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].

Financial Performance - The company's operating revenue for the third quarter reached RMB 35,986 million, an increase of 35.69% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 2,306 million, representing a significant increase of 179.52% year-on-year[4] - The net profit after deducting non-recurring gains and losses was RMB 2,305 million, up 181.44% from the previous year[4] - Total operating revenue for the nine months ended September 30, 2021, was RMB 108,537 million, a significant increase from RMB 71,171 million in the same period of 2020, representing a growth of 52.5%[18] - Net profit for the nine months ended September 30, 2021, reached RMB 7,513 million, compared to RMB 1,335 million in the same period of 2020, marking a year-over-year increase of 463.5%[18] - Operating profit for the nine months ended September 30, 2021, was RMB 9,725 million, up from RMB 1,733 million in the same period of 2020, reflecting a growth of 460.5%[18] - The total comprehensive income for the nine months ended September 30, 2021, was RMB 7,526 million, compared to RMB 1,348 million in the same period of 2020, reflecting a growth of 458.5%[18] - The basic earnings per share for the nine months ended September 30, 2021, was RMB 0.796, compared to RMB 0.141 in the same period of 2020, an increase of 463.1%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 92,344 million, reflecting a growth of 4.88% compared to the end of the previous year[5] - Current assets totaled RMB 27,854 million, up from RMB 23,016 million year-over-year[16] - The company's inventory increased to RMB 12,776 million from RMB 10,618 million in the previous year, reflecting a growth of approximately 20.3%[16] - Total liabilities decreased to RMB 31,658 million from RMB 34,188 million, indicating a reduction of about 7.1%[17] - The cash and cash equivalents stood at RMB 5,326 million, slightly down from RMB 5,329 million year-over-year[16] - Cash and cash equivalents at the end of the period were RMB 5,326 million, slightly down from RMB 5,715 million at the end of the same period in 2020[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 116,646, with the largest shareholder, Anshan Iron and Steel Group Co., Ltd., holding 5,016,111,529 shares, representing 53.33% of the total[12] - The company's equity attributable to shareholders increased to RMB 60,168 million, marking a 12.75% rise from the previous year[5] - The company's equity attributable to shareholders rose to RMB 60,168 million, compared to RMB 53,365 million at the end of 2020, marking an increase of approximately 12.5%[17] Cash Flow and Expenses - The company reported a net cash flow from operating activities of RMB 10,122 million, an increase of 66.29% year-on-year[4] - Cash flow from operating activities for the nine months ended September 30, 2021, was RMB 10,122 million, an increase from RMB 6,087 million in the same period of 2020, representing a growth of 66.5%[19] - Financial expenses decreased by RMB 224 million, primarily due to a reduction in average financing scale and lower bank interest expenses[8] - The company reported a decrease in financial expenses to RMB 431 million for the nine months ended September 30, 2021, down from RMB 655 million in the same period of 2020, a reduction of 34.3%[18] Research and Development - Research and development expenses increased by RMB 162 million, indicating a greater investment in innovation[8] - Research and development expenses increased to RMB 401 million for the nine months ended September 30, 2021, compared to RMB 239 million in the same period of 2020, indicating a rise of 67.8%[18] - The company has not disclosed any new product or technology developments in the current report[15] Operational Challenges - There is an ongoing investigation involving the company's vice president, which may impact future operations[13]

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 72,551 million, an increase of 62.49% compared to RMB 44,650 million in the same period last year[22]. - Net profit attributable to shareholders of the listed company was RMB 5,183 million, a significant increase of 936.60% from RMB 500 million year-on-year[22]. - The net profit after deducting non-recurring gains and losses was RMB 5,260 million, up 1,014.41% from RMB 472 million in the previous year[22]. - Basic earnings per share rose to RMB 0.551, representing a 939.62% increase compared to RMB 0.053 in the same period last year[22]. - The weighted average return on net assets increased by 8.30 percentage points to 9.26%[22]. - Net cash flow from operating activities was RMB 8,639 million, an increase of 80.77% from RMB 4,779 million year-on-year[22]. - Operating costs amounted to RMB 63,827 million, reflecting a year-on-year increase of 51.83% primarily driven by higher raw material prices and increased sales volume[58]. - The company reported a significant increase in income tax expenses, which rose to RMB 1,469 million, a year-on-year increase of 1,177.39% due to higher profits[62]. Production and Sales - Steel sales volume reached 13.52 million tons, up 17.36% from 11.52 million tons year-on-year[34]. - The production of iron, steel, and steel products reached 13.55 million tons, 14.57 million tons, and 13.63 million tons respectively, marking year-on-year increases of 7.11%, 15.73%, and 16.70%[39]. - The sales profit margin increased to 9.19%, up 7.81 percentage points year-on-year, achieving a historical high[36]. - The company achieved operating revenue of RMB 72,551 million, a 62.49% increase compared to RMB 44,650 million in the same period last year[34]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 91,301 million, a 3.70% increase from RMB 88,046 million at the end of the previous year[24]. - Net assets attributable to shareholders of the listed company increased by 8.35% to RMB 57,820 million from RMB 53,365 million[24]. - The company’s debt-to-asset ratio improved to 36.11%, down from 38.83% at the end of the previous year[34]. - As of June 30, 2021, the group's long-term borrowings amounted to RMB 4,650 million, with an interest rate range of 2.82% to 4.9%[70]. Research and Development - Research and development expenses surged by 87.74% to RMB 291 million, attributed to increased material consumption for new product trials and higher labor costs[58]. - The company applied for 305 patents in the first half of the year, with 255 patents accepted, of which 223 were invention patents, accounting for 87.5%[52]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[181]. - Research and development investments have increased by 30%, focusing on innovative technologies to enhance product offerings[186]. Environmental and Social Responsibility - The company has implemented 25 environmental protection projects with a planned investment of RMB 890 million and 16 energy-saving projects with a planned investment of RMB 240 million[50]. - The company has focused on ecological and environmental improvements, implementing low-carbon action plans and upgrading environmental protection facilities[133]. - The company has achieved zero wastewater discharge during non-rainy periods at the Anshan plant area[169]. - The company plans to invest RMB 15.7 million in poverty alleviation efforts in 2021, with RMB 6.696 million already allocated in the first half of the year[179]. Market Strategy and Future Outlook - The company has implemented a "going out" strategy to strengthen international market opportunities and collaborations[42]. - The company plans to focus on high-quality development and customer service to enhance market expansion capabilities in the second half of the year[116]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[181]. - Future guidance indicates a focus on sustainability initiatives, aiming for a 25% reduction in carbon emissions by 2025[181]. Risk Management - The company faces risks from fluctuating steel prices and weak downstream demand, which may impact profitability[120]. - The company is addressing safety production risks by enhancing safety management systems and compliance with new regulations[125]. - The company has established clear regulations for foreign exchange derivative trading, enhancing internal control and risk prevention measures[110]. - The company has assessed legal risks related to derivative investments and confirmed that operations are within regulatory frameworks[98]. Workforce and Training - As of June 30, 2021, the total number of employees in the company was 30,734, including 26,738 in the company and 3,996 in major subsidiaries[135]. - The company conducted 38 major training categories with a total of 598 training sessions, training 10,193 employees in the first half of the year[141]. - The workforce includes 20,862 production personnel, 2,936 technical personnel, and 374 sales personnel, reflecting a diverse skill set[137]. - The company has a total of 9,515 employees with a bachelor's degree or higher, indicating a strong educational background among its workforce[141]. Corporate Governance - The company has established a comprehensive corporate governance system in line with international standards, ensuring shareholder rights and long-term value creation[156]. - The company maintained a public float in compliance with the Hong Kong Stock Exchange regulations throughout the six months ending June 30, 2021[154]. - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[190]. - There were no violations regarding external guarantees during the reporting period[191].

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 72,551 million, a 62.49% increase compared to RMB 44,650 million in the same period last year[10]. - Net profit attributable to shareholders of the listed company was RMB 5,183 million, representing a significant increase of 936.60% from RMB 500 million year-on-year[10]. - The basic earnings per share (EPS) increased to RMB 0.551, up 939.62% from RMB 0.053 in the previous year[10]. - The weighted average return on equity rose to 9.26%, an increase of 8.30 percentage points compared to 0.96% in the same period last year[10]. - The net cash flow from operating activities was RMB 8,639 million, an 80.77% increase from RMB 4,779 million year-on-year[10]. - Total assets at the end of the reporting period were RMB 91,301 million, a 3.70% increase from RMB 88,046 million at the end of the previous year[10]. - Net assets attributable to shareholders of the listed company increased to RMB 57,820 million, an 8.35% rise from RMB 53,365 million year-on-year[10]. - The total profit amounted to RMB 6,669 million, a staggering increase of 979.13% compared to the previous year[15]. - The company reported a significant increase in income tax expenses to RMB 1,469 million, a year-on-year increase of 1,177.39%, attributed to a substantial rise in profits[22]. Sales and Production - Steel sales volume was 13.52 million tons, up 17.36% from 11.52 million tons in the previous year[15]. - The production of iron, steel, and materials reached 13.55 million tons, 14.57 million tons, and 13.63 million tons respectively, with year-on-year growth rates of 7.11%, 15.73%, and 16.70%[16]. - The company achieved a revenue of RMB 72,551 million, a 62.49% increase compared to RMB 44,650 million in the same period last year[15]. - Operating costs amounted to RMB 63,827 million, reflecting a year-on-year increase of 51.83% primarily due to rising raw material prices and increased sales volume[21]. Research and Development - R&D expenses surged to RMB 291 million, an increase of 87.74% year-on-year, driven by higher material consumption for new product trials and increased labor costs[21]. - The company filed 305 patent applications, with 255 accepted and 229 granted, showcasing its commitment to innovation[19]. Environmental and Social Responsibility - The company plans to invest RMB 8.9 billion in 25 environmental projects and RMB 2.4 billion in 16 energy-saving projects[18]. - The company achieved zero wastewater discharge during non-rainy periods at its Anshan plant[49]. - The company maintained a 100% compliance rate for environmental impact assessments and related permits for new projects[50]. - In 2021, the company planned to invest RMB 15.7 million in poverty alleviation, with RMB 15.3 million allocated to Xinjiang and RMB 0.4 million to Liaoning[52]. Human Resources - As of June 30, 2021, the company employed a total of 30,734 staff, with 9,515 holding a bachelor's degree or higher[42]. - The company completed 38 major categories and 598 training programs, training a total of 10,193 participants in the first half of the year[43]. - The company implemented a restricted stock incentive plan for senior management and core technical personnel in 2020 to attract and retain talent[43]. Financial Position - The company's long-term borrowings (excluding current portion) stood at RMB 4,650 million, with a borrowing rate of 2.82-4.9%[25]. - The total assets as of June 30, 2021, included cash and cash equivalents of RMB 7,191 million, representing 7.88% of total assets[28]. - The ratio of shareholders' equity to liabilities increased to 1.77 times as of June 30, 2021, compared to 1.58 times on December 31, 2020[29]. - The company has a strong credit rating of "AAA" as assessed by China Chengxin International Credit Rating Co., Ltd[25]. Risk Management - The company faces risks from the ongoing COVID-19 pandemic, requiring strict preventive measures to avoid disruptions in production[39]. - Marketing risks are heightened due to international trade disputes and regional oversupply, necessitating a focus on core products and market expansion strategies[40]. - The company has implemented risk control measures for derivative investments, including market risk analysis and compliance with legal regulations[34]. Corporate Governance - The company held its first extraordinary general meeting in 2021 with a participation rate of 60.62%[45]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[46]. - The company confirmed that there were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[56]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[104]. - The accounting policies comply with the relevant Chinese accounting standards and regulations, ensuring a true and complete reflection of the financial results[105]. - The group recognizes expected credit losses for various financial instruments, including debt investments and accounts receivable, based on the risk of default[118]. Inventory and Receivables - The total inventory as of June 30, 2021, is 12,557 million, with a total impairment provision of 361 million[181]. - The provision for bad debts for accounts receivable was 819 million as of June 30, 2021, compared to 745 million as of December 31, 2020, reflecting an increase of 10%[169]. - The company reported a total of 2,202 million in accounts receivable from the top five debtors, which accounted for 64.05% of the total accounts receivable as of June 30, 2021[169].

Financial Performance - The company's operating revenue for Q1 2021 was RMB 31,878 million, representing a 56.75% increase compared to RMB 20,337 million in the same period last year[4] - Net profit attributable to shareholders was RMB 1,520 million, a significant increase of 420.55% from RMB 292 million year-on-year[4] - The net profit after deducting non-recurring gains and losses reached RMB 1,530 million, up 462.50% from RMB 272 million in the previous year[4] - Basic earnings per share increased to RMB 0.162, up 422.58% from RMB 0.031 in the same quarter last year[4] - Diluted earnings per share also rose to RMB 0.160, reflecting a 416.13% increase compared to RMB 0.031 in the previous year[4] - Operating profit for Q1 2021 was RMB 2,047 million, compared to RMB 359 million in Q1 2020, indicating a substantial increase of 469.4%[21] - Net profit for Q1 2021 was RMB 1,529 million, up from RMB 291 million in Q1 2020, representing a growth of 424.4%[21] Cash Flow and Assets - The net cash flow from operating activities was RMB 1,908 million, a turnaround from a negative RMB 3,064 million in the same period last year, marking a 162.27% improvement[4] - The net cash flow from operating activities increased by RMB 4,972 million, with cash received from sales rising by RMB 14,128 million[9] - Cash flow from operating activities generated RMB 1,908 million in Q1 2021, a turnaround from a negative cash flow of RMB 3,064 million in Q1 2020[22] - Cash and cash equivalents at the end of Q1 2021 were RMB 3,745 million, an increase from RMB 2,817 million at the end of Q1 2020[22] - Total assets at the end of the reporting period were RMB 89,354 million, a 1.49% increase from RMB 88,046 million at the end of the previous year[4] - Total assets as of March 31, 2021, amounted to RMB 89,354 million, an increase from RMB 88,046 million at the end of 2020[20] Shareholder Information - Net assets attributable to shareholders increased to RMB 54,926 million, up 2.93% from RMB 53,365 million at the end of the last fiscal year[4] - The total number of ordinary shareholders at the end of the reporting period was 90,489, including 484 H-share holders[6] - The company's total equity increased to RMB 55,429 million as of March 31, 2021, compared to RMB 53,858 million at the end of 2020[20] Costs and Expenses - Operating costs rose by RMB 9,783 million year-on-year, mainly due to increased sales volume and raw material price hikes[8] - R&D expenses increased by RMB 60 million, attributed to higher costs for new product trials[8] - Research and development expenses rose to RMB 137 million in Q1 2021, up from RMB 77 million in Q1 2020, reflecting a focus on innovation[21] Investments and Financial Instruments - Investment income rose by RMB 35 million, driven by increased returns from joint ventures and associates[8] - The company reported a significant increase in investment income, reaching RMB 1,129 million in Q1 2021, compared to RMB 40 million in Q1 2020[27] - The company reported a fair value change in rebar of +610 RMB/ton and hot-rolled coil of +912 RMB/ton during the reporting period[14] - The company has conducted regular market analysis to manage risks associated with its derivative positions[13] Liabilities and Borrowings - Total liabilities decreased slightly to RMB 33,925 million as of March 31, 2021, from RMB 34,188 million at the end of 2020[20] - Short-term borrowings decreased by RMB 4,380 million, reflecting repayment of bank loans[9] - Total liabilities rose to RMB 32,340 million as of March 31, 2021, compared to RMB 31,900 million at the end of 2020[26] Risk Management - The company has established a foreign exchange risk management framework, including a foreign exchange fund management approach to mitigate risks associated with currency fluctuations[14] - The company has implemented a futures hedging management approach to control operational risks effectively[14] - The company has no liquidity risk associated with its derivative investments, as the underlying assets are highly liquid[13] Commitments and Compliance - The company has no overdue commitments from major shareholders or related parties during the reporting period[11] - The commitment from Anshan Iron and Steel Group to avoid competition remains unviolated and is effective until certain conditions are met[11] - The company has taken effective measures to avoid and eliminate competition with Anshan Iron and Steel Group[11] Reporting and Auditing - The first quarter report for 2021 has not been audited[29] - The report includes a retrospective adjustment for the new leasing standards starting in 2021[29] - Future outlook and performance guidance are not detailed in the report[29] - There are no mentions of new products or technologies in development[29] - The report does not include any new strategic initiatives[29]

Financial Performance - Total revenue for 2020 was RMB 100,903 million, a decrease of 4.44% compared to 2019[27]. - Net profit attributable to shareholders was RMB 1,978 million, an increase of 10.69% year-on-year[27]. - Operating profit for 2020 reached RMB 2,482 million, representing a growth of 22.57% from the previous year[27]. - The company reported a net cash flow from operating activities of RMB 9,916 million, down 1.04% from 2019[27]. - Total assets at the end of 2020 were RMB 88,046 million, a slight increase of 0.27% compared to the end of 2019[28]. - The debt-to-asset ratio improved to 38.83%, down from 40.16% in 2019[28]. - Basic earnings per share for 2020 were RMB 0.210, an increase of 10.53% from the previous year[27]. - The company experienced a quarterly revenue increase, with Q4 2020 revenue reaching RMB 29,732 million[29]. - Non-recurring gains and losses totaled RMB 3 million in 2020, compared to RMB 71 million in 2019[30]. - The weighted average return on equity for 2020 was 3.74%, up from 3.43% in 2019[27]. - The net profit attributable to shareholders for the year ended December 31, 2020, was RMB 1,978 million, with basic earnings per share of RMB 0.210, compared to RMB 1,787 million and RMB 0.190 for the year ended December 31, 2019[32]. - The company proposed a total cash dividend of RMB 790 million, representing approximately 40% of the net profit attributable to shareholders[33]. - As of December 31, 2020, the undistributed profits amounted to RMB 6,798 million[33]. - The total share capital of the company is 9,405,250,201 shares, with 9,399,600,178 shares entitled to distribution rights after accounting for treasury shares[33]. - The company reported a net cash outflow from financing activities of RMB 5.706 billion, a 34.67% increase from RMB 4.237 billion in 2019[109]. - The company's cash and cash equivalents decreased by 73.86% to RMB 658 million from RMB 2.517 billion in 2019[108]. Production and Operations - The company produced 25.87 million tons of iron, a slight increase of 0.06%, while steel production decreased by 2.46% to 26.48 million tons[39]. - The company has three major production bases located in Anshan, Yingkou, and Chaoyang, with extensive logistics and sales networks across major cities[23]. - The company’s product range includes hot-rolled sheets, medium-thick plates, cold-rolled sheets, and galvanized sheets, widely used in various industries[23]. - The steel rolling processing industry accounted for RMB 100,403 million, representing 99.50% of total revenue, with a year-on-year decrease of 4.47%[53]. - The company sold 2,461.41 million tons of steel products in 2020, a decrease of 5.02% from 2,591.61 million tons in 2019[94]. - The company has developed high-tech products such as deep-sea high-strength thick-walled pipeline steel, achieving industry-leading technology levels[23]. - The company launched 46 projects related to smart manufacturing, including the upgrade of the ERP system and the implementation of a 5G industrial network[44]. Research and Development - The company received 535 national patents in 2020, with 52% being invention patents, and was recognized as a high-value patent cultivation center[42]. - In 2020, the company's R&D investment totaled RMB 1.575 billion, representing a 1.09% increase from RMB 1.558 billion in 2019[106]. - The number of R&D personnel increased to 1,735, up 6.44% from 1,630 in 2019, with the proportion of R&D personnel rising to 5.66%[106]. - The company has undertaken 54 national-level research projects and achieved 67 leading technologies, with 2,148 new authorized patents during the "13th Five-Year Plan" period[144]. - The company is focusing on enhancing its technological capabilities through new research and development initiatives[200]. Environmental and Social Responsibility - The company implemented 40 environmental protection renovation projects with an investment of RMB 1.42 billion, resulting in significant reductions in pollutant emissions[45]. - The company is committed to improving safety production measures in response to new regulations, aiming to prevent accidents and ensure employee safety[154]. - The company is actively addressing environmental risks by implementing 85 low-carbon actions and environmental renovation projects to enhance its ecological performance[156]. - The company aims to achieve "carbon peak" by 2030 and "carbon neutrality" by 2060, focusing on green low-carbon development[50]. Market and Sales - The domestic market contributed RMB 98,003 million, which is 97.13% of total revenue, showing a slight decrease of 0.52% year-on-year[53]. - Export revenue dropped significantly to RMB 2,900 million, a decrease of 59.02% compared to RMB 7,076 million in 2019[53]. - The direct supply ratio to key downstream customers reached over 70%, with the sales volume of key products accounting for 38.6%[43]. - The company plans to optimize its export product structure to focus on high-quality, high-value-added products while navigating trade frictions[152]. Corporate Governance and Compliance - The company has a clear profit distribution policy outlined in its articles of association, ensuring transparency and compliance in its dividend distribution process[159]. - The company has no significant litigation or arbitration matters during the reporting period[185]. - The company has no major penalties or rectification situations during the reporting period[186]. - The current accounting firm, Xinyong Zhonghe, has been engaged for 3 years with an audit fee of RMB 5 million[181]. Strategic Initiatives - The company plans to invest RMB 4,376 million in fixed assets and external investments in 2021[51]. - The company intends to deepen its reform initiatives to improve efficiency and create a new market-oriented operational model[49]. - The company aims to enhance its marketing service system to improve competitiveness and adapt to market changes, focusing on strategic industries and core products[152]. - The company is actively assessing risks for 2021, considering the uncertainties posed by the global pandemic and the evolving economic landscape[148].