MAANSHAN IRON (00323) rose more than 4%. As of the latest update, the stock was up 4.69% to HKD 2.68, with a turnover of HKD 50.55 million.

The company recently released its first-quarter report for 2026. Revenue reached RMB 17.718 billion, a year-on-year decrease of 8.79%. However, net profit attributable to shareholders of the listed company was RMB 42.3665 million, a significant improvement from a loss of RMB 144 million in the same period last year. Basic earnings per share were RMB 0.01.

Everbright Securities noted that while the main steel business profitability of China Iron and Steel Association member enterprises fell 86% year-on-year in Q1 2026, MAANSHAN IRON's Q1 net profit attributable to shareholders was RMB 42 million, with an adjusted non-GAAP net profit of negative RMB 6 million. This represents a sequential and year-on-year improvement, demonstrating a degree of operational resilience.

Cinda Securities highlighted that China's steel exports increased month-on-month in April 2026, while imports decreased, leading to an expansion in net export volume. In the short term, the rise in exports effectively diverts domestic supply, providing positive support for steel price trends.

The firm believes that under a triple logic of medium-to-long-term improvement in supply-demand dynamics, strengthened short-term cost support, and the sector's currently low valuation, the steel sector is poised for a value recovery, highlighting its investment appeal.