Inner Mongolia Baotou Steel Union (600010) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was RMB 35.21 billion, down 1.05% year-over-year; net profit attributable to shareholders was RMB 108 million, down 73.83% year-over-year.

• Cash flow from operating activities improved to RMB 166 million from a negative RMB 1.05 billion in H1 2023.

• The company maintained stable production, with crude steel output up 18.79 million tons year-over-year and significant progress in high-end product development.

• No interim dividend or capital increase from reserves was proposed.

Financial highlights

• Operating income: RMB 35.21 billion, down 1.05% year-over-year.

• Net profit attributable to shareholders: RMB 108 million, down 73.83% year-over-year.

• Net profit after non-recurring items: RMB 63.65 million, down 83.30% year-over-year.

• Basic and diluted EPS: RMB 0.0024, down 73.63% year-over-year.

• Net cash from operating activities: RMB 166 million, up 115.8% year-over-year.

• Gross margin: 8.6% (calculated from revenue and cost figures).

Outlook and guidance

• The company expects continued industry pressure from weak demand, low prices, and high costs.

• Focus remains on cost reduction, product structure optimization, and high-end product development.

• No profit distribution or capital increase from reserves planned for the interim period.