Beijing Shougang Co (000959) H2 2024 earnings summary

Executive summary

• Operating revenue for 2024 was RMB 108.31 billion, down 4.79% year-over-year; net profit attributable to shareholders was RMB 471 million, down 29.03% year-over-year.

• The company maintained stable operations, with significant achievements in product mix, technological innovation, green and low-carbon initiatives, and cost reduction.

• Cash dividend of RMB 0.22 per 10 shares proposed, totaling RMB 171 million, representing 36.3% of net profit attributable to the parent company.

Financial highlights

• Operating revenue: RMB 108.31 billion (down 4.79% YoY); net profit attributable to shareholders: RMB 471 million (down 29.03% YoY); basic EPS: RMB 0.0607 (down 29.09% YoY).

• Net cash flows from operating activities: RMB 6.33 billion (up 2.83% YoY).

• Total assets: RMB 131.86 billion; net assets attributable to shareholders: RMB 49.62 billion.

• Gross margin for metallurgy segment: 3.95%.

• R&D investment: RMB 4.89 billion, 4.52% of operating revenue.

Outlook and guidance

• 2025 steel production target: 22.59 million tons (down 2.6% YoY); operating revenue budget: RMB 108.08 billion (down 0.21% YoY).

• Focus on high-end, high-efficiency, intelligent, and green development; continued emphasis on technological innovation and green manufacturing.

• Industry risks include overcapacity, policy tightening, and carbon compliance; company to strengthen market analysis, cost control, and green transformation.