Company Highlights - The company aims to become a globally influential source of green low-carbon original technology, with the successful connection of the first domestic "hydrogen-based blast furnace + electric furnace" near-zero carbon high-grade thin steel plate factory project, now entering the equipment installation phase [1] Financial Performance - Total assets at the end of the reporting period reached 370,113 million RMB, an increase of 1.44% compared to the previous year [2] - Net assets attributable to shareholders increased to 203,736 million RMB, up 1.59% year-on-year [2] - Operating revenue for the first half of the year was 151,372 million RMB, a decrease of 7.28% compared to the same period last year [2] - Total profit for the first half of the year was 6,586 million RMB, an increase of 5.70% year-on-year [2] Operational Efficiency - The company maintained its position as the industry leader, achieving a total profit of 32.9 billion RMB in the second quarter, remaining stable quarter-on-quarter [3] - Cash flow from operating activities significantly improved, with a net cash flow of 16,647 million RMB, an increase of 190.14% year-on-year [4] - The debt-to-asset ratio was 39.87% at the end of June, indicating a stable financial position [3] Innovation and R&D - The company increased its R&D investment rate to 6.23%, launching six new products globally, including non-oriented silicon steel B50AM250 [3] - The establishment of the Baosteel Hong Kong R&D Center aims to enhance collaboration in scientific research [3] Product Development - The sales volume of differentiated products under the "2+2+N" strategy reached 16.581 million tons, an increase of 9.9% year-on-year [3] - Export orders totaled 3.319 million tons, up 9.4% compared to the previous year [3] Green Development - The company has won the highest honor in national energy-saving competitions for three consecutive years, with two blast furnaces awarded the title of "Champion Furnace" [3] Digital Transformation - The company has made significant progress in integrating artificial intelligence with steel production, launching 119 AI application scenarios and developing 52 intelligent agents [3]

Core Viewpoint - Baosteel Co., Ltd. reported a revenue of 151.37 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 7.28% while achieving a net profit attributable to shareholders of 4.88 billion yuan, which is a year-on-year increase of 7.36% [1] Financial Performance - The company’s revenue for the reporting period was 151.37 billion yuan, down 7.28% compared to the previous year [1] - The net profit attributable to shareholders reached 4.88 billion yuan, marking a year-on-year growth of 7.36% [1] - The net profit after deducting non-recurring gains and losses was 4.74 billion yuan, which represents an increase of 11.90% year-on-year [1] - Basic earnings per share stood at 0.23 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.12 yuan per share (including tax) [1]

（编辑 何成浩） 证券日报网讯 8月27日晚间，宝钢股份发布公告称，2025年上半年实现营业收入151，372百万元，同比 下降7.28%；归属于上市公司股东的净利润为4，879百万元，同比增长7.36%。 ...

Core Viewpoint - Baosteel Co., Ltd. announced the approval of several proposals, including the profit distribution plan for the first half of 2025, during the second meeting of its ninth board of directors [2] Group 1 - The board meeting took place on the evening of August 27 [2] - The announcement includes the profit distribution proposal for the first half of 2025 [2]

Core Viewpoint - The recent personnel changes at Shandong Steel, particularly the resignation of Chairman Jie Qi and the nomination of Mao Zhanhong as his successor, highlight the ongoing integration efforts with China Baowu Steel Group, amidst a significant restructuring wave in the Chinese steel industry [1][3][5]. Company Overview - Shandong Steel's stock price is reported at 1.51 yuan, with a market capitalization of 16.155 billion yuan [1]. - The company has been undergoing a transformation, with a focus on enhancing operational efficiency and profitability through collaboration with China Baowu [9][10]. Personnel Changes - Jie Qi resigned from his positions due to work adjustments, with Mao Zhanhong being nominated as a candidate for the board of directors and potentially the new chairman [4][5]. - Mao Zhanhong has a strong background within the "Baowu system," having held various significant roles in the steel industry, which positions him well to lead Shandong Steel [6][11]. Strategic Integration - The integration between China Baowu and Shandong Steel has entered a critical phase, with the "two-participation" model facilitating deeper collaboration [7][8]. - This model aims to enhance management, technology, procurement, sales, and research synergies, injecting new growth momentum into Shandong Steel [9]. Financial Performance - In the first half of 2025, Shandong Steel reported revenues of 36.806 billion yuan and a profit of 292 million yuan, marking a significant turnaround from previous losses [9]. - The company has seen improvements in operational metrics, with notable increases in profit margins at its various production bases [9][10]. Future Outlook - Mao Zhanhong's leadership is expected to focus on furthering the integration with China Baowu and enhancing Shandong Steel's competitive position in a challenging market [11]. - The company aims to continue improving its operational performance and create additional value within the China Baowu ecosystem, although there are currently no plans for capital cooperation with other subsidiaries [10].

宝钢股份（600019）今日发布半年报，公司上半年营业收入1513.72亿元，同比下降7.28%，净利润 48.79亿元，同比增长7.36%；扣非净利润47.39亿元，同比增长11.90%，盈利能力保持行业前列。 公司称净利润增加，是得益于公司强化购销市场协同，加大成本管控推进力度，购销价差有所扩大。 终端产品价格下跌，但原材料下跌更多，是利润改善的主要原因。 铁矿石价格一季度冲高回落，二季度价格进一步下探，同时跌幅收窄，上半年铁矿石普氏62指数 100.7，同比下降14.4%，价格来到历史中位水平；上半年山西吕梁主焦煤价格1217.6元/吨，同比下降 41.4%，价格总体处于低位。上半年中钢协钢材价格综合指数(CSPI)93.7，同比下降13.4%，一季度钢材 价格总体保持稳定，二季度价格跌幅扩大。上半年国内粗钢产量5.15亿吨，同比下降3.0%；全球粗钢产 量9.34亿吨，同比下降2.2%。 报告期内宝钢股份完成铁产量2371.4万吨，钢产量2573.1万吨，商品坯材销量2530.8万吨。 现金流状况大幅改善是本期业绩一大亮点。上半年经营活动产生的现金流量净额166.47亿元，较上年同 期的57.38亿元 ...

Group 1: Asset-Backed Securities (ABS) Market - In July 2025, the Asset-Backed Securities (ABS) market saw 153 new registrations with a total scale of 1440.49 billion yuan [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion yuan), accounts receivable (309.34 billion yuan), and small loan receivables (247.95 billion yuan) [1] - Six ABS registrations were related to infrastructure public REITs, amounting to 147.33 billion yuan [1] Group 2: Digital Printing Market - In the first half of 2025, China's digital industrial printer market generated revenue of 39.4 billion yuan, marking a year-on-year growth of 10.7% [2] - The large-format digital printing machine market experienced a decline of 2.8%, while the industrial digital textile printing machine market surged by 76.6% [2] - The digital packaging and labeling printing machine market saw a year-on-year increase of 9.3% [2] Group 3: Digital Publishing Industry - The digital publishing industry in China reached a record high revenue of 17,485.36 billion yuan in 2024, reflecting an 8.07% increase from the previous year [2] - The digitalization of books and periodicals showed steady growth, with significant revenue increases in online gaming, online education, and online animation sectors [2] Group 4: Insurance Sector - China Life Insurance reported a net profit of 40.931 billion yuan for the first half of 2025, representing a year-on-year growth of 6.9% [3] - The company's total revenue for the same period was 239.235 billion yuan, up by 2.1% year-on-year [3] - A cash dividend of 0.238 yuan per share (including tax) is proposed for all shareholders [3] Group 5: E-commerce and Food Delivery - Meituan's second-quarter revenue reached 91.84 billion yuan, showing an 11.7% year-on-year increase [4] - The adjusted net profit for the quarter was 1.49 billion yuan, down 89% year-on-year [4] - The core local business segment's revenue grew by 7.7% to 65.3 billion yuan, but operating profit fell significantly due to irrational competition [4] Group 6: Real Estate Investment Trusts (REITs) - JD Group plans to establish a REIT in Singapore with an asset value exceeding 1 billion USD, expected to be listed on the Singapore Exchange by next year [4] Group 7: Food Industry - Youyou Foods reported a net profit of 108 million yuan for the first half of 2025, a year-on-year increase of 42.47% [5] - The company's revenue for the same period was 771 million yuan, up by 45.59% [5] - A cash dividend of 2.3 yuan per 10 shares (including tax) is proposed for shareholders [5] Group 8: Technology Sector - Huasen Technology achieved a net profit of 1.889 billion yuan in the first half of 2025, reflecting a 46.3% year-on-year increase [6] - The company's revenue surged by 113.06% to 83.939 billion yuan [6] - Puxin Technology reported a net profit of 1.055 billion yuan, up 23.03% year-on-year [7] Group 9: Market Overview - The Shanghai Composite Index fell by 1.76% amid a market downturn, with over 4,700 stocks declining [8] - The total trading volume for the day reached 3.17 trillion yuan, an increase of 486.5 billion yuan from the previous trading day [8] - Key sectors showing strength included computing power and chip stocks, while real estate and consumer goods sectors faced declines [8]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

格隆汇8月27日丨宝钢股份(600019.SH)公布半年度报告，营业收入1513.72亿元，同比下降7.28%，归属于上市公司股东的净利润48.79亿元，同比增长7.36%，归属于上市公司股东的扣除 ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-048 宝山钢铁股份有限公司 第九届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）会议召开符合有关法律、法规情况 本次董事会会议经过了适当的通知程序，会议程序符合有关法 律、行政法规及公司章程的规定，会议及通过的决议合法有效。 （二）发出会议通知和材料的时间和方式 公司于 2025 年 8 月 15 日以书面和电子邮件方式发出召开董事 会的通知及会议材料。 （三）会议召开的时间、地点和方式 本次董事会会议以现场结合通讯的方式于 2025 年 8 月 26 日在 上海召开。 本次董事会应出席董事 11 名，实际出席董事 11 名。 （五）会议的主持人和列席人员 本次会议由邹继新董事长主持，公司部分高级管理人员列席了 会议。 二、董事会会议审议情况 本次会议听取了《2025 年半年度总经理工作报告》等 2 项报告， 审议通过以下决议: （一）批准《关于 2025 年二季度末母公司提取各项资产减值准 备的议案 ...