Financial Performance - Operating revenue for the first nine months was CNY 37,166,726,981.30, reflecting a year-on-year growth of 5.82%[18] - Net profit attributable to shareholders was CNY 1,235,627,431.99, a decrease of 16.72% compared to the same period last year[18] - Basic earnings per share for the reporting period was CNY 0.4821, a decline of 16.72% compared to the previous year[21] - The company's operating revenue for Q3 2020 reached ¥14,163,321,752.59, a 15.6% increase from ¥12,243,979,785.98 in Q3 2019[42] - The net profit for Q3 2020 was ¥462,993,548.84, compared to ¥218,522,496.33 in Q3 2019, reflecting a growth of 111.8%[44] - The earnings per share (EPS) for Q3 2020 was ¥0.1807, compared to ¥0.0853 in Q3 2019, representing an increase of 112.5%[46] Cash Flow - Net cash flow from operating activities for the first nine months was CNY 1,698,352,707.38, down 60.78% year-on-year[18] - Net cash flow from operating activities was CNY 1.698 billion, down from CNY 4.33 billion in the same period last year, primarily due to increased payments for goods[30] - The cash flow from operating activities for the first three quarters of 2020 was ¥29,313,709,261.86, up from ¥21,953,037,490.34 in the same period of 2019, indicating a growth of 33.5%[46] - The cash flow from operating activities net amount for the first three quarters of 2020 was ¥1,698,352,707.38, down from ¥4,329,862,288.29 in the same period of 2019, indicating a decline of 60.7%[46] - The net cash flow from investing activities was -1,845,133,238.30 RMB, a significant decrease compared to -26,273,608.49 RMB from the previous period[48] - Cash inflow from financing activities totaled 5,915,124,488.86 RMB, up from 3,302,784,361.21 RMB year-over-year[48] - The net increase in cash and cash equivalents was 11,790,378.40 RMB, compared to a substantial increase of 1,075,026,151.70 RMB in the previous period[48] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 27,510,774,995.97, an increase of 4.03% compared to the end of the previous year[18] - The company’s total assets reached CNY 27.51 billion, compared to CNY 26.45 billion at the beginning of the year[38] - The company’s total liabilities increased to CNY 13.84 billion, compared to CNY 13.75 billion at the beginning of the year[38] - The total liabilities increased to ¥16,089,797,851.52 from ¥15,102,315,390.88, marking a rise of 6.5% year-over-year[40] - Total current assets amounted to 13,907,445,397.34 RMB, remaining stable compared to the previous reporting period[51] - Total liabilities reached 15,102,315,390.88 RMB, indicating no change from the previous period[54] - The total assets of the company stood at 26,445,650,684.75 RMB, consistent with the previous reporting period[54] Shareholder Information - The total number of shareholders at the end of the reporting period was 52,863[22] - The largest shareholder, Guangxi Liuzhou Iron and Steel Group Co., Ltd., held 74.57% of the shares[23] - The company’s total owner's equity was 11,343,335,293.87 RMB, reflecting stability in shareholder value[54] Investments and Expenses - Long-term equity investments rose to CNY 51.68 billion, an increase of 53.97% from the beginning of the year, mainly from investments in Guangxi Steel Group[28] - Research and development expenses decreased to ¥333,999,315.85 in Q3 2020 from ¥446,937,869.69 in Q3 2019, a reduction of 25.3%[44] - Sales expenses for the reporting period were CNY 63.96 million, a year-on-year increase of 48.01%, mainly due to increased transportation costs for steel sales[30] - The company reported a total of CNY 17,882,686.75 in non-recurring gains and losses for the reporting period[18] Government Subsidies - Government subsidies recognized during the reporting period amounted to CNY 29,557,556.21, primarily from tax refunds and technology project achievements[18] Capital Plans - The company plans to increase capital in Guangxi Steel Group, which will make it the controlling shareholder and include Guangxi Steel in the consolidated financial statements[30] Accounting Standards - The company implemented new revenue recognition standards starting January 1, 2020, with no retrospective adjustments affecting prior periods[57]

2020 年第三季度报告 公司代码：601003 公司简称：柳钢股份 柳州钢铁股份有限公司 2020 年第三季度报告 1 / 16 2020 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 16 2020 年第三季度报告 单位：元 币种：人民币 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人陈有升、主管会计工作负责人王海英及会计机构负责人（会计主管人员）杜忠军 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |------------------------------------------------|------------------------------|------------------------------------|-- ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥23.00 billion, a slight increase of 0.55% compared to ¥22.88 billion in the same period last year[23]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥772.63 million, representing a decrease of 38.93% from ¥1.27 billion in the same period last year[23]. - The net cash flow from operating activities was approximately ¥210.79 million, a significant decline of 92.29% compared to ¥2.73 billion in the same period last year[23]. - Basic earnings per share for the first half of 2020 were ¥0.3015, down 38.93% from ¥0.4937 in the same period last year[24]. - The weighted average return on net assets decreased by 4.64 percentage points to 6.70% compared to 11.34% in the same period last year[26]. - The operating cost increased by 3.44% to approximately ¥21.24 billion from ¥20.53 billion year-on-year[55]. - Research and development expenses decreased by 11.91% to approximately ¥496.96 million from ¥564.13 million in the previous year[58]. - The company reported a decrease in operating profit to 875,284,818.50 RMB from 1,482,510,352.11 RMB, reflecting a decline of about 41%[133]. - The financial expenses increased to 72,903,161.70 RMB from 46,428,543.52 RMB, which is an increase of approximately 56.9%[128]. - Total comprehensive income for the first half of 2020 was ¥772,633,883.15, a decrease from ¥1,265,197,321.77 in the same period of 2019, representing a decline of approximately 39%[135]. Assets and Liabilities - The company's total assets at the end of the reporting period were approximately ¥26.61 billion, an increase of 0.63% from ¥26.45 billion at the end of the previous year[23]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥10.96 billion, a decrease of 3.38% from ¥11.34 billion at the end of the previous year[23]. - Cash and cash equivalents decreased by 50.42% to ¥229,635.03 million, accounting for 8.63% of total assets, primarily due to the maturity of accepted bills and increased accounts payable[59]. - Accounts receivable decreased by 74.30% to ¥8,737.26 million, representing 0.33% of total assets, mainly due to revenue recognition adjustments[59]. - Inventory increased by 44.18% to ¥703,655.69 million, accounting for 26.44% of total assets, primarily due to an increase in raw material stock[61]. - Short-term borrowings rose by 38.44% to ¥352,719.54 million, representing 13.25% of total liabilities, indicating increased financing needs[61]. - The total liabilities rose to 15,654,062,472.27 RMB compared to 15,102,315,390.88 RMB, marking an increase of about 3.66%[128]. - The total equity decreased to 10,959,401,221.95 RMB from 11,343,335,293.87 RMB, indicating a decline of approximately 3.39%[128]. Production Capacity and Market Position - The company remains a key player in the steel industry, focusing on the production of medium and thick plates, small and medium profiles, and steel billets[29]. - The company has a total ironmaking capacity of 11.5 million tons, with 1 high furnace of 2650m³, 2 high furnaces of 2000m³, 3 high furnaces of 1500m³, and 1 high furnace of 1250m³[36]. - The steelmaking capacity is 12.5 million tons, consisting of 5 converters of 150 tons and 3 converters of 120 tons[36]. - The rolling capacity totals 9 million tons, including various rolling mills for medium-thick plates and other steel products[36]. - In the first half of 2020, China's apparent crude steel consumption was 48.066 million tons, an increase of 3.8% year-on-year[42]. Strategic Initiatives and Innovations - The company has established a technical center for product R&D, collaborating with universities and research institutions to enhance innovation capabilities[36]. - The company aims to optimize resource allocation and deepen strategic cooperation with suppliers to build a flexible procurement supply chain[37]. - The company plans to leverage the Fangchenggang Steel Base project to enhance its product supply system and expand into ASEAN markets[2]. - The company successfully developed 11 new high-end products, increasing the proportion of specialty steel to 61.9%, generating a profit of ¥392 million[49]. - The company signed long-term contracts for quality raw materials, enhancing its ability to respond to market volatility[47]. Environmental and Social Responsibility - The company has made significant progress in environmental protection projects, improving its ecological footprint[52]. - The company donated over 1,000 tons of steel, valued at approximately ¥4.8 million, to support pandemic prevention efforts[53]. - The company’s total carbon dioxide emissions were reported at 11,697,336 tons, with no exceedance of emission standards[94]. - The company’s total sulfur dioxide emissions were reported at 2,101.26 tons, also within the allowable limits[94]. - The company has established four industrial wastewater treatment stations, recycling over 52 million tons of treated wastewater, significantly improving the comprehensive utilization rate of wastewater[95]. Legal and Compliance Matters - 柳钢股份在诉讼中涉及金额为1,700万元，案件类型为票据纠纷，南宁中院已作出终审判决[78]. - 另一诉讼案件中，柳钢股份涉及金额为1,550.47万元，判决被告需在十日内支付原告[78]. - 柳钢股份承诺在广西钢铁项目竣工后五年内解决同业竞争问题，预计竣工时间为2021年1月[75]. - 柳钢股份与广西钢铁的潜在同业竞争问题已得到进一步明确，计划在2021年至2026年间进行治理结构调整[75]. - 报告期内，柳钢股份未发生重大诉讼、仲裁事项[78]. Shareholder and Governance - The total number of common stock shareholders reached 52,507 by the end of the reporting period[104]. - The company has maintained its share capital structure without any changes during the reporting period[107]. - The total number of shares held by Guangxi Liuzhou Iron and Steel Group Co., Ltd. is 1,910,963,595, accounting for 74.57% of the total shares[111]. - The company has undergone changes in its board of directors, with several members resigning and new members being elected, indicating a strategic shift in governance[116]. - There are no changes in the controlling shareholder or actual controller of the company, ensuring stability in ownership structure[116].

Financial Performance - Operating revenue for the reporting period was approximately CNY 10.69 billion, an increase of 4.16% year-on-year[12] - Net profit attributable to shareholders was approximately CNY 164.43 million, a decrease of 57.15% compared to the same period last year[12] - Basic earnings per share were CNY 0.0642, down 57.11% from CNY 0.1497 in the previous year[12] - The company reported a decrease in net profit after deducting non-recurring gains and losses by 58.22% to approximately CNY 157.58 million[12] - Net profit decreased by 57.30% to 0.164 billion CNY, attributed to a decline in steel prices and rising raw material costs[26] - The company's total revenue for Q1 2020 was CNY 10,687,038,410.67, an increase of 4.16% compared to CNY 10,260,744,557.02 in Q1 2019[43] - Operating profit for Q1 2020 was CNY 193,259,878.35, a decrease of 56.5% from CNY 445,696,846.02 in Q1 2019[43] - The net profit for Q1 2020 was approximately ¥164.43 million, a decrease from ¥383.70 million in Q1 2019, representing a decline of about 57%[45] - The total comprehensive income for Q1 2020 was ¥164.43 million, down from ¥383.70 million in Q1 2019, indicating a decrease of approximately 57%[45] - Basic and diluted earnings per share for Q1 2020 were both ¥0.0642, compared to ¥0.1497 in Q1 2019, reflecting a decline of about 57%[45] Cash Flow and Investments - Net cash flow from operating activities was negative CNY 383.77 million, compared to positive CNY 1.40 billion in the same period last year[12] - Cash flow from operating activities was -0.383 billion CNY, a significant decrease from 1.402 billion CNY in the same period last year, mainly due to increased payments for goods and notes payable[26] - The company reported a net cash outflow from investment activities of -0.457 billion CNY, compared to -0.00963 billion CNY in the same period last year, primarily due to increased investment in Guangxi Steel Group[26] - Cash inflow from operating activities totaled approximately ¥6.79 billion in Q1 2020, slightly up from ¥6.74 billion in Q1 2019, marking an increase of about 0.8%[49] - Cash outflow from operating activities reached approximately ¥7.17 billion in Q1 2020, compared to ¥5.34 billion in Q1 2019, indicating an increase of about 34.4%[49] - The company reported cash outflows for investment activities of approximately ¥457.25 million in Q1 2020, compared to ¥9.65 million in Q1 2019, indicating a significant increase in investment spending[49] Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 25.91 billion, a decrease of 2.00% compared to the end of the previous year[12] - The company's total assets decreased to CNY 25,914,966,514.88 from CNY 26,445,650,684.75, a decline of 2%[41] - Current liabilities totaled CNY 13,362,642,161.50, down from CNY 13,752,886,091.73, a decrease of 2.83%[41] - Total liabilities reached $15.10 billion, with current liabilities at $13.75 billion[55] - The company reported a short-term loan of $2.36 billion and accounts payable of $5.10 billion[55] - The company has a long-term loan of $1.28 billion and deferred income of $71.43 million[55] Shareholder Information - The total number of shareholders at the end of the reporting period was 51,959, with the largest shareholder holding 74.57% of the shares[19] - The company’s net assets attributable to shareholders increased by 1.46% to approximately CNY 11.51 billion compared to the end of the previous year[12] - The total equity increased to CNY 11,508,759,420.32 from CNY 11,343,335,293.87, representing a growth of 1.45%[43] - Shareholders' equity totaled $11.34 billion, including undistributed profits of $6.63 billion[57] Expenses and Costs - Research and development expenses surged by 108.55% to 0.244 billion CNY, reflecting the company's increased investment in new technologies and product innovation[26] - Sales expenses increased by 102.81% to 0.347 billion CNY, mainly due to higher transportation costs for steel products[26] - Management expenses rose by 53.94% to 1.37 billion CNY, primarily driven by increased labor costs[26] Future Plans and Strategies - The company plans to implement capacity replacement projects in coastal areas to optimize the steel industry layout in Guangxi[27] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[42] - The company is closely monitoring market dynamics and has adjusted its raw material structure to balance production amid procurement difficulties caused by the pandemic[34] Accounting and Standards - The company executed the new revenue recognition standard starting January 1, 2020, with no retrospective adjustments affecting prior periods[58]

Financial Performance - In 2019, the company achieved a net profit of CNY 2,346,853,393.59, a decrease of 49.09% compared to the previous year[7]. - The total revenue for 2019 was CNY 48,620,101,780.87, reflecting a year-on-year increase of 2.68%[24]. - Basic earnings per share for 2019 were CNY 0.9157, down 49.09% from CNY 1.7987 in 2018[27]. - The net cash flow from operating activities was CNY 4,885,387,069.19, a decrease of 13.56% compared to the previous year[24]. - The company reported a weighted average return on equity of 21.71%, down 30.93 percentage points from 52.64% in 2018[27]. - The company achieved a 30.9% year-on-year decline in profits, reflecting the challenging operating environment in the steel industry[50]. - The company's operating revenue for 2019 was 48.62 billion yuan, an increase of 2.68% compared to the previous year, while operating costs rose to 43.87 billion yuan, up 8.24% year-on-year[64]. - The company reported a total revenue of 10,000 million with a net profit of 1,225.98 million, reflecting a strong financial performance[162]. Assets and Liabilities - The company's total assets at the end of 2019 amounted to CNY 26,445,650,684.75, up 5.99% from the end of 2018[27]. - The asset-liability ratio at the end of the reporting period was 57.11%, a decrease of 0.69 percentage points year-on-year, indicating improved financial stability[61]. - Cash and cash equivalents decreased by 41.17% to ¥351,277.51 million, primarily due to increased investment expenditures in 2019[82]. - Short-term borrowings and notes payable decreased by 55.21% to ¥235,509.75 million, reflecting a reduction in overall debt[82]. - Accounts payable increased by 27.64% to ¥510,450.80 million, suggesting higher operational liabilities[82]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 4.5 per 10 shares, pending approval at the annual shareholders' meeting[7]. - The cash dividend for 2019 is set at ¥4.5 per 10 shares (including tax), amounting to a total cash distribution of ¥1,153,256,940.00, which represents 49.14% of the net profit attributable to ordinary shareholders[113]. - The company has a policy to distribute at least 30% of the annual distributable profit as cash dividends, provided certain conditions are met[112]. - The board of directors must provide a detailed explanation if cash dividends are not proposed despite positive profits and distributable earnings[111]. Market and Product Development - The company has invested in the Fangchenggang steel base project, which will enhance its product supply system and optimize product structure, targeting ASEAN markets[36]. - The company aims to leverage the geographical advantages of the Fangchenggang steel base to expand its market presence in ASEAN countries[36]. - The company’s main products include medium and thick plates, small and medium profiles, and steel billets, with applications in various industries such as machinery manufacturing and energy transportation[36]. - The company aims to achieve a pig iron production target of 12 million tons and a steel production target of 13 million tons in 2020, with a striving goal of 12.5 million tons and 13.8 million tons respectively[102]. - Future outlook includes continued focus on market expansion and new product development, supported by increased R&D investment[75]. Research and Development - The company has established a comprehensive innovation system for product development, collaborating closely with universities and research institutions to enhance R&D capabilities[44]. - The company's R&D expenditure reached 1.398 billion yuan, a significant increase of 423.72% compared to the previous year, reflecting a strong commitment to innovation[61]. - The company is investing in R&D for new technologies, with a budget allocation of 200 million for the upcoming year to enhance product offerings[165]. Environmental and Social Responsibility - The company has completed 40 sets of online pollution source monitoring and achieved zero environmental pollution incidents during the year, meeting all discharge standards[60]. - The company has achieved over 80% of its electricity consumption from self-generated power through CO2 reduction projects, placing it at a leading level domestically[138]. - The company has implemented a comprehensive environmental monitoring plan in accordance with national regulations, ensuring transparency in pollutant emissions[143]. - The company emphasizes continuous improvement in environmental quality and efficiency, aiming for high-quality development while sharing growth benefits with stakeholders[99]. Governance and Compliance - The company has established a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring the separation of ownership and management to maximize shareholder value[181]. - The independent directors have actively fulfilled their responsibilities, focusing on protecting the rights of minority shareholders[183]. - The company has developed a clear decision-making process for related party transactions, ensuring fairness and transparency in all dealings[181]. - The company has implemented a performance evaluation mechanism for senior management, which includes a closed-loop process of performance planning, implementation, evaluation, and feedback[195]. Employee Management - The company employed a total of 9,534 staff, with 7,260 in production roles, 131 in sales, and 538 in technical positions[176]. - The company has increased employee income compared to the previous year, reflecting a performance-oriented corporate culture[177]. - The company has implemented a comprehensive training program to enhance employee skills and professional conduct, including various training methods[178]. - The company has made adjustments to its remuneration policy to ensure competitive compensation based on employee contributions[177].

Financial Performance - Net profit attributable to shareholders decreased by 54.41% to CNY 1,483,719,818.10 compared to the same period last year[18] - Operating revenue for the first nine months rose by 1.94% to CNY 35,121,753,464.48[18] - Net profit for the reporting period was 1.484 billion, a decrease of 54.41% year-on-year, primarily due to a decline in steel prices and the impact of raw material costs[28] - The net profit for Q3 2019 was approximately ¥218.52 million, down 82.00% from ¥1.21 billion in Q3 2018[44] - The operating profit for Q3 2019 was approximately ¥223.76 million, a significant decrease of 84.32% from ¥1.43 billion in Q3 2018[42] - Basic earnings per share fell by 54.41% to CNY 0.5789[21] - The company's earnings per share (EPS) for Q3 2019 was ¥0.0853, a decrease from ¥0.4736 in Q3 2018[44] Cash Flow - Net cash flow from operating activities decreased by 7.51% to CNY 4,329,862,288.29[18] - Cash flow from operating activities for the reporting period was 4.33 billion, a decrease of 7.51% year-on-year, mainly due to the collection of receivables[28] - Cash inflow from operating activities for the first three quarters of 2019 was approximately CNY 21.95 billion, compared to CNY 24.48 billion in the same period of 2018, reflecting a decrease of about 10.3%[47] - Total cash inflow from operating activities was CNY 21.95 billion, while total cash outflow was CNY 17.62 billion, resulting in a net cash flow of CNY 4.33 billion[47] - Cash inflow from financing activities was approximately CNY 3.30 billion, down from CNY 7.24 billion in the same period last year, representing a decrease of about 54.4%[47] - The net cash flow from financing activities was approximately CNY -3.23 billion, compared to CNY -2.68 billion in the previous year, indicating a worsening situation[49] Assets and Liabilities - Total assets increased by 12.09% year-on-year, reaching CNY 27,968,355,350.60[18] - The total liabilities increased to approximately ¥17.49 billion in the latest report, compared to ¥14.42 billion in the previous period[40] - The total equity decreased to approximately ¥10.48 billion, down from ¥10.53 billion in the previous period[40] - Other receivables at the end of the reporting period amounted to 24.45 million, an increase of 196.98% compared to the beginning of the year[28] - Notes payable increased to 5.286 billion, a significant rise of 384.31% compared to the beginning of the year, primarily due to increased procurement payments for raw materials[28] Expenses and Investments - Research and development expenses for the reporting period were 1.011 billion, an increase of 574.72% year-on-year, reflecting the company's intensified innovation efforts in new technologies and products[28] - Research and development expenses surged to approximately ¥446.94 million in Q3 2019, up 473.36% from ¥77.96 million in Q3 2018[42] - The total operating costs for Q3 2019 were approximately ¥11.41 billion, an increase of 14.03% from ¥10.00 billion in Q3 2018[42] - Employee compensation payable at the end of the period was 107 million, an increase of 65.45% from 64 million at the beginning of the year, mainly due to increased advance payments[28] Shareholder Information - The total number of shareholders reached 59,411 by the end of the reporting period[26] - The largest shareholder, Guangxi Liuzhou Steel Group Co., Ltd., holds 74.57% of the shares[26] Tax and Refunds - Tax payable decreased to 410 million, down 38.25% from 664 million at the beginning of the year, mainly due to a reduction in value-added tax[28] - The cash received from tax refunds was CNY 28.30 million, showing a slight increase from CNY 22.83 million in the previous year[47]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 22,877,773,678.50, representing a 1.30% increase compared to CNY 22,583,288,487.07 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 37.998% to CNY 1,265,197,321.77 from CNY 2,040,573,358.16 year-on-year[18]. - The basic earnings per share for the first half of 2019 was CNY 0.4937, down 37.9929% from CNY 0.7962 in the same period last year[18]. - The total operating revenue for the first half of 2019 was CNY 22,877,773,678.50, an increase from CNY 22,583,288,487.07 in the same period of 2018, representing a growth of approximately 1.3%[106]. - The net profit for the first half of 2019 was CNY 1,265,197,321.77, down from CNY 2,040,573,358.16 in the previous year, indicating a decline of approximately 37.9%[106]. - The total profit before tax for the first half of 2019 was CNY 1,488,467,437.38, down from CNY 2,400,674,539.01, indicating a decline of about 38%[106]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 1,771.64% to CNY 2,734,170,168.87 compared to CNY 146,084,572.71 in the previous year[18]. - The company's cash and cash equivalents decreased by 22.43% to approximately $4.63 billion, down from $5.97 billion in the previous period[43]. - Cash inflow from operating activities totaled 13,670,744,066.43 RMB, down 6.7% from 14,650,342,718.67 RMB year-over-year[108]. - Cash outflow from operating activities decreased from 14,504,258,145.96 RMB to 10,936,573,897.56 RMB, a reduction of approximately 24.5%[108]. - Total cash and cash equivalents at the end of the period were 4,326,964,805.40 RMB, down from 5,903,526,068.44 RMB at the beginning of the period[111]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 24,642,792,427.36, a decrease of 1.23% from CNY 24,950,844,655.07 at the end of the previous year[18]. - The company achieved a debt-to-asset ratio of 58.36%, a decrease of 6.08 percentage points compared to the previous year[37]. - The total liabilities increased by 212.16% for notes payable, reaching approximately $3.41 billion, reflecting the company's need to ensure operational financing[45]. - The company's total liabilities decreased slightly to CNY 14,381,720,555.85 from CNY 14,422,248,830.35, a reduction of about 0.3%[106]. - The company's total liabilities decreased to CNY 15,000,000,000, reflecting a strategic reduction in debt levels[102]. Production and Operations - The company continues to operate in the steel production sector, focusing on sintering, ironmaking, and steelmaking, with products sold in both domestic and international markets[23]. - In the first half of 2019, the company produced 610.18 million tons of pig iron, 649.55 million tons of steel, and 390.73 million tons of steel products, representing year-on-year increases of 2.61%, 1.98%, and 4.81% respectively[37]. - The average daily crude steel production reached 2.9177 million tons in June, a month-on-month increase of 1.52%, setting a new historical high[35]. - The company implemented a dynamic adjustment of production arrangements to optimize resource allocation based on market conditions, improving sales efficiency[30]. Research and Development - Research and development expenses surged by 684.67% to approximately $564.13 million, reflecting the company's increased focus on technological innovation[42]. - The company successfully developed new products including prestressed steel strands and low-alloy steel for export, enhancing its product portfolio[38]. Market and Sales - The company anticipates a stable demand for steel in the second half of 2019 due to government infrastructure investments estimated to drive demand for over 20 million tons of steel[31]. - The company registered 2,220 members on its e-commerce platform, all of whom are steel traders, indicating a growing online sales presence[30]. - The company is actively exploring market expansion in regions such as East China, Southwest China, and the Guangdong-Hong Kong-Macao Greater Bay Area[30]. Environmental Initiatives - The company has achieved 80% of its electricity consumption from self-generated power through CO2 reduction projects[71]. - The company has established over 200 sets of waste gas treatment facilities, achieving significant reductions in dust, SO2, and NOX emissions[68]. - The company has implemented a solid waste management plan, ensuring effective management of hazardous waste with no environmental safety incidents reported in the first half of 2019[71]. - The company aims to create a "Green Liu Steel" initiative, focusing on sustainable development and environmental protection[68]. Shareholder Information - The company reported a total of 62,576 common stock shareholders as of the end of the reporting period[91]. - The largest shareholder, Guangxi Liuzhou Iron and Steel Group Co., Ltd., holds 1,910,963,595 shares, representing 74.57% of the total shares[91]. Legal and Compliance - The company is involved in a significant lawsuit regarding a bill dispute, with the amount involved being CNY 17 million, and the court has ruled that the bank must pay within 10 days[56]. - The company has fully provided for bad debts amounting to CNY 17 million as of December 31, 2017, related to the aforementioned lawsuit[56]. - The company has initiated legal actions to recover losses from a financial loan contract dispute, with claims amounting to CNY 1,550.47 million[58]. Accounting Policies - The financial statements comply with the requirements of enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[128]. - The company has adjusted its financial statements according to new accounting standards issued in 2017 and 2019, with no significant impact on financial condition and operating costs[189]. - The company recognizes revenue from the sale of goods when the main risks and rewards of ownership have transferred to the buyer, and the amount can be reliably measured[177].

证券代码：601003 证券简称：柳钢股份 公告编号：2019-024 柳州钢铁股份有限公司 关于参加投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，柳州钢铁股份有限公司（以下简称"公司"） 将参加由广西上市公司协会、上证所信息网络有限公司、深圳市全景网络有限公司共 同举办的"2019 年广西地区上市公司投资者网上集体接待日活动"，现将有关事项公 告如下： 本次集体接待日活动将通过上证所信息网络有限公司提供的互联网平台举行，投 资者可以登录"上证路演中心"网站（http：//roadshow.sseinfo.com ）或关注微 信公众号：上证路演中心（sse_roadshow），参与公司本次投资者集体接待日活动， 活动时间为 2019 年 5 月 28 日（星期二）14:00 至 17:00。 届时公司总经理覃佩诚先生，董事会秘书、副总经理裴侃先生，副总会计师杜忠 军先生将通过网络在线问答互动的形式，与投资者就公司治理、发展经营情况、融资 情况和可持续发展等 ...

Financial Performance - Net profit attributable to shareholders was CNY 383,701,180.48, down 63.32% year-on-year[12]. - Operating revenue for the period was CNY 10,260,744,557.02, representing a decline of 9.60% compared to the same period last year[12]. - Basic earnings per share decreased by 63.32% to CNY 0.1497[12]. - The weighted average return on net assets fell by 9.97 percentage points to 3.58%[12]. - Revenue for the reporting period was CNY 10.261 billion, a decrease of CNY 1.09 billion or 9.60% year-on-year, primarily due to reduced steel sales volume and price declines[21]. - Net profit for the reporting period was CNY 384 million, down 63.32% year-on-year, mainly due to a decline in steel prices and rising raw material costs[21]. - Operating profit for Q1 2019 was ¥445,696,846.02, down from ¥1,230,300,072.69 in Q1 2018, reflecting a decline of about 63.7%[41]. - Net profit for Q1 2019 was ¥383,701,180.48, compared to ¥1,046,005,250.13 in Q1 2018, representing a decrease of approximately 63.4%[41]. - The basic earnings per share for Q1 2019 was ¥0.1497, down from ¥0.4082 in Q1 2018, a decrease of about 63.3%[41]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,686,491,607.35, a decrease of 1.06% compared to the end of the previous year[12]. - Total liabilities decreased to ¥13,770,035,537.73 from ¥14,422,248,830.35, indicating a reduction of about 4.5%[37]. - The company's total assets amounted to ¥24,686,491,607.35, a slight decrease from ¥24,950,844,655.07 in the previous period[37]. - The total equity of the company rose to ¥10,916,456,069.62 from ¥10,528,595,824.72, reflecting an increase of approximately 3.7%[37]. - The company reported a decrease in short-term borrowings from ¥5,257,747,730.86 to ¥3,745,825,000.00, a reduction of approximately 29.0%[37]. Cash Flow - Net cash flow from operating activities increased by 8.50% to CNY 1,401,757,218.02 compared to the previous year[12]. - The company's cash flow from operating activities was ¥6,686,873,982.10, down from ¥7,702,181,338.32 in Q1 2018, a decline of approximately 13.2%[44]. - Cash inflow from financing activities was $630.48 million, down from $1.10 billion, representing a decrease of approximately 42.7%[46]. - Net cash flow from financing activities was -$1.56 billion, slightly improved from -$1.63 billion, showing a reduction of about 4.3%[46]. - The ending cash and cash equivalents balance was $5.73 billion, down from $2.52 billion, reflecting a decrease of approximately 77.3%[46]. - The company reported a total cash outflow of $170.57 million, compared to $321.24 million in the previous period, indicating an improvement of about 47%[46]. - The company did not report any cash received from investment activities in the current period, compared to $53.61 million in the previous period[46]. Research and Development - R&D expenses increased to CNY 117 million, a significant rise of 382.91% year-on-year, reflecting the company's intensified efforts in new technology and product innovation[21]. - Research and development expenses increased significantly to ¥116,709,031.54 from ¥24,167,721.78, marking an increase of about 384.5%[39]. Shareholder Information - Total number of shareholders at the end of the reporting period was 57,539[15]. - The largest shareholder, Guangxi Liuzhou Steel Group Co., Ltd., held 1,910,963,595 shares, accounting for 74.57% of total shares[17]. Other Financial Metrics - Government subsidies related to energy-saving and environmental protection projects amounted to CNY 1,920,934.39[15]. - The company reported a total of CNY 6,491,655.58 in non-recurring gains and losses for the period[15]. - Accounts receivable increased to CNY 261 million, up 46.65% from CNY 178 million at the beginning of the year, mainly due to increased receivables from steel sales[21]. - Other receivables rose to CNY 16.13 million, up 95.87% from CNY 8.23 million at the beginning of the year, primarily due to increased prepaid transportation costs[21]. - Employee compensation payable decreased to CNY 103 million, down 55.9% from CNY 233 million at the beginning of the year, primarily due to the distribution of last year's accrued year-end bonuses[21]. - Tax payable decreased to CNY 264 million, down 60.15% from CNY 664 million at the beginning of the year, mainly due to a reduction in value-added tax[21]. - Other income decreased to CNY 1.92 million, down 81.84% year-on-year, primarily due to a reduction in government subsidies[21]. - Other current assets increased to CNY 63.01 million, a 100% increase from the beginning of the year, mainly due to an increase in the value-added tax credit[21].

Financial Performance - In 2018, the company achieved a net profit of CNY 4,609,698,845.79, representing a 74.20% increase compared to CNY 2,646,176,293.67 in 2017[6]. - The total operating revenue for 2018 was CNY 47,351,110,185.21, which is a 13.94% increase from CNY 41,557,169,054.26 in 2017[23]. - The net cash flow from operating activities reached CNY 5,651,591,911.39, up 22.53% from CNY 4,612,592,644.16 in the previous year[23]. - The company's total assets at the end of 2018 were CNY 24,950,844,655.07, an 8.13% increase from CNY 23,073,917,245.23 at the end of 2017[23]. - The net assets attributable to shareholders of the listed company increased by 46.25% to CNY 10,528,595,824.72 from CNY 7,199,197,932.14 in 2017[23]. - Basic earnings per share for 2018 were CNY 1.7987, a 74.21% increase from CNY 1.0325 in 2017[23]. - The weighted average return on net assets was 52.64% in 2018, an increase of 7.94 percentage points from 44.70% in 2017[23]. - The total profit for the period was 5.39 billion RMB, with a tax contribution of 2.38 billion RMB[65]. - The company reported a profit before tax of 5.39 billion CNY, representing a 77.41% year-on-year growth[80]. Dividend Policy - The company plans to distribute a cash dividend of CNY 6 per 10 shares, pending approval at the annual shareholders' meeting[6]. - The cash dividends distributed in the last three years accounted for 33.36% of the net profit attributable to ordinary shareholders in 2018, 48.42% in 2017, and 39.14% in 2016[111]. - The company will distribute at least 10% of the distributable profit as cash dividends in profitable years, provided that certain conditions are met[109]. - The company has a policy of prioritizing cash dividends, with the option to distribute stock dividends under specific conditions[109]. - The company has not proposed a cash dividend distribution plan for the current year despite having positive distributable profits, and will disclose the reasons and intended use of retained earnings if applicable[112]. - The company’s profit distribution policy emphasizes continuity and stability, considering the interests of all shareholders and sustainable development[109]. Market and Sales Performance - In 2018, the company's main business revenue reached 44.489 billion yuan, representing a year-on-year growth of 14.45%[50]. - The company has a strong market presence in South China and has expanded its reach to Southeast Asia, Europe, and Africa[35]. - The e-commerce business generated revenue of CNY 363 million in 2018, with 2,058 registered members on the platform[40]. - The sales channels include distributors, direct supply to end customers, and e-commerce, with a focus on adapting to market demands[40]. - The company focused on market expansion in key regions such as East China, Hainan, and the Guangdong-Hong Kong-Macao Greater Bay Area[42]. Production and Capacity - The company has a total ironmaking capacity of 11.5 million tons, with specific capacities of 2.6 million tons for a 2750m³ blast furnace and 2.24 million tons for a 2650m³ blast furnace[54]. - The steelmaking capacity totals 12.5 million tons, with 8.25 million tons from five 150-ton converters and 4.25 million tons from three 120-ton converters[54]. - The company produced 19 large-scale production line switches and product adjustments throughout the year to maximize the efficiency of limited steel billets[55]. - The production volumes for iron, steel, and steel products were 12.15 million tons, 13.08 million tons, and 7.65 million tons, reflecting increases of 5.65%, 6.34%, and 5.96% respectively[65]. - The company achieved a steel production target of 12.5 million tons, with a profit target of 2 billion RMB for the upcoming year[103]. Research and Development - The company has established a comprehensive "research-production-sales-service" development chain for new product development, collaborating with universities and research institutions[37]. - Research and development expenses surged by 425.95% to 267.11 million RMB, indicating a strong focus on innovation[66]. - The company developed 15 new grades of 65Mn spring steel, resulting in 36 authorized patents[47]. - The number of R&D personnel was 79, making up 0.81% of the total workforce[83]. Environmental Initiatives - The company maintained a zero environmental pollution accident record, with industrial wastewater treatment achieving 100% compliance[47]. - The company has achieved an 80% self-generated electricity rate through various CO2 reduction projects, including dry quenching and TRT high furnace gas power generation, leading to significant contributions to CO2 emissions reduction[136]. - The company has established three industrial wastewater treatment stations, with an investment of CNY 120 million, achieving a total recycled and treated water volume of 51 million tons, contributing to near-zero industrial wastewater discharge[134]. - The company has reduced total nitrogen pollutants in coking wastewater by 76% through the operation of a post-denitrification system, which was completed with an investment of CNY 30 million[134]. Governance and Compliance - The company has implemented a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring the separation of ownership and management rights[179]. - The board of directors held 7 meetings during the year, with all directors attending in person[185]. - The independent directors have actively fulfilled their responsibilities, particularly in protecting the rights of minority shareholders[182]. - The company has maintained transparency in information disclosure, adhering to legal requirements and ensuring timely updates to stakeholders[182]. Shareholder Information - The total number of common stock shareholders reached 64,503, an increase from 57,632 in the previous month[145]. - The largest shareholder, Guangxi Liuzhou Steel Group Co., Ltd., holds 1,910,963,595 shares, representing 74.57% of total shares[145]. - The company has no strategic investors or major shareholders due to new share placements[148]. - There are no reported changes in the controlling shareholder during the reporting period[151]. Legal Matters - The company is involved in significant litigation, including a case against Huaxia Bank for RMB 1,700 million related to a bill dispute, with a final judgment requiring payment and interest[120]. - The company has ongoing litigation with Xiamen Tuoxing Group for RMB 1,637.64 million, with a court ruling requiring immediate payment, although execution was terminated due to lack of assets[120]. - The company has successfully defended against a financial loan contract dispute with Industrial and Commercial Bank of China, resulting in a complete victory[120].