Baogang Co., Ltd.: Discloses the investigation report on the "1.18" safety accident of its controlling subsidiary.

Baogang Co., Ltd. announced that on January 18, 2026, an explosion occurred at a 650m saturated water and steam tank in the steelmaking operation department of its holding subsidiary's plate factory, resulting in 10 fatalities and 84 injuries, with direct economic losses amounting to 67.23 million yuan. The incident has been classified as a major production safety responsibility accident. The company is deemed responsible for the accident, and administrative penalties are recommended; 7 individuals have been subjected to coercive measures by judicial authorities, 2 individuals are recommended for judicial processing, and 17 individuals are recommended to receive administrative penalties. The production line involved has resumed operations, and insurance claims are in progress.