NANJING IRON & STEEL

NANJING IRON & STEEL — Financial Statements

Annual Quarterly

5 10 All

Income Statement

Balance Sheet

Cash Flow

Line Item	FY 2025Dec 31, 2025	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006
+Revenue	58.0B	61.8B	72.5B	70.7B	76.6B	53.1B	48.0B	43.6B	37.6B	24.2B	22.3B	27.9B	26.8B	32.0B	38.6B	30.1B	24.5B	28.4B	22.0B	16.0B
Revenue Growth %	-6.2%	-14.8%	2.7%	-7.7%	44.1%	10.7%	9.9%	16.1%	55.5%	8.6%	-20.2%	4.0%	-16.3%	-16.9%	28.3%	22.9%	-13.8%	28.9%	37.9%	--
Total Revenue	58.0B	61.8B	72.5B	70.7B	76.6B	53.1B	48.0B	43.6B	37.6B	24.2B	22.3B	27.9B	26.8B	32.0B	38.6B	30.1B	24.5B	28.4B	22.0B	16.0B
Cost Of Revenue	49.8B	54.4B	64.9B	63.1B	67.3B	47.3B	41.6B	34.9B	31.5B	21.7B	21.6B	25.3B	25.4B	30.8B	36.2B	27.2B	22.1B	27.1B	20.1B	14.9B
+Gross Profit	8.2B	7.4B	7.7B	7.6B	9.3B	5.8B	6.4B	8.8B	6.1B	2.5B	649.0M	2.6B	1.4B	1.2B	2.3B	2.8B	2.4B	1.2B	1.9B	1.1B
Gross Margin %	14.1%	11.9%	10.6%	10.8%	12.1%	10.9%	13.3%	20.1%	16.3%	10.2%	2.9%	9.4%	5.3%	3.8%	6.0%	9.3%	9.7%	4.4%	8.5%	6.9%
Total Operating Cost	55.5B	59.9B	70.5B	68.3B	72.0B	50.2B	44.7B	38.0B	34.2B	24.0B	24.3B	27.7B	28.1B	33.4B	38.6B	29.1B	23.8B	28.2B	20.7B	15.4B
Selling Expenses	517.0M	430.0M	477.0M	369.0M	355.0M	316.0M	654.0M	561.0M	508.0M	425.0M	514.0M	491.0M	366.0M	421.0M	398.0M	294.0M	260.0M	173.0M	134.0M	107.0M
Admin Expenses	1.4B	1.4B	1.7B	1.5B	1.3B	983.0M	912.0M	980.0M	780.0M	873.0M	1.0B	902.0M	880.0M	845.0M	832.0M	768.0M	732.0M	211.0M	102.0M	201.0M
Rd Expenses	2.3B	2.4B	2.4B	2.3B	2.1B	849.0M	582.0M	446.0M	251.0M	--	--	--	--	--	--	--	--	--	--	--
Finance Expenses	494.0M	578.0M	434.0M	399.0M	242.0M	253.0M	276.0M	391.0M	549.0M	690.0M	709.0M	863.0M	856.0M	957.0M	813.0M	623.0M	562.0M	223.0M	200.0M	178.0M
+Operating Income	3.5B	2.6B	2.7B	2.8B	5.2B	3.9B	4.1B	6.0B	3.7B	310.0M	-2.3B	238.0M	-1.0B	-934.0M	269.0M	1.1B	614.0M	124.0M	1.3B	556.0M
Operating Margin %	6.0%	4.2%	3.7%	3.9%	6.8%	7.3%	8.5%	13.8%	9.9%	1.3%	-10.2%	0.9%	-3.8%	-2.9%	0.7%	3.5%	2.5%	0.4%	6.1%	3.5%
Non Operating Income	21.2M	25.8M	19.0M	83.1M	44.4M	44.3M	16.2M	6.6M	8.4M	158.0M	189.0M	148.0M	119.0M	107.0M	42.6M	63.7M	55.4M	29.0M	13.4M	6.4M
Non Operating Expenses	149.0M	50.0M	62.3M	207.0M	93.7M	26.2M	170.0M	135.0M	131.0M	15.6M	14.5M	10.0M	11.9M	30.2M	24.1M	39.8M	23.2M	8.9M	21.2M	3.4M
Investment Income	81.8M	52.1M	-13.7M	-68.5M	134.0M	565.0M	419.0M	350.0M	68.4M	123.0M	-53.8M	476.0M	219.0M	87.5M	-25.6M	13.1M	3.5M	20,500	4.4M	--
Fair Value Change Income	452.0M	-110.0M	137.0M	61.6M	218.0M	-66.3M	184.0M	-82.1M	35.3M	121.0M	-28.7M	-342.0M	-79.9M	364.0M	88.9M	-43.6M	4.1M	--	--	--
Asset Disposal Income	-3.4M	--	--	9.5M	-28,000	-157,900	2.9M	9.7M	--	--	--	--	--	--	--	--	--	--	--	--
Asset Impairment Loss	422.0M	262.0M	215.0M	324.0M	386.0M	232.0M	328.0M	311.0M	369.0M	144.0M	371.0M	107.0M	510.0M	235.0M	229.0M	75.1M	87.4M	434.0M	6.4M	-12.0M
Other Income	441.0M	722.0M	481.0M	321.0M	299.0M	341.0M	216.0M	189.0M	160.0M	--	--	--	--	--	--	--	--	--	--	--
Income Before Tax	3.4B	2.6B	2.6B	2.6B	5.2B	3.9B	3.9B	5.9B	3.6B	452.0M	-2.1B	375.0M	-925.0M	-857.0M	287.0M	1.1B	646.0M	144.0M	1.3B	559.0M
Income Tax	623.0M	389.0M	403.0M	309.0M	914.0M	691.0M	537.0M	1.2B	215.0M	96.8M	344.0M	82.9M	-307.0M	-287.0M	-43.1M	163.0M	64.6M	22.1M	306.0M	168.0M
+Net Income	2.8B	2.2B	2.2B	2.3B	4.2B	3.2B	3.4B	4.7B	3.4B	355.0M	-2.4B	292.0M	-619.0M	-571.0M	330.0M	918.0M	582.0M	122.0M	1.0B	391.0M
Net Margin %	4.8%	3.5%	3.1%	3.3%	5.5%	6.0%	7.0%	10.9%	9.0%	1.5%	-10.9%	1.0%	-2.3%	-1.8%	0.9%	3.1%	2.4%	0.4%	4.7%	2.5%
Net Income Attributable	2.9B	2.3B	2.1B	2.2B	4.2B	2.8B	2.6B	4.0B	3.2B	354.0M	-2.4B	292.0M	-618.0M	-570.0M	330.0M	919.0M	581.0M	122.0M	1.0B	391.0M
Minority Interest	-110.0M	-68.4M	119.0M	162.0M	32.7M	342.0M	759.0M	733.0M	200.0M	1.1M	-102,300	350,600	-131,100	-394,800	316,400	-682,600	532,500	--	--	--
Eps Basic	0.47	0.37	0.34	0.35	0.68	0.56	0.59	0.91	0.79	0.09	-0.63	0.08	-0.16	-0.15	0.09	0.24	0.15	0.07	0.61	0.42
Eps Diluted	0.47	0.37	0.34	0.35	0.68	0.55	0.59	0.91	0.78	0.09	-0.63	--	--	--	--	--	--	--	0.61	0.42

Line Item	FY 2025Dec 31, 2025	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006
Cash And Equivalents	6.3B	6.3B	9.3B	11.8B	7.2B	5.7B	4.3B	3.1B	2.7B	3.3B	4.4B	4.9B	2.8B	3.5B	3.5B	6.1B	4.6B	1.2B	1.1B	1.1B
Trading Financial Assets	1.1B	858.0M	1.2B	1.8B	1.4B	1.3B	1.8B	172.0M	236.0M	804.0M	661.0M	34.0M	1.5B	1.4B	1.0B	158.0M	4.1M	--	--	--
Accounts Receivable	3.6B	3.4B	2.9B	2.8B	1.4B	829.0M	970.0M	733.0M	638.0M	439.0M	545.0M	694.0M	546.0M	576.0M	455.0M	227.0M	261.0M	197.0M	199.0M	472.0M
Notes Receivable	278.0M	111.0M	278.0M	469.0M	405.0M	--	--	5.6B	4.7B	421.0M	1.4B	2.3B	1.0B	2.1B	3.7B	3.4B	3.2B	923.0M	722.0M	1.1B
Notes And Accounts Receivable	3.9B	3.5B	3.2B	3.3B	1.8B	829.0M	970.0M	6.3B	5.3B	860.0M	1.9B	3.0B	1.6B	2.7B	4.1B	3.7B	3.5B	1.1B	921.0M	1.6B
Prepayments	979.0M	933.0M	1.6B	1.4B	1.3B	744.0M	285.0M	353.0M	234.0M	242.0M	145.0M	189.0M	403.0M	687.0M	774.0M	929.0M	820.0M	144.0M	397.0M	498.0M
Inventory	8.3B	8.3B	8.7B	7.0B	8.3B	6.9B	5.9B	4.8B	4.2B	3.7B	2.7B	3.9B	4.2B	4.6B	5.8B	5.9B	4.9B	4.6B	4.3B	2.4B
Total Current Assets	26.8B	26.7B	31.4B	30.8B	26.7B	21.9B	18.1B	16.3B	14.0B	9.4B	10.3B	12.7B	11.1B	13.4B	15.6B	17.0B	14.1B	7.2B	6.8B	5.6B
Long Term Equity Investment	384.0M	384.0M	409.0M	556.0M	633.0M	1.8B	2.1B	2.0B	287.0M	238.0M	316.0M	339.0M	351.0M	700.0M	880.0M	380.0M	166.0M	85.8M	85.8M	85.8M
Fixed Assets	31.7B	29.6B	28.2B	26.5B	19.6B	19.1B	19.0B	19.9B	20.6B	21.9B	22.6B	22.3B	13.9B	14.9B	15.3B	15.6B	12.8B	3.6B	3.4B	3.2B
Fixed Assets Total	31.7B	29.6B	28.2B	26.5B	19.6B	19.1B	19.0B	19.9B	20.6B	21.9B	22.6B	22.3B	13.9B	14.9B	15.3B	15.6B	12.9B	3.6B	3.4B	3.2B
Construction In Progress	2.1B	4.0B	5.2B	6.0B	4.8B	2.4B	2.4B	1.2B	719.0M	393.0M	706.0M	1.6B	8.5B	3.3B	1.1B	1.2B	1.5B	121.0M	513.0M	391.0M
Construction In Progress Total	2.1B	4.0B	5.2B	6.1B	4.8B	2.4B	2.4B	1.2B	719.0M	393.0M	706.0M	1.6B	8.5B	3.3B	1.1B	1.2B	1.5B	121.0M	513.0M	391.0M
Intangible Assets	4.0B	4.2B	4.3B	4.9B	4.1B	1.1B	872.0M	846.0M	859.0M	879.0M	890.0M	925.0M	934.0M	946.0M	990.0M	842.0M	782.0M	27,600	38,400	49,200
Long Term Deferred Expenses	16.7M	21.4M	19.4M	16.8M	8.9M	4.6M	4.4M	2.7M	2.9M	3.7M	910,900	697,100	871,400	--	--	--	--	--	--	599,500
Total Non Current Assets	43.1B	42.5B	41.8B	43.9B	35.0B	26.0B	25.5B	24.9B	23.7B	24.9B	26.1B	27.0B	25.6B	20.9B	18.8B	18.2B	15.6B	4.0B	4.1B	3.7B
Total Assets	69.9B	69.1B	73.2B	74.7B	61.7B	47.9B	43.6B	41.2B	37.7B	34.3B	36.3B	39.6B	36.7B	34.2B	34.4B	35.2B	29.7B	11.2B	10.9B	9.3B
Short Term Borrowings	16.3B	14.4B	10.6B	12.7B	6.6B	4.5B	3.4B	4.9B	3.3B	7.8B	7.2B	7.8B	8.6B	7.9B	8.3B	9.7B	6.1B	2.3B	2.0B	2.1B
Accounts Payable	5.7B	5.8B	6.1B	6.2B	4.9B	4.3B	3.8B	4.1B	4.0B	4.6B	4.0B	6.1B	5.2B	3.5B	2.7B	3.3B	2.5B	1.9B	1.4B	968.0M
Advance Receipts	--	--	--	--	--	--	3.6B	2.4B	2.7B	1.3B	677.0M	524.0M	787.0M	934.0M	1.4B	1.5B	1.8B	983.0M	1.8B	750.0M
Contract Liabilities	3.9B	4.1B	4.8B	3.9B	4.1B	4.0B	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Total Current Liabilities	34.5B	31.9B	33.8B	36.2B	28.0B	20.3B	19.3B	21.0B	21.2B	24.4B	25.2B	23.9B	20.6B	17.3B	16.0B	20.3B	15.3B	6.5B	6.0B	4.8B
Long Term Borrowings	3.8B	7.1B	8.6B	5.1B	2.2B	1.2B	845.0M	76.0M	719.0M	44.0M	673.0M	531.0M	1.3B	1.5B	2.1B	2.2B	2.5B	290.0M	545.0M	1.0B
Total Non Current Liabilities	6.1B	9.4B	11.0B	7.7B	4.7B	3.4B	2.4B	371.0M	1.0B	3.1B	4.8B	7.1B	7.8B	8.1B	8.6B	4.8B	5.0B	294.0M	548.0M	1.0B
Total Liabilities	40.6B	41.3B	44.8B	43.9B	32.7B	23.8B	21.7B	21.4B	22.2B	27.5B	30.0B	31.1B	28.4B	25.4B	24.6B	25.1B	20.4B	6.8B	6.6B	5.8B
Paid In Capital	6.2B	6.2B	6.2B	6.2B	6.2B	6.1B	4.4B	4.4B	4.4B	4.0B	4.0B	3.9B	3.9B	3.9B	3.9B	3.9B	1.7B	1.7B	936.0M	936.0M
Capital Reserve	4.7B	4.7B	4.7B	4.7B	6.9B	5.5B	1.9B	1.8B	1.8B	613.0M	614.0M	509.0M	509.0M	403.0M	440.0M	405.0M	2.6B	748.0M	1.1B	1.1B
Surplus Reserve	2.3B	2.1B	2.0B	1.6B	1.4B	1.2B	1.2B	1.0B	692.0M	659.0M	659.0M	659.0M	659.0M	659.0M	659.0M	659.0M	657.0M	652.0M	637.0M	539.0M
Retained Earnings	15.0B	13.5B	13.5B	13.4B	13.3B	10.7B	9.3B	8.1B	4.6B	1.4B	1.1B	3.5B	3.2B	3.8B	4.7B	5.2B	4.3B	1.3B	1.6B	893.0M
Minority Equity	1.6B	1.8B	1.8B	4.7B	1.0B	418.0M	5.2B	4.4B	4.0B	33.4M	13.8M	13.9M	7.2M	7.3M	7.7M	7.4M	13.1M	--	--	200,000
Equity Attributable	27.7B	26.0B	26.5B	26.1B	27.9B	23.7B	16.8B	15.4B	11.6B	6.8B	6.3B	8.6B	8.3B	8.8B	9.7B	10.1B	9.3B	4.4B	4.3B	3.5B
Total Equity	29.3B	27.8B	28.3B	30.7B	28.9B	24.1B	21.9B	19.8B	15.6B	6.8B	6.3B	8.6B	8.3B	8.8B	9.7B	10.2B	9.3B	4.4B	4.3B	3.5B

Line Item	FY 2025Dec 31, 2025	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006
Cash From Sales	65.4B	68.8B	77.4B	71.6B	79.2B	52.1B	50.4B	45.0B	31.8B	25.7B	19.6B	25.6B	19.6B	23.5B	29.0B	27.4B	22.1B	18.8B	16.5B	10.4B
Tax Refunds Received	400.0M	509.0M	412.0M	459.0M	343.0M	416.0M	344.0M	246.0M	196.0M	224.0M	281.0M	170.0M	128.0M	229.0M	251.0M	85.3M	80.5M	886,700	7.3M	14.5M
Total Operating Cash Inflow	67.6B	71.0B	78.8B	73.1B	80.4B	53.4B	51.2B	45.4B	32.3B	26.1B	20.2B	26.0B	20.6B	23.9B	29.4B	28.1B	22.3B	18.9B	16.6B	10.6B
Cash Paid For Goods	56.9B	61.9B	69.0B	62.6B	68.2B	45.6B	41.1B	34.9B	25.8B	19.5B	16.3B	19.0B	15.0B	18.5B	26.9B	25.1B	18.4B	16.8B	13.5B	9.3B
Cash Paid To Employees	3.6B	3.5B	3.9B	3.4B	3.2B	2.6B	2.6B	2.6B	1.9B	1.7B	1.5B	1.4B	1.2B	1.3B	1.2B	1.1B	1.0B	433.0M	389.0M	271.0M
Taxes Paid	2.2B	1.4B	1.6B	1.7B	2.5B	1.7B	2.2B	2.2B	1.7B	1.0B	585.0M	574.0M	568.0M	1.2B	1.1B	946.0M	960.0M	990.0M	1.3B	696.0M
Total Operating Cash Outflow	63.9B	67.8B	76.1B	69.4B	75.1B	50.8B	46.8B	40.5B	29.9B	22.8B	19.1B	22.3B	17.6B	21.9B	29.9B	27.6B	20.9B	18.4B	15.4B	10.6B
Operating Cash Flow	3.7B	3.2B	2.7B	3.8B	5.2B	2.6B	4.3B	4.9B	2.4B	3.2B	1.0B	3.8B	3.0B	2.0B	-489.0M	443.0M	1.4B	495.0M	1.2B	-57.4M
Total Investing Cash Inflow	2.9B	2.4B	4.2B	3.7B	4.8B	10.2B	7.1B	12.5B	871.0M	437.0M	746.0M	1.9B	568.0M	429.0M	21.7M	65.9M	11.3M	1.4M	21.1M	1.4M
Total Investing Cash Outflow	4.6B	3.4B	7.5B	8.4B	10.7B	11.8B	8.0B	15.1B	1.6B	984.0M	3.3B	2.7B	4.6B	1.0B	2.2B	2.0B	1.5B	115.0M	202.0M	242.0M
Investing Cash Flow	-1.7B	-976.0M	-3.3B	-4.6B	-5.9B	-1.5B	-921.0M	-2.6B	-749.0M	-547.0M	-2.5B	-823.0M	-4.1B	-587.0M	-2.2B	-1.9B	-1.5B	-113.0M	-180.0M	-241.0M
Cash From Borrowings	38.8B	33.7B	42.1B	35.9B	30.8B	20.0B	18.1B	13.6B	20.2B	27.9B	15.0B	15.5B	16.0B	16.5B	16.4B	18.6B	14.2B	5.1B	3.7B	3.3B
Dividends And Interest Paid	1.8B	3.1B	2.4B	2.8B	2.1B	1.6B	1.6B	1.0B	718.0M	743.0M	742.0M	909.0M	931.0M	1.2B	1.5B	607.0M	625.0M	320.0M	400.0M	650.0M
Debt Repayments	38.2B	33.1B	42.1B	27.2B	28.5B	18.3B	18.6B	14.8B	24.9B	31.6B	17.3B	17.6B	15.0B	17.7B	17.3B	15.6B	14.5B	5.5B	4.2B	3.2B
Total Financing Cash Inflow	38.8B	35.0B	43.8B	36.7B	31.4B	20.3B	18.9B	13.8B	25.8B	29.5B	19.0B	16.2B	16.4B	17.7B	21.0B	18.6B	16.7B	5.1B	3.7B	3.3B
Total Financing Cash Outflow	40.2B	36.3B	44.8B	33.6B	31.0B	20.0B	21.5B	15.8B	26.8B	32.7B	18.2B	18.5B	16.0B	18.9B	18.8B	16.4B	16.9B	5.8B	4.6B	3.9B
Financing Cash Flow	-1.4B	-1.3B	-935.0M	3.2B	430.0M	259.0M	-2.6B	-2.0B	-1.0B	-3.2B	832.0M	-2.3B	362.0M	-1.3B	2.2B	2.2B	-196.0M	-749.0M	-870.0M	-569.0M
Net Change In Cash	497.0M	902.0M	-1.5B	2.3B	-250.0M	1.3B	815.0M	328.0M	561.0M	-437.0M	-648.0M	613.0M	-726.0M	135.0M	-499.0M	741.0M	-318.0M	-367.0M	139.0M	-868.0M
Ending Cash Balance	6.1B	5.6B	4.7B	6.3B	3.9B	3.5B	2.2B	1.4B	1.0B	466.0M	903.0M	1.6B	938.0M	1.7B	1.5B	2.0B	1.3B	761.0M	1.1B	989.0M
Capex	2.7B	2.0B	4.0B	4.5B	2.9B	2.8B	1.3B	630.0M	406.0M	743.0M	1.7B	2.7B	4.1B	769.0M	899.0M	1.6B	1.5B	115.0M	197.0M	157.0M