Angang Steel Company (347) H1 2026 earnings summary

Executive summary

• Operating income for H1 2026 was RMB45,907 million, down 5.58% year-over-year; net profit attributable to shareholders was RMB-2,047 million, a decline of 83.59% year-over-year, reflecting continued industry headwinds and margin compression.

• Steel output and sales volumes declined year-over-year amid weak demand and oversupply in the domestic market.

• The company implemented cost reduction, product mix optimization, and digital transformation initiatives, achieving logistics and procurement savings and a higher proportion of high-end product sales.

• Major acquisition: 80% equity in Yingkou Port was acquired, now consolidated as a subsidiary.

• Recognized as a leading standard-compliant enterprise in the national steel industry.

Financial highlights

• Operating income: RMB45,907 million, down 5.58% year-over-year.

• Net profit attributable to shareholders: RMB-2,047 million, down 83.59% year-over-year.

• Basic and diluted EPS: RMB-0.218, down 83.19% year-over-year.

• Net cash flow from operating activities: RMB1,672 million, up 333.16% year-over-year.

• Total assets: RMB97,367 million; owner's equity: RMB41,636 million.

Outlook and guidance

• The company will focus on cost control, lean management, value creation, reform and innovation, and risk prevention in H2 2026.

• Strategic priorities include digital empowerment, green transition, and product mix optimization to mitigate risks and pursue stable operations.

• Strategic resolve and operational improvements are prioritized to achieve full-year targets.

• External risks include global trade protectionism, geopolitical tensions, persistent weak demand, and volatile raw material prices.