Core Viewpoint - The Chinese silicon steel market is experiencing growth, with non-oriented silicon steel dominating production, accounting for 82% of the total output in the first half of 2024, while oriented silicon steel is also on the rise [1][3]. Group 1: Production and Market Trends - In the first half of 2024, China's silicon steel production reached 7.802 million tons, with non-oriented silicon steel production at 6.417 million tons and oriented silicon steel at 1.385 million tons [1]. - The total silicon steel production for 2024 is projected to exceed 15 million tons, maintaining a dominant share for non-oriented silicon steel [1]. - From 2019 to 2023, non-oriented silicon steel capacity increased from 10.96 million tons to 13.71 million tons, with a compound annual growth rate (CAGR) of 7.4% [3]. - Oriented silicon steel production grew from 1.78 million tons in 2019 to 2.96 million tons in 2023, with a forecast of 3.18 million tons for early 2024 [5]. Group 2: Company Developments - Major companies in the non-oriented silicon steel sector include Baosteel, Ansteel, and Taiyuan Iron & Steel, with Baosteel leading with a capacity of over 2 million tons, including 1 million tons of high-grade products [7]. - In the oriented silicon steel market, Baosteel also leads with a capacity of 1.16 million tons, while Wanfeng Electric is noted as the top private enterprise in this segment [7]. - Baosteel's production capabilities include a significant focus on high-grade and thin specifications, with ongoing expansions planned by companies like Shagang and New Steel [7][9].

Meeting Overview - The annual general meeting of Jiangsu Shagang Co., Ltd. was held on April 30, 2025, at 14:00 [1][3] - The meeting combined on-site voting and online voting [4] - A total of 399 shareholders attended, representing 649,453,697 shares, which is 29.6037% of the total voting shares [7] Voting Results - The following proposals were approved during the meeting: - The 2024 Annual Report and its summary received 99.5681% approval [10] - The 2024 Board of Directors' Work Report received 99.5646% approval [11] - The 2024 Supervisory Board's Work Report received 99.5377% approval [12] - The 2024 Financial Settlement Report received 99.5675% approval [13] - The proposal for profit distribution and capital reserve transfer received 99.6026% approval [14] - The proposal for using idle funds for investment received 99.2648% approval [15] - The proposal for purchasing financial products received 92.2378% approval [17] - The proposal for applying for comprehensive credit limits received 99.5454% approval [19] - The proposal for confirming the remuneration of directors and senior management for 2024 received 99.5689% approval [21] - The proposal for confirming the remuneration of supervisors for 2024 received 99.5800% approval [23] - The proposal for reappointing the accounting firm received 99.5559% approval [25] Legal Opinion - The meeting was witnessed by lawyers from Beijing Jincheng Tongda & Neal Law Firm, confirming that the meeting complied with relevant laws and regulations [26]

1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002075 证券简称：沙钢股份 公告编号：临2025-016 江苏沙钢股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1、会议召开时间： （1）现场会议召开时间：2025年4月30日（周三）下午14:00。 （2）网络投票时间：2025年4月30日（周三）。 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4月30日 9:15—9:25、9:30—11:30和13:00—15:00。 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025年4 月30日9:15—15:00期间的任意时间。 2、会议召开地点：江苏省张家港市锦丰镇沙钢宾馆4楼7号会议室。 3、会议召开方式：现场表决与网络投票相结合的方式。 4、股东大会召集人：公司董事会。 1 5、现场会议主持人：公司董事长季永新先生。 1、股东出席的总体情况 通过现场和网络投票的股东及 ...

北京金诚同达律师事务所 关于 北京金诚同达律师事务所 关于江苏沙钢股份有限公司 2024 年年度股东大会的 法律意见书 江苏沙钢股份有限公司 2024 年年度股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 金证法意[2025]字 0428 第 0410 号 致：江苏沙钢股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受江苏沙钢股份有限公司 （以下简称"沙钢股份"或"公司"）的聘请，指派本所律师出席公司 2024 年 年度股东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意见 书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《江苏沙钢股份有限公司 章程》（以下简称"《公司章程》"）的规定，对本次股东大会的召集、召开程 序，出席会议人员的资 ...

Group 1 - The special steel concept index rose by 0.19%, ranking 6th among concept sectors, with 19 stocks increasing in value, led by Fuhuan Co., Sansteel Minguang, and Taiyuan Iron & Steel, which rose by 4.94%, 4.20%, and 4.12% respectively [1] - The stocks with the largest declines included Yongjin Co., Shagang Co., and Shangda Co., which fell by 8.31%, 3.76%, and 2.28% respectively [1] - The special steel concept sector saw a net inflow of 235 million yuan from main funds, with 16 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow, led by Hangang Co. with a net inflow of 266 million yuan [1] Group 2 - The top stocks by net inflow ratio included Fuhuan Co., Baosteel Co., and Hangang Co., with net inflow ratios of 13.23%, 8.86%, and 8.85% respectively [2] - The trading data for the top stocks in the special steel concept showed that Hangang Co. had a trading volume of 26.64 million yuan and a turnover rate of 7.88% [2] - Other notable stocks included Beijing Lier with a net inflow of 19.60 million yuan and a turnover rate of 4.06% [2] Group 3 - The stocks with the largest declines in net inflow included Shagang Co. and Ansteel Co., with declines of 5.44 million yuan and 1.12 million yuan respectively [3] - The overall performance of the special steel sector indicates a mixed sentiment among investors, with some stocks experiencing significant inflows while others faced outflows [4] - The trading activity reflects a cautious approach from investors, as evidenced by the varying turnover rates across different stocks in the sector [4]

Market Overview - The Shanghai Composite Index fell by 0.20% on April 28, with five industries experiencing gains, led by the banking and steel sectors, which rose by 0.98% and 0.53% respectively [1] - The real estate and comprehensive sectors saw the largest declines, with drops of 3.66% and 2.52% [1] - Overall, there was a net outflow of 29.894 billion yuan in the main funds across the two markets, with only two sectors seeing net inflows: steel (200 million yuan) and oil and petrochemicals (66.933 million yuan) [1] Steel Industry Performance - The steel industry experienced a 0.53% increase, with a net inflow of 200 million yuan in main funds [2] - Out of 45 stocks in the steel sector, 25 rose while 19 fell [2] - The top three stocks with significant net inflows were Hangang Steel (266 million yuan), Baogang Steel (34.705 million yuan), and Shougang Steel (33.155 million yuan) [2] Fund Flow in Steel Sector - The steel sector had 21 stocks with net inflows, with seven stocks receiving over 10 million yuan [2] - The stocks with the largest net outflows included Shagang Steel (54.362 million yuan), Fushun Special Steel (33.734 million yuan), and Vanadium Titanium (28.413 million yuan) [2][3] - A detailed table of stock performance and fund flow was provided, highlighting the daily price changes and turnover rates for various steel companies [2][3]

■■■■4■23■■■■■■■■■■2025■■■■■■■■■34.95■■■■■■■7.17%■■■■6865.68■■■■■■■37.56%■ ■■■■■■■■■■■■6865.68■■■■■■■37.56% ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,494,913,831.55, a decrease of 7.17% compared to the same period last year[5] - Net profit attributable to shareholders was ¥68,656,797.41, representing a 37.56% increase year-on-year[5] - The total profit for the period was ¥147,103,032.05, an increase of 101.89% year-on-year, driven by lower operating costs and increased other income[10] - Net profit for the current period is ¥130,038,666.69, an increase of 125.00% compared to ¥57,648,737.18 in the previous period[20] - Earnings per share (EPS) increased to ¥0.0313 from ¥0.0228, reflecting a growth of 37.89%[20] Cash Flow and Liquidity - The net cash flow from operating activities reached ¥772,449,088.96, a significant increase of 2,490.10% compared to the previous year[5] - Cash flow from operating activities generated a net amount of ¥772,449,088.96, a significant improvement from a negative cash flow of ¥32,318,664.65 in the previous period[22] - Cash and cash equivalents at the end of the period decreased to ¥1,432,512,806.91 from ¥1,742,905,716.96, a decline of 17.77%[22] - The company's cash and cash equivalents increased to CNY 11,195,711,905.57 from CNY 8,899,423,741.12, representing a growth of approximately 25.0%[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥27,431,319,013.54, reflecting a 12.62% increase from the end of the previous year[5] - The total assets of the company as of March 31, 2025, amounted to CNY 27,431,319,013.54, an increase from CNY 24,356,419,350.26 at the beginning of the period, reflecting a growth of approximately 8.5%[16] - The company's current assets reached CNY 19,484,098,737.07, up from CNY 16,025,819,676.87, indicating a growth of about 21.5%[16] - The total liabilities increased to CNY 17,377,271,155.33 from CNY 14,435,121,663.36, representing a rise of approximately 20.3%[17] - Short-term borrowings rose significantly to CNY 11,951,763,572.22 from CNY 9,589,294,107.96, marking an increase of around 24.6%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 68,807[12] - The largest shareholder, Jiangsu Shagang Group Co., Ltd., held a 26.80% stake in the company[12] Expenses and Costs - Total operating costs decreased to ¥3,437,225,658.44, down 9.32% from ¥3,790,554,091.60[19] - Research and development expenses decreased to ¥99,059,907.97 from ¥127,763,359.60, a reduction of 22.56%[19] - Financial expenses decreased dramatically by 1,589.94% to -¥19,836,320.25 due to increased interest income[10] Other Financial Metrics - The basic earnings per share for the period was ¥0.0313, up 37.28% from the previous year[5] - The company reported a significant increase in investment income, totaling ¥16,916,246.12, compared to ¥49,989,169.49 in the previous period[19] - The company's inventory stood at CNY 1,970,395,184.28, slightly up from CNY 1,924,502,733.37, showing a growth of about 2.4%[16] - The accounts receivable decreased to CNY 164,062,670.49 from CNY 175,790,187.63, reflecting a decline of approximately 6.7%[16] - The company's long-term equity investments were valued at CNY 9,574,148.95, a slight increase from CNY 9,499,016.73[16] - The total non-current assets decreased to CNY 7,947,220,276.47 from CNY 8,330,599,673.39, indicating a decline of about 4.6%[17] - The total owner's equity remained stable at CNY 2,193,825,445.00, unchanged from the previous period[17] - The company’s total equity attributable to shareholders increased to ¥6,472,986,108.34 from ¥6,403,042,252.82, reflecting a growth of 1.08%[18] Reporting and Standards - The first quarter report for Jiangsu Shagang Co., Ltd. is unaudited[24] - The new accounting standards will be implemented starting from 2025[23]

Core Viewpoint - The hot-dip galvanizing industry in China has seen a steady increase in demand due to its cost-effectiveness and excellent protective properties, particularly in sectors like automotive, construction, and home appliances. Despite a recent decline in sales revenue, the industry is projected to recover slightly in 2024, supported by the manufacturing sectors of new energy vehicles and home appliances [1][11]. Industry Overview - Hot-dip galvanizing, also known as hot-dip zinc coating, involves immersing steel components in molten zinc to create a protective layer that prevents corrosion. This method is particularly effective in harsh environments [3]. - The hot-dip galvanizing industry has experienced significant growth, with sales revenue increasing from 40.948 billion yuan in 2017 to 73.569 billion yuan in 2021, followed by a decline, with a projected revenue of 68 billion yuan in 2024, reflecting a year-on-year increase of 2.56% [1][11]. Industry Chain - The upstream of the hot-dip galvanizing industry includes raw material and equipment suppliers, with steel and zinc being the primary materials. The midstream involves the galvanizing process itself, while the downstream encompasses various applications in construction, transportation, and other sectors [5]. Competitive Landscape - The hot-dip galvanizing industry features a diverse competitive landscape with both large and small enterprises. Major companies leverage scale, technology, and supply chain advantages, while smaller firms focus on flexible strategies and differentiated products [17]. Key Companies - Notable companies in the hot-dip galvanizing sector include Baosteel (宝钢股份), Zinc Industry Co. (锌业股份), and Tianjin Youfa Steel Pipe Group [1][18]. Market Trends - The demand for hot-dip galvanized products is expected to rise due to ongoing growth in construction, automotive, and home appliance sectors. The Belt and Road Initiative is anticipated to provide new opportunities for the industry, particularly in infrastructure projects [22][23]. - Technological advancements are driving improvements in hot-dip galvanizing processes, with a focus on reducing energy consumption and environmental impact. Companies are increasingly adopting automation and smart control systems to enhance production efficiency [22][23].