CHONGQING IRON (01053) released its interim results, with a net loss attributable to shareholders of 179 million yuan, an increase of 36.55% year-on-year.

CHONGQING IRON (01053) released its interim results for the six months ending June 30, 2026. The group's operating revenue was RMB 11.826 billion, a year-on-year decrease of 9.62%; the net loss attributable to shareholders was RMB 179 million, a year-on-year increase of 36.55%; and the basic loss per share was RMB 0.02. The operational bottom continues to recover, with a return to profitability in the second quarter. The significant losses in the first quarter have been effectively curtailed, and improvements in production, sales, costs, and pricing have led to a profitable single quarter. Compared to 2025, the industry's competitiveness has steadily recovered: from January to June, the profit per ton of steel and the return on net assets have improved by 13 percentile points compared to last year; the price indices for hot rolled and thick plate products have increased by 10 and 5 percentile points respectively according to the China Iron and Steel Association. Dual efforts in energy management and process optimization have led to breakthroughs in core indicators. In June, the effects of energy management and manufacturing process improvements were significant: the cost of externally purchased energy was reduced by RMB 27 per ton compared to 2025, reaching a historic low; the fuel ratio for blast furnaces was lowered by 20 kg per ton, achieving the lowest record in nearly two years; the smelting cycle in converters was shortened by 3.48 minutes, breaking historical records; the material utilization rate for the 4100 mm thick plate production line in the rolling mill reached a new monthly high. Product channels continue to optimize, enhancing risk hedging capabilities. The shift towards high-end products has accelerated, with high value-added varieties of hot rolled and medium-thick plates accounting for 17 and 9 percentage points more compared to 2025 respectively in the first half of the year. Price locking efforts have intensified, with locking orders for hot rolled and medium-thick plates increasing by 9 percentage points year-on-year, effectively stabilizing fluctuations in spot prices. Direct supply to terminals continues to expand, significantly reducing profit losses in intermediate links.