Shanghai Ganglian(300226) 金融界·2025-04-02 14:46Core Insights - Shanghai Steel Union reported a decline in both revenue and net profit for 2024, indicating significant operational pressure amid an industry downturn [1][2] Financial Performance - The company achieved a total revenue of 81.335 billion yuan, a year-on-year decrease of 5.77%, marking the first instance of negative revenue growth in recent years [2] - The net profit attributable to shareholders was 161 million yuan, down 32.87% year-on-year, with the non-recurring net profit dropping even more sharply by 41.43% [2] - Cash flow from operating activities saw a substantial increase of 1577.47%, primarily due to improved collection of accounts receivable by its subsidiary [2] Government Support and Dependency - In 2024, the company received government subsidies amounting to 21.52 million yuan, which constituted 13.34% of the audited net profit, highlighting a reliance on external support for profitability [3][4] - Other income decreased by 29.54% year-on-year, reflecting a reduction in government subsidies compared to the previous year, further exacerbating profit decline [3] Business Segment Performance - The steel trading service segment reported a revenue of 80.4719 million yuan, down 5.81% year-on-year, with transaction volume on the steel e-commerce platform declining by 5.19% [5] - The industrial data service segment also experienced a revenue drop of 2.53%, despite some advancements in data quality management and AI technology application [5] - Overall, the company faces severe challenges in maintaining profitability in its core business areas amid a declining industry environment [5]