Baosteel(SH:600019)2023-10-24 16:00Financial Performance - The total profit for Q3 2023 reached RMB 5.39 billion, marking a 46% increase compared to Q2 2023, and a cumulative profit of RMB 11.9 billion for the first three quarters[3]. - The company achieved a total revenue of RMB 85.16 billion for Q3 2023, a decrease of 9.97% year-on-year, while the cumulative revenue for the first three quarters was RMB 255.02 billion, down 8.35%[5]. - The net profit attributable to shareholders for Q3 2023 was RMB 379.8 million, a significant increase of 127.1% year-on-year[5]. - The basic earnings per share for Q3 2023 was RMB 0.18, reflecting a 157.14% increase compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2023 was approximately ¥255.38 billion, a decrease from ¥279.20 billion in the same period of 2022, representing a decline of about 8.5%[18]. - Net profit for Q3 2023 was approximately ¥9.67 billion, down from ¥10.99 billion in Q3 2022, reflecting a decrease of about 12.1%[19]. - Total comprehensive income for the third quarter of 2023 was approximately CNY 9.67 billion, down from CNY 11.29 billion in the same period last year, representing a decrease of about 14.3%[21]. - Basic earnings per share for Q3 2023 was CNY 0.38, a decrease from CNY 0.42 in Q3 2022, reflecting a decline of approximately 9.5%[21]. - The net profit for the third quarter of 2023 was ¥6.72 billion, down 44.5% from ¥12.14 billion in the third quarter of 2022[28]. - The total comprehensive income for Q3 2023 was ¥6.83 billion, down 44.1% from ¥12.22 billion in Q3 2022[29]. Production and Sales - The sales volume of the "1+1+N" product line for the first three quarters was 20.32 million tons, an increase of 156,000 tons year-on-year[3]. - In Q3 2023, the company produced 12.755 million tons of iron and 13.873 million tons of steel, with a total sales volume of 13.405 million tons of finished products, achieving a consolidated profit of RMB 5.39 billion[12]. - For the first three quarters of 2023, the company accumulated iron production of 37.026 million tons, steel production of 39.816 million tons, and finished product sales of 38.968 million tons, resulting in a consolidated profit of RMB 11.90 billion[12]. - The company exported 4.54 million tons of products in the first three quarters, representing a 45.5% increase year-on-year[3]. Cost Management - The company reduced costs by RMB 4.89 billion in the first three quarters, exceeding the annual target[3]. - The company reported a significant improvement in iron and steel production costs, maintaining a leading profit per ton in the industry[12]. - The company’s total operating costs for the first three quarters of 2023 were approximately ¥247.61 billion, down from ¥269.56 billion in the same period of 2022, a decrease of about 8.1%[18]. - The company reported a decrease in financial expenses to approximately ¥668.87 million in the first three quarters of 2023, down from ¥1.14 billion in the same period of 2022, a reduction of about 41.2%[18]. Research and Development - The company launched 15 new basic research projects in the first three quarters, focusing on innovative technology development[4]. - Research and development expenses increased to approximately ¥2.25 billion in the first three quarters of 2023, compared to ¥1.95 billion in the same period of 2022, marking an increase of about 15.5%[18]. - Research and development expenses for Q3 2023 were ¥689.38 million, an increase of 9.7% from ¥628.54 million in Q3 2022[28]. Assets and Liabilities - The total assets at the end of Q3 2023 were RMB 378.31 billion, a decrease of 5.01% compared to the end of the previous year[5]. - Total assets as of Q3 2023 amounted to approximately ¥378.31 billion, a decrease from ¥398.25 billion at the end of the previous reporting period[17]. - Total liabilities for Q3 2023 were approximately ¥160.41 billion, down from ¥182.37 billion in the previous reporting period, indicating a reduction of about 12%[17]. - The total owner's equity reached ¥155.03 billion in Q3 2023, compared to ¥151.98 billion in Q3 2022, indicating a growth of 2.1%[28]. Cash Flow and Financing - The company's cash and cash equivalents as of September 30, 2023, amounted to RMB 37.02 billion, an increase from RMB 24.15 billion at the end of 2022[14]. - Cash flow from operating activities for the first three quarters of 2023 was CNY 13.26 billion, significantly lower than CNY 23.86 billion in the same period last year, indicating a decrease of about 44%[23]. - Net cash flow from financing activities for Q3 2023 was CNY 2.46 billion, compared to a negative CNY 3.34 billion in the same period last year, showing a turnaround in financing activities[24]. - The company's long-term borrowings rose to approximately ¥32.90 billion in Q3 2023, compared to ¥21.57 billion in the previous period, reflecting an increase of about 52.5%[17]. - The company's long-term borrowings increased to ¥28.91 billion in Q3 2023, up from ¥18.71 billion in Q3 2022, reflecting a growth of 54.5%[28]. Market Conditions and Strategy - The company is focusing on deepening the integration of production, sales, and research to enhance operational efficiency and cost management[12]. - The company has seen improvements in downstream demand, particularly in the automotive and white goods sectors, despite a slowdown in infrastructure investment growth[12]. - The company continues to monitor market conditions and adjust strategies accordingly to maintain its industry-leading position[12]. Shareholder Information - The top ten shareholders hold a combined 77.56% of the company's shares, with China Baowu Steel Group Co., Ltd. being the largest shareholder at 43.25%[11]. Other Information - The company did not apply new accounting standards or interpretations for the current year[32]. - The financial report was announced by the board of directors on October 24, 2023[32].