铁货2025年中期报告

2025 2025 K&S3.265%K&S 2517K&S19Garinskoye202124253149525354 SutaraSutaraSutara2025 20256 302025 K&SKimkanKimkanK&SK&S 202565%13.9%65%62% SutaraK&SSutara20251,422,87025.7%26.9%1,419,367 20252025 9.3%EBITDA6.720246 301.7 Sutara 102.0 Sutara18K&SK&SSutara20%Sutara 1.29.9 2.K&S120.2 K&S K&S 3.Bolshoi Seym6.7 Bolshoi Seym 3.0202463010.8 ... 2025 Sutara Nikolai Levitskii 2025 202520246 30 ... K&SEBITDAEBITDA EBITDA6.720246 301.7EBITDA K&SSutara1,422,87020246 301,132,2011,419,36720246 301,118,750 65%112.520246 30130.713.9%93.220246 30107.513.3%65%13.9% 20.5%77.4Sutara EBITDA 6.72024485.6% 2024 K&S120.220246 30Bolshoi Seym6.720246 3020256 306 ... EPC29.920246 30EPC20251 23 2.020246 300.3 102.0EBITDA 6.73.02024EBITDA K&S65% 2024Sutara20247KimkanSutaraSutaraK&SSutara2024Kimkan 20252025679,08020252025743,7909.5%Sutara1,422,87020241,132,20125.7% 1,419,36720241,118,75026.9% SutaraSutara4,149,00088% 90%202472%Sutara Sutara30K&S K&S202565%116.8 202565%108.47.2% 65%112.52024130.713.9% 20256 30 20221 120256 3065% K&S 122.820246 30112.39.3%65%112.520246 30130.713.9%1,419,36720246 301,118,75026.9% ... Giproruda77,00020246 3023,000234.8% K&S 77.420246 3097.420.5%Sutara23.920246 3045.847.8%SutaraK&S 14.7202463011.923.5%20259.3%4%K&S 202420246 306.58.120246 303.8113.2%2025K&S 87120246 309114.4%20256 30 20221 120256 30 K&S77.4202420.5%Sutara47.8% 5.620246 305.110.2% 0.1 ... 9.020246 305.658.7% K&SMIC Invest Limited Liability Company MIC2.220246 303.3202432.0%12.02025MIC4.820256MIC20256 20202510 20 1.520246 300.2 K&S120.220246 30Bolshoi Seym6.720246 3020256 306 2.020246 300.3 102.020246 3013.2EPC29.9K&S126.9 K&SK&S116.27.2 20256 3020246 30 86,000K&S MIC16.820246 304.5277.1%2025MIC4.812.020256MIC20256 20202510 20 12.420246 309.530.8%Sutara 20255 1510120256 2520256 2720255 1520256 2520255 30 20256 3029.9202412 3160.7MICSutara ... 122.720246 30118.720242024 2019240211.920256 30MIC28.1202412 3144.92025620251020256 30 (i)45.5(ii)LLC KSGOK100%(iii) LLC KS GOK MIC90160202563028.18020253 31906.2%908.2% 8.33%20246 308.78% 20256 301.8202412 3115.9Sutara ... 202020256 30 20256 3013.3%2024 12 3114.2%2025 20256 30 20256 301,61620246 301,57923.320246 3017.4 K&S K&S4130300 K&SKimkanSutara K&S3.265%K&SSutara2024KimkanSutara306.365%4.6 2025 2025K&S1,422,87020241,132,201290,66925.7%202590%202472%1825% SutaraK&SSutara2025 K&S2022 ... 2025K&S K&S0.859% 4,516,355202420244,322,1004%3,398,288202420242,895,11117%1,422,870202420241,132,20126% SUTARA SutaraKimkan1520247SutaraKimkanSutara 2025K&S77.4202497.420.5%202559.9202481.926.9%Sutara 2025Sutara88% K&S6,821,100202420248,367,00018%4,702,700202420242,910,80061%Sutara2024202555% 2025K&S120246 303202463000.732024 6302.13K&S Garinskoye 99.6% 3,500 DSO26.247%1.71DSO1.955%868% Garinskoye99.6%DSO 3,500 20132014DSO Garinskoye4.620DSO ... Giproruda KuranakhKuranakh2016202120257 2846%32.24.5 K&SSutara 20256 30XVXV78C3352 1.20256 301,277,948,588 2.Nikolai LevitskiiAXIOMA CAPITAL FZE LLCAxiomaAxioma 20256 30XVXV78352 20256 30 ... 20256 30XV23336 20256 305%20256 30XV336 201511 2010 20188 1010%709,338,63820251 12025630709,338,638 20251 120256 30709,338,6385.55% 202412 31 202410 22202412 1246.3 202411 21 i)24.120251 1 19.1202563020 ii)17.6K&S20251 1 17.620256 3012.3 iii)4.620251 1 4.620256 30 12 ... 20256 30 Sutara202512 31 20256 3018 2024 C1 Alexey RomanenkoVitaly SheremetDmitry Dobryak 2025 254820256 30343434 2410 34 20258 27 20256 30 20256 30 20256 30 (a)1)2) (b)1)2)3)4)Tiger Capital Fund SPC – Tiger Global SP 20256 30 20256 30 1. 3434 202412 3120256 30622436 622662(3)63202412 31 622406(2)407(2)(3) 2024202412 31 Sutara ... 20256 30 2. A. 20251 121 B. 202471820271 11818(i)(ii)(iii)18 3. ... 4. ... 20256 30 5. ... 20256 30 6. 36 20256 30K&SK&S K&S20256 30202412 31 ... 20256 30 6. K&S20256 30202412 31 ... 20256 30 6. K&S20256 30202412 31 20256 30K&S134.1202412 31268.1120.2202412 3112.39%202413.31% 6,651,0002024 ... 20256 30 8. ... 20256 30 9. 20256 3025%202420% K&S20172021510%25% 202520246 30 10. 20246 30 2025 ... 20256 30 11. 20242 22201511 20AXIOMACAPITAL FZE LLCAxioma Capital20246 302025630 20256 2510120256 2720255 1520256 2520255 30 16 20241 1 ... 20256 30 12. 20256 3012,155,00020246 309,976,000 20246 30248,000 20256 3022,797,000202412 3130,681,00020256 30 3764202412 314691920256 30202412 31 ... 20256 30 13. 20243339LLC KS GOKK&SEPC ... 20256 30 14. 15. ... 20256 30 15. 201812 18240,000,000Gazprombank JSC2026160,000,0005.7%20261280,000,0007.7%202612 2022Gazprombank JSCMIC invest LLC 240,000,00020256 3028,425,000202412 3144,754,000LLC KS GOK 202412 21202410 1MIC invest LLC160,000,000906.2%80,000,000908.2% (i)45,495,000(ii)LLC KS GOK100%(iii) LLC KS GOK 20242 22Axioma CapitalMIC invest LLCAxioma CapitalMIC invest LLC 2024 2 22 ... 20256 30 15. a)LLC KS GOK91 b)LLC KS GOK c)LLC K