特别决议案 马鞍山钢铁股份有限公司 2025 年第三次临时股东大会会议资料 马鞍山钢铁股份有限公司 2025 年第三次临时股东大会议程 普通决议案 1、关于变更 2025 年度会计师事务所的议案； 1、关于修改《公司章程》及其附件并取消监事会的议案。 1 马鞍山钢铁股份有限公司 2025 年第三次临时股东大会文件之一 关于变更 2025 年度会计师事务所的议案 各位股东： 公司于2025年10月30日召开第十届董事会第四十六次会议和第 十届监事会第三十二次会议，审议通过了关于变更2025年度会计师事 务所的议案，公司拟变更2025年度会计师事务所，具体内容如下： 公司现因管理需要，决定不再继续聘用安永华明会计师事务所 （特殊普通合伙）（"安永华明"）担任公司2025年度会计师事务所。 公司拟聘任勤华永会计师事务所（特殊普通合伙）（"德勤华永"） 接替安永华明为公司2025年度会计师事务所。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 德勤华永会计师事务所（特殊普通合伙）的前身是 1993 年 2 月 成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永 会计师事务所有限公司 ...

关于召开2025年第三次临时股东大会的通知 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： 股东大会召开日期：2025年12月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：600808 证券简称：马钢股份 公告编号：2025-055 马鞍山钢铁股份有限公司 2025年第三次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 24 日 13 点 30 分 召开地点：安徽省马鞍山市九华西路 8 号马钢办公楼 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 24 日至2025 年 12 月 24 日 采用上海证券交易所网络投票系统，通过交 ...

Group 1 - The core viewpoint emphasizes the importance of transforming and upgrading traditional industries to support high-quality development in Suzhou, aligning with national policies and local initiatives [1][2] - The focus is on promoting intelligent, green, and integrated industrial development, which is essential for optimizing traditional industries and strengthening the real economy [1][2] - The local government aims to create a first-class business environment to attract foreign investment and support sustainable development in enterprises like Shagang Group and Dow's Zhangjiagang production base [2] Group 2 - The initiative includes a systematic approach to advancing the "five revitalizations" in rural areas, with a strong emphasis on achieving common prosperity through industrial revitalization [1] - There is a call for local departments to concentrate efforts on economic growth, project production, and attracting high-quality investments as the year-end approaches [2] - The importance of adhering to central and provincial policies for technological upgrades and the development of smart, green, and service-oriented manufacturing is highlighted [2]

Core Viewpoint - Zhang Sanjian, the former Party Secretary and Chairman of Ansteel Group International Economic and Trade Co., Ltd., is under investigation for serious violations of discipline and law, as announced by the Central Commission for Discipline Inspection and the Liaoning Provincial Commission for Discipline Inspection [1]. Group 1: Company Overview - Ansteel Group International Economic and Trade Co., Ltd. (Ansteel Guomao) was established in 1991 and is a wholly-owned subsidiary of Ansteel Group, serving as the unified foreign trade window and international trade settlement platform for the group [3]. - Zhang Sanjian held the position of Chairman at Ansteel Guomao for several years and conducted various thematic educational research activities in 2023, focusing on the development prospects and marketing channels of overseas exports [3]. Group 2: Recent Investigations - Multiple individuals within the Ansteel system have been investigated for serious violations of discipline and law in recent years, including former Vice General Manager of Ansteel Group Mining Co., Ltd., Shi Wei, and others [5]. - A series of disciplinary actions have been taken against various officials within the Ansteel Group, highlighting ongoing issues related to compliance and governance [5]. Group 3: Governance and Compliance - Ansteel Group has been focusing on strict governance and compliance, particularly in the bidding and procurement sectors, which have been identified as areas needing increased oversight for three consecutive years [6]. - The group has implemented measures to address procurement vulnerabilities and has reported typical cases of violations in the bidding and procurement fields [6].

Group 1 - Zhang Sanjian, former Party Secretary and Chairman of Ansteel Group International Economic and Trade Co., Ltd., is under investigation for serious violations of discipline and law [2] - Ansteel International Trade Co., Ltd. was established in 1991 and serves as the sole foreign trade window and international trade settlement platform for Ansteel Group [4] - In recent years, multiple individuals within the Ansteel system have been investigated for serious violations of discipline and law, indicating a pattern of scrutiny within the organization [5] Group 2 - A survey on strict governance within Ansteel Group revealed that the bidding and procurement sector has ranked first for three consecutive years in terms of needing increased rectification efforts [7] - The disciplinary inspection team is focusing on procurement business vulnerabilities, particularly in raw materials, equipment, and service procurement, and has reported typical cases of violations in the coal procurement sector [7] - Ansteel Group has implemented a trial version of supplier management guidelines to strictly regulate the handling of non-compliant suppliers, including warning and blacklisting procedures [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 馬鞍山鋼鐵股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600808 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,967,751,186 | RMB | | 1 | RMB | | 5,967,751,186 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 5,967,751,186 | RMB | | 1 | RMB | | 5,967,751,186 | | ...

HKE 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 狀態: 新提交 截至月份: 2025年11月30日 致:香港交易及結算所有限公司 馬鞍山鋼鐵股份有限公司 公司名稱: 星交日期: 2025年12月1日 l. 法定/註冊股本變動 □ 不適用 客 1. 股份分類 普通股 股份類別 A 於香港聯交所上市 (註1) + A股 證券代號 (如上市) 600808 說明 增加多櫃檯證券代號 法定/註冊股份數目 面值 法定/註冊股本 □ 手動填寫 5,967,751,186 RMB 1 RMB 5,967,751,186 上月底結存 增加 / 減少 (-) RMB 0 0 本月底結存 5,967,751,186 RMB 1 RMB 5,967,751,186 是 2. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) H股 證券代號 (如上市) 00323 說明 增加多櫃檯證券代號 □ 手動填寫 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,732,930,000 RMB 1,732,930,000 | 上月底結存 | 1,732,930,000 RMB | 1 ...

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Core Viewpoint - The report highlights the growth in China's medium and thick wide steel plate production, indicating a positive trend in the industry with a year-on-year increase in output. Industry Summary - As of September 2025, China's medium and thick wide steel plate production reached 18.27 million tons, reflecting a year-on-year growth of 6.5% [1] - Cumulatively, from January to September 2025, the total production of medium and thick wide steel plates in China was 169.478 million tons, marking a cumulative increase of 4.5% [1] Company Summary - The report mentions several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Shougang Co., Ltd. (000959), and others, indicating their relevance in the medium and thick wide steel plate market [1]

Core Viewpoint - Fujian Sansteel Group has established a digital technology company, Fujikylin Chainjin (Shanghai) Digital Technology Co., Ltd., with a registered capital of 100 million yuan [1] Group 1 - The new company is fully owned by Fujian Sansteel Group [1] - The business scope includes blockchain technology-related software and services, industrial internet data services, data processing and storage support services, and IoT technology services [1]