XSS(SH:600117)2023-10-27 16:00Financial Performance - The company's operating revenue for the current reporting period was ¥703.74 million, a decrease of 57.05% compared to ¥1.63 billion in the same period last year[21]. - The net profit attributable to shareholders for the current period was a loss of ¥108.89 million, compared to a loss of ¥300.36 million in the same period last year[21]. - The net cash flow from operating activities for the year-to-date was ¥98.64 million, down 73.30% from ¥371.05 million in the previous year[21]. - The basic earnings per share for the current period was -¥0.11, compared to -¥0.28 in the same period last year[21]. - The company reported a significant decline in steel production due to market conditions, leading to ongoing losses[27]. - Operating revenue decreased by 54.05% year-on-year, primarily due to a decline in steel sales volume and prices[72]. - Total operating revenue for the first three quarters of 2023 was CNY 3,303,573,457.19, a decrease from CNY 7,189,110,519.86 in the same period of 2022, representing a decline of approximately 54.0%[79]. - The company reported a net loss attributable to shareholders of CNY -1,166,076,431.33 for the first three quarters of 2023, compared to a loss of CNY -714,903,874.83 in the same period of 2022[80]. - Basic and diluted earnings per share for the first three quarters of 2023 were both CNY -1.12, compared to CNY -0.68 in 2022, indicating a worsening in earnings performance[80]. - The company's total profit for the period was -1,411,538,761.70 RMB, compared to -1,061,879,529.54 RMB in the previous year, showing a worsening trend[61]. Assets and Liabilities - The total liabilities of the company as of September 30, 2023, were 13,701,295,270.26 RMB, a decrease from 16,222,891,579.11 RMB at the beginning of the year[14]. - The company's current liabilities totaled 12,224,928,246.56 RMB, down from 14,614,256,382.94 RMB at the beginning of the year[14]. - The company’s long-term borrowings were reported at 730,658,237.03 RMB, down from 804,250,000.00 RMB at the beginning of the year[14]. - Total assets as of September 30, 2023, were ¥14,228,823,256.16, down from ¥16,785,474,237.84 at the end of 2022, representing a decrease of 15.23%[49]. - The company's total liabilities included short-term borrowings of ¥3,556,508,486.41, compared to ¥4,017,184,211.91 at the end of 2022[59]. - The company’s total equity remained stable at 1,045,118,252.00 RMB[14]. - The total equity attributable to shareholders of the parent company was CNY -2,009,862,377.26 as of the reporting date, compared to CNY -857,278,876.46 in the previous year[83]. - The company’s total liabilities and equity amounted to CNY 14,228,823,256.16, down from CNY 16,785,474,237.84 in the previous year[83]. Cash Flow and Financing - The company’s cash and cash equivalents at the end of the period were ¥27.11 million, down from ¥94.46 million at the end of the previous year[37]. - The company’s financing activities generated a net cash outflow of ¥133.91 million, compared to a net outflow of ¥343.60 million in the previous year[37]. - In Q3 2023, the company reported a net cash flow from operating activities of ¥98,638,748.80, a decrease from ¥369,453,211.81 in the same period last year[41]. - The company received cash from sales of goods and services amounting to ¥900,745,379.98 in Q3 2023, compared to ¥3,707,223,857.55 for the first nine months of the year[41]. - Cash paid for purchasing goods and services was ¥573,988,489.93 in Q3 2023, reflecting a significant portion of the operating cash outflows[41]. - The company’s cash inflow from investment activities was ¥7,050.00, with cash outflow for fixed assets amounting to ¥2,906,256.32[41]. Restructuring and Reorganization - The company is undergoing bankruptcy reorganization as of June 20, 2023, which may impact future operations and financial stability[56]. - The company has received applications from 10 potential restructuring investors, with 9 passing the preliminary review[11]. - The company signed a restructuring investment agreement with a consortium including Jianlong Group and Changcheng Asset Management[11]. Other Financial Metrics - The company recognized investment income primarily from the deconsolidation of Jiangcang Energy Company[27]. - The company incurred a credit impairment loss due to the deconsolidation of Jiangcang Energy Company, impacting its receivables[27]. - The company reported a non-current asset disposal loss of -585,643.68 RMB for the current reporting period[5]. - Government subsidies recognized in the current period amounted to 6,223,541.30 RMB, with a total of 36,752,159.87 RMB from the beginning of the year to the end of the reporting period[5]. - The company recorded a debt restructuring gain of 12,308.62 RMB for the current period, totaling 284,894.67 RMB from the beginning of the year to the end of the reporting period[5]. - The company reported a non-recurring loss of -424,844,047.62 RMB due to the loss of control over Jiangcang Energy, which entered judicial reorganization[6]. - The company’s inventory decreased to ¥1,863,116,753.99 from ¥2,040,793,109.54, indicating a reduction of approximately 8.69%[59]. - The company reported a decrease in accounts receivable to ¥378,244,311.27 from ¥267,906,787.74 year-over-year[59]. - Long-term equity investments decreased by 91.10%, attributed to losses from mining and metallurgy companies[72]. - Research and development expenses decreased by 46.07% year-on-year, indicating reduced investment in new product development[72]. - The company reported a 281.61% increase in other income, primarily due to property tax exemptions from 2021[72]. - The company’s financial expenses decreased by 34.95% as interest on debt ceased following its entry into judicial reorganization[72]. - The company’s management expenses increased by 37.10%, largely due to adjustments in production and costs being allocated to management expenses[72]. - The company’s tax and additional charges were CNY 44,717,065.82 in 2023, compared to CNY 55,245,268.64 in 2022, showing a decrease of about 19.5%[79]. - The company’s financial expenses decreased to CNY 277,662,944.47 in 2023 from CNY 426,867,418.39 in 2022, a reduction of approximately 35.0%[79]. - Minority interests in total equity increased to CNY 2,537,390,363.16 in 2023 from CNY 1,419,861,535.19 in 2022, indicating growth in minority shareholder value[83].