Xining Special Steel announces Q3 results, asset impairment, and new deputy general manager

Xining Special Steel's board of directors approved several key resolutions on October 30, 2025. This included the provision for asset impairment, totaling 15.10365 billion yuan, primarily for inventory related to an old residential area renovation project. This provision will reduce the company's net profit by 15.10365 billion yuan.

The company also approved its Q3 2025 report, which showed operating income of 4.32727118687 billion yuan, up 5.12% from the previous year. Despite this, the net profit attributable to shareholders decreased to -561.92032478 million yuan.

In a leadership change, Mr. Wu Guochen was appointed as the company's deputy general manager. His term begins immediately and extends until the current board's tenure ends. This appointment followed a nomination by the chairman and review by the remuneration and nomination committee.