2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was CNY 22,736,558,090, representing a decrease of 14.46% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 509,272,601, a decline of 140.63% year-on-year[4] - The net profit attributable to the parent company decreased by 140.63% due to lower gross margins in steel products[8] - In Q1 2023, the company reported a revenue of approximately RMB 22.737 billion, a decrease of 14.46% year-on-year, primarily due to a decline in steel prices and reduced sales volume[12] - The company reported a comprehensive loss of CNY 595,322,382 for Q1 2023, compared to a comprehensive income of CNY 1,325,987,844 in Q1 2022[16] - Basic earnings per share for Q1 2023 were CNY -0.07, compared to CNY 0.16 in Q1 2022[16] Cash Flow and Assets - The net cash flow from operating activities was CNY 1,656,982,367, showing a slight increase of 1.19% compared to the previous year[4] - The company’s cash and cash equivalents decreased to RMB 5.972 billion from RMB 6.535 billion at the end of 2022[13] - The company’s inventory increased to RMB 12.335 billion, compared to RMB 10.245 billion at the end of 2022[13] - The company’s short-term borrowings decreased to RMB 5.937 billion from RMB 9.198 billion at the end of 2022[13] - Cash flow from operating activities in Q1 2023 was CNY 23,419,907,055, an increase from CNY 20,531,405,707 in Q1 2022[17] - Net cash flow from operating activities amounted to ¥1,656,982,367, showing a slight increase from ¥1,637,434,029 in the previous period[18] - The total cash and cash equivalents at the end of the period stood at ¥3,947,108,246, down from ¥4,360,738,411 at the beginning of the period[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 93,744,253,962, down 3.24% from the end of the previous year[5] - The company’s total assets as of March 31, 2023, were approximately RMB 93.744 billion, down from RMB 96.887 billion at the end of 2022[13] - The total liabilities decreased to CNY 61,029,599,559 in Q1 2023 from CNY 63,561,293,487 in Q1 2022, a reduction of 3.9%[14] - The total equity attributable to shareholders decreased to CNY 28,654,853,822 in Q1 2023 from CNY 29,194,825,322 in Q1 2022, a decline of 1.8%[14] Operational Efficiency - The company aims to enhance operational efficiency and improve key performance indicators, achieving initial results in Q1 2023[12] - The company plans to strategically reduce interest-bearing debt while ensuring operational funding needs are met[8] - The company’s focus remains on high efficiency and optimizing product channels amidst challenging market conditions[12] Production and Market Conditions - The company produced 4.49 million tons of pig iron, 4.91 million tons of crude steel, and 4.83 million tons of steel products in Q1 2023, with year-on-year decreases of 3.42%, 8.48%, and 6.78% respectively[12] - The average domestic steel price index was 117.18 points in Q1 2023, a year-on-year decrease of 13.56% but an increase of 6.33% compared to the previous quarter[12] - The gross profit margin for steel products declined, impacting overall profitability significantly[8] Non-Recurring Items - Non-recurring gains and losses totaled CNY 36,138,594, with government subsidies contributing CNY 23,409,063[6] - The company’s financial expenses for Q1 2023 were CNY 76,883,498, down from CNY 90,113,727 in Q1 2022, a decrease of 14.5%[15] - Research and development expenses for Q1 2023 were CNY 267,698,912, down 16.2% from CNY 319,494,514 in Q1 2022[15] Cash Flow from Investing and Financing Activities - Net cash flow from investing activities was ¥755,697,943, a significant recovery from a negative cash flow of ¥6,852,158 in the prior period[18] - Total cash outflow from investing activities reached ¥3,277,448,347, up from ¥2,761,960,473[18] - Net cash flow from financing activities was negative at -¥2,850,010,346, compared to -¥1,906,370,750 previously[18] - Cash inflow from financing activities included ¥1,156,142,541 from borrowings, down from ¥4,252,999,899 in the previous period[18] Accounting Standards - The company did not apply new accounting standards or interpretations for the first quarter of 2023[19]