LING STEEL(SH:600231)2022-10-28 16:00Financial Performance - The company's operating revenue for Q3 2022 was ¥4,592,599,238.63, a decrease of 38.55% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2022 was -¥340,071,695.13, representing a decline of 203.57% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was -¥341,761,223.26, a decrease of 209.14% compared to the previous year[6]. - The basic earnings per share for Q3 2022 was -¥0.12, a decline of 200.00% year-on-year[9]. - The diluted earnings per share for Q3 2022 was also -¥0.12, reflecting a decrease of 209.09% compared to the same period last year[9]. - The weighted average return on equity for Q3 2022 was -3.80%, a decrease of 7.33 percentage points year-on-year[9]. - Total operating revenue for the first three quarters of 2022 was ¥17,463,539,075.65, a decrease of 13.5% compared to ¥20,079,162,790.05 in the same period of 2021[38]. - Net profit for the third quarter of 2022 was -¥209,066,818.13, compared to a net profit of ¥1,094,320,564.99 in the same quarter of 2021, indicating a significant decline[41]. - Basic earnings per share for the third quarter of 2022 was -¥0.07, compared to ¥0.39 in the same quarter of 2021[43]. Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥18,531,538,530.43, an increase of 5.24% compared to the end of the previous year[9]. - The equity attributable to shareholders at the end of Q3 2022 was ¥8,773,260,320.38, a decrease of 5.17% compared to the end of the previous year[9]. - Total liabilities increased to ¥9,758,278,210.05 in 2022 from ¥8,356,924,723.13 in 2021, representing an increase of 16.8%[34]. - Non-current liabilities totaled ¥1,048,248,283.19 in 2022, up from ¥704,105,507.59 in 2021, marking an increase of 48.8%[34]. - Shareholders' equity decreased to ¥8,773,260,320.38 in 2022 from ¥9,251,411,167.91 in 2021, a decline of 5.2%[34]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥622,123,656.70, a decrease of 42.98% compared to the same period last year[9]. - Cash flow from operating activities for the first three quarters of 2022 was ¥15,578,757,434.21, down from ¥17,900,829,907.16 in the same period of 2021, a decrease of 12.9%[43]. - The net cash flow from operating activities was 622,123,656.70, a decrease of 43.0% compared to 1,091,093,193.92 from the previous period[46]. - The total cash outflow from operating activities was 15,188,726,483.30, a decrease from 16,933,201,566.01 in the previous period[46]. - The cash and cash equivalents at the end of the period amounted to 2,044,931,641.17, down from 2,261,306,466.57 in the previous period[48]. Related Party Transactions - Major related party transactions included purchasing iron ore from Lingyuan Steel Group for RMB 956,848,656.04, accounting for 24.65% of similar transactions[18]. - The company also purchased coke from Lingyuan Steel Group for RMB 1,297,148,431.79, representing 25.02% of similar transactions[18]. - The company reported a total of RMB 1,332,524,856.98 in purchases of scrap steel from Lingyuan Steel Group, which accounted for 99.90% of similar transactions[18]. - The company engaged in significant sales of steel products, with sales to related parties amounting to RMB 58,806,792.40 for steel materials[21]. - The company has established a strong relationship with its major shareholder, Lingyuan Steel Group, with multiple transactions and guarantees in place[20]. - The company is focused on maintaining market price principles for its related party transactions, ensuring transparency and compliance[18]. Operational Challenges - The decline in revenue was primarily due to a significant drop in steel prices and a decrease in production and sales volume caused by technical renovations[11]. - The company's cash paid for taxes was 230,279,306.26, significantly lower than 860,206,490.62 in the previous period[46]. - Payments to employees increased to 876,163,385.50 from 813,919,722.51 in the previous period[46]. Awards and Recognition - The company received a quality award from the Liaoning Provincial Government, recognizing its commitment to quality standards[27]. Corporate Developments - The registered capital of the company increased from RMB 2.83 billion to RMB 2.85 billion following a business registration change[27]. - The company is undergoing a potential restructuring with Ansteel Group, which may lead to a change in actual control[27]. - The company has obtained a construction permit for its steel production capacity replacement project, allowing it to proceed with construction[27].