Xining Special Steel announces governance changes, operational adjustments

Xining Special Steel released its 2025 semi-annual report showing steel production of 78.64 million tonnes and sales of 75.48 million tonnes, with a total operating income of 2,886,113,406.80 yuan. The company’s board of directors, at its 17th meeting on August 28, 2025, approved several key measures. These include increasing the estimated daily related transaction amount to 28,050,000 yuan for purchasing raw materials and services from Jianlong Group and its affiliates. Additionally, the company is to dispose of obsolete fixed assets with a book value of 48,066,000 yuan and a net value of 9,135,300 yuan, incurring a loss of 9,135,300 yuan.

The board also approved the re-appointment of Zhengdan Zhiyao (Shenzhen) Accounting Firm (Special General Partnership) as its 2025 financial and internal control auditor for a one-year term. In a significant governance shift, the board proposed the abolition of the Supervisory Board and amendments to the company's Articles of Association, with the Audit Committee assuming the Supervisory Board's responsibilities. To protect its directors and senior management, the company will purchase liability insurance with a maximum compensation of 50,000,000 yuan and an annual premium not exceeding 300,000 yuan. These resolutions, along with revised governance policies, will be submitted to shareholders for approval at the third extraordinary general meeting on September 15, 2025.