Inner Mongolia Baotou Steel Union (600010) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 28.03 billion, down 10.52% year-over-year, while net profit attributable to shareholders rose 84.61% to RMB 279 million, driven by improved product mix and cost controls.

• Operating cash flow surged to RMB 2.48 billion, up 1,281.92% year-over-year, mainly due to increased collections of matured notes.

• The company continued to optimize its product structure, expand high-value steel and rare earth materials, and enhance R&D, with R&D intensity above 5%.

• Safety, digitalization, and green transformation initiatives advanced, with significant progress in smart manufacturing and low-carbon product certifications.

Financial highlights

• Operating income: RMB 28.03 billion, down 10.52% year-over-year.

• Net profit attributable to shareholders: RMB 279 million, up 84.61% year-over-year.

• Operating cash flow: RMB 2.48 billion, up 1,281.92% year-over-year.

• Basic and diluted EPS: RMB 0.0062, up 87.88% year-over-year.

• Net assets attributable to shareholders: RMB 52.40 billion, up 0.68% from year-end 2025.

Outlook and guidance

• The company will continue to focus on high-quality development, cost reduction, and product innovation, with emphasis on rare earth steel and green transformation.

• R&D investment and digital upgrades will remain priorities to drive new growth engines.