2025-08-26 13:15Part I Important Notice, Table of Contents, and Definitions Important Notice The board and management guarantee report accuracy, noting forward-looking risks, no half-year dividends, and unaudited preparation under Chinese Accounting Standards - The company's board of directors, senior management, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the report content4 - The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period6 - The company's 2025 semi-annual financial report is unaudited and prepared in accordance with Chinese Accounting Standards78 Reference Documents This section lists reference documents for the reporting period, including signed financial statements and publicly disclosed company files - Reference documents include signed and sealed financial statements, originals of publicly disclosed company documents and announcements, and the semi-annual report disclosed on the Hong Kong Stock Exchange12 - All reference documents are stored at the Board Secretary's Office of Angang Steel Company Limited12 Definitions This section defines common terms used in the report, clarifying key entities and explaining specific related transaction framework agreements Key Definitions | Term | Definition | | :--- | :--- | | The Company, Company, Angang Steel Co., Ltd. | Angang Steel Company Limited | | The Group | Angang Steel Company Limited and its subsidiaries | | Anshan Iron and Steel | Anshan Iron and Steel Group Co., Ltd., the controlling shareholder of the Company | | Angang | Ansteel Group Corporation Limited, the actual controller of the Company | | Daily Related Transaction Framework Agreements | Collectively refers to "Framework Agreement for Mutual Supply of Goods (2025-2027)", "Framework Agreement for Mutual Supply of Services (2025-2027)", "Financial Services Agreement (2025-2027)", and "Industrial Financial Services Framework Agreement (2025-2027)" | Part II Company Profile and Key Financial Indicators I. Company Information Angang Steel Co., Ltd. is listed on the Shenzhen Stock Exchange (A-share code: 000898) and the Hong Kong Stock Exchange (H-share code: 00347), with Wang Jun as its legal representative - The company's shares are listed on the Shenzhen Stock Exchange (A-share code: 000898) and the Hong Kong Stock Exchange (H-share code: 00347)15 - The company's legal representative is Wang Jun15 II. Contact Person and Contact Information This section provides detailed contact information for the company's Board Secretary Li Jingdong and Securities Affairs Representative Zhang Junfeng for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Jingdong | Angang Factory Area, Tiexi District, Anshan City, Liaoning Province, China | 0412-6736889 | 0412-6722093 | lijingdong69@ansteel.com.cn | | Securities Affairs Representative | Zhang Junfeng | Angang Factory Area, Tiexi District, Anshan City, Liaoning Province, China | 0412-8417273 0412-6751100 | 0412-6727772 | zhangjunfeng@ansteel.com.cn | III. Other Information During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure website and media, or the location for semi-annual report availability - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period, with specific details available in the 2024 annual report171920 IV. Key Accounting Data and Financial Indicators of the Group In the first half of 2025, the company's operating revenue decreased by 12.35% to RMB 48,599 million, but net loss attributable to shareholders significantly narrowed by 57.46% to RMB 1,144 million Key Accounting Data and Financial Indicators for H1 2025 (RMB million) | Item | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY 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/Losses) | -1,231 | -2,670 | 53.90 | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | | Basic Earnings Per Share (RMB/share) | -0.122 | -0.287 | 57.49 | | Diluted Earnings Per Share (RMB/share) | -0.122 | -0.287 | 57.49 | | Weighted Average Return on Net Assets (%) | -2.43 | -5.03 | Increased by 2.60 percentage points | | Item | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End (%) | | Total Assets | 98,421 | 100,578 | -2.14 | | Owners' Equity Attributable to Shareholders of Listed Company | 46,610 | 47,679 | -2.24 | V. Non-recurring Gains and Losses In the first half of 2025, the company's total non-recurring gains and losses amounted to RMB 87 million, primarily from government subsidies and asset disposal gains Non-recurring Gains and Losses for H1 2025 (RMB million) | Item | Amount | | :--- | :--- | | 1. Gains/losses from disposal and scrapping of non-current assets | 2 | | 2. Government subsidies recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed at fixed standards, and with continuous impact on company profit/loss) | 101 | | 3. Fair value changes of trading financial assets | 1 | | 4. Fair value changes of other non-current financial assets | 16 | | 5. Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1 | | 6. Other non-operating income and expenses apart from the above | 15 | | Subtotal | 136 | | Less: Income tax impact | 26 | | Impact on minority interests (after tax) | 23 | | Total | 87 | Part III Management Discussion and Analysis I. Main Business Activities of the Company During the Reporting Period In the first half of 2025, the company primarily engaged in steel manufacturing and related industries, achieving significant progress in various initiatives despite market challenges - The company primarily engages in steel manufacturing, and also develops related industries such as steel processing and distribution, chemicals, green energy, e-commerce, and clean power generation28 - The company operates three major production bases in Anshan, Yingkou, and Chaoyang, offering a complete product range including hot-rolled coils, medium and heavy plates, and cold-rolled sheets