SHANDONG STEEL(600022)2024-03-29 16:00Financial Performance - Total operating revenue for 2023 was ¥90,475,061,843.70, a decrease of 11.8% from ¥102,289,420,015.55 in 2022[14]. - Operating profit for 2023 was -¥263,754,727.37, compared to a profit of ¥1,362,710,896.77 in 2022[14]. - Net profit for 2023 was -¥70,611,976.36, a significant decline from ¥1,415,953,504.51 in 2022[14]. - The company's operating revenue for 2023 was ¥56,820,364,708.41, a decrease of 11.7% compared to ¥64,517,466,714.47 in 2022[16]. - The net profit for 2023 was ¥86,723,692.69, down from ¥1,275,875,770.11 in the previous year, indicating a significant decline[16]. - The total profit for 2023 was ¥68,839,739.57, compared to ¥1,138,410,002.88 in 2022, showing a substantial decrease[16]. - The company reported a basic earnings per share of -¥0.0373 for 2023, down from ¥0.0517 in 2022[14]. - The net profit attributable to shareholders of the listed company for 2023 was a loss of approximately ¥399.60 million, a decline of 172.18% from a profit of ¥553.65 million in 2022[197]. - The net cash flow from operating activities was negative at approximately ¥1.21 billion, a decrease of 122.18% compared to ¥5.46 billion in 2022[197]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, with a loss of approximately ¥624.56 million in 2023 compared to a profit of ¥333.68 million in 2022, a decline of 287.17%[197]. Assets and Liabilities - As of December 31, 2023, the company's total assets amounted to 66.75 billion, a decrease from 69.08 billion in the previous year, representing a decline of approximately 3.4%[9]. - The company's total liabilities decreased to 36.13 billion from 37.27 billion, a reduction of approximately 3.1%[10]. - The company's equity attributable to shareholders decreased to 21.13 billion from 21.84 billion, reflecting a decline of about 3.2%[10]. - The company's total current assets decreased to 14.63 billion from 16.17 billion, reflecting a decline of about 9.5%[9]. - The company's long-term equity investments decreased to 1.94 billion from 2.01 billion, a reduction of approximately 3.5%[9]. - The total assets at the end of 2023 were approximately ¥66.75 billion, down 3.37% from ¥69.08 billion at the end of 2022[197]. - The company's net assets attributable to shareholders at the end of 2023 were approximately ¥21.13 billion, a decrease of 3.25% from ¥21.84 billion in 2022[197]. Cash Flow and Investments - The company's cash and cash equivalents decreased to 6.14 billion from 7.89 billion, reflecting a reduction of about 22.1% year-over-year[9]. - The company reported a decrease in investment income to ¥879,885,004.46 in 2023 from ¥1,738,264,830.52 in 2022, a decline of 49.3%[16]. - The company’s total assets at the end of the reporting period were valued at approximately 524.48 million RMB, reflecting a fair value change loss of 4.25 million RMB during the period[144]. Research and Development - Research and development expenses for 2023 were ¥2,086,123,842.70, a slight decrease from ¥2,097,033,170.07 in 2022[14]. - Research and development expenses increased to ¥734,121,959.23 in 2023, up from ¥618,430,514.85 in 2022, reflecting an 18.7% rise[16]. Market and Industry Context - The steel industry in China saw crude steel production at 101.91 million tons, remaining stable year-on-year, while steel output increased by 5.2% to 136.27 million tons[150]. - The apparent consumption of steel in China decreased by 3.5% in 2023, with expectations for further decline in 2024[151]. - The steel industry faced significant challenges, with sales profit margins at historical lows, and the industry is expected to focus on low-carbon metallurgy and energy-saving technologies[150]. Governance and Compliance - The company has implemented a governance structure that ensures equal treatment of all shareholders, particularly minority shareholders, during decision-making processes[121]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[121]. - The company has established a management system for insider information to enhance confidentiality and compliance during significant reporting periods[125]. Future Plans and Strategies - In 2024, the company plans to produce 11.5 million tons of pig iron, 16.07 million tons of crude steel, and 16.85 million tons of finished products[113]. - The total planned fixed asset investment for 2024 is 1.4572 billion yuan, with specific projects including 128.95 million yuan for the new continuous casting machine renovation and 400 million yuan for the special steel production line upgrade[114]. - The company aims to optimize its energy, process, and technology structures while enhancing its coastal and inland production capabilities[112]. - The company is focused on becoming a benchmark for green and intelligent development in the steel industry, contributing to the construction of a steel ecosystem[112]. - The company plans to expand its market presence by entering two new provinces in the next fiscal year[132]. - The company has initiated the development of a new steel production technology aimed at reducing carbon emissions by 30%[132]. - The company is currently evaluating potential acquisition targets to enhance its supply chain efficiency[132].