2 | 价，全力提升毛利总额；四是系统发力降本增效，强化 | | --- | | 算账经营、精益管理，持续抓好全体系全流程降本增效。 | | 4.公司前三季度业绩实现大幅增长，主要驱动因素 | | 是什么？ | | 答:公司坚持深化变革求生，聚焦价值创造，通过优 | | 化产品结构、强化成本管控、推进精益运营等举措，三 | | 季度经营业绩在上半年扭亏为盈的基础上大幅提升，特 | | 别是通过"抓两端控中间"的经营策略，采购、销售环 | | 节协同发力，持续推动购销差价扩大，其中济南钢城基 | | 地较去年提升 288 元/吨钢，日照基地较去年提升 225 | | 元/吨钢，推动了整体盈利能力的改善。 | | 5.今年以来，为推动我国钢铁产业提质升级，从国 | | 家层面到地方政府密集出台相关支持政策。请问公司如 | | 何利用当前的政策窗口期，将内部改革形成的成本优 | | 势，转化为更长期的市场竞争优势和份额？ | | 答:公司持续加强国家及地方产业及财政政策的研 | | 究应用，确保各项政策应享尽享。公司将坚持眼光向内， | | 系统发力降本增效，强化算账经营、精益管理，借助信 | | 息化系统上线有利 ...

Core Insights - The steel industry is undergoing a deep adjustment period driven by policies, capital, and market factors, presenting new opportunities and requirements for listed companies like Shandong Steel [1] - Shandong Steel achieved a total profit of 632 million yuan and a net profit of approximately 140 million yuan in the first three quarters of this year, with the third quarter marking the highest quarterly profit in nearly 11 quarters, fulfilling its goal of turning losses into profits [1][2] Group 1: Cost Control and Operational Strategy - Shandong Steel has implemented a three-tier cost control system, achieving a reduction of over 60 yuan per ton of steel, establishing a solid cost "moat" for the company [2] - The company employs a "grasp both ends and control the middle" operational strategy, enhancing collaboration in procurement and sales, resulting in an increase of 288 yuan/ton at the Jinan Steel City base and 225 yuan/ton at the Rizhao base compared to last year [2] Group 2: Product Development and Market Expansion - The steel industry is trending towards high-end, green, and digital development, with Shandong Steel focusing on high-end products such as bearing steel, pipeline steel, automotive sheets, low-temperature resistant steel, and high-strength wear-resistant steel, increasing the proportion of high-end products by 5.4 percentage points compared to 2024 [2][3] Group 3: Technological Innovation and Digitalization - Shandong Steel has established an AI Intelligence Department to advance its "AI + Steel" strategy, aiming to optimize production processes and improve management efficiency through the application of AI technology [3] - The shift towards smart manufacturing is reshaping the value metrics of the steel industry, with increasing quality demands from downstream industries driving steel companies to enhance technological innovation and supply chain collaboration [3] Group 4: Capital Operations and Policy Environment - Shandong Steel plans to acquire 100% of Laiwu Steel Group Yingshan Type Steel Co., Ltd. for 714 million yuan, which will address competition issues and further enhance the company's performance and product structure [4] - The steel industry is currently experiencing a significant policy opportunity period, with various supportive policies being introduced to promote quality upgrades in the steel industry [4]

山东钢铁股份有限公司 2025 年第三次临时股东会 会议材料 二○二五年十一月十一日 — 1 — 山东钢铁股份有限公司 2025 年第三次临时股东会须知 （2025 年 11 月 11 日） 为了维护全体股东的合法权益，确保股东会的正常秩序和议 事效率，保证公司 2025 年第三次临时股东会的顺利进行，根据 《上市公司股东会规则》《公司章程》、公司《股东会议事规则》 及相关法律法规的规定，特制定如下会议须知，望出席股东会的 全体人员严格遵守。 一、股东会设会议秘书处，具体负责会议的组织工作和处理 相关事宜。 二、股东会期间，全体出席人员应以维护股东的合法权益、 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 三、出席会议的股东，依法享有发言权、表决权等权利。 四、股东会召开期间，股东事先准备发言的，应当先向会议 秘书处登记。股东不得无故中断会议议程要求发言。在议案审议 过程中，股东临时要求发言或就有关问题提出质询的，须向会议 秘书处申请，并经会议主持人许可，始得发言或提出问题。股东 发言或提问应围绕本次会议议题进行，且简明扼要。 五、公司本次股东会采用现场投票与网络投票相结合的方式 召开。现场会议采用 ...

Core Viewpoint - The steel industry in China is entering a new phase of mergers and acquisitions driven by supportive policies, capital, and market factors, aiming to enhance industry concentration and improve overall quality [1] Policy Developments - The Ministry of Industry and Information Technology released the "Steel Industry Normative Conditions (2025 Edition)" to establish a graded management system for steel enterprises, promoting resource concentration towards leading companies [2] - A joint plan by five ministries aims for an average annual growth of around 4% in the steel industry's added value from 2025 to 2026, with a focus on balancing supply and demand and enhancing green and digital development [2] - The proposed "Capacity Replacement Implementation Measures" require a minimum replacement ratio of 1.5:1 for iron and steel capacity across provinces, with a slightly lower ratio for newly acquired compliant capacity post-2021 [2] Local Initiatives - Henan Province's "Steel Industry Quality Upgrade Action Plan" emphasizes accelerating enterprise restructuring and encourages innovative cooperation among small and medium-sized steel enterprises [3] - Experts highlight the significance of these policies in providing a clear development path and strong momentum for the steel industry's high-quality development [3] Industry Performance - As of the report, 47 announcements regarding mergers and acquisitions have been disclosed by listed steel companies this year, with many aiming to improve profitability through asset restructuring [4] - Companies like Anyang Iron and Steel and Benxi Steel are actively optimizing their asset structures to enhance profitability and reduce debt levels [4] - The overall performance of listed steel companies has improved, with significant profit growth reported in the third quarter [4] Financial Results - Beijing Shougang achieved a net profit of 9.53 billion yuan, a year-on-year increase of 368.13%, while other companies like Fangda Special Steel and Jiangsu Shagang reported profit increases of 317.39% and 119.3%, respectively [5] - Many steel companies have turned losses into profits, indicating a positive trend in the industry [5] Structural Changes - The improvement in steel companies' performance is seen as a reflection of the effectiveness of industry restructuring, with the sector transitioning from being the largest steel producer to aiming for the top of the global steel value chain [6]

Core Viewpoint - The steel industry in China is entering a new phase of mergers and acquisitions driven by various policies, capital, and market factors, aiming to enhance industry concentration and quality development [1][2]. Group 1: Policy Initiatives - Multiple policies have been introduced this year to address challenges such as structural adjustments and supply-demand imbalances in the steel industry [2]. - The Ministry of Industry and Information Technology released the "Steel Industry Normative Conditions (2025 Edition)" to establish a graded management system, promoting resource concentration towards leading enterprises [2]. - A joint plan by five ministries aims for an average annual growth of around 4% in the steel industry's added value from 2025 to 2026, focusing on balanced supply-demand and enhanced green, low-carbon, and digital development [2][3]. Group 2: Industry Restructuring - The "Steel Industry Capacity Replacement Implementation Measures" draft proposes a capacity replacement ratio of no less than 1.5:1 for iron and steel production across provinces [3]. - Local governments, such as Henan Province, are encouraging mergers and restructuring among steel enterprises to optimize resources and support innovation [3]. Group 3: Company Performance - As of the latest reports, 47 announcements regarding mergers and acquisitions have been made by listed steel companies this year, indicating a trend towards asset restructuring to improve profitability [4]. - Companies like Anyang Iron and Steel and Hunan Huazhong Steel are actively engaging in asset transfers and bringing in strategic investors to enhance their competitive edge [4]. Group 4: Financial Performance - The steel industry index has seen a cumulative increase of 25.76% as of October 31, with significant improvements in profitability reported by several companies [5]. - Notable profit growth includes Beijing Shougang's net profit increasing by 368.13% year-on-year, with other companies also reporting substantial gains [5]. - The industry is transitioning from scale expansion to quality and efficiency, with a clear path towards green, intelligent, and globalized development [5].

Group 1 - The average stock price of A-shares is 13.84 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 34.62% of the total [1] - The Shanghai Composite Index closed at 3954.79 points as of October 31 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with Jin Zheng Da, Rong Sheng Development, and Ya Bo Shares leading with increases of 2.79%, 2.55%, and 2.31% respectively [1] - Conversely, 9 stocks decreased, with *ST Yuan Cheng, Liao Gang Shares, and Shan Ying International showing declines of 4.88%, 4.47%, and 2.21% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1.94 CNY based on a price-to-book (PB) ratio of 1.08X for comparable companies in 2025 [3][5]. Core Insights - The company is expected to enhance its profitability through quality asset injections and cost reduction initiatives, with a significant improvement in operational efficiency and product structure optimization [2][10]. - The company reported a net profit of approximately 140 million CNY for the first three quarters of 2025, marking a turnaround from losses, with a substantial quarter-on-quarter growth of 372.45% in Q3 2025 [10]. - The acquisition of 100% equity in Yingshan Steel is projected to increase crude steel production capacity by 5.6 million tons, enhancing overall production efficiency and product mix [10]. - Continuous efforts in cost control have led to a reduction of 64.39 CNY per ton of steel in comparable costs, alongside a 16.1% optimization rate in on-site staff at the Jinan Steel City base [10]. Financial Performance Summary - Revenue is projected to decline from 90.475 billion CNY in 2023 to 77.780 billion CNY in 2025, with a year-on-year decrease of 11.5% in 2023 and 5.3% in 2025 [13]. - The company is expected to achieve a net profit of 250 million CNY in 2025, recovering from a loss of 400 million CNY in 2023 [13]. - The gross margin is anticipated to improve from 4.0% in 2023 to 5.6% in 2025, with net profit margin turning positive at 0.3% in 2025 [13]. - The return on equity (ROE) is projected to recover from -1.9% in 2023 to 1.3% in 2025, indicating a positive trend in profitability [13].

Core Insights - The average stock price of A-shares is 14.06 yuan, with 28 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 12 are ST stocks, accounting for 42.86% of the total [1] - In terms of market performance, 11 of the low-priced stocks increased in price, with HNA Holding, ST Lingnan, and Jin Zheng Da showing the highest gains of 3.55%, 2.58%, and 1.68% respectively [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.86 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks shows that 11 stocks increased while 11 decreased, with *ST Yuan Cheng, ST Jing Lan, and ST Ming Cheng experiencing the largest declines of 4.44%, 2.25%, and 1.60% respectively [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, pharmaceuticals, real estate, and steel [1][2]

Market Performance - The steel sector saw a slight increase of 0.2% on October 29, with Xinxing Casting leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Xinxing Casting (000778) closed at 4.38, up 2.82% with a trading volume of 1.77 million shares and a transaction value of 770 million [1] - Linggang Co. (600231) closed at 2.32, up 1.75% with a trading volume of 411,400 shares [1] - Liugang Co. (601003) closed at 5.17, up 1.37% with a trading volume of 232,600 shares [1] - Other notable performers include Nanjing Steel (600282) and Maanshan Steel (600808), with increases of 1.35% and 1.28% respectively [1] Fund Flow Analysis - The steel sector experienced a net outflow of 7.6 million from institutional investors and 98.63 million from speculative funds, while retail investors saw a net inflow of 106 million [2] - Xinxing Casting had a net outflow of 29.73 million from institutional investors, while retail investors contributed a net inflow of 6.71 million [3] - Chongqing Steel (601005) saw a net inflow of 25.28 million from institutional investors, indicating strong interest [3]

Core Viewpoint - The company, Shandong Steel Co., Ltd., will hold a performance briefing on November 4, 2025, to discuss its Q3 2025 results and address investor inquiries [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for November 4, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4]. - Investors can submit questions from October 28 to November 3, 2025, via the Roadshow Center website or through the company's email [4][6]. Group 2: Participants - Key participants in the meeting will include Chairman Mao Zhanhong, General Manager Li Hongjian, Independent Director Wang Aiguo, and Financial Officer Tang Bangxiu [4]. Group 3: Contact Information - For inquiries, investors can contact Mr. Yu at phone number 0531-77920810 or via email at sdgt600022@126.com [5][6].