Market Overview - The special steel sector experienced a slight increase of 0.01% on January 21, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up by 0.08%, while the Shenzhen Component Index closed at 14255.12, up by 0.7% [1] Stock Performance - Xianglou New Materials (301160) closed at 70.15, with a rise of 3.16% and a trading volume of 39,100 shares, amounting to a transaction value of 271 million [1] - Other notable performers included: - Taigang Stainless Steel (000825) at 5.34, up 2.30% with a volume of 1,095,800 shares and a transaction value of 57.5 million [1] - Changbao Co. (002478) at 9.73, up 1.88% with a volume of 466,900 shares and a transaction value of 444 million [1] - Jiao Jin Co. (603995) at 19.32, up 1.15% with a volume of 68,200 shares and a transaction value of 131 million [1] Capital Flow - The special steel sector saw a net outflow of 23.46 million from institutional investors, while retail investors experienced a net outflow of 3.14 million [2] - Conversely, speculative funds recorded a net inflow of 26.60 million [2] Individual Stock Capital Flow - Taigang Stainless Steel (000825) had a net inflow of 58.08 million from institutional investors, but a net outflow of 35.39 million from retail investors [3] - Xianglou New Materials (301160) faced a net outflow of 6.33 million from institutional investors, while retail investors saw a net inflow of 8.84 million [3] - Changbao Co. (002478) had a net outflow of 8.52 million from institutional investors, with a net inflow of 12.83 million from speculative funds [3]

Market Overview - The special steel sector increased by 0.76% on January 20, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Jiuli Special Materials (002318) closed at 31.29, up 3.95% with a trading volume of 192,200 shares and a turnover of 592 million yuan [1] - CITIC Special Steel (000708) closed at 16.17, up 1.89% with a trading volume of 173,400 shares and a turnover of 277 million yuan [1] - Other notable performers include Shengde Zhengtai (300881) up 1.44%, Fangda Special Steel (600507) up 1.34%, and Changbao Co. (002478) up 0.74% [1] Capital Flow - The special steel sector experienced a net outflow of 226 million yuan from institutional investors, while retail investors saw a net inflow of 176 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Jiuli Special Materials had a net inflow of 11.90 million yuan from institutional investors, but a net outflow of 22.80 million yuan from retail investors [3] - CITIC Special Steel saw a net inflow of 6.90 million yuan from institutional investors, while retail investors had a net outflow of 12.14 million yuan [3] - Changbao Co. had a net outflow of 15.77 million yuan from institutional investors, but a net inflow of 15.09 million yuan from retail investors [3]

Core Viewpoint - Xining Special Steel (600117.SH) anticipates a net loss of approximately 875 million yuan for the year 2025, indicating ongoing challenges in the steel industry due to persistent supply-demand imbalances and a focus on "reduction development and stock optimization" [1] Company Performance - The company expects a net profit attributable to shareholders after deducting non-recurring gains and losses to be around 949 million yuan in the negative [1] - In 2025, the company achieved a steel production volume of 1.55 million tons and a steel product output of 1.51 million tons, reflecting a year-on-year increase of 11% in both categories [1] - Despite the increase in production, the company faces significant operational pressure due to weak downstream demand and prolonged low prices in the steel market [1] Industry Context - The steel industry continues to experience deep adjustments, with companies generally under pressure due to ongoing market challenges [1] - The company has implemented measures to align with market demand and enhance cost efficiency, but the overall market conditions remain unfavorable [1] - The subsidiary's involvement in social responsibility projects, such as urban redevelopment, has led to inventory impairment provisions, further impacting the company's financial performance [1]

Core Viewpoint - Xining Special Steel (600117.SH) forecasts a net profit attributable to shareholders of approximately -875 million yuan for the year 2025, with a net profit of about -949 million yuan after deducting non-recurring gains and losses [1] Industry Summary - The steel industry continues to experience deep adjustments, remaining in a phase of "reduction in development and optimization of existing capacity," with persistent supply-demand contradictions [1] - Companies within the industry are generally under operational pressure due to the challenging market environment [1] Company Summary - In response to the complex market conditions, the company is actively adapting and overcoming challenges by aligning closely with market demand and implementing cost reduction and efficiency improvement measures [1] - The company achieved a steel production volume of 1.55 million tons and a steel product output of 1.51 million tons in 2025, reflecting a year-on-year increase of 11% in both steel and steel products, indicating a steady rise in production scale [1] - Despite the increase in production, the company anticipates a loss in operating performance due to ongoing weak downstream demand in the steel industry and prolonged low prices in the steel market, compounded by inventory write-downs related to social responsibility projects undertaken by its subsidiary [1]

Core Viewpoint - Xining Special Steel (600117.SH) is a significant partner for international companies such as Schaeffler, Caterpillar, Bosch, SEW, and DSI in their Chinese factories, but has not yet engaged in any export-related business [1] Company Summary - The company has established important collaborations with several well-known international firms [1] - Currently, the company has not initiated any direct export activities [1] Industry Summary - The partnerships with major global companies indicate a strong position within the domestic market [1] - The lack of export activities may suggest a focus on local production and supply chains [1]

Core Viewpoint - Company expects a net loss of approximately 875 million yuan for the year 2025, which represents an increase in loss of about 139 million yuan compared to the previous year [1] Group 1: Company Performance - The net profit attributable to shareholders for the same period last year was a loss of 863 million yuan, with earnings per share reflecting a loss of 0.27 yuan [1] - The company achieved a steel production volume of 1.55 million tons and a steel product output of 1.51 million tons, marking an 11% year-on-year increase in both categories [1] Group 2: Industry Context - The steel industry continues to experience deep adjustments, remaining in a phase of "reduction in quantity and optimization of stock," with persistent supply-demand contradictions [1] - The overall operating environment for companies in the industry remains challenging due to ongoing weak downstream demand and prolonged low prices in the steel market [1] - The company has implemented measures to adapt to market demands and enhance cost efficiency, despite the adverse conditions [1] Group 3: Additional Factors - The company’s subsidiary has made provisions for inventory impairment related to a shantytown renovation project undertaken to fulfill social responsibilities [1]

Core Viewpoint - Xining Special Steel (600117.SH) is expected to report a net loss attributable to shareholders of approximately -875 million yuan for the year 2025, representing an increase in loss of about 139 million yuan compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately -949 million yuan for the year 2025, which indicates a reduction in loss of about 73 million yuan compared to the previous year [1]

Financial Performance - The company expects a net profit attributable to shareholders of approximately -875 million yuan for the year 2025, representing an increase in loss of about 1.39% compared to the previous year[2] - The expected net profit attributable to shareholders, after deducting non-recurring gains and losses, is approximately -949 million yuan, reflecting a decrease in loss of about 0.73% year-over-year[2] Production Metrics - The steel production for the year reached 1.55 million tons, while steel product output was 1.51 million tons, showing a year-over-year increase of 11% in both categories[6] Industry Challenges - The company faced challenges due to a prolonged downturn in the steel industry, characterized by persistent supply-demand imbalances and low market prices for steel products[6] - The subsidiary's provision for inventory impairment related to a social responsibility project contributed to the expected operating losses for the reporting period[6] Financial Reporting - The financial data presented is preliminary and has not been audited by a registered accountant, with the final figures to be disclosed in the official 2025 annual report[8] - The company emphasizes the importance of rational investment and risk awareness for investors, given the preliminary nature of the forecast[8]

Core Viewpoint - Xining Special Steel announced an expected net profit attributable to the parent company of approximately -875 million yuan for the year 2025, representing an increase in losses of about 1.39% compared to the same period last year [1] Financial Performance - The company anticipates a net profit attributable to the parent company, excluding non-recurring gains and losses, of approximately -949 million yuan for the year 2025, which indicates a reduction in losses of about 0.73% compared to the previous year [1]

Market Overview - The special steel sector increased by 1.74% on January 19, with Jinzhou Pipeline leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Jinzhou Pipeline (002443) closed at 9.35, up 7.72% with a trading volume of 451,900 shares and a turnover of 417 million yuan [1] - Changbao Co. (002478) closed at 9.48, up 5.80% with a trading volume of 636,300 shares and a turnover of 601 million yuan [1] - Shengde Zhengtai (300881) closed at 38.27, up 5.17% with a trading volume of 45,000 shares and a turnover of 171 million yuan [1] - Jiuli Special Materials (002318) closed at 30.10, up 4.33% with a trading volume of 159,300 shares and a turnover of 476 million yuan [1] - Fangda Special Steel (600507) closed at 5.95, up 2.41% with a trading volume of 273,200 shares and a turnover of 161 million yuan [1] Capital Flow - The special steel sector experienced a net outflow of 128 million yuan from institutional investors, while retail investors saw a net inflow of 78.89 million yuan [2] - The main capital flow for Fangda Special Steel (600507) showed a net inflow of 16.76 million yuan from institutional investors [3] - Shengde Zhengtai (300881) had a net inflow of 14.64 million yuan from institutional investors, but a net outflow of 16.98 million yuan from retail investors [3]