A-share subscription | Ma Mining Co., Ltd. (601123.SH) opens subscription for iron powder production ranks in the top five key independent iron mining mines in the country

The Zhitong Finance App learned that on August 21, Ma Kuang Shares (601123.SH) began subscription. The issuance price was 6.65 yuan/share, and the subscription limit was 29,500 shares, with a price-earnings ratio of 13.81 times. It belongs to the Shanghai Stock Exchange, and CITIC Securities is its sponsor.

According to the prospectus, the company is located in Longyan City, Fujian Province, a famous revolutionary region in the country and the former core area of the Central Soviet region. It is an enterprise that has been engaged in the development and comprehensive utilization of iron ore resources for a long time. It specializes in the selection and comprehensive utilization of iron ore, sales of iron powder and molybdenum concentrate, and mining and sales of limestone. The main products are iron powder, molybdenum concentrate and limestone.

The company has mining rights for the nationally famous Makeng iron ore. As of the end of 2025, the iron ore reserves of Makeng Iron Ore were 325.208,500 tons, with a total associated 43,300 tons of molybdenum ore (measured by metal weight) and 36.634 million tons of limestone ore for cement. According to the Ministry of Natural Resources's “Mineral Resource Reserve Scale Classification Standard”, Makeng iron ore is a large-scale iron ore. With abundant resource advantages, advanced mining technology advantages, and location advantages close to steel manufacturers, the company has become the largest domestic iron ore mining enterprise, ranked 18th in the top 50 metallurgical mining enterprises in China in 2025, and won titles such as “National Green Mine” and “Top Ten Metallurgical Mining Plants”.

Currently, the four major international giants Vale, Rio Tinto Group, BHP Billiton, and FMG Group have a high market share in the iron ore industry and have a dominant voice in the world's iron ore supply sector. Domestic iron ore supply is highly dependent on imports. Influenced by the four major international giants, the market concentration is high.

The steel industry is an important basic industry for the national economy. There is uncertainty about international iron ore supply, and reducing the external dependence of domestic iron ore supply is the overall consensus of the industry. At the same time, the distribution of iron ore resources in China has obvious regional characteristics. The high sensitivity of iron ore transportation costs also determines that iron ore sales have certain regional characteristics. Iron ore mining companies generally sell nearby to provide a stable supply of raw materials to surrounding steel companies. Overall, the company's product sales are less affected by iron ore mining companies in other regions of the country, and more affected by international giants.

The company is a large-scale domestic iron ore mining and selection enterprise and an important iron ore production base in the southeast coastal region of China. According to statistics from the China Metallurgical and Mining Enterprise Association, in 2025, the company's iron powder production ranked among the top five key independent iron mining mines in the country; according to “My Steel Network” statistics, in 2024, the company's iron ore raw ore production accounts for more than 20% of the iron ore production in the southeast coastal region of China.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of approximately 1,962 billion yuan, 2,050 billion yuan, and 1,991 million yuan respectively; for the same period, net profit was approximately 651 million yuan, 664 million yuan, and 602 million yuan, respectively.