Core Viewpoint - The company held a successful online performance briefing for the first half of 2025, achieving a 100% response rate to investor questions, indicating strong engagement with stakeholders [1] Group 1: Market Strategy and Performance - The company aims to ensure that resource allocation in Xinjiang and the Hexi Corridor exceeds 90%, leveraging local market advantages and maintaining a market share of over 60% in Xinjiang [2][9] - The company is actively seeking project collaboration opportunities, including involvement in the Yajiang Hydropower Station and the New Tibet Railway, while focusing on improving operational performance through refined management strategies [2][4] - The company reported a 60% year-on-year increase in export sales to Central Asia, with established marketing services in Kazakhstan, Uzbekistan, and Kyrgyzstan [9] Group 2: Operational Improvements - The company emphasizes cost reduction and product differentiation to enhance profitability, while maintaining a focus on efficient production and inventory management [4][5] - The company is committed to a strategic framework that combines market-driven and operational-driven approaches to improve overall performance and competitiveness [11] - The company plans to enhance quality management and accelerate product structure transformation to strengthen its core competitiveness [11] Group 3: Future Outlook - The company is optimistic about improving its operational performance in the second half of 2025, driven by strategic initiatives and market demand [5][11] - The company is closely monitoring key engineering projects and market opportunities to maximize its participation and resource supply advantages [9][10]

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 就因本公告全部或任何部份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。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 海外監管公告 馬鞍山鋼鐵股份有限公司 2025年半年度報告 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條而作出。 茲載列馬鞍山鋼鐵股份有限公司（「 公 司 」）在上海證券交易所網頁 (www.sse.com.cn)刊登的《馬鞍山鋼鐵股份有限公司2025年半年度報告》， 以 供 參 閱。 馬鞍山鋼鐵股份有限公司 董事會 2025年8月27日 中國安徽省馬鞍山市 於 本 公 告 日 期，本 公 司 董 事 包 括：執 行 董 事 蔣 育 翔 及 毛 展 宏；獨 立 非 執 行 董 事 管 炳 春、何 安 瑞、仇 聖 桃 及 曾 祥 飛。 马鞍山钢铁股份 ...

Core Viewpoint - The company, Maanshan Iron & Steel Co., Ltd. (600808.SH), reported a challenging yet improving operational performance in its semi-annual report for 2025, emphasizing adherence to strategic initiatives and reforms to enhance value creation capabilities [1] Financial Performance - The company produced 9.36 million tons of pig iron, 10.35 million tons of crude steel, and 9.63 million tons of steel products during the reporting period [1] - The total revenue for the reporting period was RMB 38.076 billion, while the net profit attributable to shareholders was a loss of RMB 0.075 billion, reflecting an increase in profit of RMB 1.07 billion year-on-year [1]

Core Viewpoint - In 2025, under the backdrop of tight raw material supply and volatile market prices, the company is implementing a strategic transformation guided by the "accounting management" concept, promoting integrated operations in procurement, production, and sales, and achieving significant results in its copper smelting system [1][2] Group 1: Strategic Transformation - The company is focusing on increasing production and efficiency by shifting employee attention from merely output to comprehensive cost, energy consumption, and key performance indicators [1] - The "accounting management" concept is being integrated throughout the entire production and operational chain, with various levels of accounting being conducted to optimize production organization and control consumption [1] Group 2: Budget Management and Cost Analysis - A mechanism of "daily statistics, weekly reports, and monthly analysis" has been established to enhance budget management and cost analysis, allowing for timely identification of deviations from production and budget [2] - The company has revised nearly 200 workshop-level assessment criteria to create a three-in-one management system of "indicators - responsibilities - assessments," making unit cost accounting more operational [2] Group 3: Employee Engagement and Incentives - The company has introduced a mid-to-long-term incentive model for frontline teams, adding different project contribution scores to promote a more scientific and reasonable compensation structure, thereby enhancing employee motivation [2] - Each position has operational indicators for assessment, fostering a strong atmosphere of cost control participation among all employees [2] Group 4: Technological Advancements - The year 2025 marks a pivotal year for the intelligent factory construction in the copper smelting system, with the upcoming automation of the copper warehouse production process led by robotic arms and automated cranes [2]

Group 1: Company Overview and Strategy - Shanxi Taigang Stainless Steel Co., Ltd. is a leading enterprise in the global stainless steel industry, with an annual production capacity of 14.56 million tons of steel, including 6.12 million tons of stainless steel [6] - The company aims to become a global leader in the stainless steel industry, focusing on high-end, intelligent, green, and efficient development [6] - The company has undergone significant ownership changes, with China Baowu becoming the indirect controlling shareholder [6] Group 2: Operational Improvements - The company has established a comprehensive accounting system to enhance value creation capabilities, integrating procurement, production, and sales processes [2][3] - Product differentiation strategies have been implemented, resulting in increased sales of specialized products, including advanced boiler tubes and elevator steel [3] - Lean operations have improved production line efficiency, with the successful trial of the world's largest single-weight wide nickel-based alloy hot-rolled product [4] Group 3: Innovation and Technology - The company has applied for 498 new patents, with 83.13% being invention patents, focusing on product and technology innovation [4] - New products, including nuclear power stainless steel plates and high-strength steel, have been launched, with several achieving global firsts [4] Group 4: Environmental and Sustainability Initiatives - The company has invested over 3 billion yuan in more than 50 environmental and low-carbon projects, achieving full-process ultra-low emissions [7][8] - Continuous efforts in energy efficiency improvements have led to a reduction in energy consumption by 9 kgce/t in the coking process [8] - The company maintains an average annual green electricity procurement of over 200 million kWh, supporting low-carbon steel production [8] Group 5: Market Outlook - The steel industry is currently in a downward cycle, facing challenges such as low prices and efficiency [9] - Despite the challenges, there is significant market growth potential for high-quality stainless steel products [9]

Group 1: Company Performance - In Q1 2025, the company faced a challenging steel market, resulting in a significant improvement in sales profit margins and a notable reduction in losses across various units, with a decrease in overall steel production costs by 102 RMB per ton compared to the previous year [2] - The company's net profit attributable to shareholders for Q1 2025 was -554 million RMB, reflecting a year-on-year increase of 66.55% [2] Group 2: Capital Expenditure Plans - For 2025, the company plans to invest 3.16 billion RMB in fixed assets and external investments, funded through self-owned funds, bank loans, and bond issuance [2] Group 3: Raw Material Procurement - The company sources iron ore primarily from its own mines and imports, with self-owned mines accounting for a higher proportion than imported ore [2] - Coal procurement is mainly from domestic resources, supplemented by imports, with strategic partnerships with major state-owned coal mines to stabilize supply [2] Group 4: Export Strategy - The company's export strategy focuses on stabilizing volume while adjusting product mix based on market demand, prioritizing profitability [3] - The main export products include cold-rolled and coated products, hot-rolled products, and thick plates, with plans to optimize the export product structure and increase high-value-added product exports [3]

Group 1: Company Performance - The company faced a challenging steel market with a significant decline, yet managed to improve sales profit margins and reduce losses across all steel units, enhancing production efficiency and market competitiveness [2] - In Q1 2025, the company's net profit attributable to shareholders was -554 million RMB, representing a year-on-year increase of 66.55% [2] Group 2: Capital Expenditure Plans - The company plans to invest 3.16 billion RMB in fixed assets and external investments in 2025, funded through self-owned funds, bank loans, and bond issuance [2] Group 3: Raw Material Procurement - The company sources iron ore primarily from its own mines and imports, with a higher proportion from its own resources compared to imports [2] - Coal procurement is mainly from domestic resources, supplemented by imports, maintaining strategic partnerships with major state-owned coal mines [2] Group 4: Research and Development Investment - In 2024, the company plans to invest 3.78% of its revenue in R&D, which is an increase of 1.31 percentage points year-on-year [2] Group 5: Core Competitiveness - The company boasts a strong brand reputation and is a leading player in various steel product sectors, including shipbuilding, automotive, and high-end metal products [3] - It holds the top market share in high-end pipeline steel and has a significant presence in the home appliance steel market [3] - The company is recognized for its technological innovations and has a strong patent portfolio, ranking third among Chinese steel enterprises in terms of patent innovation index [3] - Digital transformation initiatives have been implemented, with a 92.4% automation rate in key processes [3] - The company is committed to green and low-carbon development, supported by a comprehensive low-carbon competitiveness strategy [3] - The company benefits from abundant iron ore resources in the Anshan region, with significant production capabilities [3]

Group 1: Company Performance - The company faced a challenging steel market with a significant decline, but managed to improve sales profit margins and reduce losses in steel units [2] - In Q1 2025, the net profit attributable to the parent company was -5.54 billion CNY, a year-on-year increase of 66.55% [2] Group 2: Cost Management - The company reduced the cost per ton of steel by CNY 102 compared to the previous year, with energy costs down by 10% and pig iron costs down by 12% [2] - Continuous efforts in procurement led to a decrease in material consumption costs per ton of steel [2] Group 3: Carbon Neutrality Initiatives - The company has established a dual-carbon management system, enhancing its management capabilities and organizational structure [2] - In 2024, the company implemented key low-carbon engineering projects with total expenditures of 4.57 billion CNY [2] - The company successfully produced direct reduced iron products through its hydrogen metallurgy pilot project [2] Group 4: Research and Development - The company increased its R&D investment to 39.72 billion CNY in 2024, accounting for 3.78% of its operating revenue, reflecting a year-on-year increase of 1.31 percentage points [3] Group 5: Capital Expenditure Plans - The company plans to invest 31.60 billion CNY in fixed assets and external investments in 2025, primarily for technological upgrades and information construction [3]