Financial Performance - The company reported a revenue of RMB 131,072 million for 2022, a decrease of 3.71% compared to RMB 136,120 million in 2021[16]. - The net profit attributable to shareholders was RMB 156 million, reflecting a significant decline of 97.76% from RMB 6,964 million in the previous year[16]. - The operating profit for 2022 was a loss of RMB 218 million, a decrease of 102.42% compared to an operating profit of RMB 9,023 million in 2021[16]. - The net cash flow from operating activities was RMB 6,139 million, down 52.54% from RMB 12,935 million in 2021[16]. - The total assets at the end of 2022 were RMB 96,935 million, a decrease of 1.74% from RMB 98,652 million at the end of 2021[16]. - The total liabilities increased by 1.93% to RMB 38,138 million at the end of 2022, compared to RMB 37,415 million at the end of 2021[16]. - The company’s weighted average return on equity dropped to 0.26%, down 11.86 percentage points from 12.12% in 2021[16]. - The gross profit margin for the steel rolling industry was 2.33%, down 7.34 percentage points from the previous year[38]. - The company’s operating costs totaled RMB 127,727 million, with raw materials accounting for 82.05% of total operating costs[41]. - The company reported a total revenue of 9.94 billion for the current period, reflecting a significant increase compared to previous periods[89]. Dividend and Shareholder Returns - The board of directors proposed a cash dividend of RMB 0.068 per share, totaling approximately RMB 64 million, which accounts for 40% of the net profit attributable to shareholders[4]. - The cash dividend payout ratio is 100% of the distributable profit[121]. - The company did not propose a cash dividend distribution plan despite having positive distributable profits for shareholders[120]. Market and Production - The steel industry in China faced significant challenges in 2022, with crude steel production declining by 1.7% to 1.018 billion tons[22]. - In 2022, the production volumes for iron, steel, and steel products were 26.24 million tons, 26.59 million tons, and 25.08 million tons, representing year-over-year increases of 3.50%, 0.45%, and 1.14% respectively. Steel sales reached 25.82 million tons, up 5.83% from the previous year[26]. - The company maintained a market share of over 40% in railway corrosion-resistant steel, leading the industry for 19 consecutive years[31]. - The company achieved a 3.8% reduction in product costs year-over-year, effectively supporting its operational performance[26]. - The export order volume increased by 26.5% year-over-year, with significant contracts won for seven overseas key projects, including the Nigeria Kakak Railway[26]. Research and Development - The company has undertaken 173 technology research projects and received the title of "National Intellectual Property Advantage Enterprise"[24]. - Research and development expenses increased by 13.59% to RMB 727 million from RMB 640 million year-on-year[36]. - The company’s patent innovation index ranked third in the national steel industry for two consecutive years, showcasing its strong technological capabilities[29]. - The number of R&D personnel increased by 21% from 1,806 in 2021 to 2,185 in 2022, with the proportion of R&D personnel rising from 5.94% to 7.46%[50]. - R&D investment amounted to RMB 2,621 million in 2022, a slight decrease of 0.8% compared to RMB 2,644 million in 2021, while the ratio of R&D investment to operating revenue increased by 0.07 percentage points to 2.0%[51]. Corporate Governance - The company has established a comprehensive corporate governance system in compliance with relevant laws and regulations, ensuring effective internal control[84]. - The board consists of seven members, with four being independent non-executive directors, exceeding the requirement of one-third independence[143]. - The company has implemented a securities trading code for directors to comply with the Hong Kong Stock Exchange listing rules[142]. - The company has established specialized committees within the board, with independent non-executive directors holding a majority in key committees[143]. - The company’s independent non-executive directors are subject to annual independence reviews by the nomination committee[145]. Environmental and Social Responsibility - The company implemented 50 environmental protection renovation projects in 2022, with a total investment of RMB 877 million, including RMB 841 million for ultra-low emission renovation projects[168]. - The company achieved zero wastewater discharge during non-rainy periods at the Anshan plant, with stable operation of pollution control facilities ensuring compliance with emission standards[168]. - The company invested RMB 16.3993 million in nine poverty alleviation projects in 2022, introducing funds of RMB 78 million and purchasing assistance products worth RMB 18.5023 million[171]. - The company has a 100% compliance rate for environmental impact assessments and has completed the renewal and modification of pollution discharge permits[168]. Strategic Initiatives - The company aims to enhance its core competitiveness by implementing a "11361" development strategy, focusing on efficiency improvement, cost transformation, service leadership, technological advancement, smart manufacturing, and ecological integration[72]. - The company plans to upgrade its steel base, focusing on product quality enhancement, energy conservation, green production, and intelligent manufacturing to create new profit growth points[73]. - The company is committed to high-quality development and aims to become a world-class enterprise with global competitiveness[72]. - The company is actively pursuing measures to enhance its corporate governance and operational efficiency[84]. Risk Management - The company has established a major risk assessment mechanism to identify, analyze, and evaluate risks affecting strategic and operational goals, with annual major risk evaluations approved by the board[164]. - The company has a risk warning mechanism in place, monitoring changes in laws, regulations, and market dynamics to identify potential major risks in real-time[165]. - The company is committed to enhancing risk prevention and control capabilities, particularly in financial risk management[75]. Employee Relations - The total number of employees at the end of the reporting period was 29,303, including 25,405 at the parent company and 3,898 at major subsidiaries[116]. - The company conducted 13,108 training sessions throughout the year, focusing on production operations and transformation upgrades[119]. - The company has implemented a stock incentive plan in 2020 to attract and retain talent, linking employee interests with shareholder benefits[118]. Related Party Transactions - The company reported a total of 16,859 million RMB in related party transactions with Ansteel Group Mining Co., Ltd., accounting for 22.33% of similar transaction amounts[181]. - The total amount of related party transactions for major raw material procurement reached 24,365 million RMB, which is 32.27% of similar transaction amounts[182]. - The company’s daily related transactions were conducted under normal commercial terms and did not exceed the limits set in the related transaction agreements[191].

Financial Performance - Operating revenue for the year 2022 was RMB 131,072 million, a decrease of 3.71% compared to RMB 136,674 million in 2021[6] - Net profit attributable to shareholders for 2022 was RMB 156 million, down 97.76% from RMB 6,925 million in 2021[6] - Basic earnings per share for 2022 were RMB 0.017, a decline of 97.70% from RMB 0.736 in 2021[6] - Operating profit for 2022 was RMB -218 million, representing a significant decrease of 102.42% compared to RMB 8,985 million in 2021[6] - Total operating revenue decreased to RMB 131,072 million from RMB 136,120 million, a decline of approximately 3.9% year-over-year[115] - Total operating costs increased to RMB 132,217 million from RMB 127,057 million, representing an increase of about 4.5% year-over-year[115] - Net profit decreased significantly to RMB 186 million from RMB 6,998 million, a decline of approximately 97.3% year-over-year[116] - Total comprehensive income amounted to RMB 294 million, down from RMB 6,971 million in the previous year[117] Assets and Liabilities - Total assets at the end of 2022 were RMB 96,935 million, a decrease of 1.74% from RMB 97,526 million at the end of 2021[6] - Total liabilities at the end of 2022 were RMB 38,138 million, an increase of 1.93% from RMB 37,334 million at the end of 2021[6] - The total equity attributable to shareholders at the end of 2022 was RMB 58,140 million, a decrease of 4.23% from RMB 59,666 million at the end of 2021[6] - The asset-liability ratio at the end of 2022 was 39.34%, an increase of 1.41 percentage points from 38.28% at the end of 2021[6] - The company's total assets as of December 31, 2022, are 96,935 million, down from 98,652 million in 2021[139] - The company's total liabilities as of December 31, 2022, were RMB 38,138 million, an increase of 1.9% from RMB 37,415 million as of December 31, 2021[113] Cash Flow - Net cash flow from operating activities for 2022 was RMB 6,139 million, down 52.54% from RMB 12,846 million in 2021[6] - The cash and cash equivalents net increase was RMB -305 million, primarily due to a decrease in net cash inflow from operating activities by RMB 6,796 million compared to the previous year[29] - The net cash inflow from operating activities decreased by RMB 6,796 million compared to the previous year, primarily due to a reduction in cash received from sales of goods and services by RMB 9,617 million[59] - The company reported a significant decrease in income tax expenses, down 123.20% year-on-year, primarily due to a reduction in total profit[40] Production and Sales - In 2022, the production volumes of iron, steel, and steel materials were 26.24 million tons, 26.59 million tons, and 25.08 million tons, representing increases of 3.50%, 0.45%, and 1.14% year-on-year respectively[18] - Sales of steel materials reached 25.82 million tons in 2022, an increase of 5.83% compared to the previous year[18] - The company sold 2,581.65 million tons of steel products in 2022, an increase of 5.83% compared to 2021, while production volume rose by 1.14% to 2,508.38 million tons[32] Research and Development - Research and development expenses increased by 13.59% to RMB 727 million from RMB 640 million in the previous year[27] - The total number of R&D personnel increased by 21% from 1,806 in 2021 to 2,185 in 2022, with the proportion of R&D personnel rising from 5.94% to 7.46%[56] - R&D investment amounted to RMB 2,621 million in 2022, a slight decrease of 0.8% from RMB 2,644 million in 2021, while the proportion of R&D investment to operating revenue increased by 0.07 percentage points to 2.0%[57] Market Expansion and Strategy - The company plans to invest RMB 3,709 million in fixed assets and external investments in 2023, primarily funded by internal resources[26] - The company aims to enhance its brand influence and was recognized in 2022 for its cash dividend returns and investor relations[20] - The company plans to strengthen its core competitiveness through strategic upgrades in steel production and service-oriented business models[22] - The company is focused on high-level technological research and development, with 21 key technology projects and 5 excellence projects planned[23] - The company is actively expanding its market presence through strategic acquisitions and partnerships, enhancing its competitive edge[95] Related Party Transactions - The total amount of related party transactions is RMB 24,365 million[88] - The pricing principle for related party transactions is based on market principles[88] - The company has established relationships with various related parties, all controlled by the same major shareholder[90] - The company reported a total related party transaction amount of 7,997 million RMB, with a market pricing principle applied[92] Corporate Governance - The company has maintained its accounting policies without changes or significant errors in the reporting period, ensuring consistency in financial reporting[81] - The company has not changed its accounting firm in the last three years, indicating stability in financial oversight[83] - There were no significant penalties or rectifications during the reporting period, indicating stable operational integrity[86] - The company has no major litigation or arbitration cases during the reporting period, reflecting a stable legal standing[85]

Financial Performance - The company's operating revenue for the third quarter was RMB 30,556 million, a decrease of 14.64% compared to RMB 35,796 million in the same period last year[4]. - The net profit attributable to shareholders was a loss of RMB 1,523 million, representing a decline of 165.45% from a profit of RMB 2,327 million in the previous year[4]. - The basic earnings per share were RMB -0.161, down 165.18% from RMB 0.247 in the same period last year[5]. - Total operating revenue for the first nine months of 2022 was RMB 100,850 million, a decrease of 6.1% compared to RMB 108,103 million in the same period of 2021[19]. - Net profit for the first nine months of 2022 was RMB 214 million, a significant decline of 97.2% from RMB 7,561 million in the same period of 2021[19]. - The company reported a basic earnings per share of RMB 0.021 for the first nine months of 2022, down from RMB 0.801 in the same period of 2021[19]. - Operating profit for the first nine months of 2022 was RMB (54) million, compared to RMB 8,641 million in the same period of 2021, indicating a significant decline[24]. - Net profit attributable to the parent company for the first nine months of 2022 was RMB 348 million, down from RMB 6,951 million in the same period of 2021, reflecting a decrease of 94.9%[24]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB 6,198 million, a decrease of 39.25% compared to the previous year[5]. - The net cash flow from operating activities decreased by RMB 4,005 million year-on-year, mainly due to a decrease in cash received from sales of goods and services by RMB 5,333 million[10]. - Cash flow from operating activities generated RMB 6,198 million, down 39.3% compared to RMB 10,203 million in the first nine months of 2021[20]. - Cash and cash equivalents at the end of the reporting period were RMB 6,162 million, an increase from RMB 5,354 million at the end of 2021[20]. - Cash and cash equivalents at the end of September 2022 were RMB 3,463 million, up from RMB 2,839 million at the end of 2021[26]. - Operating cash flow for the first nine months of 2022 was RMB 4,347 million, down from RMB 8,725 million in the same period of 2021, indicating a decline of 50.2%[26]. - The total assets at the end of the reporting period were RMB 94,743 million, a decrease of 3.96% from the previous year[5]. - The total assets as of September 30, 2022, amounted to RMB 94,743 million, a decrease from RMB 98,652 million at the end of 2021[16]. - Total assets as of September 30, 2022, were RMB 89,407 million, slightly down from RMB 90,706 million at the end of 2021[22]. Liabilities and Equity - The current portion of non-current liabilities at the end of the reporting period increased by RMB 4,865 million, attributed to long-term borrowings and bonds payable maturing within one year[10]. - The taxes payable at the end of the reporting period increased by RMB 1,190 million compared to the end of the previous year, primarily due to an increase in value-added tax payable[10]. - The long-term borrowings at the end of the reporting period decreased by RMB 3,050 million compared to the end of the previous year[10]. - Total liabilities decreased to RMB 35,951 million as of September 30, 2022, down from RMB 37,415 million at the end of 2021[18]. - The company's total equity as of September 30, 2022, was RMB 58,792 million, a decrease from RMB 61,237 million at the end of 2021[18]. - The company’s total equity attributable to shareholders was RMB 55,415 million as of September 30, 2022, down from RMB 56,748 million at the end of 2021[23]. - Total liabilities as of September 30, 2022, were RMB 33,992 million, compared to RMB 33,958 million at the end of 2021, showing a marginal increase[23]. Research and Development - Research and development expenses increased by RMB 164 million year-to-date, primarily due to higher costs associated with new product trials[8]. - Research and development expenses increased to RMB 565 million, up 40.9% from RMB 401 million in the same period of 2021[19]. - Research and development expenses for the first nine months of 2022 were RMB 557 million, an increase from RMB 369 million in the same period of 2021[24]. Inventory and Costs - The company experienced a significant increase in raw material prices, impacting operational costs and profit margins[9]. - The company reported a decrease in inventory from RMB 14,561 million at the end of 2021 to RMB 9,015 million as of September 30, 2022, a reduction of 38.5%[22]. - The company's inventory decreased by RMB 6,705 million year-to-date, reflecting efforts to accelerate capital turnover[9]. - Total operating costs increased to RMB 101,614 million, up 2.9% from RMB 98,762 million year-over-year[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 122,862, including 454 H-share holders[12]. - The largest shareholder, Anshan Iron and Steel Group Co., Ltd., holds 53.35% of the shares, totaling 5,016,111,529 shares[12]. Future Outlook - The company plans to focus on market expansion and new product development to improve future performance[19].

Financial Performance - The company's operating revenue for the third quarter was RMB 30,556 million, a decrease of 14.64% compared to the same period last year[4]. - The net profit attributable to shareholders was a loss of RMB 1,523 million, a decline of 165.45% year-on-year[4]. - The basic earnings per share for the reporting period was -0.161 RMB, down 165.18% from 0.245 RMB in the same period last year[5]. - Operating profit for the first nine months of 2022 was 99 million RMB, a decrease from 9,773 million RMB in the same period of 2021[24]. - Net profit for the first nine months of 2022 was 214 million RMB, compared to 7,561 million RMB in the same period of 2021, reflecting a significant decline[24]. - Net profit for the first nine months of 2022 was RMB 348 million, a significant decline of 94.9% from RMB 6,951 million in 2021[40]. - The company reported a decrease in sales revenue from goods and services, totaling RMB 89,812 million, down from RMB 97,241 million in 2021[43]. - The total comprehensive income attributable to the parent company was RMB 423 million, a decrease from RMB 6,964 million in 2021[41]. Cash Flow - Cash flow from operating activities for the year-to-date was RMB 6,198 million, a decrease of 39.25% compared to RMB 10,122 million last year[5]. - Cash flow from operating activities decreased by RMB 4,005 million compared to the same period last year, primarily due to a decrease in cash received from sales and an increase in cash paid for purchases[12]. - Cash flow from operating activities for the first nine months of 2022 was 6,198 million RMB, a decrease from 10,203 million RMB in the same period of 2021[29]. - Cash flow from investing activities resulted in a net outflow of 3,000 million RMB for the first nine months of 2022, compared to a net outflow of 2,357 million RMB in the same period of 2021[30]. - Cash flow from financing activities showed a net outflow of 2,434 million RMB for the first nine months of 2022, compared to a net outflow of 7,878 million RMB in the same period of 2021[34]. - Cash flow from operating activities generated RMB 4,347 million, down 50.2% from RMB 8,725 million in the previous year[43]. - Cash flow from investing activities showed a net outflow of RMB 2,449 million, compared to a smaller outflow of RMB 953 million in 2021[44]. - Cash flow from financing activities resulted in a net outflow of RMB 1,307 million, a decrease from RMB 6,519 million in the same period of 2021[46]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 94,743 million, a decrease of 3.96% from RMB 97,526 million at the end of the previous year[5]. - The total current assets as of September 30, 2022, were RMB 28,474 million, down from RMB 32,541 million at the end of 2021[18]. - The total assets as of September 30, 2022, were RMB 94,743 million, down from RMB 98,652 million at the end of 2021[19]. - The total liabilities as of September 30, 2022, were RMB 35,951 million, a decrease from RMB 37,415 million at the end of 2021[20]. - The total liabilities as of September 30, 2022, were 33,992 million RMB, compared to 33,958 million RMB at the end of 2021, indicating stable liability levels[36]. - The company's total equity attributable to shareholders was 55,415 million RMB as of September 30, 2022, down from 56,748 million RMB at the end of 2021[37]. Research and Development - Research and development expenses increased by RMB 164 million year-to-date, primarily due to increased costs associated with new product trials[6]. - Research and development expenses increased to RMB 565 million, up 40.9% from RMB 401 million in the previous year[23]. - Research and development expenses increased to RMB 557 million, up from RMB 369 million in the previous year, reflecting a focus on innovation[39]. Investment and Income - Investment income decreased by RMB 114 million year-to-date, mainly due to reduced returns from joint ventures[6]. - The company reported a net profit of RMB 200 million from investments in joint ventures and associates, down from RMB 314 million in the previous year[23]. - The company recorded investment income of RMB 1,071 million, down from RMB 1,367 million in the same period of 2021[39]. Impairment and Tax - Asset impairment losses decreased by RMB 105 million year-to-date, primarily due to a reversal of inventory write-downs[6]. - Credit impairment losses decreased by RMB 137 million compared to the same period last year, mainly due to the reversal of accounts receivable credit impairment losses[9]. - Income tax expenses decreased by RMB 2,294 million compared to the same period last year, mainly due to a decrease in total profit and the deferral of tax assets from losses of subsidiaries[9]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 122,862, including 454 H-share holders[13]. - Equity attributable to shareholders decreased by 4.16% year-on-year, from RMB 60,711 million to RMB 58,188 million[5].

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 70,294 million, a decrease of 2.78% compared to RMB 72,307 million in the same period last year[31]. - Net profit attributable to shareholders of the listed company was RMB 1,716 million, down 67.06% from RMB 5,210 million in the previous year[31]. - The basic earnings per share for the first half of 2022 was RMB 0.182, a decline of 67.15% compared to RMB 0.554 in the same period last year[31]. - The total profit for the same period was RMB 2,206 million, down 67.05% compared to the previous year[44]. - The company reported a sales profit margin of 3.14%, down 6.12 percentage points year-on-year[44]. - The cost of goods sold increased by 4.80% to RMB 66,613 million from RMB 63,560 million year-on-year[58]. - The sales expenses rose by 3.34% to RMB 309 million, while management expenses decreased by 13.97% to RMB 659 million[58]. - Research and development expenses increased by 35.74% to RMB 395 million, primarily due to higher costs associated with new product trials[58]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of RMB 1,669 million, a decrease of 68.27% compared to the previous year[194]. Cash Flow and Assets - The net cash flow from operating activities was RMB 4,140 million, a decrease of 52.29% from RMB 8,677 million in the previous year[31]. - Cash flow from operating activities decreased by 52.29% to RMB 4,140 million, primarily due to a RMB 6,689 million decrease in cash received from sales[60]. - The total assets at the end of the reporting period were RMB 96,247 million, down 2.44% from RMB 98,652 million at the end of the previous year[33]. - Total current assets decreased from RMB 32,541 million to RMB 30,714 million, reflecting a reduction of 5.6%[196]. - The company's inventory decreased from RMB 19,059 million to RMB 14,959 million, a decline of 21.5%[195]. - Total liabilities and equity decreased to RMB 96,247 million from RMB 98,652 million, reflecting a decline of approximately 2.5%[200]. Production and Sales - Steel production was 13.5 million tons, a decrease of 7.34% year-on-year, while sales of steel products were 13.03 million tons, down 3.62%[45]. - The comprehensive yield rate of steel products improved by 0.13 percentage points compared to the previous year[45]. - Domestic revenue in China was RMB 66,837 million, a decline of 2.18% from RMB 68,327 million in the same period last year[64]. - Export revenue decreased by 13.14% to RMB 3,457 million from RMB 3,980 million[64]. - The company achieved a 60% year-on-year increase in sales of hot-formed products and a 27% increase in sales of high-strength steel products[55]. Investments and Acquisitions - The company completed the acquisition of the net assets of the second power plant under Anshan Iron and Steel, which was approved by the board of directors[33]. - The total investment amount for the reporting period was RMB 362 million, a significant increase of 8,950% compared to RMB 4 million in the same period last year[78]. - The company has engaged in significant equity investments during the reporting period, although specific details were not disclosed[79]. - The company has ongoing major non-equity investments, but specific details were not provided[80]. Environmental and Social Responsibility - The company traded 2.5 billion kWh of clean energy, an increase of 2.18 billion kWh compared to last year, reducing electricity costs by 170 million RMB and cutting CO2 emissions by 420,000 tons[51]. - The company maintained zero environmental pollution incidents in the first half of 2022, achieving 100% compliance in environmental protection measures[52]. - The company has achieved zero wastewater discharge during non-rainy periods at its Anshan plant[125]. - The company has completed 9 poverty alleviation projects with a planned funding of RMB 16.4 million in 2022, having disbursed RMB 3.1723 million for 4 projects[132]. Corporate Governance - The company maintained compliance with the Hong Kong Stock Exchange Listing Rules regarding the number of independent non-executive directors, having at least three independent directors during the reporting period[105]. - The company has established an audit committee in accordance with the Hong Kong Stock Exchange Listing Rules, which reviewed the accounting standards and the unaudited interim financial report for the six months ending June 30, 2022[106]. - The company has adhered to corporate governance codes and has regularly reviewed its governance practices, ensuring compliance with all applicable rules during the reporting period[110]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 122,349, including 454 H-share holders[173]. - The largest shareholder, Anshan Iron and Steel Group Co., Ltd., holds 53.35% of the shares, totaling 5,016,111,529 shares[174]. - The company completed the repurchase and cancellation of 2,229,750 restricted shares, reducing the total share capital from 9,405,250,201 shares to 9,403,020,451 shares[115]. - The company granted 5,241,400 restricted stocks to 37 incentive targets as part of the 2020 restricted stock incentive plan[168]. Risks and Challenges - The company faces significant operational risks due to global inflation and economic downturns, which have led to increased steel inventory and declining prices[101]. - The company anticipates potential risks related to mismatches between future repurchase amounts and hedging amounts, with strategies in place to manage these risks[87]. - The company has conducted a thorough assessment of legal risks associated with derivative investments, ensuring compliance with national regulations[85].

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 70,294 million, a decrease of 2.78% compared to RMB 72,551 million in the same period last year[12]. - The net profit attributable to shareholders of the listed company was RMB 1,716 million, down 67.06% from RMB 5,183 million in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,669 million, a decrease of 68.27% compared to RMB 5,260 million last year[12]. - The net cash flow from operating activities was RMB 4,140 million, down 52.29% from RMB 8,639 million in the same period last year[12]. - The basic earnings per share were RMB 0.182, a decline of 67.15% from RMB 0.551 in the previous year[12]. - The diluted earnings per share were RMB 0.182, down 66.67% from RMB 0.546 last year[12]. - The weighted average return on net assets was 2.84%, a decrease of 6.31 percentage points from 9.26% in the previous year[12]. - Total assets at the end of the reporting period were RMB 96,247 million, a decrease of 2.44% from RMB 97,526 million at the end of the previous year[12]. - The equity attributable to shareholders of the listed company was RMB 59,719 million, a slight increase of 1.63% from RMB 59,666 million at the end of the previous year[12]. - The total profit amounted to RMB 2,206 million, representing a decline of 67.05% year-on-year[23]. - The sales profit margin was 3.14%, a decrease of 6.12 percentage points year-on-year[23]. Operational Highlights - Steel production was 1,350 million tons, down 7.34% year-on-year, while sales volume of steel was 1,303 million tons, a decrease of 3.62%[23]. - Operating costs increased by 4.80% to RMB 66,613 million from RMB 63,560 million year-on-year[30]. - The company achieved operating revenue of RMB 70,294 million, a decrease of 2.78% compared to the same period last year[23]. - The company completed 256 national authorized patents, with 48.8% being invention patents[24]. - The company maintained a market share of over 40% in railway corrosion-resistant steel for 18 consecutive years, leading the industry[28]. - The company completed 21 energy-saving projects and initiated 33 ultra-low emission transformation projects with a planned investment of RMB 713 million[25]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the first half of the year[3]. - The company plans to enhance market competitiveness through a systematic cost reduction strategy[24]. - The company is focusing on expanding overseas markets, particularly in the "Belt and Road" regions[24]. - The company anticipates a gradual recovery in steel demand in the second half of the year, despite facing significant uncertainties due to complex international political situations and economic challenges[51]. - The company plans to enhance governance and high-quality development capabilities, focusing on efficiency, cost reduction, and system strengthening[51]. - The company aims to innovate customer service and enhance marketing effectiveness as part of its strategic initiatives[51]. Environmental and Social Responsibility - Clean energy trading volume increased by 2.18 billion kWh to 2.5 billion kWh, resulting in a reduction of electricity costs by RMB 170 million and a decrease in CO2 emissions by 420,000 tons[25]. - The company has achieved zero wastewater discharge during non-rainy periods at its Anshan plant[64]. - The company allocated 16.4 million RMB for nine poverty alleviation projects in 2022, with 3.17 million RMB already disbursed for four projects[66]. - The company completed consumption assistance amounting to 11.05 million RMB, helping to sell agricultural products worth 30,000 RMB[66]. - The company has established a 100% compliance rate for environmental impact assessments and environmental protection acceptance for new projects[63]. Financial Position and Investments - The company reported a long-term loan of RMB 50 million with an interest rate of 3.9%, maturing in 2023, primarily for working capital[36]. - As of June 30, 2022, the company's capital commitments amounted to RMB 3,505 million, mainly for construction and investment contracts[36]. - The company achieved an investment income of RMB 104 million, accounting for 4.71% of total profit, indicating sustainable earnings from long-term equity investments[38]. - The total investment during the reporting period was RMB 362 million, a significant increase of 8,950% compared to the previous year[43]. - The company's equity-to-debt ratio was 1.67 times as of June 30, 2022, compared to 1.64 times at the end of 2021[42]. Risk Management - The company emphasizes risk management strategies to mitigate impacts from the ongoing COVID-19 pandemic and global economic inflation[52]. - The company established a foreign exchange risk management policy to mitigate risks associated with foreign exchange derivatives trading[46]. - The company has implemented strict internal controls and approval processes for its derivatives trading activities to ensure compliance with regulations[46]. Employee and Talent Management - The company has a total of 30,192 employees, with 20,750 in production, 3,774 in technical roles, and 381 in sales[60]. - The company completed 51 special training sessions with 8,561 participants and 1,017 job skill training sessions with 24,678 participants by the end of June[61]. - The company implemented a restricted stock incentive plan for senior management and core technical personnel in 2020 to attract and retain talent[61]. Accounting and Financial Reporting - The financial statements were prepared in accordance with the Chinese Accounting Standards, ensuring a true and complete reflection of the group's financial status as of June 30, 2022[123]. - The group recognizes revenue when customers obtain control of related goods or services, following the fulfillment of performance obligations[163]. - The group assesses its control over subsidiaries to determine the scope of consolidation, ensuring accurate financial reporting[128]. - The group recognizes impairment losses based on expected credit losses for various financial instruments[136].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 34,927 million, an increase of 9.77% compared to RMB 31,817 million in the same period last year[3]. - The net profit attributable to shareholders was RMB 1,482 million, a decrease of 1.20% from RMB 1,500 million in the previous year[3]. - Operating profit for Q1 2022 was RMB 2,048 million, slightly up from RMB 2,027 million in Q1 2021[18]. - The total operating costs for Q1 2022 were RMB 33,387 million, up from RMB 29,873 million in Q1 2021, indicating a rise of 11.1%[18]. - The company reported a net cash increase of RMB 1,086 million in Q1 2022, reversing a decrease of RMB 1,610 million in Q1 2021[19]. Cash Flow and Investments - The net cash flow from operating activities was RMB 1,975 million, reflecting a 4.06% increase from RMB 1,898 million year-on-year[3]. - The net outflow of cash from investment activities increased by RMB 162 million compared to the same period last year, primarily due to higher cash payments for fixed assets[8]. - The net outflow of cash from financing activities decreased by RMB 2,781 million year-on-year, mainly due to a reduction in cash received from borrowings[8]. Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 101,137 million, representing a 2.52% increase from RMB 98,652 million at the end of the previous year[4]. - Total liabilities as of March 31, 2022, amounted to RMB 39,511 million, an increase from RMB 37,415 million as of December 31, 2021[16]. - Current assets totaled RMB 35,388 million, up from RMB 32,541 million year-over-year[14]. - Cash and cash equivalents increased to RMB 6,484 million from RMB 5,398 million[14]. - Accounts receivable rose to RMB 2,171 million compared to RMB 1,894 million in the previous year[14]. - Inventory decreased to RMB 17,843 million from RMB 19,059 million[14]. Research and Development - R&D expenses increased by RMB 75 million compared to the same period last year, primarily due to higher costs associated with new product trials[7]. - Research and development expenses increased to RMB 212 million in Q1 2022, up 54.8% from RMB 137 million in Q1 2021[18]. Shareholder Information - The company completed the repurchase and cancellation of 2,229,750 restricted shares as part of the 2020 incentive plan, reducing total share capital[12]. - The company’s major shareholders include Anshan Iron and Steel Group Co., Ltd. with a 53.35% stake and Hong Kong Central Clearing Limited with a 14.87% stake[10]. - Total equity attributable to shareholders of the parent company was RMB 61,093 million as of March 31, 2022, compared to RMB 60,711 million at the end of 2021[16]. Management Changes - The company appointed Yang Xu as the new Vice General Manager on March 25, 2022[12]. Asset Valuation - The company’s long-term equity investments stood at RMB 3,106 million, slightly up from RMB 3,071 million[14]. - The company’s fixed assets were valued at RMB 48,238 million, a decrease from RMB 48,558 million[14]. - The weighted average return on net assets was 2.41%, down 0.32 percentage points from 2.73% in the previous year[4]. - The company completed the acquisition of the net assets of the second power plant under Anshan Iron and Steel Group, which was approved by the board of directors[4].

Financial Performance - The company's operating revenue for the first quarter reached RMB 34,927 million, an increase of 9.77% compared to the same period last year[10] - Net profit attributable to shareholders was RMB 1,482 million, a decrease of 1.20% year-on-year[10] - Basic earnings per share were RMB 0.158, down 0.63% from the previous year[5] - Total revenue for Q1 2022 reached RMB 34,927 million, up from RMB 31,817 million in Q1 2021, representing an increase of about 6.6%[23] - Net profit for Q1 2022 was RMB 1,488 million, slightly down from RMB 1,509 million in Q1 2021, indicating a decrease of approximately 1.4%[24] - Earnings per share for Q1 2022 were RMB 0.158, slightly down from RMB 0.159 in Q1 2021, indicating a decrease of about 0.6%[25] Assets and Liabilities - Total assets increased to RMB 101,137 million, reflecting a growth of 2.52% compared to the end of the previous year[5] - The company's total liabilities rose to RMB 39,511 million as of March 31, 2022, compared to RMB 37,415 million at the end of 2021, marking an increase of about 5.6%[21] - Current assets totaled RMB 35,388 million as of March 31, 2022, compared to RMB 32,541 million at the end of 2021, showing an increase of approximately 8.5%[19] - The company's total equity increased to RMB 61,626 million as of March 31, 2022, compared to RMB 61,237 million at the end of 2021, representing a growth of about 0.6%[22] Cash Flow - Operating cash flow for Q1 2022 was RMB 1,975 million, an increase of 4.06% compared to RMB 1,898 million in Q1 2021[27] - Cash inflow from operating activities totaled RMB 33,022 million in Q1 2022, compared to RMB 32,248 million in Q1 2021, reflecting a growth of 2.4%[27] - Total cash and cash equivalents at the end of Q1 2022 reached RMB 6,484 million, up from RMB 3,776 million in Q1 2021, representing a 71.5% increase[29] - Net cash flow from financing activities in Q1 2022 was negative RMB 364 million, a significant improvement from negative RMB 3,145 million in Q1 2021[28] - The company reported a net cash flow from investing activities of negative RMB 525 million in Q1 2022, worsening from negative RMB 363 million in Q1 2021[27] Investments and Expenses - Research and development expenses increased by RMB 75 million due to higher costs associated with new product trials[11] - Research and development expenses for Q1 2022 were RMB 212 million, up from RMB 137 million in Q1 2021, indicating a significant increase of approximately 54.8%[23] - Financial expenses decreased by RMB 115 million primarily due to reduced bank interest expenses[11] - Cash outflow from investing activities increased by RMB 162 million compared to the same period last year, mainly due to increased cash payments for fixed assets, intangible assets, and other long-term assets[13] - Cash outflow for investing activities was RMB 600 million in Q1 2022, an increase of 36.1% from RMB 441 million in Q1 2021[27] Shareholder Information - The number of common shareholders at the end of the reporting period was 120,348, including 450 H-share holders[14] - The top shareholder, Anshan Iron and Steel Group, holds 53.35% of the shares, totaling 5,016,111,529 shares[15] - The company completed the repurchase and cancellation of 2,229,750 restricted shares, reducing total share capital from 9,405,250,201 shares to 9,403,020,451 shares[18] Other Financial Metrics - The company completed the acquisition of the net assets of a second power plant from Anshan Iron and Steel Group, enhancing its operational capacity[5] - Derivative financial assets increased by RMB 31 million compared to the end of the previous year, mainly due to increased profits from futures contracts[12] - Accounts receivable increased by RMB 280 million compared to the end of the previous year, primarily due to increased sales revenue and collection of bank acceptance bills[12] - Accounts receivable financing increased by RMB 2,013 million compared to the end of the previous year, mainly due to increased sales revenue and collection of bank acceptance bills[12] - Prepayments increased by RMB 1,185 million compared to the end of the previous year, primarily due to increased prepayments for fuel[12] - Other current assets decreased by RMB 799 million compared to the end of the previous year, mainly due to a reduction in VAT credits and prepaid income tax transferred to other current assets[12] - Short-term borrowings decreased by RMB 210 million compared to the end of the previous year, primarily due to repayment of bank short-term loans[12] Audit Information - The company did not conduct an audit for the Q1 2022 report[30]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 6,925 million in 2021, a 250.10% increase from RMB 1,978 million in 2020[22]. - Operating revenue for 2021 was RMB 136,674 million, representing a 35.45% increase compared to RMB 100,903 million in 2020[15]. - The basic earnings per share for 2021 was RMB 0.736, up 250.48% from RMB 0.210 in 2020[15]. - The total assets increased by 10.77% to RMB 97,526 million at the end of 2021, compared to RMB 88,046 million at the end of 2020[16]. - The total liabilities rose by 9.20% to RMB 37,334 million at the end of 2021, compared to RMB 34,188 million at the end of 2020[16]. - The net cash flow from operating activities for 2021 was RMB 12,846 million, a 29.55% increase from RMB 9,916 million in 2020[15]. - The company reported a diluted earnings per share of RMB 0.720 for 2021, an increase of 263.64% from RMB 0.198 in 2020[15]. - The weighted average return on equity increased to 12.26% in 2021, up 8.52 percentage points from 3.74% in 2020[15]. - The company reported a total share capital of 9,403,020,451 shares as of March 30, 2022[17]. - The total profit amounted to RMB 8,920 million, reflecting a significant increase of 271.20% year-on-year[34]. Shareholder Returns - The board proposed a cash dividend of RMB 2.21 per 10 shares, totaling RMB 2,078 million, which accounts for approximately 30% of the net profit attributable to shareholders[23]. - The company plans to maintain a stable profit distribution policy, ensuring that cash dividends are no less than 10% of the distributable profits each year[48]. - The total share capital of the company is 9,403,020,451 shares, with 9,402,611,828 shares eligible for profit distribution after accounting for treasury shares[23]. Corporate Governance - The company’s governance structure includes a board of directors and a supervisory board, ensuring compliance and accountability[6]. - The company’s chairman, Wang Yidong, and accounting personnel guarantee the accuracy and completeness of the financial report[6]. - The company emphasizes compliance with tax regulations, including a 10% withholding tax on dividends for non-resident corporate shareholders[24]. - The company has a structured governance with clear roles for independent directors and supervisors, ensuring compliance and strategic oversight[176]. - The board includes members with diverse backgrounds in law, finance, and engineering, enhancing the company's decision-making capabilities[176]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental and social responsibility in its operations[6]. - The company invested RMB 21.2 billion in 74 ultra-low emission transformation projects, significantly enhancing its environmental performance[36]. - The company reported zero major environmental pollution incidents in 2021, achieving 100% compliance in environmental project execution rates[36]. - The company has established a robust environmental management system, achieving advanced domestic standards in energy efficiency and emissions reduction, and was recognized as a "Clean Production Environmentally Friendly Enterprise" in 2020[143]. Market Position and Industry Trends - The global crude steel production reached 1.95 billion tons in 2021, an increase of 3.7% year-on-year, marking a historical high[26]. - China's crude steel production for 2021 was 1.03 billion tons, a decrease of 3.0% year-on-year, due to the implementation of dual control policies on production capacity and output[26]. - The steel industry is expected to focus on structural adjustments, green development, and low-carbon initiatives as part of China's "14th Five-Year Plan" and carbon neutrality goals[26]. - The company produced 25.35 million tons of iron, a decrease of 2.01% year-on-year, and 26.47 million tons of steel, a decrease of 0.04% year-on-year[34]. - Steel sales reached 24.40 million tons, a slight decrease of 0.85%, achieving a steel sales rate of 98.39%[34]. Research and Development - The company completed 26 national R&D tasks during the 13th Five-Year Plan, enhancing its technological innovation capabilities[28]. - Research and development expenses increased by 53.48% to RMB 640 million from RMB 417 million in the previous year, indicating a focus on new product development[76]. - The company has developed advanced technologies in steel production, achieving breakthroughs in high-strength, low-temperature marine steel, and has successfully replaced imports with domestically produced products[140]. - The company has achieved a production capacity of 240,000 tons per year for high-aluminum zinc magnesium steel plates, improving corrosion resistance by 50% compared to traditional galvanized steel[105]. Risk Management - The company has implemented risk control measures for futures hedging, including regular market analysis and compliance with hedging regulations, ensuring controllable risks[129]. - The company has established a detailed management approach for foreign exchange derivative transactions, including principles, conditions, and approval processes[130]. - The company is actively assessing risks for 2022, focusing on potential impacts from global economic recovery, inflation, and commodity price fluctuations, while maintaining a positive long-term economic outlook[144]. - The company faces significant risks from the ongoing COVID-19 pandemic, with domestic and international outbreaks impacting economic recovery[145]. Leadership Changes - Mr. Mu Tiejian resigned as the chairman of the supervisory board due to retirement on November 26, 2021[161]. - Ms. Chen Chun resigned from her positions as co-secretary of the board and co-company secretary due to job changes on November 30, 2021[162]. - Mr. Li Zhendong resigned as a director and general manager on November 19, 2021, due to job changes[162]. - Mr. Wang Baojun was appointed as the deputy general manager and chief accountant on March 16, 2021[164]. - Mr. Xu Shishuai was appointed as the general manager on November 19, 2021[164].

Financial Performance - The company's operating revenue for 2021 reached RMB 136,674 million, a 35.45% increase compared to RMB 100,903 million in 2020[20]. - Net profit attributable to shareholders was RMB 6,925 million, reflecting a significant increase of 250.10% from RMB 1,978 million in the previous year[20]. - The total assets at the end of 2021 were RMB 97,526 million, representing a 10.77% increase from RMB 88,046 million at the end of 2020[20]. - The company's total liabilities increased to RMB 37,334 million, a rise of 9.20% compared to RMB 34,188 million in 2020[20]. - Total profit amounted to RMB 8,920 million, reflecting a significant increase of 271.20% year-on-year[32]. - Basic earnings per share rose to RMB 0.736, marking a 250.48% increase year-on-year[32]. - The company's sales revenue from exports reached RMB 5,505 million, marking an impressive growth of 89.83% year-on-year[49]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the quarter, representing a 15% year-over-year growth[95]. Dividend and Shareholder Information - The board of directors proposed a cash dividend of RMB 2.21 per 10 shares, totaling approximately RMB 2,078 million, which accounts for 30% of the net profit attributable to shareholders[6]. - The company reported a total of 9,402,611,828 shares eligible for distribution as of the dividend proposal date[6]. - The first extraordinary general meeting of shareholders in 2021 had a participation rate of 60.62%[107]. - The company reported a significant increase in annual shareholder meeting attendance, reaching 70.04% in 2021[108]. Risk Management - The company faces various risks as detailed in the annual report, which investors are advised to review[6]. - The company has established a risk management framework for its derivative investments, ensuring compliance with national regulations and internal policies to mitigate operational risks[77]. - The company is implementing measures to manage energy procurement risks, including optimizing production and increasing self-generated power[88]. - The company is under pressure to reduce carbon emissions in line with national "carbon peak and carbon neutrality" goals, which may increase costs[90]. Research and Development - The company is focusing on developing strategic emerging industries, including chemical technology and energy technology, to create new growth points[30]. - The company completed 26 national technology research and development tasks and ranked third in the patent innovation index among Chinese steel enterprises[31]. - R&D expenses surged by 53.48% to RMB 640 million in 2021, up from RMB 417 million in 2020, driven by increased new product trial costs[58]. - R&D expenditure reached RMB 2,644 million in 2021, up 56% from RMB 1,575 million in 2020, with R&D spending as a percentage of revenue increasing from 1.56% to 1.93%[61]. Corporate Governance - The company has established a comprehensive corporate governance system in compliance with relevant laws and regulations, ensuring effective internal controls[105]. - The company maintains complete operational independence from its controlling shareholders in terms of business, personnel, assets, and finance[105]. - The board consists of seven members, with independent non-executive directors making up over one-third of the board[155]. - The company has adopted a securities trading code for directors to comply with stock exchange rules[154]. Environmental and Social Responsibility - The company is committed to green development, accelerating the construction of smart factories and promoting energy-saving measures[81]. - The company has implemented 82 environmental protection renovation projects with an investment of RMB 2.22 billion[180]. - The company has achieved zero wastewater discharge during non-rainy periods at the Anshan plant[180]. - The company actively fulfills social responsibilities, as disclosed in its 2021 Corporate Social Responsibility Report[183]. Management Changes - The company experienced significant management changes, with multiple executives resigning or being dismissed due to work changes or disciplinary investigations[110][111][112]. - The company has seen a turnover in senior management, with several key positions filled by new appointees in 2021[113]. - The company is focusing on enhancing its governance structure following the recent management changes[112]. Financial Reporting and Compliance - The financial report guarantees the accuracy and completeness of the financial statements by the chairman and accounting heads[6]. - The company's financial report accurately reflects its financial status and operational results, with no significant omissions or misleading statements[137]. - The company has established a clear structure for internal management and oversight of financial reporting[156]. - The audit committee is responsible for reviewing the independence and effectiveness of external auditors and ensuring compliance with accounting standards[162].