首钢股份(000959) - 2020 Q3 - 季度财报

Important Notice The company's Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or material omissions, and assume legal responsibility. All directors attended the board meeting to review this quarterly report[2] Company Overview Key Financial Data and Indicators In Q3 2020, the company achieved strong performance with net profit attributable to shareholders significantly increasing by 208.58% year-on-year, while year-to-date operating revenue and net profit maintained stable growth, and net cash flow from operating activities improved significantly 2020 Q3 and Year-to-Date Key Financial Indicators (Unit: Yuan) | Indicator | Current Period (Q3 2020) | Year-to-Date (YTD 2020) | Year-to-Date YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 20,998,838,588.31 | 54,685,668,208.53 | 7.73% | | Net Profit Attributable to Shareholders of the Listed Company | 651,503,984.61 | 1,174,691,891.17 | 2.85% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Items) | 645,106,468.50 | 1,121,005,831.98 | -8.74% | | Net Cash Flow from Operating Activities | 2,127,819,976.80 | 4,871,365,880.63 | 23.89% | | Basic Earnings Per Share (Yuan/share) | 0.1232 | 0.2221 | 2.87% | | Weighted Average Return on Net Assets | 2.33% | 4.25% | -0.13% | Key Balance Sheet Indicators at Period-End (Unit: Yuan) | Indicator | Current Period-End (2020-09-30) | Prior Year-End (2019-12-31) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 149,645,486,672.53 | 146,872,471,898.20 | 1.89% | | Net Assets Attributable to Shareholders of the Listed Company | 28,380,780,954.74 | 26,881,935,733.01 | 5.58% | - Year-to-date, the company's non-recurring gains and losses totaled 53.69 million Yuan, primarily from net profit/loss of subsidiaries arising from business combinations under common control from the beginning of the period to the merger date, and government grants[4][5] Total Shareholders and Top Ten Shareholders at Period-End As of the end of the reporting period, the company had 94,951 common shareholders, with a highly concentrated equity structure where the top two state-owned legal entity shareholders held a combined stake of nearly 80% - The company's top two shareholders' holdings: - Shougang Group Co., Ltd. (State-owned Legal Entity) holds 3.405 billion shares, accounting for 64.38% of total share capital[6] - China Baowu Steel Group Corporation Limited (State-owned Legal Entity) holds 793.41 million shares, accounting for 15.00% of total share capital[6] Significant Matters Changes and Reasons for Key Financial Data and Indicators During the reporting period, the company experienced significant changes in multiple financial indicators, including increases in cash, long-term borrowings, and bonds payable due to financing activities, a decrease in construction in progress due to asset capitalization, and an increase in retained earnings from equity divestiture - Major balance sheet item changes and reasons: - Cash and cash equivalents, long-term borrowings, and bonds payable increased: Primarily due to bond issuance and increased bank borrowings[8] - Construction in progress decreased: Primarily due to the capitalization of Jingtang Phase II main production lines into fixed assets[8] - Retained earnings increased: Primarily due to the company's divestiture of its equity in BAIC Motor Corporation Limited, transferring accumulated fair value changes to retained earnings[8] - Major cash flow statement item changes and reasons: - Other cash received related to investing activities increased year-on-year: Primarily due to the return of Jingtang land payments from Shougang Group[8] - Cash paid for acquisition of fixed assets, etc. decreased year-on-year: Primarily due to reduced expenditures for Jingtang Phase II project[8] Unfulfilled Commitments by Controlling Shareholders, Related Parties, etc. Multiple important commitments by the controlling shareholder, Shougang Group Co., Ltd., are still in progress, including designating Shougang Co., Ltd. as its sole steel and iron ore integration platform in China and planning to inject quality assets like Shougang Mining Company to resolve horizontal competition and standardize related-party transactions - Shougang Group commits to designate Shougang Co., Ltd. as its sole platform for the development and integration of the steel and upstream iron ore resource industries in China, ultimately achieving overall listing of relevant businesses. This commitment is ongoing[9] - Shougang Group commits to initiate the process of injecting Shougang Mining Company into Shougang Co., Ltd. once Shougang Mining Company achieves stable profitability for two consecutive years. This commitment is ongoing[10] - Shougang Group made commitments regarding the property rights certificates for Jingtang Company's related assets (such as docks, buildings, and land), pledging to complete relevant procedures by December 31, 2020. This commitment is ongoing[11][12] Investor Relations Activities Log The company actively engaged with the capital market during the reporting period, holding performance briefings and investor collective reception day events via teleconference and online platforms to address annual and quarterly performance and investor concerns - The company held its 2019 annual and Q1 2020 performance briefing via teleconference on April 24, 2020[15] - The company participated in the "2020 Beijing Area Investor Collective Reception Day Event" on September 8, 2020, engaging with individual investors via an online platform[15] Financial Statements Consolidated Balance Sheet Summary As of September 30, 2020, the company's total assets were 149.645 billion Yuan, an increase of 1.89% from the beginning of the year, with total liabilities at 111.645 billion Yuan and a debt-to-asset ratio of 74.61%, indicating a stable financial position Consolidated Balance Sheet Key Items (Unit: Yuan) | Item | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Current Assets | 35,196,633,590.42 | 27,647,330,086.54 | | Total Non-current Assets | 114,448,853,082.11 | 119,225,141,811.66 | | Total Assets | 149,645,486,672.53 | 146,872,471,898.20 | | Total Current Liabilities | 74,322,211,705.40 | 77,935,126,083.67 | | Total Non-current Liabilities | 37,322,441,193.56 | 28,770,611,409.99 | | Total Liabilities | 111,644,652,898.96 | 106,705,737,493.66 | | Total Equity Attributable to Owners of the Parent Company | 28,380,780,954.74 | 26,881,935,733.01 | | Total Owners' Equity | 38,000,833,773.57 | 40,166,734,404.54 | Consolidated Income Statement Summary for the Current Period For the first three quarters of 2020, the company achieved total operating revenue of 54.686 billion Yuan, up 7.73% year-on-year, and net profit attributable to owners of the parent company of 1.175 billion Yuan, up 2.85% year-on-year, with Q3 alone showing strong growth in both revenue and net profit Consolidated Income Statement Key Items (Year-to-Date) (Unit: Yuan) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | | :--- | :--- | :--- | | I. Total Operating Revenue | 54,685,668,208.53 | 50,760,793,400.67 | | II. Total Operating Costs | 53,090,639,771.50 | 49,164,366,959.99 | | III. Operating Profit | 1,789,069,417.79 | 1,821,589,065.90 | | IV. Total Profit | 1,787,810,147.85 | 1,818,881,551.81 | | V. Net Profit | 1,530,150,375.62 | 1,577,121,622.05 | | Net Profit Attributable to Owners of the Parent Company | 1,174,691,891.17 | 1,142,184,830.54 | Consolidated Cash Flow Statement Summary Year-to-Date For the first three quarters of 2020, the company's net cash flow from operating activities was 4.871 billion Yuan, a significant year-on-year increase of 23.89%, indicating enhanced primary business cash generation, while investing activities resulted in a net outflow and financing activities generated a net inflow Consolidated Cash Flow Statement Key Items (Year-to-Date) (Unit: Yuan) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,871,365,880.63 | 3,931,898,458.34 | | Net Cash Flow from Investing Activities | -2,372,744,640.35 | -4,373,206,561.40 | | Net Cash Flow from Financing Activities | 1,180,519,712.37 | 3,223,716,104.66 | | Net Increase in Cash and Cash Equivalents | 3,679,140,952.65 | 2,782,408,001.60 | Explanation of Financial Statement Adjustments Effective January 1, 2020, the company adopted the new revenue recognition standard, primarily impacting balance sheet items by reclassifying amounts from "Advances from Customers" to "Contract Liabilities" and "Other Current Liabilities" without affecting opening retained earnings - The company adopted the "Accounting Standards for Business Enterprises No. 14 — Revenue (Revised)" issued by the Ministry of Finance, effective January 1, 2020, and adjusted its accounting policies accordingly. This adjustment only affects the cumulative impact of contracts not yet completed as of January 1, 2020, and no retrospective adjustments were made to comparative financial statement data[39] Consolidated Balance Sheet Opening Balance Adjustments (Unit: Yuan) | Affected Statement Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Advances from Customers | 4,461,511,152.40 | 0.00 | -4,461,511,152.40 | | Contract Liabilities | 0.00 | 3,948,239,957.88 | 3,948,239,957.88 | | Other Current Liabilities | 0.00 | 513,271,194.52 | 513,271,194.52 |