香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲 載 列 鞍 鋼 股 份 有 限 公 司（「本公司」）於 二 零 二 五 年 三月三十一日 在《中 國 證 券 報》、《證 券 時 報》、《上 海 證 券 報》或 巨 潮 資 訊 網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二五年 三月三十日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.76 CNY per share, compared to the current price of 5.75 CNY [4]. Core Insights - The global metallurgical engineering market is estimated to exceed 600 billion CNY in 2023, with domestic steel companies' capital expenditure totaling approximately 182.7 billion CNY and overseas steel companies around 472.3 billion CNY, indicating a broad market space [2][47]. - The market is characterized by high concentration among leading companies, with the top seven companies accounting for 41.6% of the global market share. Despite a general slowdown in revenue growth among these leaders, the company has achieved a significant revenue growth of 42.9% [2][51]. - The company has a strong international business presence, with 36.9% of its revenue coming from overseas, and has seen substantial growth in new overseas contracts, which accounted for 83.6% of total new orders in the first half of 2024 [2][51]. Summary by Sections Market Overview - The metallurgical engineering industry involves complex processes and high capital investment, with significant barriers to entry due to the technical and managerial challenges involved [44]. - The global metallurgical engineering market is projected to be over 600 billion CNY in 2023, with substantial capital expenditures from both domestic and international steel companies [47]. Historical Analysis - The report highlights the importance of mergers and acquisitions among leading companies to expand their market reach and capabilities, with a focus on integrating core technologies and internationalization strategies [2][60]. Company Progression - The company is positioned as a leader in low-carbon metallurgy, with plans to expand through acquisitions and investments in high-quality domestic and international targets. It has developed advanced technologies in hydrogen carbon cycle processes and aims to deepen its international business in emerging markets along the Belt and Road Initiative [2][60]. Profit Forecast and Valuation - The company is expected to achieve net profits of 9.27 billion CNY, 10.73 billion CNY, and 12.35 billion CNY for the years 2024 to 2026, respectively. The valuation is based on a 12x PE ratio for 2024, leading to a target price of 7.76 CNY per share [2][3].