（原标题：马鞍山钢铁股份(00323)：毛展宏辞任公司董事、副董事长） 智通财经APP讯，马鞍山钢铁股份(00323)发布公告，近日，该公司董事会收到毛展宏先生的辞呈，毛先 生因另有其他工作安排请辞本公司董事、副董事长及董事会战略与可持续发展委员会委员职务，并确认 其与本公司董事会和本公司并无意见分歧，亦无任何其他事项需要提请本公司股东、债权人及香港联合 交易所有限公司垂注。 ...

馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 何安瑞先生 仇聖桃先生 曾祥飛女士 董事會設立4個 委 員 會。下 表 提 供 這 些 委 員 會 的 成 員 資 料。 | 委員會 | 戰略與 | | | | | --- | --- | --- | --- | --- | | | 可持續發展 | 審計與合規 | 提名委 | 薪酬委 | | 董 事 | 委員會 | 管理委員會 | 員 會 | 員 會 | | 蔣育翔先生 | C | | M | | | 管炳春先生 | M | M | M | C | | 何安瑞先生 | M | M | C | M | | 仇聖桃先生 | M | M | M | M | | 曾祥飛女士 | | C | M | M | 執 行董事 蔣育翔先生 （董事長） 獨立非執行董事 管炳春先生 董事名單與其角色和職能 馬鞍山鋼鐵股份有限公司董事會（「董事會」）成員載列如下。 附 註： C 有關董事會委員會的主任 M 有關董事會委員會的成員 日 期：2025年8月29日 ...

關於董事辭任的公告 近 日，馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）董 事 會（「董事會」） 收 到 毛 展 宏 先 生（「毛先生」）的 辭 呈，毛 先 生 因 另 有 其 他 工 作 安 排 請 辭 本 公 司 董 事、副 董 事 長 及 董 事 會 戰 略 與 可 持 續 發 展 委 員 會 委 員 職 務，並 確 認 其 與 本 公 司 董 事 會 和 本 公 司 並 無 意 見 分 歧，亦 無 任 何 其 他 事 項 需 要 提 請 本 公 司 股 東、債 權 人 及 香 港 聯 合 交 易 所 有 限 公 司 垂 注。 根 據《中 華 人 民 共 和 國 公 司 法》及《公 司 章 程》等 有 關 規 定，毛 先 生 的 辭 呈 自2025年8月29日 起 生 效。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maan ...

（在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 海外監管公告 董事會決議公告 本公告乃根據香港聯合交易所有限公司證券上市規則之13.10B條而作出。 一. 董事會會議召開情況 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited 表 決 結 果：同 意5票，反 對0票，棄 權0票。 – 1 – （二）選舉本公司獨立 非執行 董 事 何 安 瑞 先 生、仇 聖 桃 先 生 為 本 公 司 董事會戰略與可持續發展委員會委員。 表 決 結 果：同 意5票，反 對0票，棄 權0票。 馬鞍山鋼鐵股份有限公司 2025年8月29日，馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）第 十 屆 董 事 會 第 四 十 四 次 會 議 以 通 訊 方 式 召 開，會 ...

马鞍山钢铁股份有限公司（"本公司"或"公司"）董事会及全体董事保证本 公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 股票代码：600808 股票简称：马钢股份 公告编号：2025-040 马鞍山钢铁股份有限公司 董事会决议公告 （一）同意毛展宏先生辞去公司董事、副董事长及董事会战略与 可持续发展委员会委员职务。 具体内容详见本公司同日发布的《马鞍山钢铁股份有限公司关于 公司董事离任的公告》（公告编号：2025-041）。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 2025 年 8 月 29 日，公司第十届董事会第四十四次会议以通讯方 式召开，会议应到董事 5 名，实到董事 5 名。会议由董事长蒋育翔先 生主持。本次董事会会议的召开符合有关法律法规及公司章程的规 定。 （二）选举公司独立董事何安瑞先生、仇圣桃先生为公司董事会 战略与可持续发展委员会委员。 二、董事会会议审议情况 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 8 月 29 日 1 ...

管炳春先生 何安瑞先生 仇聖桃先生 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 董事名單與其角色和職能 馬鞍山鋼鐵股份有限公司董事會（「董事會」）成員載列如下。 執 行董事 蔣育翔先生 （董事長） 獨立非執行董事 C 有關董事會委員會的主任 M 有關董事會委員會的成員 日 期：2025年8月29日 曾祥飛女士 董事會設立4個 委 員 會。下 表 提 供 這 些 委 員 會 的 成 員 資 料。 | 委員會 | 戰略與 | | | | | --- | --- | --- | --- | --- | | | 可持續發展 | 審計與合規 | 提名委 | 薪酬委 | | 董 事 | 委員會 | 管理委員會 | 員 會 | 員 會 | | 蔣育翔先生 | C | | M | | | 管炳春先生 | M | M | M | C | | 何安瑞先生 | M | M | C | M | | 仇聖桃先生 | M | M | M | M | | 曾祥飛女士 | | C | M | M | 附 註： ...

一、 公司董事提前离任的基本情况 股票代码：600808 股票简称：马钢股份 公告编号：2025-041 马鞍山钢铁股份有限公司 关于公司董事离任的公告 马鞍山钢铁股份有限公司（"本公司"或"公司"）董事会及全体董事保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 重要内容提示： 近日，公司董事会收到毛展宏先生的辞呈，毛先生因工作另有安 排请辞公司董事、副董事长及董事会战略与可持续发展委员会委员职 务。 | | | | 原定任期 | 离任 | 是否继续在上 | 具体职 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 到期日 | 原因 | 市公司及其控 股子公司任职 | 务（如适 用） | 履行完毕的 公开承诺 | | | 董事、副 董事长及 | | | 工作 | | | | | 毛展宏 | 董事会战 | 2025 年 8 | 2025 年 12 | 另有 | 否 | 不适用 | 否 | | | 略与可持 | 月 29 日 | 月 1 日 ...

Important Notice [Report Overview and Responsibility Statement](index=1&type=section&id=1%2E1%20报告概览与责任声明) The semi-annual performance announcement summarizes the full report, with management guaranteeing its content and the financial report being unaudited but reviewed by the audit committee - This semi-annual performance announcement is a summary of the full semi-annual report; investors should carefully read the full report for a comprehensive understanding of the company's operations, financial position, and future development plans[3](index=3&type=chunk) - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or material omissions, and assume legal responsibility[3](index=3&type=chunk) - The financial report in this semi-annual report is unaudited but has been reviewed by the company's Board of Directors' Audit and Compliance Management Committee[3](index=3&type=chunk) Company Overview [Company Profile](index=2&type=section&id=2%2E1%20公司简介) Maanshan Iron & Steel Company Limited is listed on both Shanghai and Hong Kong stock exchanges, with disclosed contact information for its company secretary Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Maanshan Steel | 600808 | | H-share | The Stock Exchange of Hong Kong Limited | Maanshan Iron & Steel | 00323 | [Key Accounting Data and Financial Indicators](index=2&type=section&id=2%2E2%20公司主要会计数据和财务指标) As of June 30, 2025, total assets increased by **4.25%** year-on-year, and net assets attributable to shareholders increased by **2.77%**, with revenue decreasing by **11.47%** but a turnaround to profit for total profit and net profit attributable to shareholders Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period End/Current Period (RMB) | Previous Year End/Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Balance Sheet:** | | | | | Total Assets | 82,322,514,611 | 78,962,973,613 | 4.25 | | Net Assets Attributable to Shareholders of Listed Company | 23,901,475,700 | 23,257,460,660 | 2.77 | | **Income Statement:** | | | | | Operating Revenue | 38,075,533,544 | 43,007,478,790 | -11.47 | | Total Profit | 117,712,960 | -1,190,806,469 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -74,780,316 | -1,144,779,937 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -108,239,155 | -1,236,755,384 | Not applicable | | **Cash Flow Statement:** | | | | | Net Cash Flow from Operating Activities | 940,725,426 | 1,227,796,059 | -23.38 | | **Other Indicators:** | | | | | Weighted Average Return on Net Assets (%) | -0.32 | -4.21 | Increased by 3.89 percentage points | | Basic Earnings Per Share (RMB/share) | -0.01 | -0.148 | Not applicable | [Top 10 Shareholders' Holdings](index=3&type=section&id=2%2E3%20前10名股东持股情况表) As of the end of the reporting period, Maanshan Iron & Steel (Group) Holding Co., Ltd. was the largest shareholder with a **48.35%** stake, and Hong Kong Securities Clearing Company (Nominees) Limited was the second largest with **22.25%** Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | Maanshan Iron & Steel (Group) Holding Co., Ltd. | State-owned Legal Person | 48.35 | 3,733,677,149 | | Hong Kong Securities Clearing Company (Nominees) Limited | Overseas Legal Person | 22.25 | 1,718,234,495 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 1.80 | 139,172,300 | | Beijing Guoxing Property Management Co., Ltd. | Domestic Non-state-owned Legal Person | 0.61 | 46,997,901 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.50 | 38,661,246 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.46 | 35,505,426 | | Shenzhen Qianhai Daoming Investment Management Co., Ltd. - Daoming No. 1 Private Securities Investment Fund | Other | 0.19 | 14,554,600 | | Huang Hairong | Domestic Natural Person | 0.15 | 11,477,081 | | Hong Zhenbo | Domestic Natural Person | 0.15 | 11,267,400 | | Guosen Securities Co., Ltd. | State-owned Legal Person | 0.14 | 11,088,800 | - Maanshan Iron & Steel (Group) Holding Co., Ltd. has no associated relationship with other aforementioned shareholders, nor are they acting in concert; the company is unaware of any associated relationships or concerted actions among other aforementioned shareholders[15](index=15&type=chunk) - Hong Kong Securities Clearing Company (Nominees) Limited holds **1,718,234,495 H-shares** of the company, representing shares held by multiple clients, including **358,950,000 H-shares** held on behalf of Baosteel Hong Kong Investment Co., Ltd[15](index=15&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=4&type=section&id=2%2E4%20控股股东或实际控制人变更情况) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - No changes occurred in the company's controlling shareholder or actual controller during the reporting period[15](index=15&type=chunk) [Corporate Bonds](index=4&type=section&id=2%2E5%20公司债券情况) During the reporting period, the company had no outstanding or overdue corporate bonds - During the reporting period, the company had no outstanding or overdue corporate bonds[16](index=16&type=chunk) Management Discussion and Analysis [Key Operating Performance](index=4&type=section&id=3%2E1%20主要经营情况) In H1 2025, the company navigated market challenges and implemented strategic initiatives, resulting in a **RMB 1.07 billion** year-on-year profit increase for shareholders - In the first half of 2025, the company strictly implemented China Baowu's strategic deployment of "new stage, new strategy, new model," adhered to "four modernizations" and "four advantages," and actively responded to severe market challenges by focusing on enhancing value creation capabilities[17](index=17&type=chunk) - Through deep promotion of cost accounting, strengthened integrated synergy, continuous deepening of reform and innovation, and solid advancement of "three reductions and three enhancements" initiatives, the overall production and operation trend improved, and deepening reforms achieved phased progress[17](index=17&type=chunk) 2025 H1 Key Production Data | Product | Output (ten thousand tons) | | :--- | :--- | | Pig Iron | 936 | | Crude Steel | 1,035 | | Steel Products | 963 | 2025 H1 Key Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | Operating Revenue | 38.076 billion | | Net Profit Attributable to Shareholders of Listed Company | -0.075 billion | | Year-on-year Profit Increase | 1.07 billion | [Focusing on Value Creation, Significant Achievements in Internal Cost Reduction and Efficiency Improvement](index=4&type=section&id=3%2E1%2E1%20聚焦价值创造，内部降本增效成效显著) The company achieved significant internal cost reduction and efficiency improvement through adjusting procurement strategies, increasing orders for key products, optimizing production and maintenance models, and strengthening quality control, resulting in a **RMB 91** per ton steel cost reduction in H1 - The procurement side actively adjusted procurement strategies, adopting slow procurement, small batches, and multiple deliveries to reduce procurement costs, with the average port spot price for iron ore outperforming the index by **$4.58/ton** cumulatively[18](index=18&type=chunk)[19](index=19&type=chunk) - In the fuel sector, the coking coal procurement cost for January-June was **RMB 1,267/ton**, **RMB 10.67/ton** lower than the industry average, improving its industry ranking by **2 places** compared to last year[19](index=19&type=chunk) - The marketing side increased orders for key products, with actual settlement of **2.769 million tons** of key products in H1, achieving **52.9%** of the target, and key product ratio and direct supply ratio reaching **35%** and **73.4%** respectively, up **5.0** and **8.5 percentage points** year-on-year[19](index=19&type=chunk) - The manufacturing side optimized production and maintenance models, with Maanshan Iron & Steel Co., Ltd.'s **10 production lines** setting **20 new monthly production records** and **19 production lines** setting **43 new daily production records**[19](index=19&type=chunk) - Quality control was strengthened, with the post-steel product scrap rate decreasing by **1.14 percentage points** and the spot occurrence rate decreasing by **0.66 percentage points** by the end of June compared to the previous year[19](index=19&type=chunk) - During the reporting period, internal cost reduction and efficiency improvement through procurement and manufacturing resulted in a **RMB 91** per ton steel cost reduction[19](index=19&type=chunk) [Focusing on Product Management, Product Structure Adjustment Progressing as Planned](index=5&type=section&id=3%2E1%2E2%20聚焦产品经营，产品结构调整如期推进) The company made progress in product premiumization, key project construction, and international development, with key steel product settlement volume growing by **22%** and new product sales per ton exceeding gross profit increasing by **39%** - In terms of product premiumization, key steel product settlement reached **2.77 million tons**, a **22%** year-on-year increase; sales of new products reached **867,000 tons**, with an excess gross profit per ton increasing by **39%** year-on-year[20](index=20&type=chunk) - The first **2200MPa** hot-formed steel passed Xiaomi Auto material certification and secured small-batch orders[20](index=20&type=chunk) - Progress was made in the localization of high-speed rail wheels, with Fuxing EMU self-developed wheelsets ready for mass installation, and CR400 Fuxing EMU self-developed wheels entering the China Railway Group supplier list and receiving orders[20](index=20&type=chunk) - For key project construction, the cold rolling **6** galvanized line project and the South Area section steel modification project's **3** continuous caster are expected to be substantially completed by year-end[20](index=20&type=chunk) - In international development, new markets such as Southeast Asia were developed, with cumulative exports reaching **554,000 tons** in H1, of which wheel exports exceeded **90,000 units**, accounting for approximately **45%** of wheelset product operating revenue; H-beam exports reached **357,000 tons**, a **5%** sequential increase[20](index=20&type=chunk) [Focusing on Institutional Breakthroughs, Internal and External Reforms Adding Vitality to Development](index=5&type=section&id=3%2E1%2E3%20聚焦机制突破，内外部改革增添发展活力) The company implemented internal institutional reforms, establishing a blast furnace operation technical committee and a production-sales-research operation center, and separating steelmaking and rolling operations to enhance efficiency, while externally introducing Baosteel Co., Ltd. as a strategic investor with a **49%** stake in Maanshan Iron & Steel Co., Ltd. - Internal reform: Established a blast furnace operation technical committee, setting up **5 teams** per blast furnace, implementing incentive mechanisms to promote long-term stable and smooth blast furnace operation, and reducing hot metal costs[21](index=21&type=chunk) - Internal reform: Established a production-sales-research operation center, clarifying product management responsibilities and promoting deep improvements in product quality and operations[21](index=21&type=chunk) - Internal reform: Separated steelmaking and rolling to strengthen efficient production synergy and continuously improve production efficiency[21](index=21&type=chunk)[22](index=22&type=chunk) - External reform: Injected main steel assets into Maanshan Iron & Steel Co., Ltd., introducing Baosteel Co., Ltd. as a strategic investor with a **49%** stake, creating favorable conditions for deep synergistic development with Baosteel Co., Ltd[22](index=22&type=chunk) [Focusing on Synergistic Development, Initial Results from Collaboration with Baosteel Co., Ltd.](index=6&type=section&id=3%2E1%2E4%20聚焦协同发展，与宝钢股份协同效果初现) Maanshan Iron & Steel Co., Ltd. and Baosteel Co., Ltd. launched **172 synergistic support projects** across procurement, production, marketing, and long/special steel, achieving good results and enabling Maanshan Iron & Steel Co., Ltd. to achieve monthly profitability since its independent operation in March - Maanshan Iron & Steel Co., Ltd. and Baosteel Co., Ltd. launched **172 synergistic support projects**, covering procurement, production operations, R&D, long/special steel, and functional support[23](index=23&type=chunk) - Synergistic effects were significant, enabling Maanshan Iron & Steel Co., Ltd. to achieve monthly profitability since its independent operation in March[23](index=23&type=chunk) - Procurement synergy achieved cost reduction of **RMB 77.07 million**; production operation synergy optimized tundish pouring operations, reducing residual steel in tundishes; marketing synergy focused on product structure optimization and core users, with automotive plates alone creating **RMB 3.17 million** in synergistic value[23](index=23&type=chunk) - Long/special steel synergy guided the control of active oxygen during steelmaking and optimized deoxidation processes for molten steel and slag surface, reducing product cracking rate from **10%** to **0.5%** and increasing product orders[23](index=23&type=chunk) [Focusing on Differentiated Competition, Significant Performance Improvement at Changjiang Steel](index=6&type=section&id=3%2E1%2E5%20聚焦差异化竞争，长江钢铁绩效改善明显) Changjiang Steel fully implemented its "low cost, differentiated, high efficiency, fast pace" operating policy, significantly improving its operating performance with a **26%** reduction in hot metal cost and an **18.62 percentage point** increase in self-generated electricity ratio - Changjiang Steel fully implemented its "low cost, differentiated, high efficiency, fast pace" operating policy, significantly improving its operating performance[24](index=24&type=chunk) Changjiang Steel Performance Improvement (Year-on-year) | Indicator | Change | | :--- | :--- | | Hot Metal Cost | Decreased by 26% | | Self-generated Electricity Ratio | Increased by 18.62 percentage points | | Purchased Electricity Cost per Ton of Steel | Decreased by 22.97% | [Outlook and Tasks for the Second Half](index=6&type=section&id=3%2E2%20下半年形势与任务) The company anticipates steel demand to strengthen in H2, with steel prices potentially following a V-shaped trend and raw material prices fluctuating downwards, while focusing on value creation, cost accounting, benchmarking, synergy, and product structure adjustment to strive for no annual loss - In the second half, steel demand is expected to shift from weak to strong, supply from strong to weak, and steel prices may follow a V-shaped trend for the full year; raw material supply will increase while demand decreases, and prices may fluctuate downwards[25](index=25&type=chunk) - The external environment faces national development and reform commission's crude steel output reduction control; internal issues include insufficient production stability and low capacity utilization rates of production lines[25](index=25&type=chunk) - The company will actively respond to the severe situation, focus on value creation, deepen cost accounting, comprehensively benchmark and identify gaps, strengthen synergistic value creation, increase product structure adjustment, strive to improve the profit per ton of steel percentile, and aim to achieve no annual loss[25](index=25&type=chunk) [Ensuring Stable and Smooth Production](index=7&type=section&id=3%2E2%2E1%20抓好生产稳定顺行) The company will adhere to the principle that "production stability is the biggest cost reduction," enhancing production stability by stabilizing blast furnace operations, improving steel rolling line efficiency, actively securing orders, strengthening equipment precision management, and promoting economic energy operation - Fully stabilize blast furnace production, ensuring Maanshan Iron & Steel Co., Ltd.'s hot metal daily output firmly maintains a **42,500-ton** platform[26](index=26&type=chunk) - Improve steel rolling line efficiency, promote intensive production, orderly shut down long product small bar lines, modify long product large bar lines, and exit long product Zone 1 converters, reducing iron-to-steel ratio, increasing hot delivery ratio, and lowering iron and steel material consumption[26](index=26&type=chunk) - Actively secure orders, produce based on sales, strengthen synergy with Baosteel's marketing system, closely monitor key users, and conduct joint marketing and R&D[26](index=26&type=chunk) - Reduce accident rates, strengthen equipment precision management, optimize maintenance models, enhance point inspection management, and strengthen accident prevention and equipment status management[26](index=26&type=chunk) - Promote economic energy operation, effectively leveraging the energy working group's role to ensure supply, improve efficiency, and reduce losses[26](index=26&type=chunk) [Comprehensively Deepening Benchmarking and Gap Analysis](index=7&type=section&id=3%2E2%2E2%20全面深化对标找差) The company will adhere to the principle of "costs falling as market prices fall," focusing on cost and quality element management, benchmarking against advanced steel enterprises to drive full-element cost reduction and full-process quality improvement, enhancing cost competitiveness across all processes - Adhere to "costs falling as market prices fall," focusing on cost and quality element management[27](index=27&type=chunk) - Benchmark against advanced steel enterprises to drive full-element cost reduction and full-process quality improvement, synergistically enhancing cost competitiveness across all processes[27](index=27&type=chunk) - With "cost elements and quality elements" management as the main line, promote hot metal cost reduction to control the bottom line, tackle purchase-sale price differences to ensure profitability, manage daily costs for execution, and close the loop on incentives and constraints to improve efficiency[27](index=27&type=chunk) [Closely Monitoring Both Procurement and Sales Markets](index=7&type=section&id=3%2E2%2E3%20紧盯购销两头市场) The marketing side will adjust structure, increase exports, and optimize channels, aiming for **37%** key product ratio and **7.8%** export ratio, while the procurement side will strengthen slow procurement, multiple batches, and small batch strategies to outperform the market - Marketing side: Accelerate the shift of plate and strip products towards "cold series, high strength, coated, new energy," strengthen section steel, optimize special steel, and push the key product ratio to **37%**[28](index=28&type=chunk) - Marketing side: Increase the direct supply ratio of cold series plates, further enhancing direct sales to end-users; consolidate and raise the proximity ratio to **89%**[28](index=28&type=chunk) - Marketing side: Strengthen synergistic sales, utilize Baosteel's global marketing network for section steel sales; increase efforts in developing overseas end-customers, pushing the export ratio to **7.8%**[28](index=28&type=chunk) - Procurement side: Strengthen slow procurement, multiple batches, small batches; expand supplier scope, increase bidding, and fully leverage centralized procurement[28](index=28&type=chunk) - Procurement side: Strengthen the matching of demand and resources, increase the use of cost-effective resources such as scrap steel, iron ore, and coal, flexibly respond to changes in market coal and long-term contract coal price differences, dynamically adjust the proportion of long-term contract coal; operate agilely, outperform the market, seize market rhythms, and ensure imported iron ore procurement outperforms the index[28](index=28&type=chunk) [Strengthening Support for Technological Innovation](index=8&type=section&id=3%2E2%2E4%20做实科技创新支撑) The company will focus on product differentiation, consolidate and enhance key product categories, accelerate the mass application of **400 km/h** high-speed rail wheelsets, strengthen R&D for automotive steel, and conduct core research on on-site process technology and green low-carbon metallurgical technology - Product management: Focus on product differentiation, consolidate and enhance key product categories, and improve market competitiveness[29](index=29&type=chunk) - Structural adjustment: Accelerate the mass application of **400 km/h** high-speed rail wheelsets, maintaining a leading edge in wheelsets; focus on long product and special steel reforms, continuously strengthening R&D, production, and sales of section steel and special steel products[29](index=29&type=chunk) - Core research: Conduct research on on-site process technology, process platform technology, green low-carbon metallurgical technology, and applied basic technologies[29](index=29&type=chunk) - Industrial extension: Accelerate the transformation from materials to parts, from performance to function, and from products to services[29](index=29&type=chunk) [Promoting "Three Reductions and Three Enhancements"](index=8&type=section&id=3%2E2%2E5%20推进“三压减三提升”) The company will reduce ineffective assets, liabilities, and the scale of "two funds" (accounts receivable and inventory), while increasing overall labor productivity, the proportion of bidding and direct procurement, and the direct supply ratio, to optimize asset-liability structure and enhance market competitiveness - Reduce ineffective assets: Increase efforts in disposing of low-efficiency and ineffective assets[30](index=30&type=chunk) - Reduce liabilities and the scale of "two funds": Focus on the core tasks of "reducing liabilities, controlling two funds, and activating capital" to promote asset-liability structure optimization and full-cycle capital management[30](index=30&type=chunk) - Enhance overall labor productivity: Conduct comprehensive human resource benchmarking, optimize human resource allocation models, promote internal labor substitution, and continuously improve personnel efficiency[30](index=30&type=chunk) - Increase bidding and direct procurement ratios: Bid whenever possible, eliminate hidden barriers, and increase the bidding ratio; streamline source suppliers, reduce intermediate links, and increase the direct procurement ratio[30](index=30&type=chunk) - Increase direct supply ratio: Further strengthen channel construction, deepen strategic cooperation with key users, closely engage with regional markets to expand small and medium-sized end-customers, and further increase direct sales to end-users[30](index=30&type=chunk) [Financial Position and Exchange Rate Risk](index=8&type=section&id=3%2E3%20财务状况及汇率风险) As of the end of the reporting period, all company borrowings were in RMB, totaling **RMB 22.108 billion**, with fixed-rate borrowings accounting for **RMB 16.987 billion**, and the asset-liability ratio decreased by **4.91 percentage points** to **60.49%** Borrowing Structure | Borrowing Type | Amount (billion RMB) | | :--- | :--- | | Total Borrowings | 22.108 | | Short-term Borrowings | 13.181 | | Long-term Borrowings | 5.607 | | Long-term Borrowings Due Within One Year | 3.320 | | Fixed-rate Borrowings | 16.987 | | Floating-rate Borrowings | 5.121 | - As of the end of the reporting period, the Group's asset-liability ratio was **60.49%**, a decrease of **4.91 percentage points** compared to the end of 2024[31](index=31&type=chunk) - The company actively responded to exchange rate and interest rate fluctuation risks caused by divergent global monetary policies, operating under the principles of "cost locking, tool locking, exposure locking, and cash flow locking" to comprehensively deepen refined cross-border capital management[32](index=32&type=chunk) - In Q2 2025, new cross-border business models were introduced, directly opening RMB electronic spot letters of credit to mining companies totaling **RMB 331 million**, and handling cross-border RMB forward letter of credit business of **RMB 168 million**, thereby mitigating exchange rate fluctuation risks through RMB settlement[32](index=32&type=chunk) [Internal Control and Risk Management](index=9&type=section&id=3%2E4%20内部监控及风险管理) The company implements an internal audit system and has established a comprehensive internal control system covering all aspects of production and operation management, focusing on high-risk areas such as procurement, operations, finance, and subsidiary management to effectively identify and control risks - The company implements an internal audit system, with an audit department responsible for internal audit supervision of the company's financial revenues, expenditures, and economic activities[33](index=33&type=chunk) - An internal control system has been established covering the entire production and operation management process, including internal environment, risk assessment, social responsibility, information and communication, internal supervision, human resources, capital management, procurement, asset management, sales, R&D, engineering projects, guarantee business, outsourcing, financial reporting, comprehensive budgeting, contract management, and information systems[33](index=33&type=chunk) - On March 28, 2025, the Board of Directors reviewed the 2024 Internal Control Evaluation Report, confirming that the company maintained effective internal controls in all material aspects for the year 2024, in accordance with the enterprise internal control standards system and relevant regulations[34](index=34&type=chunk) - On March 28, 2025, the Board of Directors reviewed the 2024 Comprehensive Risk Management and Internal Control Work Report and the 2025 Work Plan, confirming that the control measures taken by the company in 2024 for risks such as production safety, bulk raw material price fluctuations, exchange rate and interest rate fluctuations, cash flow control, environmental protection, and total energy consumption control were appropriate, and all risks were under control[35](index=35&type=chunk) [Operating Results](index=10&type=section&id=3%2E5%20经营成果) The company's operating revenue decreased by **11.47%** year-on-year, primarily due to weak downstream demand and lower average steel prices, while operating costs decreased by **14.69%** due to cost reduction measures and lower raw material prices, leading to a significant improvement in total profit and net profit Key Operating Results (Consolidated Statements) | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 38,075,533,544 | 43,007,478,790 | -11.47 | | Operating Costs | 36,244,525,052 | 42,484,454,227 | -14.69 | | Selling Expenses | 137,798,991 | 144,367,917 | -4.55 | | Administrative Expenses | 437,312,708 | 434,826,631 | 0.57 | | R&D Expenses | 549,322,312 | 509,627,618 | 7.79 | | Financial Expenses | 245,618,668 | 316,659,664 | -22.43 | | Net Cash Flow from Operating Activities | 940,725,426 | 1,227,796,059 | -23.38 | | Net Cash Flow from Investing Activities | -1,619,631,859 | -703,896,902 | Not applicable | | Net Cash Flow from Financing Activities | 2,297,776,926 | 329,780,103 | 596.76 | | Other Income | 219,162,236 | 133,118,240 | 64.64 | | Investment Income | 13,557,382 | 84,287,590 | -83.92 | | Credit Impairment (Loss)/Profit | -9,568,661 | 16,310,120 | -158.67 | | Gains on Disposal of Assets | 11,386,204 | 73,529,933 | -84.51 | | Operating Profit/(Loss) | 112,596,584 | -1,182,027,063 | Not applicable | | Non-operating Income | 17,953,725 | 733,269 | 2,348.45 | | Non-operating Expenses | 12,837,349 | 9,512,675 | 34.95 | | Total Profit/(Loss) | 117,712,960 | -1,190,806,469 | Not applicable | | Income Tax Expense | 77,493,175 | 121,089,148 | -36.00 | | Net Profit/(Loss) | 40,219,785 | -1,311,895,617 | Not applicable | | Net Loss Attributable to Parent Company Shareholders | -74,780,316 | -1,144,779,937 | Not applicable | | Minority Interests | 115,000,101 | -167,115,680 | Not applicable | - Operating revenue decreased by **11.47%**, primarily due to the continuous weak demand in downstream industries, leading to a year-on-year decrease in the average price of steel products in the current period[38](index=38&type=chunk) - Operating costs decreased by **14.69%**, primarily due to the company's continuous promotion of cost reduction and efficiency improvement across all processes, coupled with a year-on-year decrease in prices of raw materials such as iron ore and coking coal in the current period[38](index=38&type=chunk) - Net cash inflow from financing activities increased by **596.76%**, mainly because Baosteel Co., Ltd. acquired a **35.42%** equity stake in Maanshan Iron & Steel Co., Ltd. held by Maanshan Iron & Steel Co., Ltd. for **RMB 5.139 billion** in the current period, and the first installment of **RMB 2.57 billion** has been received[39](index=39&type=chunk) - Operating profit, total profit, net profit, and net loss attributable to parent company shareholders improved year-on-year, mainly due to a better purchase-sale price difference in the current period, and the company's efforts to continuously improve operating performance through cost accounting, full-element cost reduction, and full-process quality improvement[40](index=40&type=chunk) Matters Related to Financial Reports [Changes in Accounting Policies, Estimates, and Methods](index=12&type=section&id=4%2E1%20会计政策、会计估计和核算方法变更情况) There were no changes in the Group's accounting policies, accounting estimates, and accounting methods compared to the previous accounting period - There were no changes in the Group's accounting policies, accounting estimates, and accounting methods compared to the previous accounting period[43](index=43&type=chunk) [Correction of Material Accounting Errors](index=12&type=section&id=4%2E2%20重大会计差错更正情况) No material accounting errors requiring retrospective restatement occurred during the reporting period - No material accounting errors requiring retrospective restatement occurred during the reporting period[43](index=43&type=chunk) [Changes in Consolidation Scope of Financial Statements](index=12&type=section&id=4%2E3%20财务报表合并范围变动) Anhui Changjiang Steel Trading Hefei Co., Ltd. was absorbed and merged by its parent company, Anhui Changjiang Steel, and is no longer included in the consolidation scope; otherwise, there were no changes compared to the previous year's financial report - Anhui Changjiang Steel Trading Hefei Co., Ltd. was absorbed and merged by the company's subsidiary, Anhui Changjiang Steel, on January 27, 2025, and is no longer included in the consolidation scope[41](index=41&type=chunk) - Other than this, there were no changes in the consolidation scope of the financial statements compared to the previous year's financial report[41](index=41&type=chunk) Other Matters [Work of the Audit Committee](index=12&type=section&id=5%2E1%20审计委员会工作情况) The company's Audit Committee, composed of four independent directors, has reviewed the 2025 semi-annual performance - The company's Audit Committee is composed of independent directors Ms Zeng Xiangfei, Mr Guan Bingchun, Mr He Anrui, and Mr Qiu Shengtao[42](index=42&type=chunk) - The Audit Committee has reviewed the 2025 semi-annual performance[42](index=42&type=chunk) [Material Events Affecting the Group After the Reporting Period](index=13&type=section&id=5%2E2%20报告期后影响本集团的重大事项) After the reporting period, the company's shareholders' meeting approved a supplementary agreement for the 2025-2027 product purchase and sales agreement with China Baowu Steel Group Corporation Limited, and Mr Zhang Wenxiang resigned as director, general manager, and CFO, with Mr Chen Guorong appointed as deputy general manager and CFO - On July 30, 2025, the company's shareholders' meeting reviewed and approved the supplementary agreement for the 2025–2027 product purchase and sales agreement between the company and China Baowu Steel Group Corporation Limited[44](index=44&type=chunk) - On August 15, 2025, Mr Zhang Wenxiang resigned as the company's director, general manager, and chief financial officer, and the Board of Directors appointed Mr Chen Guorong as deputy general manager and chief financial officer[44](index=44&type=chunk) [Purchase, Sale, and Redemption of Listed Shares](index=13&type=section&id=5%2E3%20购买、出售及赎回上市股份) During the reporting period, neither the company nor its subsidiaries redeemed, purchased, or resold any listed shares - During the reporting period, the company did not redeem its listed shares, nor did the company or its subsidiaries purchase or resell any of the company's listed shares[45](index=45&type=chunk) [Pre-emptive Rights](index=13&type=section&id=5%2E4%20优先购股权) Neither Chinese law nor the company's articles of association require existing shareholders to have pre-emptive rights to purchase new shares in proportion to their holdings when the company issues new shares - Neither Chinese law nor the company's articles of association stipulate that existing shareholders must have pre-emptive rights to purchase new shares in proportion to their holdings when the company issues new shares[46](index=46&type=chunk) [Corporate Governance Code](index=13&type=section&id=5%2E5%20企業管治守則) During the reporting period, the company complied with all code provisions of Appendix C1 – Corporate Governance Code of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - During the reporting period, the company complied with all code provisions of Appendix C1 – Corporate Governance Code of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[47](index=47&type=chunk) [Standard Securities Dealing Code for Directors of Listed Issuers](index=13&type=section&id=5%2E6%20上市发行人董事进行证券交易的标准守则) During the reporting period, all company directors complied with the provisions of Appendix C3 – Standard Securities Dealing Code for Directors of Listed Issuers of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with no deviations found - During the reporting period, all company directors complied with the provisions of Appendix C3 – Standard Securities Dealing Code for Directors of Listed Issuers of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with no deviations found[48](index=48&type=chunk) [Shareholder Rights](index=13&type=section&id=5%2E7%20股东权利) Shareholders holding **10%** or more of the total voting shares have the right to convene an extraordinary general meeting, and eligible shareholders can submit new proposals in writing or send inquiries to the Board of Directors - Shareholders holding **10%** or more (inclusive of **10%**) of the total voting shares of the company, individually or collectively, have the right to convene an extraordinary general meeting in accordance with the company's Articles of Association[49](index=49&type=chunk) - Shareholders meeting the requirements of Article **58** of the Articles of Association have the right to submit new proposals to the company in writing in accordance with that article[49](index=49&type=chunk) - Shareholders can submit inquiries and express opinions to the company's Board of Directors by writing to the company (located at No **8**, Jiuhua West Road, Maanshan City, Anhui Province, China)[49](index=49&type=chunk) Consolidated and Company Financial Statements [Consolidated and Company Balance Sheets](index=14&type=section&id=合并及公司资产负债表) As of June 30, 2025, the company's consolidated total assets were **RMB 82.323 billion**, a **4.25%** increase from the end of 2024, with current liabilities exceeding current assets by approximately **RMB 18.381 billion**, yet the Board believes the company has sufficient working capital for continuous operation Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | **Assets:** | | | | Total Current Assets | 24,543,559,513 | 19,472,010,226 | | Total Non-current Assets | 57,778,955,098 | 59,490,963,387 | | Total Assets | 82,322,514,611 | 78,962,973,613 | | **Liabilities:** | | | | Total Current Liabilities | 42,924,120,705 | 44,845,617,126 | | Total Non-current Liabilities | 6,873,814,332 | 6,796,304,286 | | Total Liabilities | 49,797,935,037 | 51,641,921,412 | | **Shareholders' Equity:** | | | | Total Equity Attributable to Parent Company Shareholders | 23,901,475,700 | 23,257,460,660 | | Minority Interests | 8,623,103,874 | 4,063,591,541 | | Total Shareholders' Equity | 32,524,579,574 | 27,321,052,201 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **RMB 18,380,561,192**[66](index=66&type=chunk) - The company's Board of Directors, considering the Group's available funding sources, including unused bank credit lines of **RMB 50.1 billion**, and expected net cash inflows from operating activities over the next **12 months**, believes the Group has sufficient working capital to continue as a going concern[66](index=66&type=chunk) [Consolidated and Company Income Statements](index=17&type=section&id=合并及公司利润表) For the six months ended June 30, 2025, the company's consolidated operating revenue was **RMB 38.076 billion**, a **11.47%** year-on-year decrease, with net profit turning from a loss of **RMB 1.312 billion** in the prior year to a profit of **RMB 40.22 million** Consolidated Income Statement Key Data | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 38,075,533,544 | 43,007,478,790 | | Operating Costs | 36,244,525,052 | 42,484,454,227 | | Operating Profit/(Loss) | 112,596,584 | -1,182,027,063 | | Total Profit/(Loss) | 117,712,960 | -1,190,806,469 | | Net Profit/(Loss) | 40,219,785 | -1,311,895,617 | | Net Loss Attributable to Parent Company Shareholders | -74,780,316 | -1,144,779,937 | | Minority Interests | 115,000,101 | -167,115,680 | | Total Comprehensive Income | 36,005,034 | -1,331,838,029 | | Basic Earnings Per Share (cents/share) | -1.00 | -14.87 | | Diluted Earnings Per Share (cents/share) | -1.00 | -14.87 | [Consolidated Statement of Changes in Equity](index=20&type=section&id=合并股東權益變動表) As of June 30, 2025, the company's consolidated shareholders' equity totaled **RMB 32.525 billion**, an increase of **19.0%** from the beginning of the period, primarily due to total comprehensive income, share capital cancellation, increased capital reserves, and the appropriation and use of special reserves Consolidated Statement of Changes in Equity Key Data | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Beginning Balance | 27,321,052,201 | 32,279,541,351 | | Total Comprehensive Income | 36,005,034 | -1,331,838,029 | | Cancellation of Restricted Shares | -24,833,400 | - | | Increase in Capital Reserve | 700,938,635 | 2,672,806 | | Special Reserve Appropriated in Current Period | 46,530,115 | 34,223,654 | | Special Reserve Used in Current Period | -30,874,706 | -21,915,747 | | Ending Balance | 32,524,579,574 | 30,949,995,328 | [Consolidated Cash Flow Statement](index=22&type=section&id=合并现金流量表) For the six months ended June 30, 2025, net cash flow from operating activities was **RMB 941 million**, a **23.38%** year-on-year decrease, while net cash inflow from financing activities significantly increased by **596.76%** to **RMB 2.298 billion**, mainly due to the receipt of equity transfer payments from Baosteel Co., Ltd. Consolidated Cash Flow Statement Key Data | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 940,725,426 | 1,227,796,059 | | Net Cash Flow from Investing Activities | -1,619,631,859 | -703,896,902 | | Net Cash Flow from Financing Activities | 2,297,776,926 | 329,780,103 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 8,636,839 | -2,149,341 | | Net Increase in Cash and Cash Equivalents | 1,627,507,332 | 851,529,919 | | Cash and Cash Equivalents at End of Period | 5,314,623,729 | 5,280,124,127 | - Net cash inflow from financing activities increased by **596.76%**, mainly because Baosteel Co., Ltd. acquired a **35.42%** equity stake in Maanshan Iron & Steel Co., Ltd. held by Maanshan Iron & Steel Co., Ltd. for **RMB 5.139 billion** in the current period, and the first installment of **RMB 2.57 billion** has been received[39](index=39&type=chunk) Notes to Financial Statements [Significant Accounting Policies](index=25&type=section&id=1%2E%20重要会计政策) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, presented on a going concern basis, and measured at historical cost, except for certain financial instruments - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises – Basic Standards and subsequent specific accounting standards, application guidelines, interpretations, and other relevant regulations (collectively referred to as "Enterprise Accounting Standards") issued and revised by the Ministry of Finance[65](index=65&type=chunk) - These financial statements are presented on a going concern basis; the company's Board of Directors believes the Group has sufficient working capital to continue as a going concern for a foreseeable future period of not less than **12 months** from the end of the reporting period[66](index=66&type=chunk) - In preparing these financial statements, all items are measured at historical cost, except for certain financial instruments[67](index=67&type=chunk) [Scope of Consolidation for Consolidated Financial Statements](index=26&type=section&id=2%2E%20合并财务报表的合并范围) Anhui Changjiang Steel Trading Hefei Co., Ltd. was absorbed and merged by the company's subsidiary, Anhui Changjiang Steel, and is no longer included in the consolidation scope - Anhui Changjiang Steel Trading Hefei Co., Ltd. was absorbed and merged by the company's subsidiary, Anhui Changjiang Steel, on January 27, 2025, and is no longer included in the consolidation scope[69](index=69&type=chunk) [Segment Reporting](index=26&type=section&id=3%2E%20分部报告) The Group's business is internally reported, resources allocated, and performance evaluated as a whole, primarily focusing on the production and sale of steel products and by-products, with steel product sales revenue of **RMB 33.62 billion** in H1 and **93.06%** of total revenue from mainland China - The Group focuses on the production and sale of steel products and by-products[70](index=70&type=chunk) External Main Business Revenue (by Product and Service) | Product Category | For the Six Months Ended June 30, 2025 (RMB) | | :--- | :--- | | Steel Product Sales | 33,619,563,472 | | Steel Billet and Pig Iron Sales | 1,917,491,289 | | Other | 2,538,478,783 | | **Total** | **38,075,533,544** | External Main Business Revenue (by Geographical Information) | Region | For the Six Months Ended June 30, 2025 (RMB) | | :--- | :--- | | Mainland China | 35,432,194,574 | | Overseas and Hong Kong | 2,643,338,970 | | **Total** | **38,075,533,544** | - The Group does not rely on a single customer, and revenue from any single customer does not exceed **10%** of total revenue[72](index=72&type=chunk) [Accounts Receivable](index=28&type=section&id=4%2E%20應收賬款) As of June 30, 2025, the book value of the company's accounts receivable was **RMB 1.67 billion**, with the highest proportion being within **1 year** of age, and no actual write-offs of bad debt provisions or derecognition due to financial asset transfers occurred in the current period Accounts Receivable Aging Analysis | Aging | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 1,649,390,045 | 1,759,620,406 | | 1 to 2 years | 105,228,714 | 132,286,416 | | 2 to 3 years | 132,054,820 | 64,863,225 | | Over 3 years | 29,658,012 | 15,325,306 | | **Subtotal** | **1,916,331,591** | **1,972,095,353** | | Less: Provision for Bad Debts | 246,146,811 | 218,270,897 | | **Total** | **1,670,184,780** | **1,753,824,456** | - As of June 30, 2025, the Group had no actual write-offs of bad debt provisions for accounts receivable[74](index=74&type=chunk) - As of June 30, 2025, and December 31, 2024, there were no accounts receivable balances that were derecognized by the Group due to the transfer of financial assets[75](index=75&type=chunk) [Receivables Financing](index=28&type=section&id=5%2E%20應收款項融資) As of June 30, 2025, the company's receivables financing primarily consisted of bank acceptance bills totaling **RMB 2.585 billion**, a significant increase from the end of 2024, with **RMB 15.491 billion** of notes receivable derecognized due to discounting to financial institutions in the current period Receivables Financing Composition | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 2,585,459,712 | 1,382,456,994 | - As of June 30, 2025, the Group derecognized notes receivable amounting to **RMB 15,490,720,777** (2024: **RMB 12,733,067,788**) due to discounting to financial institutions, and recognized discounting expenses of **RMB 25,621,413** (2024: **RMB 2,173,662**)[78](index=78&type=chunk) [Prepayments](index=29&type=section&id=6%2E%20預付賬款) As of June 30, 2025, the company's total prepayments amounted to **RMB 416 million**, with **97%** of the balance having an aging period of less than **1 year** Prepayments Aging Analysis | Aging | Book Balance as of June 30, 2025 (RMB) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year | 402,098,775 | 97 | | 1 to 2 years | 12,419,435 | 3 | | 2 to 3 years | 1,076,697 | – | | **Total** | **415,594,907** | **100** | [Notes Payable](index=30&type=section&id=7%2E%20應付票據) As of June 30, 2025, the company's notes payable primarily consisted of bank acceptance bills totaling **RMB 10.225 billion**, with no overdue notes payable Notes Payable Composition | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 10,225,214,715 | 10,051,474,326 | - As of June 30, 2025, the Group had no overdue notes payable[81](index=81&type=chunk) [Accounts Payable](index=30&type=section&id=8%2E%20應付賬款) As of June 30, 2025, the company's total accounts payable amounted to **RMB 8.644 billion**, with the highest proportion being within **1 year** of age Accounts Payable Aging Analysis | Aging | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 8,612,215,704 | 10,408,069,219 | | 1 to 2 years | 15,504,689 | 177,175,303 | | 2 to 3 years | 1,238,227 | 35,015,927 | | Over 3 years | 15,192,220 | 53,412,429 | | **Total** | **8,644,150,840** | **10,673,672,878** | [Dividends](index=30&type=section&id=9%2E%20股息) The Board of Directors does not recommend the payment of any dividends for the year ended June 30, 2025 - The Board of Directors does not recommend the payment of any dividends for the year ended June 30, 2025[83](index=83&type=chunk) [Operating Revenue and Costs](index=31&type=section&id=10%2E%20營業收入及成本) For the six months ended June 30, 2025, the company's main business revenue was **RMB 36.639 billion**, and other business revenue was **RMB 1.436 billion**, with revenue primarily recognized at a point in time, and **RMB 4.123 billion** of revenue recognized from contract liabilities' opening balance Operating Revenue and Costs Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | **Revenue** | | | | Main Business | 36,639,298,472 | 41,629,746,736 | | Other Business | 1,436,235,072 | 1,377,732,054 | | **Total Revenue** | **38,075,533,544** | **43,007,478,790** | | **Costs** | | | | Main Business | 34,798,921,762 | 41,164,732,434 | | Other Business | 1,445,603,290 | 1,319,721,793 | | **Total Costs** | **36,244,525,052** | **42,484,454,227** | Revenue Recognition Timing from Contracts with Customers | Recognition Timing | For the Six Months Ended June 30, 2025 (RMB) | | :--- | :--- | | Revenue recognized at a point in time | 38,031,454,822 | | Revenue recognized over a period of time | 40,352,781 | - Revenue recognized in the current year included in the opening balance of contract liabilities was **RMB 4,123,176,032**[87](index=87&type=chunk) [Financial Expenses](index=33&type=section&id=11%2E%20財務費用) For the six months ended June 30, 2025, the company's financial expenses were **RMB 246 million**, a **22.43%** year-on-year decrease, primarily comprising interest expenses of **RMB 286 million** and exchange gains/losses of **RMB 18.75 million** Financial Expenses Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Interest Expense | 285,555,450 | 312,774,907 | | Less: Interest Income | 66,937,989 | 45,988,335 | | Less: Capitalized Interest | – | 702,361 | | Exchange Gains and Losses | 18,748,612 | 41,563,728 | | Other | 8,252,595 | 9,011,725 | | **Total** | **245,618,668** | **316,659,664** | [Gains on Disposal of Assets](index=33&type=section&id=12%2E%20資產處置收益) For the six months ended June 30, 2025, the company's gains on disposal of assets were **RMB 11.39 million**, a **84.51%** year-on-year decrease, primarily from the disposal of fixed and intangible assets Gains on Disposal of Assets Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Gains on Disposal of Fixed Assets | 4,245,809 | 57,901,418 | | Gains on Disposal of Intangible Assets | 7,140,395 | 15,628,515 | | **Total** | **11,386,204** | **73,529,933** | [Non-operating Income](index=33&type=section&id=13%2E%20營業外收入) For the six months ended June 30, 2025, the company's non-operating income was **RMB 17.95 million**, a significant year-on-year increase of **2,348.45%**, primarily due to the write-off of certain unpayable amounts in the current period Non-operating Income Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Other | 17,953,725 | 733,269 | - Non-operating income increased by **2,348.45%**, mainly due to the write-off of certain unpayable amounts by the company in the current period[40](index=40&type=chunk) [Non-operating Expenses](index=34&type=section&id=14%2E%20營業外支出) For the six months ended June 30, 2025, the company's non-operating expenses were **RMB 12.84 million**, a **34.95%** year-on-year increase, primarily composed of fixed asset disposal losses and other expenses Non-operating Expenses Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Fixed Asset Disposal Losses | 8,823,155 | 876,676 | | Fines and Penalties | – | 2,144,476 | | Public Welfare Donations | – | 187,150 | | Other | 4,014,194 | 6,304,373 | | **Total** | **12,837,349** | **9,512,675** | - Non-operating expenses increased by **34.95%**, mainly due to a year-on-year increase in the company's fixed asset disposal losses in the current period[40](index=40&type=chunk) [Income Tax Expense](index=34&type=section&id=15%2E%20所得稅費用) For the six months ended June 30, 2025, the company's income tax expense was **RMB 77.49 million**, a **36.00%** year-on-year decrease, primarily comprising current income tax expense in mainland China and deferred income tax expense, with differences mainly due to subsidiaries' varying tax rates and unrecognized deductible temporary differences Income Tax Expense Composition | Item | For the Six Months Ended June 30, 2025 (RMB) | For the Six Months Ended June 30, 2024 (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense in Mainland China | 55,725,004 | 90,571,090 | | Current Income Tax Expense in Hong Kong | 345 | -165 | | Current Income Tax Expense Overseas | 12,488,032 | 14,357,070 | | Deferred Income Tax Expense | 9,279,794 | 16,161,153 | | **Total** | **77,493,175** | **121,089,148** | - Income tax expense decreased by **36.00%**, mainly due to a year-on-year decrease in income tax expense for Maanshan Transportation Materials and Cihu Processing[40](index=40&type=chunk) - The difference between income tax expense and total profit is mainly affected by the different tax rates applicable to subsidiaries (**-RMB 33.65 million**) and the impact of deductible temporary differences for which deferred income tax assets were not recognized in the current period (**RMB 141 million**)[92](index=92&type=chunk) [Earnings Per Share](index=36&type=section&id=16%2E%20每股收益) For the six months ended June 30, 2025, the company's basic and diluted earnings per share were both **-RMB 0.01/share**, a significant improvement from **-RMB 0.15/share** in the prior year, with diluted EPS being the same as basic EPS due to the anti-dilutive nature of potential ordinary shares Earnings Per Share | Indicator | For the Six Months Ended June 30, 2025 (RMB/share) | For the Six Months Ended June 30, 2024 (RMB/share) | | :--- | :--- | :--- | | Basic Earnings Per Share (Continuing Operations) | -0.01 | -0.15 | | Diluted Earnings Per Share (Continuing Operations) | -0.01 | -0.15 | - Basic earnings per share are calculated by dividing the net profit attributable to the company's ordinary shareholders for the current period by the weighted average number of ordinary shares outstanding[93](index=93&type=chunk) - As a net loss occurred in the current period, potential ordinary shares are anti-dilutive, thus diluted earnings per share are the same as basic earnings per share[94](index=94&type=chunk) [Contingencies](index=37&type=section&id=17%2E%20或有事項) The company has a contingency related to income tax differences from previous years, specifically the 2007 corporate income tax rate adjustment, for which no provision or adjustment has been made due to uncertainty in the tax authority's decision and inability to reliably estimate the final outcome - The company is one of the nine companies mentioned in the State Administration of Taxation's "Notice on Issues Concerning the Collection and Administration of Corporate Income Tax for Nine Overseas Listed Companies Including Shanghai Petrochemical Company Limited" in 2007, and applied a preferential tax rate of **15%** in previous years[95](index=95&type=chunk)[96](index=96&type=chunk) - The company adjusted its 2007 corporate income tax rate from the original **15%** to **33%** but did not pay the income tax differences from previous years[96](index=96&type=chunk) - The company's directors believe that it is currently uncertain whether the competent tax authority will pursue the collection of income tax differences from previous years, and the final outcome cannot be reliably estimated, thus no provision or adjustment has been made for potential income tax differences from previous years[96](index=96&type=chunk) [Events After the Balance Sheet Date](index=38&type=section&id=18%2E%20資產負債表日後事項) As of the approval date of these financial statements, the Group has no significant events after the balance sheet date that require disclosure - As of the approval date of these financial statements, the Group has no significant events after the balance sheet date that require disclosure[97](index=97&type=chunk)

智通财经APP讯，马鞍山钢铁股份(00323)公布2025年中期业绩，营业收入约380.755亿元，同比减少 11.47%;归属于上市公司股东的净亏损约7478.03万元，同比收窄93.47%;基本每股亏损0.01元。 公告称，营业收入减少 11.47%，主要系受下游行业需求持续疲软影响，本期钢材平均价格同比下降所 致。 亏损收窄主要系本期购销差同比有所好转，同时公司通过算账经营、全要素降本、全过程提质等 措施全力推动经营绩效持续改善所致。 ...

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. reported a decline in revenue for the first half of 2025, primarily due to weak downstream demand and falling steel prices, although net losses have significantly narrowed compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 38.0755 billion yuan, representing a year-on-year decrease of 11.47% [1] - The net loss attributable to shareholders was approximately 74.7803 million yuan, which is a 93.47% reduction compared to the previous year [1] - Basic loss per share was reported at 0.01 yuan [1] Operational Factors - The decrease in revenue was mainly attributed to the ongoing weak demand in downstream industries and a year-on-year decline in average steel prices [1] - The narrowing of losses was due to improved purchasing and sales conditions, as well as the company's efforts in cost reduction and quality enhancement through various operational measures [1]