Baosteel(SH:600019) Shang Hai Zheng Quan Bao·2025-09-28 17:46Core Viewpoint - The company plans to change its accounting firm to Deloitte Huayong for the 2025 fiscal year, following a bidding process and evaluation results, with no disagreements with the previous auditor, Ernst & Young Huaming [2][12][13]. Group 1: Change of Accounting Firm - The reason for changing the accounting firm is based on the requirements set by the Ministry of Finance, State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission, along with the company's operational needs [2][13]. - The new auditor, Deloitte Huayong, has a registered capital of 86.7 million RMB and has been approved to conduct audits for H-share companies [3][4]. - Deloitte Huayong has provided audit services for 61 listed companies in 2024, with total audited revenue of 3.893 billion RMB, including 3.352 billion RMB from audit services [3]. Group 2: Auditor's Qualifications - Deloitte Huayong has a strong investor protection capability, having set aside a professional risk fund and purchased professional liability insurance with a cumulative compensation limit exceeding 200 million RMB [4]. - The firm and its personnel have not faced any criminal penalties or disciplinary actions from self-regulatory organizations in the past three years [5][9]. - The project partners and signing accountants have extensive experience and have not faced any penalties or disciplinary actions in the last three years [9][10]. Group 3: Audit Fees - The audit fees for 2025 are set at 2.961 million RMB (including tax), which is a 5% decrease from the previous year's fees of 2.167 million RMB for financial report audits and 0.95 million RMB for internal control audits [11][24]. Group 4: Board and Committee Approval - The Audit and Internal Control Compliance Management Committee approved the hiring of Deloitte Huayong, stating that the firm meets the qualifications required for securities services [16]. - The board of directors unanimously approved the proposal to hire Deloitte Huayong as the independent auditor and internal control auditor for 2025 [17][24]. - The decision is subject to approval at the upcoming shareholders' meeting [17].