Inner Mongolia Baotou Steel Union (600010) investor relations material

Executive summary

• 9M 2026 attributable net profit rose 94.22% YoY to ¥451.7m, while revenue fell 10.53% to ¥43.02bn; product mix upgrades, cost controls and stronger rare-earth prices supported profitability.

• Production and sales efforts prioritized premium steel and rare-earth steel materials, alongside expanded supply to energy, infrastructure and other strategic projects.

Financial highlights

• Q3 revenue was ¥14.98bn, down 10.55% YoY; profit before tax was ¥149.4m, up 6.03%, and attributable net profit was ¥172.3m, up 112.11%.

• 9M profit before tax was ¥320.8m, up 3.74%; attributable net profit was ¥451.7m, up 94.22%, and adjusted net profit excluding nonrecurring items was ¥593.6m, up 218.80%.

• Consolidated net profit was ¥20.6m versus ¥239.0m a year earlier, with a ¥431.1m loss attributable to minority interests; asset impairment losses were ¥653.5m.

• 9M revenue declined to ¥43.02bn from ¥48.08bn; operating costs fell to ¥41.91bn from ¥47.65bn.

Outlook and guidance

• Priorities remain the annual operating targets, premium and rare-earth steel strategy, product-mix upgrades, market expansion and full-process cost reduction.

• Continued focus on strategic demand areas includes energy storage, water projects, oil and gas reserves, rail transit, modern coal chemicals and infrastructure networks.