MAANSHAN IRON (00323) announced its annual results for the period ending December 31, 2025. The group achieved operating revenue of 77.525 billion yuan, representing a decrease of 5.25% year-on-year. The net loss attributable to equity shareholders of the company was 209 million yuan, narrowing significantly by 95.51% compared to the previous year. The basic loss per share was 0.027 yuan.
Throughout 2025, the company confronted a challenging market environment. It adhered to its "Four Modernizations" development direction and "Four-Haves" operational principles, solidly advancing internal reforms and synergistic value creation. It deepened multi-dimensional operational accounting and benchmarking to identify gaps, continuously optimized its product mix, and enhanced product management capabilities and production line operational efficiency.
Overall annual production and operations remained stable, with operating performance showing substantial improvement over the previous year. The total profit saw a reduction in losses of 4.970 billion yuan year-on-year, while net profit recorded a reduction in losses of 4.956 billion yuan. Net profit attributable to shareholders showed a reduction in losses of 4.450 billion yuan. However, due to market fluctuations in the fourth quarter and performance declines at some equity-accounted investees, aside from total profit, both net profit and net profit attributable to shareholders remained in negative territory and did not achieve a turnaround.
The optimization of the product structure led to a significant enhancement of competitive advantages. Maanshan Iron & Steel Company Limited vigorously advanced product management. Plate and strip products achieved volume growth and efficiency gains, with automotive sheet sales reaching 2.34 million tons, an increase of 6.3%. The specialty steel product mix was continuously optimized, leading to sustained brand value enhancement; production and sales volume grew by 16%, with high value-added and high-technology products accounting for over 30% of the total. Structural steel exports reached 930,000 tons, a record high representing a 33% year-on-year increase. Wheel products achieved key breakthroughs, with annual domestic deliveries of high-speed rail wheels exceeding 2,200 units.
Technological innovation was strengthened, focusing on supporting market value creation and on-site capability improvement. Sales volume of new products increased by 16%, with excess gross profit per ton of steel reaching 353 yuan. Four new products, including the "1.2m ultra-large diameter continuous casting round billet for high-quality die-casting molds," were launched as domestic firsts. Key project construction progressed according to schedule. The No. 6 Galvanizing Line project in the cold rolling mill and the No. 3 Continuous Caster project for structural steel commenced hot operation. The new No. 4 Continuous Caster project for strip production is steadily advancing.
Changjiang Steel adhered to the principles of localization, direct customer engagement, branding, and leanness. It established a customer service center, developed an e-commerce platform, moved away from the agency system, and strengthened direct supply to key projects. Localized sales accounted for 85.66% of the total, and the proportion of direct shipments to construction sites increased from 51.13% to 68.53%, reaching a historical best level. Cumulative sales of high-strength steel reached 321,000 tons, accounting for 7.2% of total sales. The new bar and rod line project was efficiently completed within 180 days, achieving project initiation, construction, and full production with effectiveness all within the same year. The direct hot charging rate increased by 25 percentage points compared to the previous year.
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