经营业绩保持国内行业第一。公司锚定年度经营目标不放松，积 极应对复杂经营环境，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，有力推进 AI 转型战略、提升基地制造能 力、强化公司整合协同等重点工作。三季度实现利润总额 40.6 亿 元，环比增加 23.1%;1-3 季度累计实现利润总额 106.4 亿元，较上 年同期增加 29.4%，位居行业首位，跑赢大盘。 贯彻落实创新驱动发展。打造原创技术策源地，1-3 季度完成 22 个应用基础研究项目立项并运行，1 个海外研发中心项目立项并 运行，发明专利申请数 1027 件，国际专利申请数 73 件。深度推 进关键核心技术攻关，1-3 季度首发产品 6 项、标志性技术 42 项， 公司牵头的"激光耐热刻痕取向硅钢制造技术开发与应用"项目 荣获 2025 年冶金科学技术奖特等奖。 深化产品经营。持续优化产品结构，差异化产品销量稳步攀升， 1-3 季度"2+2+N"产品销量 2,568.9 万吨，较上年同期增加 13.9%。 积极提升品牌价值，吉帕钢 1470DP-EG 顺利下线，问鼎电镀锌 双相钢全球最高强度。开拓海外市场，充分把握出口机遇，1-3 季度 ...

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。 证券代码：600019 证券简称：宝钢股份 公告编号：临 2025-058 宝山钢铁股份有限公司 第九届董事会第四次会议决议公告 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 宝山钢铁股份有限公司（以下简称"公司"或"宝钢股份"） 于 2025 年 10 月 17 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表决的方式于 2025 年 10 月 29 日在上海召开。 （四）董事出席会议的人数情况 本次董事会应出席董事 10 名，实际出席董事 10 名（其中以通 讯方式出席会议 2 名）。 2025 年三季度末，公司坏账准备余额 22,436,772.17 元，存货跌 价准备余额 247,936,658.01 元，固定资产减值准备余额 1 ...

Group 1 - The steel sector saw an increase of 1.27% on October 30, with Anyang Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Anyang Iron & Steel's stock price rose by 10.08%, closing at 2.62, with a trading volume of 1.4087 million shares and a transaction value of 357 million yuan [1] Group 2 - The main capital inflow in the steel sector was 57.76 million yuan, while retail investors saw a net inflow of 26.11 million yuan [2] - The stock performance of various companies in the steel sector showed mixed results, with some companies experiencing declines [2] - The trading data indicates that Anyang Iron & Steel had a net inflow of 85.4751 million yuan from main capital, despite a net outflow from retail and speculative capital [3]

Financial Performance - The total profit for Q3 reached 4.057 billion RMB, an increase of 103.42% year-on-year, while the cumulative profit for the first three quarters was 10.643 billion RMB, up 29.39% compared to the same period last year[5] - The company achieved a total revenue of 81.064 billion RMB in Q3, reflecting a year-on-year increase of 1.83%, while the cumulative revenue for the first three quarters was 232.436 billion RMB, down 4.29% from the previous year[5] - The net profit attributable to shareholders for Q3 was 3.081 billion RMB, a 130.31% increase year-on-year, with a cumulative net profit of 7.959 billion RMB for the first three quarters, up 35.32%[5] - Total operating revenue for the first three quarters of 2025 was CNY 232.44 billion, a decrease of 4.8% compared to CNY 242.86 billion in the same period of 2024[19] - Net profit for the first three quarters of 2025 reached CNY 8.91 billion, an increase of 29.3% from CNY 6.89 billion in 2024[20] - Earnings per share for the first three quarters of 2025 were CNY 0.37, compared to CNY 0.27 in the same period of 2024[20] - The total comprehensive income for the first three quarters of 2025 was approximately $5.38 billion, down from $6.80 billion in the same period of 2024[29] Production and Sales - The company achieved iron production of 12.766 million tons and steel production of 13.056 million tons in the quarter, with a total sales volume of 13.955 million tons of finished products, resulting in a consolidated profit of RMB 4.06 billion[15] - For the first three quarters, the company reported cumulative iron production of 36.48 million tons, steel production of 38.787 million tons, and finished product sales of 39.262 million tons, achieving a consolidated profit of RMB 10.64 billion[15] - The sales volume of differentiated products reached 25.689 million tons in the first three quarters, an increase of 13.9% year-on-year[3] - The company exported 5.169 million tons in the first three quarters, marking a 10.9% increase compared to the same period last year[3] Cash Flow and Liquidity - The net cash flow from operating activities for the first three quarters was 30.843 billion RMB, a significant increase of 97.23% year-on-year[6] - The company’s cash flow statement for the first three quarters of 2025 indicates a healthy liquidity position, with cash inflows from operating activities remaining strong[21] - Cash flow from operating activities for the first three quarters of 2025 was approximately $6.03 billion, a significant increase from $327.75 million in the same period of 2024[32] - The company reported a significant increase in cash flow from financing activities, with a net inflow of approximately $4.55 billion in the first three quarters of 2025, compared to $2.89 billion in the same period of 2024[32] Assets and Liabilities - The company’s asset-liability ratio stood at 40.65% as of the end of September, indicating a stable financial structure[6] - Total assets increased to CNY 376.26 billion in 2025 from CNY 364.87 billion in 2024, reflecting a growth of 3.8%[18] - Total liabilities rose to CNY 152.95 billion in 2025, up from CNY 144.71 billion in 2024, marking an increase of 5.5%[18] - The company’s total liabilities increased to CNY 96.34 billion as of September 30, 2025, compared to CNY 89.35 billion at the end of 2024, representing an increase of 7.2%[26] Innovation and Development - The company launched 6 new products and 42 landmark technologies in the first three quarters, with a total of 1,027 invention patent applications filed[3] - The company is focusing on innovation and integration of production, sales, and research to enhance operational efficiency[14] - The company is committed to its development strategy of "innovation-driven, efficiency-oriented, and scale expansion" to strengthen its market position[14] - Research and development expenses for the first three quarters of 2025 were CNY 2.53 billion, slightly up from CNY 2.45 billion in 2024[19] Market Conditions - The company is navigating challenges in the steel industry characterized by strong supply and weak demand, facing pressures from rising costs and the need for transformation[14] - The domestic steel price index increased by 1.8% compared to the second quarter, while the Platts 62% iron ore index rose by 4.4%[14] Shareholder Information - The top shareholder, China Baowu Steel Group Co., Ltd., holds 44.20% of the shares, with a pledged share count of 1.375 billion[12] Inventory and Financial Management - The company’s inventory as of September 30, 2025, was RMB 39.124 billion, compared to RMB 38.188 billion at the end of 2024[16] - The company’s cash and cash equivalents amounted to RMB 26.599 billion as of September 30, 2025, up from RMB 26.152 billion at the end of 2024[16] - The company reported a net cash outflow from investing activities of CNY 17.36 billion in the first three quarters of 2025, compared to a net outflow of CNY 15.76 billion in the same period of 2024[22] - The company’s cash inflow from financing activities decreased to CNY 23.24 billion in the first three quarters of 2025, compared to CNY 31.20 billion in the same period of 2024[23] - The company reported a decrease in financial expenses, with interest expenses at approximately $860.17 million, down from $983.49 million in the previous year[29]

Core Viewpoint - Baosteel Co., Ltd. has achieved its planned production capacity through investments in Shandong Steel Rizhao and Maanshan Iron & Steel Co., Ltd., and currently has no plans for further acquisitions of crude steel capacity [1] Company Summary - The company has successfully reached its production capacity goals in recent years [1] - There are no immediate plans for additional acquisitions in crude steel production capacity [1] Industry Summary - The industry context suggests a stabilization in capacity expansion among major players like Baosteel, indicating a potential shift in focus towards optimizing existing operations rather than pursuing aggressive growth through acquisitions [1]

Group 1 - The establishment of Baosteel Pipe (Ma'anshan) Technology Co., Ltd. was announced on October 28, with a registered capital of 1 billion RMB [1] - The legal representative of the new company is Xue Jianguo, and its business scope includes steel and iron smelting, steel rolling processing, and import and export of goods [1] - Baosteel Pipe (Ma'anshan) is wholly owned by Baosteel Pipe Industry Technology Co., Ltd., which is a wholly-owned subsidiary of Baosteel Co., Ltd. (stock code: 600019) [1]

Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance, with a rise of 0.74% as of October 30, 2025, and notable increases in constituent stocks such as Huayu Automotive (4.87%) and Baosteel (1.98%) [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF (515300) increased by 0.75%, with an intraday turnover of 0.68% and a total transaction value of 32.5842 million yuan [3] - Over the past month, the ETF has averaged daily transactions of 150 million yuan, with a current scale of 4.743 billion yuan [3] - In the last ten trading days, there were net inflows on six days, totaling 49.8513 million yuan [3] Historical Returns - The CSI 300 Dividend Low Volatility ETF has seen a net value increase of 60.06% over the past five years, ranking 103 out of 1031 index equity funds, placing it in the top 9.99% [3] - Since its inception, the ETF's highest monthly return was 13.89%, with the longest consecutive monthly gains being five months and a maximum increase of 14.56% [3] - The average return during rising months is 3.57%, and the annualized return over the past six months has exceeded the benchmark by 6.46% [3] Institutional Investment Trends - Insurance funds have accelerated their allocation to dividend stocks in the first half of 2025, with an increase of nearly 320 billion yuan in allocations, surpassing the total for the previous year [4] - Despite rising valuations, the opportunity for concentrated investments in dividend stocks is diminishing, with an estimated under-allocation of 800 billion to 1.6 trillion yuan across the industry [4] - It is suggested to focus on companies with resilient balance sheets and balanced growth [4] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Shuanghui Development, Gree Electric Appliances, Sinopec, Huayu Automotive, Daqin Railway, Midea Group, China State Construction, Baosteel, and China Mobile, collectively accounting for 35.84% of the index [4][6]

Group 1 - The core viewpoint of the article is that the majority of steel products' prices remain stable compared to October, with some varieties experiencing price increases due to high steel production and inventory levels, leading to a relaxed supply-demand situation that hinders sustained price recovery [1][2] - The prices of various steel products such as thick plates, hot-rolled coils, and cold-rolled products remain unchanged from October, while hot-dip galvanized and electro-galvanized steel prices have increased by 100 yuan per ton [1] - Domestic consumption is currently stable, with potential for increased orders in seasonal consumption sectors, although demand for construction steel is constrained by financial and emotional factors [1][2] Group 2 - Steel production remains at a certain scale, with stable orders for specialty steel, but the overall price recovery of steel is limited due to pressure from common materials [2] - Overseas retail and manufacturing consumption is holding up, with liquidity from interest rate cuts promoting investment and consumption, providing a supportive backdrop for domestic steel prices [2] - The adjustment of steel prices by major steel enterprises for November is primarily to address the high production levels and increasing inventory, with a focus on the specialty steel market moving forward [2]

Traditional Industries - The transformation and upgrading of traditional industries during the "14th Five-Year Plan" period is exemplified by the advancements in Baosteel, where AI is applied to control the temperature of molten iron, achieving a temperature variance of less than 10 degrees Celsius and saving 2 kilograms of fuel per ton of iron produced [1][2]. - China Baowu has established smart factories and completed ultra-low emission transformations in 15 steel bases, which account for over 98% of its production [2]. - The focus for the "15th Five-Year Plan" will be on intelligent, green, and integrated development, with an emphasis on AI innovation to enhance production efficiency and product quality [2][3]. Emerging and Future Industries - The "14th Five-Year Plan" marked a critical phase for the commercialization of embodied intelligent robots, with companies like Juyuan Electronics leading in flexible manufacturing solutions [8][9]. - China has established a leading position in emerging industries such as new energy and quantum technology, with the "three new" economy's value added exceeding 18% of GDP by 2024 [11]. - The "15th Five-Year Plan" is expected to foster a development pattern characterized by technological breakthroughs and deep cross-industry integration, potentially creating several trillion-yuan markets in strategic emerging industries [11][12]. Service Industry - The modern service industry has shown significant growth during the "14th Five-Year Plan," with annual growth rates of 13% in information technology services and 13.3% in leasing and business services [17]. - The integration of modern service industries with advanced manufacturing is crucial for enhancing productivity and quality, with a focus on sectors like design, consulting, and supply chain finance [18]. - The "15th Five-Year Plan" aims to expand and improve the service industry, emphasizing the need for standardization and quality enhancement in sectors such as hospitality and elder care [18]. Modern Infrastructure - The construction of a modern infrastructure system has accelerated, with over 600 million kilometers of comprehensive transportation networks established during the "14th Five-Year Plan" [23]. - The focus for the "15th Five-Year Plan" will be on optimizing and enhancing the efficiency of infrastructure, including the development of a national integrated computing power system and advanced transportation networks [24][25]. - There is a need to address existing shortcomings, such as insufficient regional coordination and the presence of data silos, to ensure a more interconnected and efficient infrastructure system [23][24].

Market Overview - The steel sector experienced a decline of 1.81% on October 28, with Wujin Stainless Steel leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Notable gainers included: - Sangang Min Guang (002110) with a closing price of 4.48, up 0.90% on a trading volume of 784,300 shares and a turnover of 356 million yuan [1] - Ben Steel Plate (000761) closed at 3.63, up 0.83% with a trading volume of 141,200 shares and a turnover of 51.01 million yuan [1] - Significant decliners included: - Wujin Stainless Steel (603878) which fell 4.85% to a closing price of 10.60, with a trading volume of 356,800 shares and a turnover of 383 million yuan [2] - Baotou Steel (600010) decreased by 3.00% to 2.59, with a trading volume of 11,064,600 shares and a turnover of 2.892 billion yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 922 million yuan from main funds, while retail investors contributed a net inflow of 668 million yuan [2] - Key stocks with significant capital flow include: - Nanjing Steel (600282) with a net inflow of 20.27 million yuan from main funds, but a net outflow of 11.52 million yuan from retail investors [3] - Heibei Steel (000709) recorded a net inflow of 18.79 million yuan from main funds, while retail investors had a net outflow of 22.39 million yuan [3]