438[85]. - Guangdong Guangsheng Holdings Group Co., Ltd. holds 34.90% of shares, making it the largest shareholder[85]. - The second largest shareholder, China Copper Investment Co., Ltd., holds 1.76% of shares[85]. - The company has a total of 1,304,407,036 shares held by its largest shareholder, Guangdong Guangsheng Holdings Group Co., Ltd.[85]. - Liu Cun, the tenth largest shareholder, holds 11,850,801 shares through a credit trading guarantee securities account[85]. Mergers and Restructuring - The company is involved in the bankruptcy reorganization of Dongying Fangyuan Nonferrous Metals Co., Ltd. and 20 other companies[87]. - A merger has been approved to form a new entity, New Lufang Metals, which will serve as an important copper smelting platform[88]. - The merger involves the absorption of Fangyuan Nonferrous, Dongying Fangtai Metal Recycling Co., Ltd., and Shandong Fangyuan Nonferrous Metal Technology Co., Ltd.[88]. - The court has approved the reorganization plan for the aforementioned companies, terminating their previous reorganization procedures[90]. - The company has successfully integrated the restructured enterprises into its consolidated financial statements, with ongoing execution of the restructuring plan[36]. Other Financial Metrics - Research and development expenses increased to ¥54,866,897.13, a rise of 24.9% from ¥43,964,553.16 in the same period last year[18]. - Other payables rose by 81.71%, mainly due to unpaid investment funds as per the restructuring investment agreement[7]. - The company's derivative financial liabilities increased by 289.15% compared to the beginning of the year, primarily due to increased floating losses on hedging contracts[80]. - Contract liabilities increased by 177.25% year-on-year, mainly due to an increase in customer contract prepayments received[80]. - Deferred income increased by 46.67% year-on-year, attributed to an increase in government subsidies received[82]. - Asset impairment losses decreased by 82.81% year-on-year, mainly due to a reduction in the provision for impairment losses on contract assets[84]. - Other comprehensive income attributable to the parent company showed a net loss of approximately ¥199.54 million, compared to a loss of ¥175.09 million in the previous year[46]. - The company's total comprehensive income for Q1 2023 was approximately ¥175.66 million, up from ¥161.22 million in Q1 2022[46]. - The prepayments at the end of the period increased by 269.60% compared to the beginning of the year, primarily due to the new copper smelting enterprise being included in the consolidated financial statements[55]. - The fair value change income increased by 171.33% year-on-year, attributed to the rise in fair value changes of trading financial assets[60].