马钢股份: 宝山钢铁股份有限公司拟参股马鞍山钢铁有限公司涉及的马鞍山钢铁有限公司股东全部权益价值项目资产评估报告

Core Viewpoint - Baoshan Iron & Steel Co., Ltd. plans to invest in Ma'anshan Iron & Steel Co., Ltd. and has commissioned an asset valuation report to assess the market value of the total equity of Ma'anshan Iron & Steel Co., Ltd. as of February 28, 2025 [1][2]. Group 1: Valuation Purpose and Methodology - The purpose of the valuation is to provide reference opinions for Baoshan Iron & Steel Co., Ltd.'s planned investment in Ma'anshan Iron & Steel Co., Ltd. [5]. - The valuation includes all audited assets and liabilities of the assessed entity, covering current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, and intangible assets [2][6]. - The valuation methods used are the asset-based approach and the income approach, with the asset-based approach being selected for the final valuation conclusion [2][5]. Group 2: Valuation Results - As of the valuation date, the total asset book value of Ma'anshan Iron & Steel Co., Ltd. is RMB 5,389,777.43 million, with a valuation of RMB 5,813,178.20 million, resulting in an increase of RMB 423,400.77 million, or 7.86% [2][4]. - The total equity value is assessed at RMB 1,450,610.62 million, reflecting an increase of RMB 197,696.83 million, or 15.78% compared to the book value of RMB 1,007,739.73 million [2][4]. - The valuation report indicates a total asset impairment of RMB 19,470.12 million, with a reduction rate of 0.44% [2][4]. Group 3: Financial Overview - As of December 31, 2024, the total assets of Ma'anshan Iron & Steel Co., Ltd. were RMB 6,364,206.42 million, with total liabilities of RMB 4,677,868.88 million, resulting in total equity of RMB 1,686,337.55 million [4][5]. - For the period of January to February 2025, the company reported an operating income of RMB 1,059,006.44 million, with a net loss of RMB 17,165.32 million [5][6]. - The financial performance indicates a significant operating loss, with total revenue for 2024 reported at RMB 7,066,040.18 million and a net loss of RMB 405,050.42 million [5][6].