股票代码：600808 股票简称：马钢股份 公告编号： 2025-003 马鞍山钢铁股份有限公司 关于向全资子公司增资的公告 马鞍山钢铁股份有限公司（"本公司"或"公司"、"马钢股份"）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。 重要内容提示： 投资标的名称：马鞍山钢铁有限公司（"马钢有限"）。 投资金额：公司拟将本部钢铁主业资产（不含已停产的 3 #高炉）、负债、 人员、业务，所持 15 家全资及控股子公司的股权及所持 3 家参股公司的股权整 体增资划转进入马钢有限。以 2024 年 7 月 31 日为基准日，经审计，公司拟增资 资产总计人民币 569.4 亿元，负债总计人民币 462.7 亿元，净资产总计人民币 106.7 亿元。 本次增资划转事项已经公司第十届董事会第三十四次会议、第十届监事 会第二十三次会议审议通过，尚需提交上级主管单位审批，并需提交公司股东大 会审议。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，不构成关联交易。 一、增资划转情况概述 2025 年 1 月 24 日，公司 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately -4.597 billion RMB for the year 2024, representing an increase in losses of about 3.270 billion RMB compared to the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around -4.167 billion RMB, which is an increase in losses of approximately 2.447 billion RMB year-on-year[4]. - In the previous year, the net profit attributable to shareholders was -1.327 billion RMB, and the net profit after deducting non-recurring gains and losses was -1.720 billion RMB[5]. - The company reported a loss per share of -0.1724 RMB[7]. Industry Challenges - The steel industry is undergoing a deep adjustment, characterized by "reduction in development and optimization of existing capacity," leading to significant pressure on profit margins due to market supply-demand imbalance and high raw material costs[8]. - The financial department's preliminary calculations indicate a challenging market environment for the steel industry in 2024[4]. Non-Recurring Items - The company reported a non-recurring loss of approximately 430 million RMB, primarily due to losses from the disposal of non-current assets[8]. Operational Strategy - The company continues to implement the "2343" operational strategy to optimize product structure and improve product quality, although it has not yet reversed the operating loss situation[8]. Earnings Forecast - The earnings forecast data is preliminary and has not been audited, with detailed audited financial data to be disclosed in the 2024 annual report[10]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[9].

Summary of Conference Call Company Overview - The conference call involved Ma Steel, discussing its recent operational performance and market conditions. Key Points Operational Performance - In Q4, Ma Steel's production volume remained stable or slightly increased compared to Q3, indicating a steady operational performance [1] - The company's main product, plate steel, has seen strong demand from the manufacturing sector, maintaining high production and sales levels throughout the year [2] Profitability and Market Conditions - The profitability of plate steel remains advantageous despite an oversupply in the market, as construction demand has not fully compensated for the decline in real estate demand [2] - The special steel segment, particularly the high-quality steel, is not separately reported, making it difficult to assess its revenue and profitability accurately [3] Production Capacity and Utilization - The new steel production line is currently operating at about 60% capacity, with profitability not yet achieved due to high depreciation costs [4][5] - Efforts to improve capacity utilization have been limited due to a downturn in the construction industry, leading to the shutdown of some production lines [5] Future Development and Investment - The company is focusing on developing special steel products, including spring steel, and is committed to enhancing customer relationships to improve capacity utilization [6] - There are plans to transfer the steel business to a subsidiary for better asset integration and management, although specific future plans remain uncertain [9][10] Environmental and Regulatory Compliance - Ma Steel has achieved an A-level environmental certification, indicating compliance with environmental standards, which is expected to reduce future capital expenditures on environmental projects [16] Market Dynamics - The manufacturing sector has shown resilience, with Ma Steel holding a significant market share in plate steel, particularly in the appliance sector due to its proximity to manufacturing hubs [17] - Export volumes are projected to increase, with expectations of reaching 1.3 million tons in 2024, driven by better profitability compared to domestic sales [18] Strategic Partnerships and Integration - The integration with Baosteel Group has led to improved operational efficiencies, including procurement and production management [13][14] Conclusion - Overall, Ma Steel is navigating a challenging market environment with a focus on maintaining production levels, improving profitability, and enhancing operational efficiencies while adapting to regulatory changes and market demands [12][17]

Investment Rating - The report maintains a "Hold" rating for the company A/H with a target price of 3.02 RMB and 1.48 HKD [2][39]. Core Views - The company is positioned as a core strength in special long materials and an important player in plate and strip materials within the China Baowu Steel Group. The company has a total production capacity of 20.5 million tons as of the end of 2023 [18][37]. - The steel industry has faced downward pressure on prices due to declining domestic demand since 2024, with the decline in prices outpacing that of raw materials, leading to industry-wide profit compression. The company reported a total loss of 2.535 billion RMB in the first three quarters of 2024 [7][59]. - The recovery of industry profits is seen as a key factor for the company's performance turnaround, with expectations for improved profitability in 2025-2026 due to potential policy implementations and demand stimulation [7][37]. Summary by Sections Financial Forecasts - The company is projected to have a net profit attributable to shareholders of -2.897 billion RMB in 2024, followed by a profit of 93.44 million RMB in 2025 and 1.179 billion RMB in 2026. The corresponding EPS is expected to be -0.37 RMB, 0.01 RMB, and 0.15 RMB respectively [2][8]. - Revenue forecasts indicate a decline from 98.938 billion RMB in 2023 to 84.144 billion RMB in 2024, with further decreases to 81.326 billion RMB in 2025 and 80.165 billion RMB in 2026 [8][64]. Production and Sales - The company expects to maintain steel production and sales at 20.28 million tons from 2024 to 2026, reflecting historical consistency in production and sales volumes [5]. - The company’s product lines include long materials such as rebar and wire rods, and flat products like hot-rolled and cold-rolled sheets, with production figures for 2023 being 1.03 million tons for long materials and 0.942 million tons for flat products [18][58]. Market Conditions - The report highlights that the average gross margin for major steel products in China has been in a loss state throughout 2024, with long material prices down by an average of 8.81% and flat material prices down by 10.10% year-on-year [7][59]. - The report anticipates that if supply-side policies are effectively implemented, steel prices may stabilize in 2025-2026, with iron ore prices expected to decline more than steel prices, potentially improving industry profitability [7][43][61].

Group 1 - The company Ma'anshan Iron & Steel Co., Ltd. has been established with a registered capital of 1 billion yuan [2] - The legal representative of the newly established company is Jiang Yuxiang [2] - The business scope of the company includes sales of metal materials, high-quality special steel materials, special equipment sales, and manufacturing of metal materials [2] Group 2 - The company is wholly owned by Ma'anshan Iron & Steel Co., Ltd. according to the equity penetration data from Qichacha [1]

股票代码：600808 股票简称：马钢股份 公告编号：2024-070 马鞍山钢铁股份有限公司 关于 2024 年固定资产报废处理的公告 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个别及连带责任。 1 年固定资产报废处理的议案。 （三）监事会认为：本次固定资产报废处理符合《企业会计准则》 和公司固定资产管理制度的规定，符合公司实际情况，审议程序合法 合规，未发现损害公司及股东利益的行为。 一、报废处理的基本情况 根据《企业会计准则》和公司固定资产管理制度的规定，经公司 相关专业人员鉴定，由公司财务部门梳理汇总，本次报废处理固定资 产共计 1234 项，报废资产原值人民币 27.3 亿元、报废资产净值人民 币 3.44 亿元（未经审计）。报废的主要原因包括产线改造拆除旧装备、 淘汰落后设备、经实物鉴定报废等。 二、对公司影响 经考虑报废资产可回收金额等因素的影响，本次报废资产对公司 2024 年当期损益的影响金额约为人民币 3.39 亿元（未经审计）。 三、审议程序 （一）公司董事会审计与合规 ...

股票代码：600808 股票简称：马钢股份 公告编号：2024-069 马鞍山钢铁股份有限公司 关于投资设立全资子公司的公告 马鞍山钢铁股份有限公司（"本公司"或"公司"、"马钢股份"）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。 重要内容提示： 投资标的名称：马鞍山钢铁有限公司（"马钢有限"，暂定名， 以核准登记为准）。 投资金额：人民币 10 亿元。 一、对外投资概述 2024 年 12 月 20 日，公司召开第十届董事会第三十三次会议， 以 7 票同意，0 票反对，0 票弃权，审议通过了《关于出资设立马鞍 山钢铁有限公司的议案》，批准公司以货币资金出资人民币 10 亿元， 设立全资子公司马钢有限。 本次对外投资不构成关联交易，也不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 1、名称：马鞍山钢铁有限公司（暂定名，以核准登记为准）。 2、注册地址：马鞍山市 3、企业类型：有限责任公司 4、经营范围：钢、铁冶炼；钢压延加工；炼焦；化工产品生产 （不含许可类化工产品）；化工产品销售（不含许可类化工产品）；热 ...

二、董事会会议审议情况 （一）批准关于出资设立马鞍山钢铁有限公司（暂定名，以核准 登记为准）的议案。 股票代码：600808 股票简称：马钢股份 公告编号：2024-067 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 2024 年 12 月 20 日，公司第十届董事会第三十三次会议在马钢 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。 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 1 2024 年固定资产报废处理的公告》（公告编号：2024-070）。 表决结果：同意 7 票，反对 0 票，弃权 0 票。该议案已经公司董 事会审计与合规管理委员会审议通过。 特此公告。 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 投资设立全资子公司的公告》（公告编号：2024-069）。 表决结果：同意 7 票，反 ...

股权投资管理办法 1 目的 为规范马鞍山钢铁股份有限公司（以下简称 公司）股权投资行为， 加强股权投资项目的管理，防范投资风险，提高投资效益，根据国家有 关法律法规、国务院相关部委关于国有资产管理和投资管理的规章制度， 以及宝武集团的有关规定，结合公司实际情况，特制定本办法。 2 范围 本办法覆盖马钢股份。 3 术语和定义 3.1 股权投资 指公司以货币或实物资产、无形资产、股权、债权等可以用货币估 值并可以依法转让的非货币财产出资（法律、行政法规规定不得作为出 资的财产除外），以参与经营或控制企业经营活动并以持有一年以上股 权为目的，向其他经济实体投资的行为。包括组建新的经济实体（除员 工持股等特殊情形外，原则上不与自然人合资）、购买目标企业股权、 对目标企业增资（含债转股）。 3.1.1 股权投资授权项目，指已包含在经宝武集团审批通过的年度投资 计划内，且不属于宝武集团非授权投资范畴的拟投资项目。 马鞍山钢铁股份有限公司 －1－ a) 重大和高风险投资项目 b) 年度投资计划外项目 c) 单项出资额>授权金额的项目 d) 需要宝武集团增资或者担保的项目 e) 境外股权投资项目 f) 非主业股权投资项目 由 ...

股票代码：600808 股票简称：马钢股份 公告编号：2024-068 一、监事会会议召开情况 马鞍山钢铁股份有限公司 监事会决议公告 马鞍山钢铁股份有限公司（"本公司"或"公司"）监事会及全体监事保证本 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。 2024 年 12 月 20 日，公司第十届监事会第二十二次会议在马钢 办公楼召开，会议应到监事 3 名，实到监事 3 名，监事会主席洪功翔 先生主持会议。本次监事会会议的召开符合有关法律法规及公司章程 的规定。 二、监事会会议审议情况 （一）审议通过关于 2024 年固定资产报废处理的议案。 会议认为：本次固定资产报废处理符合《企业会计准则》和公司 固定资产管理制度的规定，符合公司生产经营实际，审议程序合法合 规，未发现损害公司及股东利益的行为。 会议认为：该议案符合公司发展需求，审议程序合法合规，未发 现损害公司及股东利益的行为。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 马鞍山钢铁股份有限公司监事会 2024 年 12 月 20 日 1 表决结果：同意 3 票，反对 0 ...