Share Capital and Structure - The company reported a net asset value of RMB 2,028,817,600 at its establishment in 1997, with 1,319,000,000 domestic shares issued at a par value of RMB 1 each[5]. - In 2023, the total number of shares decreased to 9,383,851,972 after the cancellation of 19,168,479 restricted A-shares and 408,623 remaining treasury shares[8]. - The company issued 890,000,000 H-shares at HKD 1.63 per share in 1997, which were listed on the Hong Kong Stock Exchange[5]. - The company completed a capital reserve conversion in June 2019, increasing its share capital by 2,170,442,354 shares, resulting in a total of 9,405,250,201 shares[8]. - The company’s A-shares were publicly issued at RMB 3.90 per share in November 1997, with 285,505,400 shares listed on the Shenzhen Stock Exchange[5]. - The company’s total share count after the 2005 equity division reform was 5,932,985,697 shares[6]. - The company’s stock is traded on both the Shenzhen Stock Exchange (A-shares) and the Hong Kong Stock Exchange (H-shares) under the ticker codes 000898 and 00347, respectively[9]. - The company reported a total of 9,384 million shares outstanding as of the end of 2023[13]. Financial Performance - The company's operating revenue for 2023 was RMB 113,502 million, a decrease of 13.40% compared to RMB 131,072 million in 2022[12]. - The net profit attributable to shareholders for 2023 was RMB -3,257 million, a significant decline from RMB 156 million in 2022, representing a decrease of 3,115.74%[12]. - The total assets at the end of 2023 were RMB 97,014 million, showing a slight increase of 0.02% from RMB 96,935 million at the end of 2022[13]. - The total liabilities increased by 8.60% to RMB 41,623 million in 2023, up from RMB 38,138 million in 2022[13]. - The company's cash flow from operating activities for 2023 was RMB 1,579 million, a decrease of 74.28% compared to RMB 6,139 million in 2022[12]. - The basic earnings per share for 2023 was RMB -0.347, a drastic drop from RMB 0.017 in 2022, reflecting a decline of 3,254.55%[12]. - The weighted average return on equity for 2023 was -5.78%, a decrease of 5.96 percentage points from 0.26% in 2022[12]. - The net profit attributable to shareholders for the fourth quarter of 2023 was RMB -1,142 million, with a total operating revenue of RMB 29,214 million[17]. - Non-recurring gains and losses totaled RMB 58 million in 2023, down from RMB 145 million in 2022[18]. - For the fiscal year ending December 31, 2023, the company reported a net profit attributable to shareholders of RMB -3,257 million, with a basic earnings per share of RMB -0.347, compared to an adjusted net profit of RMB 108 million and adjusted earnings per share of RMB 0.011 for the previous year[21][22]. - The company plans not to distribute cash dividends or issue bonus shares for the fiscal year 2023 due to the reported loss[22]. Market and Production - In 2023, the apparent consumption of crude steel in China was 933 million tons, a year-on-year decrease of 3.4%, while domestic crude steel production remained stable at 1.019 billion tons[23]. - The company achieved steel production of 26.63 million tons and sales of 24.85 million tons in 2023, with a sales rate of 101.03%[26]. - The company introduced 52 new product varieties in 2023, exceeding the planned target by 4.05 percentage points, and the sales volume of automotive steel increased by 12.2% year-on-year[27]. - The company reported a 33.85% year-on-year increase in export order volume, marking a significant breakthrough in specialty steel exports[27]. - The average value of the China Steel Price Index (CSPI) decreased by 9.1% year-on-year, reflecting a challenging pricing environment in the steel industry[23]. - The company has optimized its production organization and resource allocation, resulting in a 20% year-on-year increase in the production of high magnetic permeability silicon steel[26]. Cost Management and Efficiency - The procurement costs were effectively controlled through expanded procurement channels and optimized strategies, contributing to overall cost reduction[27]. - The company achieved a gross profit margin for the steel rolling processing industry of -0.50%, a decrease of 2.83 percentage points year-on-year[38]. - Operating costs decreased by 10.92% to RMB 114,037 million from RMB 128,022 million in the previous year[71]. - Management expenses rose by 30.12% to RMB 1,689 million, primarily due to organizational restructuring and increased personnel costs[71]. - Financial expenses decreased by 47.02% to RMB 258 million, down from RMB 487 million in the previous year, attributed to lower average financing costs[73]. Research and Development - The company has invested 106 million yuan in 21 energy-saving projects in 2023[30]. - R&D investment amounted to RMB 2,852 million in 2023, an increase of 8.81% from RMB 2,621 million in 2022[105]. - R&D investment accounted for 2.51% of operating revenue in 2023, up from 2.0% in 2022, representing an increase of 0.51 percentage points[105]. - The number of R&D personnel increased by 4.26% from 2,185 in 2022 to 2,278 in 2023, with a higher proportion of personnel holding bachelor's and master's degrees[104]. - The company is focused on developing advanced production technologies for cold-rolled high-strength steel and high-grade surface cold-rolled steel[103]. Environmental and Sustainability Initiatives - The company is focusing on digital transformation and green initiatives, enhancing its innovation capabilities and environmental performance[25]. - The company completed 152 ultra-low emission transformation projects, with emissions of sulfur dioxide, nitrogen oxides, COD, and ammonia nitrogen decreasing by 28.2%, 21.9%, 2.2%, and 60% respectively compared to planned levels[30]. - The company aims to achieve a 30% reduction in carbon emissions by developing green low-carbon automotive steel products for demonstration applications[100]. - The company has completed the production process for green low-carbon automotive steel, increasing the scrap steel ratio to reduce carbon emissions[101]. Risk Management and Compliance - The company has established a comprehensive risk management framework to improve financial efficiency and compliance[34]. - The company has undergone structural changes, including the establishment of new subsidiaries and the cancellation of others, with no significant impact on overall operations[40]. - The company has established a comprehensive management framework for foreign exchange derivatives, ensuring compliance with relevant laws and internal controls to mitigate operational risks[134]. - The company has conducted legal risk assessments related to its derivative investments, ensuring compliance with national futures trading laws[126]. Corporate Governance - The company has established a comprehensive corporate governance system in compliance with relevant laws and regulations, ensuring independence from its controlling shareholder[146]. - The company held its first extraordinary shareholders' meeting in 2023 with a participation rate of 57.95%, where key resolutions included the election of new directors[150]. - The company reported a significant change in its board of directors, with Wang Yidong resigning as chairman and executive director on September 22, 2023, due to work changes[159]. - The company has a total of 8 board members, with various roles including legal compliance and engineering management[172]. Employee and Management Changes - The total number of employees at the end of the reporting period was 26,964, including 23,246 at the parent company and 3,718 at major subsidiaries[199]. - The company experienced changes in its management team, with Zhang Peng resigning as vice general manager on August 28, 2023, due to work changes[159]. - The total pre-tax compensation for the current directors and senior management amounts to RMB 309.65 million, with the highest being RMB 114.41 million for the General Manager[177]. Future Outlook - In 2024, the global economy is expected to remain in a slow recovery phase, with the steel industry facing a new adjustment cycle, leading to overall weak demand and high supply levels[145]. - The company anticipates a slight decline in overall steel demand, with the situation of oversupply unlikely to fundamentally improve[145]. - The company plans to innovate marketing models and implement cost reduction strategies to improve efficiency[145].
鞍钢股份(00347) - 2023 - 年度财报