Angang Steel Company (347) H2 2025 earnings summary

Executive summary

• Operating income for 2025 was RMB96,052 million, down 8.6% year-over-year, with a net loss attributable to shareholders of RMB4,068 million, a significant reduction in losses compared to 2024.

• Basic loss per share improved to RMB-0.434 from RMB-0.759 in 2024.

• Production and sales volumes of steel products slightly decreased year-over-year, but operational efficiency and product mix improved.

• No cash dividends, bonus shares, or reserve transfers proposed for 2025 to support sustainable development.

Financial highlights

• Total profit was RMB-3,894 million, a 44.7% improvement from RMB-7,035 million in 2024.

• Net cash flow from operating activities was RMB1,788 million, up from RMB-787 million in 2024.

• Total assets at year-end were RMB96,047 million, with an asset-liability ratio of 53.17%.

• Gross margin improved in key product categories, with cost reductions and efficiency gains.

Outlook and guidance

• The steel industry faces ongoing supply-demand imbalance and weak demand, but China’s macroeconomic fundamentals remain positive.

• Strategic focus for 2026 includes quality/product enhancement, energy/carbon efficiency, and digital transformation.

• Planned capital expenditure for 2026 is RMB3,978 million, funded by internal capital, bank loans, and bonds.