Core Viewpoint - Maanshan Iron & Steel Company Limited (Ma Steel) is a major player in the domestic steel industry, with a diversified product structure and significant advantages in the wheel axle segment. The company has a steel production capacity of 23 million tons and is involved in various sectors including central enterprise reform and nuclear power [1]. Financial Performance - For Q3 2025, Ma Steel reported a revenue of 57.572 billion yuan, ranking 6th in the industry, which is lower than the top competitor Baosteel's 232.436 billion yuan and the industry average of 59.833 billion yuan. The net profit for the same period was 356 million yuan, placing it 9th in the industry, significantly below Baosteel's 8.908 billion yuan and the industry average of 808 million yuan [2]. - The company's main business revenue was 38.072 billion yuan, accounting for 99.99% of total revenue, while other income was only 372,590 yuan [2]. Financial Ratios - As of Q3 2025, Ma Steel's debt-to-asset ratio was 60.56%, a decrease from 63.74% year-on-year and below the industry average of 63.37%. The gross profit margin was 5.09%, an improvement from -0.35% year-on-year but still below the industry average of 5.68% [3]. Leadership - The chairman of Ma Steel, Jiang Yuxiang, born in 1968, has been with the company since 1990 and took office in April 2024. He holds a doctorate in management and has held various positions within the company [4]. Shareholder Information - As of December 31, 2008, the number of A-share shareholders increased by 28.81% to 444,500, with an average holding of 4,681.89 shares, up 35.21%. By September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5]. Production and Cost Management - In H1 2025, Ma Steel achieved a revenue of 38.076 billion yuan and a net profit of -74.78 million yuan, with Q2 showing a turnaround to profitability due to increased steel production and effective cost control. The company produced 9.63 million tons of steel products, with a 22% year-on-year increase in key product categories [6]. - The company has successfully reduced procurement costs for raw materials, with port iron ore prices outperforming the index by 4.58 USD/ton and coking coal costs being 10.67 yuan/ton lower than the industry average [6]. Product Structure - Ma Steel, controlled by China Baowu Steel Group, has a diversified product structure focusing on special steel, wheel axles, long products, and plates. The long products and plates contributed 41% and 44% of revenue, respectively, in 2024 [6].

Core Insights - Maanshan Iron & Steel Co., Ltd. (stock code: 00323) reported its key operating data for the first three quarters of 2025, indicating strong production and sales figures across various product categories [1] Production and Sales Data - The production volume of flat steel reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - Long steel production was recorded at 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

Core Insights - The company Maanshan Iron & Steel Co., Ltd. (stock code 00323) reported its key operating data for the first three quarters of 2025, highlighting significant production and sales figures across various product categories [1] Production and Sales Data - The production volume of sheet products reached 7.22 million tons, with sales volume at 7.28 million tons and an average selling price of 3,659 yuan per ton [1] - The production volume of long products was 7.06 million tons, with sales volume at 7.05 million tons and an average selling price of 3,128 yuan per ton [1] - The production and sales volume of wheel axles stood at 190,000 tons, with an average selling price of 11,104 yuan per ton [1]

Core Viewpoint - Maanshan Iron & Steel Co., Ltd. reported a revenue of 57.572 billion yuan for the first three quarters of 2025, reflecting a year-on-year decrease of 6.41% [1] - The net profit attributable to shareholders of the listed company was 83.6289 million yuan, with basic earnings per share at 0.01 yuan [1] Financial Performance - The company's operating revenue for the first three quarters of 2025 was 57.572 billion yuan, down 6.41% compared to the previous year [1] - The net profit for the same period was 83.6289 million yuan, indicating a decline in profitability [1] - Basic earnings per share stood at 0.01 yuan, suggesting limited earnings growth [1]

（在中華人民共和國註冊成立之股份有限公司） 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 | 主要產品 | | 生產量 | 銷售量 | 銷售價格 | | --- | --- | --- | --- | --- | | | | | | （元╱噸） | | 長 | 材 | 706 | 705 | 3,128 | | 板 | 材 | 722 | 728 | 3,659 | | 輪 | 軸 | 19 | 19 | 11,104 | | 商品坯 | | 73 | 73 | 4,601 | | | | | 承董事會命 | | | | | | 馬鞍山鋼鐵股份有限公司 | | 蔣育翔 董事長 2025年10月30日 中國安徽省馬鞍山市 （股票代號：00323） 海外監管公告 2025年前三季度主要經 ...

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。 （在中華人民共和國註冊成立之股份有限公司） 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （股票代號：00323） 建 議 修 訂《公 司 章 程》及 其 附 件 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」）於2025年10月30日 召開第十屆董 事 會 第 四 十 六 次 會 議、第 十 屆 監 事 會 第 三 十 二 次 會 議，審 議 通 過 關 於 修 改《公司章程》及 其 附 件 並 取 消 監 事 會 的 議 案。 《公 司 章 程》及 其 附 件 的 建 議 修 訂 須 待 本 公 司 股 東（「股 東」）於 本 公 司 2025年 舉 行 的 第 三 次 臨 時 股 東 大 會（「股東大會」）以 特 別 決 議 的 方 式 審 議 批 准，方 為 作 實。 ...

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 （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 關於變更2025年度會計師事務所的公告 一. 擬聘任會計師事務所的基本情況 （一）機構信息 1. 基本信息 德 勤 華 永 會 計 師 事 務 所（特 殊 普 通 合 夥）（「德勤華永」）的 前 身 是1993年2月 成 立 的 滬 江 德 勤 會 計 師 事 務 所 有 限 公 司，於 2002年 更 名 為 德 勤 華 永 會 計 師 事 務 所 有 限 公 司，於2012年9 月經財政部等部門批准轉 制 成 為 特 殊 普 通 合 夥 企 業，註 冊 資 本8,670萬 元，註 冊 地 址 上 海 市 黃 浦 區 延 安 東 路222號30樓。 德 勤 華 永 具 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 19,496,655,926, representing a year-on-year increase of 5.35%[7] - The total profit for the reporting period was CNY 365,974,032, while the net profit attributable to shareholders was CNY 158,409,222[7] - The basic earnings per share for the reporting period was CNY 0.02, compared to CNY 0.01 for the same period last year[7] - The company reported a net profit attributable to shareholders, excluding non-recurring gains and losses, of CNY 176,264,998 for the reporting period[7] - The total profit of Maanshan Iron & Steel Co., Ltd. was approximately RMB 296 million during the reporting period[17] - The total comprehensive income for the first nine months of 2025 was RMB 355.63 million, compared to a loss of RMB 2.78 billion in 2024, showing a strong recovery in overall financial performance[26] - The total profit for the first nine months of 2025 was RMB 483.69 million, a substantial recovery from a loss of RMB 2.62 billion in the same period of 2024[25] - Net profit attributable to the parent company for the first nine months of 2025 was RMB 83.63 million, compared to a loss of RMB 2.53 billion in 2024, indicating a significant turnaround[25] Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 69.60%, amounting to CNY 4,324,134,550[7] - The company reported a net cash flow from operating activities of RMB 4.32 billion for the first nine months of 2025, an increase from RMB 2.55 billion in the same period of 2024, representing a growth of 69.83%[28] - The cash flow from operating activities was not detailed in the provided data, but the overall cash position improved significantly[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 83,199,735,142, reflecting a 5.37% increase from the previous year[7] - The company reported a total current asset of RMB 25.89 billion as of September 30, 2025, compared to RMB 19.47 billion at the end of 2024, reflecting a 32.9% increase[22] - The company's total liabilities decreased to RMB 50.38 billion as of September 30, 2025, from RMB 51.64 billion at the end of 2024, a reduction of 2.4%[24] - The company reported cash payments for investments totaling $662,714,173 in 2025, with no comparable figure for 2024, suggesting a new investment strategy[29] Operational Efficiency - The company attributed the increase in net profit to improved operational efficiency and reduced cash payments for raw materials and services[10] - The company is actively implementing technical cost reduction projects to support operational performance improvement[18] - The company plans to enhance operational efficiency by optimizing marketing strategies and improving product structure[20] - The company is focusing on deepening reforms and innovations to manage costs and improve operational performance[20] Production and Sales - The company produced 14.12 million tons of pig iron, 15.26 million tons of crude steel, and 14.47 million tons of steel products from January to September 2023[17] - New product sales reached approximately 1.32 million tons, with gross profit from new products increasing by 113% year-on-year[18] - The company has launched three new products, including high-strength 2200MPa aluminum-silicon coated hot-formed steel, marking their domestic debut[18] Cost Management - The company achieved a reduction in fuel ratio by 9 kg/t and coke ratio by 8 kg/t compared to Q1 2025, supporting low-carbon production and cost control[17] - The incidence of waste and defective products decreased by 0.65 percentage points and 0.71 percentage points, respectively, compared to Q1 2025[18] - The company achieved a cost reduction of RMB 190 million through 46 planned energy-saving measures by the end of September 2025[19] - The company reported a decrease in cash paid for purchasing goods and services to RMB 47.99 billion in 2025 from RMB 52.62 billion in 2024, a reduction of 8.83%[28] Recognition and Awards - The company has received recognition as a "Carbon Peak and Carbon Neutrality Benchmark Enterprise" and won a special award for innovative achievements in carbon neutrality[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 131,371[11] - The equity attributable to shareholders increased by 3.44% to CNY 24,057,112,997 compared to the previous year[7] - The company reported a total equity attributable to shareholders of RMB 24.06 billion as of September 30, 2025, compared to RMB 23.26 billion at the end of 2024, an increase of 3.4%[24]

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 （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 監事會決議公告 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. 監事會會議召開情況 2025年10月30日，馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」或「公 司」）第 十屆監事會第三十二次會議 在馬鋼辦公樓 召 開。監 事 會 主 席 洪 功 翔 先 生 主 持 會 議，會 議 應 出 席 監 事3名，實 際 出 席 監 事3名。本 次 監 事 會 會 議 的 召 開 符 合 有 關 法 律 法 規 及 公 司 章 程 的 規 定。 二. 監事會會議審議情況 （一）審議通過公司2025年未經審計的第三季度財務報告和 ...

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 （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 二. 董事會會議審議情況 （一）批准公司2025年 未 經 審 計 第 三 季 度 財 務 報 告。 表 決 結 果：同 意5票，反 對0票，棄 權0票。該 報 告 已 經 公 司 董 事 會 審 計 與 合 規 管 理 委 員 會（「審計委員會」）審 議 通 過。 （二）批准公司2025年 第 三 季 度 報 告。 表 決 結 果：同 意5票，反 對0票，棄 權0票。該 報 告 已 經 公 司 審 計 委 員 會 審 議 通 過。 – 1 – 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 ...