Core Insights - The investigation report on the collapse accident at Fujian Sansteel Mingguang Co., Ltd. revealed that the incident was caused by violations of safety protocols and inadequate supervision, resulting in three fatalities and direct economic losses of 6.8276 million yuan [1][2]. Company Overview - Fujian Sansteel Mingguang Co., Ltd. is a subsidiary of Fujian Sansteel (Group) Co., Ltd., established on December 26, 2001, and listed on the Shenzhen Stock Exchange on January 26, 2007. The company primarily focuses on steel production, with an annual production capacity of 12 million tons [3]. - The main products include construction materials, metal products, medium and heavy plates, round steel for machinery manufacturing, and H-beams [3]. Financial Performance - In the first half of 2025, the company reported operating revenue of 22.06 billion yuan, a year-on-year decline of 4.32%. However, the net profit attributable to shareholders was 138 million yuan, a significant increase of 158.79% year-on-year, indicating a successful turnaround from losses [3]. - The net cash flow from operating activities was -1.731 billion yuan, a decrease of 44.17% year-on-year, primarily due to an increase in bank acceptance bills received for sales [3]. - The company's debt ratio stood at 63.05%, indicating a high level of leverage, while the gross profit margin was only 6.96%, reflecting a low profitability level [4].