Tax rate factors: the company is the largest steel exporters, the export tax rebate cut, increase export tariffs and the impact of the RMB exchange rate rose a larger reduction in net profit.

• 税收汇率因素：公司是国内最大的钢材出口商，受出口退税下调、加征出口关税和人民币汇率上涨影响较大，净利润减少。