Hesteel appoints new director, revises charter, reports earnings jump

Hesteel Company Limited held its Sixth Board of Directors' Second Meeting on August 27, 2025. The board approved the 2025 half-yearly report, which showed operating income of yuan 66,308,361,782.24 and net profit attributable to shareholders of yuan 598,071,615.87. These figures represent increases of 12.73% and 44.75%, respectively, over the previous year. The company will not distribute cash dividends or bonus shares for the half-year.

The board approved the abolition of the board of supervisors and revised the company’s articles of association. These revisions align with the “Company Law of the People’s Republic of China (2023 Revision)” and the “Guidance for Articles of Association of Listed Companies (2025 Revision),” enhancing corporate governance. The board also nominated Zhang Chi as a new director, replacing Xie Haishen who resigned due to work changes.

Lianda Certified Public Accountants (Special General Partnership) was re-appointed as the auditor for 2025, with audit fees totaling yuan 3.1 million. The board also approved the 2025 Hesteel Group Financial Company's half-yearly risk assessment report. An extraordinary general meeting will be convened in 2025 to vote on these proposals.