Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the year, with revenue at 3.693 billion yuan, down 17.78% year-on-year, and net profit attributable to shareholders at 401 million yuan, down 47.84% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 1.905 billion yuan in Q2 2025, a year-on-year decrease of 13% [1] - The net profit for the first half of the year was 401 million yuan, reflecting a year-on-year decline of 47.84% [1] - The non-recurring net profit was 326 million yuan, down 45.96% year-on-year [1] Group 2: Lithium Battery New Energy Business - In the first half of the year, the company sold 12,050 tons of lithium carbonate, with a single-ton operating cost estimated at around 50,000 yuan [1] - The lowest price for domestic battery-grade lithium carbonate in Q2 dropped to 60,000 yuan per ton [1] Group 3: Key Projects in Lithium Battery New Energy Business - The Huqiao Mining project has completed the change of mining rights registration, increasing the recorded production capacity from 3 million tons per year to 9 million tons per year [1] - The raw ore transportation project has completed its establishment [1] Group 4: Special Steel New Materials Business - The company focused on cost control, improving single-ton gross profit, and increasing market share in the special steel new materials business during the first half of the year [1] Group 5: Profit Distribution Plan - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders, totaling approximately 159 million yuan, which accounts for 39.66% of the net profit attributable to shareholders for the first half of the year [1]

Core Insights - The Hong Kong stock market experienced a trading volume of HKD 278.22 billion on August 19, 2025, with net inflows from southbound funds amounting to HKD 18.573 billion. The market showed a pattern of opening high and closing low, influenced by market sentiment fluctuations and sector rotation effects [2][9]. - The textile and apparel sector saw a rise of 3.31%, driven by the government's commitment to hosting international sports events during the 14th Five-Year Plan, which is expected to positively impact the industry. The food and beverage sector also benefited from measures aimed at stabilizing the real estate market, leading to a 1.66% increase [5][9]. - The steel sector gained 2.26% due to the U.S. government's expansion of tariffs on steel and aluminum products, which may favor domestic special steel enterprises with import substitution capabilities [2][9]. Market Performance - The Hang Seng Index fell by 0.21% to 25,122.9, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index decreased by 0.67% and 0.30%, respectively. In the A-share market, the Shanghai Composite Index and the CSI 300 also experienced slight declines [5][9]. - Among the sectors, textiles and apparel, steel, and food and beverage led the gains, while defense and military, electronics, and power equipment and new energy sectors faced declines [5][9]. Future Outlook - The report anticipates three core directions for the Hong Kong stock market to reach new highs: 1) AI technology and new consumption are expected to have significant growth potential, driving market increases; 2) Continued inflows from southbound funds will enhance pricing power; 3) The transition from loose monetary policy to loose credit, along with potential U.S. interest rate cuts, will support further market growth [9].

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。 公司代码：600282 公司简称：南钢股份 南京钢铁股份有限公司 2025 年半年度报告 海外監管公告 此乃南京鋼鐵股份有限公司在二零二五年八月十九日登載於中華 人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年 半年度報告。南京鋼鐵股份有限公司為中國中信股份有限公司的 附屬公司。 南京钢铁股份有限公司2025 年半年度报告 1 / 233 南京钢铁股份有限公司2025 年半年度报告 2 / 233 南京钢铁股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、公司负责人黄一新、主管会计工作负责人梅家秀及会计机构负责人（会计主管人员）梅家秀 声明：保证 ...

Core Viewpoint - The current market is in a "low inventory, low price, low demand, high supply elasticity" weak equilibrium state, with future trends dependent on the intensity of production cuts and the speed of policy implementation [1][2] Supply - The government is continuing to implement crude steel production controls and promote "dual control of carbon emissions" [3] - Strict enforcement of production capacity replacement is mandated, prohibiting the addition of new steel production capacity under various pretenses [3] Demand - The proportion of steel used in manufacturing has been steadily increasing, nearing 50%, supported by stable traditional manufacturing and rapid growth in high-end manufacturing and strategic emerging industries [4] - The forecast for steel demand in manufacturing is projected to reach 440 million tons by 2025, driven by supportive monetary and fiscal policies [4] Profit - If a production cut of 50 million tons is implemented, the annual crude steel output would be 955 million tons, leading to a potential recovery in industry profitability with gross profit per ton expected to reach around 400 yuan [5][6] - If production remains at last year's levels, a rebound in output in the second half of the year could lead to oversupply and further profit decline [6] Investment Recommendations - For ordinary steel investments, focus on high dividend and high yield companies, particularly leaders in various downstream sectors, such as Hualing Steel and Baosteel [7] - For special steel and new materials, the demand for high-end special steel is expected to grow rapidly, with companies like Nanjing Steel and Jiu Li Special Materials being highlighted for potential investment [7]