Group 1 - The report is based on the "Company Bond Issuance and Trading Management Measures" and other relevant disclosure documents from Hebei Iron and Steel Co., Ltd. (the "issuer") [2] - The issuer has canceled its supervisory board, transferring its powers to the audit committee of the board of directors, pending approval from the shareholders' meeting [5][6] - The bonds issued include "23HBIS02" with a term of 3 years and an interest rate of 3.50%, with a total issuance scale of 1 billion RMB [4] Group 2 - The "24 Hebei Steel Y1" bond has a term of 3+N years, an interest rate of 2.46%, and an issuance scale of 700 million RMB, while "24 Hebei Steel Y2" has a term of 5+N years, an interest rate of 2.61%, and an issuance scale of 800 million RMB [3] - The "25 Hebei Steel Y1" bond has a term of 3+N years, an interest rate of 2.70%, and an issuance scale of 1 billion RMB, while "25 Hebei Steel Y2" has a term of 3+N years, an interest rate of 2.48%, and an issuance scale of 1.5 billion RMB [5] - The funds raised from these bonds are intended for repaying maturing debts [5]

Group 1 - The company plans to cancel its supervisory board and transfer its powers to the audit committee of the board of directors, pending approval from the shareholders' meeting [2] - This change is considered a normal personnel adjustment and is not expected to have a significant adverse impact on the company's daily management, operations, or debt repayment capacity [2] - The trustee manager, CITIC Securities, will closely monitor the company's ability to repay the principal and interest of the existing bonds and other significant matters affecting bondholders [3] Group 2 - The report is based on the company's announcement regarding the cancellation of the supervisory board and the revision of its articles of association [2] - The trustee manager has communicated with the issuer to ensure the protection of bond investors' interests following the announcement [2] - The report emphasizes the importance of independent judgment by investors regarding the related matters [3]

Group 1 - The issuer, Hebei Iron and Steel Co., Ltd., plans to cancel its supervisory board and transfer its powers to the audit committee of the board of directors, pending approval from the shareholders' meeting [1] - The cancellation of the supervisory board is considered a normal personnel change and is not expected to have a significant adverse impact on the issuer's daily management, production operations, or debt repayment capacity [2] - Huatai United Securities, as the trustee manager for the bonds, will closely monitor the issuer's repayment of principal and interest, as well as other significant matters affecting bondholders [2] Group 2 - The report is based on the issuer's public disclosures and does not constitute a recommendation for investors to take any specific actions [1] - There are no additional matters that need to be disclosed [2]

| 债券代码： | 148301.SZ | 债券简称： | 23HBIS01 | | | --- | --- | --- | --- | --- | | 债券代码： | 148862.SZ | 债券简称： | 24 河钢 | Y3 | | 债券代码： | 148922.SZ | 债券简称： | 河钢 24 | Y4 | 华泰联合证券有限责任公司关于 河钢股份有限公司取消监事会的 受托管理事务临时报告 债券受托管理人 声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制本报告的内 容及信息均来源于河钢股份有限公司（以下简称"发行人""公司"）对外披露的 文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。 1 华泰联合证券作为"河钢股份有限公司2023年面向专业投资者公开发行公司 债券（第一期）"、"河钢股份有限公司2024年面向专业投资者公开发行可续期公 司债券（第三期）"和"河钢股份有限公司2024年面向专业投资者公开发行可续 期公司债券（第四期）"的受托管理人，根据《公司债券发行与交易管理 ...

债券简称：24 河钢 Y1 债券代码：148794.SZ 债券简称：24 河钢 Y2 债券代码：148795.SZ 债券简称：25 河钢 Y1 债券代码：524154.SZ 债券简称：25 河钢 Y2 债券代码：524208.SZ 债券简称：23HBIS02 债券代码：148477.SZ 光大证券股份有限公司关于 河钢股份有限公司取消监事会的 临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 9 月 契约锁 声明 本报告依据《公司债券发行与交易管理办法》、其它相关信息披露文件以及 河钢股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件和提供的 相关资料等，由债券受托管理人光大证券股份有限公司（以下简称"光大证券"） 编制。光大证券编制本报告的内容及信息均来源于河钢股份有限公司提供的资料 或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为光大证券所作的承诺 或声明。 1 契约锁 一、发行人概况 （六）联系传真：0311-66778711 二、受托债券基本情况 （一）"23HB ...

临时受托管理事务报告 债券简称：24HBIS01 债券代码：148581.SZ 债券受托管理人 关于 河钢股份有限公司 取消监事会的 一、 重大事项 根据发行人2025年8月29日披露的《河钢股份有限公司关于取消监事会并修 订<公司章程>的公告》，发行人发生的重大事项如下： 发行人拟取消监事会，由董事会审计委员会行使《公司法》规定的监事会职 权。该事项尚需提交公司股东大会审议。 二、 影响分析和应对措施 此次发行人取消监事会属于正常人员变更，不会对发行人日常管理、生产经 营及偿债能力产生重大不利影响。 2025 年 9 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、河钢股份有限公司（以下简称"发行人"或"公司"）就存续公司债 券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"）及其它 相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由受托 管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"） 编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见， ...

Core Insights - The company has significantly improved its operational efficiency and financial performance in the first half of 2025, with a revenue of 66.308 billion yuan, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 598 million yuan, up 44.75% [1] Financial Performance - In the first half of 2025, the company achieved a total revenue of 66.308 billion yuan, representing a 12.73% increase year-on-year [1] - The net profit attributable to shareholders reached 598 million yuan, marking a 44.75% increase compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 355 million yuan, showing a substantial growth of 63.71% year-on-year [1] - Total assets at the end of the period amounted to 267.060 billion yuan, with net cash flow from operating activities at 6.063 billion yuan [1] Production and Capacity - The company maintained stable production capacity, with pig iron, crude steel, and steel product outputs of 16.48 million tons, 15.73 million tons, and 14.36 million tons respectively in the first half of 2025 [1] - Vanadium slag production reached 132,500 tons during the same period [1] Product Structure and Market Performance - The plate business was particularly strong, generating revenue of 47.028 billion yuan, accounting for 70.92% of total revenue, with a year-on-year growth of 18.97% [2] - The North China region emerged as a core market, contributing 41.866 billion yuan in revenue, a 34.40% increase year-on-year, representing 63.13% of total revenue [2] - The company's overseas market expansion was notable, with revenue of 1.608 billion yuan, a remarkable increase of 84.46% year-on-year [2] Marketing and Customer Strategy - The company optimized its customer structure and enhanced direct supply management, leading to an increase in key customer numbers in line with industry growth [2] - The focus on professional marketing and service efforts has driven sales growth of key products and improved customer and product structures, resulting in higher overall product prices [2] Research and Development - The company invested 939 million yuan in R&D in the first half of 2025, reflecting a year-on-year increase of 3.09% [2] - The company has established a robust R&D system with multiple recognized centers and laboratories, including three national-level technology centers and three provincial engineering research centers [3] - The company is committed to high-end, intelligent, and green development, leveraging technological innovation to drive high-quality growth in the steel industry [3]

Core Viewpoint - The report highlights a decline in the export value of China's black metal smelting and rolling industry, indicating potential challenges for companies in this sector [1]. Industry Summary - In July 2025, the export value of China's black metal smelting and rolling industry was 15.98 billion yuan, a year-on-year decrease of 1.2% [1]. - From January to July 2025, the cumulative export value reached 116.06 billion yuan, reflecting a year-on-year decline of 1.3% [1]. - The report provides a comprehensive market survey and investment outlook for the black metal mining and selection industry in China from 2025 to 2031 [1]. Company Summary - Listed companies mentioned include CITIC Special Steel, Hebei Steel, Zhongnan Co., Benxi Steel, Sansteel Minguang, Jiuli Special Materials, Jinzhu Pipeline, Changbao Co., Shengde Xintai, Anyang Steel, Bayi Steel, New Steel, and Maanshan Steel [1].

Market Overview - On September 1, the general steel sector experienced a slight decline of 0.1%, with Baogang Co. leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Notable gainers in the steel sector included: - Hangang Co. (600126) with a closing price of 10.49, up 2.64% and a trading volume of 2.4742 million shares, totaling 2.656 billion yuan [1] - Bayi Steel (600581) closed at 4.45, up 2.30% with a trading volume of 536,600 shares, totaling 236 million yuan [1] - Benxi Steel (000761) closed at 3.65, up 1.96% with a trading volume of 155,700 shares, totaling 56.1916 million yuan [1] - Conversely, Baogang Co. (600010) saw a decline of 1.43%, closing at 2.75 with a trading volume of 16.8029 million shares, totaling 4.601 billion yuan [2] - Other notable decliners included: - Hebei Steel (000709) down 1.21% to 2.44 with a trading volume of 139,090 shares [2] - Baosteel (600019) down 0.58% to 6.89 with a trading volume of 186,800 shares, totaling 1.291 billion yuan [2] Capital Flow Analysis - The steel sector experienced a net outflow of 1.19 billion yuan from major funds, while retail investors contributed a net inflow of 708 million yuan [2] - Specific stock capital flows included: - Chongqing Steel (601005) with a net inflow of 27.8511 million yuan from major funds, but a net outflow of 17.6784 million yuan from speculative funds [3] - Anshan Steel (000898) saw a net inflow of 7.5332 million yuan from major funds, with minimal activity from speculative and retail investors [3]

Core Insights - The company, Hebei Iron and Steel Co., Ltd. (000709), reported a total revenue of 66.308 billion yuan for the first half of 2025, representing a year-on-year increase of 12.73% and a net profit attributable to shareholders of 0.598 billion yuan, up 44.75% year-on-year [1] - The second quarter of 2025 saw a total revenue of 33.767 billion yuan, with a year-on-year increase of 16.15%, and a net profit of 0.366 billion yuan, reflecting a 43.96% increase year-on-year [1] Financial Performance - The gross profit margin for the first half of 2025 was 8.57%, down 2.9% year-on-year, while the net profit margin improved to 1.07%, an increase of 30.61% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 4.155 billion yuan, accounting for 6.27% of revenue, a decrease of 13.01% year-on-year [1] - Earnings per share (EPS) increased to 0.05 yuan, a significant rise of 59.0% year-on-year, while operating cash flow per share was 0.59 yuan, up 10.15% year-on-year [1] Debt and Cash Flow Analysis - The company is facing increased short-term debt pressure, with a current ratio of 0.44, indicating potential liquidity concerns [1][4] - Cash and cash equivalents decreased by 31.86% year-on-year to 26.037 billion yuan, while interest-bearing liabilities rose by 7.76% to 142.955 billion yuan [1][4] - The debt-to-asset ratio for interest-bearing liabilities reached 48.99%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years was 13.03% [4] Investment and Business Model - The company's return on invested capital (ROIC) was reported at 2.76%, indicating weak capital returns, with a historical median ROIC of 3.35% over the past decade [3] - The business model relies heavily on research and development and capital expenditures, necessitating careful scrutiny of capital projects and their financial viability [3] Fund Holdings - The largest fund holding Hebei Iron and Steel is the Guotai CSI Steel ETF, with 15.442 million shares, while several other funds have recently entered the top ten holdings [5]