Baoshan Iron & Steel (600019) Q3 2026 earnings summary

Executive summary

• Q3 total profit was RMB 2.82bn, up RMB 0.07bn QoQ but down 30.44% YoY; 9M total profit reached RMB 8.61bn, the highest in China’s steel industry.

• 9M output was 36.61m tonnes of pig iron, 38.63m tonnes of crude steel and 39.15m tonnes of commercial billets; Q3 commercial billet sales were 13.47m tonnes.

Financial highlights

• Q3 revenue was RMB 84.92bn, up 4.75% YoY; 9M revenue was RMB 245.65bn, up 5.68%.

• Q3 attributable net income was RMB 2.17bn, down 29.67% YoY; excluding non-recurring items, net income was RMB 1.96bn, down 40.50%.

• 9M attributable net income was RMB 6.74bn, down 15.33% YoY; adjusted for non-recurring items, it was RMB 6.49bn, down 19.20%.

• 9M operating cash flow was RMB 20.83bn, down 32.47% YoY, reflecting lower net income, reduced operating payables contribution and higher inventory use.

Outlook and guidance

• Strategic priorities include shifting toward system-level differentiation, technology and cost leadership, integrated production-sales-research operations, and customer-focused differentiated services.

• Cost programs focus on hot metal, logistics, energy and quality; product mix, export orders, AI deployment and low-carbon steel processes remain execution priorities.