JSHX(600307)2023-04-28 16:00Financial Performance - The company reported a net loss attributable to shareholders of CNY 2,476,396,213.37 for the year 2022, resulting in a cumulative distributable profit of CNY -3,263,838,883.64[15] - The company will not distribute profits or increase capital reserves due to the negative distributable profit condition as of the end of 2022[15] - The company is under a three-year shareholder dividend return plan from 2022 to 2024, which will be affected by the current financial situation[15] - The company's operating revenue for 2022 was approximately ¥44.61 billion, a decrease of 8.34% compared to 2021[20] - The net profit attributable to shareholders was approximately -¥2.48 billion, indicating a significant loss compared to a profit of ¥1.49 billion in 2021[20] - The net cash flow from operating activities decreased by 59.69% to approximately ¥1.54 billion[20] - The total assets at the end of 2022 were approximately ¥40.38 billion, down 3.67% from the previous year[20] - The weighted average return on equity was -19.83%, a decrease of 31.22 percentage points from 2021[20] - The company reported a quarterly revenue of ¥8.10 billion in Q4 2022, down from ¥10.32 billion in Q3 2022[32] - The company experienced a net loss of approximately -¥1.49 billion in Q3 2022, following a loss of -¥948.84 million in Q4 2022[32] - The net assets attributable to shareholders decreased by 18.83% to approximately ¥11.19 billion at the end of 2022[20] - The company recognized non-recurring gains of approximately ¥322.31 million in 2022, contrasting with a loss of -¥59.04 million in 2021[24] Audit and Compliance - The audit report issued by Da Hua Accounting Firm confirmed the financial statements with a standard unqualified opinion[14] - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[15] - There are no violations of decision-making procedures regarding external guarantees[15] - The company has established a compliance management committee to enhance risk control and operational efficiency across its business units[48] Research and Development - The company’s R&D expenses increased by 12.86% to approximately CNY 836.58 million, up from CNY 741.28 million[45] - The company has initiated 45 research projects and implemented 24 key projects to enhance production processes and product structure[48] - The company’s focus on technological innovation led to the development of several leading technologies, including a new steel for fourth-generation nuclear reactors, and the "5G + smart mine" project was recognized as a national intelligent manufacturing demonstration factory[49] Market and Production - The total steel production in China for 2022 was approximately 1,017.96 million tons, with steel product output at 1,340.34 million tons[38] - The company achieved an output of 9.71 million tons of iron ore from its own mines in 2022[41] - The company’s comprehensive steel production capacity exceeds 10 million tons annually, supported by a complete steel industry chain and a diverse product structure[52] - The company plans to produce 7.6 million tons of pig iron, 9.01 million tons of steel (including 940,000 tons of stainless steel), and 8.83 million tons of steel products (including 880,000 tons of stainless steel products) in 2023, aiming for a revenue of 44.07 billion yuan[110] Financial Position and Assets - Total assets decreased from ¥41.92 billion in 2021 to ¥40.38 billion in 2022, a decline of approximately 3.68%[62] - Current assets decreased from ¥14.23 billion in 2021 to ¥10.73 billion in 2022, a decline of approximately 24.06%[62] - Inventory decreased significantly from ¥8.14 billion in 2021 to ¥5.39 billion in 2022, a decline of approximately 33.9%[62] - The company's equity attributable to shareholders decreased from ¥13.79 billion in 2021 to ¥11.19 billion in 2022, a decline of approximately 18.9%[63] - The company’s total comprehensive income for the year was negative, contributing to the decrease in owner's equity[77] Strategic Initiatives - The company aims to optimize its product structure and adjust production operations based on market conditions to improve overall efficiency[48] - The company is committed to green development, having been recognized as a "green factory" and an "excellent enterprise in steel green development" by relevant authorities[55] - The company will implement its "14th Five-Year" development strategy and the 2023-2025 high-quality development plan to enhance core competitiveness and achieve its operational goals for 2023[110] - The company aims to focus on green transformation and carbon management, actively engaging with financial institutions to secure green financing for environmental governance[111] Risk Management - The company has established risk management policies to identify and mitigate credit, liquidity, and market risks associated with its financial instruments[158] - The company’s liquidity risk management includes continuous monitoring of cash flow forecasts to ensure sufficient cash reserves for short-term and long-term needs[158] - The company faces risks from a stable downstream steel demand and intensified competition among steel enterprises, with 2022 steel prices declining and costs remaining high, leading to a significant reduction in profit margins[111] Related Party Transactions - The company engaged in related party transactions totaling approximately RMB 686.58 million with Jiugang Logistics, a decrease from RMB 918.43 million in the previous period[141] - The company reported a total of RMB 447.82 million in related party transactions with Hongsheng Electric Heating, an increase from RMB 387.57 million in the previous period[141] - The company’s revenue from related party transactions with Runyuan Environment was RMB 214.96 million, showing a decrease from RMB 251.42 million in the previous period[141] Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the accounting standards set by the Ministry of Finance[84] - The company adopts a 12-month operating cycle for classifying the liquidity of assets and liabilities[85] - The company recognizes gains or losses from sales in sale-leaseback transactions based on the fair value of the asset transferred[172] - The company has adopted the new accounting standards effective from January 1, 2022, with no significant impact on the financial statements for the reporting period[175]