Baosteel(SH:600019)2023-04-27 16:00Financial Performance - In Q1 2023, the company achieved a total profit of 2.81 billion RMB, maintaining the top position in the domestic industry[4] - The company's operating revenue for Q1 2023 was 78.602 billion RMB, a decrease of 8.58% year-on-year[6] - The net profit attributable to shareholders was 1.845 billion RMB, down 50.56% compared to the same period last year[6] - The weighted average return on equity decreased by 1.00 percentage points to 0.94% in Q1 2023[6] - The average steel price index in Q1 2023 decreased by 13.6% year-on-year[13] - Total operating revenue for Q1 2023 was ¥78,885,818,068.72, a decrease of 8.0% from ¥86,260,725,195.23 in Q1 2022[17] - Net profit for Q1 2023 was ¥2,181,349,061.49, down 50.0% from ¥4,362,334,808.15 in Q1 2022[18] - Total comprehensive income for Q1 2023 was ¥2,212,189,780.75, down 50.0% from ¥4,410,155,725.00 in Q1 2022[19] Cash Flow and Assets - The net cash flow from operating activities was -5.323 billion RMB, a decline of 159.82% year-on-year[6] - The company's cash and cash equivalents stood at 21.77 billion RMB, down from 24.15 billion RMB in the previous quarter[14] - The total assets at the end of the reporting period were 398.249 billion RMB, a decrease of 1.17% from the previous year[6] - The total assets as of March 31, 2023, amounted to 242,335,919,844.94 RMB, compared to 241,832,932,897.10 RMB at the end of 2022[23] - The company's cash flow from operating activities was negative at CNY -1,260,599,679.21, an improvement from CNY -7,055,514,122.26 in Q1 2022[27] - The cash and cash equivalents at the end of the period were CNY 14,139,437,490.46, down from CNY 15,531,127,504.55 at the end of Q1 2022[28] Cost Management - Cost reduction efforts led to savings of 1.48 billion RMB in Q1 2023, surpassing the planned target[4] - The company’s total operating costs decreased to ¥77,395,960,686.70 in Q1 2023 from ¥82,723,509,498.79 in Q1 2022, a decrease of 6.4%[17] - The company reported a decrease in financial expenses, with interest expenses at CNY 295,981,431.51, down from CNY 404,731,060.67 in Q1 2022[25] Production and Sales - The company exported 1.53 million tons of products in Q1 2023, exceeding the target and contributing positively to profit stability[4] - In Q1 2023, the company achieved a crude steel production of 26.2 million tons, a year-on-year increase of 6.1%[13] - The company reported a decrease in cash received from sales of goods and services to 90,867,851,103.70 RMB, down from 97,037,121,572.18 RMB in Q1 2022[20] Research and Development - The company launched four new products globally, including 1500MPa DP steel, in Q1 2023[5] - Research and development expenses rose to ¥733,466,115.03 in Q1 2023, up 23.4% from ¥594,323,378.15 in Q1 2022[17] - Research and development expenses were CNY 217,636,002.59, slightly up from CNY 216,143,292.00 in the previous year[25] Liabilities and Equity - The company’s total liabilities reached approximately 135.55 billion RMB, down from 143.99 billion RMB in the previous quarter[15] - Total liabilities decreased to ¥175,428,033,456.00 in Q1 2023 from ¥182,372,500,741.30 in Q1 2022, a reduction of 3.2%[16] - The total equity attributable to shareholders of the parent company increased to ¥196,529,783,870.10 in Q1 2023 from ¥194,622,909,788.50 in Q1 2022, an increase of 1.0%[16] Market Conditions - The company continues to face significant pressure in the steel industry due to the ongoing supply-demand imbalance[13] - The inventory level increased to 53.33 billion RMB, compared to 46.01 billion RMB in the previous quarter[14] - The accounts receivable rose to 21,319,280,986.21 RMB, an increase from 18,339,574,166.04 RMB year-over-year[22]