鞍钢股份(000898) - 2024 Q4 - 年度财报

Financial Performance - Angang Steel Company Limited reported a decision not to distribute cash dividends or bonus shares for the fiscal year 2024[4]. - The company’s operating revenue for 2024 was RMB 105,101 million, a decrease of 9.06% compared to RMB 115,571 million in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of RMB 7,122 million, representing a decline of 118.80% from a loss of RMB 3,255 million in 2023[21]. - The total assets at the end of 2024 amounted to RMB 100,578 million, an increase of 3.15% from RMB 97,506 million at the end of 2023[21]. - The total liabilities increased by 23.88% to RMB 51,907 million in 2024, up from RMB 41,901 million in 2023[21]. - The company's cash flow from operating activities for 2024 was a net outflow of RMB 787 million, a significant decline of 148.08% from an inflow of RMB 1,637 million in 2023[21]. - The total profit for the period was RMB -7,035 million, representing a 70.38% increase in losses compared to RMB -4,129 million in the previous year[57][58]. - The company’s cash and cash equivalents increased by 163.97% year-on-year to RMB 1,225 million, despite a decrease in net profit[58][60]. - The company reported a fair value change of 76 million RMB in its derivative investments during the reporting period[105]. Operational Efficiency and Cost Management - The total operating costs amounted to RMB 108,451 million in 2024, down from RMB 115,905 million in 2023[65]. - The proportion of raw materials in operating costs decreased by 0.60 percentage points, accounting for 77.98% in 2024 compared to 78.58% in 2023[65]. - The company reduced management levels from 5 to 3 and cut the number of organizational units by 44%, resulting in a 10% increase in overall process efficiency[38]. - The company completed 37 digital transformation projects and improved approval efficiency by 43% through the optimization of business system processes[37]. - The company is implementing a comprehensive budget management system to identify cost reduction opportunities across all processes[116]. Research and Development - The company maintained a strong focus on innovation, with 548 national authorized patents obtained in 2024 and five patent navigation projects initiated, including "steel for new energy vehicle battery shells"[50]. - R&D investment amounted to RMB 3,972 million in 2024, representing a significant increase of 39.22% compared to RMB 2,853 million in 2023, with R&D investment as a percentage of operating revenue rising to 3.78%[82]. - The company is enhancing its R&D capabilities in various steel products, including shipbuilding, automotive, and energy sectors, to strengthen its market position[83]. - The company has completed the development of high-ratio pellets for Ansteel's blast furnace, aiming to achieve a 5 kg/t reduction in fuel consumption and a 3% decrease in cost per ton of iron[80]. - The company completed the development of 600MPa high-strength silicon steel for electric motors, which is crucial for ensuring the safety of motor rotors[81]. Market Position and Sales - The company sold 2,395.13 million tons of steel in 2024, a decrease of 3.64% compared to the previous year[34]. - The company’s export sales increased by 28.3% year-on-year, and it ranked first in the procurement agreement for long-distance pipelines with Sinopec for four consecutive years[42]. - The company’s market share for railway locomotive steel and nuclear power steel remains the highest in the country[42]. - The steel processing industry accounted for 99.62% of total revenue, with a revenue of RMB 104,704 million, down 9.25% from the previous year[61]. Corporate Governance and Management - All board members attended the meeting to review the annual report, ensuring full participation in the decision-making process[4]. - The company has a diverse management team with expertise in various fields, including engineering, law, and finance[140][143]. - The board of directors consists of nine members, including four executive directors and four independent non-executive directors, ensuring independent oversight[181]. - The company has adopted corporate governance practices in line with international standards and Hong Kong Stock Exchange rules[180]. - The company has established a policy to ensure independent non-executive directors have equal access to information and resources necessary for their duties[183]. Risk Management - The company has detailed the risks it faces in the annual report, which investors are advised to review[4]. - The company engaged in futures hedging to mitigate commodity price volatility risks, with a total initial investment of 1 million RMB and a year-end amount of 1,644 million RMB, representing 0.50% of the company's net assets[105]. - The company has implemented strict risk control measures for its derivative investments, focusing on hedging rather than speculation[106]. - The company is facing high uncertainty in global economic growth due to geopolitical conflicts and trade protectionism, impacting the steel industry[120]. Employee Development and Training - The total number of employees at the end of the reporting period was 25,028, with 21,378 in the parent company and 3,650 in major subsidiaries[161]. - The company completed 10,585 training sessions during the year, with 9,386 focused on key specializations and 24,283 on job knowledge and skills training[167]. - The company is committed to achieving a 100% completion rate for key livelihood projects to enhance employee satisfaction and welfare[117]. Strategic Initiatives - The company is focusing on a "11361" development strategy aimed at enhancing competitiveness, innovation, and risk management capabilities[108]. - The company plans to continue its high-quality development in 2025, aligning with national economic strategies and emphasizing the importance of the steel industry in the economy[110]. - The company aims to enhance its market competitiveness by focusing on green low-carbon development and optimizing resource allocation[114]. - The company is committed to deepening innovation capabilities, targeting nine new industries and six future industries for strategic technology development[113]. Shareholder Engagement - The company held its annual general meeting and approved the annual financial report for 2023[128]. - The company has established a market value management system and disclosed a valuation enhancement plan to improve shareholder returns and investor confidence[123]. - The company conducted 15 investor relations activities to enhance communication with investors during the reporting period[198]. - The company responded to 35 investor inquiries through the Shenzhen Stock Exchange's interactive platform[198].