Announcement • 23h
Angang Steel Company Limited to Report First Half, 2026 Results on Aug 28, 2026 Angang Steel Company Limited announced that they will report first half, 2026 results on Aug 28, 2026 Major Estimate Revision • May 06
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from CN¥92.6b to CN¥96.4b. Forecast EPS reduced from -CN¥0.454 to -CN¥0.504 per share. Metals and Mining industry in Hong Kong expected to see average net income growth of 54% next year. Consensus price target down from HK$1.89 to HK$1.71. Share price fell 4.6% to HK$1.45 over the past week. Reported Earnings • Apr 30
First quarter 2026 earnings released: CN¥0.16 loss per share (vs CN¥0.059 loss in 1Q 2025) First quarter 2026 results: CN¥0.16 loss per share (further deteriorated from CN¥0.059 loss in 1Q 2025). Revenue: CN¥22.0b (down 12% from 1Q 2025). Net loss: CN¥1.46b (loss widened 163% from 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 08
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥97.0b to CN¥91.0b. Now expected to report a loss of CN¥0.43 per share instead of CN¥0.016 per share profit previously forecast. Metals and Mining industry in Hong Kong expected to see average net income growth of 68% next year. Consensus price target broadly unchanged at HK$1.94. Share price rose 3.2% to HK$1.60 over the past week. Announcement • Mar 31
Angang Steel Company Limited to Report Q1, 2026 Results on Apr 30, 2026 Angang Steel Company Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 31
Full year 2025 earnings released: CN¥0.43 loss per share (vs CN¥0.76 loss in FY 2024) Full year 2025 results: CN¥0.43 loss per share (improved from CN¥0.76 loss in FY 2024). Revenue: CN¥96.1b (down 8.6% from FY 2024). Net loss: CN¥4.07b (loss narrowed 43% from FY 2024). Revenue is forecast to stay flat during the next 2 years compared to a 14% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Mar 31
Angang Steel Company Limited, Annual General Meeting, May 29, 2026 Angang Steel Company Limited, Annual General Meeting, May 29, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Anshan, Liaoning China Announcement • Jan 30
Angang Steel Company Limited Provides Earnings Guidance for the Twelve Months Ended 31 December 2025 Angang Steel Company Limited provided earnings guidance for the twelve months ended 31 December 2025. The Board announced that the Company is expecting to record a decrease in the net loss attributable to shareholders of the Company for the twelve months ended 31 December 2025 in comparison with the corresponding period of 2024. It expects net loss attributable to shareholders of the Company Approximately RMB 4,077 million and Basic loss per share of Approximately RMB 0.435. Major Estimate Revision • Jan 06
Consensus EPS estimates fall by 32% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -CN¥0.254 to -CN¥0.334 per share. Revenue forecast unchanged at CN¥98.4b. Metals and Mining industry in Hong Kong expected to see average net income growth of 41% next year. Consensus price target down from HK$2.23 to HK$2.04. Share price was steady at HK$1.90 over the past week. Announcement • Dec 31
Angang Steel Company Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 Angang Steel Company Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 Major Estimate Revision • Nov 25
Consensus EPS estimates fall by 36%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CN¥94.3b to CN¥96.9b. Forecast EPS reduced from -CN¥0.217 to -CN¥0.296 per share. Metals and Mining industry in Hong Kong expected to see average net income growth of 33% next year. Consensus price target broadly unchanged at HK$2.19. Share price fell 6.6% to HK$1.98 over the past week. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 53%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CN¥94.3b to CN¥99.5b. Forecast EPS reduced from -CN¥0.217 to -CN¥0.332 per share. Metals and Mining industry in Hong Kong expected to see average net income growth of 33% next year. Consensus price target up from HK$2.16 to HK$2.26. Share price fell 14% to HK$1.96 over the past week. Reported Earnings • Nov 02
Third quarter 2025 earnings released: CN¥0.096 loss per share (vs CN¥0.26 loss in 3Q 2024) Third quarter 2025 results: CN¥0.096 loss per share (improved from CN¥0.26 loss in 3Q 2024). Revenue: CN¥24.5b (up 2.9% from 3Q 2024). Net loss: CN¥896.0m (loss narrowed 63% from 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 8.8% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Sep 30
Angang Steel Company Limited to Report Q3, 2025 Results on Oct 31, 2025 Angang Steel Company Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Announcement • Sep 19
Angang Steel Company Limited Appoints Tian Yong as an Executive Director Angang Steel Company Limited announced in extraordinary shareholders meeting held on September 19, 2025 the appointment of Mr. Tian Yong as an executive director of the tenth session of the Board. Reported Earnings • Aug 28
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: CN¥0.063 loss per share (improved from CN¥0.11 loss in 2Q 2024). Revenue: CN¥23.5b (down 16% from 2Q 2024). Net loss: CN¥590.0m (loss narrowed 43% from 2Q 2024). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Jul 02
Angang Steel Company Limited to Report First Half, 2025 Results on Aug 30, 2025 Angang Steel Company Limited announced that they will report first half, 2025 results on Aug 30, 2025 Board Change • Jun 30
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non Executive Director Wanglin Wang is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Caimei Hu was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 30
Angang Steel Company Limited, Annual General Meeting, Jun 03, 2025 Angang Steel Company Limited, Annual General Meeting, Jun 03, 2025, at 14:00 China Standard Time. Location: conference room of the company, angang industrial zone, tiexi district, anshan city, liaoning province, China Reported Earnings • Mar 30
Full year 2024 earnings released: CN¥0.76 loss per share (vs CN¥0.35 loss in FY 2023) Full year 2024 results: CN¥0.76 loss per share (further deteriorated from CN¥0.35 loss in FY 2023). Revenue: CN¥105.1b (down 7.4% from FY 2023). Net loss: CN¥7.12b (loss widened 119% from FY 2023). Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 5.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Mar 22
Angang Steel Company Limited Appoints Li Jingdong as Joint Company Secretary The board of directors of Angang Steel Company Limited announced that Mr. Li Jingdong (‘Mr. Li’) has been appointed as the joint company secretary of the Company (the ‘Joint Company Secretary’) with effect from 20 March 2025. Mr. Zhou Dongzhou (‘Mr. Zhou’) remains as the other Joint Company Secretary of the Company. Mr. Li, born in March 1977, holds Chinese nationality and does not have permanent residency status overseas. He is a chief senior accountant and holds a master's degree. Mr. Li currently serves as Executive Director, Deputy General Manager, Chief Accountant, Secretary of the Board, a standing member of the Party Committee of the Company and a standing member of the Party Committee of Anshan Iron & Steel Group Co. Ltd. Mr. Li previously served as deputy general manager of the Financial Department at Angang Group Company, director of the Financial Shared Service Center at Angang Group Company, standing member of the Party Committee of Ling Yuan Iron & Steel Group Co. Ltd. and director, deputy general manager, and chief accountant of Ling Yuan Iron & Steel Co. Ltd. Mr. Zhou, born in December 1958 is a fellow member of the Hong Kong Chartered Governance Institute (formerly known as The Hong Kong Institute of Chartered Secretaries). Mr. Zhou obtained a bachelor's degree in English from China Mining College and a master's degree in management engineering from China University of Mining and Technology. He is an associate professor of translation and a senior professional manager in the coal industry. He worked for China University of Mining and Technology, Department of Science and Education of the Ministry of Coal Industry and other units. He served as the secretary of the General Office of the State Ministry of Coal Industry and the State Administration of Coal Industry, the manager of the Market Development Department and the deputy head of the Coal Trading Division of China National Coal Group Corporation (the ‘China Coal Group’), the deputy general manager of China Coal Import and Export Company, a member of the Party committee and the secretary to the board of directors of China Coal Group, and served as the secretary to the board of directors and the company secretary of China Coal Energy Company Limited. He has retired in March 2019. Announcement • Mar 12
Angang Steel Company Limited Approves Appointment of Li Jingdong as an Executive Director Angang Steel Company Limited at its EGM held on March 12, 2025, approved the appointment of Mr. Li Jingdong as an executive director of the ninth session of the Board. Announcement • Feb 12
Angang Steel Company Limited Announces Management Changes The board of directors of Angang Steel Company Limited announced that Mr. Wang Baojun tendered his resignation as executive director, deputy general manager, chief accountant, secretary to the board, joint company secretary and authorized representative of the Company to the Board on 11 February 2025 due to changes in work arrangement. The resignation of Mr. Wang takes effect from 11 February 2025. Mr. Wang has confirmed that he has no disagreement with the Board, the supervisory committee and/or the Company, and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Li Jingdong has been appointed as deputy general manager, chief accountant, secretary to the board with effect from 11 February 2025. He has also been appointed as the authorized representative of the Company, effective on the same date, subject to the approval by shareholders for the appointment of Mr. Li as an executive director at a general meeting. Meanwhile, Mr. Li has been appointed as the joint company secretary. According to the requirements of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), Mr. Li shall apply for a waiver from strict compliance with the requirement under Rule 3.28 and Rule 8.17 of the Listing Rules from the Hong Kong Stock Exchange to perform the duties of Company Secretary (the "Waiver"), and his appointments as the Company Secretary shall take effect on the date of acquiring the Waiver. The Company will make further announcements regarding the waiver application as appropriate. The Board further announces that Mr. Li has been nominated by the Board as a candidate for an executive director of the ninth session of the Board. His appointment is subject to shareholders' approval at a general meeting. Mr. Li, born in March 1977, holds Chinese nationality and does not have permanent residency status overseas. He is a chief senior accountant and holds a master's degree. Mr. Li currently serves as a standing member of the Party Committee of the Company and a standing member of the Party Committee of Anshan Iron & Steel Group Co. Ltd. Mr. Li previously served as deputy general manager of the Financial Department at Angang Group Company, director of the Financial Shared Service Center at Angang Group Company, standing member of the Party Committee of Ling Yuan Iron & Steel Group Co. Ltd. and director, deputy general manager, and chief accountant of Ling Yuan Iron & Steel Co. Ltd. The term of office of Mr. Li as a director will commence upon the approval of his appointment by the shareholders at a general meeting and shall expire at the end of the ninth session of the Board. The Company will enter into a service contract with Mr. Li. The remuneration of Mr. Li will be determined by the Board with reference to his responsibilities, the Company's remuneration policy and the prevailing market conditions. Announcement • Jan 27
Angang Steel Company Limited Provides Earnings Guidance for the Twelve Months Ended 31 December 2024 Angang Steel Company Limited provided earnings guidance for the twelve months ended 31 December 2024. For the period, Company is expecting to record a decline in the net profit attributable to shareholders of the Company for the twelve months ended 31 December 2024 in comparison with the corresponding period of 2023. In 2024, the steel price index experienced a sustained decline, while the iron ore price index has been undergoing high-level range-bound trading. The weak market conditions in the steel industry further intensified, leading to overall losses in the core steel business. Affected by the prolonged weakness in downstream demand, the cyclical downturn, and the low prosperity of the steel industry, the price spread between supply and sales markets narrowed rapidly, further compressing the Company's profit margins. Decline in net loss attributable to shareholders was approximately RMB 7,109 million (Decrease as compared to corresponding period of last year: approximately 118.47%). Basic loss per share Approximately RMB 0.758. In 2024, the steel price index experienced a sustained decline, while the iron ore price index has been undergoing high-level range-bound trading. The weak market conditions in the steel industry further intensified, leading to overall losses in the core steel business. Affected by the prolonged weakness in downstream demand, the cyclical downturn, and the low prosperity of the steel industry, the price spread between supply and sales markets narrowed rapidly, further compressing the Company's profit margins. Major Estimate Revision • Jan 09
Consensus estimates of losses per share improve by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥106.8b to CN¥108.2b. EPS estimate increased from -CN¥0.619 per share to -CN¥0.54 per share. Metals and Mining industry in Hong Kong expected to see average net income growth of 29% next year. Consensus price target broadly unchanged at HK$1.30. Share price was steady at HK$1.42 over the past week. Announcement • Dec 31
Angang Steel Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Angang Steel Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Major Estimate Revision • Nov 25
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -CN¥0.343 to -CN¥0.384 per share. Revenue forecast unchanged at CN¥106.8b. Metals and Mining industry in Hong Kong expected to see average net income growth of 27% next year. Consensus price target down from HK$1.51 to HK$1.31. Share price fell 5.4% to HK$1.41 over the past week. Reported Earnings • Nov 01
Third quarter 2024 earnings released: CN¥0.26 loss per share (vs CN¥0.082 loss in 3Q 2023) Third quarter 2024 results: CN¥0.26 loss per share (further deteriorated from CN¥0.082 loss in 3Q 2023). Revenue: CN¥23.8b (down 8.0% from 3Q 2023). Net loss: CN¥2.40b (loss widened 211% from 3Q 2023). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Oct 11
Consensus EPS estimates upgraded to CN¥0.43 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -CN¥0.546 to -CN¥0.431 per share. Revenue forecast steady at CN¥107.7b. Metals and Mining industry in Hong Kong expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at HK$1.67. Share price fell 11% to HK$1.52 over the past week. Announcement • Sep 30
Angang Steel Company Limited to Report Q3, 2024 Results on Oct 31, 2024 Angang Steel Company Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 80% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -CN¥0.302 to -CN¥0.546 per share. Revenue forecast unchanged at CN¥108.7b. Metals and Mining industry in Hong Kong expected to see average net income growth of 23% next year. Consensus price target down from HK$1.73 to HK$1.65. Share price fell 5.3% to HK$1.07 over the past week. Reported Earnings • Aug 31
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: CN¥0.11 loss per share (improved from CN¥0.13 loss in 2Q 2023). Revenue: CN¥28.1b (flat on 2Q 2023). Net loss: CN¥1.03b (loss narrowed 14% from 2Q 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 11
Consensus EPS estimates upgraded to CN¥0.33 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -CN¥0.371 to -CN¥0.332 per share. Revenue forecast steady at CN¥108.7b. Metals and Mining industry in Hong Kong expected to see average net income growth of 40% next year. Consensus price target broadly unchanged at HK$1.70. Share price was steady at HK$1.24 over the past week. Announcement • Jun 29
Angang Steel Company Limited to Report First Half, 2024 Results on Aug 31, 2024 Angang Steel Company Limited announced that they will report first half, 2024 results on Aug 31, 2024 Major Estimate Revision • Jun 25
Consensus EPS estimates fall by 102% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥114.0b to CN¥111.2b. Losses expected to increase from CN¥0.14 per share to CN¥0.29. Metals and Mining industry in Hong Kong expected to see average net income growth of 38% next year. Consensus price target down from HK$1.87 to HK$1.77. Share price fell 6.0% to HK$1.25 over the past week. Announcement • Jun 06
Angang Steel Company Limited Announces Board and Committees Changes The board of directors of Angang Steel Company Limited announced that Mr. Feng Changli ("Mr. Feng"), having served as an independent non-executive Director for six consecutive years, has tendered his resignation as an independent non-executive Director, pursuant to the Administrative Measures for Independent Directors of Listed Companies promulgated by the China Securities Regulatory Commission which stipulates the consecutive term of an independent non-executive director serving in the same listed company shall not exceed six years. The resignation of Mr. Feng takes effect from 4 June 2024. Following his resignation, Mr. Feng ceased to be the chairman of the remuneration and appraisal committee of the Company, a member of the nomination committee of the Company, a member of the audit and risk (oversight) committee of the Company, and a member of the strategic committee of the Company. Mr. Feng confirmed that there is no disagreement with the Board, the supervisory committee and/or the Company, and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that it was resolved at the 29th meeting of the ninth session of the Board on 4 June 2024 that the composition of the committees of the Board will be adjusted as follows: The strategic committee of the Company will comprise Mr. Wang Jun, Mr. Zhang Hongjun, Mr. Wang Jianhua, Mr. Wang Wanglin, Mr. Zhu Keshi, Ms. Hu Caimei and Mr. Tan Yuhai, and will be chaired by Mr. Wang Jun; The remuneration and appraisal committee of the Company will comprise Ms. Hu Caimei, Mr. Wang Jun, Mr. Wang Jianhua, Mr. Wang Wanglin, Mr. Zhu Keshi and Mr. Tan Yuhai, and will be chaired by Ms. Hu Caimei; The nomination committee of the Company will comprise Mr. Wang Jianhua, Mr. Wang Jun, Mr. Deng Qiang, Mr. Wang Wanglin, Mr. Zhu Keshi, Ms. Hu Caimei and Mr. Tan Yuhai, and will be chaired by Mr. Wang Jianhua; The audit and risk (oversight) committee will comprise Mr. Zhu Keshi, Mr. Wang Jianhua, Mr. Wang Wanglin, Ms. Hu Caimei and Mr. Tan Yuhai, and will be chaired by Mr. Zhu Keshi. Announcement • May 30
Angang Steel Company Limited Approves Board Appointments Angang Steel Company Limited announced that at its AGM held on May 29, 2024, the shareholders approved appointment of Ms. Hu Caimei as an independent non-executive Director of the ninth session of the Board. The company also approved the appointment of the executive Director and non-executive Director of the ninth session of the Board (cumulative voting): Mr. Deng Qiang as an executive Director of the ninth session of the Board. Mr. Tan Yuhai as a non-executive Director of the ninth session of the Board. Announcement • May 01
Angang Steel Company Limited, Annual General Meeting, May 29, 2024 Angang Steel Company Limited, Annual General Meeting, May 29, 2024, at 14:00 China Standard Time. Location: Conference Room of the Company, Production Area of Angang Steel, Tiexi District, Anshan City Liaoning Province China Agenda: To consider and approve the report of the board of directors (the "Directors") of the Company (the "Board") for the year of 2023; to consider and approve the report of the supervisory committee of the Company for the year of 2023; to consider and approve the 2023 annual report of the Company and its extracts; to consider and approve the audited financial report of the Company for the year of 2023; to consider and approve the profit distribution plan for the year of 2023; to consider and approve the remuneration of the Directors and supervisors of the Company for the year of 2023; and to consider other matters. Reported Earnings • Apr 30
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: CN¥0.18 loss per share (further deteriorated from CN¥0.016 loss in 1Q 2023). Revenue: CN¥27.3b (down 11% from 1Q 2023). Net loss: CN¥1.66b (loss widened CN¥1.51b from 1Q 2023). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 121%. Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Angang Steel Company Limited Announces Executive Appointments Angang Steel Company Limited announce that Mr. Deng Qiang ("Mr. Deng") has been appointed as deputy general manager of the Company with effect from 29 April 2024. Mr. Deng, aged 47, holds Chinese nationality without permanent residence abroad. Mr. Deng is a senior engineer, and currently a member of the standing committee of the Party Committee of the Company and a member of the standing committee of theParty Committee of Anshan Iron & Steel Co. Ltd. Mr. Deng graduated from Northeastern University in 1999 with a bachelor's degree in engineering, majoring in metal pressure processing and obtained a master's degree in engineering in the area of materials engineering from the University of Science and Technology Beijing in 2013. Mr. Deng served as the secretary of the Party Committee, deputy general manager and director of Pangang Group Xichang Steel Vanadium Co.,Ltd, the chairman of the board of directors of TAGAL Chongqing, the secretary of the Party Committee, general manager and director of Pangang Group Panzhihua Steel Vanadium Co. Ltd., the general manager, deputy secretary of the Party Committee and director of Pangang Group Xichang Steel Vanadium Co. Ltd. The Board is announce that Mr. He Tianqing ("Mr. He") has been appointed as deputy general manager of the Company with effect from 29 April 2024. Mr. He, aged 45, holds Chinese nationality without permanent residence abroad. Mr. He is a senior engineer, and currently a member of the standing committee of the Party Committee of the Company and a member of the standing committee of the Party Committee of Anshan Iron & Steel Co. Ltd. Mr. He graduated from Anshan Iron and Steel College in 2000 with a bachelor's degree in engineering, majoring in mechanical design and manufacturing and obtained a master's degree in engineering in the area of mechanical engineering from University of Science and Technology Liaoning in 2010. Mr. He served as the deputy general manager of Angang Group Chaoyang Iron and Steel Co. Ltd. the general manager of system innovation department of the Company, the general manager of digital and intelligent development department of the Company, and the general manager of equipment engineering department (equipment management center)of the Company. Announcement • Apr 27
Angang Steel Company Limited Announces That Tian Yong Tendered His Resignation as Executive Director, Deputy General Manager and Member of the Nomination Committee of the Board The board of directors of Angang Steel Company Limited announced that Mr. Tian Yong tendered his resignation as executive director, deputy general manager and member of the nomination committee of the Board to the Board on 26 April 2024 due to changes in work arrangement. The resignation of Mr. Tian takes effect from 26 April 2024. Major Estimate Revision • Apr 14
Consensus estimates of losses per share improve by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥108.5b to CN¥112.2b. EPS estimate increased from -CN¥0.12 per share to -CN¥0.103 per share. Metals and Mining industry in Hong Kong expected to see average net income growth of 29% next year. Consensus price target down from HK$1.93 to HK$1.89. Share price rose 7.9% to HK$1.36 over the past week. Announcement • Mar 30
Angang Steel Company Limited to Report Q1, 2024 Results on Apr 30, 2024 Angang Steel Company Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 29
Full year 2023 earnings released: CN¥0.35 loss per share (vs CN¥0.017 profit in FY 2022) Full year 2023 results: CN¥0.35 loss per share (down from CN¥0.017 profit in FY 2022). Revenue: CN¥113.5b (down 13% from FY 2022). Net loss: CN¥3.22b (down CN¥3.38b from profit in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 6.1% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Angang Steel Company Limited Provides Earnings Guidance for the Year Ended 31 December 2023 Angang Steel Company Limited provided earnings guidance for the year ended 31 December 2023. For the year, company expects Net loss attributable to shareholders of the Company of approximately RMB 3,257 million, Net loss after deducting non-recurring loss attributable to shareholders of the Company of approximately RMB 3,315 million and Basic loss per share of approximately RMB 0.347. Announcement • Dec 30
Angang Steel Company Limited to Report Fiscal Year 2023 Results on Mar 29, 2024 Angang Steel Company Limited announced that they will report fiscal year 2023 results on Mar 29, 2024 Reported Earnings • Oct 31
Third quarter 2023 earnings released: CN¥0.082 loss per share (vs CN¥0.17 loss in 3Q 2022) Third quarter 2023 results: CN¥0.082 loss per share (improved from CN¥0.17 loss in 3Q 2022). Revenue: CN¥25.5b (down 17% from 3Q 2022). Net loss: CN¥769.0m (loss narrowed 50% from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 7.9% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Announcement • Sep 23
Angang Steel Company Limited Announces Executives Changes Angang Steel Company Limited at its EGM held on 22 September 2023 approve the appointment of Mr. Wang Jun as an executive director of the ninth session of the Board. The Board hereby announces that Mr. Wang Yidong tendered his resignation as chairman of the Board, executive director, chairman of the strategic committee of the Company, member of the nomination committee of the Company, and member of the remuneration and appraisal committee of the Company to the Board on 22 September 2023 due to changes in work arrangement. The resignation of Mr. Wang takes effect from 22 September 2023. The Board announced that at the Board Meeting, it was resolved at the Board Meeting that the composition of the committees of the Board will be adjusted as follows: The strategic committee of the Company will comprise Mr. Wang Jun, Mr. Zhang Hongjun, Mr. Feng Changli, Mr. Wang Jianhua, Mr. Wang Wanglin and Mr. Zhu Keshi, and will be chaired by Mr. Wang Jun; The remuneration and appraisal committee of the Company will comprise Mr. Feng Changli, Mr. Wang Jun, Mr. Wang Jianhua, Mr. Wang Wanglin and Mr. Zhu Keshi, and will be chaired by Mr. Feng Changli; The nomination committee of the Company will comprise Mr. Wang Jianhua, Mr. Wang Jun, Mr. Tian Yong, Mr. Feng Changli, Mr. Wang Wanglin and Mr. Zhu Keshi, and will be chaired by Mr. Wang Jianhua. The Board announced that Mr. Wang Jun has been appointed as an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Authorised Representative") in replacement of Mr. Wang Yidong with effect from 22 September 2023. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: CN¥0.13 loss per share (down from CN¥0.025 profit in 2Q 2022). Revenue: CN¥28.0b (down 21% from 2Q 2022). Net loss: CN¥1.20b (down CN¥1.43b from profit in 2Q 2022). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • May 30
Angang Steel Company Limited Approves Final Profit Distribution Plan for the Year 2022, Payable on 27 June 2023 Angang Steel Company Limited at its AGM held on 29 May 2023 considered and approved the profit distribution plan of the Company for the declaration and distribution of a final dividend in the amount of RMB 0.068 (tax inclusive) per 10 Shares for the year of 2022. Record date; 08 June 2023, Payment date; 27 June 2023, Ex-dividend date; 01 June 2023. Buying Opportunity • May 10
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be HK$3.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 28
First quarter 2023 earnings released: CN¥0.016 loss per share (vs CN¥0.16 profit in 1Q 2022) First quarter 2023 results: CN¥0.016 loss per share (down from CN¥0.16 profit in 1Q 2022). Revenue: CN¥30.8b (down 12% from 1Q 2022). Net loss: CN¥149.0m (down 110% from profit in 1Q 2022). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jan 31
Angang Steel Company Limited Provides Earnings Guidance for the Year Ended 31 December 2022 Angang Steel Company Limited provided earnings guidance for the year ended 31 December 2022. The company is expecting to record a decline in the net profit attributable to shareholders of the Company for the year ended 31 December 2022 in comparison with the corresponding period of 2021. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. 1 highly experienced director. Executive Chairman Yidong Wang is the most experienced director on the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CN¥0.17 loss per share (down from CN¥0.24 profit in 3Q 2021). Revenue: CN¥30.6b (down 15% from 3Q 2021). Net loss: CN¥1.52b (down 166% from profit in 3Q 2021). Revenue missed analyst estimates by 28%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥121.4b to CN¥127.6b. EPS estimate fell from CN¥0.58 to CN¥0.31 per share. Net income forecast to grow 20% next year vs 8.8% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$4.05 to HK$3.66. Share price fell 5.9% to HK$2.41 over the past week. Reported Earnings • Aug 29
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: CN¥0.025 (down from CN¥0.39 in 2Q 2021). Revenue: CN¥35.4b (down 13% from 2Q 2021). Net income: CN¥234.0m (down 94% from 2Q 2021). Profit margin: 0.7% (down from 9.0% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 8.7% compared to a 2.3% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 24
Upcoming dividend of CN¥0.22 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (4.4%). Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. 1 highly experienced director. Executive Chairman Yidong Wang is the most experienced director on the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Apr 12
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CN¥122.7b to CN¥126.1b. EPS estimate increased from CN¥0.62 to CN¥0.76 per share. Net income forecast to grow 0.07% next year vs 28% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$5.76 to HK$5.47. Share price was steady at HK$3.73 over the past week. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥118.8b to CN¥122.7b. EPS estimate fell from CN¥0.82 to CN¥0.62 per share. Net income forecast to shrink 8.2% next year vs 29% growth forecast for Metals and Mining industry in Hong Kong . Consensus price target down from HK$5.92 to HK$5.77. Share price rose 2.4% to HK$3.82 over the past week. Reported Earnings • Apr 01
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: CN¥136.7b (up 36% from FY 2020). Net income: CN¥6.93b (up 250% from FY 2020). Profit margin: 5.1% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is expected to shrink by 7.4% compared to a 9.1% growth forecast for the mining industry in Hong Kong. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$3.00, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 32% over the past three years. Major Estimate Revision • Mar 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from CN¥0.74 to CN¥0.86. Revenue forecast steady at CN¥134.6b. Net income forecast to shrink 2.4% next year vs 28% growth forecast for Metals and Mining industry in Hong Kong . Consensus price target broadly unchanged at HK$6.19. Share price was steady at HK$3.90 over the past week. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 19% share price gain to HK$4.02, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 2.0% over the past three years. Major Estimate Revision • Jan 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from CN¥0.98 to CN¥0.74 per share. Revenue forecast steady at CN¥135.5b. Net income forecast to shrink 2.2% next year vs 32% growth forecast for Metals and Mining industry in Hong Kong . Consensus price target broadly unchanged at HK$6.13. Share price fell 13% to HK$3.44 over the past week. Executive Departure • Dec 01
Joint Company Secretary Chun Chen has left the company On the 30th of November, Chun Chen's tenure as Joint Company Secretary ended after 4.1 years in the role. We don't have any record of a personal shareholding under Chun's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Dec 01
Chairman of Supervisory Committee Tiejian Mu has left the company On the 26th of November, Tiejian Mu's tenure as Chairman of Supervisory Committee ended after less than a year in the role. We don't have any record of a personal shareholding under Tiejian's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$4.65, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 1.1% over the past three years. 
