宝钢股份(600019) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 was RMB 163.251 billion, a decrease of 3.89% compared to the same period last year[15] - Net profit attributable to shareholders of the listed company was RMB 4.545 billion, a slight decrease of 0.17% year-on-year[15] - Basic earnings per share increased by 5.00% to 0.21 yuan per share compared to the same period last year[17] - The company achieved a total profit of 6.23 billion yuan in the first half of the year, with a 23.5% quarter-on-quarter increase in the second quarter[21] - The company achieved a total profit of 6.23 billion yuan in the first half of the year, a decrease of 280 million yuan compared to the same period last year, mainly due to weak downstream demand and declining steel prices[24][29] - Operating income for the first half of the year was 163.251 billion yuan, a decrease of 3.9% year-on-year, while operating costs decreased by 4.5% to 153.899 billion yuan[27] - The steel manufacturing segment's revenue decreased by 4.2% to 130.105 billion yuan, with a slight improvement in gross margin to 3.5%[31] - Cold-rolled carbon steel sheet revenue decreased by 3.4% to 56.598 billion yuan, while hot-rolled carbon steel sheet revenue fell 1.9% to 41.193 billion yuan[32] - Net profit for the first half of 2024 was RMB 5.24 billion, a slight increase of 0.2% compared to RMB 5.23 billion in the same period of 2023[162] - Operating profit for the first half of 2024 was RMB 6.59 billion, a decrease of 4.6% compared to RMB 6.90 billion in the same period of 2023[162] - Net profit attributable to parent company shareholders reached 4,544,556,733.98 RMB, a slight decrease from 4,552,374,800.00 RMB in the previous period[163] - Total comprehensive income for the company was 5,256,154,160.18 RMB, compared to 5,434,633,803.55 RMB in the previous period[163] - Operating income for the parent company was 63,439,245,097.71 RMB, a slight decrease from 64,112,466,856.57 RMB in the previous period[164] - Operating profit for the parent company increased to 6,517,472,130.61 RMB, up from 6,376,103,072.21 RMB in the previous period[165] - Net profit for the parent company rose to 6,087,866,463.49 RMB, compared to 5,726,571,744.68 RMB in the previous period[165] Cash Flow and Dividends - Cash dividend of RMB 0.11 per share (tax included) is proposed for the first half of 2024, totaling RMB 2.369 billion, accounting for 52.13% of the net profit attributable to the parent company[4] - Net cash flow from operating activities was RMB 5.738 billion, down 8.02% year-on-year[15] - Net cash flow from operating activities was 5.738 billion yuan, a decrease of 8.0% year-on-year, while net cash flow from investing activities was -13.414 billion yuan[27][33] - Operating cash flow decreased by 5.57 billion yuan in H1 2024 compared to H1 2023, primarily due to a reduction in inventory and accounts receivable[35] - Net cash outflow from investing activities increased by 2.64 billion yuan in H1 2024, mainly due to higher investment expenditures of 3.1 billion yuan[36] - Net cash inflow from financing activities decreased by 2.93 billion yuan in H1 2024, driven by a 2.79 billion yuan increase in dividend and interest payments[38] - Cash flow from operating activities was 181,987,148,423.58 RMB, a decrease from 192,690,083,569.23 RMB in the previous period[166] - Net cash flow from operating activities was 6.24 billion yuan[167] - Net cash flow from investing activities was 1.86 billion yuan[167] - Net cash flow from financing activities was 6.29 billion yuan[167] - Net increase in cash and cash equivalents was 14.50 billion yuan[167] - Cash received from sales of goods and services was 73.34 billion yuan[168] - Net cash flow from operating activities for the parent company was 3.41 billion yuan[168] Assets and Liabilities - Total assets at the end of the reporting period were RMB 367.974 billion, a decrease of 2.15% compared to the end of the previous year[15] - Total assets decreased by 2.1% to 367.974 billion yuan as of June 2024, with a 4.1% decline in current assets[40] - Monetary funds decreased by 18.4% to 21.181 billion yuan, primarily due to capital contributions and dividend payments[40] - Long-term receivables decreased by 26.4% to 167 million yuan, reflecting scheduled collections[40] - Current liabilities increased by 4.3% to 118.879 billion yuan, with a 120.8% rise in short-term non-current liabilities[40] - Non-current liabilities decreased by 29.1% to 29.738 billion yuan, mainly due to reclassification of long-term borrowings[40] - Total assets as of June 30, 2024, were RMB 245.29 billion, a decrease of 1.4% compared to RMB 248.73 billion at the end of 2023[160] - Total liabilities as of June 30, 2024, were RMB 88.74 billion, a decrease of 5.2% compared to RMB 93.64 billion at the end of 2023[160] - Accounts receivable as of June 30, 2024, were RMB 15.97 billion, an increase of 11.8% compared to RMB 14.28 billion at the end of 2023[159] - Inventory as of June 30, 2024, was RMB 11.43 billion, a decrease of 1.7% compared to RMB 11.63 billion at the end of 2023[160] - Long-term loans as of June 30, 2024, were RMB 15.89 billion, a decrease of 44.2% compared to RMB 28.48 billion at the end of 2023[160] - Total equity as of June 30, 2024, was RMB 156.55 billion, an increase of 0.9% compared to RMB 155.09 billion at the end of 2023[160] - Total owner's equity at the end of the period decreased by 780.51 million yuan to 219.36 billion yuan compared to the beginning of the period[169] - Comprehensive income for the period was 4.56 billion yuan, contributing to the owner's equity[169] - Capital reserve increased by 213.52 million yuan during the period[169] - Treasury stock increased by 534.11 million yuan, reflecting share buybacks[169] - Minority interest decreased by 700.16 million yuan, indicating reduced minority ownership[169] - Total owner's equity at the end of the period increased by 36.94 million yuan to 215.91 billion yuan compared to the beginning of the period[170] - Comprehensive income for the period was 4.74 billion yuan, contributing to the owner's equity[170] - Capital reserve decreased by 86.14 million yuan during the period[170] - Treasury stock decreased by 149.73 million yuan, reflecting share issuances[170] - Minority interest decreased by 2.56 billion yuan, indicating reduced minority ownership[170] - Total owner's equity at the end of the period increased to RMB 156,545,733,529.76, up from RMB 155,091,983,187.43 at the beginning of the period[171] - Comprehensive income for the period amounted to RMB 1,453,750,342.33, driven by a significant increase in undistributed profits[171] - Owner's equity increased by RMB 6,242,708,042.81 due to capital contributions and reductions[171] - Profit distribution to owners (or shareholders) amounted to RMB -4,337,572,218.40, reflecting dividends or other distributions[171] - Special reserves increased by RMB 3,406,874.81, with RMB 64,200,947.98 extracted and RMB 60,794,073.17 used during the period[171] - Total owner's equity at the end of the period for 2023 was RMB 156,236,430,642.56, up from RMB 151,981,329,478.08 at the beginning of the period[172] - Comprehensive income for 2023 was RMB 5,731,576,605.98, with a significant contribution from undistributed profits[172] - Profit distribution to owners (or shareholders) in 2023 amounted to RMB -2,218,636,599.90[172] - Special reserves for 2023 saw an extraction of RMB 104,133,781.92 and usage of RMB -104,133,781.92, resulting in no net change[172] Production and Sales - The company produced 24.117 million tons of iron and 26.306 million tons of steel in the reporting period, with sales of 25.514 million tons of steel products[24] - Sales of "1+1+N" products reached 15.09 million tons, a year-on-year increase of 16.5%[21] - Export orders reached a record high of 3.035 million tons in the first half of the year[21] Cost Management and Efficiency - Cost reduction efforts saved 4.55 billion yuan, exceeding target progress[21] - The company's key process energy efficiency benchmark rate reached 89.2%, with 100% at Baoshan and Dongshan bases[22] - In the first half of 2024, the company implemented 50 extreme energy efficiency projects, achieving a technical energy saving of 206,000 tons of standard coal, completing 68.7% of the annual target, with a comprehensive energy consumption per ton of steel of 551 kgce/t, achieving the annual target, and a process energy efficiency benchmark rate of 89.2% [90] Innovation and Technology - The company launched 9 globally first products, including oriented silicon steel B23P080, and sold 3.268 million tons of new trial products[22] - 23 AI application scenarios were launched in the first half of the year, and the Baosteel computing center based on Huawei Ascend architecture was officially operational[22] - The company's AI computing center has become a leading and technologically advanced AI computing center in the domestic steel industry, supporting intelligent transformation[23] Environmental and Sustainability - The company's actual emissions in the first half of 2024 were 2,056.2 tons of particulate matter, 2,879.6 tons of sulfur dioxide, and 9,081.9 tons of nitrogen oxides, all within the permitted limits[73] - Baoshan Iron & Steel Co., Ltd. reported a total emission of 789.94 tons of particulate matter in the first half of 2024, which is 8.9% of the annual permitted emission of 8873.8 tons[74] - Wuhan Iron and Steel Co., Ltd. emitted 685.28 tons of sulfur dioxide in the first half of 2024, accounting for 10.5% of the annual permitted emission of 6505.28 tons[74] - Baosteel Zhanjiang Iron & Steel Co., Ltd. recorded a total emission of 556.34 tons of particulate matter in the first half of 2024, representing 14.9% of the annual permitted emission of 3745.76 tons[74] - Shanghai Meishan Iron & Steel Co., Ltd. emitted 566.42 tons of sulfur dioxide in the first half of 2024, which is 17% of the annual permitted emission of 3339.368 tons[75] - Baosteel Nippon Steel Automotive Plate Co., Ltd. reported a total emission of 7.49 tons of COD in the first half of 2024, accounting for 9.3% of the annual permitted emission of 80.36 tons[75] - Baosteel Huangshi Coated Plate Co., Ltd. emitted 1.66 tons of particulate matter in the first half of 2024, representing 25.6% of the annual permitted emission of 6.49 tons[77] - Baowu Carbon Technology Co., Ltd. recorded a total emission of 208.23 tons of nitrogen oxides in the first half of 2024, which is 17% of the annual permitted emission of 1222.51 tons[77] - Baowu Carbon Technology Co., Ltd. reported 1 incident of daily sulfur dioxide emission exceeding the standard in the first half of 2024[77] - The company completed ultra-low emission upgrades and assessments at major production bases, with all relevant bases formulating routine maintenance plans for 2024 to ensure stable ultra-low emission performance[78] - Baosteel Automotive Plate strengthened control over 24 waste gas environmental protection equipment and 2 sets of wastewater treatment facilities, ensuring compliance at 25 waste gas outlets and 1 wastewater outlet[78] - Wuhan Iron and Steel Co., Ltd. initiated 4 new environmental protection technical renovation projects and carried over 4 projects from 2023, totaling 8 projects, with some already completed or under construction[78] - Zhanjiang Iron and Steel launched 2 environmental protection-related technical renovation projects, both of which have completed project approval and are in the preparation stage for construction[78] - Meishan Iron and Steel Co., Ltd. implemented a comprehensive ultra-low emission control standard, leveraging smart environmental protection to enhance monitoring and maintenance of equipment[78] - Baoshan Iron & Steel Co., Ltd. and its subsidiaries completed environmental impact assessments and acceptance procedures for all new, modified, and expanded projects in the first half of 2024[80] - Baowu Carbon Technology Co., Ltd. completed the acceptance of a 300,000-ton/year tar processing project as part of its environmental improvement initiative[82] - The company achieved a 100% self-monitoring data disclosure rate during the reporting period, with no omissions in self-monitoring data[85] - Baowu Carbon's subsidiary, Wuhai Baojie, was fined 200,000 yuan by the Wuhai Ecological Environment Bureau for exceeding the daily average sulfur dioxide limit during the debugging period of its waste gas online monitoring equipment[86] - The company's subsidiary, Baoshan Base, was awarded the "Waste-Free Cell" (Waste-Free Factory) by Shanghai and Baoshan District, and Wuhan Iron and Steel Co., Ltd. released the implementation plan for the construction of a "Waste-Free Factory" and completed the application for Wuhan's "Waste-Free Factory" [89] - In the first half of 2024, the company implemented 50 extreme energy efficiency projects, achieving a technical energy saving of 206,000 tons of standard coal, completing 68.7% of the annual target, with a comprehensive energy consumption per ton of steel of 551 kgce/t, achieving the annual target, and a process energy efficiency benchmark rate of 89.2% [90] - Zhanjiang Iron and Steel became the first unit to complete the on-site formal acceptance of the "Dual Carbon Best Practice Energy Efficiency Benchmark Demonstration Factory" organized by the China Iron and Steel Association, and Baoshan Base completed the on-site acceptance, both awaiting announcement by the China Iron and Steel Association [91] - In the first half of 2024, the company completed 1.2 billion kWh of green electricity transactions, achieving 86.4% of the annual target, and Baoshan Base completed 2 million green certificate transactions, equivalent to 2 billion kWh, reducing carbon emissions by 1.86 million tons [91] - The company added 34.78 MW of photovoltaic capacity, with Dongshan photovoltaic project putting 28.8 MW into operation, and the Dongshan Base's in-plant wind turbine project receiving government approval, with photovoltaic power generation reaching 135 million kWh, an increase of 18% year-on-year [91] - The company invested in the construction of centralized off-site renewable energy projects, with Dongshan Base participating in the Xuwen East I offshore wind power project, and Zhanjiang Yuefeng Electric Power Baoxin Energy Co., Ltd. was registered on May 11 [91] - The company signed a "Green Electricity+" new energy project development cooperation framework agreement with CGN New Energy Hubei Co., Ltd., with a cooperation scale of 700 MW photovoltaic power stations and 500 MW wind farms, with a total investment of approximately 5 billion yuan and an annual power generation of 1.7 billion kWh [91] - The company completed the acceptance of the 350 MW positive pressure direct-blown mixed combustion boiler biomass fuel technology research project at Dongshan Base and will further conduct industrial trials [91] - The company promoted hydrogen-based shaft furnace industrial trials, conducted hydrogen metallurgy technology research, and developed stable low-silicon pellet ore blending and production technology, completing the preliminary work for the zero-carbon high-grade thin steel plate factory project, which officially started construction on April 11 [91] - In 2024, the company invested 70.7 million yuan in donation funds for four counties in Yunnan, implementing 41 assistance projects, focusing on industrial development, and accumulated 3.48 million yuan in consumption assistance through various activities [92] Corporate Governance and Commitments - Baosteel Group has committed to transferring any future business opportunities in the same industry to Baoshan Iron & Steel Co., Ltd. (Baosteel) and will only invest if Baosteel declines the opportunity[96] - Baosteel Group has agreed to assist Baosteel in completing land transfer procedures for the Luojing project and will cover any costs exceeding RMB 2.8 billion[96] - Baosteel has paid approximately RMB 2.34 billion for the land in the western area of the Luojing project and RMB 20 million for the northern energy corridor, with land certificates obtained for both areas[98] - Baosteel Group has committed to transferring its equity in Desheng Nickel to Baosteel at a reasonable price based on an independent valuation, should Baosteel request the acquisition[98] - Baosteel Group has pledged not to engage in any business activities that compete with Baosteel's core operations and will prioritize Baosteel's development and acquisition rights for any new competitive projects[98] - Wuhan Iron and Steel Group has committed to ceasing control or operation of Guangxi Iron and Steel Group