Financial Performance - The net profit attributable to shareholders for 2022 was -1,150,677,727.48 RMB, resulting in a total distributable profit of -4,334,111,827.70 RMB[4]. - The company decided not to distribute cash dividends or issue bonus shares for 2022 due to accumulated losses and current operational conditions[5]. - The audited net assets attributable to shareholders were negative, indicating ongoing concerns about the company's ability to continue as a going concern[8]. - The company has faced continuous net losses for three consecutive accounting years, raising significant investment risks[8]. - Adjusted revenue for 2022 was approximately $7.76 billion, a decrease of 36.59% compared to the previous year[22]. - Net loss attributable to shareholders was approximately -$1.15 billion, showing a slight increase in loss of 0.30% from the prior year[22]. - Basic earnings per share for 2022 was -$1.10, unchanged from 2021, while diluted earnings per share also remained at -$1.10[23]. - Total revenue for 2022 was ¥7,757,232,800.30, a decrease of 36.59% compared to ¥12,234,346,202.67 in 2021, primarily due to reduced steel sales volume and prices[24]. - The company reported a net loss of approximately ¥1.63 billion, an improvement of 39.01% from -¥2.67 billion in the previous year[48]. - The company reported a total loss of CNY 16 million in profit, a 38.95% improvement from a loss of CNY 26.21 million in 2021[33]. Operational Efficiency - Cash flow from operating activities decreased by 72.68% to approximately $390.35 million compared to the previous year[22]. - The company's net assets attributable to shareholders were approximately -$857.28 million, a significant decrease of 391.56% from the previous year[22]. - The company implemented a "Four Fast" strategy, focusing on rapid procurement, production, sales, and payment collection to improve operational efficiency[34]. - The effective operation rate of main equipment reached 99.77%, with a year-on-year reduction in equipment failure downtime[36]. - The company focused on optimizing production organization and reducing costs, leading to a decrease in energy costs and logistics expenses[34]. Industry Challenges - The steel industry faced significant challenges in 2022, with crude steel production declining by 1.7% to 1.018 billion tons and apparent consumption down by 3.4% to 0.96 billion tons[38]. - The steel industry saw a 72.27% decline in total profits for member enterprises, with total profits amounting to CNY 9.82 billion in 2022[38]. - The company has faced challenges due to high raw material costs and a decrease in steel sales volume and prices, impacting overall profitability[49]. - The steel industry is experiencing intense competition, with a notable decline in profits due to policies like "dual control" and "dual carbon," leading to increased industry consolidation[80]. Financial Position - The company's total assets decreased by 9.51% to approximately $16.79 billion at the end of 2022 compared to the end of 2021[22]. - Long-term borrowings decreased by 56.13% to ¥804,250,000.00, primarily due to reclassification to current liabilities[24]. - The company's total liabilities increased by 43.60% to approximately ¥1.14 billion, mainly due to an increase in advance payments for steel[66]. - The company's total assets were reported at ¥16,785,474,237.84, down from ¥18,548,641,133.48, representing a decline of 9.5%[194]. - The total equity attributable to shareholders fell to ¥-857,278,876.46, compared to ¥294,032,527.29 in the previous year, indicating a negative shift in equity position[194]. Environmental Management - The company invested approximately 118.35 million yuan in environmental protection during the reporting period[124]. - The total emission control limits for pollutants were set at 4,592 tons for particulate matter, 2,517 tons for sulfur dioxide, and 4,691 tons for nitrogen oxides[125]. - The company has established a mechanism for environmental protection and has complied with national pollution discharge standards[125]. - The company has constructed over 50 pollution treatment facilities, including a wastewater treatment center with a daily capacity of 20,000 tons, achieving 100% recycling of treated wastewater[128]. - The company has received ISO14001 environmental management system certification for 16 consecutive years, ensuring adherence to national emission standards[128]. Governance and Compliance - The company has strengthened its internal control systems in compliance with regulatory requirements, enhancing governance and decision-making capabilities[85]. - A total of 64 temporary announcements were disclosed during the reporting period, ensuring transparency and compliance with information disclosure regulations[85]. - The company has not faced any penalties from the China Securities Regulatory Commission in the past three years[100]. - The company’s internal control evaluation report was deemed to be true, complete, and effective[105]. - The company has not disclosed any significant internal control deficiencies during the reporting period[120]. Future Strategies - The company plans to expand its market presence and invest in new technologies to enhance competitiveness in the steel industry[69]. - Future strategies include potential market expansion and new product development to enhance revenue streams[200]. - The company aims to improve cash flow and financial structure by introducing strategic investors and enhancing cooperation with suppliers[149]. - The company is committed to structural adjustments and green development, aligning with national policies for manufacturing and industrial transformation[78].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,318,356,543.60, a decrease of 56.38% compared to CNY 3,020,552,968.44 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 246,645,309.49, representing a 24.56% increase in loss compared to a loss of CNY 198,282,309.07 in the previous year[3]. - The company's basic earnings per share for Q1 2023 was -CNY 0.24, compared to -CNY 0.19 in the same period last year, reflecting a 26.32% increase in loss per share[3]. - Net loss for Q1 2023 amounted to CNY 374,765,620.98, compared to a net loss of CNY 284,834,839.71 in Q1 2022, representing a 31.5% increase in losses[18]. - Total operating revenue for Q1 2023 was CNY 1,318,356,543.60, a decrease of 56.4% compared to CNY 3,022,100,609.84 in Q1 2022[17]. Cash Flow - The net cash flow from operating activities was CNY 53,667,593.41, down 22.54% from CNY 70,981,471.51 in the same period last year[3]. - In Q1 2023, the cash inflow from operating activities was approximately $607.34 million, a decrease of 54.4% compared to $1.33 billion in Q1 2022[21]. - The net cash outflow from operating activities was $53.67 million, down 22.5% from $69.28 million in the same period last year[22]. - Cash outflow for purchasing goods and services was $411.46 million, a reduction of 59.3% from $1.01 billion in Q1 2022[22]. - The ending balance of cash and cash equivalents was $80.77 million, a decrease from $195.29 million in Q1 2022[23]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 16,662,740,476.99, a decrease of 0.73% from CNY 16,785,474,237.84 at the end of the previous year[4]. - Total liabilities increased to CNY 16,470,513,548.20 in Q1 2023, up from CNY 16,222,891,579.11 in Q4 2022[15]. - The company's total equity decreased to CNY 192,226,928.79 in Q1 2023, down from CNY 562,582,658.73 in the previous quarter[15]. - The equity attributable to shareholders was negative CNY 1,099,514,294.91, a decline of 28.26% compared to negative CNY 857,278,876.46 at the end of the previous year[4]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,617[8]. - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 369,669,184 shares, accounting for 35.37% of total shares[9]. Research and Development - Research and development expenses decreased by 37.60%, attributed to reduced investment in R&D projects compared to the previous year[6]. - Research and development expenses for Q1 2023 were CNY 98,535,617.32, a decrease of 37.6% compared to CNY 157,907,180.32 in Q1 2022[18]. Other Financial Metrics - The company reported a significant increase of 688.53% in other income, primarily from confirmed property tax reductions[6]. - The company reported a total of CNY 1,190,926,573.44 in other payables, which increased from CNY 932,622,165.36 in the previous quarter[15]. - The company’s deferred income tax assets stood at CNY 100,703,637.46, slightly down from CNY 100,996,297.90 in the previous quarter[15]. - The company has a long-term equity investment valued at ¥47,035,636.94, down from ¥70,529,713.32[13]. - The company has pledged 199,960,000 shares, indicating potential liquidity concerns[8]. - The company is subject to uncertainties regarding asset disposal and ecological restoration due to mining rights cancellation[10].

Financial Performance - The company's operating revenue for Q3 2022 was ¥1,634,361,686.55, a decrease of 50.26% compared to the same period last year[4]. - The net profit attributable to shareholders was -¥300,363,678.41, representing a decline of 148.12% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥295,903,876.03, down 230.92% from the previous year[4]. - The net profit for the reporting period was down 770.15 million RMB, influenced by the economic downturn in the steel industry and increased R&D expenses[12]. - The company reported a net loss of CNY -1,062,589,763.68 for the first three quarters of 2022, compared to a loss of CNY -73,549,222.89 in the same period of 2021[29]. - The net profit attributable to the parent company was -715,603,602.31 CNY, compared to -217,718,167.97 CNY in the previous year, reflecting a significant decline[34]. - Total comprehensive income amounted to -1,066,084,774.29 CNY, compared to -122,517,764.37 CNY in the previous year[34]. Assets and Liabilities - The total assets at the end of the reporting period were ¥17,421,827,130.21, a decrease of 5.95% from the end of the previous year[7]. - The total assets decreased from CNY 18,524,963,007.83 in the previous year to CNY 17,421,827,130.21, reflecting a reduction of approximately 6%[24]. - Current liabilities totaled CNY 11,512,749,486.84, down from CNY 13,781,558,359.87, showing a decrease of about 16.5%[24]. - Non-current liabilities increased from CNY 2,556,584,543.41 to CNY 4,789,793,928.11, representing an increase of approximately 87.2%[24]. - The company's total equity decreased from CNY 2,186,820,104.55 to CNY 1,119,283,715.26, a decline of about 48.9%[24]. - The equity attributable to shareholders was -¥422,387,002.52, a significant decline of 250.31% compared to the previous year[7]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥371,046,452.29, down 49.40% year-on-year[4]. - Cash flow from operating activities showed a net outflow of 49.40 million RMB, mainly due to decreased sales volume and prices[12]. - Cash inflow from financing activities was 6,376,533,753.62 CNY, compared to 8,024,476,372.47 CNY in the previous year[38]. - The cash outflow from financing activities totaled 6,720,138,626.57 CNY, down from 8,771,325,959.58 CNY in the previous year[38]. - The net cash outflow from investing activities was -53,230,191.57 CNY, compared to -49,944,456.23 CNY in the previous year[38]. - The company experienced a decrease in cash flow from operating activities, indicating potential challenges in revenue generation[38]. Research and Development - Research and development expenses increased by 38.65%, primarily due to investments aimed at improving product quality and optimizing production processes[10]. - The company reported a significant increase in R&D expenses to improve product quality and optimize production processes[12]. - Research and development expenses for the first three quarters of 2022 were CNY 358,534,114.46, compared to CNY 258,590,439.84 in 2021, indicating an increase of approximately 38.7%[29]. - The company plans to continue focusing on product quality improvement and technological advancements in response to market challenges[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 49,183[13]. - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 35.37% of the shares, with 369,669,184 shares pledged[13]. Inventory and Current Assets - Total current assets decreased to 6.81 billion RMB from 7.55 billion RMB year-on-year[19]. - Inventory as of September 30, 2022, was 2.07 billion RMB, down from 2.27 billion RMB in the previous year[19].

Financial Performance - The company's operating revenue for the first half of the year was ¥5,546,972,059.43, a decrease of 5.22% compared to the same period last year [24]. - The net profit attributable to shareholders was -¥415,239,923.90, representing a decline of 329.59% year-on-year [27]. - The net cash flow from operating activities was ¥213,711,366.79, down 60.12% from the previous year [27]. - The company reported a loss of ¥603,205,187.27 in operating profit, a decrease of 822.93% year-on-year, primarily due to reduced product demand and high raw material prices [24]. - The total profit for the period was -¥623,871,722.92, reflecting a decline of 1,035.15% compared to the previous year [27]. - The company's total revenue for the first half of 2022 was approximately ¥5.55 billion, a decrease of 5.22% compared to ¥5.85 billion in the same period of 2021 [33]. - The total profit for the first half of 2022 was a loss of approximately ¥62.39 million, a significant decline from a profit of ¥6.67 million in the same period of 2021, representing a decrease of 1,035.15% [33]. - The net profit attributable to the parent company for the first half of 2022 was a loss of approximately ¥41.52 million, compared to a loss of ¥9.67 million in the same period of 2021, marking a 329.59% increase in losses [33]. - The company reported a net loss of ¥627,861,585.88 for the current period, compared to a net profit of ¥21,180,442.87 in the same period last year, indicating a significant decline in performance [126]. - The company's operating profit was reported at -¥603,205,187.27, a stark contrast to the operating profit of ¥83,438,890.49 from the previous year [126]. Research and Development - Research and development expenses increased by 89.99% to ¥269,150,679.42, aimed at improving product quality and optimizing production processes [24]. - Research and development expenses increased by 89.99% year-on-year, mainly to improve product quality and optimize production processes [41]. - Research and development expenses rose significantly to CNY 269,150,679.42, an increase of 90.1% compared to CNY 141,663,656.63 in the previous year [120]. - Research and development expenses increased to ¥148,296,878.54, up 93.4% from ¥76,666,408.09 in the same period last year, reflecting a focus on innovation [128]. Environmental Compliance - The company maintained a 100% compliance rate for pollutant emissions, reflecting its commitment to environmental standards and safety [36]. - The company reported compliance with national pollution discharge standards, with actual emissions of 1,146.98 tons of particulate matter and 235.34 tons of sulfur dioxide during the reporting period [55]. - The company has successfully maintained compliance across all monitored discharge points, with all emissions meeting the required standards [56]. - The company has constructed over 50 pollution control facilities and a wastewater treatment center with a daily capacity of 20,000 tons, achieving 100% recycling of treated wastewater [62]. - The company has maintained compliance with national emission standards for waste gas and noise, receiving ISO14001 environmental management system certification for 16 consecutive years [62]. - The company has implemented a systematic approach to environmental management, focusing on continuous improvement and compliance with updated national standards [62]. - The company has established a comprehensive self-monitoring plan for environmental management, including continuous and manual monitoring of various pollutants [67]. Financial Position - The total assets at the end of the reporting period were ¥18,120,276,629.48, a decrease of 2.18% from the end of the previous year [24]. - The company's total equity attributable to shareholders was reported at CNY -723,281,970.89, down from CNY -346,141,672.97 [120]. - The total liabilities amounted to RMB 16,566,409,156.74, an increase of 1.39% from RMB 16,338,142,903.28 [111]. - The company's total assets decreased to RMB 18,120,276,629.48, down 2.18% from RMB 18,524,963,007.83 [111]. - The company reported a total current assets of RMB 7,397,126,185.72, a decrease of 2.02% from RMB 7,549,339,677.90 in the previous period [108]. - The company reported a total equity of RMB 1,553,867,472.74, reflecting a decrease from the previous period [111]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the integrity of the report [6]. - The company has not reported any violations of decision-making procedures regarding external guarantees [10]. - The company appointed new directors and senior management, including Wang Qinghai as General Manager and several new independent directors [51]. - The financial statements were approved by the board of directors on August 30, 2022 [169]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts [172]. Shareholder Information - The company reported a profit distribution plan for the reporting period, stating that there will be no profit distribution or capital reserve transfer to share capital [8]. - No profit distribution or capital reserve transfer plan was proposed, with no dividends or stock bonuses declared for shareholders [51]. - The company has a total of 50,491 common shareholders as of the end of the reporting period [97]. - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 35.37% of the shares, amounting to 369,669,184 shares [97]. Related Party Transactions - The company has engaged in related party transactions amounting to 215 million RMB for loans from the Qinghai Supply-side Reform Industry Fund [86]. - The company has provided guarantees totaling 80 million RMB to Qinghai Provincial State-owned Assets Investment Management Co., Ltd., with a guarantee period from July 13, 2021, to July 13, 2024 [91]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 296.67 million RMB, which accounts for 105.57% of the company's net assets [91]. - The company has accepted services from related parties amounting to 1.7 million RMB during the reporting period [86]. Risk Factors - The company has outlined potential risks in its future development strategies, urging investors to be aware of investment risks [9]. - The company continues to face economic, industry, financial, and environmental risks, with no significant changes in its main business or operating environment during the reporting period [46]. - The company reported a negative net asset value as of the end of the reporting period, indicating potential investment risks [46].

Financial Performance - The company reported a net profit attributable to shareholders of -1,148,607,270.05 yuan for the year 2021, with total distributable profits amounting to -3,186,802,306.02 yuan[6]. - The company's net profit for the parent company was -738,865,025.39 yuan in 2021[6]. - The net profit attributable to shareholders was -¥1,148,607,270.05, a significant decrease of 2,042.28% from a profit of ¥59,137,078.87 in 2020[24]. - The total profit for the year was -¥2,622,562,606.84, a decrease of 1,274.85% from a profit of ¥223,225,465.61 in 2020[28]. - The net profit attributable to the parent company was -¥1,148,607,270.05, down 2,042.28% from ¥59,137,078.86 in 2020[28]. - The company reported an operating loss of -¥2,584,282,461.47, a decline of 1,235.41% compared to an operating profit of ¥227,607,131.68 in 2020[28]. - The company's total assets decreased by 9.58% to ¥18,524,963,007.83 from ¥20,487,202,136.99 in 2020[24]. - The company's cash and cash equivalents decreased by 34.12% to ¥1,110,634,613.76 from ¥1,685,843,751.50 at the beginning of the year[28]. - The company has no plans for future cash dividends or stock bonuses due to its current financial situation[6]. Revenue and Costs - The company's operating revenue for 2021 was ¥12,229,101,621.92, representing a 21.37% increase compared to ¥10,075,510,385.66 in 2020[24]. - Operating costs increased by 27.54% to ¥11,202,823,429.64 from ¥8,783,983,109.39 year-on-year[50]. - The gross profit margin for the steel industry segment decreased by 3.36 percentage points to 7.41% despite a revenue increase of 22.69%[51]. - The total cost for the steel industry was ¥11,621,352,105.41, representing a 32.08% increase from the previous year's ¥8,798,903,050.41[59]. - The company reported a significant increase in financial expenses by 57.09% to ¥652,777,629.77, primarily due to last year's receipt of government interest subsidies[50]. Research and Development - Research and development expenses rose by 47.42% to ¥450,952,026.56, up from ¥305,888,119.23 in 2020, indicating increased investment in product quality and production optimization[28]. - In 2021, the company launched 26 technology innovation projects, resulting in 1 third prize in Qinghai Province for scientific and technological progress, 1 silver patent award, 10 provincial-level scientific achievements, 20 patent applications, and 7 authorized patents[41]. - The company has established a complete R&D platform for special steel new materials in collaboration with institutions like Beihang University and the Chinese Academy of Sciences, enhancing its technological advantages[47]. Market Position and Strategy - The company aims to enhance cost management and efficiency, focusing on maximizing production benefits through a low-cost strategy[37]. - The company adjusted its product structure to improve market competitiveness, leading to a significant increase in the share of high-efficiency products[40]. - The company plans to continue expanding its market presence and product offerings to capture new opportunities and enhance profitability[40]. - The company is positioned to benefit from the "Belt and Road" initiative, with a stable supply of raw materials from resource-rich regions like Qinghai, Xinjiang, and Tibet[47]. - The company anticipates a gradual decline in long-term steel demand due to carbon neutrality goals, while still facing challenges such as high raw material costs and international competition[44]. Environmental Management - The company complies with national pollution discharge standards for various pollutants, including particulate matter, sulfur dioxide, and nitrogen oxides[152]. - The company has achieved a 100% compliance rate for pollutant discharge and has passed national certification for 15 consecutive years, receiving ISO14001 certification[161]. - The company has implemented a comprehensive environmental management system, including 23 management regulations to ensure compliance with environmental standards[164]. - The company has constructed over 50 pollution control facilities, including a wastewater treatment center with a daily capacity of 20,000 tons, achieving 100% recycling of treated wastewater[161]. - The company has developed emergency response plans for environmental incidents, ensuring rapid control and management of potential pollution events[166]. Governance and Compliance - The company has a clear governance structure with defined roles for its board members and management team[115]. - The company has implemented a comprehensive internal control system to enhance governance and decision-making processes[94]. - The company reported no significant differences in governance compared to legal and regulatory requirements[97]. - The company has not faced any penalties from the China Securities Regulatory Commission or public reprimands from the stock exchange in the past three years[121]. - The company’s independent directors attended all board meetings, ensuring full participation in governance[125]. Employee Management - The total number of employees in the parent company and major subsidiaries is 3,643, with 2,682 in the parent company and 961 in major subsidiaries[134]. - The company completed 51 company-level training programs with 3,849 participants and 6,313 internal training programs with 79,692 participants during the reporting period[139]. - The company achieved a year-on-year increase of 4.94% in average employee income, reaching CNY 80,800[182]. - The company maintained a 100% coverage rate for labor contracts, collective agreements, and social insurance participation[182]. - The company has established a comprehensive occupational health and safety management system, ensuring compliance with national regulations and conducting regular health checks for employees[185].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 3,020,552,968.44, representing a year-on-year increase of 20.62%[6] - The net profit attributable to shareholders of the listed company was a loss of CNY 198,282,309.07, a decrease of 190.62% compared to the same period last year[6] - The net cash flow from operating activities was CNY 70,981,471.51, reflecting an increase of 47.43% year-on-year[6] - Total operating revenue for Q1 2022 was CNY 3,020,552,968.44, an increase of 20.6% compared to CNY 2,504,284,987.33 in Q1 2021[32] - Net loss attributable to shareholders of the parent company for Q1 2022 was CNY -198,282,309.07, compared to a loss of CNY -68,227,599.92 in Q1 2021[34] - The company’s comprehensive loss for Q1 2022 was CNY -285,103,408.87, compared to a profit of CNY 112,434.33 in Q1 2021[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 16,671,157,118.11, down 10.01% from the end of the previous year[9] - The total current assets as of March 31, 2022, amount to 5,815,155,630.30 RMB, a decrease from 7,549,339,677.90 RMB at the end of 2021[23] - Total liabilities amount to 12,047,574,482.56 RMB, compared to 13,781,558,359.87 RMB at the end of 2021[26] - The total liabilities amounted to CNY 14,765,717,665.39, a decrease from CNY 16,338,142,903.28 in the previous period[32] - The total non-current liabilities were CNY 2,718,143,182.83, an increase from CNY 2,556,584,543.41 in the previous period[32] Shareholder Information - The equity attributable to shareholders of the listed company decreased by 69.24% to CNY 86,451,395.36 compared to the end of the previous year[9] - The total number of common shareholders at the end of the reporting period is 51,240[16] - Xining Special Steel Group Co., Ltd. holds 369,669,184 shares, accounting for 35.37% of total shares[16] - Qinghai Provincial Material Group Co., Ltd. and Qinghai Electromechanical State-owned Holding Co., Ltd. each hold 100,000,000 shares, representing 9.57% of total shares[16] Cash Flow and Financing Activities - Cash flow from operating activities for Q1 2022 was CNY 1,317,140,400.12, slightly up from CNY 1,311,759,167.28 in Q1 2021[34] - Operating cash inflow totaled CNY 1,331,359,769.01, compared to CNY 1,319,335,393.59 in the previous period, reflecting a slight increase[38] - Cash outflow from operating activities was CNY 1,260,378,297.50, down from CNY 1,271,189,340.13, resulting in a net cash flow from operating activities of CNY 70,981,471.51, up from CNY 48,146,053.46[38] - Cash inflow from financing activities amounted to CNY 2,863,850,000.00, compared to CNY 3,207,380,610.33 in the previous period[40] - Net cash flow from financing activities was CNY 21,053,092.34, a recovery from a negative CNY 46,324,466.54 in the previous period[40] Research and Development - Research and development expenses increased by 373.92%, primarily due to increased investment in product quality and production process optimization[12] - Research and development expenses for Q1 2022 were CNY 157,907,180.32, significantly higher than CNY 33,319,628.90 in Q1 2021, indicating a focus on innovation[32] Inventory and Costs - The gross profit margin declined due to the increase in raw material prices outpacing the rise in coke and steel prices[15] - Total operating costs for Q1 2022 were CNY 3,300,426,955.14, up from CNY 2,489,277,360.15 in Q1 2021, representing a 32.5% increase[32] - Inventory stands at 2,204,298,787.54 RMB, down from 2,271,788,159.15 RMB at the end of 2021[23] Government Subsidies - The company received government subsidies amounting to CNY 2,867,463.96, which are closely related to its normal business operations[9]

Financial Performance - The company's operating revenue for Q3 2021 was ¥3,286,017,127.14, representing a year-on-year increase of 23.35%[6] - The net profit attributable to shareholders was -¥121,058,014.19, a decrease of 758.45% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥89,417,597.55, a decline of 312.38% year-on-year[6] - The basic earnings per share for the period was -¥0.12, reflecting a decrease of 1,100.00% year-on-year[6] - The weighted average return on net assets was -9.76%, a decrease of 8.76 percentage points compared to the previous year[6] - The net profit attributable to shareholders of the parent company was -2,384.78 million, reflecting changes in government subsidies and minority interests[15] - Net profit decreased to -¥122,517,764.37 compared to a profit of ¥70,088,604.73 in the previous year, indicating a decline of 274.7%[31] - The total comprehensive income for the period was -¥122,517,764.37, contrasting with ¥70,088,604.73 from the previous year[33] - The company’s total profit decreased to -¥73,549,222.89 from ¥123,124,978.47, a decline of 159.8% year-over-year[31] Assets and Liabilities - The total assets at the end of the reporting period were ¥19,295,993,719.96, down 5.81% from the end of the previous year[9] - The equity attributable to shareholders decreased to ¥1,235,552,030.42, a reduction of 14.70% compared to the previous year[9] - As of September 30, 2021, total assets amounted to approximately ¥19.30 billion, a decrease from ¥20.49 billion as of December 31, 2020, reflecting a decline of about 5.8%[22] - Current assets totaled approximately ¥5.98 billion, down from ¥6.84 billion, indicating a decrease of around 12.5%[22] - Accounts receivable decreased to approximately ¥644.26 million from ¥890.97 million, representing a decline of about 27.7%[22] - Inventory increased to approximately ¥2.79 billion from ¥2.44 billion, showing an increase of about 14.4%[22] - Non-current assets totaled approximately ¥13.31 billion, down from ¥13.65 billion, reflecting a decrease of about 2.5%[25] - Short-term borrowings decreased to approximately ¥4.17 billion from ¥4.67 billion, a reduction of about 10.8%[25] - Total current liabilities were approximately ¥12.61 billion, down from ¥13.45 billion, indicating a decrease of about 6.3%[25] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥733,349,321.17, an increase of 18.73% compared to the same period last year[6] - The net cash flow from investing activities was -121.41 million, primarily due to equity payments received in the previous year[15] - The net cash flow from investment activities was -49,944,456.23, a significant decline from 233,317,433.25 in the previous period[37] - Cash inflow from operating activities totaled 5,165,711,515.82, compared to 3,673,573,444.92 in the previous period, marking an increase of approximately 40.5%[37] - Cash outflow for operating activities was 4,432,362,194.65, up from 3,055,903,857.61, indicating an increase of about 45.0%[37] - Total cash inflow from financing activities was 8,024,476,372.47, compared to 9,554,058,414.00 in the prior period, indicating a decrease of about 16.0%[38] - Cash outflow for debt repayment was 3,220,837,252.41, down from 5,777,829,366.67, representing a reduction of approximately 44.0%[38] - The cash flow from financing activities resulted in a net outflow of -746,849,587.11, slightly improved from -855,228,649.03 in the previous period[38] Investments and Expenses - The company reported a significant increase in long-term equity investments by 54.05%, attributed to improved performance from its joint venture[12] - R&D expenses increased by 70.07% as the company focused on improving product quality and optimizing production processes[15] - Investment income surged by 179.35% mainly due to improved performance from affiliated mining companies[15] - The company reported a significant increase in credit impairment losses of -215.90% due to a decrease in accounts receivable balance[15] - The company’s financial expenses surged to ¥475,213,306.79, up from ¥210,544,860.35, an increase of about 125.5%[31] - The company reported a significant increase in tax expenses, totaling ¥64,693,097.54, slightly down from ¥65,802,547.56 in the previous year[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,583[15] - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 35.37% of the shares, amounting to 369,669,184 shares[17]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥5,852,287,619.38, representing a 38.44% increase compared to ¥4,227,308,846.00 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was -¥96,660,153.78, a decrease of 509.04% from a profit of ¥23,631,010.18 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥97,389,027.41, improving by 60.06% from -¥243,809,090.36 in the same period last year[24]. - The net cash flow from operating activities was ¥535,934,668.55, an increase of 210.17% compared to ¥172,789,798.74 in the previous year[24]. - The company reported a basic and diluted earnings per share of -0.09 CNY, a decrease of 550% compared to the same period last year[26]. - The net profit attributable to the parent company was -96.66 million CNY, a decline of 509.04% compared to the previous year, primarily due to changes in government subsidies and minority interests[30]. - The gross profit margin for the period was impacted by rising production costs, with operating costs increasing by 37.93% to 5.19 billion CNY[30]. - The company achieved a total revenue of approximately CNY 5.85 billion in the reporting period, representing a 38.44% increase compared to CNY 4.23 billion in the same period last year[46]. Assets and Liabilities - The total assets at the end of the reporting period were ¥19,863,130,644.07, a decrease of 3.05% from ¥20,487,202,136.99 at the end of the previous year[24]. - The total current assets as of June 30, 2021, amounted to CNY 6,415,317,032.91, a decrease of 6.2% from CNY 6,838,012,483.79 as of December 31, 2020[116]. - Total liabilities as of June 30, 2021, were CNY 12,886,828,678.95, down from CNY 13,447,945,286.64, a decrease of 4.2%[119]. - The total equity attributable to shareholders of the parent company was CNY 1,358,681,841.17, down from CNY 1,448,416,649.56, showing a decline of about 6.2%[121]. - The total liabilities amounted to CNY 14,982,448,645.20, a decrease from CNY 15,535,652,126.60 in the previous period, reflecting a reduction of approximately 3.5%[121]. Research and Development - Research and development expenses increased by 188.82% to 141.66 million CNY, reflecting the company's focus on improving product quality and optimizing production processes[30]. - The company reported a 188.82% increase in R&D expenses, totaling approximately CNY 141.66 million, aimed at improving product quality and optimizing production processes[46]. Environmental Compliance - The company maintained a 100% compliance rate for pollutant emissions, meeting national standards throughout the reporting period[43]. - The company achieved compliance with national pollution discharge standards for all monitored pollutants during the reporting period[60]. - The company has constructed over 50 pollution control facilities and a wastewater treatment center with a daily capacity of 20,000 tons, achieving 100% recycling of treated wastewater[68]. - The company has maintained compliance with national emission standards for 15 consecutive years and has obtained ISO14001 environmental management system certification[68]. - The company achieved a compliance rate of 100% across various monitored pollutants, demonstrating effective environmental management practices[65]. Investments and Financing - The total investment amount during the reporting period was 19,000,000 CNY, an increase of 9,000,000 CNY compared to the previous year's investment of 10,000,000 CNY[50]. - The company has provided guarantees totaling ¥47,000,000 to subsidiaries during the reporting period, with no outstanding guarantees at the end of the period[100]. - The company has borrowed ¥33,500,000 from Qinghai Provincial State-owned Assets Investment Management Co., Ltd., with the same amount recorded as cumulative transactions[94]. - The company has engaged in significant related transactions with various parties, including sales and purchases of products and services, totaling millions in transactions[90]. Shareholder Information - The company has a total of 56,777 common stock shareholders at the end of the reporting period[104]. - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 369,669,184 shares, accounting for 35.37% of the total shares, with 180,460,000 shares pledged[104]. - The company has not reported any changes in the controlling shareholders or actual controllers during the reporting period[110]. Risk Management - The company has detailed the risks faced in the management discussion and analysis section of the report[10]. - The company continues to face economic, industry, financial, and environmental risks, as noted in the report[53]. - The company has identified environmental risk sources and developed emergency response plans to handle potential environmental incidents[72]. Corporate Governance - The financial statements were approved by the board of directors on August 19, 2021, ensuring compliance with accounting standards[180]. - The company operates under the assumption of going concern, with no significant doubts about its ability to continue operations[181]. - The company confirmed that its financial statements comply with accounting standards, reflecting a true and complete picture of its financial status[189].

Financial Performance - Operating revenue for the period reached CNY 2,504,284,987.33, representing a 47.69% increase year-on-year[12] - Net profit attributable to shareholders was CNY -68,227,599.92, an improvement of 30.35% compared to the same period last year[12] - Basic earnings per share were CNY -0.07, an increase of 22.22% compared to the previous year[12] - The company's operating revenue for Q1 2021 was ¥2,504,284,987.33, an increase of 47.69% compared to ¥1,695,667,302.20 in Q1 2020[21] - The total profit for the first quarter of 2021 was 82,819,341.13 CNY, compared to a loss of 100,657,759.78 CNY in the same period of 2020[52] - Net profit for Q1 2021 was RMB 112,434.33, a significant recovery from a net loss of RMB 85,190,497.04 in Q1 2020[46] - Operating profit for Q1 2021 was RMB 29,438,634.20, compared to a loss of RMB 80,027,794.94 in the same period last year[46] Cash Flow - Net cash flow from operating activities was CNY 48,146,053.46, a significant increase of 122.22% compared to the previous year[12] - The company's cash flow from operating activities was ¥48,146,053.46, a substantial increase of 122.22% compared to a negative cash flow of ¥216,636,866.42 in the same period last year[24] - The net cash flow from financing activities was $68,769,922.30, compared to a net outflow of $130,899,163.18 in the previous period[61] - Cash inflow from financing activities was significantly higher at $3,022,558,098.46 compared to $1,866,811,348.65 in the previous period[61] - The ending balance of cash and cash equivalents was $65,753,176.44, an increase from the beginning balance of $31,627,249.76[61] Assets and Liabilities - Total assets at the end of the reporting period were CNY 20,270,007,788.98, a decrease of 1.06% compared to the end of the previous year[12] - The company reported a decrease in net assets attributable to shareholders of 4.47% compared to the end of the previous year[12] - The company's total liabilities decreased to ¥14,908,737,600.51 from ¥15,147,945,286.64, indicating improved financial stability[30] - Total liabilities decreased from ¥15,535,652,126.60 to ¥15,314,875,819.18, a reduction of approximately 1.42%[32] - Total equity increased from ¥4,951,550,010.39 to ¥4,955,131,969.80, reflecting a growth of about 0.04%[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 56,829[17] - The largest shareholder, Xining Special Steel Group Co., Ltd., held 35.37% of the shares[17] Research and Development - Research and development expenses surged to ¥33,319,628.90, a dramatic increase of 236,256.03% from ¥14,097.22, indicating a significant rise in R&D investment[24] - Research and development expenses in Q1 2021 amounted to RMB 33,319,628.90, a substantial increase from RMB 14,097.22 in Q1 2020[42] Future Outlook - The company plans to expand its market presence, focusing on strategic acquisitions and partnerships to enhance growth opportunities[56] - The company has provided guidance for future performance, indicating expectations for continued revenue growth and improved profitability in the upcoming quarters[56]

Financial Performance - The net profit attributable to the parent company for 2020 was ¥59,137,078.87, while the total distributable profit was -¥2,018,240,830.24 due to accumulated losses[5]. - The company reported a net profit of -¥43,997,756.85 for the parent company in 2020, leading to a decision not to distribute cash dividends or issue bonus shares[5]. - The company's operating revenue for the year was approximately CNY 10.08 billion, representing a 2.33% increase from the previous year[22]. - Net profit attributable to shareholders decreased by 38.20% to CNY 59.14 million compared to CNY 95.69 million in the previous year[22]. - The net cash flow from operating activities increased significantly by 137.96% to CNY 920.05 million, up from CNY 386.63 million[22]. - The company reported a basic earnings per share of CNY 0.06, down 33.33% from CNY 0.09 in the previous year[22]. - The total profit for 2020 was 223 million yuan, showing a significant increase of 71.54% from 130 million yuan in 2019[41]. - The net profit attributable to the parent company decreased by 38.54% to 59 million yuan in 2020 from 96 million yuan in 2019[41]. Research and Development - Research and development expenses surged by 476.06% to CNY 305.89 million, reflecting increased investment in product quality and production processes[27]. - The company has established a comprehensive R&D platform in collaboration with institutions like Beihang University and the Chinese Academy of Sciences, focusing on special steel materials[37]. - The company developed and expanded its product range, achieving a growth of 175% in new product development volume, reaching 86,000 tons[42]. - Total R&D investment amounted to ¥305,888,119.23, representing 3.04% of operating revenue[67]. - R&D expenses increased by 476.06% compared to the previous period, primarily due to increased investment in product quality, production process optimization, and product structure adjustment[66]. Operational Challenges and Risks - The company has acknowledged the existence of risks in its future development plans, as detailed in the management discussion and analysis section[6]. - The report indicates that the company will continue to monitor and address potential risks in its strategic planning[6]. - The company is focused on future business development needs despite the current operational challenges[5]. - The company faces risks from the ongoing COVID-19 pandemic, which may impact economic recovery and raw material prices, affecting profitability[90]. - The company is part of a competitive landscape with four major regional special steel groups in China, which may intensify market competition[88]. Environmental Compliance - The total emissions of particulate matter were 2,880.69 tons, with sulfur dioxide emissions at 523.48 tons and nitrogen oxides at 670.28 tons during the reporting period[121]. - The company achieved compliance with emission standards across all monitored discharge points, with specific concentrations such as 1.92 mg/m³ for the second refining discharge point and 4.12 mg/m³ for the first dust removal discharge point[125]. - The company has maintained a 100% compliance rate for pollutant discharge and has passed national certification for 14 consecutive years, receiving the ISO14001 environmental management system certification[132]. - The company has established a comprehensive environmental management system, revising 23 management regulations to ensure compliance with increasing national environmental standards[132]. - The company is committed to ongoing improvements in environmental performance, as evidenced by the successful management of various pollutants, including a total phosphorus level of 0.43 mg/L, well within the 2.0 mg/L limit[127]. Corporate Governance - The audit report issued by Dahua Certified Public Accountants confirmed the financial report's authenticity and completeness for the year[5]. - The company has not faced a situation where more than half of the directors could not guarantee the authenticity of the annual report[6]. - There were no violations of decision-making procedures regarding external guarantees[6]. - The company has not faced any risks of suspension or termination of listing during the reporting period[102]. - The company has implemented strict review processes for candidates for the board to ensure compliance with regulations[191]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 60,155, an increase from 56,829 at the end of the previous month[147]. - The largest shareholder, Xining Special Steel Group, held 369,669,184 shares, representing 35.37% of the total shares, with 111,860,000 shares pledged[147]. - The employee stock ownership plan allowed for the purchase of up to 3,899,000 shares, with a maximum funding amount of 22.45824 million RMB[146]. - The company has maintained a cash dividend policy aimed at maximizing shareholder returns, with no revisions to the relevant provisions in the Articles of Association during the reporting period[94]. - In the past three years, the company has not distributed any dividends, with net profits attributable to ordinary shareholders being CNY 59.14 million in 2020, CNY 95.69 million in 2019, and a loss of CNY 2.05 billion in 2018[95]. Employee and Training Programs - The total number of employees in the parent company and major subsidiaries is 3,838, with 2,824 in the parent company and 1,014 in major subsidiaries[175]. - The company completed 62 company-level training programs, training 6,733 participants, and 5,779 internal training programs at the secondary unit level, training 77,890 participants, achieving the training goals set at the beginning of the year[177]. - A total of 1,308 large-scale training programs were conducted throughout the year, training 49,048 participants over 1,909 class hours, with 669 programs focused on political theory training, involving 35,901 participants[180]. - The employee composition includes 2,370 production personnel, 119 sales personnel, 217 technical personnel, 55 financial personnel, 107 administrative personnel, and 970 others[175]. - The educational background of employees shows 600 with a bachelor's degree or higher, 1,259 with a college or vocational degree, and 1,979 with a technical school education or lower[175].