Dividend Distribution - The company plans to distribute a cash dividend of no less than 0.18 CNY per share for the first half of 2022, amounting to approximately 3.99 billion CNY, which represents 51.19% of the net profit attributable to shareholders[4]. - The board of directors has approved a change in the dividend distribution cycle from annual to semi-annual, starting from 2021[4]. - The company is committed to maintaining a long-term cash dividend policy to reward shareholders[4]. - The report indicates that the company is under pressure from rising energy prices and environmental regulations, which may impact future operations[6]. - The company has reiterated its focus on enhancing shareholder returns through consistent dividend payouts[4]. - The proposed cash dividend for the first half of 2022 is CNY 0.18 per share (including tax), totaling approximately CNY 3,988,183,916.70, which accounts for 51.19% of the net profit attributable to shareholders of the parent company[75]. - The total cash dividend for the first half of 2022 is expected to be CNY 39.88 billion, a significant decrease from CNY 131.86 billion in 2021[75]. - The cash dividend for the first half of 2022 represents 39.95% of the net profit on the legal entity's report[75]. - The company has maintained a consistent approach to shareholder returns, emphasizing long-term cash dividends[74]. - The company's board of directors has proposed a profit distribution plan that awaits approval from the shareholders' meeting[75]. Financial Performance - The company's operating revenue for the first half of the year was RMB 183,655 million, a slight increase of 0.2% compared to RMB 183,327 million in the same period last year[16]. - Net profit attributable to shareholders decreased by 48.4% to RMB 7,791 million from RMB 15,089 million year-on-year[16]. - Basic earnings per share dropped by 48.5% to RMB 0.35 from RMB 0.68 in the previous year[17]. - The total profit for the second quarter was RMB 5,710 million, an increase of 11.0% compared to the previous quarter[22]. - The company achieved a cost reduction of RMB 5,623 million in the first half of the year, with significant savings in material usage and procurement optimization[22]. - The company's total assets rose by 7.1% to RMB 407,430 million from RMB 380,398 million at the end of the previous year[17]. - The weighted average return on net assets decreased by 3.88 percentage points to 4.02% from 7.90% year-on-year[17]. - The gross profit margin decreased by 5.7 percentage points to 10.2% compared to the same period last year[33]. - The company reported a net profit of 88.5 million RMB, down from 168.7 million RMB in the same period last year, a decrease of 80.2 million RMB[37]. - The company achieved iron production of 23.1 million tons and steel production of 25.2 million tons, with a total profit of 10.86 billion yuan during the reporting period[27]. Market and Economic Conditions - The global economic situation remains complex and severe, with the steel industry facing a new downward cycle influenced by factors such as the COVID-19 pandemic and rising raw material prices[6]. - The company faces risks from global economic uncertainties, geopolitical conflicts, and domestic pandemic issues, which may impact future performance and require enhanced risk management strategies[68]. - The company expects a slight rebound in steel prices and market demand in the fourth quarter as domestic pandemic controls improve and national growth policies are implemented[29]. Environmental Initiatives - The company emphasizes the importance of green and low-carbon development as a key task for the future of the steel industry[6]. - The company plans to continue its green low-carbon initiatives, including the construction of a zero-carbon demonstration plant with a million-ton hydrogen-based vertical furnace[25]. - The company reported emissions of 3,284.5 tons of particulate matter, 4,095.4 tons of sulfur dioxide, and 10,899.8 tons of nitrogen oxides in the first half of 2022, all within the permitted limits[84]. - The company has established a complete management system for environmental protection, adhering to ISO14001 standards[91]. - The company is actively promoting ultra-low emission transformation projects, with 18 new projects initiated in Zhanjiang Steel, of which 1 has been completed[90]. Innovation and Product Development - The company is focusing on high-end product development, including ultra-high-strength steel and oriented silicon steel, to meet the demands of high-end manufacturing industries[20]. - The company launched 6 new products globally in the first half of the year and made breakthroughs in 23 key technologies, including the "non-oriented silicon steel surface texture control technology"[23]. - The company maintains a strong commitment to innovation and has established a comprehensive marketing and processing service network globally[20]. Debt and Financing - The company’s debt financing scale increased by 77.4 million RMB, compared to a decrease of 27.7 million RMB in the previous year, resulting in a net increase of 105.1 million RMB[42]. - The company’s long-term borrowings increased by 107.8% to 30,699 million RMB, taking advantage of favorable market conditions for low-interest loans[43]. - The company has established a debt repayment plan based on future cash flows from operating activities[148]. - The company reported a loan balance of 6,007 million RMB at the end of the reporting period[129]. Related Party Transactions - The company reported a total sales revenue of 17,564 million RMB from related party transactions, accounting for 9.6% of the total operating income for the reporting period[122]. - The total amount of purchases from related parties was 25,262 million RMB, representing 15.4% of the total operating costs for the reporting period[122]. - The financial company provided loans totaling 10.74 billion RMB to the group and its subsidiaries, with an outstanding loan balance of 6.01 billion RMB[124]. Shareholder and Equity Information - The company issued 374,271,000 new shares, increasing the total number of shares to 22,268,411,550[135]. - The total number of ordinary shareholders reached 320,303 by the end of the reporting period[139]. - China Baowu Steel Group Co., Ltd. held 10,813,395,355 shares, accounting for 48.56% of the total shares[140]. - The company’s total share capital remained unchanged at 22,268,411,550 shares after the unlocking of restricted shares[137]. Legal and Compliance Matters - The company is involved in three lawsuits initiated by Nippon Steel Corporation, claiming patent infringement related to electromagnetic steel plates supplied to Toyota, with a total claim amount of approximately JPY 20.43 billion[121]. - The company has confirmed that it will not process the transfer of property ownership for certain real estate until legally permitted, ensuring that subsidiaries can continue to use the properties without disputes[106]. - The company has pledged to compensate any losses incurred by its subsidiaries due to legal issues related to land use rights and property ownership[108]. Financial Reporting and Accounting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[187]. - The company follows the accounting standards issued by the Ministry of Finance and has specific accounting policies tailored to its operational characteristics[188]. - The consolidation of financial statements is based on control, defined as the ability to influence returns through participation in relevant activities of the investee[197].

Dividend Policy - The company plans to distribute a cash dividend of 0.60 CNY per share for the fiscal year 2021, with a total expected dividend payout of 13,092,196,054.00 CNY, accounting for 55.40% of the net profit attributable to shareholders [2]. - In the second half of 2021, the company intends to distribute an additional cash dividend of 0.25 CNY per share, with an estimated total payout of 5,445,576,578.75 CNY, representing 63.66% of the net profit for that period [2]. - The company emphasizes a long-term cash dividend policy, highlighting its commitment to shareholder returns [2]. - The company has a long-term cash dividend policy, ensuring that annual cash dividends are no less than 50% of the audited net profit attributable to shareholders [155]. - The cash dividend payout ratio for the 2021 fiscal year is 137.45% of the net profit on the corporate report, indicating a strong commitment to shareholder returns [157]. Financial Performance - The company's operating revenue for 2021 was CNY 364,349 million, representing a 29.4% increase compared to CNY 281,519 million in 2020 [15]. - The net profit attributable to shareholders for 2021 was CNY 23,632 million, an 86.1% increase from CNY 12,695 million in 2020 [15]. - The net cash flow from operating activities reached CNY 59,869 million, a significant increase of 112.7% compared to CNY 28,153 million in 2020 [16]. - The total assets at the end of 2021 were CNY 380,398 million, reflecting a 6.3% increase from CNY 357,781 million at the end of 2020 [16]. - The basic earnings per share for 2021 was CNY 1.07, an increase of 87.7% compared to CNY 0.57 in 2020 [17]. - The weighted average return on equity for 2021 was 12.36%, an increase of 5.34 percentage points from 7.02% in 2020 [17]. - The company's total profit for 2021 reached a historical high of 35.24 billion RMB, representing a year-on-year increase of 59.7% [22]. - The company reported a non-recurring profit and loss total of 1.07 billion RMB in 2021, down from 2.61 billion RMB in 2020 [20]. Market and Production - The company sold 46.571 million tons of commodity billets in 2021, achieving total revenue of 365.34 billion RMB and a total profit of 30.71 billion RMB [23]. - The average price of iron ore in 2021 was 158.6 USD, an increase of 45.7% year-on-year, while the average price of coking coal was 2,046 RMB per ton, up 72% year-on-year [22]. - The steel industry in China achieved a gross steel output of 1.03 billion tons in 2021, a decrease of 3% year-on-year due to "dual control" policies [22]. - The company achieved a profit margin of 13.6% for steel products in 2021, up from 11.6% in 2020, an increase of 2.0 percentage points [30]. - The company’s sales volume of advantageous products reached 12.446 million tons in 2021, up from 10.68 million tons in 2020 [30]. Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance production efficiency [19]. - The company is focusing on high-tech, high-value-added products, including carbon steel plates and pipes, which are widely used in various industries [27]. - The company is actively exploring low-carbon metallurgy technologies and has made breakthroughs in hydrogen metallurgy demonstration projects [24]. - The company aims to respond to national and industry calls for achieving carbon neutrality ahead of schedule, in line with the "14th Five-Year Plan" for the raw materials industry [26]. - The company plans to invest CNY 29.89 billion in fixed assets in 2022, focusing on optimizing product structures and enhancing efficiency across various bases [110]. Risk Management - The company faced challenges in 2022 due to the ongoing impact of the COVID-19 pandemic and the escalation of the Russia-Ukraine conflict, leading to a complex and uncertain external environment [3]. - The company has strengthened its policy analysis and macroeconomic trend assessments to effectively mitigate significant risks in the steel industry [3]. - The company has established a comprehensive risk management system to address potential risks related to carbon neutrality and market dynamics [112]. Research and Development - The company’s R&D expenses for 2021 were 113.7 billion CNY, reflecting a 29.6% increase from 87.7 billion CNY in 2020 [30]. - The company has 289 PhD researchers and 1,498 master's degree holders in its R&D team [60]. - The company launched thirteen new products, including B23HS075 and B96SiQL, achieving global firsts [63]. - Ongoing research and development efforts are focused on advanced materials, with a budget allocation of $100 million for innovation in the next fiscal year [126]. Environmental Initiatives - The company has committed to strict pollutant discharge regulations, maintaining compliance with local environmental protection standards [178]. - The company has established pollution prevention facilities and is actively managing ecological and environmental protection efforts [174]. - The company has completed a total of 35 ultra-low emission projects by the end of December 2021, including upgrades to the sintering main flue gas SCR denitrification system and the closed transformation of raw material yards [175]. - The company has achieved a 100% compliance rate for wastewater quality, with the coking wastewater discharge volume consistently below 80m³/h, resulting in "regional zero discharge" of coking wastewater [175]. Governance and Management - The company has committed to maintaining transparency and compliance with regulatory requirements in its governance practices [117]. - The company has established a performance evaluation and compensation management system for senior management, linking incentives closely to company performance [168]. - The company has seen changes in its board composition, with new directors appointed in early 2021 [138]. - The company has been actively expanding its management team, with several new appointments in 2021, including vice general managers and directors [138]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% [128]. - The company plans to enhance its digital transformation strategy, investing 1 billion CNY in digital tools and platforms [130]. - The company aims to improve operational efficiency, targeting a 5% reduction in costs through process optimization [128]. - Future outlook remains positive, with anticipated EBITDA growth of 12% driven by increased demand and operational improvements [126].

2022 年第一季度报告 证券代码：600019 证券简称：宝钢股份 宝山钢铁股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)公司亮点 全力以赴抓好疫情防控。迅速启动疫情防控指挥体系，建立应急响应机制，从严从细做好疫 情防控。供产销协同联动，发挥多基地协同优势，适时调整物流运输和生产组织方式，确保 疫情期间物流顺畅、生产组织稳定和用户合同交付。 积极应对市场变化。克服原燃料、合金及涂层价格大幅上涨带来的购销差价收窄压力和高炉 大修影响，结合购销市场变化，积极推进制造端配煤配矿结构优化、公司产品定价体系重塑 以及采购招标比例提升等变革工作，实现有限 ...

Financial Performance - The company's operating revenue for 2020 was RMB 283,674 million, a decrease of 2.72% compared to 2019[17]. - The net profit attributable to shareholders of the listed company was RMB 12,677 million, reflecting a slight increase of 0.91% year-on-year[17]. - The net cash flow from operating activities was RMB 28,084 million, down 15.09% from the previous year[17]. - The total assets at the end of 2020 amounted to RMB 356,225 million, representing a 2.97% increase from 2019[17]. - The basic earnings per share for 2020 was RMB 0.57, up 1.79% from RMB 0.56 in 2019[18]. - The weighted average return on net assets was 7.03%, a decrease of 0.06 percentage points compared to the previous year[18]. - The company achieved a total profit of 16.02 billion CNY in 2020, maintaining a leading position in the industry[31]. - The company reported a net profit of RMB 4,818 million in Q4 2020, showing a strong performance in the last quarter[21]. - The company reported a net profit margin of 12% for the fiscal year, an increase from 10% in the previous year[191]. Dividends and Shareholder Returns - The proposed cash dividend for 2020 is CNY 0.30 per share, totaling approximately CNY 6.68 billion, which accounts for 52.70% of the net profit attributable to shareholders[4]. - The company plans to distribute cash dividends of no less than 50% of the audited consolidated net profit attributable to shareholders each year[4]. - The company reported a commitment to long-term cash dividends, emphasizing shareholder returns[4]. - The total cash dividend for 2020 is projected to be CNY 66.81 billion, an increase from CNY 62.36 billion in 2019[103]. - The cash dividend payout ratio for 2020 is 62.81% of the net profit according to the corporate financial statements[103]. Environmental Compliance and Sustainability - The company faced increasing environmental compliance risks due to new environmental laws and regulations, necessitating accelerated efforts in ultra-low emissions and environmental protection initiatives[6]. - The company aims to achieve 100% compliance with online emissions standards for key pollution sources as part of its sustainable development initiatives[46]. - The company is committed to sustainable development and has integrated ecological protection into its business model[155]. - The company has implemented various environmental protection projects, including the installation of gas purification devices and low-emission modifications, with a focus on achieving a 91% compliance rate for organized low emissions at Zhanjiang Steel by the end of 2020[161]. - The company has reported a total fine of 498,000 yuan due to environmental violations in 2020, emphasizing the importance of process control and compliance[159]. Risk Management - The company has identified 19 key risk items across eight major topics, with a total of 41 focus areas for risk management in 2020[98]. - The company disclosed 40 risk events throughout 2020, with a focus on enhancing risk monitoring and response mechanisms[98]. - The ongoing global pandemic remains a significant risk factor for 2021, affecting supply chain security and raw material transportation[99]. - The management emphasized the importance of risk management strategies, particularly in response to market volatility, to maintain stable growth[194]. Investments and Acquisitions - The company and its subsidiary invested a total of 16.6 billion RMB in establishing Ouyie Industrial Co., holding a 41.5% stake, with the company contributing 13.6 billion RMB for a 34% stake[34]. - The company invested 2.45 billion RMB for a 49% stake in Baowu Raw Material Supply Co., which has a registered capital of 5 billion RMB[34]. - The company completed the merger of its financial subsidiary, increasing its registered capital from 1.4 billion RMB to 2.6 billion RMB, with a 56.91% stake held by the company and its subsidiaries[36]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 3 billion RMB earmarked for potential deals[193]. Research and Development - The total R&D investment was 87.26 million RMB, accounting for 3.08% of total revenue, with 1,408 R&D personnel representing 2.95% of the total workforce[60]. - The company is investing 1 billion yuan in R&D for advanced steel processing technologies over the next five years[191]. - The company launched 10 new products globally for the first time and achieved breakthroughs in 23 key technologies[33]. - New product development includes the launch of a low-carbon steel product line, expected to contribute an additional 5 billion yuan in revenue by 2022[192]. Market Performance and Strategy - The company is navigating the ongoing impacts of the COVID-19 pandemic on global economic growth and recovery[6]. - The company aims to expand its market presence in developing countries, with sales in these regions accounting for 62% of total sales in the Euro-African market[55]. - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic initiatives[197]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region within the next three years[191]. Corporate Governance - The board of directors and management confirmed the accuracy and completeness of the annual report, assuming legal responsibility for its content[2]. - The company has not reported any major financial misstatements or errors during the reporting period, ensuring the integrity of its financial reporting[116]. - The company has not faced any penalties or corrective actions against its directors, supervisors, or senior management during the reporting period, reflecting good governance practices[119]. - The company’s board of directors includes members with extensive experience in steel production and corporate governance[190]. Shareholder Structure - The total share capital of the company at the end of the reporting period is 22,269,447,650 shares, with 113,465,025 shares subject to trading restrictions and 22,155,982,625 freely tradable shares[169]. - China Baowu transferred 486,753,644 shares of the company to Shougang Group in January 2020, reducing its ownership to 48.56%[176]. - The company has no known related party relationships among the top shareholders, except for WISCO Group being a wholly-owned subsidiary of China Baowu Steel Group[179].