Core Viewpoint - Linggang Co., Ltd. has repurchased a total of 18.6073 million shares, representing 0.65% of the company's current total share capital, as of October 31, 2025 [1] Summary by Categories Share Repurchase Details - The repurchase was conducted through the Shanghai Stock Exchange trading system via centralized bidding [1] - The highest price for the repurchased shares was 2.30 CNY per share, while the lowest price was 1.71 CNY per share [1] - The total amount of funds paid for the repurchase was 37.868 million CNY, excluding stamp duty and transaction commissions [1]

凌源钢铁股份有限公司 2025 年第四次临时股东会文件 2025 年第四次临时股东会文件 股票简称：凌钢股份 股票代码：600231 一、2025 年第四次临时股东会会议议程·································3 二、2025 年第四次临时股东会会议提案 1．关于凌源钢铁股份有限公司 2026 年度生产经营性融资的议案············4 2. 关于凌源钢铁股份有限公司续聘会计师事务所的议案····················5 凌源钢铁股份有限公司 2025 年第四次临时股东会文件 会议文件之一 凌源钢铁股份有限公司 2025 年第四次临时股东会会议议程 现场会议时间：2025 年 11 月 10 日14 点 00 分 二○二五年十一月十日 -1- 凌源钢铁股份有限公司 2025 年第四次临时股东会文件 目 录 -2- 现场会议地点：辽宁省凌源市凌源钢铁股份有限公司会议中心 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 召集人: 凌源钢铁股份有限公司董事会 会议议程： 一、验证参加现场股东会的股东身份信息 二、宣布现场会议开始 三、宣布参加现场 ...

Core Viewpoint - The steel industry is experiencing improved operational performance and profitability due to ongoing "anti-involution" efforts, with a focus on quality enhancement and cost control [1][6]. Group 1: Financial Performance - In the first three quarters of the year, 36 listed steel companies reported a total revenue of 14,197.49 billion yuan, a year-on-year decrease of 6.15%, but achieved a net profit of 15.952 billion yuan, marking a turnaround from losses [1]. - In Q3, these companies generated a revenue of 4,763.61 billion yuan, a quarter-on-quarter decline of 1.06%, while net profit rose to 6.334 billion yuan, reflecting a quarter-on-quarter increase of 5.20% [2]. - The overall gross profit margin for these companies improved sequentially, recorded at 5.76%, 6.65%, and 6.73% over the first three quarters [6]. Group 2: Product Structure Optimization - Steel companies are increasingly focusing on high-value-added products, with companies like Linggang Co. reporting that special steel sales accounted for 45.90% of their main business revenue, significantly higher than the 25.94% for rebar [3]. - The industry is witnessing a structural change, with crude steel production decreasing by 2.9% year-on-year to 746 million tons, while steel product output increased by 5.4% to 1.104 billion tons from January to September [3]. Group 3: Industry Challenges and Future Outlook - The Ministry of Industry and Information Technology has highlighted that the steel industry faces challenges such as excessive supply and insufficient effective demand, which affects quality and efficiency [4]. - The "Stabilizing Growth and Preventing Involution" plan aims for an average annual growth of around 4% in value-added output from 2025 to 2026, with a focus on balancing supply and demand and enhancing green and digital development [5]. - Continued supply-side structural reforms, elimination of outdated capacity, and enhancement of product quality are essential for maintaining profitability in the steel sector [7].

Core Points - Lingang Co., Ltd. announced the completion of the registration for its 2024 restricted stock incentive plan, with a total of 5.31 million shares reserved for grant [1] Summary by Category Company Announcement - The company completed the registration of its 2024 restricted stock incentive plan on October 29, 2025, at the Shanghai branch of China Securities Depository and Clearing Co., Ltd. [1]

根据公司 2024 年第三次临时股东会的授权，公司于 2025 年 8 月 12 日召开 第九届董事会第二十八次会议，审议通过了《关于向激励对象授予预留部分限制 性股票的议案》，董事会同意并确定本次激励计划限制性股票的预留授予日为 2025 年 8 月 12 日，向符合授予条件的 96 名激励对象预留授予 531 万股限制性 股票，授予价格为 1.00 元/股。 本次激励计划预留授予实际情况如下： 股票代码：600231 转债代码：110070 股票简称：凌钢股份 转债简称：凌钢转债 编 号：临 2025-084 凌源钢铁股份有限公司 关于 2024 年限制性股票激励计划预留授予结果的公告 本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 根据中国证券监督管理委员会《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、上海证券交易所、中国证券登记结算有限责任公司上海分公司有 关规定，凌源钢铁股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日 在中国证券登记结算有限责任公司上海分公司办理完成 ...

Group 1 - The steel sector saw an increase of 1.27% on October 30, with Anyang Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Anyang Iron & Steel's stock price rose by 10.08%, closing at 2.62, with a trading volume of 1.4087 million shares and a transaction value of 357 million yuan [1] Group 2 - The main capital inflow in the steel sector was 57.76 million yuan, while retail investors saw a net inflow of 26.11 million yuan [2] - The stock performance of various companies in the steel sector showed mixed results, with some companies experiencing declines [2] - The trading data indicates that Anyang Iron & Steel had a net inflow of 85.4751 million yuan from main capital, despite a net outflow from retail and speculative capital [3]

Core Viewpoint - Ling Steel Co., Ltd. has experienced a stock price increase of 32.40% year-to-date, despite a recent decline of 2.87% over the last five trading days, indicating volatility in its stock performance [1][2]. Financial Performance - For the period from January to September 2025, Ling Steel reported operating revenue of 11.759 billion yuan, a year-on-year decrease of 15.31%. The net profit attributable to shareholders was -844 million yuan, reflecting a year-on-year increase of 38.12% [2]. Stock Market Activity - As of October 30, Ling Steel's stock price was 2.37 yuan per share, with a market capitalization of 6.76 billion yuan. The trading volume was 1.17 billion yuan, with a turnover rate of 1.78% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 4, where it recorded a net purchase of 5.4032 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Ling Steel was 48,400, an increase of 10.78% from the previous period. The average number of circulating shares per person was 58,190, a decrease of 9.73% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai Zhongxin Steel ETF, with respective holdings of 15.0069 million shares and 8.6321 million shares [3]. Dividend History - Ling Steel has cumulatively distributed 1.758 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Industry Classification - Ling Steel is classified under the steel industry, specifically in the sub-sector of general steel and long products. It is associated with concepts such as oil and gas exploration, shale gas, low prices, Xiong'an New Area, and state-owned enterprise reform [2]. Business Overview - Ling Steel, established on May 4, 1994, and listed on May 11, 2000, primarily engages in the production, operation, and development of metallurgical products, with steel sales accounting for 91.53% of its main business revenue [1].

Core Viewpoint - The article highlights the significant progress and strategic transformations of Lingang Co., Ltd. during the "14th Five-Year Plan" period, emphasizing its commitment to high-quality development and integration of production and reform efforts [1][3][5]. Group 1: Production and Operational Efficiency - Over the past five years, Lingang has optimized its industrial layout and upgraded its structure, achieving a crude steel capacity of 70 million tons after the restructuring with Ansteel Group, solidifying its position in Northeast China [3][6]. - The company has successfully transitioned from a local enterprise to a key subsidiary of a central enterprise, enhancing its operational efficiency and market competitiveness [3][6]. - Lingang has implemented a "precision focus on raw materials" strategy, achieving historical production breakthroughs in various processes, and has shifted its focus from "scale efficiency" to "quality efficiency" [6][12]. Group 2: Financial Performance - As of mid-2025, Lingang's total credit reached 15.3 billion yuan, with a significant increase in the proportion of medium- and long-term loans, leading to a more stable financial structure [6]. - The comprehensive financing cost has decreased from 4.82% in early 2020 to below 2% by mid-2025, with supply chain financing reaching 645 million yuan [6][11]. Group 3: Reform and Integration - Lingang is committed to a path of "restructuring and reform," focusing on improving efficiency, effectiveness, employee satisfaction, and sustainable development [8][9]. - The company has established a new performance evaluation system and a matrix SBU team centered on core products, enhancing collaborative development and operational efficiency [8][9]. Group 4: Green and Intelligent Transformation - Lingang is advancing its green transformation by applying advanced energy-saving technologies, achieving record levels in energy costs and carbon emissions per ton of steel [11]. - The company has invested approximately 3.3 billion yuan in upgrading equipment and 1.2 billion yuan in comprehensive green development modifications, aiming for high-end intelligent and green production [11][12]. Group 5: Product Development and Market Reach - Lingang has developed three major product series, including premium round steel and high-quality construction materials, deeply integrating into various downstream industries such as green energy and new infrastructure [12]. - The company has established itself as a benchmark in intelligent manufacturing and service in the steel industry, with products sold across China and exported to over 40 countries and regions worldwide [12].

Core Viewpoint - Lingyuan Steel Co., Ltd. reported a net loss of 266 million yuan in Q3 2025, although this represents an improvement compared to a net loss of 841 million yuan in the same period last year, indicating a narrowing of losses due to increased revenue and reduced costs in the steel industry [1][3]. Financial Performance - In Q3 2025, the company achieved an operating revenue of 4.38 billion yuan, an increase of 18.7% year-on-year [1][2]. - For the first three quarters of 2025, the total operating revenue was 11.76 billion yuan, a decrease of 15.31% compared to the same period in 2024 [2]. - The net loss for the first three quarters of 2025 was 844 million yuan, which is an improvement from a net loss of 1.36 billion yuan in the same period of 2024 [1][2]. Industry Context - The steel industry has shown signs of recovery, with a reported total profit of 59.2 billion yuan for key steel enterprises in the first half of 2025, reflecting a year-on-year increase of 63.26% [1][3]. - The improvement in Lingyuan Steel's performance is attributed to a significant reduction in steel material costs, which outpaced the decline in prices [3]. Debt and Capital Expenditure - As of September 30, 2025, the company had total assets of 15.12 billion yuan and total liabilities of 10.36 billion yuan, indicating a slight decrease in total assets from the end of 2024 [3]. - The company is under pressure from ongoing capital expenditures, with significant investments in ongoing projects, including a total planned investment of 2.126 billion yuan for equipment upgrades [3][4]. - Lingyuan Steel has one outstanding bond, "Ling Steel Convertible Bond," with a balance of 217 million yuan, rated AA and maturing in April 2026 [4].

Market Overview - The steel sector experienced a decline of 1.81% on October 28, with Wujin Stainless Steel leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Notable gainers included: - Sangang Min Guang (002110) with a closing price of 4.48, up 0.90% on a trading volume of 784,300 shares and a turnover of 356 million yuan [1] - Ben Steel Plate (000761) closed at 3.63, up 0.83% with a trading volume of 141,200 shares and a turnover of 51.01 million yuan [1] - Significant decliners included: - Wujin Stainless Steel (603878) which fell 4.85% to a closing price of 10.60, with a trading volume of 356,800 shares and a turnover of 383 million yuan [2] - Baotou Steel (600010) decreased by 3.00% to 2.59, with a trading volume of 11,064,600 shares and a turnover of 2.892 billion yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 922 million yuan from main funds, while retail investors contributed a net inflow of 668 million yuan [2] - Key stocks with significant capital flow include: - Nanjing Steel (600282) with a net inflow of 20.27 million yuan from main funds, but a net outflow of 11.52 million yuan from retail investors [3] - Heibei Steel (000709) recorded a net inflow of 18.79 million yuan from main funds, while retail investors had a net outflow of 22.39 million yuan [3]