[年报]首钢股份(000959):2022年年度报告（英文版）
原标题:首钢股份:2022年年度报告（英文版） 2022 Annual Report 19 April 2023 Section I. Important notice, Content, Definitions The board of directors (the “Board”), the supervisory committee, all directors, supervisors and senior executives of the Company warrant that there are no false representations, misleading statements or material omissions in this annual report; and are jointly and individually responsible for the truthfulness, accuracy and completeness of the information contained in this annual report. Mr. Zhao Minge, the representative of the Company, Mr. Liu Jianhui, the general manager of the Company, Mr. Li Baizheng, the person overseeing the accounting operations of the Company, and Ms. Gong Juanjuan, head of Accounting Department, made representations in respect of the truthfulness, accuracy and completeness of the financial report contained in the annual report. Other directors except the following attended the board meeting to consider the annual report in person:
investors by the Company. Investors should be aware of the relevant investment risks. Certain risks that may exist have been elaborated by the Company in this report. Please refer to Discussion and Analysis of Business Operations for details. The Company plans not to distribute cash dividends, issue bonus shares, or convert public reserve funds into share capital. This report is prepared based on Chinese text and is prepared in both Chinese and English versions. In the event of any discrepancy between Chinese and English versions, the Chinese version shall prevail. CONTENTS SECTION I. IMPORTANT NOTICE, CONTENT, DEFINITIONS .......................................................................................................... 2 SECTION II. COMPANY PROFILE AND MAJOR FINANCIAL INDICATORS ........................................................................................ 6 SECTION III. MANAGEMENT DISCUSSION AND ANALYSIS .......................................................................................................... 9 SECTION IV. CORPORATE GOVERNANCE................................................................................................................................. 35 SECTION V. ENVIRONMENT AND SOCIAL RESPONSIBILITY ...................................................................................................... 52 SECTION VI. SIGNIFICANT EVENTS ........................................................................................................................................ 58 SECTION VII. MOVEMENTS IN SHARE CAPITAL AND SHAREHOLDERS ....................................................................................... 66 SECTION VIII. PREFERRED SHARES ....................................................................................................................................... 74 SECTION IX. BONDS ............................................................................................................................................................. 75 SECTION X. FINANCIAL REPORT ............................................................................................................................................ 79 File directory for reference 1.Accounting statements with signatures and seals of Chairman, general manager, chief accountant and person in charge of accounting institution. 2. Original audit report with seals of accounting firm and signature and seals of CPA. 3. All the original documents and announcements publicly disclosed in newspapers designated by China Securities Regulatory Commission during the reporting period. 4. The Articles of Association of the Company, etc. INTERPRETATION
I. Company information
Whether the Company has retroactive adjustment or re-statement on previous accounting data or not √ YES □ NO Reasons for retroactive adjustment or restatement
audit profit of the last year presents that the Company’s ability of continuing operations is uncertain. □ YES √ NO The net profit before and after deducting non - recurring profit and loss is negative. □ YES √ NO VII. Difference of accounting data under accounting rules in and out of China 1. Differences of net profit and net assets in financial statements disclosed according to International Financial Reporting Standards and Chinese Accounting Standards □ Applicable √ Non applicable There is no difference between the net profit and net assets in the financial statements disclosed in accordance with International Financial Reporting Standards and Chinese Accounting Standards during the reporting period of the Company. 2. Difference of net profit and net assets in financial statements disclosed according to foreign accounting standards and Chinese Accounting Standards □ Applicable √ Non applicable There is no difference between the net profit and net assets in the financial statements disclosed in accordance with foreign accounting standards and Chinese Accounting Standards during the reporting period of the Company. VIII. Major financial indicators by quarter
indicators disclosed in the Company’s quarterly report and semi-annual report □ YES √ NO IX. Items and amounts of non-recurring gain and loss √ Applicable □ Non applicable
□ Applicable √ Non applicable The Company has no specific situation of other profit and loss items that meet the definition of non-recurring gain and loss. Explanation of reclassifying the non-recurring gain and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items as recurring items: □ Applicable √ Non applicable The Company has no non-recurring profit and loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items is reclassied as recurring item. Section III. Management Discussion and Analysis I. The industry situation of the Company during the reporting period In 2022, due to the turbulence of the international situation, the interest rate hike of the US dollar, and other factors, the demand for steel market will decline more than expected, the steel price will continue to weaken, the raw fuel price will remain relatively high, and the industry benefit will decline significantly year-on-year. At present, the contradiction between supply and demand in the iron and steel industry is prominent, showing the characteristics of higher output, higher inventory, higher cost and low demand, low price and low profit "three high and three low". Steel prices remain sluggish in the second half of the year, resulting in a large proportion of losses in the steel industry. In 2022, CISA key statistics member iron and steel enterprises achieved operating revenue of RMB6,587.5 billion, down by 6.35% year on year, and total profit of RMB98.2 billion, down by 72.27% year on year. Affected by the policy of dual control of production capacity and output and downstream demand, China's cumulative production of pig iron in 2022 was 864 million tons, down by 0.80% year on year, 1.018 billion tons of crude steel with a year on year decrease of 1.7%, and 1.340 billion tons of steel whith a year on year increase of 0.22%. During the reporting period, the Ministry of Industry and Information Technology and other three ministries and commissions jointly issued the Guiding Opinions on Promoting the High-quality Development of the Iron and Steel Industry, and The State Council issued the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035). The two documents pointed out the direction for the high-quality development of the iron and steel industry, and the enterprises in the industry will continue to develop in the direction of high-end, intelligent and green. In 2022, China's electrical steel industry will develop healthily, with the output of oriented electrical steel about 2.17 million tons and non-oriented electrical steel about 10.92 million tons, making it the world's largest electrical steel producer. The use of high-grade materials such as energy-saving transformers and driving motors for new energy vehicles has increased significantly, and high-end electrical steel products have provided strong support for the implementation of the national "dual carbon" policy, the upgrading of the manufacturing industry and the development of the power industry. II. Main business of the Company during the reporting period The main business of the Company is the production and sales of steel products and metal soft magnetic materials (electrical steel) 1. Zhixin Co. Electric steel is an indispensable electromagnetic material in the fields of power, electronics and military industry. It is the core soft magnetic functional material applied in the power industry and serves the generation, transmission and use of electric energy. Electric steel is divided into oriented electric steel and non-oriented electric steel. Oriented electric steel is mainly used in the field of ultra-high voltage, ultra-high voltage and high energy efficiency distribution transformers. It is used to manufacture transformer cores. Non-oriented electric steel is mainly used in new energy vehicles, household appliances, industrial motors, small and medium-sized motors and other industries or fields, used to manufacture motors, frequency conversion compressors and other products. Zhixin Co is a research and development, manufacturing and sales base of metallic soft magnetic materials (electric steel), and has become the world's leading manufacturer and service provider of electric steel. Products include oriented electric steel and electric steel without orientation two big series, oriented electric steel including high magnetic induction, magnetic domain refinement, low noise, low excitation, no underlying, intermediate frequency six products, independent research and development of low temperature slab reheating technics producing high magnetic induction orientation technology of electric steel, as the world's fourth all cryogenic technology industrialization enterprises. Non-oriented electric steel includes four categories of products including new energy vehicles, stress relief annealing, high efficiency and general, with stable batch production capacity of all grades。 2. Jingtang Co. Jingtang Co, the large steel base, is a company with international advanced level designed and constructed in accordance with the concept of circular economy. It has the obvious advantages of being near the sea and near the harbor, large equipments, high production efficiency and low cost. Iron and steel products of Jingtang Base include hot and cold plates. The hot plates mainly contain hot-rolled products, i.e., hot-rolled pickling sheet, weather-resistant steel, automobile structure steel, high-performance construction steel, pipeline steel, etc.; and also contain medium and thick plates products, such as bridge steel, energy steel, pipeline steel, etc. The cold plates mainly contain: automobile sheet, tin sheet, cold-rolled special-use plate, color-coated sheet, etc. four main products series. 3. Qianshun Base Iron and steel products of Qianshun Base is an important high-end plate production base in China, with world-class equipment and industry-leading clean steel manufacturing technology, with high-end auto plate, high-end household appliance board full range of supply capacity. Iron and steel products of Qianshun Base include hot and cold plates. The hot plates mainly contain: hot-rolled pickle sheet, weather-resistant steel, automobile structure steel, high-strength construction machinery steel, pipeline steel, etc. The cold plates mainly contain: automobile sheet, cold-rolled special-use plate, etc. III. Analysis of core competitiveness 1. Market-leading technology The Company, Jingtang Co., Zhixin Co., Cold-R Co. are high-tech enterprises, R&D investment of RMB5.386 billion in 2022, development system of "one institute and multiple centers", making technical research projects, expert workstations and platforms for external cooperation. The cultivation of new products, new technologies and new technological processes is accelerating. New Product development: 20SW1200H and ESW1230 are the first electrical steels for new energy vehicles in the world, which surpass the performance of conventional electrical steels and can greatly improve the power density and efficiency of motors. Five products, represented by HJAC980B2M with high respreading and ultra-high strength and S100VD with high fatigue performance steel for compressor valve plate, were first launched in China. 16 high-end materials represented by automobile outer plate 490+Z and automobile stabilizer bar steel 34MnB5 have been replaced by localization and supplied in batches. Key technological breakthroughs: The "large proportion pellet iron making technology" of blast furnace with obvious carbon reduction effect in China can be assembled up to 65% in pellet ore. Patents: The Company has obtained 654 patents, including 166 invention patents and 488 utility model patents. Two patents "A method and system of electricity, heat and water co-generation" and "R&D and Application of unmanned operation of pellet intelligent control" won gold awards at the 121th International Exhibition of Inventions in Paris. Standards: The Company establishes the standardization industry benchmark, participates in the formulation of 46 standards at all levels, among which, 22 standards are the lead formulation. Cold-rolled Oriented Electrical Steel Belt won the title of "Leader" of national Enterprise Standards in 2022. Science and technology awards: The company has won 5 science and technology awards above the provincial and ministerial level (the first enterprise to complete), 18 provincial management innovation awards, among which "the construction and practice of efficient collaborative steel whole process manufacturing control system" won the first prize of metallurgical enterprise management innovation. Deng Zhenyue of iron making Operation Department of the company won the front-line worker Award of Metallurgical Science and Technology Award of China Steel Association and China Metal Society for his innovative achievements of "Research and Application of Stable and long life Technology of blast furnace top Equipment". 2. High-end products The Company's three strategic products adhere to the development strategy of continuous leadership of electrical steel, refinement and strength of automobile plate, and high-end breakthrough of tin plate, and continusly to optimize the product structure, production line structure and customer structure, and achieve the double improvement of product quality and benefit. During the reporting period, the output of three strategic products (electrical steel, automotive plate, tin (chromium) plate) totaled 5.71 million tons, the output of eight types of key products (cold-rolled special steel, hot-rolled pickling plate, climate resistant steel, energy steel, automotive structural steel, high-strength construction machinery steel, pipeline steel, bridge steel) totaled 8.19 million tons, and the total output of strategic and key products was 13.9 million tons. The above products account for 63% of the company's total steel output. The output of electrical steel reached 1.48 million tons, with the proportion of high-end products steadily increasing. With the promotion of the national "dual carbon" strategy, the electrification level of the whole society is further improved, and the demand for high-end electrical steel products continues to grow. The company's high-end electrical steel products account for 63%, which is 15% higher than last year. In terms of high magnetic susceptibility orientation electrical steel, the output of 0.20mm and below ultra-thin specifications high magnetic susceptibility orientation electrical steel products reached 70,000 tons, with a year-on-year growth of about 30%, achieving the first domestic sales for five consecutive years. The product structure of non-oriented electrical steel continued to be optimized, and the output of high-grade non-oriented electrical steel products was 728,000 tons, up 33% year on year, among which the output of high-grade non-oriented electrical steel products for new energy vehicles increased 144% year on year. The stable supply of 7 of the top 10 global sales of new energy vehicles was achieved by all the top 10 domestic sales. The output of automobile board was 3.61 million tons, up nearly 2% year on year, and new breakthroughs were made in product and channel structure adjustment. The product mix was further optimized, with the output of galvanized, high-strength and outer plate increasing by 5%, 23% and 7% year-on-year respectively. Ultra-high strength and aluminized silicon products increased by 80% and 54% year-on-year respectively. The company is the second enterprise in the world to pass the GA product certification of 980MPa and above of a Japanese automobile enterprise. Zinc-aluminum-magnesium coating products are used in batches for automobile side cladding. UF steel domestic first and realize batch supply. The user structure was further optimized, and the share of core oems was stable and rising. The supply of Japanese customers increased by more than 80% year on year, while the supply of joint venture brand customers increased by 28% year on year. The output of tin-plated (chrome) plates was 620,000 tons, and the proportion of high-end products further increased. The Company bulk supply domestic leading enterprises this product for milk powder cans. The Company has batch supply of deep drawing cupping DI materials for export to the world's largest metal packaging enterprises. The Company's DR Material has achieved 0.14mm ultra-thin specifications of mass production. The Company has successfully trial-produced chromium-free passivated high-end tin plate, the corrosion resistance of this material far exceeds similar chromium-containing products. The Company's "wing steel" products appeared in the Beijing Winter Olympics and the 20th CPC National Congress. The Company attaches great importance to the product characteristics, differentiation, and in this respect to make new progress. The company's 9Ni steel for Marine LNG fuel tanks and LPG Marine container steel products achieve batch supply. The Company became the first domestic high-steel grade hydrogen transmission pipeline steel mass production, and the product supplied the first domestic long-distance, high-pressure hydrogen doped pipeline project. The Company's high strength hydropower steel for the first batch supply of Ninghai pumped storage hydropower project. 3. Green and low-carbon The Company takes the lead in achieving ultra-low emissions in the whole process and is the first enterprise in the world to achieve ultra-low emissions in the whole process, making ultra-low emissions in the steel industry possible. The Company actively leads and participates in the formulation of green product design standards and green production evaluation standards for iron and steel, integrates advanced technical indicators and green manufacturing concepts into industry standards, and guides the high-quality development of enterprises. Qiangang Co. and Jingtang Co. continue to maintain the "Grade A" enterprises in environmental protection performance evaluation of Hebei Province, and take independent emission reduction measures in accordance with policy requirements; Qian Steel Company promotes ultra-low emission advanced technology and management experience, and has helped nearly 50 iron and steel enterprises improve their environmental performance. The Company has steadily promoted the construction of LCA system, and the EPD platform of hot rolled products in the steel industry has been successfully released. The columns of CCTV's "Morning News" and "Focus Interview" have focused on Shougang Co., which fully affirmed the road of green manufacturing and low-carbon development of Shougang Co. The Company has been awarded the title of national "Industrial Product Green Design Demonstration Enterprise", awarded the label of "double carbon Best Practice Energy Efficiency Benchmark Demonstration Plant Cultivation Enterprise" by China Iron and Steel Association, and awarded the "2022 Industrial Wastewater Recycling Pilot Enterprise" by the Ministry of Industry and Information Technology. Five types of products, including cold-rolled high-strength steel plate and steel belt for automobiles and oriented electrical steel, have been awarded the green design products of the Ministry of Industry and Information Technology. 4. Intelligent manufacturing New progress was made in intelligent development. The company has built a cross-regional, multi-base and unified production and marketing integration collaborative management platform, and the evaluation level of the integration of information and industrialization has generally reached the "innovation breakthrough stage". The digital rate of the company's production equipment is more than 90%, the amount of "one-click control" process has reached 50, 129 sets of "industrial robots" have been applied, and 15 unmanned intelligent warehouse areas have been built. During the reporting period, 11 sub-projects including 55 use cases of the first phase of Lighthouse Factory of cold rolling Company were all put into operation. The monthly closed volume of automobile plate products decreased by about 1000 tons, the monthly turnover days of cold rolling inventory decreased by 1 day, and the service response time increased from days to minutes. Jingtang Company was awarded the "2022 Intelligent Manufacturing Demonstration Plant" by four departments including the Ministry of Industry and Information Technology. Shougang's quality digital solution was rated as an excellent case by the Science and Technology Department of the Ministry of Industry and Information Technology and China Steel Association, and the company's digital application practice won the "Best Industry Application Award" and "Silver Award of China Data Productivity Competition" respectively. 5. Supply chain security The company is the only platform for the development and integration of iron and steel and upstream iron ore resources industry of Shougang Group, the controlling shareholder, in China, and the supply of iron ore, coke and coal resources for production is guaranteed. In terms of iron ore, Shousteel Group owns Shuichang Iron Mine and Xingshan Iron Mine with an annual production capacity of 4 million tons of iron refined powder in China, Peru iron mine with an annual production capacity of 20 million tons of iron refined powder held abroad, and Macheng Iron mine under construction with high reserves, low cost, environmentally friendly and efficient transportation, with an annual production capacity of 7 million tons of iron refined powder, which is expected to be partly put into operation by the end of 2023. The company's iron ore resources security ability will be further improved. In terms of coke, the coke of Qian Steel Company is mainly supplied by Qian 'an Zhonghua Coal Chemical Co., LTD., a joint venture between Shougang Company and Kailuan Company, while the coke of Jingtang Company is supplied by Tangshan Shougang Jingtang Xishan Coking Co., LTD., a joint venture between Jingtang Company and Shanxi Coking Coal, so the supply of coke resources is guaranteed. In terms of coal, the company has signed a long-term agreement with large state-owned coal groups for resources. Shougang Fushan Resources Group Co., LTD., in which Shougang Group is a shareholder, also provides part of high-quality coking coal resources to the company, with strong coal supply guarantee. 6、"Technology + Service" marketing The company takes the customer as the center to deepen the marketing strategy of "technology + service", and creates Shougang service to enhance the brand value. The company continues to improve the service system, improve service efficiency, strengthen the construction of new energy vehicle service team, meet customers' requirements for quality, delivery, research and development, service, technical marketing continues to strengthen. EVI service capacity was improved year by year. During the reporting period, 64 EVI projects were promoted, EVI supply quantity increased by more than 20% year on year, and the share of new car contracting （未完）  |