Group 1 - The company held an investor briefing on September 2, 2025, to announce the termination of a major asset restructuring plan and the decision to sell subsidiary equity to its controlling shareholder [1] - The company explained that the termination of the asset restructuring was due to historical ownership issues related to the land and property rights of Henan Angang Group Wuyang Mining Co., Ltd., which required more time to resolve [1] - The sale of equity to the controlling shareholder is expected to enhance the company's profitability, quickly replenish cash flow, and further optimize the asset structure [1] Group 2 - The company assured investors that the termination of the restructuring would not have a significant adverse impact on its development strategy, operational planning, or future performance [1] - The company is committed to advancing its development strategy focused on "high-end, intelligent, green, and special steel transformation," while continuously optimizing its product structure [1] - The company stated that it would not initiate any major asset restructuring for at least one month following the announcement of the termination, but may consider future opportunities based on industry and market conditions [1]

智通财经APP讯，安阳钢铁(600569.SH)发布公告，公司于9月2日召开投资者说明会，解释了终止重大 资产重组的原因，主要是由于河南安钢集团舞阳矿业有限责任公司相关土地、房产权属方面存在历史遗 留问题，导致无法按原定计划推进。公司决定变更方案，向控股股东安钢集团出售全部持有的永通公司 股权、豫河公司股权，以加快提升公司盈利能力，补充现金流，优化资产结构。公司表示，终止重组不 会对未来业绩造成重大不利影响，并计划推进"高端化、智能化、绿色化、特钢转型"发展战略。 （原标题：安阳钢铁(600569.SH)终止筹划重大资产重组并变更为向控股股东出售子公司股权） ...

安阳钢铁（600569）(600569.SH)发布公告，公司于9月2日召开投资者说明会，解释了终止重大资产重 组的原因，主要是由于河南安钢集团舞阳矿业有限责任公司相关土地、房产权属方面存在历史遗留问 题，导致无法按原定计划推进。公司决定变更方案，向控股股东安钢集团出售全部持有的永通公司股 权、豫河公司股权，以加快提升公司盈利能力，补充现金流，优化资产结构。公司表示，终止重组不会 对未来业绩造成重大不利影响，并计划推进"高端化、智能化、绿色化、特钢转型"发展战略。 ...

Core Viewpoint - Anyang Steel has successfully turned losses into profits in the first half of 2025 by implementing a development strategy focused on high-end, intelligent, green, and special steel transformation amidst a challenging macroeconomic environment and a declining steel market [1] Financial Performance - The company achieved an operating income of 15.515 billion yuan and a net profit attributable to shareholders of 38.0583 million yuan, with both net profit and non-recurring net profit showing a year-on-year turnaround [1] - As of June 30, 2025, the net assets attributable to shareholders reached 2.703 billion yuan, a 2.10% increase from the end of the previous year, while total assets grew by 9.26% to 46.062 billion yuan [1] - The net cash flow from operating activities was 128 million yuan, a significant improvement from a negative 180 million yuan in the same period last year [1] Cost Reduction and Efficiency Improvement - The company has focused on cost reduction and efficiency enhancement by adopting a "all costs can be reduced" philosophy, optimizing logistics through a multi-modal transport model, and improving procurement channels [2] - Key indicators such as comprehensive energy consumption per ton of steel and self-generated electricity ratio have been continuously optimized, showcasing significant energy cost reduction achievements [2] - The company has implemented flexible operational measures, enhancing steel production efficiency and optimizing the scrap steel addition process [2] Special Steel Transformation - The core highlight of Anyang Steel's development in the first half of the year is the deepening of the special steel system, with a focus on quality improvement and the development of new products [3] - The company has successfully developed and promoted 13 varieties of special steel, including automotive steel and tool steel, with a total of 43 new products developed and over 90,000 tons produced [3] - Significant projects such as the second phase of the electromagnetic new materials project are progressing, with production expected to start in September 2025 [3] Green Development and Intelligent Upgrade - Anyang Steel has made substantial progress in green development, establishing a refined carbon cost management system and improving energy efficiency across three major processes [3] - The company has received recognition as a "clean production environmentally friendly enterprise" and completed low-emission modifications at its coking plant [3] - In terms of intelligent upgrades, the company is advancing its industrial internet platform and has achieved certification for a "5G fully connected factory," significantly enhancing its smart manufacturing capabilities [3] Future Outlook - Anyang Steel aims to continue focusing on becoming a leader in advanced steel materials, deepening its presence in the special steel market, and pursuing cost reduction, green upgrades, and intelligent transformation [4] - The company is positioned to achieve higher quality development during the steel industry adjustment period, creating greater value for investors [4]

Core Viewpoint - The company is facing significant challenges due to market demand decline and ongoing transformation efforts, resulting in a substantial loss for the reporting period. Group 1: Shareholder Meeting and Governance - The shareholder meeting will utilize both on-site and online voting methods, ensuring that each voting right is exercised only once [1] - The board of directors has fulfilled its legal responsibilities and maintained order during the shareholder meetings, which included 19 board meetings and the execution of various resolutions [2][3] Group 2: Financial Performance - The company reported a total revenue of 29.64 billion yuan, a decrease of 29.68% compared to the previous year, with a net profit attributable to shareholders of -3.27 billion yuan, an increase in loss of 17.17 billion yuan year-on-year [6][7] - The operating costs also decreased by 24.42%, reflecting the impact of market conditions and production line transformations [6][7] Group 3: Operational Strategies - The company is focusing on stabilizing production, reducing costs, and optimizing structure to enhance operational resilience [4] - A shift from quantity-focused production to product-focused strategies is being implemented, particularly in the special steel sector [4][5] Group 4: Research and Development - The company invested 1.01 billion yuan in R&D, accounting for 3.42% of total revenue, with a workforce of 2,351 R&D personnel [9] - The R&D efforts are aimed at improving product quality and market competitiveness, particularly in high-end silicon steel products [8][9] Group 5: Market and Sales Analysis - The company experienced a decline in sales volume across various product categories, with significant reductions in revenue from black metal and other steel products [6][8] - The sales revenue from the top five customers accounted for 21.78% of total sales, indicating a moderate level of customer concentration [8]

Core Viewpoint - The successful commissioning of the world's first "5600mm+5500mm dual ultra-wide frame" thick plate production line at Zhoukou Steel marks a significant advancement in high-end steel manufacturing, positioning the company among the global leaders in the industry [1][2]. Group 1: Production Capabilities - The new production line can roll plates up to 5300mm wide and 300mm thick, breaking through the bottleneck in ultra-wide specialty steel plate production [2]. - The dual-frame production model enhances daily production capacity by over 50%, enabling a full range of thickness specifications from 6mm to 300mm [1][2]. Group 2: Technological Advancements - The integration of advanced automation control systems, real-time data analysis software, and machine learning algorithms allows for comprehensive intelligent monitoring and management throughout the production process [2]. - The introduction of heat treatment furnaces and supporting equipment significantly increases the technical content of the products, enabling the production of high-strength steel, high-grade container steel, and wear-resistant materials [2]. Group 3: Market Positioning and Future Outlook - Zhoukou Steel is leveraging its advantages in inland river shipping to target the high-end plate market, with production orders already scheduled through August, indicating strong market demand [3]. - The overall upgrade of the production line is expected to elevate the entire thick plate industry in Henan Province, creating a synergistic effect that enhances competitiveness [3].

Core Viewpoint - The establishment of the Henan Steel Group is a strategic decision aimed at enhancing the competitiveness and efficiency of the steel industry in Henan, addressing the challenges of a fragmented market structure and optimizing resource allocation [5][6][14]. Industry Overview - The steel industry is a crucial pillar of the national economy and a key indicator of regional economic strength and industrial competitiveness [4]. - Recent years have seen the steel industry facing deep adjustments, characterized by high production, high costs, low demand, and low profitability, leading to a "three highs and three lows" situation [5]. Company Developments - The formation of the Henan Steel Group in March 2023 has garnered significant attention, aiming to consolidate the previously fragmented steel enterprises in the province [5][6]. - The group is expected to leverage economies of scale to enhance procurement power, reduce costs, and stabilize market prices, thereby improving competitiveness both domestically and internationally [6][10]. Strategic Focus - The Henan Steel Group is focusing on high-end steel production, particularly in special steel, to meet the growing demand from sectors such as automotive and new energy [10][15]. - The group has two main bases: the Anyang base, which specializes in high-strength steel and thin specifications, and the Zhoukou base, which is developing thick plates for high-end applications [8][9][15]. Market Positioning - The group aims to enhance its brand recognition and product quality through resource integration and technological innovation, positioning itself to compete effectively in both domestic and global markets [6][10][15]. - The strategic layout of the two bases allows for a dynamic adjustment of product offerings, catering to diverse market needs and enhancing overall profitability [9][15]. Future Outlook - The Henan Steel Group's transformation is seen as a vital step towards high-quality development, with a focus on integrating into the national market and addressing the challenges posed by competition from coastal provinces [12][15]. - The group's commitment to innovation and collaboration with upstream and downstream partners is expected to strengthen its market position and drive growth in high-value segments [12][15].

Meeting Overview - The company participated in the online investor reception day and 2024 performance briefing on May 22, 2025, with key executives present for interaction with investors [1][2]. Key Investor Questions and Responses - The company is developing oriented silicon steel products primarily for the power distribution industry, including large transformers and high-grade non-oriented silicon steel for electric motors and new energy vehicles [1]. - The company's special steel transformation focuses on high-strength and ultra-high-strength steel, with products for various applications including automotive, marine engineering, and construction [2]. - The controlling shareholder is currently implementing a share buyback plan, which is ongoing as per schedule [2]. - The company has a wide range of products applicable in defense, aerospace, transportation, and other industries, indicating a strong presence in military orders [2]. - The company maintains a cautiously optimistic outlook for market demand in 2025, having achieved profitability in Q1 2025, and is committed to transitioning towards high-end, intelligent, and green steel production [3]. - The major asset restructuring involving the injection of quality assets from Wuyuan Mining is progressing, but specific transaction details are yet to be finalized [4].