BSU(600010)2024-04-26 11:12Financial Performance - The company's operating revenue for Q1 2024 was CNY 17,747,820,440.40, representing a year-on-year increase of 3.49%[5]. - Net profit attributable to shareholders decreased by 78.12% to CNY 63,626,145.36, primarily due to the downturn in the steel market[5][9]. - The net cash flow from operating activities was negative at CNY -298,273,485.09, a decline of 197.23% compared to the previous year[5][9]. - Operating profit for Q1 2024 decreased to ¥43,582,901.39 from ¥226,911,318.55 in Q1 2023, reflecting a decline of approximately 80.8%[18]. - Net profit for Q1 2024 was ¥47,408,160.18, down from ¥230,200,190.84 in Q1 2023, showing a decrease of approximately 79.5%[18]. - The company's total revenue for Q1 2024 was approximately ¥17.74 billion, a slight decrease of 0.4% compared to ¥17.81 billion in Q1 2023[24]. - The net profit for Q1 2024 was approximately ¥420.85 million, down 55.1% from ¥933.37 million in Q1 2023[24]. - The company’s total comprehensive income for Q1 2024 was 422,894,425.41 RMB, down from 936,241,881.41 RMB in Q1 2023, reflecting a decline of about 54.8%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 152,741,118,858.91, reflecting a slight increase of 0.64% from the previous year[5]. - Total assets as of Q1 2024 amounted to ¥152,741,118,858.91, compared to ¥151,775,636,822.69 at the end of Q1 2023, reflecting a growth of about 0.6%[17]. - Total liabilities for Q1 2024 were ¥91,220,689,097.37, slightly up from ¥90,312,365,348.10 in Q1 2023, indicating an increase of approximately 1.0%[17]. - The total liabilities decreased to approximately ¥91.99 billion from ¥93.98 billion, a decline of about 2.1%[23]. - Long-term borrowings increased to ¥15,876,108,366.08 in Q1 2024 from ¥13,444,075,372.55 in Q1 2023, representing a growth of about 18.1%[17]. Cash Flow - The net cash flow from operating activities was negative at approximately -¥298.27 million, compared to a positive cash flow of ¥306.78 million in Q1 2023[20]. - Total cash inflow from operating activities was 16,217,396,115.97 RMB, up from 15,604,281,810.26 RMB in the same period last year, representing an increase of approximately 3.93%[26]. - The company experienced a cash outflow of 16,441,445,715.64 RMB from operating activities, compared to 14,837,471,013.84 RMB in Q1 2023, indicating a rise of about 10.8%[26]. - Cash flow from investing activities showed a net outflow of -509,388,906.81 RMB, worsening from -324,724,119.89 RMB in Q1 2023[27]. - Cash inflow from financing activities was 12,376,956,678.04 RMB, significantly higher than 7,330,366,178.19 RMB in the previous year, marking an increase of approximately 69.5%[27]. Shareholder Information - The company reported a total of 11,174,971,476 shares held by Baotou Steel (Group) Co., Ltd., which is the largest shareholder, accounting for a significant portion of the equity[11]. - The top ten shareholders have seen changes in their holdings due to securities lending activities, with notable increases in shares held by China Industrial Bank and China Construction Bank[13]. Research and Development - Research and development expenses rose to ¥84,960,604.85 in Q1 2024, compared to ¥42,733,480.66 in Q1 2023, marking an increase of about 98.5%[18]. - The company plans to continue investing in R&D to enhance product offerings and market competitiveness, as evidenced by the significant increase in R&D expenses[18]. - Research and development expenses increased significantly to approximately ¥60.28 million, up from ¥5.37 million, marking an increase of 1,202.4%[24]. Operational Efficiency - The company achieved a cost reduction exceeding CNY 200 million through various efficiency measures[4]. - The company is actively integrating resources and promoting cost reduction and efficiency improvements across all processes[4]. - The order volume for specialty steel increased by over 9% as part of the strategy to optimize product structure[4]. - The company is focusing on the "high-quality specialty steel + series rare earth steel" strategy to enhance its market position[4]. Other Financial Metrics - The weighted average return on equity decreased by 0.43 percentage points to 0.12%[5]. - Basic earnings per share for Q1 2024 were ¥0.0014, compared to ¥0.0060 in Q1 2023, showing a decline of approximately 76.7%[19]. - The company incurred cash outflows from investing activities totaling approximately ¥578.20 million in Q1 2024, compared to ¥371.40 million in Q1 2023, indicating an increase of about 55.7%[21]. - The company reported a decrease in other comprehensive income, with a net amount of approximately ¥2.32 million for Q1 2024, down from ¥4.39 million in Q1 2023, reflecting a decline of about 47.3%[19].