Core Viewpoint - Ansteel Co., Ltd. reported a decline in total revenue for the first half of 2025, but showed improvement in profitability metrics, indicating a mixed performance in a challenging steel market [1][3]. Financial Performance - Total revenue for the first half of 2025 was 48.599 billion yuan, a decrease of 12.35% year-on-year - Net profit attributable to shareholders was -1.144 billion yuan, an increase of 57.46% year-on-year - Gross margin improved to 0.65%, up 133.26% year-on-year, while net margin was -2.29%, up 52.45% year-on-year - Total expenses (selling, administrative, and financial) amounted to 0.887 billion yuan, accounting for 1.83% of revenue, a decrease of 2.22% year-on-year [1][3]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.86% over the past decade and a particularly poor ROIC of -11.06% in 2024 - The business model relies heavily on capital expenditure, necessitating careful evaluation of capital projects and their financial viability [3]. Core Competencies - Brand Advantage: The company has a long history and high brand recognition, leading in various steel products such as shipbuilding and automotive steel - Product Advantage: As a major state-owned steel enterprise, it holds leading market shares in several high-end steel products - Technological Innovation: The company is at the forefront of low-carbon metallurgy and advanced manufacturing processes, with a strong patent portfolio [4][5]. Digital and Green Development - Digital Transformation: The company is recognized as a "Digital Pioneer" and has made significant advancements in smart manufacturing processes - Green Development: The company is committed to low-carbon production methods and has established a comprehensive low-carbon competitiveness framework [5]. Capital Expenditure Plans - For 2025, the company plans to invest 3.16 billion yuan in fixed assets and external investments, primarily for technological upgrades and information technology improvements [6]. Raw Material Procurement - The company sources iron ore primarily from its own mines and imports, with a focus on maintaining strategic partnerships with major coal suppliers for stable resource procurement [7].

Market Overview - On August 27, the steel sector declined by 2.09%, with Zhongnan Co. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Notable performers included Youfa Group, which rose by 3.25% to a closing price of 6.35, and Baotou Steel, which increased by 0.72% to 2.79 [1] - Conversely, Zhongnan Co. fell by 4.79% to 2.78, while Liugang Co. dropped by 4.31% to 5.77 [2] Trading Volume and Value - The trading volume and value for key stocks were significant, with Baotou Steel recording a transaction value of 70.99 billion yuan and Youfa Group at 2.62 billion yuan [1] - Zhongnan Co. had a trading volume of 619,600 shares, resulting in a transaction value of 177 million yuan [2] Capital Flow Analysis - The steel sector experienced a net outflow of 924 million yuan from institutional investors, while retail investors saw a net inflow of 486 million yuan [2] - The capital flow for individual stocks showed mixed results, with Hangang Co. experiencing a net inflow of 15.22 million yuan from institutional investors [3] Summary of Key Stocks - Hangang Co. had a closing price of 10.86, down 0.46%, with a trading volume of 3.27 million shares [1] - Anshan Iron and Steel Co. closed at 2.62, down 3.68%, with a trading volume of 720,300 shares [2]

Core Viewpoint - The steel industry is experiencing a recovery, leading to significant improvement in Ansteel's performance in the first half of the year, with a notable reduction in net loss compared to the previous year [1][2]. Group 1: Financial Performance - Ansteel reported a revenue of 48.599 billion yuan in the first half of the year, with a net loss of 1.144 billion yuan, representing a year-on-year reduction in loss of 57.46% [1]. - The production output for iron, steel, and materials reached 12.1643 million tons, 12.7908 million tons, and 12.0353 million tons respectively, with slight increases and decreases compared to the previous year [1]. Group 2: Operational Efficiency - The company focused on cost reduction and efficiency improvement, achieving a 7.5% increase in product adjustment index compared to the previous year [2]. - The cost of external energy per ton of steel decreased by 15.2%, while logistics costs at the Anshan headquarters fell by 8.8% [2]. - Overall, the company managed to reduce material consumption costs by 2.2% year-on-year [2]. Group 3: Market Dynamics - Ansteel has raised steel prices for September by 200 to 300 yuan across major product categories, reflecting a positive market demand outlook [3]. - The anticipated demand for inventory replenishment in downstream industries such as construction and machinery manufacturing is expected to contribute to a seasonal uptick in steel prices [3]. - The overall market conditions are improving, with expectations for enhanced profitability for steel companies as the industry continues to evolve [3].

证券代码：000898 证券简称：鞍钢股份 公告编号：2025-049 鞍钢股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、召开会议基本情况 月 19 日召开 2025 年第三次临时股东会。 股东会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的规定。 现场会议召开时间：2025 年 9 月 19 日 14:00。 网络投票时间：2025 年 9 月 19 日，其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2025 年 9 月 19 日 9:15-9:25，9:30-11:30， 年 9 月 19 日 9:15-15:00。 公司将同时通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向公司 A 股股东提供网络形式的投票平台，A 股股东可以在网络投票时间内通过上述系统行使表决权。同一表决权只能 选择现场、网络或其他表决方式中的一种，同一表决权出现重复表决的， 以第一次表决结果为准。 （1）在股权登记日持有公司股份的普 ...

铁、钢、材产量分别完成1,216.43万吨、1,279.08万吨、1,203.53万吨，比上年同期分别增加0.30%、减 少0.53%、减少0.52%。销售钢材1,202.11万吨，比上年同期增加0.08%，实现钢材产销率99.88%。 格隆汇8月26日丨鞍钢股份(00347.HK)公告，2025年上半年，实现营业收入人民币485.99亿元，比上年 同期减少12.35%；归属于上市公司股东的净利润人民币-11.44亿元，比上年同期减亏57.46%；每股基本 盈利人民币-0.122元(2024年一至6月份：每股基本盈利人民币-0.287元)。 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company's H1 2025 financial performance shows a net loss, though basic earnings per share improved from the prior year - | Indicator | Amount (RMB million) | | :--- | :--- | | Operating Revenue | 48,599 | | Total Profit | -1,069 | | Net Profit Attributable to Shareholders of the Company | -1,144 | | Basic Earnings Per Share | -0.122 Yuan | - The company achieved **operating revenue of RMB 48,599 million** in H1 2025, with a **total loss of RMB 1,069 million**, and a **net loss attributable to shareholders of RMB 1,144 million**. **Basic earnings per share were RMB -0.122**, representing a reduced loss compared to **RMB -0.287** in the prior period[5](index=5&type=chunk) [Definitions](index=2&type=section&id=Definitions) This section provides key term definitions used in the report, ensuring accurate interpretation - This section provides detailed explanations of key terms used in the report, including Company, Group, Anshan Iron and Steel, Angang, Angang Finance Company, and various framework agreements (e.g., "Commodity Supply Framework Agreement", "Service Supply Framework Agreement", "Financial Services Agreement"), ensuring accurate report interpretation[6](index=6&type=chunk)[7](index=7&type=chunk) [I. Key Accounting Data and Financial Indicators](index=4&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the Group's key accounting data and financial indicators, highlighting year-on-year changes and period-end balances Key Accounting Data and Financial Indicators (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -1,231 | -2,670 | 53.90 | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Weighted Average Return on Net Assets (%) | -2.43 | -5.03 | Increased by 2.60 percentage points | Key Accounting Data and Financial Indicators (End of Current Period vs End of Prior Year) | Item | End of Current Period (RMB million) | End of Prior Year (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | -2.14 | | Owners' Equity Attributable to Shareholders of Listed Company | 46,610 | 47,679 | -2.24 | Non-Recurring Gains and Losses (H1 2025) | Item | Amount (RMB million) | | :--- | :--- | | Disposal and Scrapping Gains/Losses of Non-Current Assets | 2 | | Government Grants Included in Current Profit/Loss | 101 | | Fair Value Changes of Trading Financial Assets | 1 | | Fair Value Changes of Other Non-Current Financial Assets | 16 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1 | | Other Non-Operating Income and Expenses Apart from the Above | 15 | | **Subtotal** | **136** | | Less: Income Tax Impact | 26 | | Impact on Minority Shareholders' Equity (After Tax) | 23 | | **Total** | **87** | [II. Board Report](index=6&type=section&id=II.%20Board%20Report) The Board Report details the company's operational performance, financial changes, and strategic initiatives for the reporting period [(I) Overview](index=6&type=section&id=%28I%29%20Overview) In H1 2025, the company navigated a complex market, improving overall production and operations through "Five-Type" enterprise construction, despite a revenue decline - The company adheres to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing important speeches and continuously deepening the construction of "Five-Type" enterprises, leading to overall improvement in production and operations[14](index=14&type=chunk) H1 2025 Key Operating Data | Indicator | Amount/Quantity | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | RMB 48,599 million | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | RMB -1,144 million | Reduced loss by 57.46 | | Pig Iron Production | 12.1643 million tons | +0.30 | | Steel Production | 12.7908 million tons | -0.53 | | Rolled Steel Production | 12.0353 million tons | -0.52 | | Steel Sales | 12.0211 million tons | +0.08 | | Steel Product Sales Ratio | 99.88% | - | - The company deepened the construction of "Model-Type" enterprises, strengthening political leadership and talent team building, increasing the proportion of young cadres, and making progress in scientific and technological talent cultivation. It also strictly governed the party and actively carried out "I Do Practical Things for the Masses" activities[15](index=15&type=chunk) - The company deepened the construction of "Vibrant-Type" enterprises, promoting market-oriented reforms, deepening Chaoyang Steel Reform 3.0, reshaping the organizational management model, establishing a material procurement center, and building a "2+3+1" performance appraisal system to stimulate micro-entity vitality[16](index=16&type=chunk)[17](index=17&type=chunk) - The company deepened the construction of "Innovative-Type" enterprises, actively serving national strategies, high-standard preparation of the "2030 New Materials Major Project" task guide, accelerating achievement transformation, with high-end product sales increasing by **2.3%** year-on-year. It also strengthened AI+ technology integration applications, established the "Steel Process AI Application Innovation Center", and launched the "Ancloud Zhidin" AI large model platform[18](index=18&type=chunk) - The company deepened the construction of "Brand-Type" enterprises, strengthening domestic and international channel construction, with sales in the Northeast region increasing by **9.5%**, export shipments increasing by **3.9%**, and major project sales growing by **22.3%**. It actively visited customers to enhance service advantages and built a green brand by promoting ultra-low emission transformation projects[19](index=19&type=chunk)[20](index=20&type=chunk) - The company deepened the construction of "Operational-Type" enterprises, vigorously adjusting product mix for efficiency, with the product adjustment index increasing by **7.5%**. It deepened systematic cost reduction, with external energy cost per ton of steel decreasing by **15.2%** year-on-year, Anshan headquarters logistics cost decreasing by **8.8%** year-on-year, and quality cost per ton of steel decreasing by **7.2%**. It strengthened procurement management, with pulverized coal and imported iron ore procurement prices outperforming the market. It also strengthened risk prevention and improved capital efficiency, reducing "two funds" occupation by **RMB 1.829 billion** from the beginning of the year[21](index=21&type=chunk) [1. Year-on-Year Changes in Key Financial Data](index=10&type=section&id=1.%20Year-on-Year%20Changes%20in%20Key%20Financial%20Data) This section details the year-on-year changes and reasons for the company's key financial data in H1 2025, showing decreased revenue but significantly narrowed net loss, increased financial and R&D expenses, and decreased net cash flow Key Financial Data Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | – | | Operating Cost | 48,283 | 56,533 | -14.59 | – | | Selling Expenses | 231 | 267 | -13.48 | – | | Administrative Expenses | 486 | 648 | -25.00 | – | | Financial Expenses | 170 | 120 | 41.67 | Impacted by reasonable increase in interest-bearing debt to cover operating losses and investment expenditure gaps | | Income Tax Expense | 45 | 50 | -10.00 | – | | Research and Development Expenses | 259 | 191 | 35.60 | Impacted by increased investment in external cooperative R&D projects and national scientific research topics | | Total Profit | -1,069 | -2,623 | 59.25 | Improved steel industry situation, company's increased efforts in cost reduction, efficiency improvement, market expansion, and product mix adjustment | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | Same as above, reduced loss by RMB 1,545 million | Cash Flow Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | – | | Net Cash Flow from Investing Activities | -1,936 | -1,212 | -59.74 | Increased other investment expenditures due to expanded use of bills, and increased equity investment expenditures | | Net Cash Flow from Financing Activities | 121 | 376 | -67.82 | Decreased capital contributions year-on-year, decreased net increase in bank borrowings year-on-year, and increased interest expenses | | Net Increase in Cash and Cash Equivalents | -1,410 | -264 | -434.09 | Net cash flows from operating, investing, and financing activities all decreased year-on-year | [2. Significant Changes in Profit Composition or Sources During the Reporting Period](index=13&type=section&id=2.%20Significant%20Changes%20in%20Profit%20Composition%20or%20Sources%20During%20the%20Reporting%20Period) The company's profit composition or sources did not undergo significant changes during the reporting period - The company's profit composition or sources did not undergo significant changes during the reporting period[27](index=27&type=chunk) [3. Composition of Operating Revenue](index=14&type=section&id=3.%20Composition%20of%20Operating%20Revenue) This section analyzes the company's operating revenue composition by industry, product, and region, including year-on-year changes in gross profit margin, with steel rolling and processing remaining the primary revenue source Operating Revenue Composition (H1 2025) | Item | Amount (RMB million) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB million) | Prior Period Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **48,599** | **100** | **55,449** | **100** | **-12.35** | | **By Industry** | | | | | | | Steel Rolling and Processing Industry | 48,391 | 99.57 | 55,351 | 99.82 | -12.57 | | Other | 208 | 0.43 | 98 | 0.18 | 112.24 | | **By Product** | | | | | | | Steel Products | 43,189 | 88.87 | 48,554 | 87.57 | -11.05 | | Other | 5,410 | 11.13 | 6,895 | 12.43 | -21.54 | | **By Region** | | | | | | | Mainland China | 45,158 | 92.92 | 51,767 | 93.36 | -12.77 | | Exports | 3,441 | 7.08 | 3,682 | 6.64 | -6.55 | Gross Profit Margin Analysis of Main Business (H1 2025) | Item | Operating Revenue (RMB million) | Operating Cost (RMB million) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Gross Profit Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Steel Rolling and Processing Industry | 48,391 | 48,096 | 0.61 | -12.57 | -14.79 | 2.59 | | **By Product** | | | | | | | | Hot Rolled Sheet Series Products | 15,085 | 15,384 | -1.98 | -13.26 | -14.62 | 1.63 | | Cold Rolled Sheet Series Products | 16,468 | 16,022 | 2.71 | -10.18 | -13.39 | 3.60 | | Medium and Heavy Plates | 8,509 | 8,024 | 5.70 | -7.20 | -13.25 | 6.58 | | **By Region** | | | | | | | | Mainland China | 44,950 | 44,518 | 0.96 | -13.00 | -15.41 | 2.82 | | Exports | 3,441 | 3,578 | -3.98 | -6.55 | -6.26 | -0.31 | [4. Liquidity and Financial Resources](index=16&type=section&id=4.%20Liquidity%20and%20Financial%20Resources) The company maintains good liquidity, with ample credit resources and smooth financing channels to meet debt obligations, and discloses period-end capital commitments [(1) Borrowings and Credit Facilities](index=16&type=section&id=%281%29%20Borrowings%20and%20Credit%20Facilities) As of June 30, 2025, the Group's long-term borrowings totaled RMB 3,880 million with an average interest rate of 2.33%, supported by excellent credit standing and ample financing channels - As of **June 30, 2025**, the Group's long-term borrowings (excluding current portion) amounted to **RMB 3,880 million**, with an average borrowing interest rate of **2.33%**[32](index=32&type=chunk) - The company maintains an "AAA" long-term credit rating, possesses ample credit resources from over ten financial institutions, and has smooth financing channels, enabling it to repay maturing debts[32](index=32&type=chunk) [(2) Capital Commitments](index=16&type=section&id=%282%29%20Capital%20Commitments) As of June 30, 2025, the Group's total capital commitments were RMB 2,502 million, primarily for construction and renovation contracts and external investment contracts Capital Commitments Composition (June 30, 2025) | Item | Amount (RMB million) | | :--- | :--- | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | | **Total** | **2,502** | [5. Foreign Exchange Risk](index=16&type=section&id=5.%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk primarily arises from import and export agency transactions conducted through Angang International Trade Company, where exchange rate fluctuations can impact sales and procurement costs - The Group's foreign currency transactions are entirely conducted through Angang International Trade Company for import and export agency, with foreign currency risk primarily reflected in the impact of exchange rate fluctuations on sales and procurement costs during agency settlement[33](index=33&type=chunk) [Analysis of Other Income and Profit/Loss Items](index=17&type=section&id=Analysis%20of%20Other%20Income%20and%20Profit%2FLoss%20Items) This section analyzes the amounts, causes, and sustainability of non-recurring profit and loss items, including investment income, fair value changes, asset impairment losses, other income, and non-operating income/expenses Other Income and Profit/Loss Items (H1 2025) | Item | Amount (RMB million) | Proportion of Total Profit (%) | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 218 | Not Applicable | Primarily long-term equity investment income accounted for using the equity method | Yes | | Fair Value Change Gains/Losses | -12 | Not Applicable | Primarily fair value changes of derivative financial instruments and other non-current financial assets | Yes | | Asset Impairment Losses | -81 | Not Applicable | Provision for inventory depreciation | No | | Other Income | 146 | Not Applicable | Primarily government grants and tax incentives | No | | Non-Operating Income | 21 | Not Applicable | Primarily gains from disposal of non-current assets and income from unpayable accounts | No | | Non-Operating Expenses | 4 | Not Applicable | Primarily losses from disposal of non-current assets | No | [1. Significant Changes in Asset Composition](index=18&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) This section lists the period-end balances, proportion of total assets, and changes compared to the prior year-end for key balance sheet items, showing a significant increase in short-term borrowings and a significant decrease in long-term borrowings Significant Changes in Asset Composition (June 30, 2025 vs End of Prior Year) | Item | End of Current Period Amount (RMB million) | Proportion of Total Assets (%) | End of Prior Year Amount (RMB million) | Prior Year-End Proportion of Total Assets (%) | Change in Proportion (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,134 | 3.18 | 4,544 | 4.52 | -1.34 | | Inventories | 13,853 | 14.08 | 14,769 | 14.68 | -0.60 | | Fixed Assets | 52,714 | 53.56 | 51,842 | 51.54 | 2.02 | | Construction in Progress | 4,806 | 4.88 | 5,802 | 5.77 | -0.89 | | Short-Term Borrowings | 7,749 | 7.87 | 1,174 | 1.17 | 6.70 | | Contract Liabilities | 4,917 | 5.00 | 4,557 | 4.53 | 0.47 | | Long-Term Borrowings | 3,880 | 3.94 | 10,991 | 10.93 | -6.99 | [2. Major Overseas Assets](index=18&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[38](index=38&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=19&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This section discloses the company's financial assets and liabilities measured at fair value, including trading financial assets, derivative financial assets, other equity instrument investments, other non-current financial assets, and derivative financial liabilities Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Cumulative Fair Value Changes Included in Equity (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | Trading Financial Assets (Excluding Derivative Financial Assets) | 15 | 1 | | 16 | | Derivative Financial Assets | | 4 | | 4 | | Other Equity Instrument Investments | 690 | | 258 | 696 | | Other Non-Current Financial Assets | 104 | 16 | | 120 | | **Subtotal of Financial Assets** | **809** | **21** | **258** | **836** | | **Financial Liabilities** | 1 | 21 | | 22 | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[40](index=40&type=chunk) [4. Capital-to-Debt Ratio](index=20&type=section&id=4.%20Capital-to-Debt%20Ratio) As of June 30, 2025, the Group's shareholder equity to debt ratio was 0.94 times, consistent with December 31, 2024 - As of **June 30, 2025**, the Group's shareholder equity to debt ratio was **0.94 times**, consistent with the end of the prior year[41](index=41&type=chunk) [5. Restricted Assets at the End of the Reporting Period](index=20&type=section&id=5.%20Restricted%20Assets%20at%20the%20End%20of%20the%20Reporting%20Period) As of June 30, 2025, the Group's restricted assets consisted of pledged time deposits of RMB 216 million listed under other current assets - As of **June 30, 2025**, the Group's restricted assets consisted of pledged time deposits of **RMB 216 million**[42](index=42&type=chunk) [6. Contingent Liabilities](index=20&type=section&id=6.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of **June 30, 2025**, the Group had no contingent liabilities[43](index=43&type=chunk) [(V) Second Half Operating Plan](index=20&type=section&id=%28V%29%20Second%20Half%20Operating%20Plan) The company's H2 plan focuses on high-end, intelligent, and green development, deepening reforms, and enhancing quality, cost reduction, and efficiency to achieve annual targets - The company's second half operating plan focuses on high-end, intelligent, and green development, and the construction of "Five-Type" enterprises[44](index=44&type=chunk) - Key strategies include strict party governance, deepening reforms, strengthening technological innovation, enhancing brand building, and focusing on quality improvement and efficiency enhancement[44](index=44&type=chunk) [External Investments](index=21&type=section&id=External%20Investments) This section discloses the company's external investments during the reporting period, including total investment, securities investments, and derivative investments, with detailed explanations of hedging purposes, risk analysis, and control measures for derivatives [1. Overall Situation](index=21&type=section&id=1.%20Overall%20Situation) During the reporting period, the company's external investment amounted to RMB 271 million, a 160.58% increase year-on-year External Investment Situation (H1 2025) | Indicator | Amount (RMB million) | | :--- | :--- | | Investment Amount for the Reporting Period | 271 | | Investment Amount for the Prior Period | 104 | | Change Magnitude (%) | 160.58 | [2. Significant Equity Investments Acquired During the Reporting Period](index=21&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[46](index=46&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=21&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[46](index=46&type=chunk) [4. Financial Asset Investments](index=22&type=section&id=4.%20Financial%20Asset%20Investments) During the reporting period, the company engaged in securities and derivative investments, with derivative investments primarily for hedging purposes to mitigate commodity price fluctuation risks [(1) Securities Investments](index=22&type=section&id=%281%29%20Securities%20Investments) The company holds shares in Zhuye Group and Qianli Technology, both measured at fair value, with period-end book values of RMB 52 million and RMB 16 million, respectively Securities Investment Situation (June 30, 2025) | Security Type | Security Code | Security Abbreviation | Beginning Book Value (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Book Value (RMB million) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock | 600961 | Zhuye Group | 36 | 16 | 52 | Trading Financial Assets | Own Funds | | Stock | 601777 | Qianli Technology | 15 | 1 | 16 | Trading Financial Assets | Debt Restructuring | [(2) Derivative Investments](index=22&type=section&id=%282%29%20Derivative%20Investments) During the reporting period, the company engaged in futures hedging derivative investments for hedging purposes, with a period-end investment amount of RMB 362 million, representing 0.76% of net assets, effectively managing market fluctuation risks [1) Derivative Investments for Hedging Purposes During the Reporting Period](index=22&type=section&id=1%EF%BC%89%20Derivative%20Investments%20for%20Hedging%20Purposes%20During%20the%20Reporting%20Period) The company conducted futures hedging, with a period-end investment of RMB 362 million, representing 0.76% of net assets, effectively offsetting commodity price risks through spot-futures linkage and robust risk management Derivative Investment Situation (H1 2025) | Derivative Investment Type | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Balance (RMB million) | Proportion of Ending Investment Amount to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Futures Hedging | 244 | -29 | 362 | 0.76 | - The company's financial derivative activities are all based on hedging principles, with all derivative operations corresponding to actual commodity businesses, achieving good overall hedging effectiveness through spot-futures linkage, where financial derivative gains/losses can effectively offset actual commodity gains/losses[52](index=52&type=chunk) - The company effectively prevents market risk, liquidity risk, credit risk, operational risk, and legal risk by formulating and improving the "Hedging Business Management Measures", strengthening personnel training, and designing specific operating procedures[53](index=53&type=chunk) [2) Derivative Investments for Speculative Purposes During the Reporting Period](index=25&type=section&id=2%EF%BC%89%20Derivative%20Investments%20for%20Speculative%20Purposes%20During%20the%20Reporting%20Period) The company did not engage in derivative investments for speculative purposes during the reporting period - The company did not engage in derivative investments for speculative purposes during the reporting period[54](index=54&type=chunk) [5. Use of Raised Funds](index=25&type=section&id=5.%20Use%20of%20Raised%20Funds) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[54](index=54&type=chunk) [(VII) Significant Asset and Equity Disposals](index=25&type=section&id=%28VII%29%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not undertake any significant asset disposals during the reporting period[54](index=54&type=chunk) - The company did not undertake any significant equity disposals during the reporting period[54](index=54&type=chunk) [(VIII) Analysis of Major Subsidiaries and Associates](index=26&type=section&id=%28VIII%29%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) This section lists the company's major subsidiaries and associates with a net profit impact exceeding 10%, including financial data for Chaoyang Steel and Angang ThyssenKrupp Automotive Steel Co., Ltd Major Subsidiaries and Associates (H1 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets (RMB million) | Net Assets (RMB million) | Operating Revenue (RMB million) | Operating Profit (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chaoyang Steel | Production Enterprise | Steel Rolling and Processing | 8,000 | 6,468 | 3,522 | 3,660 | -204 | -203 | | Angang ThyssenKrupp Automotive Steel Co., Ltd | Production Enterprise | Metal Products | USD 132 million | 3,878 | 1,424 | 2,616 | 384 | 320 | - The company neither acquired nor disposed of subsidiaries during the reporting period[57](index=57&type=chunk) [(IX) Structured Entities Controlled by the Company](index=26&type=section&id=%28IX%29%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[58](index=58&type=chunk) [(X) Purchase, Sale or Redemption of the Company's Listed Shares](index=26&type=section&id=%28X%29%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Shares) On February 28, 2025, the company completed the repurchase and cancellation of 14,180,048 restricted shares held by 183 incentive recipients; no other securities were purchased, sold, or redeemed - On **February 28, 2025**, the company completed the repurchase and cancellation of **14,180,048 restricted shares** held by **183 incentive recipients**[59](index=59&type=chunk) - Apart from the aforementioned, the company and its subsidiaries did not purchase, sell, or redeem any securities during the reporting period[59](index=59&type=chunk) [(XI) Directors' Securities Transactions](index=27&type=section&id=%28XI%29%20Directors%27%20Securities%20Transactions) The company's Board of Directors has adopted a code for directors' securities transactions and supervises employee transactions with sensitive information, with all board members confirming compliance - The company's Board of Directors has adopted a code for directors' securities transactions and imposes supervision on securities transactions by employees who may possess sensitive information[60](index=60&type=chunk) - Board members confirmed compliance with the standards stipulated in Appendix C3 of the Hong Kong Stock Exchange Listing Rules[60](index=60&type=chunk) [(XII) Independent Non-Executive Directors](index=27&type=section&id=%28XII%29%20Independent%20Non-Executive%20Directors) During the reporting period, the company's Board of Directors complied with the Hong Kong Stock Exchange Listing Rules regarding the number and professional qualifications of independent non-executive directors - The company's Board of Directors complies with Rule 3.10(1) of the Hong Kong Stock Exchange Listing Rules regarding a minimum of three independent non-executive directors[61](index=61&type=chunk) - The company's Board of Directors complies with Rule 3.10(2) of the Hong Kong Stock Exchange Listing Rules regarding one independent non-executive director possessing professional qualifications or expertise in accounting/relevant financial management[61](index=61&type=chunk) [(XIII) Audit Committee](index=27&type=section&id=%28XIII%29%20Audit%20Committee) The company has established an Audit Committee, which has reviewed the adopted accounting standards, principles, and methods, as well as the unaudited semi-annual financial report for the six months ended June 30, 2025 - The company has established an Audit Committee in compliance with Rule 3.21 of the Hong Kong Stock Exchange Listing Rules[62](index=62&type=chunk) - The Audit Committee has reviewed the company's accounting standards, principles, and methods, and considered auditing, internal controls, and the semi-annual financial report[62](index=62&type=chunk) [III. Significant Matters](index=28&type=section&id=III.%20Significant%20Matters) This section covers significant matters including profit distribution, related party transactions, major contracts, and corporate governance [(I) Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Period](index=28&type=section&id=%28I%29%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20Plan%20for%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[63](index=63&type=chunk) [(II) Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=28&type=section&id=%28II%29%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company[64](index=64&type=chunk) [(III) Significant Related Party Transactions](index=28&type=section&id=%28III%29%20Significant%20Related%20Party%20Transactions) This section details the company's significant related party transactions during the reporting period, including procurement, services, sales, and financial services with related financial companies, all priced at market rates and within approved limits [1. Related Party Transactions Related to Ordinary Course of Business](index=28&type=section&id=1.%20Related%20Party%20Transactions%20Related%20to%20Ordinary%20Course%20of%20Business) The company engaged in various ordinary course related party transactions with Angang Group and its subsidiaries, including procurement, services, sales, and financial services, all at market prices and within approved limits Ordinary Course Related Party Procurement of Goods/Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Group Mining Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 7,929 | 12.75 | | | Angang Green Gold Industry Development Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 1,538 | 2.47 | | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 1,203 | 1.93 | | | Shanxi Wuchan International Energy Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 497 | 0.80 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 478 | 0.77 | | | Anshan Iron and Steel Metallurgical Furnace Material Technology Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 400 | 0.64 | | | Anshan Iron and Steel Group Refractory Material Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 399 | 0.64 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 324 | 0.52 | | | Angang Casting Steel Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 262 | 0.42 | | | Lingyuan Iron and Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 259 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 510 | 0.82 | | | **Subtotal** | | **Procurement of Goods** | **13,799** | **22.18** | **50,598** | Ordinary Course Related Party Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 1,295 | 18.49 | | | Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 502 | 7.17 | | | Anshan Iron and Steel Group Co., Ltd. | Controlling Shareholder | Acceptance of Services | 336 | 4.80 | | | Angang Group Engineering Technology Co., Ltd. | Contact person of controlling shareholder | Acceptance of Services | 334 | 4.77 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Acceptance of Services | 799 | 11.41 | | | **Subtotal** | | **Acceptance of Services** | **3,266** | **46.64** | **12,346** | Ordinary Course Related Party Sales of Products/Provision of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 2,425 | 3.68 | | | Angang Cold Rolled Steel Plate (Putian) Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 957 | 1.45 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 573 | 0.87 | | | Angang Group International Economic and Trade Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 377 | 0.57 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 277 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 424 | 0.64 | | | **Subtotal** | | **Sales of Products** | **5,033** | **7.63** | **23,260** | | Angang Group | Under control of the same controlling shareholder | Provision of Services | 210 | 23.57 | | | **Subtotal** | | **Provision of Services** | **210** | **23.57** | **544** | Ordinary Course Related Party Acceptance of Financial Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Settlement Fund Deposit Interest | 18 | 69.23 | 100 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Maximum Daily Deposit Balance | 4,781 | – | 5,000 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Credit Business Interest | 1 | 0.57 | 250 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Entrusted Loan Interest | – | – | 100 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring | – | – | 1,000 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring Interest | – | – | 50 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Provide Commercial Factoring for Company's Suppliers | 29 | 16.86 | 3,000 | - During the reporting period, the total amount of the company's ordinary course related party transactions did not exceed the upper limit approved by the shareholders' meeting and the estimated amount at the beginning of the year[70](index=70&type=chunk) - The rationality of related party transactions lies in Angang Group being part of the company's supply chain, providing raw materials, auxiliary materials, energy, and technical services, while the company also sells products and services to Angang Group[71](index=71&type=chunk) [2. Related Party Transactions Involving Asset or Equity Acquisitions/Disposals](index=32&type=section&id=2.%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%2FDisposals) The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[72](index=72&type=chunk) [3. Related Party Transactions Involving Joint External Investments](index=33&type=section&id=3.%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investments) The company jointly invested with related parties in Green Gold (Benxi) Renewable Resources Co., Ltd. and Angang Energy Technology Co., Ltd., focusing on renewable resource processing and energy technology businesses Related Party Transactions Involving Joint External Investments (H1 2025) | Joint Investor | Relationship | Invested Enterprise Name | Main Business | Registered Capital (RMB million) | Total Assets (RMB million) | Net Assets (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Green Gold Industry Development Co., Ltd., Benxi Steel Plate Co., Ltd. | Under control of the same controlling shareholder | Green Gold (Benxi) Renewable Resources Co., Ltd. | Renewable resource processing, sales, recycling | 60 | 142 | 61 | 1 | | Angang Steel Co., Ltd., Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Angang Energy Technology Co., Ltd. | Wholesale and retail of compressed and liquefied gases; urban civil, public, industrial centralized heating and heat supply, etc. | 201 | 477 | 370 | 21 | [4. Related Party Debt and Credit Transactions](index=33&type=section&id=4.%20Related%20Party%20Debt%20and%20Credit%20Transactions) The company had no non-operating related party debt and credit transactions during the reporting period - The company had no non-operating related party debt and credit transactions during the reporting period[74](index=74&type=chunk) [5. Transactions with Related Financial Companies](index=34&type=section&id=5.%20Transactions%20with%20Related%20Financial%20Companies) The company has deposit and loan business dealings with Angang Finance Company, with period-end deposit balances of RMB 2,941 million and loan balances of RMB 315 million Deposit Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Maximum Daily Deposit Limit (RMB million) | Deposit Interest Rate Range (%) | Beginning Balance (RMB million) | Total Deposits for the Period (RMB million) | Total Withdrawals for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 5,000 | 0.2-0.65 | 4,006 | 175,134 | 176,199 | 2,941 | Loan Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Loan Limit (RMB million) | Loan Interest Rate Range (%) | Beginning Balance (RMB million) | Total Loans for the Period (RMB million) | Total Repayments for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 1,500 | 2.11 | – | 315 | – | 315 | [6. Transactions of Financial Companies Controlled by the Company with Related Parties](index=35&type=section&id=6.%20Transactions%20of%20Financial%20Companies%20Controlled%20by%20the%20Company%20with%20Related%20Parties) The company had no transactions of controlled financial companies with related parties during the reporting period - The company had no transactions of controlled financial companies with related parties during the reporting period[78](index=78&type=chunk) [7. Other Significant Related Party Transactions](index=35&type=section&id=7.%20Other%20Significant%20Related%20Party%20Transactions) The company had no other significant related party transactions during the reporting period - The company had no other significant related party transactions during the reporting period[79](index=79&type=chunk) [(IV) Significant Contracts and Their Performance](index=35&type=section&id=%28IV%29%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant contract performance during the reporting period, primarily involving asset and business entrustment management service agreements and land leases with Anshan Iron and Steel, with no major guarantees, wealth management, or other significant contracts [1. Entrustment, Contracting, and Leasing Matters](index=35&type=section&id=1.%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) The company signed asset and business entrustment management service agreements with Anshan Iron and Steel and leased some of its land assets for production and operations, paying RMB 32 million in rent during H1 [(1) Entrustment Situation](index=35&type=section&id=%281%29%20Entrustment%20Situation) The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses; no entrusted project's profit/loss reached 10% of the company's total profit during the reporting period - The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses[81](index=81&type=chunk) - During the reporting period, no entrusted project's profit or loss reached **10%** or more of the company's total profit for the reporting period[81](index=81&type=chunk) [(2) Contracting Situation](index=35&type=section&id=%282%29%20Contracting%20Situation) The company had no contracting situations during the reporting period - The company had no contracting situations during the reporting period[82](index=82&type=chunk) [(3) Leasing Situation](index=36&type=section&id=%283%29%20Leasing%20Situation) The company leased some land assets from Anshan Iron and Steel and its subsidiaries for production and operations, paying RMB 32 million in rent in H1 2025, with no leasing matters' profit/loss reaching 10% of total profit - The company uses some land assets from Anshan Iron and Steel and its subsidiaries for its production and operations, paying a total of **RMB 32 million** in rent in H1 2025[84](index=84&type=chunk) - During the reporting period, no leasing matter's profit or loss reached **10%** or more of the company's total profit for the reporting period[84](index=84&type=chunk) [2. Significant Guarantees](index=36&type=section&id=2.%20Significant%20Guarantees) The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[85](index=85&type=chunk) [3. Wealth Management](index=36&type=section&id=3.%20Wealth%20Management) The company had no wealth management activities during the reporting period - The company had no wealth management activities during the reporting period[86](index=86&type=chunk) [4. Other Significant Contracts](index=37&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[87](index=87&type=chunk) [IV. Corporate Governance](index=37&type=section&id=IV.%20Corporate%20Governance) The company adheres to corporate governance regulations, establishing a sound system and effective internal controls, and consistently reviews and improves its governance practices - The company strictly complies with the "Company Law", "Securities Law", and the requirements of the China Securities Regulatory Commission and Hong Kong Stock Exchange Listing Rules, establishing a sound corporate governance system and effective internal control system[88](index=88&type=chunk) - The company is committed to improving its corporate governance level, regularly reviewing corporate governance practices, and has largely complied with the Corporate Governance Code for the six months ended June 30, 2025[89](index=89&type=chunk) [V. Financial Information](index=38&type=section&id=V.%20Financial%20Information) This section provides detailed financial information, including the consolidated balance sheet, consolidated income statement, and comprehensive notes to the financial statements [Consolidated Balance Sheet](index=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 98,421 million, slightly down from the prior year-end, with total current liabilities of RMB 45,436 million, non-current liabilities of RMB 5,340 million, and equity attributable to parent company shareholders of RMB 46,610 million Consolidated Balance Sheet Key Data (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | **Total Current Assets** | **26,600** | **28,250** | | Cash and Bank Balances | 3,134 | 4,544 | | Trading Financial Assets | 16 | 15 | | Derivative Financial Assets | 4 | | | Notes Receivable | 235 | 55 | | Accounts Receivable | 2,711 | 2,952 | | Accounts Receivable Financing | 1,809 | 918 | | Inventories | 13,853 | 14,769 | | **Total Non-Current Assets** | **71,821** | **72,328** | | Long-Term Equity Investments | 3,804 | 3,840 | | Fixed Assets | 52,714 | 51,842 | | Construction in Progress | 4,806 | 5,802 | | **Total Assets** | **98,421** | **100,578** | | **Total Current Liabilities** | **45,436** | **39,439** | | Short-Term Borrowings | 7,749 | 1,174 | | Derivative Financial Liabilities | 22 | 1 | | Notes Payable | 17,609 | 17,957 | | Accounts Payable | 6,904 | 8,281 | | Contract Liabilities | 4,917 | 4,557 | | Non-Current Liabilities Due Within One Year | 1,574 | 700 | | **Total Non-Current Liabilities** | **5,340** | **12,468** | | Long-Term Borrowings | 3,880 | 10,991 | | **Total Liabilities** | **50,776** | **51,907** | | **Total Equity Attributable to Parent Company Shareholders** | **46,610** | **47,679** | | **Total Shareholders' Equity** | **47,645** | **48,671** | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported total operating revenue of RMB 48,599 million, total operating costs of RMB 49,956 million, a net loss of RMB 1,114 million, and a net loss attributable to parent company owners of RMB 1,144 million, with basic earnings per share of RMB -0.122 Consolidated Income Statement Key Data (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **48,599** | **55,449** | | Operating Revenue | 48,599 | 55,449 | | **II. Total Operating Costs** | **49,956** | **58,177** | | Operating Cost | 48,283 | 56,533 | | Selling Expenses | 231 | 267 | | Administrative Expenses | 486 | 648 | | Research and Development Expenses | 259 | 191 | | Financial Expenses | 170 | 120 | | Add: Other Income | 146 | 65 | | Investment Income | 218 | 253 | | Fair Value Change Gains/Losses | -12 | 34 | | Asset Impairment Losses | -81 | -205 | | **III. Operating Profit** | **-1,086** | **-2,549** | | Add: Non-Operating Income | 21 | 7 | | Less: Non-Operating Expenses | 4 | 81 | | **IV. Total Profit** | **-1,069** | **-2,623** | | Less: Income Tax Expense | 45 | 50 | | **V. Net Profit** | **-1,114** | **-2,673** | | Net Profit Attributable to Parent Company Owners | -1,144 | -2,689 | | Minority Shareholders' Profit/Loss | 30 | 16 | | **VII. Total Comprehensive Income** | **-1,106** | **-2,657** | | Total Comprehensive Income Attributable to Parent Company Shareholders | -1,136 | -2,673 | | **VIII. Earnings Per Share** | | | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | [Notes to Financial Statements](index=45&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the financial statements, covering basis of preparation, accounts receivable, accounts payable, retained earnings, operating revenue and cost, taxes and surcharges, depreciation and amortization, financial expenses, income tax expense, return on net assets and earnings per share, segment information, commitments, events after the balance sheet date, net current assets, and total assets less current liabilities [1. Basis of Preparation of Financial Statements](index=45&type=section&id=1.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The Group's financial statements are prepared under the going concern assumption, in accordance with Accounting Standards for Business Enterprises and disclosure requirements of the CSRC and HKEX Listing Rules, using accrual basis and historical cost - The Group assessed its ability to continue as a going concern for the 12 months from **June 30, 2025**, and found no significant doubts[99](index=99&type=chunk) - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and applicable disclosure provisions of the China Securities Regulatory Commission and the Hong Kong Stock Exchange Listing Rules, on an accrual basis, and measured at historical cost, except for certain financial instruments[100](index=100&type=chunk) [2. Accounts Receivable](index=46&type=section&id=2.%20Accounts%20Receivable) As of June 30, 2025, the company's accounts receivable had a book value of RMB 2,711 million, with total bad debt provisions of RMB 402 million, primarily comprising receivables within one year and a high concentration among the top five debtors Accounts Receivable Classification Disclosure (June 30, 2025) | Category | Book Balance (RMB million) | Proportion (%) | Bad Debt Provision (RMB million) | Provision Rate (%) | Book Value (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable for which Bad Debt Provision is Made Individually | 453 | 14.55 | 398 | 87.86 | 55 | | Accounts Receivable for which Bad Debt Provision is Made by Portfolio | 2,660 | 85.45 | 4 | 0.15 | 2,656 | | Of which: Risk-Free Portfolio | 1,444 | 46.39 | | | 1,444 | | Aging Risk Matrix Portfolio | 1,216 | 39.06 | 4 | 0.33 | 1,212 | | **Total** | **3,113** | **100.00** | **402** | **12.91** | **2,711** | Accounts Receivable by Aging (June 30, 2025) | Aging | June 30, 2025 (RMB million) | | :--- | :--- | | Within 1 year | 2,588 | | 1-2 years | 72 | | 2-3 years | 2 | | 3-4 years | 2 | | Over 5 years | 449 | | **Total** | **3,113** | - The aggregated amount of the top five accounts receivable by debtor as of **June 30, 2025**, was **RMB 1,863 million**, accounting for **59.85%** of the total accounts receivable balance[106](index=106&type=chunk) - During the current period, accounts receivable of **RMB 985 million** were transferred without recourse, incurring related derecognition expenses of **RMB 4 million**[107](index=107&type=chunk) [3. Accounts Payable](index=49&type=section&id=3.%20Accounts%20Payable) As of June 30, 2025, the company's total accounts payable were RMB 6,904 million, with 98.99% due within one year, and a significant amount of RMB 5 million owed to Angang Construction Group Co., Ltd. for over one year Accounts Payable by Aging (June 30, 2025) | Item | Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Within 1 year | 6,834 | 98.99 | | 1-2 years | 27 | 0.39 | | 2-3 years | 7 | 0.10 | | Over 3 years | 36 | 0.52 | | **Total** | **6,904** | **100.00** | - Significant accounts payable with an aging of over 1 year include **RMB 5 million** to Angang Construction Group Co., Ltd[109](index=109&type=chunk) [4. Retained Earnings](index=50&type=section&id=4.%20Retained%20Earnings) As of June 30, 2025, the company's retained earnings were RMB -1,465 million, primarily influenced by the net loss transferred in the current period Retained Earnings Changes (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | December 31, 2024 | -321 | | January 1, 2025 | -321 | | Increase for the Period | -1,144 | | Of which: Net Profit Transferred for the Period | -1,144 | | **June 30, 2025** | **-1,465** | [5. Operating Revenue and Operating Cost](index=50&type=section&id=5.%20Operating%20Revenue%20and%20Operating%20Cost) In H1 2025, the company's operating revenue was RMB 48,599 million and operating cost was RMB 48,283 million, with the main business being steel product production and sales, primarily from Mainland China Operating Revenue and Operating Cost by Product Content (H1 2025) | Item | Revenue (RMB million) | Cost (RMB million) | | :--- | :--- | :--- | | Main Business | 48,391 | 48,096 | | Other Businesses | 208 | 187 | | **Total** | **48,599** | **48,283** | Operating Revenue by Region (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | External Transaction Revenue from Mainland China | 45,158 | | External Transaction Revenue from Overseas | 3,441 | | **Total** | **48,599** | - The Group is divided into one operating segment based on business type: production and sales of steel products[112](index=112&type=chunk) [6. Taxes and Surcharges](index=51&type=section&id=6.%20Taxes%20and%20Surcharges) In H1 2025, the company's total taxes and surcharges amounted to RMB 527 million, primarily comprising land use tax, environmental protection tax, and property tax Taxes and Surcharges Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Land Use Tax | 219 | 220 | | Environmental Protection Tax | 112 | 35 | | Property Tax | 91 | 86 | | Stamp Duty | 53 | 59 | | Urban Maintenance and Construction Tax | 18 | 9 | | Resource Tax | 15 | 1 | | Education Surcharge | 13 | 7 | | Consumption Tax | 5 | | | Other | 1 | 1 | | **Total** | **527** | **418** | [7. Depreciation and Amortization](index=52&type=section&id=7.%20Depreciation%20and%20Amortization) In H1 2025, the company's total depreciation and amortization amounted to RMB 2,164 million, with fixed asset depreciation constituting the major portion Depreciation and Amortization Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Fixed Asset Depreciation | 1,907 | 1,802 | | Intangible Asset Amortization | 225 | 203 | | Right-of-Use Asset Depreciation | 32 | 31 | | **Total** | **2,164** | **2,036** | [8. Financial Expenses](index=52&type=section&id=8.%20Financial%20Expenses) In H1 2025, the company's total financial expenses were RMB 170 million, primarily driven by interest expenses, with a significant increase in interest expenses for long-term borrowings and bonds Financial Expenses Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Interest Expense | 185 | 136 | | Of which: Interest Expense on Long-Term Borrowings and Bonds | 145 | 69 | | Interest Expense on Short-Term Borrowings and Letters of Credit | 33 | 38 | | Other Interest Expenses | 7 | 29 | | Less: Interest Income | 26 | 26 | | Less: Capitalized Interest Amount | 3 | 9 | | Other | 14 | 19 | | **Total** | **170** | **120** | [9. Income Tax Expense](index=52&type=section&id=9.%20Income%20Tax%20Expense) In H1 2025, the company's income tax expense was RMB 45 million, mainly composed of current income tax expense and deferred income tax adjustments Income Tax Expense Table (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Current Income Tax Expense | 38 | 34 | | Deferred Income Tax Adjustment | 7 | 16 | | **Total** | **45** | **50** | Reconciliation of Accounting Profit to Income Tax Expense (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | Total Profit | -1,069 | | Income Tax Expense Calculated at Statutory/Applicable Tax Rate | -160 | | Impact of Different Tax Rates Applicable to Subsidiaries | -3 | | Impact of Deductible Temporary Differences or Deductible Losses for which Deferred Income Tax Assets were Not Recognized in the Current Period | 208 | | **Income Tax Expense** | **45** | [10. Return on Net Assets and Earnings Per Share](index=53&type=section&id=10.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) In H1 2025, the company's weighted average return on net assets attributable to ordinary shareholders was -2.43%, with basic and diluted earnings per share both at -0.122 Yuan/share Return on Net Assets and Earnings Per Share (H1 2025) | Item | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB Yuan/share) - Basic | Earnings Per Share (RMB Yuan/share) - Diluted | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -2.43 | -0.122 | -0.122 | | Net Profit Attributable to Ordinary Shareholders Excluding Non-Recurring Gains and Losses | -2.61 | -0.131 | -0.131 | [11. Segment Information](index=53&type=section&id=11.%20Segment%20Information) The Group is divided into one operating segment based on business type: production and sales of steel products - The Group is divided into one operating segment based on business type: production and sales of steel products[117](index=117&type=chunk) [12. Commitments](index=54&type=section&id=12.%20Commitments) As of June 30, 2025, the company's total commitments amounted to RMB 2,502 million, primarily for construction and renovation contracts signed but not yet performed or fully performed Commitments (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | 126 | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | 2,439 | | **Total** | **2,502** | **2,565** | [13. Events After the Balance Sheet Date](index=54&type=section&id=13.%20Events%20After%20the%20Balance%20Sheet%20Date) As of June 30, 2025, the Group had no events after the balance sheet date requiring disclosure - As of **June 30, 2025**, the Group had no events after the balance sheet date requiring disclosure[120](index=120&type=chunk) [14. Net Current Assets](index=54&type=section&id=14.%20Net%20Current%20Assets) As of June 30, 2025, the company's net current assets were RMB -18,836 million, a further deterioration from RMB -11,189 million at the end of the prior year Net Current Assets (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Current Assets | 26,600 | 28,250 | | Less: Current Liabilities | 45,436 | 39,439 | | **Net Current Assets/(Liabilities)** | **-18,836** | **-11,189** | [15. Total Assets Less Current Liabilities](index=55&type=section&id=15.%20Total%20Assets%20Less%20Current%20Liabilities) As of June 30, 2025, the company's total assets less current liabilities amounted to RMB 52,985 million, a decrease from RMB 61,139 million at the end of the prior year Total Assets Less Current Liabilities (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | | Less: Current Liabilities | 45,436 | 39,439 | | **Total Assets Less Current Liabilities** | **52,985** | **61,139** |

Group 1 - The core point of the article is the appointment of Mr. Tian Yong as the General Manager of Angang Steel Company, effective from August 26, 2025 [1] - The board of directors has nominated Mr. Tian Yong as a candidate for the 10th Board of Directors as an executive director, pending approval at the shareholders' meeting [1]

Group 1 - The company Ansteel Corporation (鞍钢股份) announced the appointment of Mr. Tian Yong as the new General Manager, effective from August 26, 2025 [1] - Mr. Tian Yong has also been nominated by the board of directors as a candidate for the 10th Board of Directors as an executive director, pending approval at the shareholders' meeting [1]

智通财经APP讯，鞍钢股份(00347)发布公告，田勇先生已获委任为公司总经理，自2025年8月26日起生 效。此外，田勇已获董事会提名为第十届董事会执行董事候选人。彼之委任须经股东于股东大会上批 准。 ...

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 不對因本公告全部或任何部分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。 鞍 鋼 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈，田 勇 先 生（「田 先 生」）已 獲 委 任 為 本 公 司 總 經 理，自 二 零 二 五 年 八 月 二 十 六 日 起 生 效。 董事會進一步宣佈，田勇已獲董事會提名為第十屆董事會執行董事候選人。 彼 之 委 任 須 經 股 東 於 股 東 大 會 上 批 准。 田 先 生 之 履 歷 詳 情 載 列 如 下： 田 先 生，46歲，中 國 國 籍，無 境 外 永 久 居 留 權，教 授 級 高 級 工 程 師。現 任 公 司 黨 委 副 書 記、鞍 山 鋼 鐵 集 團 有 限 公 司 黨 委 副 書 記。田 勇 先 生 於 二 零 零 零 年 畢 業 於 清 華 大 學 熱 能 動 力 工 程 專 業，取 得 工 學 學 士 學 位；於 二 零 ...