Angang Steel Co (ANGGF) Gets a Buy from Goldman Sachs1H25 below expectations, challenging profit outlook, 2025 | 4:50PM HKT Angang reported 1H25A net loss of Rmb1.1bn. Excluding one-off items including impairment loss and investment income, recurring net loss was Rmb1.2bn. The result was behind our estimate and Bloomberg consensus, mostly due to lower-than-expected unit steel profit. The company declared no dividend, the same as last year. We downgrade and maintain Neutral on Angang-A.