Baosteel: Net loss of 1.879 billion yuan in 2025 with significant uncertainties in continuous operations.

Baotou Iron and Steel announced that Tianjian Accounting Firm conducted an audit of the company's 2025 financial statements and internal control effectiveness, issuing an unqualified audit report with a paragraph on significant uncertainties regarding continued operations and an unqualified internal control audit report with an emphasis on matters. As of December 31, 2025, the company's equity attributable to the owners of the parent company was -1.79 billion yuan, with a net loss of 18.79 billion yuan in 2025 and continuous losses for four years, indicating significant uncertainties regarding continued operations. In addition, there were internal control deficiencies in the disclosure of related party transactions in previous years, which were rectified in 2025. The company will take measures such as strengthening the management of related party transactions, organizing learning of regulations, and deepening intelligent transformation to eliminate the impact.