香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Chongqing Iron & Steel Company Limited 重 慶 鋼 鐵 股 份 有 限 公 司 limited company incorporated in the People's Republic of China with limited liability (股份編號：1053) 2023年第三季度報告 | --- | --- | |-------------------------------------------------------------------------------|--------------| | | | | 重 慶 鋼 鐵 股 份 有 限 公 司（「 公 司 」或「 本公司 」）董 事 會（「 董事會 | 」）及 全 體 | | 董事保證本公告內容不存在任何虛假記載、誤導性陳 ...

重 慶 鋼 鐵 股 份 有 限 公 司 Chongqing Iron & Steel Company Limited (H股股份代號：1053) （A股股份代號：601005) 2023 中 期 報 告 U重庆钢铁 第一節 釋義................... ω 第二節 公司簡介和主要財務指標. 4 第三節 管理層討論與分析 10 第四節 公司治理 29 第五節 環境與社會責任 32 第六節 重要事項 38 第七節 股份變動及股東情況 . 64 第八節 優先股相關情況 70 第九節 債券相關情況 . 71 第十節 財務報告 ........... 74 | --- | --- | |--------------|---------------------------------------------------------------------------------------------------------| | | | | | 載有公司現任負責人簽字和公司蓋章的半年報報告文本 | | | 載有公司負責人、主管會計工作負責人和會計機構負責人簽名並蓋章的半年度財務 會計報告 | | 備查文件 ...

Financial Performance - Operating revenue for the first half of 2023 was CNY 20.99 billion, an increase of 16.53% year-on-year[4] - Net profit attributable to shareholders for the reporting period was CNY -434.74 million, a decline of 184.18% compared to the same period last year[4] - Basic earnings per share for the reporting period were CNY -0.05, a decrease of 183.33% from CNY 0.06 in the same period last year[4] - The company's net profit for the first half of 2023 was a loss of RMB 515 million, a decrease of RMB 1.15 billion year-on-year[15] - The net profit attributable to the parent company for the first half of 2023 was RMB (434,740,206.19), compared to RMB 516,416,390.18 in the same period of 2022, representing a decline of approximately 184%[32] - Total comprehensive income for the first half of 2023 was RMB (434,740,206.19), compared to RMB 516,416,390.18 in the first half of 2022, indicating a significant decrease[32] Assets and Liabilities - Total assets as of June 30, 2023, were CNY 37.95 billion, a decrease of 3.59% compared to the end of the previous year[4] - The company reported a total equity of RMB 20,909,066,001.41 as of June 30, 2023, down from RMB 21,341,917,700.36 at the end of 2022[30] - The total liabilities as of June 30, 2023, were RMB 17,042,303,959.20, a decrease from RMB 18,022,882,702.66 at the end of 2022[29] - The company’s long-term borrowings increased to RMB 4,019,245,100.00 as of June 30, 2023, compared to RMB 2,751,945,100.00 at the end of 2022, indicating a rise in debt financing[29] - The company’s total current liabilities decreased to RMB 11,572,430,182.78 as of June 30, 2023, from RMB 13,062,529,956.71 at the end of 2022[29] Cash Flow - Cash flow from operating activities was CNY 414.52 million, down 55.74% from CNY 936.51 million in the previous year[4] - The net cash flow from operating activities for the first half of 2023 was RMB 414,520,654.04, down from RMB 936,510,963.14 in the first half of 2022[35] - Cash inflows from operating activities in the first half of 2023 amounted to RMB 21,281,122,763.32, an increase from RMB 19,745,939,208.11 in the same period of 2022[35] - Cash outflows from operating activities in the first half of 2023 totaled RMB 20,866,602,109.28, compared to RMB 18,809,428,244.97 in the first half of 2022[35] - Cash flow from investment activities for the first half of 2023 was a net outflow of (340,443,005.21), compared to (1,841,168,179.60) in the same period of 2022, indicating a significant improvement[44] Revenue and Costs - The company's operating costs increased by 25.81% year-on-year, totaling RMB 21.13 billion[14] - The average selling price of commodity billets was RMB 3,736 per ton, a decrease of 17.38% compared to the previous year, resulting in a revenue reduction of RMB 3.69 billion[16] - The sales volume of commodity billets was 5.42 million tons, an increase of 44.70% year-on-year, contributing an additional RMB 7.00 billion in revenue[16] - The gross profit margin for the steel industry was -0.67% in the first half of 2023, a decrease of 7.49% compared to the previous year[20] - The company implemented a cost reduction plan aiming for a reduction of RMB 200 per ton of steel, achieving a cost reduction of RMB 1.18 billion in the process[15] Shareholder Information - The total number of shareholders as of the reporting period was 167,651[5] - The largest shareholder, Chongqing Changshou Iron & Steel Co., Ltd., held 23.51% of the shares[6] - The company did not declare any interim dividends for the first half of 2023 due to accumulated undistributed profits remaining negative[23] Research and Development - Research and development expenses for the first half of 2023 were RMB 14,557,677.64, significantly lower than RMB 104,831,842.92 in the same period of 2022, indicating a reduction in R&D investment[31] - Research and development expenses significantly decreased to RMB 14.56 million, down 86.1% from RMB 104.83 million in the first half of 2022[40] Financing Activities - The company raised RMB 1,600,000,000.00 from borrowings in the first half of 2023, compared to RMB 395,000,000.00 in the same period of 2022[37] - Net cash outflow from financing activities was (1,081,155,780.23) in the first half of 2023, compared to (2,253,404,676.26) in the same period of 2022, showing a reduction in cash burn[44]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 10,470,409,086.22, representing a year-on-year increase of 20.07%[2] - The net profit attributable to shareholders of the listed company was a loss of CNY 105,451,906.05, a decrease of 123.80% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 113,661,336.96, down 124.86% year-on-year[2] - The basic and diluted earnings per share were both CNY -0.01, reflecting a decrease of 120.00%[2] - Net profit for Q1 2023 was -¥105,451,906.05, compared to a net profit of ¥442,999,067.32 in Q1 2022, indicating a significant decline[23] - The total profit for Q1 2023 was -¥126,605,402.16, a stark contrast to a profit of ¥573,586,017.30 in Q1 2022[23] - The company reported a total operating profit of -130,817,018.26 CNY in Q1 2023, compared to a profit of 540,168,549.02 CNY in Q1 2022, indicating a significant decline[44] - Net profit for Q1 2023 was -122,269,851.32 CNY, a sharp decrease from 391,769,667.61 CNY in Q1 2022, reflecting a negative performance trend[44] - The total comprehensive income for Q1 2023 was -122,269,851.32 CNY, compared to 391,769,667.61 CNY in Q1 2022, indicating a substantial decline in overall financial performance[46] Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 1,027,469,422.83, a decline of 468.91% compared to the previous year[2] - Cash flow from operating activities in Q1 2023 was -¥1,027,469,422.83, a decrease from a positive cash flow of ¥278,512,003.46 in Q1 2022[32] - The total cash inflow from operating activities in Q1 2023 was ¥9,592,778,468.97, compared to ¥7,443,616,534.80 in Q1 2022, marking a 29.4% increase[31] - Cash outflows from operating activities increased to 10,605,606,863.02 CNY in Q1 2023, compared to 7,270,206,892.12 CNY in Q1 2022, resulting in a net cash flow from operating activities of -1,026,934,859.46 CNY[48] - The company's cash and cash equivalents at the end of Q1 2023 were CNY 1,857,664,523.81, down from CNY 3,126,527,264.69 at the end of Q1 2022[35] - The company's cash and cash equivalents at the end of Q1 2023 were 1,857,324,578.40 CNY, down from 3,126,340,652.26 CNY at the end of Q1 2022, indicating a decrease in liquidity[51] Assets and Liabilities - Total assets at the end of the reporting period were CNY 38,940,427,129.72, a decrease of 1.08% from the end of the previous year[2] - Total current assets amounted to CNY 8,211,832,194.81, a decrease of 3.56% from CNY 8,514,222,407.34 on December 31, 2022[13] - Total non-current assets were CNY 30,728,594,934.91, slightly down from CNY 30,850,577,995.68, a decrease of 0.39%[14] - Total liabilities decreased to CNY 17,701,418,205.88 from CNY 18,022,882,702.66, a reduction of 1.78%[17] - The total assets as of March 31, 2023, were CNY 38,678,414,964.17, a decrease from CNY 39,094,446,785.81 at the end of 2022[41] - The total liabilities as of March 31, 2023, were CNY 17,644,437,223.82, slightly down from CNY 17,939,261,242.26 at the end of 2022[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 168,546[8] - The largest shareholder, Chongqing Changshou Iron & Steel Co., Ltd., held 2,096,981,600 shares, accounting for 23.51% of the total shares[9] - The top shareholder, Chongqing Changshou Steel Co., Ltd., holds 2,096,981,600 shares, representing a significant portion of the company's equity[10] - The company has a total of 10 major shareholders, with no reported related party transactions among them, except for Chongqing Changshou Steel Co., Ltd. and Baowu Group Zhongnan Steel Co., Ltd., which are under common control[11] Operating Costs and Expenses - Total operating costs for Q1 2023 were ¥10,607,423,444.43, up 29.5% from ¥8,195,033,135.10 in Q1 2022[21] - Research and development expenses for Q1 2023 amounted to ¥7,405,741.15, reflecting ongoing investment in innovation[21] - The company incurred interest expenses of ¥71,900,486.30 in Q1 2023, down from ¥83,217,052.33 in Q1 2022, indicating improved cost management[21] - The R&D expenses for Q1 2023 were CNY 7,405,741.15, reflecting ongoing investment in innovation[43] - The company invested 109,476,769.10 CNY in fixed assets and other long-term assets in Q1 2023, a decrease from 529,314,742.95 CNY in Q1 2022, indicating a reduction in capital expenditure[49]

Financial Performance - In 2022, the company reported a net loss of RMB 1.04 billion, a decrease of 144.82% compared to a net profit of RMB 2.27 billion in 2021[12]. - Operating revenue for 2022 was RMB 36.56 billion, down 8.25% from RMB 39.85 billion in 2021[12]. - The net cash flow from operating activities decreased by 73.85%, totaling RMB 1.47 billion compared to RMB 5.62 billion in 2021[12]. - The total assets at the end of 2022 were RMB 39.36 billion, a decline of 8.45% from RMB 42.99 billion at the end of 2021[12]. - The company's net assets attributable to shareholders decreased by 4.62%, amounting to RMB 21.34 billion at the end of 2022[12]. - Basic earnings per share for 2022 was -0.11 RMB, a decrease of 142.31% compared to 0.26 RMB in 2021[14]. - The weighted average return on equity decreased to -4.66% in 2022, down 15.39 percentage points from 10.73% in 2021[14]. - Total revenue for 2022 was 36,561,531 thousand RMB, a decline from 39,849,418 thousand RMB in 2021[25]. - The total revenue for the company was RMB 36.56 billion, a decrease of 8.25% year-on-year, while the total profit amounted to RMB 1.20 billion, reflecting a significant decline of 153.12%[46]. Operational Highlights - The company achieved record production levels for steel and materials, marking a significant operational milestone[26]. - The company achieved a steel production of 7.8735 million tons, a historical high, with the cost of slab steel production dropping to RMB 488 per ton in November, setting a new record[30]. - The steel rolling output reached 8.33 million tons, an increase of 17.82% year-on-year, marking a historical peak[30]. - The company’s production capacity was enhanced to 12 million tons, following the completion of structural adjustments and supporting projects in 2022[32]. - The company achieved production volumes of 7.23 million tons of iron, 7.87 million tons of steel, and 8.34 million tons of finished products, representing year-on-year increases of 7.20%, 10.65%, and 16.57% respectively, with steel and finished product output reaching historical highs[46]. Strategic Initiatives - The company aims to enhance its market position through strategic initiatives, although specific future plans were not detailed in the report[2]. - The company aims to become a leader in the steel industry in Southwest China, focusing on cost reduction and efficiency improvements[26]. - The company plans to continue its high-quality development strategy amidst challenging external conditions[26]. - The company is positioned to leverage its geographical advantages in Chongqing, benefiting from the "Western Development" and "Belt and Road" initiatives, with strong local demand for steel products[43]. - The company aims to become a leading steel enterprise in Southwest China, targeting a production capacity of over 10 million tons of high-quality green steel[40]. Environmental and Sustainability Efforts - The company is committed to green manufacturing and smart manufacturing, initiating a new round of development planning[40]. - The company implemented 8 energy-saving and carbon reduction projects, achieving a coal saving of 51,700 tons per year, with total energy-saving and carbon reduction cost savings of RMB 176 million in 2022[28]. - The comprehensive utilization rate of solid waste reached 99.9%, with a solid waste non-discharge rate of 99.92%[28]. - The company received the "Chongqing Green Factory" title in 2022, with an annual green development index of 74 points, an increase of 8 points year-on-year[28]. - The company is focused on enhancing its environmental governance and ecological civilization construction[118]. Governance and Compliance - The governance structure of the company adheres to relevant laws and regulations, ensuring transparency and accountability in operations[132]. - The company has established a comprehensive internal control system to support its governance practices and enhance shareholder value[133]. - The board of directors consists of 9 members, including 3 independent directors and 2 independent directors with accounting expertise[137]. - The company has maintained a high standard of information disclosure, with no instances of undisclosed information during the reporting period[140]. - The company has adhered to the corporate governance principles outlined in the Hong Kong Stock Exchange's Corporate Governance Code, reflecting its commitment to transparency and accountability[141]. Risk Management - The company emphasizes the importance of risk awareness in its forward-looking statements, urging investors to exercise caution[2]. - The company faces risks related to raw material price fluctuations, particularly with imported iron ore, which has increased cost control pressures since 2021[128]. - Environmental regulations may limit the company's steel production capacity, prompting a need for accelerated transformation and upgrades in 2023[127]. - The company emphasizes the importance of risk management and maintaining a flexible supply chain to adapt to market changes[127]. Research and Development - Research and development expenses increased by 109.81% to RMB 24.76 million, attributed to the rise in R&D projects[48]. - Total R&D investment amounted to RMB 1,359,520 thousand, constituting 3.72% of operating revenue[79]. - The number of R&D personnel was 822, making up 13.23% of the total workforce[81].

Financial Performance - The company reported a net loss of RMB 1.038 billion for the year 2022, with retained earnings at RMB -7.651 billion as of the end of 2022, leading to no profit distribution or capital reserve increase for the year [2]. - Net profit attributable to shareholders was a loss of CNY 1,019,409,000 in 2022, a decline of 144.82% compared to a profit of CNY 2,274,395,000 in 2021 [9]. - Operating revenue fell by 8.25% to CNY 36,561,531,000 in 2022 from CNY 39,849,418,000 in 2021 [9]. - The company reported a significant decline in EBITDA to total debt ratio, dropping to 0.06 in 2022 from 0.37 in 2021, a decrease of 83.78% [18]. - The total operating revenue was RMB 36.562 billion, a decrease of 8.25% year-on-year, while the total profit was RMB -1.202 billion, a decline of 153.12% [21]. - The company reported a net loss attributable to shareholders of RMB 1,019,409,354.34 for 2022, compared to a profit of RMB 2,274,394,561.62 in 2021, representing a significant decline [68]. - Basic and diluted earnings per share for 2022 were both RMB (0.11), down from RMB 0.26 in 2021, indicating a negative performance shift [68]. - The company’s gross profit margin was negative in 2022, with operating costs exceeding operating revenue, leading to an operating loss of RMB 1.166 billion [67]. Production and Operations - The company operates in the manufacturing sector, primarily producing and selling hot-rolled sheets, medium and thick plates, rebar, wire rods, steel billets, and by-products, with a diverse production line including a 4100mm wide plate production line and a 1780mm hot-rolled thin plate production line [5]. - The company achieved iron, steel, and commodity billet production of 7.23 million tons, 7.87 million tons, and 8.34 million tons respectively, with year-on-year growth of 7.20%, 10.65%, and 16.57% [20]. - The company reported a significant increase in sales volume for various products, including a 23.07% increase in plate sales to 2.5923 million tons [26]. - The main product, semi-finished products, generated operating revenue of RMB 33,931,976 thousand, with a gross margin decrease of 11.37 percentage points to 15.23% [28]. - Total production of plates was 256.44 million tons, with a sales volume increase of 23.06% to 259.23 million tons [30]. Market and Industry Context - The steel industry faced an oversupply situation in 2022, with prices declining due to weak supply and demand dynamics, while raw material prices remained historically high, squeezing profit margins [7]. - In 2022, the company ranked 316th in the "Fortune" China 500 list and 289th in the "2022 China Manufacturing Enterprises 500" list, indicating its significant market presence [6]. - The company has a strong market presence in the southwestern region of China, with its products widely used in various sectors such as railways, airports, and urban high-rise buildings [5]. - The Southwest region accounted for operating revenue of RMB 27,946,751 thousand, with a gross margin decrease of 10.80 percentage points to 27.36% [29]. Financial Position and Assets - Total assets decreased by 8.45% to CNY 39,364,800,000 in 2022 from CNY 42,995,956,000 in 2021 [9]. - The company's total assets as of December 31, 2022, amounted to RMB 39.365 billion, a decrease from RMB 42.996 billion at the end of 2021 [66]. - The company’s total liabilities as of December 31, 2022, were RMB 18.023 billion, down from RMB 20.621 billion in 2021, indicating a reduction in overall debt levels [65]. - The company’s cash and cash equivalents decreased to RMB 3,996 billion in 2022 from RMB 6,411 billion in 2021, highlighting liquidity challenges [62]. - The company reported a significant increase in accounts receivable, which rose to RMB 181,294,862.78 in 2022 from RMB 69,401,651.93 in 2021, an increase of approximately 161.5% [74]. Research and Development - Research and development expenses increased by 109.81% to RMB 24.764 million due to the rise in R&D projects [21]. - The company employed 822 R&D personnel, making up 13.23% of the total workforce [37]. - Research and development expenses increased to RMB 21,736,831.31 in 2022, up from RMB 11,802,669.84 in 2021, indicating an increase of approximately 83.5% [78]. Strategic Goals and Initiatives - The company aims to enhance production efficiency and reduce costs by implementing a management philosophy focused on comprehensive benchmarking and extreme consumption limits [7]. - The company is committed to green and intelligent manufacturing, with a goal to build a high-quality green steel enterprise with an annual capacity exceeding ten million tons [6]. - The company plans to continue cost reduction initiatives and improve technical economic indicators to enhance profitability [23]. - The company aims to enhance its profitability by increasing the production of high value-added products, aligning product structure with downstream demand [48]. - The company is committed to ecological construction and aims to create a green low-carbon steel enterprise [50]. Challenges and Risks - The company faces significant risks from raw material price fluctuations, particularly due to reliance on imported iron ore, which has seen international prices rise sharply since 2021, increasing cost control pressures [51]. - The company faced challenges from a soft steel market and rising coal prices, prompting a focus on operational efficiency [23]. - The company will focus on cost reduction and efficiency improvement to strengthen its competitiveness in a challenging steel industry environment [50].

Financial Performance - The net profit attributable to shareholders for the year 2021 was CNY 2.173 billion, while the undistributed profits at the end of 2021 were CNY -6.613 billion, leading to a decision not to distribute profits for the year[2]. - The company's operating revenue for 2021 reached CNY 39,849,418 thousand, representing a 62.72% increase compared to CNY 24,489,935 thousand in 2020[18]. - Net profit attributable to shareholders of the listed company was CNY 2,274,393 thousand, a significant increase of 256.22% from CNY 638,479 thousand in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 2,453,195 thousand, up 399.55% from CNY 491,082 thousand in 2020[18]. - The net cash flow from operating activities was CNY 5,621,431 thousand, a 320.21% increase from CNY 1,337,765 thousand in 2020[18]. - The company's total assets at the end of 2021 were CNY 42,995,956 thousand, reflecting a 7.62% increase from CNY 39,949,856 thousand at the end of 2020[18]. - The net assets attributable to shareholders of the listed company increased to CNY 22,375,209 thousand, an 11.66% rise from CNY 20,038,467 thousand in 2020[18]. - Basic earnings per share for 2021 were CNY 0.26, a 271.43% increase compared to CNY 0.07 in 2020[20]. - The weighted average return on net assets increased to 10.73%, up 7.49 percentage points from 3.24% in 2020[20]. - The total profit reached RMB 2.26 billion, marking a significant year-on-year growth of 262.42%[54]. Corporate Governance - The company received a standard unqualified audit report from Ernst & Young Hua Ming Accounting Firm, ensuring the accuracy and completeness of the financial report[3]. - The board of directors confirmed that all members attended the board meeting, ensuring collective responsibility for the report's accuracy[3]. - The company has maintained compliance with decision-making procedures regarding external guarantees, indicating sound corporate governance practices[4]. - The company has established a comprehensive internal control system, conducting risk assessments and analyses to identify and mitigate potential risks[149]. - The company adheres to the principles of good corporate governance, enhancing operational transparency and accountability to ensure steady development and increase shareholder value[143]. - The board of directors consists of 9 members, including 3 independent directors and 2 independent directors with accounting expertise[147]. - The company has established a diversity policy for its board, considering various factors such as skills, industry experience, and gender when appointing directors[169]. - The company has implemented a strict insider information management system, with no incidents of insider information leakage or insider trading reported during the reporting period[151]. - The board of directors has established four specialized committees to enhance governance and decision-making processes, ensuring compliance with relevant laws and regulations[147]. Environmental and Social Responsibility - The management emphasized a focus on cost reduction and efficiency improvement, achieving record profits and establishing a new phase of green, low-carbon, high-quality development[31]. - In 2021, the company achieved a 21% reduction in dust emissions compared to 2020, with all pollutant discharge meeting standards[32]. - The company is committed to high-quality green manufacturing and aims to become a leader in the steel industry in Southwest China[46]. - The company is focusing on green manufacturing and smart manufacturing to enhance its competitive position in the southwestern steel market[129]. - The company plans to implement a comprehensive strategy for carbon peak and carbon neutrality, including a detailed "6C" carbon reduction plan[136]. - The company is committed to enhancing its energy efficiency and reducing carbon emissions in response to stricter environmental regulations[136]. - The company emphasizes the importance of environmental, social, and governance (ESG) work as part of its strategic development[176]. Market and Production - The production volume for iron, steel, and finished products was 6.74 million tons, 7.12 million tons, and 7.16 million tons respectively, with year-on-year growth of 5.74% and 5.59%[54]. - The average selling price of finished products was RMB 4,652 per ton, which increased by 34.72% compared to the previous year[60]. - The company has a production capacity exceeding 10 million tons of steel, maintaining strong competitiveness in industry metrics[51]. - The company improved its profit per ton of steel ranking from 60th to 44th among 86 steel enterprises in China, indicating significant cost management progress[35]. - The company reported a significant decline in sales volume for rebar, dropping by 97.02% to 1.324 million tons in 2021, resulting in a loss of revenue of RMB 1,421,227 thousand[65]. - The sales volume of steel products increased to 714.05 million tons in 2021, up 4.61% from 682.56 million tons in 2020, contributing an additional revenue of RMB 1,051,942 thousand[65]. Research and Development - The total number of patent applications reached 275 in 2021, with 105 being invention patents, marking a fourfold increase in patent acceptance compared to the previous year[36]. - Research and development expenses totaled 1,256,341 thousand yuan, constituting 3.15% of operating revenue[85]. - The number of R&D personnel was 866, accounting for 12.86% of the total workforce[87]. Financial Position and Investments - The company reported a significant increase in cash flow from investment activities, with a net outflow of -5,536,088 thousand yuan due to increased fixed asset investments[90]. - The company's cash and cash equivalents increased by 1,134,148 thousand yuan, compared to 3,102,767 thousand yuan in the previous year[90]. - Fixed assets reached 21,891,662 thousand yuan, which is 50.92% of total assets, up from 41.63% in the previous year[94]. - Long-term borrowings increased significantly by 298.40% to RMB 1,792,800 thousand, representing 4.17% of total assets[96]. - The company completed equity investment projects totaling RMB 209,620 thousand, with actual contributions of RMB 126,420 thousand, including a 72% stake acquisition in Xinguang Changlong for RMB 126,420 thousand[113]. Shareholder Rights and Transparency - The company allows shareholders holding more than 10% of shares to request the board to convene an extraordinary general meeting within 10 days of the request[187]. - The board must respond to the request for an extraordinary general meeting within 10 days, and if agreed, notify within 5 days[188]. - Shareholders have the right to access the company's articles of association and other relevant information after paying reasonable costs[190]. - The company is committed to maintaining transparency in shareholder rights and information access procedures[192]. Future Outlook - For 2022, the company aims for a pig iron production of 7.22 million tons, steel production of 7.12 million tons, and revenue of 42 billion CNY[133]. - The company faces risks from fluctuating raw material prices, particularly for imported iron ore, which could impact profitability[138]. - The company did not provide any future performance guidance or outlook in the current report[198].