Tongxiang 200,000-tonne cold repair initiated in the FY2025 narrative

The FY2025 narrative says the Tongxiang headquarters' 200,000-tonne tank-furnace drawing-line cold-repair upgrade was fully initiated. This record retains the narrative designation and initiated status. It is not automatically merged with the construction note's 200,000-tonne upgrade-and-expansion row, which has 100% engineering progress, because the report does not explicitly reconcile the two project identities. It is also distinct from the 120,000-tonne narrative cold repair and the 180,000-tonne cold repair in the note.

Tongxiang's 120,000-tonne-per-year furnace-drawing line completed a cold-repair and technical-upgrade project and entered production in 2025. The report separately states that a cold-repair and upgrade project for a 200,000-tonne-per-year Tongxiang line was fully initiated. One disclosure is a production milestone; the other is the start of work on a different line. The capacity figures identify the lines in the report and should not automatically be treated as an equal amount of incremental new group capacity.