Financial Performance - In 2024, the company's operating revenue was CNY 27.24 billion, a decrease of 30.71% compared to CNY 39.32 billion in 2023[16]. - The net profit attributable to shareholders was a loss of CNY 3.20 billion in 2024, worsening from a loss of CNY 1.49 billion in 2023[16]. - The company reported a significant decline in revenue from its main business, with adjusted operating revenue at CNY 26.99 billion, down 30.83% from CNY 39.03 billion in 2023[16]. - Basic earnings per share for 2024 is -0.36 RMB, down from -0.17 RMB in 2023, reflecting a significant decline[17]. - The weighted average return on equity for 2024 is -17.53%, a decrease of 10.27 percentage points from 2023[17]. - The net profit attributable to shareholders for Q1 2024 is -333,758 thousand RMB, with a total net profit for the year projected at -3,195,561 thousand RMB[21][29]. - In 2024, the total profit of the company decreased by RMB 3.292 billion, a year-on-year reduction of RMB 1.547 billion[30]. - The company’s main business revenue for 2024 is projected to be RMB 26.998 billion, a decrease of 30.83% year-on-year, with commodity billet sales revenue expected to drop by RMB 11.850 billion[43]. Cash Flow and Assets - The net cash flow from operating activities increased by 28.16% to CNY 1.31 billion in 2024, compared to CNY 1.02 billion in 2023[16]. - The total assets decreased by 5.03% to CNY 35.48 billion at the end of 2024, down from CNY 37.36 billion at the end of 2023[16]. - The net assets attributable to shareholders decreased by 16.36% to CNY 16.61 billion at the end of 2024, compared to CNY 19.85 billion at the end of 2023[16]. - Cash flow from operating activities increased by 28.16% to 1,309,863 thousand compared to 1,022,039 thousand in the previous year[72]. - The company reported a net cash flow from financing activities of 459,916 thousand, a significant improvement from a negative 2,327,132 thousand in the previous year[72]. Operational Efficiency - The company achieved a cost reduction of RMB 382 million through optimizing material structure and improving energy efficiency, with a self-generated electricity rate of 90.63%, an increase of 5.7 percentage points year-on-year[31]. - The purchasing and sales price difference decreased by over 13% compared to 2023, leading to a continuous narrowing of profit margins[30]. - The company reduced inventory capital occupation by RMB 865 million by the end of 2024, with inventory turnover days decreasing by 2.80 days compared to the beginning of the year[31]. - The company has reported a significant increase in non-current asset impairment losses, impacting overall profitability[29]. - The company identified impairment signs for long-term assets, resulting in an impairment loss of RMB 1.006 billion in 2024[30]. Market and Sales - The sales volume of commodity billets was 7.5994 million tons, down 26.14% year-on-year, contributing to a revenue drop of RMB 11.850 billion[43]. - The average selling price of commodity billets decreased by 7.45% to RMB 3,367 per ton, resulting in a revenue loss of RMB 2.481 billion[46]. - The company’s sales volume of hot-rolled products was 454.64 thousand tons, down 8.75% year-on-year, leading to a revenue decrease of RMB 1.572 billion[47]. - The company’s revenue from the southwestern region was RMB 20.672 billion, a decrease of 34.62% year-on-year, with a gross margin decline of 3.10 percentage points[52]. - Steel exports reached 11.0716 million tons in 2024, a year-on-year increase of 22.7%, marking the highest level since 2015[33]. Corporate Governance - The company has received a standard unqualified audit opinion from Ernst & Young Hua Ming[5]. - The board of directors confirmed that all members attended the board meeting and ensured the accuracy and completeness of the annual report[5]. - The company has adhered to information disclosure regulations, ensuring that all investors have equal access to accurate and timely information[107]. - The company is committed to enhancing corporate governance as part of its value creation strategy, ensuring transparency and accountability to shareholders[108]. - The board of directors consists of 9 members, including 3 independent directors and 1 independent director with accounting expertise, ensuring compliance with governance standards[106]. Strategic Initiatives - The company plans to focus on expanding its market presence and developing new technologies to improve future performance[29]. - The company aims to achieve zero accidents in safety production and create energy efficiency benchmarks while promoting green development[101]. - The company will focus on optimizing logistics and enhancing procurement systems to reduce costs[101]. - The company is committed to deepening management reforms and enhancing operational efficiency through collaborative new business models[101]. - The company plans to produce 6.67 million tons of iron, 8.01 million tons of steel, and 7.73 million tons of materials by 2025[100]. Human Resources - The company employs 4,608 male employees, accounting for approximately 83.69% of the total workforce, while female employees number 898, making up about 16.31%[128]. - The number of R&D personnel is 921, making up 16.73% of the total workforce[67]. - The company is focused on long-term development through its proposed compensation plan for directors and senior management for 2024-2026[196]. - The company has implemented a term-based and contractual management system for senior management from 2024 to 2026, enhancing accountability and performance evaluation[175]. - The company has conducted training sessions on new regulations regarding delisting and H-share market acquisition processes for its directors[125]. Risk Management - The company faces risks from global economic uncertainties and fluctuations in raw material prices, which are influenced by supply and demand factors, transportation costs, and geopolitical risks[102]. - In response to these risks, the company plans to enhance its procurement strategy by focusing on cost reduction and efficiency improvements, aiming for a more robust supply chain by 2025[102]. - The steel industry is expected to face severe challenges in 2025, with increased policy constraints and a focus on mergers and acquisitions to optimize existing capacity[97]. - The strategic and risk committee is tasked with researching and proposing recommendations for the establishment of a comprehensive risk management system[135]. Remuneration and Compensation - The total pre-tax remuneration for current and departing directors, supervisors, and senior management during the reporting period amounted to CNY 603.79 million[155]. - The total number of shares held by current and departing directors, supervisors, and senior management remained unchanged at 3,843,200 shares[155]. - The annual fixed allowance for independent non-executive directors is RMB 180,000 per person (pre-tax)[178]. - The remuneration for directors in operational and management positions ranges from RMB 480,000 to RMB 640,000 per year (pre-tax), with performance bonuses based on annual performance indicators[178]. - The company confirmed that the 2023 compensation for directors, supervisors, and senior management was in line with the established compensation design plan[196].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,614,111,791.79, a decrease of 14.51% compared to CNY 7,736,437,619.53 in the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 117,415,223.32, an improvement from a loss of CNY 333,758,307.26 in the previous year[5] - The company achieved a profit of CNY 5,130,000 in March 2025, marking a turnaround from previous losses[7] - Operating profit for Q1 2025 was a loss of approximately ¥111.10 million, an improvement from a loss of ¥324.22 million in Q1 2024[27] - Net profit for Q1 2025 was a loss of approximately ¥117.42 million, compared to a loss of ¥333.76 million in Q1 2024, indicating a significant reduction in losses[27] - The company reported a net loss of CNY 12,282,614,111.63 as of March 31, 2025, compared to a loss of CNY 12,165,198,888.31 at the end of 2024[24] Cash Flow - The net cash flow from operating activities was CNY 408,717,209.61, a significant recovery from a negative cash flow of CNY 832,893,230.43 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was approximately ¥408.72 million, a significant recovery from a negative cash flow of ¥832.89 million in Q1 2024[33] - Cash inflow from financing activities was 536,532,239.67 CNY, down from 727,700,000.00 CNY in the previous period[34] - The net cash flow from financing activities was 15,701,282.92 CNY, compared to -26,991,635.16 CNY previously[35] - The ending cash and cash equivalents balance was 2,849,766,372.57 CNY, up from 773,365,182.88 CNY year-over-year[35] Assets and Liabilities - The total assets at the end of the reporting period were CNY 35,382,025,206.81, a slight decrease of 0.27% from CNY 35,479,243,942.55 at the end of the previous year[7] - The total liabilities as of March 31, 2025, were CNY 18,883,239,180.56, slightly up from CNY 18,872,607,958.20, showing a marginal increase of 0.06%[23] - The total equity attributable to shareholders decreased to CNY 16,498,786,026.25 from CNY 16,606,635,984.35, a decline of approximately 0.65%[24] - The total current liabilities were CNY 16,895,346,238.28, a slight decrease from CNY 16,927,242,278.46, reflecting a reduction of about 0.19%[22] - The total liabilities and shareholders' equity amounted to CNY 35,132,638,076.88 as of the latest reporting period[43] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 180,503[12] - The largest shareholder, Chongqing Changshou Steel Co., Ltd., holds 23.69% of the shares[14] Operational Efficiency - The company has implemented measures to enhance operational efficiency and reduce costs, which contributed to the reduction in losses[11] Research and Development - Research and development expenses for Q1 2025 were approximately ¥5.95 million, down 41.5% from ¥10.13 million in Q1 2024[26] - Research and development expenses in Q1 2025 were CNY 5,953,818.74, down from CNY 10,130,322.07 in Q1 2024, showing a reduction of 41.5%[44] Other Income and Expenses - The company received government subsidies amounting to CNY 604,900.93, which were recognized as non-operating income[8] - The company reported other income of approximately ¥20.35 million in Q1 2025, an increase from ¥19.05 million in Q1 2024[27] - The company reported interest expenses of CNY 49,097,020.62 in Q1 2025, compared to CNY 45,990,470.00 in Q1 2024, indicating a slight increase of 4.6%[44]

Financial Performance - The company reported a net loss of RMB 3.169 billion for the fiscal year ending December 31, 2024, with retained earnings at RMB -12.335 billion, leading to no profit distribution for the year [3]. - Operating revenue fell by 30.71% to RMB 27.244 billion from RMB 39.318 billion in the previous year [14]. - The net profit attributable to shareholders was RMB -3.196 billion, a significant decline from RMB -1.494 billion in 2023 [14]. - The weighted average return on equity decreased to -17.53%, down from -7.26% in the previous year, indicating a significant decline in profitability [14]. - The company reported a significant increase in accounts payable, rising from RMB 3.887 billion in 2023 to RMB 4.960 billion in 2024, an increase of about 28% [76]. - Operating loss for 2024 was RMB 3.32 billion, compared to a loss of RMB 1.76 billion in 2023, indicating a worsening financial performance [83]. - Net loss attributable to shareholders for 2024 was RMB 3.20 billion, compared to a loss of RMB 1.49 billion in 2023, reflecting a significant increase in losses [83]. - The company reported a significant asset impairment loss of RMB 1.23 billion in 2024, significantly higher than RMB 303.33 million in 2023 [81]. Revenue and Sales - The company reported a total revenue of RMB 27.24 billion, a decrease of 30.71% compared to the previous year [26]. - The sales volume of finished products was 7.5994 million tons, a decrease of 26.14% year-on-year [26]. - The average selling price of finished products was RMB 3,367 per ton, a decrease of 7.45% year-on-year, leading to a revenue loss of RMB 2.481 billion [29]. - The company’s main business revenue for 2024 was RMB 26.998 billion, a decrease of 30.83% year-on-year [29]. - The total revenue for 2024 was RMB 26,997,779 thousand, a decrease of 30.83% compared to RMB 39,030,451 thousand in 2023 [30]. - The sales volume of total products in 2024 was 759.94 million tons, down 26.14% from 1,028.95 million tons in 2023 [31]. - The revenue from board materials was RMB 8,355,106 thousand in 2024, down 13.01% from RMB 9,604,212 thousand in 2023 [30]. Assets and Liabilities - Total assets decreased by 5.03% to RMB 35.479 billion compared to RMB 37.357 billion in 2023 [14]. - Current liabilities increased from RMB 13.864 billion in 2023 to RMB 16.927 billion in 2024, representing an increase of about 22% [76]. - The company's total liabilities increased from RMB 17.503 billion in 2023 to RMB 18.873 billion in 2024, marking an increase of about 8% [76]. - The company's fixed assets decreased from RMB 26.159 billion in 2023 to RMB 24.524 billion in 2024, a decline of approximately 6% [74]. - The total equity decreased from RMB 19,644,531,907.31 in 2023 to RMB 16,405,789,675.35 in 2024, indicating a decline of approximately 16.5% [99]. Cash Flow - Cash flow from operating activities increased by 28.16% to RMB 1.310 billion, up from RMB 1.022 billion in 2023 [14]. - Net cash from financing activities improved significantly to RMB 459,916 thousand from a negative RMB 2,327,132 thousand in the previous year, due to new borrowings [49]. - Cash and cash equivalents increased by RMB 980,577 thousand, reversing a decline of RMB 2,106,168 thousand in the prior year [49]. - The net cash flow from operating activities was RMB 1,309,863,359.77 in 2024, compared to RMB 1,022,038,551.21 in 2023, indicating a year-over-year increase of approximately 28.2% [89]. - Cash inflow from financing activities totaled RMB 2.48 billion in 2024, slightly higher than RMB 2.45 billion in 2023 [109]. Research and Development - Research and development expenses increased by 30.78% to RMB 41.784 million due to the addition of new projects [28]. - The number of R&D personnel was 921, representing 16.73% of the total workforce [41]. - R&D investment for 2024 is projected at RMB 1,045,009 thousand, with RMB 41,784 thousand allocated to R&D expenses [47]. - Research and development expenses increased to approximately RMB 37.98 million in 2024, up from RMB 29.43 million in 2023, highlighting a focus on innovation [102]. Market and Industry Outlook - The domestic steel industry continues to face challenges characterized by high production costs and low demand, impacting overall market conditions [11]. - The company anticipates a challenging external environment in 2025, with increased trade protectionism and economic recession risks [55]. - The steel industry is expected to face continued policy constraints, with a focus on capacity optimization and mergers to reduce competition [55]. - The company has identified a trend towards accelerated mergers in the industry, aiming to form regional or niche market leaders [55]. Strategic Initiatives - The company aims to enhance operational efficiency through intelligent systems and cost management strategies in response to industry challenges [11]. - The company emphasizes cost reduction and efficiency improvement as key strategies to mitigate risks from global economic uncertainties and fluctuating raw material prices [60]. - The company plans to produce 6.67 million tons of iron, 8.01 million tons of steel, and 7.73 million tons of materials by 2025 [58]. - The company aims to achieve zero accidents in safety production by enhancing safety management and control [59]. - The company will focus on green development by creating energy efficiency benchmarks and establishing a model steel plant for energy conservation and emission reduction [59].

Financial Performance - Operating revenue for the third quarter was CNY 5,512,047,598.34, a decrease of 38.88% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was a loss of CNY 660,538,170.33 for the quarter, with a cumulative loss of CNY 1,349,750,756.89 year-to-date[3]. - Total revenue for the first three quarters of 2024 was CNY 20,598,066,793.49, a decrease from CNY 30,012,810,005.27 in the same period of 2023, representing a decline of approximately 31.3%[19]. - Net profit for the first three quarters of 2024 was CNY -1,349,750,756.89, compared to CNY -592,322,396.82 in the same period of 2023, indicating a worsening of approximately 128.3%[23]. - Operating profit for the first three quarters of 2024 was CNY -1,591,661,400.94, compared to CNY -697,912,750.15 in the same period of 2023, reflecting an increase in losses of approximately 128.5%[23]. - Total comprehensive income for the first three quarters of 2024 was CNY -1,349,750,756.89, compared to CNY -588,072,396.82 in the same period of 2023, indicating a worsening of approximately 129.1%[24]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 1,090,217,210.52, an increase of 124.53% compared to the same period last year[3]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 1,090,217,210.52, a significant increase from CNY 485,559,661.12 in the same period of 2023, representing an increase of approximately 124.8%[27]. - The total cash inflow from operating activities for the first three quarters of 2024 was CNY 18,871,268,090.17, down from CNY 34,033,125,253.99 in the same period of 2023, representing a decrease of approximately 44.5%[26]. - The cash inflow from financing activities in the first three quarters of 2024 was 1,340,458,957.12 RMB, down from 2,200,000,000.00 RMB in 2023, reflecting a significant decrease of approximately 39.1%[29]. - The net cash flow from financing activities improved to 95,919,821.38 RMB in 2024, compared to a negative cash flow of -1,166,508,587.31 RMB in 2023, showing a turnaround in financing operations[29]. - The company's cash and cash equivalents increased to 2,419,074,633.71 RMB by the end of September 2024, compared to 2,706,075,242.17 RMB at the end of 2023, indicating a decrease of about 10.6%[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 35,914,510,869.26, reflecting a decrease of 3.86% from the previous year-end[3]. - Total current assets decreased to ¥5,142,598,207.08 from ¥6,051,987,303.55, reflecting a decline of approximately 15%[14]. - Total current liabilities rose to ¥16,164,867,199.61 from ¥13,863,584,109.59, an increase of approximately 16.6%[16]. - Non-current liabilities decreased to ¥1,295,479,969.13 from ¥3,639,119,621.10, a reduction of about 64.4%[17]. - Total liabilities slightly decreased to ¥17,460,347,168.74 from ¥17,502,703,730.69, a decrease of approximately 0.2%[17]. - The company's total equity decreased to ¥18,454,163,700.52 from ¥19,854,330,951.97, a decrease of approximately 7%[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 162,854[8]. - The largest shareholder, Chongqing Changshou Iron & Steel Co., Ltd., holds 23.51% of the shares[8]. Operational Insights - The company reported a significant decline in sales volume and prices of commodity steel products, contributing to the drop in revenue[6]. - Research and development expenses for the first three quarters of 2024 were CNY 5,096,513.47, down from CNY 6,379,094.14 in the same period of 2023, indicating a decrease of approximately 20.1%[21]. - The company aims to enhance market expansion and product development strategies in response to the current financial performance[36].

Financial Performance - The operating revenue for the first half of 2024 was ¥15,086,019,195.15, a decrease of 28.14% compared to ¥20,994,831,477.22 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was -¥689,212,586.56, compared to -¥434,740,206.19 in the previous year, indicating a worsening financial performance[16]. - The total profit for the group in the first half of 2024 was a loss of RMB 813 million, a decrease of RMB 298 million year-on-year[37]. - The company reported a basic and diluted earnings per share of -0.08 CNY, compared to -0.05 CNY in the same period last year, indicating a decrease[19]. - The weighted average return on equity decreased to -3.54%, down 1.48 percentage points from -2.06% in the previous year[19]. - The company's operating revenue for the first half of 2024 was RMB 15.09 billion, a decrease of 28.14% compared to RMB 21.00 billion in the same period last year[35]. - The company reported a significant decline in sales across various steel products, with plate sales down 6.10%, hot rolled down 4.97%, and rebar down 100%[43]. - The company reported a net loss of CNY 702.11 million for the first half of 2024, compared to a net loss of CNY 446.17 million in the same period of 2023, indicating a 57.3% increase in losses[181]. Cash Flow and Assets - The net cash flow from operating activities increased by 98.48%, reaching ¥822,749,668.37, up from ¥414,520,654.04 in the same period last year[17]. - The company's cash flow from operating activities for the first half of 2024 was RMB 822,749,668.37, an increase from RMB 414,520,654.04 in the same period of 2023[169]. - The company's cash and cash equivalents at the end of the period were RMB 2,092,148,155.40, representing 5.73% of total assets, an increase of 8.10%[48]. - The total assets at the end of the reporting period were ¥36,496,090,054.00, a decrease of 2.30% from ¥37,357,034,682.66 at the end of the previous year[18]. - The total cash balance is approximately ¥187.70 million, with restricted cash due to margin and frozen deposits[53]. - The company’s total assets at the end of the reporting period were approximately RMB 20.71 billion, compared to RMB 21.16 billion at the end of the first half of 2023[184]. Operational Efficiency and Cost Management - The company aims to enhance operational efficiency and reduce costs amidst a challenging production environment, adhering to its operational principles[29]. - The company aims to reduce costs by RMB 200 per ton of steel through ongoing cost-cutting initiatives[37]. - Financing costs decreased by 5.6% compared to the beginning of the year, reflecting effective cost management strategies[32]. - The company achieved a self-generated power rate of 88.22%, an increase of 3.33% from the previous year, with a record high of 95.36% in February[30]. - Research and development expenses increased by 34.88% to RMB 19.64 million, reflecting a greater investment in R&D projects[35]. Market and Industry Context - The steel industry faced challenges with crude steel production decreasing by 1.1% to 531 million tons, while steel prices continued to decline[23]. - The company maintained its focus on high-end production, intelligent upgrades, green transformation, and efficient development in response to industry downturns[25]. - The company operates in a favorable geographical location in Chongqing, benefiting from logistics advantages and government policies supporting regional development[27]. - The company’s products are well-recognized in the southwestern market, with applications in major infrastructure projects such as the Yuwang High-speed Railway and Yunyang Fuxing Yangtze River Bridge[28]. Environmental and Social Responsibility - The company reported total pollutant emissions for the first half of 2024 did not exceed the permitted total indicators[69]. - The company achieved a reduction in comprehensive energy consumption to 501.64 kgce/t in the first half of 2024, down 2.2% from 512.95 kgce/t in 2023[78]. - The company donated 520,000 yuan for housing repairs and road lighting projects in nine villages to improve living conditions[79]. - The company has implemented a self-monitoring plan for environmental risks, covering water, air, soil, and noise[76]. Corporate Governance and Management Changes - The company appointed Hu Enlong and He Hongxia as employee representative supervisors for the tenth supervisory board[65]. - The company experienced changes in senior management, including the resignation of Chairman Xie Zhixiong and Director Zou An due to work adjustments[66]. - The company will submit the newly elected directors and supervisors for shareholder meeting approval[66]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[133]. Related Party Transactions - The total amount of related party transactions reached approximately 2.19 billion, with a significant portion being procurement of raw materials[115]. - The company engaged in significant related transactions with various partners, including sales to Guangdong Guangwu Zhongnan Building Materials Group Co., Ltd. totaling CNY 997.11 million, and Shanghai Ouye Material Technology Co., Ltd. totaling CNY 890.51 million[112]. - The company has a maximum daily deposit limit of 2 billion yuan with related parties, with a total deposit amount of 3,435,167,418.62 yuan during the reporting period[126]. Shareholder Information - The largest shareholder, Chongqing Changshou Steel Co., Ltd., held 2,096,981,600 shares, representing 23.51% of the total shares[143]. - As of June 30, 2024, the total number of ordinary shareholders was 162,405[141]. - The company did not declare any interim dividend for the six months ending June 30, 2024, due to accumulated undistributed profits remaining negative[135].

Financial Performance - Operating revenue for the reporting period was CNY 15,086,019,195, representing a decline of 28.14% year-on-year[4]. - Net profit attributable to shareholders was CNY -689,212,586.56, compared to CNY -434,740,206.19 in the same period last year[4]. - The company reported a total profit of RMB -813 million in the first half of 2024, a decrease of RMB 298 million year-on-year[15]. - The company reported a net loss of RMB 702.11 million for the first half of 2024, compared to a net loss of RMB 446.17 million in the same period of 2023[45]. - Total revenue from sales of goods and services for the first half of 2024 was RMB 13,880,910,978.59, a decrease of 34.5% compared to RMB 21,177,299,366.76 in the same period of 2023[48]. Cash Flow - Cash flow from operating activities increased by 98.48% to CNY 822,749,668.37 compared to CNY 414,520,654.04 in the previous year[4]. - Net cash flow from operating activities for the first half of 2024 was RMB 819,613,325.64, an increase of 102.0% compared to RMB 405,384,838.00 in the first half of 2023[48]. - Total cash inflow from operating activities was RMB 13,983,199,646.35, down 34.5% from RMB 21,281,122,763.32 in the first half of 2023[40]. - Total cash outflow from operating activities was RMB 13,160,449,977.98, a decrease of 37.1% compared to RMB 20,866,602,109.28 in the same period of 2023[40]. - The company incurred a net cash outflow from financing activities of RMB 315,087,563.85 in the first half of 2024, compared to a net outflow of RMB 1,081,155,780.23 in the same period of 2023[49]. Assets and Liabilities - Total assets as of the reporting period amounted to CNY 36,496,090,054, a decrease of 2.30% compared to the previous year-end[4]. - Current assets totaled RMB 5,537,420,302.76, down from RMB 6,051,987,303.55 at the end of 2023, reflecting a decrease of approximately 8.5%[31]. - Total liabilities decreased slightly to RMB 17,392,610,450.68 from RMB 17,502,703,730.69, a reduction of about 0.63%[32]. - The total equity of the company as of June 30, 2024, was RMB 18.87 billion, down from RMB 19.64 billion at the end of 2023[43]. - The company reported a net loss of RMB 9,658,510,297.59 in retained earnings, compared to a loss of RMB 8,969,258,456.28 at the end of 2023[33]. Shareholder Information - The top shareholder, Chongqing Changshou Iron & Steel Co., Ltd., holds 23.51% of the shares, totaling 2,096,981,600 shares[6]. - The total number of shareholders as of the reporting period was 162,405[5]. - The company did not declare any interim dividends for the six months ending June 30, 2024, due to accumulated undistributed profits remaining negative[25]. - The company repurchased 66,838,500 shares, accounting for 0.749% of the total share capital, with a total payment of 69,752,500 RMB during the reporting period[22]. Research and Development - Research and development expenses increased to RMB 19,635,965.12 in the first half of 2024, up 34.8% from RMB 14,557,677.64 in the same period of 2023[34]. - The company completed 8 patents and registered 8 technological papers and achievements, enhancing its innovation capabilities[10]. - The company plans to continue focusing on R&D and market expansion strategies to improve future performance[34]. Operational Efficiency - The company achieved a self-generated electricity rate of 88.22%, an increase of 3.33% year-on-year, with a peak of 95.36% in February, setting a historical record[10]. - The production cost of slab processing was ranked in the top 77 of the industry, improving by 19 positions compared to last year[11]. - The average selling price of commodity billet decreased by RMB 190 per ton to RMB 3,546 per ton, contributing to a reduction in revenue of RMB 10.01 billion[15]. - The sales volume of commodity billets was 3.986 million tons, a decrease of 26.46% compared to the previous year[15]. - In the first half of 2024, the average selling price of steel products decreased across all categories, with the overall average price dropping by 5.09% compared to 2023, resulting in a revenue decrease of 1,000,778,000 RMB[17].

Financial Performance - The operating revenue for the first quarter was CNY 7,736,437,619.53, representing a decrease of 26.11% compared to the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 333,758,307.26, with a basic and diluted earnings per share of -0.04 CNY[3]. - Total operating revenue for Q1 2024 was CNY 7,736,437,619.53, a decrease of 26.3% compared to CNY 10,470,409,086.22 in Q1 2023[19]. - Net loss attributable to shareholders for Q1 2024 was CNY -333,758,307.26, compared to a loss of CNY -105,451,906.05 in Q1 2023[24]. - Basic and diluted earnings per share for Q1 2024 were both CNY -0.04, compared to CNY -0.01 in Q1 2023[25]. - Gross profit for Q1 2024 was negative at approximately -¥329.91 million, worsening from -¥130.82 million in Q1 2023[43]. - Net loss for Q1 2024 was approximately -¥336.51 million, compared to a net loss of -¥122.27 million in Q1 2023, indicating a significant increase in losses[43]. Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 832,893,230.43, primarily due to extended shipping cycles and increased capital occupation during the traditional off-season[4]. - Cash flow from operating activities in Q1 2024 was CNY -832,893,230.43, an improvement from CNY -1,027,469,422.83 in Q1 2023[29]. - Total cash inflow from operating activities in Q1 2024 was CNY 6,497,463,458.86, down from CNY 9,592,778,468.97 in Q1 2023, reflecting market challenges[28]. - The net increase in cash and cash equivalents for Q1 2024 was -CNY 1,058,399,294.28, an improvement from -CNY 2,080,268,309.47 in Q1 2023[32]. - The cash and cash equivalents balance at the end of Q1 2024 was CNY 773,365,182.88, down from CNY 1,857,664,523.81 at the end of Q1 2023, a decrease of 58.4%[32]. Assets and Liabilities - Total assets at the end of the quarter were CNY 37,233,967,502.10, a slight decrease of 0.33% from the end of the previous year[4]. - Current assets decreased to CNY 6,046,558,734.69 from CNY 6,051,987,303.55, indicating a decline of about 0.09%[13][14]. - Total liabilities increased to CNY 17,708,378,832.32 from CNY 17,502,703,730.69, representing an increase of approximately 1.18%[15][17]. - The total current assets as of March 31, 2024, were CNY 6,108,135,340.96, slightly down from CNY 6,149,594,046.43 as of December 31, 2023, a decrease of 0.7%[34]. - The total non-current assets decreased to CNY 30,817,253,798.75 as of March 31, 2024, from CNY 30,916,110,680.28 as of December 31, 2023, a decline of 0.3%[35]. - The total liabilities as of March 31, 2024, were CNY 17,616,356,911.07, compared to CNY 17,421,172,819.40 as of December 31, 2023, an increase of 1.1%[38]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 167,041[8]. - The largest shareholder, Chongqing Changshou Steel Co., Ltd., holds 2,096,981,600 shares, accounting for 23.51% of the total shares[9]. Operational Efficiency - The company experienced a significant decline in sales prices of raw materials, leading to increased losses during the reporting period[7]. - The company is currently facing challenges due to seasonal factors affecting production and inventory capital occupation[4]. - Research and development expenses increased to CNY 10,130,322.07 in Q1 2024, up from CNY 7,405,741.15 in Q1 2023, reflecting a focus on innovation[19]. - Sales expenses decreased to CNY 16,303,319.99 in Q1 2024 from CNY 22,064,523.52 in Q1 2023, indicating cost control measures[19]. - Management expenses reduced to CNY 61,118,846.69 in Q1 2024, down from CNY 71,594,388.84 in Q1 2023, showing operational efficiency[19]. - Interest expenses for Q1 2024 were CNY 45,990,470.00, significantly lower than CNY 71,900,486.30 in Q1 2023, indicating improved financial management[19].

Financial Performance - In 2023, the company's operating revenue was RMB 39.32 billion, an increase of 7.54% compared to RMB 36.56 billion in 2022[11]. - The net profit attributable to shareholders of the listed company was a loss of RMB 1.49 billion, compared to a loss of RMB 1.02 billion in the previous year[12]. - The total profit for the period was RMB -1.744 billion, with iron and steel production decreasing by 9.88% and 9.63% respectively[32]. - The basic earnings per share for 2023 is -0.17 RMB, compared to -0.11 RMB in 2022, and 0.26 RMB in 2021[15]. - The weighted average return on equity decreased to -7.26% in 2023 from -4.66% in 2022, a decline of 2.60 percentage points[15]. - The company reported a significant increase in revenue, with a year-on-year growth of 15% in Q4 2023, reaching a total of $1.2 billion[134]. - The company has set a revenue guidance for 2024, projecting an increase of 10% to reach RMB 66 million[151]. Cash Flow and Assets - The net cash flow from operating activities decreased by 30.48% to RMB 1.02 billion from RMB 1.47 billion in 2022[13]. - The net cash flow from operating activities decreased to RMB 1,022,039, a decline from RMB 1,470,087 in 2022, primarily due to a decrease in net profit[59]. - Cash and cash equivalents decreased by 51.56% to RMB 1,935,398, down from RMB 3,995,676 in the previous period[61]. - The total assets at the end of 2023 were RMB 37.36 billion, a decrease of 5.10% from RMB 39.36 billion at the end of 2022[14]. - The company reported a decrease in current assets to 6,051,987 thousand RMB in 2023 from 8,514,222 thousand RMB in 2022[22]. Production and Efficiency - The company produced 9.8509 million tons of steel in 2023, with significant improvements in various production efficiency indicators[28]. - The company achieved a self-generated electricity volume of 3.955 billion kWh in 2023, an increase of 0.905 billion kWh year-on-year, with a self-generation rate rising from 76.63% in 2022 to 84.89%[24]. - The company optimized its production efficiency, achieving a blast furnace utilization rate of 2.718 t/m³.d, an increase of 0.035 t/m³.d compared to 2022, with the best historical record of 3.278 t/m³.d for the No. 4 blast furnace[25]. - The company reported a processing cost of RMB 484 per ton for slab production, with a historical low of RMB 430 per ton in November 2023[25]. Research and Development - Research and development expenses increased by 29.01% to RMB 31.95 million, indicating a focus on innovation[33]. - The company successfully passed the "High-tech Enterprise" certification in 2023, enhancing its technological innovation capabilities[26]. - The total R&D investment for 2023 amounted to RMB 1,453,700,484.75, with R&D expenses recorded at RMB 31,948,556.02[58]. - The company employed 1,025 R&D personnel, representing 17.33% of the total workforce, with the majority aged between 30 and 40 years[54][56]. Market Position and Strategy - The company aims to maintain dynamic balance in supply and demand in the steel industry, with a target of achieving a 3.5% growth in industrial added value in 2023[27]. - The company is strategically positioned in Chongqing, benefiting from advantageous logistics and proximity to major economic initiatives such as the "Belt and Road" and "Yangtze River Economic Belt"[30]. - The company aims to enhance its market position in the southwestern region of China, focusing on green development and technological innovation to achieve high-quality growth[83]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[153]. Governance and Compliance - The company has established a comprehensive corporate governance system and effective internal control mechanisms in compliance with relevant laws and regulations[89]. - The board of directors consists of 9 members, including 3 independent directors and 2 independent directors with accounting expertise[91]. - The company has maintained a high standard of information disclosure, ensuring that all investors have equal access to accurate and timely information[92]. - The company has not experienced any incidents of major shareholders occupying company funds or assets as of the report date[90]. Environmental Responsibility - The company invested RMB 1.49788 billion in environmental protection during the reporting period[191]. - The total pollutant emissions for 2023 did not exceed the permitted limits, demonstrating compliance with environmental regulations[191]. - The company has implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 62,418 tons[200]. - The green index improved from 74 points in 2022 to 76 points in 2023, reflecting enhanced environmental performance[200]. Employee and Management Changes - The management team has undergone changes, with the appointment of a new CFO expected to streamline financial operations and improve reporting accuracy[137]. - The company has a workforce comprising 4,964 male employees (83.92%) and 951 female employees (16.08%), reflecting a commitment to gender diversity[110]. - The company conducted training for 46,926 person-times, achieving an average of 139.4 training hours per person[182]. - The company reported a total of 8,539,720.84 CNY in compensation for its executives overall[128].

Financial Performance - The company reported a net loss of RMB 1.51 billion for the fiscal year 2023, with retained earnings at RMB -9.17 billion as of year-end 2023, leading to a recommendation not to distribute profits for the year [2]. - The net profit attributable to shareholders was RMB -1.49 billion in 2023, a decline from RMB -1.02 billion in 2022 [7]. - Basic and diluted earnings per share were both RMB -0.17 in 2023, compared to RMB -0.11 in 2022 [7]. - The total profit for 2023 was RMB -1.744 billion, a decrease of 45.13% compared to the previous year, primarily due to a 10.13% drop in the sales price of raw materials [21]. - The net profit after deducting non-recurring gains and losses was RMB -1,514,298 thousand for the year [16]. - The company reported a significant increase in research and development expenses, which rose to CNY 29,432,637.79 in 2023 from CNY 21,736,831.31 in 2022, marking an increase of approximately 35.5% [77]. - The company reported a total comprehensive income of CNY (1,040,353,180.96) for the year 2023 [79]. Revenue and Sales - Operating revenue increased by 7.54% to RMB 39.32 billion in 2023 compared to RMB 36.56 billion in 2022 [7]. - The company achieved a finished steel sales volume of 10.2895 million tons, representing a year-on-year increase of 22.74% [18]. - The sales revenue from hot-rolled products was RMB 17.998 billion, accounting for 46.11% of total revenue, with a year-on-year growth of 4.30% [22]. - Cash received from sales of goods and services in 2023 amounts to CNY 50,775,383,942.34, an increase from CNY 39,072,101,834.79 in 2022 [80]. Assets and Liabilities - Total assets decreased by 5.10% to RMB 37.36 billion in 2023 from RMB 39.36 billion in 2022 [7]. - The company’s total liabilities increased, with cash outflow for debt repayment amounting to CNY 2,562,355,799.63 in 2023 [83]. - The company’s total equity decreased to CNY 19,644,531,907.31 in 2023 from CNY 21,155,185,543.55 in 2022, a decline of approximately 7.1% [76]. - The company’s asset-liability ratio increased to 46.85% from 45.78% year-on-year, reflecting a 1.07% increase [16]. Cash Flow - The company achieved a cash flow from operating activities of RMB 1.02 billion, down 30.48% from RMB 1.47 billion in the previous year [7]. - The net cash flow from operating activities for 2023 is CNY 1,010,253,292.95, down from CNY 1,264,749,369.33 in 2022 [80]. - Cash flow from financing activities generated a net outflow of CNY (2,327,132,295.48) in 2023, compared to a net outflow of CNY (1,253,002,524.20) in 2022 [70]. Production and Capacity - The company has an annual steel production capacity of 10 million tons, with a diverse product range including hot-rolled sheets and rebar [5]. - The production of iron and steel decreased by 9.88% and 9.63% respectively, while the production of finished steel increased by 22.53% year-on-year [18]. - Total production of main products included 239.37 million tons of board materials, with a sales volume of 243.67 million tons, reflecting a year-on-year decrease of 6.66% in production [28]. Market and Industry Context - The company faces a complex and severe situation in the steel industry, requiring ongoing efforts to enhance supply and demand adaptability [43]. - The overall economic environment remains challenging, with uncertainties in global economic prospects and domestic demand [43]. - The company anticipates that the macroeconomic situation will improve in 2024, despite ongoing challenges [43]. Strategic Initiatives - The company plans to continue its cost reduction initiatives while improving technical economic indicators to enhance profitability [21]. - The company aims to enhance safety management capabilities and strengthen the responsibility system to improve operational efficiency [45]. - The company is committed to green development and technological innovation to establish a high-quality green intelligent manufacturing steel enterprise [45]. - The company emphasizes the importance of optimizing procurement and supply chain management to enhance operational resilience and efficiency [46]. Governance and Compliance - The company has established a three-member independent audit committee to oversee financial reporting and compliance [50]. - The company has adhered to the corporate governance code and has not identified any deviations from the standards [47].

Financial Performance - Chongqing Iron & Steel Company reported a total profit of RMB -1.202 billion for the year 2022, correcting a previous error that stated a profit of RMB 1.202 billion[2] - The error was only present in the Chinese version of the annual report, while the English version and related disclosures were accurate[2] - The company maintains that all other information and content in the annual report remain unchanged[2]