SHANDONG STEEL(SH:600022)2025-04-29 11:40Financial Performance - The company's operating revenue for Q1 2025 was CNY 19.26 billion, a decrease of 15.66% compared to the same period last year[4] - Total profit for the quarter was CNY 154 million, an increase of CNY 942 million year-on-year[4] - Net profit reached CNY 107.72 million, up CNY 89.7 million from the previous year[4] - Total operating revenue for Q1 2025 was CNY 19.26 billion, a decrease of 15.4% compared to CNY 22.83 billion in Q1 2024[20] - Net profit for Q1 2025 was CNY 107.72 million, a significant recovery from a net loss of CNY 788.72 million in Q1 2024[20] - The total comprehensive income for Q1 2025 was CNY 107.33 million, a recovery from a loss of CNY 789.29 million in Q1 2024[21] - The company reported a basic and diluted earnings per share of CNY -0.0014 for Q1 2025, compared to CNY -0.0596 in Q1 2024[21] Cash Flow and Assets - The net cash flow from operating activities was CNY 1.52 billion, a slight increase of 0.43% year-on-year[4] - Cash flow from operating activities for Q1 2025 was CNY 1.52 billion, slightly up from CNY 1.51 billion in Q1 2024[23] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 3.63 billion, down from CNY 4.99 billion at the end of Q1 2024[24] - The company's cash and cash equivalents rose to CNY 5.87 billion from CNY 4.86 billion, marking an increase of around 20.7%[16] - The company's current assets reached CNY 15.89 billion, up from CNY 13.28 billion, indicating a significant increase of about 19.7%[16] - The total assets at the end of the reporting period were CNY 67.79 billion, an increase of 3.80% from the end of the previous year[5] - As of March 31, 2025, the total assets of Shandong Steel Co., Ltd. amounted to CNY 67.79 billion, an increase from CNY 65.31 billion as of December 31, 2024, representing a growth of approximately 3.79%[17] Liabilities and Equity - The total liabilities stood at CNY 39.68 billion, compared to CNY 37.24 billion at the end of 2024, reflecting an increase of approximately 6.57%[17] - The total equity attributable to shareholders decreased to CNY 18.70 billion from CNY 18.78 billion, a decline of approximately 0.42%[18] - The company reported a short-term loan of CNY 6.06 billion, down from CNY 6.97 billion, reflecting a decrease of about 13.1%[17] Production and Sales - Steel production amounted to 4.04 million tons, an increase of 5.74% year-on-year, while steel sales reached 4.05 million tons, up 1.76%[5] - The average selling price of steel was CNY 3,498 per ton (excluding tax), a decrease of 11.11% compared to the previous year[5] Costs and Expenses - The company's retained earnings showed a negative balance of CNY -950.86 million, worsening from CNY -936.45 million, indicating a decline in profitability[18] - Total operating costs for Q1 2025 were CNY 19.09 billion, down 19.5% from CNY 23.70 billion in Q1 2024[20] - Research and development expenses in Q1 2025 were CNY 291.36 million, a decrease of 40.2% from CNY 487.37 million in Q1 2024[20] - The company incurred a financial expense of CNY 76.74 million in Q1 2025, down from CNY 84.16 million in Q1 2024[20] - The company’s investment income for Q1 2025 was CNY 622.77 thousand, a decrease from CNY 11.11 million in Q1 2024[20] User Development and Procurement - The company developed 46 new users in Q1, focusing on high-end, localized, and international markets[7] - The company achieved a significant reduction in procurement costs, with the purchase and sale price difference increasing by over CNY 200 per ton compared to the previous year[7] Asset Composition - The company's non-current assets totaled CNY 51.90 billion, a slight decrease from CNY 52.03 billion, indicating a decline of approximately 0.25%[17] - Accounts receivable surged to CNY 1.27 billion, a substantial increase from CNY 483.45 million, representing a growth of approximately 163.5%[16] - The inventory level was reported at CNY 5.33 billion, slightly up from CNY 5.26 billion, indicating a growth of about 1.0%[16]