股票代码：600808 股票简称：马钢股份 公告编号：2025-015 马鞍山钢铁股份有限公司 董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 2025 年 4 月 17 日，公司第十届董事会第三十七次会议在马钢办 公楼召开，会议应到董事 7 名，实到董事 7 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、董事会会议审议情况 同意《关于引进宝山钢铁股份有限公司参股马鞍山钢铁有限公司 的议案》。 因涉关联交易，关联董事蒋育翔、毛展宏回避表决，表决结果： 同意 5 票，反对 0 票，弃权 0 票。已经独立董事专门会议审议通过。 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子公 司引进投资者暨关联交易公告》（公告编号：2025-017）。 该议案将提交公司股东大会审议，经非关联股东批准后方可实 施。股东大会通知将另行发出。 特此公告。 马鞍山钢铁股份有限公司董事会 2025 年 4 月 ...

马钢股份（600808）公告，公司拟向关联方宝山钢铁股份有限公司转让全资子公司马鞍山钢铁有限公司 35.42%股权，预计交易金额约51.39亿元；宝钢股份（600019）拟以现金方式向马钢有限增资人民币 38.61亿元，公司放弃增资认缴权。交易完成后，公司持有马钢有限的股权将由100%下降至51%，宝钢 股份将持有马钢有限49%股权。交易已经公司第十届董事会第三十七次会议审议通过，尚待公司股东大 会审议。 ...

Core Insights - The article provides a comprehensive overview of the silicon steel industry chain, highlighting its upstream, midstream, and downstream components, as well as the geographical distribution of key players and the pricing structure of the industry [1][3][5]. Industry Chain Overview - Silicon steel serves as a primary raw material for various components, with a relatively simple upstream consisting of silicon iron, industrial silicon, and synthetic metals, along with production fuels [1][3]. - The midstream involves the production and processing of various types of silicon steel, with major players including Baosteel, Shougang, and Taiyuan Iron and Steel [3][4]. - The downstream applications encompass large motors, household appliances, new energy vehicles, and transformers [1][4]. Geographical Distribution - The silicon steel industry is predominantly concentrated in North China, with upstream companies located in resource-rich regions such as Inner Mongolia, Shanxi, and Hebei [5]. - The industry chain is well-developed in East China, particularly in Jiangxi, while Central China, especially Henan, has a robust industry chain as well [5]. - Key upstream players in Inner Mongolia include Junzheng Group and Ordos Metallurgy, while major midstream companies include Baotou Steel [5]. Value Chain Dynamics - The market price of the silicon steel industry is influenced by supply, manufacturing, and application sectors, with costs driven by raw materials, labor, and energy prices [7]. - The transmission of prices from the supply side to the manufacturing side creates production costs, which then affect consumer pricing based on market demand elasticity [7]. Pricing Structure Analysis - According to Mysteel data, the average cost for domestic short-process production in 2024 is projected to be 4,690 yuan per ton, with an average gross profit of 223 yuan per ton, resulting in an overall gross margin of approximately 5% [10]. - Recent trends indicate that short-process silicon steel producers are experiencing relatively low profit margins, with some firms even facing losses [10].

Summary of the Conference Call for Maanshan Iron & Steel Company Company Overview - Maanshan Iron & Steel Company, established on September 1, 1993, is one of China's largest steel producers and sellers, with its roots tracing back to the Maanshan Iron Factory founded in 1953. The company is listed on both the Hong Kong Stock Exchange (H-shares) and the Shanghai Stock Exchange (A-shares) [1][2]. Key Points and Arguments Industry Context - The steel industry is experiencing pressure due to high supply levels, structural demand adjustments, strong export growth, and declining prices, leading to increased difficulty in profitability. The average steel price index decreased by 9.37 points year-on-year to 102.47 points in 2024, with a further drop to 95.79 points by Q1 2025 [6][7]. - The company reported a steel production decrease of 1.56%, with actual production at 19.83 million tons and revenue of RMB 81.82 billion, down 17.3% year-on-year. The net loss attributable to shareholders was RMB 4.66 billion, an increase in loss of 251.06% [7][8]. Strategic Initiatives - The company is focusing on green and low-carbon development, emphasizing smart manufacturing and digital transformation. It aims to enhance efficiency and reduce costs through a strategy termed "2343" [4][5]. - Maanshan Iron & Steel is committed to reform and innovation, with a strategic optimization plan for 2024 that includes organizational restructuring and deepening subsidiary reforms [3][4]. Financial Performance - The total assets of the company were RMB 78.96 billion, down 6.61% year-on-year, while net assets decreased by 16.25% to RMB 23.26 billion [7]. - The company’s iron and steel production costs were reported at RMB 173 per ton, lagging behind the industry average of RMB 213 per ton, indicating a cost disadvantage of RMB 40 per ton [8]. Product Development and Market Position - The company is enhancing its product differentiation and expanding sales of key products, which saw a year-on-year increase of 36.5%. New product development volume increased by 4.4% [12]. - The company is actively exploring overseas markets, with a 36% increase in product exports, including 698,000 tons of H-beams [12]. Challenges and Risks - The company faces challenges in product quality and market competitiveness, particularly in special steel products, which have a market share of only 32% [9][10]. - The company’s production efficiency is hindered by underutilized production lines, with 26.8% of lines operating below 75% capacity [8]. Environmental and Social Responsibility - Maanshan Iron & Steel is committed to environmental sustainability, with over RMB 10 billion invested in environmental protection during the 14th Five-Year Plan period. The company aims to achieve ultra-low emissions and improve waste management [37][38]. Future Outlook - The company anticipates a slight improvement in the steel market by 2025, driven by the elimination of outdated capacity and a shift towards high-quality development. However, challenges remain due to geopolitical factors and anti-dumping pressures on exports [31][33]. - The company plans to enhance its core competitiveness and create value for investors through strategic reforms and operational efficiency improvements [50][51]. Additional Important Information - The company is focusing on enhancing customer satisfaction and has received awards for its contributions to major automotive manufacturers [13]. - The company is also exploring innovative supply chain financing models to improve cash flow and reduce financial risks [21][44]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's current challenges and future plans in the steel industry.

（在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 馬 鞍 山 鋼 鐵 股 份 有 限 公 司（「本公司」）謹 此 宣 佈，本 公 司 將 於2025年4月29 日 舉 行 董 事 會 會 議，審 議 及 批 准 本 公 司 及 其 附 屬 公 司2025年1月1日起至 2025年3月31日止按中國會計準則編製且未經審計的第一季度業績等事項。 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 承董事會命 馬鞍山鋼鐵股份有限公司 董事會會議通知 於 本 公 告 日 期，本 公 司 董 事 包 括：執 行 董 事 蔣 育 翔、毛 展 宏 及 張 文 洋； 獨 立 非 執 行 董 事 管 炳 春、何 安 瑞、仇 聖 桃 及 曾 祥 飛。 蔣育翔 董事長 2025年4月7日 中 ...

Trading Information Summary - Maanshan Iron & Steel Company (600808) closed at 3.17 yuan, up 1.6%, with a turnover rate of 0.83% and a trading volume of 497,400 shares, amounting to a transaction value of 156 million yuan [1] - The net inflow of main funds was 13.19 million yuan, accounting for 8.47% of the total transaction value; retail funds had a net outflow of 3.82 million yuan, accounting for 2.45% of the total transaction value [2][4] Company Announcement Summary - As of March 31, 2025, the legal registered capital of Maanshan Iron & Steel Company remained unchanged, with A-shares totaling 5,989,174,586 shares and H-shares totaling 1,732,930,000 shares [2][4] - The total issued shares for both A-shares and H-shares remained unchanged at 5,989,174,586 shares and 1,732,930,000 shares respectively, with zero treasury shares [2][4]

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3月31日 狀態： 新提交 く 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4月2日 I. 法定/註冊股本變動 ■ 不適用 普通股 ∨ 股份類別 ∨ 於香港聯交所上市（註1） 否 > 1. 股份分類 A + 證券代號（如上市） 600808 說明 |A股 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 L RMB 上月底結存 5, 989, 174, 586 RMB 5, 989, 174, 586 > RMB 增加 / 減少 (-) 1 RMB 本月底結存 5, 989, 174, 586 RMB 5, 989, 174, 586 2. 股份分類 普通股 ∨ 股份類別 ▼ 於香港聯交所上市(註1) 是 > H 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 1, 732, 930, 000 RMB 1 RMB 上月底結存 1, 732, 930, 000 > 增加 ...

Core Points - The core viewpoint of the articles highlights the significant financial losses reported by Maanshan Iron & Steel Company (Ma Steel) for the year 2024, indicating a challenging operational environment and the decision not to distribute dividends or increase capital reserves [1][2][3] Financial Performance Summary - For the year 2024, Ma Steel reported a total revenue of 81.82 billion yuan, a decrease of 17.3% year-on-year [1] - The net profit attributable to shareholders was -4.66 billion yuan, representing a decline of 251.06% year-on-year [1][3] - The net profit excluding non-recurring items was -4.30 billion yuan, down 149.98% year-on-year [1] - In Q4 2024, the company recorded a single-quarter revenue of 20.30 billion yuan, a decrease of 18.85% year-on-year [1] - The single-quarter net profit attributable to shareholders was -2.12 billion yuan, a decline of 884.82% year-on-year [1] - The single-quarter net profit excluding non-recurring items was -1.68 billion yuan, down 691.67% year-on-year [1] - The company's debt ratio stood at 65.4%, with investment income of 8.41 million yuan and financial expenses of 555 million yuan [1] - The gross profit margin was reported at -0.95% [1] Dividend and Capital Management - The company announced that it will not distribute dividends for the year 2024 and will not increase capital reserves from retained earnings [2][3] - The proposal for no profit distribution is subject to approval at the company's shareholders' meeting [2]

Financial Performance - Operating revenue fell by 17.30% to RMB 81,817 million in 2024 compared to RMB 98,938 million in 2023[8]. - Net loss attributable to shareholders was RMB 4,659 million in 2024, a significant increase from a loss of RMB 1,327 million in 2023[8]. - Basic and diluted loss per share increased to RMB -0.605 in 2024 from RMB -0.172 in 2023[8]. - Cash flow from operating activities decreased by 51.76% to RMB 961 million in 2024 from RMB 1,992 million in 2023[8]. - Total revenue from operating activities decreased to RMB 76.38 billion in 2024 from RMB 82.78 billion in 2023, representing a decline of approximately 7.3%[101]. - The company reported a total comprehensive income loss of RMB 1.66 billion for the year, primarily due to a significant decrease in retained earnings[99]. - The total comprehensive loss for 2024 was RMB 4.97 billion, compared to a loss of RMB 1.66 billion in 2023, marking an increase of 199.5%[95]. - The company reported a net loss of RMB 4,829,857,723 for 2024, compared to a net loss of RMB 1,596,659,516 in 2023[139]. Assets and Liabilities - Total assets decreased by 6.61% to RMB 78,963 million in 2024 from RMB 84,552 million in 2023[8]. - The company's total liabilities as of December 31, 2024, were RMB 51.64 billion, slightly down from RMB 52.27 billion in 2023[92]. - Current assets decreased from RMB 22.04 billion in 2023 to RMB 19.47 billion in 2024, reflecting a decline of approximately 11.6%[91]. - The company's equity attributable to shareholders decreased from RMB 27.77 billion in 2023 to RMB 23.26 billion in 2024, a decline of approximately 16.3%[93]. - The company reported a significant reduction in inventory from RMB 9.92 billion in 2023 to RMB 7.91 billion in 2024, a decrease of about 20.3%[91]. Sales and Production - In 2024, the company produced 18.08 million tons of pig iron, 19.83 million tons of crude steel, and 18.36 million tons of steel, representing year-on-year decreases of 5.99%, 5.41%, and 10.92% respectively[23]. - The total revenue from steel sales in 2024 was RMB 73,287,465,129, a decrease of approximately 18.1% compared to RMB 89,532,981,759 in 2023[112]. - The total revenue from pig iron sales in 2024 was RMB 3,565,089,201, down from RMB 4,106,209,319 in 2023, representing a decline of about 13.2%[112]. - The company exported 1.42 million tons of steel, with H-beam steel exports reaching 698,000 tons, maintaining the top position in the domestic market[26]. - Total sales of key products reached 4.82 million tons, an increase of 1.3 million tons year-on-year, with automotive sheet sales of 3.15 million tons, up 10.5%[27]. Strategic Initiatives - The company plans to expand into ten important overseas markets, including Australia and Saudi Arabia, to enhance its export capabilities[26]. - The company implemented a "2343" operational strategy focusing on low cost and high output in iron production, and high quality and efficiency in steel rolling[24]. - The company is committed to enhancing core competitiveness through technological innovation, targeting key industries such as transportation and energy for new product development[74]. - The company aims to strengthen its digital transformation by building a comprehensive data model to shorten decision-making processes and enhance operational efficiency[79]. - The company is focusing on high-end product transformation and efficiency development, with plans for new special steel projects and upgrades[73]. Cost Management and Efficiency - Operating costs decreased by 15.12% to CNY 82.59 billion, attributed to lower sales volume and a decrease in raw material prices such as coke and coal[37]. - Labor productivity improved, with per capita steel production increasing by 12%[29]. - Inventory turnover days decreased from 52 days at the beginning of the year to 43 days by year-end[29]. - The company achieved a coal input increase of 11.6 kg/t, while the average number of furnaces in the steelmaking plant reached 92.5 furnaces per day[24]. Research and Development - Research and development (R&D) expenses totaled RMB 3.646 billion, accounting for 4.46% of operating revenue, with R&D personnel comprising 14.5% of the total workforce[54]. - Research and development expenses for 2024 were RMB 1.10 billion, down from RMB 1.23 billion in 2023, a decrease of 10.4%[94]. Governance and Compliance - The audit committee has reviewed the financial statements for the fiscal year 2024, and the auditors issued a standard unqualified opinion on the financial report[88]. - The company is implementing internal reforms to optimize operational processes and enhance performance evaluation mechanisms[77]. - The company is enhancing collaboration management to ensure effective and efficient operations across its subsidiaries[77]. Environmental and Social Responsibility - The company was recognized as one of the "Top 100 ESG Listed Companies in China" for 2024, reflecting its commitment to social responsibility[32]. - The company is committed to advancing low-carbon technology research and development, with a focus on improving energy efficiency and increasing the proportion of green power generation[79]. - The company is focusing on environmental risk control by strengthening its energy and environmental protection systems[78]. Shareholder and Dividend Information - The company plans not to distribute dividends for the fiscal year 2024[3]. - The board of directors did not recommend any dividend distribution for the year ending December 31, 2024[126].

马鞍山钢铁股份有限公司 对宝武集团财务有限责任公司的风险评估报告 按照中国证监会及上海证券交易所、香港联交所信息信息披露工 作要求，通过查验宝武集团财务有限责任公司（以下简称"财务公司"） 《金融许可证》《企业法人营业执照》等证件，根据《企业集团财务 公司管理办法》等相关规定，在审阅资产负债表、利润表、现金流量 表等定期财务报表和内部控制制度的基础上，对财务公司2024年风险 管理情况进行了评估，具体风险评估情况如下： 一、基本情况 财务公司是1992年6月经监管部门批准成立的全国性非银行金融 机构，是由国家金融监督管理总局监管的非银行金融机构，企业法人 统一社会信用代码为913100001322009015。财务公司注册资本68.4 亿元（含3500万美元），股权结构：中国宝武钢铁集团有限公司（以 下简称"中国宝武"）占24.32%、马鞍山钢铁股份有限公司占22.36%、 宝山钢铁股份有限公司占16.97%、太原钢铁（集团）有限公司（以下 简称"太钢集团"）占12.58%、山西太钢不锈钢股份有限公司占12.08%、 武汉钢铁有限公司占9.48%、马钢（集团）控股有限公司占2.21%。 经国家金融监督管理总局 ...