Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock Code: 0347) THIRD QUARTERLY REPORT 2025 The Company and the whole Board members warrant the truthfulness, accuracy, and completeness of the contents of this information disclosure, and that there is no false representation or misleading statement contained in, or material omission from this information disclosure. IMPORTANT NOTICE: Whether the directors or senior management have disagreed with the contents of the quarterly report or are unable to guarantee its truthfulness, accuracy or completeness. Yes ✓ No 1. The Board, the directors, and senior management members warrant the truthfulness, accuracy, and completeness of the contents of this quarterly report, and that there is no false representation or misleading statement contained in, or material omission from this quarterly report and assume joint and several legal liability in respect thereof. 2. Mr. Wang Jun, the person-in-charge of the Company, Mr. L i Jingdong, the chief accountant of the Company and Mrs. Ma Li, the person-in-charge of the accounting department of the Company, warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report
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– 2 – 3. Whether the third financial and accounting quarterly report has been audited or not Yes ✓ No 4. Matters on which auditors express non-standard opinions Applicable ✓ Not applicable I. PRINCIPAL FINANCIAL DATA (I) Highlights in Q3 1. Market expansion achieved new progress. The Company firmly pursued its high-end development strategy, with the proportion of premium products exceeding the target by 2.29 percentage points. High-strength container steel now offers full-specification series supply capabilities. In addition, hot-rolled battery shell steel made its debut in the battery shell industry; Sales of new energy vehicle silicon steel, 0.23 series grain-oriented silicon steel, and automotive steel all saw significant growth. Overseas markets were actively expanded, with successful exports of 60-meter-long fixed-length rails. The customer service system was also upgraded, while customer service standards continued to improve. The implementation rate of full-lifecycle contracts increased by 4.5 percentage points year-on-year. 2. New achievements in systematic cost reduction. By focusing on extreme efficiency and minimal costs, we advanced the development of an “operation-oriented” enterprise. A coal blending and ore blending management team was established to spearhead pre-ironmaking cost reduction efforts centered on lowering iron costs. We intensified the “coal gas utilization and steam consumption reduction” initiative to increase self-generated power ratios. Also, we realized systematic reductions in procurement costs through three key measures of expanding sources, improving efficiency, and enhancing coordination. From January to September, the procurement prices of pulverized coal injection, imported iron ore fines and coke all outperformed the industry average. Focused on key objectives including cost, efficiency, service, and value creation, the Company significantly enhanced transportation efficiency through deepened cooperation with railway companies, reducing logistics costs by 9.18% year on year. From January to September 2025, the Company achieved remarkable results in cost reduction and efficiency improvement, lowering costs per tonne for steel by RMB90 as compared to the last year.
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– 3 – 3. New breakthroughs achieved in technological innovation. Two projects were approved for the key new materials R&D and application national science and technology major special projects by the MIIT; the “Ansteel Transportation and Energy Steel Materials Pilot Plant Platform ( ቧ ʕ༊̨̻ )” was designated as a key pilot plant platform under cultivation by the Ministry of Industry and Information Technology; two products, including “Heavy-gauge Locomotive Steel for High-Cold Regions (ዚԓ ͜፻ )”, made their global debut. Sixteen provincial/ministerial-level science and technology progress awards were received, including one First Prize on the Liaoning Provincial Science and Technology Progress Award (ҦආӉᆤɓഃᆤ ), one First Prize for Metallurgical Science and Technology (ኪҦஔᆤɓ ഃᆤ ), and one First Prize of the “China Society for Corrosion and Protection Science and Technology Award ( ʕၵ႙ၾԣᚐኪ ኪҦஔᆤ )”. The Company successfully developed four new product categories, including steel for oil pipe joint bolts, which gained customer recognition. The development of electromagnetic steel wire rod filled a product gap in Ansteel’s product portfolio. The alloy cost for hot-rolled container steel reached a new low, achieving cost savings exceeding RMB100 million. The cold-rolled CR4 product obtained FAW-Volkswagen’s Green Steel Certification ( ၠ፻Ⴉᗇ ). 4. Further advance on risk prevention and control. On the funding front, the Company prioritized cash flow management by strengthening budget oversight, reducing inventory and accounts receivable, and expanding financing channels. These efforts ensured positive net cash flow from operating activities, and increased asset operational efficiency to maintain stable and secure cash flow operations. On the safety and environmental protection front, the Company deepened its dual prevention system and accelerated the progress of ultra-low emission retrofitting verification and public disclosure.
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– 4 – (II) Principal accounting figures and financial indicators Whether the Company needs to make any retrospective adjustment to, or restatement of, the accounting data of prior year(s) Yes ✓ No Unit: RMB million Item The Reporting Period Increase/decrease at the Reporting Period as compared with the corresponding period of the previous year The period from the beginning of the year to the end of the Reporting Period Increase/ Decrease at the beginning of the Reporting Period as compared with the corresponding period of the previous year (%) (%) Operating income 24,493 2.86 73,092 -7.78 Net profit attributable to the shareholders of the Company -896 62.59 -2,040 59.87 Net profit attributable to the shareholders of the Company after extraordinary items -938 61.14 -2,169 57.34 Net cash flows from operating activities – – 1,968 728.75 Basic earnings per share (RMB/share) -0.096 62.35 -0.218 59.78 Diluted earnings per share (RMB/share) -0.096 62.35 -0.218 59.78 Weighted average return on net assets (%) -1.94 Increased by 2.77 percentage points -4.37 Increased by 5.36 percentage points Item The Reporting Period As at the end of the previous year Increase/decrease at the end of the Reporting Period as compared with the end of the previous year (%) Total assets 97,493 100,578 -3.07 Owners’ equity attributable to shareholders of the Company 45,736 47,679 -4.08
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– 5 – (III) Non-recurring items and amounts ✓ Applicable Not applicable Unit: RMB million Item The Reporting Period The period from the beginning of the year to the end of the Reporting Period 1. Profit or losses from disposal and retirement of non-current assets 8 10 2. Government grants included in profit or loss for the current period (except those that are closely related to the normal operation of the Company, in compliance with national policies, subject to fixed standards and having continuous effects on the Company’s profit and loss) 33 134 3. Changes in fair value of financial assets held for trading 8 9 4. Changes in fair value of other non-current financial assets 23 39 5. Reversal of the allowance for impairment of receivables that is individually tested for impairment 1 6. Other non-operating income and expenses apart from those stated above -4 11 Subtotal 68 204 Less: Effect on income tax 13 39 Effect on minority interest (after tax) 13 36 Total 42 129
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– 6 – Details of other gains or losses that fall within the definition of non-recurring: itemsj Applicable ✓ Not applicable The Company does not have other gain or loss items that fall within the definition of non-recurring items. Explanation on defining any extraordinary gain or loss items listed under the “Explanatory Announcement on Information Disclosure by Companies Offering Their Securities to the Public No. 1 – Extraordinary Gains or Losses” as recurring gain or loss items: Applicable ✓ Not applicable None of the extraordinary gain or loss items listed under the “Explanatory Announcement on Information Disclosure by Companies Offering Their Securities to the Public No. 1 – Extraordinary Gains or Losses” was defined as a recurring gain or loss item by the Company. (IV) Changes in principal accounting figures and financial indicators and the reasons thereof ✓ Applicable Not applicable 1. Financial expenses increased by RMB73 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to the impact of increased financing scale. 2. Other income increased by RMB118 million year on year from the beginning of the year to the end of the Reporting Period, mainly due to the impact of increased government subsidies received and tax incentives enjoyed. 3. Asset impairment losses increased by RMB177 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to the impact of a year-on-year decrease in the amount of inventory valuation allowance provided. 4. Credit impairment losses increased by RMB1 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to the impact of bad debt provisions for accounts receivable recognized in the same period last year.
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– 7 – 5. Gains on disposal of assets decreased by RMB26 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to the impact of gains from land disposal in the same period last year. 6. Non-operating expenses decreased by RMB98 million year-on-year from the beginning of the year to the end of the Reporting Period, primarily due to a decrease in losses from scrapping fixed assets. 7. Operating profit, total profit, net profit, and net profit attributable to owners of the parent all showed significant year-on-year reductions in losses from the beginning of the year to the end of the Reporting Period, primarily due to the fact that, in the face of pressure in the steel market, the Company actively responded to the severe market conditions, worked diligently to overcome difficulties, and focused on building a “five-pronged enterprise,” improving operational efficiency, strengthening core technology research and development, market expansion, and transformation and upgrading. Meanwhile, cost-saving and efficiency-enhancing measures–including product mix adjustments, procurement radius optimization, opportunistic purchasing, and systematic cost reduction–achieved notable results. 8. Trading financial assets increased by RMB9 million compared to the end of the previous year, primarily due to changes in the fair value of stocks held by the Company. 9. The aggregate amount of notes receivable and accounts receivable financing increased by RMB1,546 million compared to the end of the previous year, primarily due to an increase in the scale of bill collections. 10. Other receivables increased by RMB44 million compared to the end of the previous year, primarily due to the impact of increased land compensation receivables. 11. Other non-current financial assets increased by RMB39 million compared to the end of the previous year, primarily due to changes in the fair value of stocks held by the Company. 12. Short-term borrowings increased by RMB6,416 million compared to the end of the previous year, primarily due to adjustments in the financing structure and an increase in short-term financing. 13. Derivative financial liabilities decreased by RMB1 million compared to the end of the previous year, primarily due to a reduction in variable losses on futures contracts.
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– 8 – 14. Employee compensation payable increased by RMB300 million compared to the end of the previous year, primarily due to the impact of the provision for wages and surcharges. 15. Taxes payable increased by RMB131 million compared to the end of the previous year, primarily due to the impact of increased value-added tax payable. 16. Long-term borrowings decreased by RMB7,047 million compared to the end of the previous year, primarily due to adjustments in the financing structure and the impact of reduced long-term financing. 17. Long-term payables increased by RMB141 million compared to the end of the previous year, primarily due to the receipt of special subsidy funds. 18. Treasury stock decreased by RMB27 million compared to the end of the previous year, primarily due to the impact of repurchase and cancellation of restricted stock which offset treasury shares. 19. Special reserves increased by RMB74 million compared to the end of the previous year, primarily due to the impact of safety production expense provided. 20. Retained earnings decreased by RMB2,040 million compared to the end of the previous year, primarily due to the impact of the operating loss incurred by the Company. 21. Net cash flow from operating activities increased by RMB2,281 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to: first, net profit growth increased operating cash flow by RMB3,073 million year on year; second, changes in accounts receivable increased operating cash flow by RMB1,337 million year on year; third, changes in financing of notes and accounts receivable reduced operating cash flow by RMB2,149 million year-on-year. 22. Net cash flow from investing activities increased by RMB30 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to: first, a decrease in net expenditures on other investments of RMB447 million year on year resulting from controlling the scale of notes; second, an increase in expenditures on fixed assets of RMB416 million year on year.
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– 9 – 23. Net cash flows from financing activities decreased by RMB2,998 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to: (i) a decrease of RMB62 million in investment received; (ii) a decrease of RMB2,897 million in net increase in bank borrowings; and (iii) an increase of RMB49 million in interest expense. 24. Cash and cash equivalents decreased by RMB687 million year on year from the beginning of the year to the end of the Reporting Period, primarily due to: (i) an increase of RM2,281 million in net cash flows from operating activities; (ii) an increase of RM30 million in net cash flows from investing activities; and (iii) a decrease of RM2,998 million in net cash flows from financing activities. II. USE OF PROCEEDS Applicable ✓ Not Applicable The Company did not have any use of raised funds during the reporting period. III. INFORMATION ON SHAREHOLDERS (I) Statement of the total number of holders of ordinary shares and holders of preference shares with restored voting rights, and the particulars of shareholdings of the top 10 shareholders Unit: shares Total number of holders of ordinary shares as at the end of the Reporting period 95,674 amongst whom 422 are holders of H shares Total number of holders of preference shares with restored voting rights as at the end of the Reporting Period (if any) 0
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– 10 – Shareholding of the top 10 shareholders (excluding the shares lent through securities lending and refinancing) Name of shareholder Nature of shareholder Percentage of Shareholding Number of shares held Number of shares held subject to trading moratorium Pledged, tagged or frozen Status of shares Number Anshan Iron & Steel Group Co. Ltd (ࠢ ʮ̡ ) State-owned legal person 53.97% 5,056,865,067 0 – – HKSCC Nominees Limited Overseas legal person 14.95% 1,401,108,240 0 – – China National Petroleum Corporation (˂ ʮ̡ ) State-owned legal person 9.02% 845,000,000 0 – – Cui Lijie Domestic natural person 0.92% 86,570,000 0 – – Central Huijin Asset Management Limited ( ʕ̯ ப ʮ̡ ) State-owned legal person 0.89% 83,650,620 0 – – Hong Kong Securities Clearing Company Limited Overseas legal person 0.83% 77,997,210 0 – – Agricultural Bank of China Limited – CSI 500 Trading Index Securities Investment Open-ended Fund ( ʕ༵ ʮ̡ Ñ ʕᗇ 500ܸ ږ) Others 0.37% 34,938,248 0 – – National Social Security Fund Portfolio 118 (ਿ ɓɓɞଡ଼Υ ) Others 0.35% 32,820,781 0 – – Power Construction Corporation of China (ணණ ʮ̡ ) State-owned legal person 0.30% 28,275,300 0 – – China Merchants Bank Co., Ltd – Guotai CSI Steel Traded Open-End Trading Index Securities Investment Fund (ʮ̡ – ක ږ) Others 0.26% 24,034,554 0 – –
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– 11 – Shareholding of the top 10 shareholders not subject to trading moratorium (excluding shares lent through refinancing and locked up shares of senior management) Name of shareholder Number of shares not subject to trading moratorium Class and number of shares Class of shares Number Anshan Iron & Steel Group Co. Ltd. (ʮ̡ ) 5,056,865,067 Renminbi ordinary shares 5,056,865,067 HKSCC Nominees Limited 1,401,108,240 Overseas-listed foreign shares 1,401,108,240 China National Petroleum Corporation (˂್ ʮ̡ ) 845,000,000 Renminbi ordinary shares 845,000,000 Cui Lijie 86,570,000 Renminbi ordinary shares 86,570,000 Central Huijin Asset Management Limited (༟ପ၍ଣ பʮ̡ ) 83,650,620 Renminbi ordinary shares 83,650,620 Hong Kong Securities Clearing Company Limited 77,997,210 Renminbi ordinary shares 77,997,210 Agricultural Bank of China Limited – CSI 500 Trading Index Securities Investment Open-ended Fund ( ʕุ༵ ʮ̡ Ñ ʕᗇ 500ᅰᗇՎ ږ) 34,938,248 Renminbi ordinary shares 34,938,248 National Social Security Fund Portfolio 118 (ږ ɓɓɞଡ଼Υ ) 32,820,781 Renminbi ordinary shares 32,820,781 Power Construction Corporation of China (ணණྠϞ ʮ̡ ) 28,275,300 Renminbi ordinary shares 28,275,300 China Merchants Bank Co., Ltd – Guotai CSI Steel Traded Open-End Trading Index Securities Investment Fund (ם ʮ̡ – इ ܸ ږ) 24,034,554 Renminbi ordinary shares 24,034,554 Explanations on connected relationship or concert party relationship among the shareholders mentioned above The Company is not aware of any connected relationship among the above shareholders or any such shareholders acting in concert within the meaning of the “Procedures on the Administration of Information Disclosure for Change in Shareholdings of the Shareholders of Listed Companies”. Description of top 10 shareholders to participate in financing business (if any) Among top 10 shareholders, the 86,570,000 shares held by Cui Lijie were all held through investor credit securities accounts.
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– 12 – Details of shareholders with more than 5% of shares, top ten shareholders and top ten shareholders not subject to trading moratorium to participate in the shares lent through securities lending and refinancing business Applicable ✓ Not Applicable Top ten shareholders and top ten shareholders not subject to trading moratorium changed as compared with the previous period due to lending/ returning of shares through securities lending and refinancing Applicable ✓ Not Applicable (II) Total number of holders of preference shares and shareholdings of the top 10 holders of preference shares Applicable ✓ Not Applicable IV. OTHER SIGNIFICANT EVENTS ✓ Applicable Not Applicable 1. On 16 July 2025, the Employee Representative Meeting elected the employee directors for the tenth Board of Directors of the Company. On 28 July 2025, the Second Extraordinary General Meeting in 2025 elected the executive directors, non-executive directors, and independent non-executive directors for the tenth session of the Board of Directors, thus completing the re-election of the Board. The meeting approved the “Proposal on Amending the Articles of Association (ࠈࡌ< ʮ̡ >)”, whereby the Company will no longer establish a Board of Supervisors. 2. On 25 August 2025, Mr. Zhang Hongjun resigned as director and general manager of the Company, and Mr. Deng Qiang resigned as deputy general manager of the Company due to work changes. 3. On 26 August 2025, the second session of the tenth Board of Directors approved the appointment of Mr. Tian Yong as the general manager of the company. On 19 September 2025, the third Extraordinary General Meeting in 2025 elected Mr. Tian Yong as an executive director of the tenth Board of Directors.
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– 13 – V. QUARTERLY FINANCIAL STATEMENTS (I) Financial Statement Consolidated Balance Sheet As at 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item 30 September 2025 31 December 2024 Current assets: Cash and cash equivalents 3,649 4,544 Trading financial assets 24 15 Derivative financial assets Notes receivable 372 55 Accounts receivable 2,851 2,952 Receivables financing 2,147 918 Prepayments 3,344 3,189 Other receivables 110 66 Including: Interests receivable Dividends receivable Inventories 12,169 14,769 Other current assets 1,269 1,742 Total current assets 25,935 28,250
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– 14 – Item 30 September 2025 31 December 2024 Non-current assets: Long-term equity investments 4,004 3,840 Other equity instrument investments 696 690 Other non-current financial assets 143 104 Fixed assets 52,487 51,842 Construction in progress 4,696 5,802 Right-of-use assets 101 123 Intangible assets 6,419 6,710 Deferred income tax assets 2,289 2,296 Other non-current assets 723 921 Total non-current assets 71,558 72,328 Total assets 97,493 100,578
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– 15 – Item 30 September 2025 31 December 2024 Current liabilities: Short-term loans 7,590 1,174 Derivative financial liabilities 1 Notes payable 17,653 17,957 Accounts payable 7,157 8,281 Contract liabilities 5,059 4,557 Staff remuneration payable 397 97 Tax payable 275 144 Other payables 5,570 6,066 Including: Interests payable Dividends payable 1 1 Non-current liabilities due within one year 896 700 Other current liabilities 526 462 Total current liabilities 45,123 39,439 Non-current liabilities: Long-term loans 3,944 10,991 Bonds payable Lease liability 103 125 Long-term payables 508 367 Long-term employee benefits payable 50 50 Deferred income 882 844 Deferred income tax liabilities 91 91 Total non-current liabilities 5,578 12,468 Total liabilities 50,701 51,907
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– 16 – Item 30 September 2025 31 December 2024 Shareholders’ equity: Share capital 9,369 9,383 Capital reserve 33,924 33,920 Less: Treasury shares 27 Other comprehensive income 221 215 Special reserve 126 52 Surplus reserve 4,457 4,457 Retained earnings (2,361) (321) Subtotal of Shareholders’ equity attributable to shareholders of parent company 45,736 47,679 Minority interests 1,056 992 Total shareholders’ equity 46,792 48,671 Total liabilities and shareholders’ equity 97,493 100,578 Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 17 – Consolidated Income Statement For the nine months ended 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item January to September 2025 January to September 2024 I. Total operating revenue 73,092 79,261 Including: operating revenue 73,092 79,261 II. Total operating cost 75,629 84,507 Including: operating cost 72,993 82,073 Taxes and surcharges 745 621 Selling expenses 355 413 Administrative expenses 924 925 Research and development expenses 359 295 Financial expenses 253 180 Including:Interests expenses 274 192 Interests income 36 33 Add: Other incomes 286 168 Investment income (Loss is listed with “-”) 398 386 Including: In vestment incomes in associates and joint ventures 436 392 Gain from fair-value changes (Loss is listed with “-”) 55 70 Credit impairment losses(Loss is listed with “-”) (1) Impairment on assets(Loss is listed with “-”) (142) (319) Gains on disposal of assets(Loss is listed with “-”) 9 35
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– 18 – Item January to September 2025 January to September 2024 III. Operating profit (Loss is listed with “-”) (1,931) (4,907) Add: Non-operating income 26 21 Less: Non-operating expenses 14 112 IV. Profit before income tax (Loss is listed with “-”) (1,919) (4,998) Less: Income tax expenses 66 60 V. Net profit (Loss is listed with “-”) (1,985) (5,058) Classification of business operation i. Continuous operating net profit (Loss is listed with “-”) (1,985) (5,058) ii Termination of business operating profit (Loss is listed with “-”) Classification of ownership i. Ne t income attributable to the Company owners (2,040) (5,084) ii. Ne t income attributable to minority shareholders 55 26 VI. Other comprehensive income after tax 6 16 Other comprehensive income after tax attributable to parent company owners 6 16 I. Other comprehensive income which cannot be reclassified subsequently to profit or loss 6 16 i. Net gain on other equity instruments at fair value through other comprehensive income 5 15 ii. Th e shares of the other comprehensive income which cannot be reclassified in profit or loss of the invested company in equity method 1 1
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– 19 – Item January to September 2025 January to September 2024 II. Other comprehensive income which will be reclassified subsequently to profit or loss i. The shares of the other comprehensive income which can be reclassified in profit or loss of the invested company in equity method Other comprehensive income after tax attributable to minority shareholders VII. Total comprehensive income (1,979) (5,042) Total comprehensive income attributed to the Company owners (2,034) (5,068) Total comprehensive income attributable to minority shareholders 55 26 VIII. Earning per share: Basic earning per share (RMB/share) (0.218) (0.542) Diluted earning per share (RMB/share) (0.218) (0.542) Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 20 – Consolidated Statement of Cash Flows For the nine months ended 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item January to September 2025 January to September 2024 I. Cash flows from operating activities: Cash received from sales and services 76,246 72,141 Taxes and surcharges refunds 24 96 Other cash receipts related to operating activities 534 512 Sub-total of cash inflows from operating activities 76,804 72,749 Cash payments for goods purchased and services received 69,222 68,225 Cash payments to and on behalf of employees 2,797 3,079 Payments of taxes and surcharges 1,182 848 Other cash payments relating to operating activities 1,635 910 Sub-total of cash outflows from operating activities 74,836 73,062 Net cash flow from operating activities 1,968 (313)
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– 21 – Item January to September 2025 January to September 2024 II. Cash flows from investing activities: Cash receipts from disposals and returns of investments Cash receipts from returns on investments 483 340 Net cash receipts from disposals of fixed assets, intangible assets and other long-term assets 25 13 Other cash receipts relating to investing activities 1,845 111 Sub-total of cash inflows from investing activities 2,353 464 Cash payments to acquire and construct fixed assets, intangible assets and other long-term assets 2,444 2,028 Cash payments to acquire investments 212 113 Other cash payments relating to investing activities 1,908 564 Sub-total of cash outflows from investing activities 4,564 2,705 Net cash flow from investing activities (2,211) (2,241)
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– 22 – Item January to September 2025 January to September 2024 III. Cash flows from financing activities: Cash received from investments 10 72 Including: cash receipts from minorities making investment in subsidiaries 10 72 Cash receipts from borrowings 16,499 11,742 Other cash receipts relating to financing activities 17 Sub-total of cash inflows from financing activities 16,526 11,814 Cash repayments of amounts borrowed 16,832 9,178 Cash payments for distribution of dividends or profit or interest expenses 252 203 Including: pa yments for distribution of dividends or profit to minorities of subsidiaries Other cash payments relating to financing activities 94 87 Sub-total of cash outflows from financing activities 17,178 9,468 Net cash flow from financing activities (652) 2,346
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– 23 – Item January to September 2025 January to September 2024 IV. Effect of changes in foreign exchange rate on cash and cash equivalents V. Net Increase in Cash and Cash Equivalents (895) (208) Add: Op ening balance of Cash and Cash Equivalents 4,544 3,319 VI. Closing Balance of Cash and Cash Equivalents 3,649 3,111 Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 24 – Parent company Balance sheet As at 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item 30 September 2025 31 December 2024 Current assets: Cash and cash equivalents 2,007 2,293 Trading financial assets 24 15 Derivative financial assets Notes receivable 338 50 Accounts receivable 3,321 2,716 Receivables financing 1,420 674 Prepayments 2,367 2,566 Other receivables 155 53 Including: Interests receivable Dividends receivable Inventories 9,414 11,645 Other current assets 923 1,519 Total current assets 19,969 21,531
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– 25 – Item 30 September 2025 31 December 2024 Non-current assets: Long-term equity investments 14,445 14,346 Other equity instrument investments 696 690 Other non-current financial assets 143 104 Fixed assets 44,275 43,864 Construction in progress 4,286 5,030 Right-of-use assets 76 122 Intangible assets 5,555 5,828 Deferred income tax assets 2,190 2,203 Other non-current assets 686 907 Total non-current assets 72,352 73,094 Total assets 92,321 94,625 Current liabilities: Short-term loans 7,470 710 Derivative financial liabilities 1 Notes payable 16,592 17,230 Accounts payable 5,476 6,656 Contract liabilities 5,354 4,297 Staff remuneration payable 371 87 Tax payable 180 97 Other payables 5,697 6,673 Including: Interests payable Dividends payable Non-current liabilities due within one year 866 700 Other current liabilities 153 131 Total current liabilities 42,159 36,582
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– 26 – Item 30 September 2025 31 December 2024 Non-current liabilities: Long-term loans 3,782 10,862 Bonds payable Lease liability 79 124 Long-term payables 508 367 Long-term employee benefits payable 49 49 Deferred income 668 670 Deferred income tax liabilities 90 89 Total non-current liabilities 5,176 12,161 Total liabilities 47,335 48,743 Shareholders’ equity: Share capital 9,369 9,383 Capital reserve 26,909 26,905 Less: Treasury shares 27 Other comprehensive income 221 215 Special reserve 78 31 Surplus reserve 4,447 4,447 Retained earnings 3,962 4,928 Total shareholders’ equity 44,986 45,882 Total liabilities and shareholders’ equity 92,321 94,625 Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 27 – Parent Company Income Statement For the nine months ended 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item January to September 2025 January to September 2024 I. Total operating revenue 61,985 66,540 Including: operating revenue 61,985 66,540 II. Total operating cost 64,373 71,518 Including: Operating cost 62,163 69,372 Tax and surcharges 587 496 Selling expenses 231 364 Administrative expenses 788 808 Research and development expenses 319 255 Financial expenses 285 223 Including: Interests expenses 284 219 Interest income 21 23 Add: Other incomes 147 90 Investment income (Loss is listed with “-”) 1,340 504 Including:In vestment incomes in associates and joint ventures 397 369 Gain from fair-value changes (Loss is listed with “-”) 55 70 Credit impairment losses(Loss is listed with “-”) 1 (4) Impairment on assets(Loss is listed with “-”) (122) (315) Gains on disposal of assets(Loss is listed with “-”) 35
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– 28 – Item January to September 2025 January to September 2024 III. Operating profit (Loss is listed with “-”) (967) (4,598) Add: Non-operating income 24 18 Less: Non-operating expenses 10 109 IV. Profit before income tax (Loss is listed with “-”) (953) (4,689) Less: Income tax expenses 13 7 V. Net profit for the period (Loss is listed with “-”) (966) (4,696) Classification according to the continuity of operation i. Continuous operating net profit (Loss is listed with “-”) (966) (4,696) ii. Termination of business operating profit (Loss is listed with “-”) Classification of ownership i. Termination of business operating profit (966) (4,696) ii. Termination of business operating profit
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– 29 – Item January to September 2025 January to September 2024 VI. Other comprehensive income after tax 6 16 Other comprehensive income after tax attributable to parent company owners 6 16 I. Ot her comprehensive income which cannot be reclassified subsequently to profit or loss 6 16 i. Net gain on other equity instruments at fair value through other comprehensive income 5 15 ii. The shares of the other comprehensive income which cannot be reclassified in profit or loss of the invested company in equity method 1 1 II. Other comprehensive income which will be reclassified subsequently to profit or loss i. The shares of the other comprehensive income which can be reclassified in profit or loss of the invested company in equity method Other comprehensive income after tax attributable to minority shareholders VII. Total comprehensive income (960) (4,680) Total comprehensive income attributed to the Company owners (960) (4,680) Total comprehensive income attributable to minority shareholders Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 30 – Parent Company Cash Flow Statement For the nine months ended 30 September 2025 Prepared by: Angang Steel Company Limited Monetary unit: RMB million Item January to September 2025 January to September 2024 I. Cash flows from operating activities: Cash received from sales and services 65,842 62,123 Taxes and surcharges refunds 6 71 Other cash receipts related to operating activities 370 446 Sub-total of cash inflows from operating activities 66,218 62,640 Cash payments for goods purchased and services received 60,479 58,598 Cash payments to and on behalf of employees 2,354 2,583 Payments of taxes and surcharges 713 583 Other cash payments relating to operating activities 1,064 760 Sub-total of cash outflows from operating activities 64,610 62,524 Net cash flow from operating activities 1,608 116
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– 31 – Item January to September 2025 January to September 2024 II. Cash flows from investing activities: Cash receipts from disposals and returns of investments Cash receipts from returns on investments 1,462 478 Net cash receipts from disposals of fixed assets, intangible assets and other long-term assets 18 Other cash receipts relating to investing activities 1,759 91 Sub-total of cash inflows from investing activities 3,221 587 Cash payments to acquire and construct fixed assets, intangible assets and other long-term assets 2,085 1,697 Cash payments to acquire investments 183 217 Other cash payments relating to investing activities 1,707 563 Sub-total of cash outflows from investing activities 3,975 2,477 Net cash flow from investing activities (754) (1,890)
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– 32 – Item January to September 2025 January to September 2024 III. Cash flows from financing activities: Cash received from investments Including: re ceived of subsidiary from minority shareholders Cash received from borrowings 17,415 11,850 Other cash received from financing activities 48 70 Sub-total of cash inflows from financing activities 17,463 11,920 Cash repayments of amounts borrowed 18,127 9,353 Cash payments for distribution of dividends or profit or interest expenses 263 215 Including: pa yments for distribution of dividends or profit to minorities of subsidiaries Other cash payments relating to financing activities 213 85 Sub-total of cash outflows from financing activities 18,603 9,653 Net cash flow from financing activities (1,140) 2,267
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– 33 – Item January to September 2025 January to September 2024 IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents V. Net Increase in Cash and Cash Equivalents (286) 493 Add: Opening balance of Cash and Cash Equivalents 2,293 1,259 VI. Closing Balance of Cash and Cash Equivalents 2,007 1,752 Legal representative: Financial controller: Person in charge of accounting department: Wang Jun Li Jingdong Ma Li
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– 34 – (II) Particulars in relation to adjustments made to the financial statements as at the beginning of the year of the initial adoption new accounting standards since 2025 Applicable ✓ Not applicable (III) Audit report Whether the third quarterly financial and accounting report has been audited or not Yes ✓ No The third quarterly financial and accounting report of the Company is unaudited. By Order of the Board ANGANG STEEL COMPANY LIMITED* Wang Jun Executive Director and Chairman of the Board Anshan City, Liaoning Province, the PRC 30 October 2025 As at the date of this announcement, the Board comprises of the following directors: Executive Directors: Independent Non-executive Directors: Wang Jun Wang Wanglin Tian Yong Zhu Keshi Li Jingdong Hu Caimei Liu Chaojian Non-executive Director: Employee Director: Tan Yuhai Zhao Zhongmin * For identification purpose only