---
title: "Valin Steel (000932.SZ) — Financial Reports"
type: "Symbol"
locale: "en"
url: "https://longbridge.com/en/quote/000932.SZ/norm.md"
symbol: "000932.SZ"
name: "Valin Steel"
parent: "https://longbridge.com/en/quote/000932.SZ.md"
datetime: "2026-05-20T23:46:41.049Z"
locales:
  - [en](https://longbridge.com/en/quote/000932.SZ/norm.md)
  - [zh-CN](https://longbridge.com/zh-CN/quote/000932.SZ/norm.md)
  - [zh-HK](https://longbridge.com/zh-HK/quote/000932.SZ/norm.md)
---

# Valin Steel (000932.SZ) — Financial Reports

## Income Statement (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| EPS | 0.0289 | 0.0147 | 0.1106 | 0.1726 | 0.0814 |
| ROE | 1.42% | 0.73% | 5.53% | 8.70% | 4.16% |
| Revenue | 29.41B | 26.69B | 31.96B | 32.86B | 30.23B |
| Net income | 197.72M | 100.82M | 761.54M | 1.19B | 562.05M |
| Operating income | 418.25M | 319.02M | 1.47B | 1.59B | 1.21B |
| Gross margin | 6.29% | 8.33% | 10.43% | 10.76% | 9.54% |
| Net margin | 0.67% | 0.38% | 2.38% | 3.61% | 1.86% |
| Profit quality | -25.31% | 55.68% | 71.39% | 44.06% | 353.12% |

## Balance Sheet (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| A&L | 154.67B | 148.54B | 153.97B | 153.53B | 154.58B |
| Leverage | 2.23 | 2.15 | 2.25 | 2.25 | 2.34 |
| BVPS | 8.15 | 8.11 | 8.08 | 7.96 | 7.87 |
| Turnover | 0.7820 | 0.8208 | 0.8185 | 0.8656 | 0.9385 |
| Cash & STI | 14.26B | 31.86B | 12.31B | 35.35B | 11.79B |
| Inv & Rec | 12.70B | 11.86B | 11.75B | 11.09B | 11.73B |
| LT assets | 67.54B | 67.11B | 65.62B | 64.57B | 64.31B |
| Net debt | 4.82B | -12.61B | 8.58B | -11.06B | 17.80B |

## Cash Flow Statement (CNY)

| Indicator | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| --- | --- | --- | --- | --- | --- |
| Operating CF | -1.65B | 572.92M | 2.05B | 3.60B | 342.57M |
| Investing CF | 1.53B | 803.67M | 4.64B | -5.46B | -4.99B |
| Financing CF | 1.81B | -1.42B | -4.91B | -280.04M | 3.12B |
| Free CF | -19.99B | 23.76B | -21.58B | 28.26B | -23.60B |
| OCF coverage | -25.31% | 7.38% | -160.38% | 16.42% | 6.02% |
| Repaid & issued | 4.67B | 8.02B | -10.34B | 19.72B | 6.49B |
| CapEx | -1.49B | -2.08B | -997.76M | -1.71B | -1.35B |

## Distribution Plan

**Dividend Yield**: 2.43

### Dividend History

| Description | Record Date | Ex-Date | Payment Date |
|-------------|-------------|---------|--------------|
| Cash Dividend: 
0.099391CNY | 2025-06-26 | 2025-06-27 | 2025-06-27 |
| Cash Dividend: 
0.23CNY | 2024-06-12 | 2024-06-13 | 2024-06-13 |
| Cash Dividend: 
0.24CNY | 2023-06-29 | 2023-06-30 | 2023-06-30 |