Baosteel(SH:600019)2022-10-25 16:00Financial Performance - The total profit for Q3 2022 reached RMB 2.29 billion, with a cumulative profit of RMB 13.15 billion for the first three quarters, maintaining the leading position in the domestic industry [2]. - The revenue for Q3 2022 was RMB 9.46 billion, a decrease of 74.3% compared to the same period last year [6]. - The net profit attributable to shareholders for Q3 2022 was RMB 1.67 billion, down 74.3% year-on-year [6]. - Total revenue for the first three quarters of 2022 reached ¥279.20 billion, a slight increase from ¥274.72 billion in the same period of 2021, representing a growth of approximately 1.7% [19]. - Operating income for the first three quarters of 2022 was ¥278.25 billion, compared to ¥273.99 billion in 2021, indicating a year-over-year increase of about 1.3% [19]. - The company's net profit for the first three quarters of 2022 was not explicitly stated but can be inferred from the increase in retained earnings, which rose to ¥88.09 billion from ¥84.17 billion, a growth of about 4.0% [19]. - The total profit for the first three quarters of 2022 was approximately ¥12.68 billion, an increase of 17.4% compared to ¥10.80 billion in 2021 [29]. - The net profit for the first three quarters of 2022 reached approximately ¥12.14 billion, representing an increase of 33.7% from ¥9.09 billion in the same period of 2021 [30]. Cost Management - Cumulative cost reductions amounted to RMB 8.48 billion in the first three quarters, exceeding the annual target [4]. - Total operating costs for the first three quarters of 2022 amounted to ¥269.56 billion, up from ¥247.89 billion in 2021, reflecting an increase of approximately 8.7% [19]. - The company aims to enhance cost reduction and efficiency improvement in response to the challenging market environment [15]. Production and Sales - Sales of differentiated products reached 18.76 million tons in the first three quarters, with a year-on-year increase of 10.6% for oriented silicon steel and 61.3% for non-oriented silicon steel used in new energy vehicles [3]. - The company's iron production reached 11.767 million tons and steel production was 12.525 million tons in Q3 2022 [16]. - The total sales volume of finished products was 13.049 million tons, generating a consolidated profit of 2.29 billion yuan [16]. - The company completed a total iron production of 34.869 million tons and steel production of 37.748 million tons from January to September 2022 [16]. Cash Flow - The operating cash flow for the first three quarters was RMB 29.2 billion, exceeding the expected cash flow of RMB 23.5 billion by 124% [2]. - Cash flow from operating activities for the first three quarters of 2022 was approximately 23.86 billion RMB, down 19.2% from 29.51 billion RMB in the same period last year [23]. - Cash inflow from investment activities in the first three quarters of 2022 was approximately 52.97 billion RMB, significantly higher than 26.46 billion RMB in the same period last year [23]. - The company reported a net cash flow from investing activities of -15,979,817,582.30 RMB, an improvement from -17,728,089,903.24 RMB in the previous period [25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 327,275 [10]. - The largest shareholder, China Baowu Steel Group, holds 48.56% of the shares [10]. Market Conditions - The company reported a decrease in operating performance due to external economic pressures, including the impact of the Russia-Ukraine conflict and rising U.S. interest rates [15]. - The domestic steel price index decreased by 16.2% quarter-on-quarter, while the international steel price index fell by 21.3% [15]. Technological Advancements - The company achieved 14 significant technological breakthroughs in Q3, including high-efficiency production techniques [4]. - The company is advancing its carbon neutrality initiatives, achieving over 50% reduction in carbon emissions for certain products [4]. Comprehensive Income - Total comprehensive income for Q3 2022 was approximately 11.29 billion RMB, down 53.7% from 24.37 billion RMB in Q3 2021 [22]. - The company reported an increase in investment income to approximately 4.00 billion RMB, up 41.3% from 2.83 billion RMB in Q3 2021 [21]. - Other comprehensive income after tax for Q3 2022 was approximately 302.09 million RMB, compared to 269.50 million RMB in Q3 2021, indicating a slight increase [21].