Nanjing Iron & Steel (600282) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 28.94 billion, down 14.06% year-over-year due to lower steel prices and production line maintenance impacts.

• Net profit attributable to shareholders rose 18.63% year-over-year to RMB 1.46 billion, with a significant Q2 sequential increase of 52.94%.

• Advanced steel materials accounted for 29.77% of total steel sales, with gross margin up 2.32 percentage points year-over-year.

• Total assets reached RMB 70.78 billion, up 2.42% from year-end 2024; net assets attributable to shareholders increased 3.48%.

• Cash flow from operations was RMB 1.15 billion, up 13.03% year-over-year.

Financial highlights

• Operating income: RMB 28.94 billion, -14.06% year-over-year.

• Net profit attributable to shareholders: RMB 1.46 billion, +18.63% year-over-year.

• Basic and diluted EPS: RMB 0.2373, +18.63% year-over-year.

• Gross margin for advanced steel materials: 20.26%, up 2.32 percentage points.

• Net cash from operating activities: RMB 1.15 billion, +13.03% year-over-year.

• Non-recurring gains: RMB 314 million, mainly from fair value changes and government grants.

Outlook and guidance

• The company targets continued high-end product development, digital transformation, and green low-carbon initiatives.

• Plans to maintain dividend payout at 50% of H1 net profit, with RMB 0.1186 per share cash dividend.

• Management highlights ongoing industry headwinds, including weak demand and price volatility, but expects resilience from product mix upgrades and cost controls.