SHA GANG GU FEN(002075) 新浪财经·2025-04-08 14:06Core Viewpoint - Jiangsu Shagang Co., Ltd. reported a decline in revenue and net profit for 2024, but a significant increase in net cash flow from operating activities and an increase in R&D investment, indicating a mixed financial performance amidst industry challenges [1]. Financial Performance Analysis - Revenue decreased to CNY 14,416,260,853.07, down 7.69% from CNY 15,616,806,031.02, primarily due to weak demand and high raw material prices in the steel industry [1]. - Net profit attributable to shareholders fell to CNY 162,582,929.15, a decrease of 27.75% from CNY 225,025,197.56, driven by reduced revenue and cost pressures [1]. - The net profit excluding non-recurring items was CNY 23,340,409.07, down 35.83% from CNY 36,371,633.73, indicating weakening core business profitability [2]. - Basic earnings per share decreased to CNY 0.07, down 30.00% from CNY 0.10, reflecting the overall decline in profitability [2]. Expense Analysis - Sales expenses increased by 13.28% to CNY 29,910,918.70, indicating continued investment in market promotion and sales channel maintenance [3]. - Management expenses slightly decreased by 3.61% to CNY 242,685,805.69, suggesting initial success in internal cost control measures [4]. - Financial expenses showed a significant change, with a net income of CNY -84,783,350.29 compared to CNY 17,852,006.43 the previous year, primarily due to increased interest income [4]. R&D Investment - R&D expenses increased by 0.96% to CNY 533,445,757.63, reflecting ongoing commitment to innovation and product development [5]. - Total R&D investment reached CNY 582,338,870.02, up 6.60% from CNY 546,293,329.15, with the proportion of R&D investment to revenue rising from 3.50% to 4.04% [6]. - The number of R&D personnel increased by 1.10% to 459, with a notable rise in the number of highly educated staff, enhancing the company's innovation capabilities [6]. Cash Flow Analysis - Net cash flow from operating activities significantly improved to CNY 411,927,396.40, up 395.92% from a negative CNY -139,203,688.07, indicating better cash management [7]. - Net cash flow from investing activities turned positive at CNY 1,779,197,639.70, a substantial improvement from a negative CNY -1,973,341,241.32, reflecting optimized fund utilization [8]. - Net cash flow from financing activities showed increased outflows of CNY -902,778,332.33, compared to inflows of CNY 1,348,842,959.20 the previous year, indicating rising debt repayment pressures [9].