公司 2025 年上半年度拟向全体股东每股派发现金红利 0.12 元 （含税），以 2025 年 7 月末总股本 21,377,312,092 股（已扣除公司回 购 专 用 账 户 中 的 股 份 404,772,657 股 ） 为 基 数 ， 预 计 分 红 2,565,277,451.04 元（含税），占合并报表上半年归属于母公司股东的 净利润的 52.58%。 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-050 宝山钢铁股份有限公司 关于 2025 年上半年度利润分配方案的公告 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。 重要内容提示： 每股分配比例：每股派发现金股利 0.12 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本（扣除 公司回购专用账户中的股份）为基数，具体日期将在权益分派实施公 告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维 持每股分配比例不变，相应调整分配总额，并将另行公告具体调整情 况。 一、利润分配方案内容 根据公司 2025 年半年度财务 ...

Core Viewpoint - Baosteel Co., Ltd. reported a decline in revenue for the first half of 2025, while net profit showed a year-on-year increase, indicating mixed financial performance [1] Financial Performance - The company achieved operating revenue of 151.37 billion yuan, a year-on-year decrease of 7.28% [1] - The net profit attributable to shareholders was 4.879 billion yuan, reflecting a year-on-year growth of 7.36% [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.12 yuan per share (tax included), with an expected total dividend payout of 2.565 billion yuan (tax included) [1]

宝山钢铁股份有限公司2025 年半年度报告 公司代码：600019 公司简称：宝钢股份 宝山钢铁股份有限公司 2025 年半年度报告 1 / 185 宝山钢铁股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人邹继新、主管会计工作负责人王娟及会计机构负责人（会计主管人员）冉瑞文 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1、2024年度股东大会决议授权董事会决定公司2025年中期利润分配方案； 2、经董事会审议通过的报告期利润分配方案为：公司2025年上半年度拟派发现金股利0.12元/股 （含税），以7月末扣除公司回购专用账户后的股份总数21,377,312,092股为基数，预计分红25.65 亿元（含税），占合并报表上半年归属于母公司股东的净利润的52.58%。实际分红以在派息公告 中确认的股权登记日股本（扣除 ...

宝山钢铁股份有限公司 对宝武集团财务有限责任公司的风险评估报告 司的战略和经营目标得以实施和实现；确保业务活动符合国家法规； 提高财务公司的经营效率和效果；确保各项业务稳健运行和资产的安 全与完整；确保业务记录、财务信息和其他管理信息的及时、完整和 真实；确保经营过程中的问题得到及时纠正。 （二）内部控制遵循的原则 按照证监会及上海证券交易所信息披露工作要求，通过查验宝武 集团财务有限责任公司（以下简称"财务公司"）《金融许可证》《企 业法人营业执照》等证件，根据《企业集团财务公司管理办法》等相 关规定，在审阅包括资产负债表、利润表、现金流量表等在内的定期 财务报表和内部控制制度的基础上，对财务公司2025年上半年风险管 理情况进行了评估，具体风险评估情况如下： 一、基本情况 财务公司是1992年6月经监管部门批准成立的全国性非银行金融 机构，是由国家金融监督管理总局监管的非银行金融机构，企业法人 统一社会信用代码为913100001322009015。财务公司注册资本68.4 亿元（含3500万美元），股权结构：中国宝武钢铁集团有限公司（以 下简称"中国宝武"）占24.32%、马鞍山钢铁股份有限公司占22. ...

证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-049 宝山钢铁股份有限公司 2025 年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》"第七号——钢铁"要求，公司 2025 年半年度主要经营数 据公告如下： 一、公司亮点 - 1 - 经营业绩保持国内行业第一。公司积极应对市场下行风险，围绕 "坚持规划引领、创新驱动发展、变革激发活力、协同创造价值" 的经营总方针，深入推进产销研一体化实体化变革，充分发挥一 公司多基地优势。二季度实现利润总额 32.9 亿元，环比持平；上 半年实现利润总额 65.9 亿元，盈利能力保持行业前列。 坚持稳健经营，提升营运效率。强化营运资金管控，现金流状况 大幅改善，上半年公司经营活动现金流量净额 166.5 亿元，较上 年同期增加 190.1%。6 月末公司资产负债率 39.87%，保持稳健区 间，为抵御市场波动稳健经营保驾护航。 坚持技术创新。加大研发投入，上半年研发投入率 6. ...

Core Viewpoint - The integration between China Baowu Steel Group and Shandong Steel Group is progressing well, with leadership changes aimed at enhancing collaboration and efficiency [1][2]. Group 1: Leadership Changes - Jie Qi, the first general manager sent by China Baowu to Shandong Steel, resigned from his position on August 25, and subsequently from the board of Shandong Steel [1]. - Mao Zhanhong has been nominated to replace Jie Qi as the chairman of Shandong Steel, pending shareholder approval [1]. - Mao Zhanhong has extensive experience in steel production management and has previously held significant positions within Baowu and its subsidiaries [3]. Group 2: Strategic Collaboration - Since the strategic investment by China Baowu in Shandong Steel at the end of 2023, both companies have accelerated their integration efforts [2]. - Shandong Steel has achieved a turnaround, reporting a profit in the first half of the year, and has reduced losses by 2.086 billion yuan from January to July 2024 [2]. - The focus is on leveraging Baowu's resources and policies to enhance operational efficiency and competitiveness [2]. Group 3: Future Directions - Mao Zhanhong aims to combine Baowu's advantages in systems, technology, and management with Shandong Steel's regional and resource strengths to improve the company's industry ranking [4]. - The leadership emphasizes the importance of strategic collaboration to enhance overall competitiveness in the market [4].

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

金融界消息 截至2025年8月25日收盘，宝钢股份（600019）报收于7.26元，上涨1.54%，换手率0.54%， 成交量117.66万手，成交金额8.51亿元。 资金流向方面，今日主力资金净流入5075.65万元，占比成交额5.96%。其中，超大单净流入3536.20万 元、占成交额4.15%，大单净流入1539.44万元、占成交额1.81%，中单净流出流出3561.09万元、占成交 额4.18%，小单净流出1514.56万元、占成交额1.78%。 宝钢股份最新一期业绩显示，截至2025一季报，公司营业总收入728.80亿元、同比减少9.82%，归属净 利润24.34亿元，同比增长26.37%，扣非净利润23.99亿元，同比增长52.23%，流动比率1.235、速动比率 0.869、资产负债率39.35%。 天眼查商业履历信息显示，宝山钢铁股份有限公司，成立于2000年，位于上海市，是一家以从事黑色金 属冶炼和压延加工业为主的企业。企业注册资本2226220.0234万人民币，实缴资本1647172.4924万人民 币。公司法定代表人为邹继新。 来源：金融界 通过天眼查大数据分析，宝山钢铁股份有限公司共 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, indicating a potential recovery in the steel industry's fundamentals [3][4]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker upward trend in the industry [3]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products reached 8.5299 million tons, an increase of 2.64% week-on-week [24]. - The total steel inventory was 14.4104 million tons, with a week-on-week increase of 2.25% [11]. - The operating rate of blast furnaces in 247 steel mills was 83.36%, a decrease of 0.23 percentage points week-on-week [28]. Production and Profitability - The total steel production was 8.7806 million tons, an increase of 0.73% week-on-week [30]. - The average gross profit for rebar was 243.7 CNY/ton, down 13.4% week-on-week, while hot-rolled coil gross profit was 201.7 CNY/ton, down 13.5% week-on-week [35]. Demand and Supply Dynamics - The report notes a decline in real estate demand, but infrastructure and manufacturing sectors are expected to maintain stable growth [3]. - Steel exports from China maintained a year-on-year growth of 9.2% in the first half of the year [3]. Raw Material Prices - Iron ore prices decreased, with the spot price dropping to 765 CNY/ton, a decline of 1.54% [42]. - Coking coal prices remained stable at 1430 CNY/ton, while coking prices increased to 1660 CNY/ton, a rise of 3.11% [42]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel and Hesteel, as well as companies with low valuations and high dividends like CITIC Special Steel [3].