证券代码：600022 证券简称：山东钢铁 山东钢铁股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活 | 特定对象调研 分析师会议 | | --- | --- | | 动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 年上半年业 现场参观 其他（2025 | | | 绩交流会） | | 参与机构名称 | 广发证券、民生证券、国泰海通、国信证券、申万宏源、 | | | 国投证券、国海证券、东吴证券、中金公司、中信建投、 | | | 信达证券、光大证券、银河证券、中航基金、华商基金、 | | | 天弘基金、平安养老保险、招商基金、混沌投资、茂典 | | | 资产、中信证券自营、龙远投资、三和创赢 | | 时间 2025 | 年 08 月 22 日（星期五）16:00-17:00 | | 地点 | 视频会议 | | 上市公司接待 | 副总经理、财务负责人、董事会秘书唐邦秀先生，证券 | | 人员姓名 | 事务代表景菊女士，董事会办公室人员。 | | 投资者关系活 | 问题 1：公司二季度环比一季度经营绩效大幅改善 | | | 的主要原因是什么？ ...

格隆汇8月25日｜东方证券研报指出，山东钢铁盈利环比持续改善，深化降本成效显著。公司上半年实 现归母净利润约1253万元，25H1扭亏为盈，25Q2单季度实现归母净利润2694万元，符合业绩预告。公 司盈利能力持续改善，主要原因在于降本增效成果斐然。在25H1钢材价格持续低迷的条件下，公司持 续精耕成本管控，削减各类固定成本及费用，可比成本较去年同期降低65.90元/吨，25Q2毛利率在Q1基 础上再创新高，环比提升2.58PCT。该行持续看好公司在宝钢优势平台协同支撑下深化降本、提升盈 利。根据可比公司2025年1.02X的PB估值，对应目标价1.80元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company has achieved a turnaround in profitability, reporting a net profit of approximately 12.53 million yuan in the first half of 2025, with a significant improvement in the second quarter [8]. - Cost reduction and efficiency enhancement have been key drivers for the company's improved profitability, with a notable reduction in comparable costs by 65.90 yuan per ton compared to the previous year [8]. - The company is focusing on optimizing its product structure by reducing the sales proportion of lower-margin rebar products and increasing the sales of higher-margin specialty steel products [8]. Financial Performance Summary - Revenue is projected to decline from 90.475 billion yuan in 2023 to 77.893 billion yuan in 2025, reflecting a year-on-year decrease of 11.5% in 2023 and 5.1% in 2025 [11]. - The company is expected to return to profitability with a net profit of 25 million yuan in 2025, following losses in previous years [11]. - Gross margin is anticipated to improve from 4.0% in 2023 to 5.4% in 2025, while net margin is expected to reach 0.0% in 2025 [11]. - The company's earnings per share (EPS) is projected to be 0.00 yuan in 2025, with a gradual increase to 0.14 yuan by 2027 [11]. Valuation and Target Price - The target price for the company is set at 1.80 yuan, based on a price-to-book (PB) ratio of 1.02X for comparable companies [2][4]. - The current share price is 1.55 yuan, indicating potential upside based on the target price [4].

据证券之星公开数据整理，近期山东钢铁（600022）发布2025年中报。截至本报告期末，公司营业总收 入368.06亿元，同比下降18.6%，归母净利润1252.58万元，同比上升101.29%。按单季度数据看，第二 季度营业总收入175.51亿元，同比下降21.6%，第二季度归母净利润2694.07万元，同比上升108.15%。 本报告期山东钢铁盈利能力上升，毛利率同比增幅222.41%，净利率同比增幅124.59%。 本次财报公布的各项数据指标表现一般。其中，毛利率6.02%，同比增222.41%，净利率0.58%，同比增 124.59%，销售费用、管理费用、财务费用总计8.36亿元，三费占营收比2.27%，同比增24.78%，每股净 资产1.75元，同比减6.64%，每股经营性现金流0.26元，同比增88.31%，每股收益0.0元，同比增101.32% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 452.15 Z | 368.06亿 | -18.60% | | 归母净利润(元) | -9.68 Z | ...

Core Viewpoint - Shandong Jining Mining Co., Ltd. has signed a financial service agreement with Shandong Steel Group Financial Co., Ltd. to enhance financing channels, improve fund utilization efficiency, and reduce funding costs [1] Group 1: Company Overview - Shandong Steel Group Financial Co., Ltd. is a non-bank financial institution established on February 10, 2012, with a registered capital of 3 billion RMB [1] - The company is jointly funded by Shandong Steel Group Co., Ltd. and its three subsidiaries, along with China Cinda Asset Management Co., Ltd. [1] - The current ownership structure includes Shandong Steel Group Co., Ltd. holding 67.98% of the registered capital, Shandong Steel Co., Ltd. holding 26.02%, and Shandong Jining Mining Co., Ltd. holding 6% [1] Group 2: Financial Company Operations - As of June 30, 2025, the financial company reported total assets of 1,359,695.18 million RMB and net assets of 383,144.97 million RMB [10] - The company has a deposit balance of 961,537.55 million RMB from member units and achieved an operating income of 15,551.76 million RMB with a net profit of 3,907.57 million RMB [10] - The financial company has established a comprehensive risk management system and internal control management framework to ensure compliance and operational efficiency [5][9] Group 3: Risk Management - The financial company has implemented a robust risk management framework, including risk identification, assessment, and monitoring processes [4][7] - A risk compliance department is in place to oversee various risk points, ensuring adherence to internal controls and regulatory requirements [5] - The company has established a risk warning system and conducts quarterly risk supervision meetings to monitor potential risks [4][7] Group 4: Regulatory Compliance - The financial company meets all regulatory indicators as stipulated by the Enterprise Group Financial Company Management Measures, including a loan-to-deposit ratio of 67.77% [10][11] - The company has maintained a capital adequacy ratio that complies with regulatory requirements, ensuring financial stability [10][11] - No significant operational risks have been reported, and the company operates within the legal framework established by relevant financial regulations [10][11]

根据统计，山东钢铁2025年3月31日至2025年6月30日，主力资金净流出1414.7万元，游资资金净流出 1281.63万元，散户资金净流入2696.33万元。 新浪合作大平台期货开户 安全快捷有保障 从股价来看，2025年3月31日至2025年6月30日，山东钢铁区间跌幅为2.26%，在此期间股东户数减少 5659.0户，减幅为2.66%。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值（元) 户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -2.26% | 207228 -5659 | -2.66% | 6.71万 | 5.16万 | | 2025-03-31 | -8.28% | 212887 -5842 | -2.67% | 6.68万 | 5.03万 | | 2024-12-31 | -3.33% | 218729 9325 | 4.45% | 7.09万 | 4.89万 | | 2024-09-30 | 21.95% | 209404 320 | 0.15% | 7.66 ...

Investment Rating - The investment rating for Shandong Steel is "Buy" [1] Core Views - The report highlights that Shandong Steel has successfully turned losses into profits, with a focus on releasing recovery momentum [1] - The company reported a revenue of 36.806 billion yuan in the first half of 2025, a year-on-year decrease of 18.60%, but achieved a net profit attributable to shareholders of 1.3 million yuan, a year-on-year increase of 101% [1][2] - The report emphasizes the improvement in gross margins for core products despite a decline in production and sales volumes [4] Financial Performance Summary - In the first half of 2025, Shandong Steel's steel production was 7.5 million tons, a decrease of 3.8% year-on-year, with a significant drop in production in the second quarter [4] - The average selling price of steel in the first half of 2025 was 3,464 yuan per ton, down 10% year-on-year [4] - The gross profit margins for various steel products improved significantly compared to the previous year, with an overall gross margin of 6.02%, an increase of 4.15 percentage points year-on-year [4][5] Strategic Initiatives - The company is actively deepening internal and external collaboration to enhance efficiency and effectiveness, focusing on management reforms and cost reductions [5] - Shandong Steel is leveraging the strategic partnership with China Baowu Steel Group to implement management changes and improve operational quality [5][8] - The report outlines the company's goals of turning losses into profits and achieving positive net income for shareholders, supported by a comprehensive management transformation plan [8] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 278 million yuan, 1.322 billion yuan, and 1.698 billion yuan respectively, with corresponding EPS of 0.03, 0.12, and 0.16 yuan per share [8]

绿色低碳和数智化转型协同推进。公司环保绩效维持A级，极致能效成果显著，济南钢城基地吨钢综合 能耗同比降低6.2千克标煤；日照基地吨钢综合能耗同比降低21.9千克标煤；组建AI数智部，持续提升 智能制造水平。 成本管控成效显著。上半年，山东钢铁持续深化算账经营，抓实三级成本管控，吨钢可比成本同比下降 65.90元。严控各类费用支出，大力削减固定成本及期间费用；加快重塑采购体系，实施"战略采购+公 开招标"采购策略，持续降低采购成本。 生产效率实现新突破。其中，济南钢城基地高炉稳定向好，型钢、优特钢等产线满负荷生产，优势产能 全面释放，高炉焦比、燃料比持续降低，界面效率大幅提升，各产线日产和月度产量连创新高。日照基 地坚持"以高炉为中心"的生产组织原则，综合研判市场形势和高炉状态，优化调整高炉中修时间，实施 低铁耗冶炼，极致节铁增钢，在铁水资源不足的情况下抢抓机遇提升效益。 市场与产品结构同步优化。公司坚定推进"近地化、终端化、高端化、国际化"战略，近地化销售占比提 升11个百分点，终端直供比例提高8.6个百分点，物流成本显著降低；钢材出口量达64.26万吨，同比增 长3.71%。产品结构持续向高附加值领域延伸， ...

Group 1 - The board meeting of Shandong Steel was held on August 20, 2025, in Jinan, with all 8 directors present, including 2 attending via video [1][2] - The meeting approved the 2025 semi-annual report and summary, which had been reviewed by the risk management and audit committee [1][2] - A risk assessment report from Shandong Steel Group Finance Co., Ltd. for the first half of 2025 was also approved, with the related directors abstaining from the vote [2]

Financial Data Summary - Total assets at the end of the reporting period reached approximately 65.54 billion RMB, showing a slight increase of 0.35% compared to the previous year [1] - Net assets attributable to shareholders decreased by 0.24% to approximately 18.74 billion RMB [1] - Net cash flow from operating activities increased significantly by 88.31% to approximately 2.82 billion RMB [1] - Operating revenue decreased by 18.60% to approximately 36.81 billion RMB [1] - Total profit amounted to approximately 292.50 million RMB, a significant recovery from a loss of approximately 1.06 billion RMB in the previous year [1] - Net profit attributable to shareholders was approximately 12.53 million RMB, recovering from a loss of approximately 968.10 million RMB [1] - Basic earnings per share improved to 0.0012 RMB from a loss of 0.0906 RMB per share [1] Production and Sales Data - Total production volume for major products was approximately 749.88 million tons, while sales volume was approximately 769.99 million tons [1] - Average selling price for major products was approximately 3,464.39 RMB per ton [1] - Specific product data includes: - Section steel: Production 145.38 million tons, Sales 144.62 million tons, Average price 3,290.57 RMB per ton - Plate: Production 175.68 million tons, Sales 199.32 million tons, Average price 3,829.19 RMB per ton - Bar: Production 78.85 million tons, Sales 77.98 million tons, Average price 3,803.95 RMB per ton - Coil: Production 234.10 million tons, Sales 232.07 million tons, Average price 3,423.15 RMB per ton - Rebar: Production 115.86 million tons, Sales 115.99 million tons, Average price 2,908.48 RMB per ton [1]