Core Viewpoint - The company held a performance briefing for Q3 2025, discussing its operational and financial status, along with future strategies and market conditions [1][2]. Financial and Operational Summary - For the first nine months of 2025, the company produced 6.949 million tons of steel, a slight decrease of 0.11% year-on-year, and sold 6.854 million tons, down 1.28% year-on-year [2]. - In Q3 2025, steel production reached 2.409 million tons, an increase of over 14% compared to Q1, with sales of 2.362 million tons, indicating recovery from maintenance impacts [2]. - The company reported a revenue of 43.283 billion yuan, a decline of 12.19% year-on-year, while net profit attributable to shareholders rose by 24.12% to 2.176 billion yuan [2]. - The weighted average return on equity was 8.12%, up 1.41 percentage points year-on-year, with Q3 net profit reaching 713 million yuan, a 37.12% increase year-on-year [2]. Key Issues and Responses from the Performance Briefing - The decrease in non-operating expenses in Q3 was attributed to the absence of significant projects causing such expenses, unlike the first half of the year which included losses from asset disposals [3]. - Future capital expenditures will focus on high-end product development, green and low-carbon initiatives, and international expansion, including a shift towards new materials [4]. - The company has seen growth in exports, with a total of 87.955 million tons of steel exported from China in the first nine months of 2025, a 9.2% increase year-on-year [5]. Market Outlook and Strategic Initiatives - The company anticipates a slight reduction in supply due to seasonal maintenance, while demand remains resilient in construction and manufacturing sectors [8]. - The company aims to enhance its competitive edge through green development initiatives, including carbon footprint assessments and low-carbon technology applications [9][10]. - The company is actively pursuing digital transformation to improve operational efficiency and product quality, focusing on artificial intelligence and data governance [11].