MAANSHAN IRON (00323) released its annual performance, with a net loss attributable to owners of 209 million yuan, a year-on-year decrease of 95.51%.

Maanshan Iron (00323) released its annual performance as of December 31, 2025. The group achieved operating income of 77.525 billion yuan (same unit), a decrease of 5.25% year-on-year; a net loss attributable to shareholders of the listed company of 2.09 billion yuan, a decrease of 95.51% year-on-year; and a basic loss per share of 0.027 yuan. In 2025, the company faced a challenging market situation and adhered to the "four modernizations" development direction and the "four havs" operating principles. It solidly promoted internal reforms and synergy for efficiency, deepened multi-dimensional financial management and benchmarking, continued to optimize product structure, and improved product management capabilities and production line efficiency. The overall production and operation were stable throughout the year, with significant improvement in operating performance compared to the previous year. Total profits decreased by 4.97 billion yuan year-on-year, net profits decreased by 4.956 billion yuan year-on-year, and net profits attributable to shareholders of the listed company decreased by 4.45 billion yuan year-on-year. However, due to market fluctuations in the fourth quarter and the decline in performance of some associated companies, net profits and net profits attributable to shareholders of the listed company did not achieve profitability. The optimization of the product structure has significantly enhanced the competitive advantage. Maanshan Iron has deepened product management, increased productivity of coil products, with sales of automotive plates reaching 2.34 million tons, a 6.3% increase; the structure of special steel products continues to improve, brand value continues to rise, production and sales volume increased by 16%, with high-value and high-tech products accounting for over 30%; exports of profiled steel reached 930,000 tons, a 33% increase year-on-year; breakthroughs were made in wheel products, with over 2,200 high-speed train wheel units delivered throughout the year. Strengthened technological innovation focuses on supporting market value creation and on-site capacity enhancement, with sales of new products growing by 16%, exceeding the tonnage target by 353 yuan in excess gross profit. Four new products, including "1.2m ultra-large diameter continuous casting round billet for high-quality die casting molds," were launched domestically for the first time. Key project construction progressed according to plan, with the cold-rolled No. 6 galvanizing line project and the profiled steel No. 3 continuous casting machine project in hot production, and the new coil No. 4 continuous casting machine project steadily advancing. Changjiang Steel adheres to localization, terminalization, branding, and lean management, establishing a customer service center, developing an e-commerce platform, breaking the agency system, strengthening direct supply for key projects, with the proportion of localized sales reaching 85.66%, and the proportion of direct delivery to the construction site increasing from 51.13% to 68.53%, reaching a historical high. High-strength steel accumulative sales of 321,000 tons, accounting for 7.2%. The new bar line project was efficiently completed in 180 days, achieving project approval, completion, and production and efficiency in the same year, with a direct rolling rate increasing by 25 percentage points compared to the previous year.