XSS(SH:600117)2024-03-21 16:00Financial Performance - The company's net profit attributable to shareholders in 2023 was RMB 1,686,148,713.44, with a cumulative undistributed profit of RMB -2,647,963,114.26[11] - Revenue in 2023 decreased by 36.33% to 4,939,090,908.30 yuan compared to 2022[27] - Net profit attributable to shareholders in 2023 was 1,686,148,713.44 yuan, a significant improvement from a loss of 1,150,677,727.48 yuan in 2022[27] - Operating cash flow in 2023 was -360,585,884.54 yuan, a decrease of 192.37% compared to 2022[27] - Total assets at the end of 2023 decreased by 16.63% to 13,993,269,342.10 yuan compared to the end of 2022[27] - Basic earnings per share in 2023 were 0.52 yuan, compared to a loss of 1.10 yuan per share in 2022[32] - Weighted average return on equity in 2023 was 992.07%, a significant improvement from -133.72% in 2021[32] - Cash and cash equivalents decreased by 42.26% to 709,952,508.59 yuan at the end of 2023 compared to the beginning of the year[34] - Net cash flow from financing activities in 2023 was 1,017,203,045.75 yuan, primarily due to receiving investment funds from restructuring investors[37] - Revenue in Q4 2023 was 1,635,517,451.11 yuan, the highest among all quarters[38] - Government subsidies in 2023 amounted to 144,182,171.11 yuan, a significant increase from 30,198,699.57 yuan in 2022[38] - The company's operating profit for 2023 was RMB 1,286,307,848.30, compared to a loss of RMB -1,543,638,759.84 in the previous year[86] - Net profit attributable to the parent company's shareholders in 2023 was RMB 1,686,148,713.44, a significant improvement from the loss of RMB -1,150,677,727.48 in 2022[86] - Basic earnings per share for 2023 were RMB 0.52, compared to a loss of RMB -1.10 per share in 2022[88] - The company's total comprehensive income for 2023 was RMB 1,252,609,889.80, a substantial recovery from the loss of RMB -1,625,717,745.21 in 2022[86] - Operating revenue for 2023 was RMB 6,510,872,293.82, a decrease from RMB 9,269,331,219.43 in 2022[90] - Investment income for 2023 was RMB 3,971,239,551.84, a significant turnaround from the loss of RMB -64,381,265.09 in 2022[90] - The company's credit impairment loss for 2023 was RMB -905,606,712.21, compared to RMB -153,902,105.16 in 2022[90] - Cash received from selling goods and providing services in 2023 was RMB 1,502,065,939.80, a decrease from RMB 4,313,045,353.92 in 2022[92] - The company's total profit for 2023 was RMB 2,204,196,884.29, a significant improvement from the loss of RMB -956,866,448.60 in 2022[90] - Income tax expense for 2023 was RMB 91,252,923.71[92] - Net cash flow from operating activities was -360.59 million yuan, compared to 390.35 million yuan in the previous year[96] - Net cash flow from investing activities was -229.34 million yuan, compared to -81.35 million yuan in the previous year[96] - Net cash flow from financing activities was 1,017.20 million yuan, compared to -371.38 million yuan in the previous year[98] - Total cash inflow from financing activities was 4,155.25 million yuan, compared to 11,023.56 million yuan in the previous year[96] - Total cash outflow from financing activities was 3,138.05 million yuan, compared to 11,394.94 million yuan in the previous year[98] - Cash received from selling goods and providing services was 1,079.11 million yuan, compared to 3,033.10 million yuan in the previous year[98] - Cash paid for goods and services was 864.12 million yuan, compared to 2,335.49 million yuan in the previous year[98] - Cash paid to employees was 271.99 million yuan, compared to 184.81 million yuan in the previous year[98] - Cash paid for taxes was 245.73 million yuan, compared to 32.69 million yuan in the previous year[98] - Net increase in cash and cash equivalents was 427.27 million yuan, compared to -62.37 million yuan in the previous year[98] - Total revenue for 2023 was RMB 4,939,090,908.30, a decrease of 36.33% compared to the previous year[109] - Operating costs decreased by 32.69% to RMB 5,268,196,032.70 in 2023[109] - Net cash flow from operating activities was negative RMB 360,585,884.54, a significant decline of 192.37% year-over-year[109] - Net cash flow from financing activities improved to RMB 1,017,203,045.75, compared to a negative RMB 371,380,076.01 in the previous year[109] - Other income increased by 378.37% to RMB 164,262,700.13 in 2023[109] - Investment income surged to RMB 3,403,316,184.31, a significant turnaround from a loss of RMB 64,269,075.20 in the previous year[109] - Total comprehensive income for the period was RMB 1,686,148,713.44, contributing to a total equity increase of RMB 6,224,603,458.24[102] - Capital reserves increased by RMB 4,502,398,318.22 due to new equity investments[102] - Special reserves increased by RMB 36,056,426.58 during the period[103] - The company's total equity at the end of the period was RMB 7,686,709,412.40, reflecting significant growth from the previous year[103] - Operating profit was 1,286,307,800.69, a decrease of 1,543,638,759.84 compared to the previous period[112] - Net profit attributable to the parent company was 1,686,148,665.83, a decrease of 1,150,677,727.48[112] - Revenue from the real estate sector was 674,131,103.85, with a gross margin of 8.88%, a decrease of 42.34 percentage points[113] - Revenue from the steel industry was 3,108,847,409.28, with a gross margin of -8.08%, a decrease of 8.53 percentage points[113] - Revenue from the coal industry was 376,214,452.06, with a gross margin of -23.61%, a decrease of 10.76 percentage points[113] - Revenue from the ore mining sector was 8,900,228.67, with a gross margin of -70.41%, a decrease of 77.55 percentage points[113] - Revenue from the North China region was 205,224,874.49, with a gross margin of -8.12%, a decrease of 11.81 percentage points[116] - Revenue from the East China region was 1,072,498,206.84, with a gross margin of -5.65%, a decrease of 7.29 percentage points[116] - Revenue from the Northwest region was 2,267,935,534.83, with a gross margin of -4.72%, a decrease of 0.53 percentage points[116] - Revenue from the Southwest region was 1,097,112,171.36, with a gross margin of -8.45%, a decrease of 10.52 percentage points[116] - Steel production decreased by 42.20% to 697,296.58 tons, and sales decreased by 42.92% to 692,685.06 tons compared to the previous year[118] - Coke production decreased by 70.96% to 134,110.67 tons, and sales decreased by 59.63% to 172,827.18 tons compared to the previous year[118] - Direct material costs in the steel industry decreased by 45.48% to 2,596,109,036.44 RMB, accounting for 77.27% of total costs[118] - Direct labor costs in the steel industry decreased by 37.76% to 110,532,919.05 RMB, accounting for 3.29% of total costs[118] - Direct material costs in the coal industry decreased by 68.20% to 400,802,099.52 RMB, accounting for 86.19% of total costs[118] - Real estate development costs increased by 12,322.70% to 614,300,736.26 RMB due to increased sales of properties and parking spaces[118] - Total costs in the steel industry decreased by 39.75% to 3,359,951,529.14 RMB compared to the previous year[118] - Total costs in the coal industry decreased by 66.16% to 465,034,606.33 RMB compared to the previous year[118] - Direct material costs in the ore mining industry increased by 31.84% to 3,917,682.40 RMB, accounting for 25.83% of total costs[118] - Total costs in the ore mining industry increased by 82.06% to 15,167,096.93 RMB compared to the previous year[121] - Total revenue for the period was RMB 4,990,015,634.88, a decrease of 32.99% compared to the previous period[123] - Development costs for real estate increased significantly to RMB 614,300,736.26, primarily due to increased sales of properties and parking spaces[123] - Direct material costs decreased by 20.63% to RMB 54,071,343.53, mainly due to reduced sales by the trading company[123] - Direct labor costs decreased by 38.82% to RMB 22,021,367.69, due to reduced labor payments[123] - Total R&D investment for the period was RMB 230,281,568.44, accounting for 4.66% of total revenue[128] - Cash inflows from financing activities totaled RMB 3,572,563,303.80, with a net cash flow from financing activities of RMB 897,123,191.92[130] - The company's top five customers accounted for 25.66% of total sales, with related party sales making up 15.55% of total sales[125] - The company lost control of Jiangcang Energy due to restructuring, and it was no longer included in the consolidated financial statements[124] - Xining Special Steel absorbed and merged its subsidiary Xining Welfare, with all assets, liabilities, and operations transferred to Xining Resources[124] - The company's cash and cash equivalents at the end of the period were RMB 470,903,886.82, a significant increase from the beginning of the period[130] - The company's comprehensive income for the period decreased by RMB 1,150,677,727.48[135] - Total owner's equity at the end of the period was RMB 562,582,658.73, down from RMB 2,199,841,684.45 at the beginning of the period[135] - Capital reserve increased by RMB 17,690,086.89 during the period, with RMB 40,736,298.95 extracted and RMB 23,046,212.06 used[135] - The company's undistributed profit decreased by RMB 1,637,259,025.72 during the period[135] - Owner's equity at the beginning of the year was RMB -1,382,987,354.77, which increased to RMB 6,718,590,304.09 by the end of the period[137] - Comprehensive income for the period was RMB 2,204,196,884.29[137] - Capital reserve increased by RMB 11,995,101.58 during the period[137] - The company's capital stock increased by RMB 2,209,996,605.00 during the period[137] - Capital reserve increased by RMB 2,292,401,713.22 during the period[137] - Total owner's equity increased by RMB 4,502,398,318.22 due to internal transfers of owner's equity[137] - The company's total owner's equity at the end of the period was RMB 5,335,602,949.32, with a significant increase in capital reserve to RMB 4,586,424,126.43[139] - The company's comprehensive income for the period was a loss of RMB 1,048,119,372.31, contributing to a decrease in owner's equity by RMB 1,036,845,681.80[139] - The company's special reserve increased by RMB 11,273,690.51 during the period, with an extraction of RMB 21,722,034.72 and usage of RMB 10,448,344.21[142] - The company's registered capital is RMB 3,255,114,857.00, with a history of capital increases through public offerings and convertible bonds[145] - The company underwent bankruptcy restructuring in 2023, with the court approving the restructuring plan on November 6, 2023[145] - The company completed the restructuring plan, increasing its total share capital from 1,045,118,252 shares to 3,255,114,857 shares through a capital reserve transfer of 2,209,996,605 shares at a ratio of 21.1459 shares for every 10 shares[148] - Tianjin Jianlong acquired 974,910,000 shares at 1.29 yuan per share, resulting in a direct ownership of 29.95% of the company's equity[148] - The company's controlling shareholder changed to Tianjin Jianlong, with the actual controller now being Mr. Zhang Zhixiang[148] - The company operates in the steel manufacturing industry, specializing in the smelting and processing of special steels[149] - The company's consolidated financial statements include 9 first-level subsidiaries and 3 second-level subsidiaries, with changes in the consolidation scope compared to the previous period[150] - The company's financial statements were approved by the board on March 19, 2024[154] - The company's accounting policies and estimates are based on historical experience and reasonable expectations of future events, with significant changes potentially impacting future financial statements[158] - The company conducts annual impairment tests for goodwill, using the higher of the fair value less costs to sell or the present value of future cash flows to determine recoverable amounts[161] - If revised growth rates, operating profit margins, or pre-tax discount rates are lower or higher than current estimates, the company may need to increase goodwill impairment provisions[161] - The company uses an expected credit loss model to assess impairment of financial instruments, considering historical data and forward-looking information[161] - Inventory is measured at the lower of cost or net realizable value, with impairment assessments based on salability and net realizable value[161] - Long-term assets are tested for impairment when there are indications of potential impairment, using fair value less costs to sell or present value of future cash flows[161] - The company estimates the useful lives and residual values of fixed assets based on historical data, with adjustments made if estimates differ from actuals[161] - For financial assets without active markets, the company uses valuation methods like discounted cash flow models, with assumptions affecting fair value[161] - Deferred tax assets are recognized for unused tax losses to the extent that future taxable profits are likely to be available[164] - The company's real estate development subsidiary, Qinghai Xigang Real Estate Co., Ltd., makes significant estimates and judgments in recognizing development costs[164] - The company's financial statements comply with Chinese Accounting Standards, reflecting the true financial position, operating results, and cash flows[164] - The top five suppliers accounted for 271,713.34 million yuan in procurement, representing 18.44% of the total annual procurement, with related party procurement amounting to 174,680.03 million yuan, or 11.85% of the total[172] - Sales expenses decreased by 31.39% year-over-year to 35,944,161.82 yuan, while management expenses increased by 90.95% to 428,201,068.63 yuan due to old community renovation and restructuring costs[172] - R&D expenses decreased by 39.24% year-over-year to 230,281,568.44 yuan, primarily due to reduced R&D investment[172] - Financial expenses decreased by 31.79% year-over-year to 388,608,347.15 yuan, mainly due to the suspension of interest during judicial restructuring[172] - Asset impairment losses increased by 730.80% year-over-year to -749,110,274.24 yuan, driven by the recognition of various asset impairment losses[172] - The company has 148 R&D personnel, accounting for 3.47% of the total workforce, with 5 holding master's degrees, 58 holding bachelor's degrees, and 50 holding associate degrees[173][175] - Net cash flow from operating activities decreased by 192.37% year-over-year to -360,585,884.54 yuan, primarily due to reduced sales scale and payments for tax and employee claims[176] - Net cash flow from investing activities was -229,344,699.45 yuan, mainly due to investment payments for the restructuring of the mining and metallurgy company[176] - Net cash flow from financing activities was 1,017,203,045.75 yuan, primarily due to receiving investment funds from restructuring investors[176] - The company recorded a debt restructuring income of 4,025,664,868.16 yuan, including investment income of 4,598,322,843.97 yuan and investment losses of 573,826,718.84 yuan[177] - Cash and cash equivalents decreased by 42.26% to 709,952,508.59 yuan