Meeting Overview - The 13th meeting of the 9th Board of Directors of Liuzhou Steel Co., Ltd. was held on August 21, 2025, with all 9 directors present, ensuring compliance with the Company Law and Articles of Association [1] Financial Report Approval - The board unanimously approved the 2025 semi-annual report and its summary with 9 votes in favor, 0 against, and 0 abstentions [1] Hedging Business Proposal - The board approved a proposal for the company and its subsidiaries to engage in hedging activities, which will be submitted for shareholder approval [2] Stock Issuance Authorization - The board authorized the chairman to make decisions regarding a simplified procedure for issuing stocks to specific investors, including price adjustments based on subscription amounts [2] Independent Director Election - The board approved the nomination of Mr. Wang Jianhua as an independent director candidate for the 9th Board, pending shareholder approval [3] Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for September 16, 2025, to discuss the hedging business and the election of the independent director [3]

Group 1 - The company announced the third extraordinary general meeting of shareholders will be held on September 16, 2025, at 10:00 AM, utilizing a combination of on-site and online voting methods [1] - To enhance service for small and medium investors, the company will use the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service, sending smart SMS notifications to shareholders [2] - Shareholders will receive invitations and information about the meeting agenda, and they can vote directly through the provided manual or existing trading systems if they encounter issues [2]

Meeting Information - The third temporary shareholders' meeting of Liuzhou Steel Co., Ltd. is scheduled for September 16, 2025, at 10:00 AM [1] - The meeting will be held at the company's conference room located at 117 Beiqiao Road, Liuzhou [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 AM to 3:00 PM on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of shares [3][4] - Votes exceeding the number of shares owned or duplicate votes will be considered invalid [4] Attendance and Registration - Only shareholders registered by the close of trading on September 9, 2025, are eligible to attend the meeting [4][5] - Proxy representatives must present identification and authorization documents to attend and vote on behalf of shareholders [5] Meeting Agenda - The meeting will review and vote on proposals that have been approved by the board of directors on August 25, 2025 [2] - There are no related shareholders required to abstain from voting on the proposals [2] Additional Information - The company has provided contact details for inquiries regarding the meeting, including a phone number and email address [5]

Core Viewpoint - The nomination of Wang Jianhua as an independent director candidate for the ninth board of LiuZhou Steel Co., Ltd. has been made, with the nominator affirming the candidate's qualifications and independence [1][2]. Group 1: Candidate Qualifications - The candidate possesses basic knowledge of listed company operations and has over 5 years of relevant work experience in law, economics, accounting, finance, or management [1]. - The candidate has completed training and obtained certification recognized by the stock exchange [1]. - The candidate meets the requirements set forth by the Company Law of the People's Republic of China and relevant regulations from the China Securities Regulatory Commission [1][2]. Group 2: Independence Criteria - The candidate does not have any relationships that could affect their independence, including not being an employee or having close family ties with major shareholders or related parties [2]. - The candidate does not hold more than 1% of the company's issued shares or is not among the top 10 shareholders [2]. - The candidate has not been involved in significant business dealings with the company or its major shareholders [2]. Group 3: Record of Conduct - The candidate has no adverse records, including no administrative or criminal penalties from the China Securities Regulatory Commission in the last 36 months [3][4]. - The candidate has not been publicly reprimanded by the stock exchange or faced multiple criticisms in the last 36 months [3][4]. - The candidate has not been dismissed from previous independent director roles due to attendance issues [4]. Group 4: Additional Information - The candidate has passed the qualification review by the nomination committee of LiuZhou Steel Co., Ltd. and has no conflicts of interest that could hinder independent performance [4]. - The nominator guarantees the truthfulness and accuracy of the declaration regarding the candidate's qualifications [4].

Core Viewpoint - The candidate, Wang Jianhua, has declared his qualifications and independence to serve as an independent director for Liuzhou Steel Co., Ltd, ensuring compliance with relevant laws and regulations [1][2][3]. Summary by Sections Qualifications - The candidate possesses basic knowledge of listed company operations and has over 5 years of relevant work experience in law, economics, accounting, finance, or management [1]. - The candidate has completed training recognized by the stock exchange and holds the necessary certification [1]. Compliance with Regulations - The candidate meets the qualifications as stipulated by the Company Law of the People's Republic of China, the China Securities Regulatory Commission's regulations, and the Shanghai Stock Exchange's rules [1]. - The candidate confirms independence by not being involved in any of the disqualifying relationships outlined in the regulations [1]. Integrity and Record - The candidate has no adverse records in the last 36 months, including administrative or criminal penalties from the China Securities Regulatory Commission [2]. - The candidate has not been publicly reprimanded by the stock exchange or involved in any significant dishonesty [2]. Commitment to Duties - The candidate has not been dismissed from previous independent director roles due to non-attendance [3]. - The candidate has confirmed that the number of companies for which he serves as an independent director does not exceed three, and his tenure at Liuzhou Steel has not surpassed six years [3]. - The candidate is aware of the responsibilities of an independent director and commits to fulfilling these duties independently and without influence from the company or its major shareholders [3][4].

Core Viewpoint - LiuZhou Steel Co., Ltd. plans to continue its futures and derivatives hedging business in 2025 to mitigate risks from significant fluctuations in raw material and product prices, aiming for stable operations [1] Trading Overview - Purpose of Trading: To hedge against price volatility risks and achieve stable operations [1] - Trading Products: Includes steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, nickel, and other related products in the steel industry chain [1] - Trading Tools and Venue: Domestic futures as trading tools, with transactions conducted on domestic futures exchanges [1] - Trading Amount: Maximum reusable margin/premium not exceeding 300 million RMB, with the highest contract value not exceeding the corresponding physical goods value and not exceeding 30% of the annual budget for raw material purchases or steel sales [1] - Professional Personnel: The company has established positions related to hedging business, staffed with qualified and professionally trained personnel, with core members having extensive experience in futures and spot markets [1] - Validity Period: Effective from the date of approval by the company's shareholders' meeting until March 2026 [1] - Funding Source: Entirely from self-owned funds [1] Review Procedures - On August 25, 2025, the company held its third meeting of the Audit Committee and the thirteenth meeting of the ninth Board of Directors, both approving the proposal for the company and its subsidiaries to engage in hedging business, which will be submitted for shareholder approval and does not involve related transactions [2] Risk Analysis and Control - Potential Risks: Includes policy risk, market risk, basis risk, funding risk, operational risk, and technical risk [2] - Risk Control Measures: The company has developed a "Hedging Business Management System," established a futures business leadership group, and enhances research and analysis of raw material procurement and product sales prices, monitoring market changes to adjust strategies as needed [2] Business Impact - The hedging business is limited to products related to the steel industry chain, primarily to mitigate adverse effects from commodity market price fluctuations, effectively manage production costs, control operational risks, and ensure operating profits, without engaging in speculative trading, thus not affecting the normal development of the company's main business, with controllable risks aligned with the interests of the company and all shareholders [3] Accounting Treatment - The company will account for the hedging business according to relevant accounting standards and report it correctly in financial statements. The Audit Committee believes that engaging in futures and derivatives trading aligns with development needs, has established relevant systems and risk control measures, and does not harm shareholder interests, thus agreeing to submit the proposal for Board and shareholder approval [4]

Core Insights - Liu Steel Co., Ltd. reported a revenue of 34.675 billion yuan for the first half of the year, representing a year-on-year decline of 8.32% [1] - The net profit attributable to shareholders increased significantly to 368 million yuan, marking a year-on-year growth of 579.54% [1] - The basic earnings per share stood at 0.14 yuan [1]

Core Viewpoint - LiuGong Co., Ltd. reported a decline in revenue for the first half of 2025, while experiencing a significant increase in net profit, indicating a potential shift in operational efficiency or cost management strategies [1] Financial Performance - The company achieved an operating revenue of 34.675 billion yuan, representing a year-on-year decrease of 8.32% [1] - The net profit attributable to shareholders reached 368 million yuan, showing a remarkable year-on-year increase of 579.54% [1] - Basic earnings per share were reported at 0.14 yuan [1]

Company Updates - LiuGong Co., Ltd. announced the resignation of Mr. Wu Danwei from the board and Mr. Chen Li from the position of deputy general manager due to work adjustments, although both will continue to hold other positions within the company [1] - As of the latest report, LiuGong's revenue composition for the year 2024 is 95.45% from steel and 4.55% from other businesses [1] - The current market capitalization of LiuGong is 15.5 billion yuan [1] Industry Insights - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - LiuGong Co., Ltd. (SH 601003) announced on August 26 that its 13th meeting of the 9th Board of Directors was held on August 25, 2025, to review the proposal for issuing stocks to specific targets through a simplified procedure [1] - For the year 2024, LiuGong's revenue composition is as follows: steel accounts for 95.45%, while other businesses account for 4.55% [1] - As of the report date, LiuGong's market capitalization is 15.5 billion yuan [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for industry-listed companies [1]