Core Viewpoint - Beijing Shougang Co., Ltd. has initiated a share repurchase plan to enhance shareholder value and implement an equity incentive program, with a total repurchase amount expected to be between 40 million to 80 million shares, representing 0.52% to 1.03% of the total share capital [2] Group 1: Share Repurchase Plan - The company approved the share repurchase plan on September 29, 2025, and subsequently adjusted the plan on October 22, 2025, to include commitments for financing through a stock repurchase loan [2] - The repurchase will be conducted through centralized bidding, with a maximum price set at RMB 6.50 per share [2] - The repurchase period is set to last no more than 12 months from the date of the final approval [2] Group 2: First Share Repurchase Execution - On November 4, 2025, the company executed its first share repurchase, acquiring 1,200,000 shares, which is 0.0155% of the current total share capital [3] - The highest transaction price was RMB 4.33 per share, while the lowest was RMB 4.21 per share, with a total expenditure of RMB 5,111,437.00 (excluding transaction fees) [3] - The funds for this repurchase were sourced from the company's own funds and the stock repurchase loan, adhering to the previously established repurchase plan [3] Group 3: Compliance and Regulations - The company ensured that the share repurchase timing and pricing complied with relevant regulations and guidelines set by the Shenzhen Stock Exchange [4][5] - The company did not repurchase shares during periods that could significantly impact the trading price of its securities [4] - The company will continue to implement the repurchase plan based on market conditions and funding arrangements, while fulfilling disclosure obligations as required by law [5]

Group 1 - The company, Shougang Co., announced a share repurchase of 1,200,000 shares, which represents 0.0155% of its total share capital [1]

Core Viewpoint - Shougang Co., Ltd. announced a share buyback of 1.2 million shares, representing 0.0155% of its total share capital, at prices ranging from 4.21 to 4.33 CNY per share, totaling 5.1114 million CNY excluding transaction fees [1] Summary by Relevant Sections - **Share Buyback Details** - The company conducted its first share buyback on November 4, 2025, through a special securities account via centralized bidding [1] - The maximum transaction price was 4.33 CNY per share, while the minimum was 4.21 CNY per share [1] - The total amount paid for the buyback was 5.1114 million CNY [1] - **Funding Sources** - The funds for the buyback were sourced from the company's own funds and a special loan for share repurchase [1] - **Compliance and Strategy** - The buyback adheres to relevant laws and regulations and aligns with the company's established share repurchase plan [1]

Core Viewpoint - Shougang Co., Ltd. announced a share buyback of 1.2 million shares, representing 0.0155% of the total share capital, at a price range between 4.21 and 4.33 CNY per share, totaling 5.1114 million CNY excluding transaction fees [1] Summary by Categories Share Buyback Details - The buyback was conducted through a special securities account for share repurchase via centralized bidding [1] - The maximum purchase price was set at 6.50 CNY per share, which was not exceeded during the buyback [1] - The total amount paid for the buyback was 5.1114 million CNY [1] Funding Sources - The funds for the buyback were sourced from the company's own funds and a special loan for share repurchase [1] Compliance and Regulations - The buyback complies with relevant laws and regulations and aligns with the company's established share repurchase plan [1]

证券代码：000959 证券简称：首钢股份 公告编号：2025-053 北京首钢股份有限公司 关于首次回购股份的公告 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。 北京首钢股份有限公司（以下简称"公司"）于2025年9月29日 召开八届二十次董事会会议，审议通过了《关于回购公司股份方案的 议案》，于2025年10月22日召开八届二十一次董事会会议，审议通过 了《关于调整回购股份方案暨取得金融机构股票回购专项贷款承诺函 的议案》。公司拟以集中竞价交易方式回购公司部分A股社会公众股 用于实施股权激励计划。本次回购股份资金来源为公司自有资金及股 票回购专项贷款，预计回购股份数量为4,000万股—8,000万股，占公 司总股本的0.52%—1.03%，回购价格不超过人民币6.50元/股。具体回 购股份的数量以回购期满时实际回购的股份数量为准。本次回购股份 的实施期限为自公司董事会审议通过最终回购股份方案之日起不超 过12个月。具体内容详见公司于2025年9月30日及2025年10月23日披 露的《北京首钢股份有限公司回购股份方案》及《北京首钢股份有限 公司关于调整回 ...

Core Viewpoint - Beijing Shougang Co., Ltd. plans to repurchase a portion of its A-shares for the implementation of an equity incentive plan, with a maximum repurchase price of RMB 6.50 per share [2][5]. Summary by Sections Repurchase Plan Overview - The repurchase will be conducted through centralized bidding, with an estimated quantity of 40 million to 80 million shares, accounting for 0.52% to 1.03% of the company's total share capital [2][10]. - The total estimated repurchase amount is approximately RMB 26 million to RMB 52 million, based on the upper limit of the repurchase price [10][11]. Purpose and Conditions - The purpose of the repurchase is to establish a long-term incentive mechanism, enhance investor confidence, and align with the company's development strategy and financial condition [5][6]. - The repurchase complies with relevant regulations, including having been listed for over six months and having no major legal violations in the past year [6][7]. Implementation Details - The repurchase will occur within 12 months from the board's approval, with specific conditions for early termination [12][19]. - The funding sources for the repurchase include the company's own funds and a special loan for stock repurchase, with a commitment from a bank to provide up to RMB 468 million [11][22]. Financial Impact and Management Analysis - As of June 30, 2025, the company's total assets were approximately RMB 12.94 billion, with sufficient liquidity to cover the repurchase costs without affecting its operational capabilities [15]. - The repurchase is expected to improve the company's long-term incentive mechanisms, thereby enhancing team cohesion and competitiveness [15]. Disclosure and Compliance - The company will adhere to strict disclosure requirements throughout the repurchase process, including timely updates on the progress and any changes to the plan [22].

回购报告书 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。 重要内容提示： 1.北京首钢股份有限公司（以下简称"公司"）拟回购公司部分 A股社会公众股用于实施股权激励计划。本次回购价格不超过人民币 6.50元/股。 2.本次回购股份以集中竞价交易方式回购，资金来源为公司自有 资金及股票回购专项贷款。预计回购股份数量为4,000万股—8,000万 股，占公司总股本的0.52%—1.03%。按照回购价格上限6.50元/股测算， 预计回购金额约为26,000万元—52,000万元。具体回购股份的数量以 回购期满时实际回购的股份数量为准。本次回购股份的实施期限为自 公司董事会审议通过最终回购股份方案之日起不超过12个月。 证券代码：000959 证券简称：首钢股份 公告编号：2025-052 北京首钢股份有限公司 3.公司于2025年9月29日召开八届二十次董事会会议，审议通过 了《关于回购公司股份方案的议案》；于2025年10月22日召开八届二 十一次董事会会议，审议通过了《关于调整回购股份方案暨取得金融 机构股票回购专项贷款承诺函的议案》，将回购股份的资金来源由" ...

Group 1: Carbon Emission Trading Impact - The steel industry will transition to carbon emission intensity control from 2025 to 2026, linking quota distribution to corporate carbon emission levels [3] - By 2027, a tightening quota system will be established, enhancing carbon data quality and promoting technological innovation in the steel sector [3] - Inclusion in the national carbon market will improve transparency and reduce carbon tariff burdens for Chinese steel exports, enhancing international competitiveness [3] Group 2: Company Preparations for Carbon Reduction - The company is constructing a new electric furnace that aims to achieve over 70% carbon reduction in high-quality green steel production [4] - Research on advanced carbon reduction technologies has yielded positive results, including trials for hydrogen and biomass injection in blast furnaces [4] - Ten products have completed Environmental Product Declarations (EPD), establishing a low-carbon product system and proprietary low-carbon labeling [4] Group 3: Low-Carbon Electric Furnace Production - The electric furnace production line at Shougang's subsidiary is under construction, expected to be operational by 2026, with an annual carbon reduction of approximately 1.43 million tons [6] - The national carbon market will cover major industrial sectors by 2027, with a focus on reducing greenhouse gas emissions [6] - The establishment of a Green Manufacturing Committee and a Low-Carbon Management Center aims to enhance the company's low-carbon development capabilities [6] Group 4: Innovations in Electrical Steel Products - Shougang Zhixin has launched a series of ultra-high magnetic soft magnetic materials for humanoid robots, achieving a magnetic induction strength of 1.75T [7] - The new electrical steel products have shown a torque increase of 1.6% and a 27% reduction in iron loss compared to conventional materials [7] - These innovations have been validated by leading humanoid robot manufacturers, with one international company already placing bulk orders [7] Group 5: Automotive Steel Product Competitiveness - The company is focusing on lightweight demands in the electric vehicle sector by enhancing the development and promotion of high-strength and ultra-high-strength products [7] - To meet increasing quality demands for automotive exterior panels, the company is developing a comprehensive, multi-product solution to strengthen its competitive edge [7]

Core Insights - The company held a successful earnings presentation for Q3 2025 on October 31, featuring key executives including the General Manager and Chief Financial Officer [1] - The company plans to enhance its overseas marketing service system and optimize market layout and export product structure to address complex market conditions [1] - A stock option and restricted stock incentive plan was disclosed on September 30, 2025, aimed at aligning the interests of shareholders, the company, and core team members for long-term development [1] Financial Performance - For the first nine months of 2025, the company reported revenue of 77.234 billion yuan and a net profit of 0.953 billion yuan, marking a year-on-year increase of 368.13% [2] - The non-recurring net profit reached 0.988 billion yuan, a staggering increase of 42686.3% year-on-year [2] - The net cash flow from operating activities was 5.46 billion yuan, showing a significant year-on-year growth of 729.98% [2] - In Q3 2025, the company generated revenue of 24.716 billion yuan and a net profit of 0.296 billion yuan, reflecting a year-on-year growth of 255.06% [2] - The non-recurring net profit for Q3 was 0.306 billion yuan, up 213.03% compared to the same period last year [2]

Core Viewpoint - The steel industry in China is entering a new phase of mergers and acquisitions driven by supportive policies, capital, and market factors, aiming to enhance industry concentration and improve overall quality [1] Policy Developments - The Ministry of Industry and Information Technology released the "Steel Industry Normative Conditions (2025 Edition)" to establish a graded management system for steel enterprises, promoting resource concentration towards leading companies [2] - A joint plan by five ministries aims for an average annual growth of around 4% in the steel industry's added value from 2025 to 2026, with a focus on balancing supply and demand and enhancing green and digital development [2] - The proposed "Capacity Replacement Implementation Measures" require a minimum replacement ratio of 1.5:1 for iron and steel capacity across provinces, with a slightly lower ratio for newly acquired compliant capacity post-2021 [2] Local Initiatives - Henan Province's "Steel Industry Quality Upgrade Action Plan" emphasizes accelerating enterprise restructuring and encourages innovative cooperation among small and medium-sized steel enterprises [3] - Experts highlight the significance of these policies in providing a clear development path and strong momentum for the steel industry's high-quality development [3] Industry Performance - As of the report, 47 announcements regarding mergers and acquisitions have been disclosed by listed steel companies this year, with many aiming to improve profitability through asset restructuring [4] - Companies like Anyang Iron and Steel and Benxi Steel are actively optimizing their asset structures to enhance profitability and reduce debt levels [4] - The overall performance of listed steel companies has improved, with significant profit growth reported in the third quarter [4] Financial Results - Beijing Shougang achieved a net profit of 9.53 billion yuan, a year-on-year increase of 368.13%, while other companies like Fangda Special Steel and Jiangsu Shagang reported profit increases of 317.39% and 119.3%, respectively [5] - Many steel companies have turned losses into profits, indicating a positive trend in the industry [5] Structural Changes - The improvement in steel companies' performance is seen as a reflection of the effectiveness of industry restructuring, with the sector transitioning from being the largest steel producer to aiming for the top of the global steel value chain [6]