股票简称：山东钢铁 证券代码：600022 编号：2025-048 山东钢铁股份有限公司 第八届董事会第十七次会议决议公告 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 （二）本次董事会会议通知于 2025 年 10 月 14 日以电子邮件和直接 送达的方式发出。 （三）本次董事会会议于 2025 年 10 月 24 日在济南市钢城区府前大 街 99 号公司总部办公楼 704 会议室以现场方式召开。 （四）本次董事会会议应到董事 8 人，亲自出席董事 6 人，其中董事 长毛展宏先生授权董事王向东先生代为行使表决权，独立董事王爱国先生 授权独立董事孟庆春先生代为行使表决权。 （五）本次会议由公司董事一致推举董事王向东先生主持，公司监事 和高级管理人员列席会议。 本议案已经公司董事会风险管理与审计委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 详细内容见上交所网站（www.sse.com.c ...

Financial Performance - The company's operating revenue for the third quarter was CNY 18,022,423,604.47, a decrease of 5.74% compared to the same period last year[5]. - The total profit for the period was CNY 339,997,901.74, while the net profit attributable to shareholders was CNY 127,280,957.66[5]. - The company reported a year-to-date net profit of CNY 139,806,803.60, which represents a decrease of 14.77% compared to the previous year[5]. - For the period of January to September 2025, the company achieved operating revenue of CNY 54.828 billion, a decrease of 14.77% year-on-year[13]. - The total profit for the same period was CNY 632 million, an increase of CNY 2.196 billion compared to the previous year[13]. - The net profit attributable to shareholders was CNY 140 million, an increase of CNY 1.591 billion year-on-year[13]. - Net profit for the first three quarters of 2025 was CNY 487.63 million, a significant recovery from a net loss of CNY 1.58 billion in the same period of 2024[20]. - The gross profit margin improved to 1.4% in 2025 from a negative margin in 2024, indicating a turnaround in profitability[20]. Cash Flow - The cash flow from operating activities increased significantly by 107.45%, amounting to CNY 3,259,486,819.95 year-to-date[9]. - The net cash flow from operating activities reached CNY 3.259 billion, a year-on-year increase of 107.45%[13]. - The company’s cash flow from operating activities for the first three quarters of 2025 showed improvement, reflecting better operational efficiency[22]. - In the first three quarters of 2025, the net cash flow from operating activities was CNY 3,259,486,819.95, an increase of 107.5% compared to CNY 1,571,226,098.75 in the same period of 2024[23]. - Total cash inflow from operating activities decreased to CNY 51,645,659,496.62 in 2025 from CNY 60,139,288,777.59 in 2024, representing a decline of 14.8%[23]. - The total cash inflow from operating activities was impacted by a significant drop in cash received from sales, which fell to CNY 51,214,492,226.44 in 2025 from CNY 59,881,671,737.61 in 2024, a decline of 14.5%[23]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 66,501,337,202.97, reflecting a 0.46% increase from the previous year[6]. - Total liabilities as of September 30, 2025, amounted to CNY 37.99 billion, an increase from CNY 37.24 billion at the end of 2024[18]. - The total equity attributable to shareholders of the parent company was CNY 18.87 billion as of September 30, 2025, slightly up from CNY 18.78 billion at the end of 2024[18]. Shareholder Information - The company has a total of 198,985 common shareholders at the end of the reporting period[10]. - The largest shareholder, Shandong Iron and Steel Group Co., Ltd., holds 40.03% of the shares[11]. - The basic earnings per share for the quarter was CNY 0.0119, compared to CNY 0.0131 for the same period last year[6]. - The company reported a basic and diluted earnings per share of CNY 0.0131 for the first three quarters of 2025, compared to a loss of CNY 0.1361 per share in 2024[21]. Operational Efficiency - The company produced 7.7048 million tons of pig iron and 11.0101 million tons of crude steel during the reporting period[13]. - The gross profit margin increased by 4.97 percentage points compared to the same period last year[13]. - The company reduced comparable costs by CNY 64.39 per ton of steel during the reporting period[14]. - The direct supply ratio to end-users increased by 7.9 percentage points year-on-year[15]. - The company successfully launched a digital transformation project, enhancing 20 core systems by September 30, 2025[15]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 1.20 billion, a decrease of 15.6% from CNY 1.42 billion in 2024[20]. Financing Activities - The cash outflow from financing activities in the first three quarters of 2025 was CNY 8,160,761,980.73, down from CNY 8,857,625,103.37 in 2024, a decrease of 7.8%[24]. - The net cash flow from financing activities was negative CNY 1,645,165,717.79 in 2025, worsening from negative CNY 1,002,229,746.50 in 2024[24]. - The company received CNY 6,515,596,262.94 from borrowings in the first three quarters of 2025, down from CNY 7,621,851,292.54 in 2024, a decrease of 14.5%[23].

Core Viewpoint - Shandong Steel reported a decline in revenue and net profit for the third quarter and the first three quarters of the year, indicating challenges in the steel industry [1] Financial Performance - The company's revenue for the third quarter was 18.022 billion, a year-on-year decrease of 5.74% [1] - The net profit for the third quarter was 127 million [1] - For the first three quarters, the total revenue was 54.828 billion, reflecting a year-on-year decline of 14.77% [1] - The net profit for the first three quarters was 140 million [1]

Market Overview - On October 23, the steel sector rose by 0.32% compared to the previous trading day, with Nanjing Steel leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Nanjing Steel (600282) closed at 5.26, up 2.14% with a trading volume of 340,700 shares and a turnover of 177 million yuan [1] - Anyang Iron & Steel (600569) closed at 2.44, up 1.67% with a trading volume of 373,700 shares [1] - New Century Steel (000778) closed at 4.00, up 1.27% with a trading volume of 563,300 shares [1] - Hebei Steel (000709) closed at 2.59, up 1.17% with a trading volume of 1,917,500 shares [1] - Ansteel (000898) closed at 2.77, up 1.09% with a trading volume of 367,000 shares [1] Fund Flow Analysis - The steel sector experienced a net outflow of 417 million yuan from institutional investors, while retail investors saw a net inflow of 382 million yuan [2] - The top stocks with significant fund flow include: - Wujin Stainless Steel (603878) with a net inflow of 12.92 million yuan from institutional investors [3] - Youfa Group (601686) with a net inflow of 12.74 million yuan from institutional investors [3] - Chongqing Steel (601005) with a net inflow of 11.07 million yuan from institutional investors [3]

Core Viewpoint - Shandong Steel's stock price has experienced fluctuations, with a recent decline of 2.40%, while the company has shown a year-to-date increase of 12.41% in stock price [1] Financial Performance - For the first half of 2025, Shandong Steel reported operating revenue of 36.806 billion yuan, a year-on-year decrease of 18.60%, while net profit attributable to shareholders was 12.5258 million yuan, reflecting a year-on-year increase of 101.29% [2] - Cumulative cash dividends since the A-share listing amount to 3.474 billion yuan, with 321 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 2.66% to 207,200, while the average circulating shares per person increased by 2.73% to 51,628 shares [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 39.7225 million shares, an increase of 10.5368 million shares compared to the previous period [3] Market Activity - As of October 23, 2023, Shandong Steel's stock was trading at 1.63 yuan per share, with a total market capitalization of 17.439 billion yuan [1] - The stock has seen a trading volume of 59.3103 million yuan, with a turnover rate of 0.34% [1]

按最新收盘价计算，A股均价为13.61元，不足2元的个股共有27只，股价最低的是*ST高鸿，最新收盘 价为0.38元。 证券时报·数据宝统计显示，截至10月22日收盘，沪指报收3913.76点，A股平均股价为13.61元，从个股 股价分布看，高价股及低价股数量在A股市场总体占比相对较少。 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 000851 | *ST高鸿 | 0.38 | | | 0.99 | 通信 | | 600200 | *ST苏吴 | 0.96 | -1.03 | 2.14 | 0.39 | 医药生物 | | 603388 | *ST元成 | 1.10 | -5.17 | 0.14 | 0.50 | 建筑装饰 | | 000656 | *ST金科 | 1.40 | 0.00 | 1.05 | | 房地产 | | 601005 | 重庆钢铁 | 1.56 | 0.65 | 2.40 | 0.84 | 钢铁 | | 002496 | *ST辉 ...

Market Overview - On October 17, the general steel sector declined by 0.68% compared to the previous trading day, with Wujin Stainless Steel leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Lingang Co. (600231) saw a significant increase of 10.00%, closing at 2.42, with a trading volume of 596,400 shares and a transaction value of 142 million [1] - Other notable performers included Sansteel Minguang (002110) with a 1.90% increase, and Liugang Co. (601003) with a 1.73% increase [1] - Conversely, Wujin Stainless Steel (603878) experienced the largest drop of 8.54%, closing at 10.17, with a trading volume of 699,000 shares and a transaction value of 723 million [2] Capital Flow Analysis - The steel sector experienced a net outflow of 337 million from main funds, while retail investors contributed a net inflow of 244 million [2] - The main funds showed a significant net inflow in Liugang Co. (649.51 million) and Lingang Co. (586.69 million), while experiencing outflows in Wujin Stainless Steel and other companies [3] - Retail investors primarily contributed to the net inflow in stocks like Wujin Stainless Steel and Sansteel Minguang, despite overall sector outflows [3]

Market Overview - The Shanghai Composite Index rose by 1.22% on October 15, with 29 out of the 31 sectors experiencing gains, led by the power equipment and automotive sectors, which increased by 2.72% and 2.37% respectively [2] - The steel and oil & petrochemical sectors were the only ones to decline, with decreases of 0.21% and 0.14% respectively, making steel the worst-performing sector of the day [2] Capital Flow Analysis - The main capital flow showed a net outflow of 853 million yuan across the two markets, with 16 sectors seeing net inflows [2] - The pharmaceutical and biological sector had the highest net inflow, amounting to 3.845 billion yuan, and it rose by 2.08% [2] - The power equipment sector also saw significant inflow, with a net capital inflow of 1.704 billion yuan and a daily increase of 2.72% [2] Steel Industry Insights - The steel industry experienced a decline of 0.21% with a net capital outflow of 1.4 billion yuan [3] - Among the 44 stocks in the steel sector, 35 stocks rose while 7 fell [3] - Notable inflows in the steel sector included Maanshan Iron & Steel with a net inflow of 63.19 million yuan, followed by Baosteel and Bayi Iron & Steel with inflows of 55.94 million yuan and 13.40 million yuan respectively [3] - The stocks with the highest net outflows included Baotou Steel with a net outflow of 1.515 billion yuan, followed by Ling Steel and Chongqing Steel with outflows of 19.69 million yuan and 18.83 million yuan respectively [3][4]

Market Overview - On October 15, the general steel sector rose by 0.07% compared to the previous trading day, with Wujin Stainless Steel leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Wujin Stainless Steel (603878) closed at 12.36, up 7.85% with a trading volume of 775,700 shares and a transaction value of 911 million yuan [1] - Bayi Steel (600581) closed at 4.77, up 3.25% with a trading volume of 772,200 shares and a transaction value of 369 million yuan [1] - Other notable performers include: - Sijiang Co. (600808) at 4.19, up 3.20% [1] - New Steel Co. (600782) at 4.20, up 1.69% [1] - Lingang Steel (600231) at 2.26, up 1.35% [1] Capital Flow Analysis - The general steel sector experienced a net outflow of 1.446 billion yuan from main funds, while speculative funds saw a net inflow of 395 million yuan, and retail investors had a net inflow of 1.051 billion yuan [2] - Specific stock capital flows include: - Baosteel (600019) with a main fund net inflow of 28.75 million yuan [3] - Bayi Steel (600581) with a main fund net inflow of 22.96 million yuan [3] - Other stocks like Ma Steel (600808) and Hegang (000709) also showed varied capital flows [3]

Core Insights - The article discusses the transformation and advancements of state-owned enterprises (SOEs) in Shandong Province, highlighting their role in China's economic transition and reform efforts during the 14th Five-Year Plan period [2][21]. Group 1: Economic Transformation and SOE Advancements - The five years have seen Shandong's SOEs enhance their functions, increase value, and strengthen strategic support, shifting from a focus on speed to quality and from solving problems to improving efficiency [2][21]. - Shandong's SOEs are redefining innovation by aligning with market demands and focusing on green and low-carbon transformations, thereby reshaping the industrial ecosystem [2][21]. Group 2: Technological Breakthroughs - Shandong SOEs are addressing "bottleneck" technologies by anchoring their strategies to real market needs, investing in R&D, and converting technological challenges into competitive advantages [3][6]. - Shandong Steel has developed the world's first 500 MPa high-strength wind power steel, setting new industry standards and achieving a market share of over 25% in the wind power steel sector [4][5]. Group 3: Collaborative Innovation - The successful collaboration between production, sales, research, and application has led to significant breakthroughs in key technologies, resulting in over 600 domestic and international patents [5][6]. - Weichai Power has achieved multiple breakthroughs in diesel engine thermal efficiency, setting world records and enhancing China's position in the global internal combustion engine industry [6][7]. Group 4: Strategic Growth and Market Expansion - Shandong's SOEs have seen a 5.1% increase in export revenue from January to July, with heavy truck exports accounting for 62% of the national total [10][11]. - The province's strategic initiatives have led to a significant increase in the share of new strategic industries, with revenue from these sectors reaching 24.6% of total revenue by mid-2025 [14][21]. Group 5: Infrastructure Development - Shandong has made significant advancements in transportation infrastructure, with high-speed rail and highways expanding rapidly, positioning the province as a leader in national transportation [16][20]. - The province's ports have achieved a cargo throughput of over 1.8 billion tons, ranking first globally, showcasing the integration of resources in the global supply chain [20][21]. Group 6: Green Energy Initiatives - Shandong is transitioning from traditional energy sources to renewable energy, with significant investments in wind and solar power, aiming for a substantial increase in renewable energy capacity by 2027 [21][23]. - The province's initiatives in green infrastructure, such as the zero-carbon highway, exemplify its commitment to sustainable development and innovation in energy consumption [22][27]. Group 7: Organizational Restructuring - Strategic mergers and reorganizations among Shandong's SOEs aim to enhance efficiency and address industry challenges, focusing on collaborative strengths rather than isolated operations [24][25]. - The restructuring efforts are designed to optimize resource allocation and improve public service capabilities, ensuring that state capital effectively supports key industries and public needs [26][28].