股票代码：600117 股票简称：西宁特钢 公告编号：临2025-078 西宁特殊钢股份有限公司 关于计提资产减值准备的公告 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 担个别及连带责任。 截至 2025 年 9 月 30 日，公司合并范围内对子公司存货计提存货 跌价准备 15,103.65 万元，归属于上市公司母公司的净利润相应减少 15,103.65 万元。本次计提存货跌价准备事项符合《企业会计准则》和 公司执行的相关会计政策的规定，计提跌价准备符合公司实际情况， 计提后能够更加公允、客观、真实的反映公司的财务状况、资产价值 及经营成果，不存在损害公司和股东利益的情形。 四、履行的审批程序 西宁特殊钢股份有限公司（以下简称"西宁特钢"或"公司"） 于 2025年10月30日召开第十届董事会第十九次会议，审议通过了《关 于计提资产减值准备的议案》，现将具体情况公告如下： 一、本次计提减值准备概述 为客观、公允反映公司资产状况，根据《企业会计准则》等相关 规定，公司对合并范围内截至 2025 年 9 月 30 日资产进行了减值测试。 ...

Group 1 - The core point of the article highlights that Xining Special Steel reported a revenue of approximately 4.327 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.12% [1] - The company experienced a net loss attributable to shareholders of approximately 562 million yuan, with a basic earnings per share loss of 0.17 yuan [1] - As of the report, Xining Special Steel has a market capitalization of 10.3 billion yuan [1] Group 2 - The article also mentions the occurrence of "negative electricity prices" in multiple regions, raising questions about why power plants are reluctant to shut down despite not making profits from electricity sales [1]

证券代码：600117 证券简称：西宁特钢 编号：临 2025-077 西宁特殊钢股份有限公司 十届十九次董事会决议公告 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。 一、董事会会议召开情况 西宁特殊钢股份有限公司董事会十届十九次会议通知于 2025 年 10 月 21 日以书面(邮件)方式向各位董事发出，会议于 2025 年 10 月 30 日 在公司综合楼 104 会议室以现场加网络形式召开。公司董事会现有成员 9 名，出席会议的董事 8 名，委托表决 1 名。公司高管列席了本次会议， 会议的召开符合《公司法》和《公司章程》的相关规定，所做出的决议 合法有效。 二、董事会会议审议情况 本次董事会以书面表决方式，审议通过了以下议案： （一）审议通过了《关于计提资产减值准备的议案》 具体内容详见与本决议公告同时刊登在上海证券交易所网站 (http://www.sse.com.cn)以及《中国证券报》《证券时报》《上海证 券报》的《西宁特殊钢股份有限公司关于计提资产减值准备的公告》（公 告编号：临 2025-078）。 表决 ...

Financial Performance - The company's operating revenue for the third quarter was ¥1,441,157,780.07, representing a year-on-year increase of 1.55%[4] - The total profit for the quarter was a loss of ¥330,459,355.79, with a year-to-date total profit loss of ¥655,741,027.63[4] - The net profit attributable to shareholders was a loss of ¥327,208,237.43 for the quarter, with a year-to-date loss of ¥561,920,324.78[4] - The net profit for the first three quarters of 2025 was a loss of ¥708,928,270.70, compared to a loss of ¥591,913,797.55 in 2024, indicating a deterioration in performance[22] - The company reported a basic and diluted earnings per share of -¥0.17 for the first three quarters of 2025, compared to -¥0.12 in 2024[22] Cash Flow - The net cash flow from operating activities was negative at ¥24,529,255.53, a decrease of 341.24% compared to the previous year[4] - Cash flow from operating activities showed a net outflow of ¥13,290,362.83 in 2025, an improvement from a net outflow of ¥204,697,818.71 in 2024[25] - The total cash inflow from operating activities was ¥3,322,400,830.95 in 2025, compared to ¥2,780,944,105.73 in 2024, showing an increase of about 19.5%[25] - The net cash flow from investing activities was -$19.26 million, compared to -$21.79 million in the previous period, indicating a decrease in cash outflow[26] - The total cash inflow from financing activities was $612.36 million, significantly higher than $239.29 million in the prior period, reflecting increased financing efforts[26] - The net cash flow from financing activities improved to $48.30 million, compared to a negative $223.04 million previously, showing a positive turnaround[26] - The company reported a net increase in cash and cash equivalents of $15.75 million, contrasting with a decrease of $449.53 million in the prior period, reflecting better cash management[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,616,247,041.63, an increase of 1.96% from the end of the previous year[5] - The total liabilities increased to ¥6,789,239,775.64 in 2025 from ¥5,848,970,999.20 in 2024, reflecting a growth of about 16.1%[18] - The total equity decreased to ¥5,827,007,265.99 in 2025 from ¥6,525,310,030.75 in 2024, indicating a decline of approximately 10.7%[18] - The equity attributable to shareholders decreased by 12.05% to ¥4,022,543,655.19 compared to the end of the previous year[5] Investments and Expenses - Research and development expenses increased by 105.17% year-to-date, indicating a significant rise in investment in innovation[9] - Research and development expenses surged to ¥25,623,410.04 in 2025, up from ¥12,488,643.05 in 2024, marking an increase of approximately 105.5%[21] - The company recorded a loss of ¥8,091,301.04 from the disposal of non-current assets during the reporting period[7] Shareholder Information - Total number of common shareholders at the end of the reporting period is 93,479[12] - The largest shareholder, Tianjin Jianlong Steel Industry Co., Ltd., holds 975,144,766 shares, accounting for 29.96% of total shares, with 624,035,132 shares pledged[12] Borrowings and Financial Management - The company experienced a 121.40% increase in short-term borrowings, attributed to increased bank loans[9] - Short-term borrowings surged to ¥699,530,407.04 from ¥315,955,780.47, indicating a significant increase in leverage[17] - The long-term borrowings decreased to ¥78,312,500.00 in 2025 from ¥106,930,000.00 in 2024, a reduction of approximately 26.8%[18] - Cash paid for debt repayment was $358.21 million, significantly higher than $53.60 million previously, indicating a focus on reducing leverage[26] Accounting and Reporting - The company did not apply new accounting standards starting from 2025, maintaining consistency in financial reporting[27]

Core Viewpoint - Xining Special Steel reported a revenue of 1.441 billion yuan in the third quarter, representing a year-on-year increase of 1.55%, but incurred a net loss of 327 million yuan [1] - For the first three quarters, the company achieved a revenue of 4.327 billion yuan, reflecting a year-on-year growth of 5.12%, while the net loss amounted to 562 million yuan [1] Financial Performance - Q3 revenue: 1.441 billion yuan, up 1.55% year-on-year [1] - Q3 net loss: 327 million yuan [1] - Year-to-date revenue: 4.327 billion yuan, up 5.12% year-on-year [1] - Year-to-date net loss: 562 million yuan [1]

Core Viewpoint - Xining Special Steel reported a net loss of 327 million yuan in Q3, with a slight increase in revenue compared to the previous year [1] Financial Performance - In Q3, the company achieved an operating income of 1.441 billion yuan, representing a year-on-year growth of 1.55% [1] - For the first three quarters, the company recorded an operating income of 4.327 billion yuan, showing a year-on-year increase of 5.12% [1] - The net loss attributable to shareholders for the first three quarters was 562 million yuan, with no comparable data for year-on-year decline [1]

Core Insights - The special steel concept index rose by 0.79%, ranking fourth among concept sectors, with 24 stocks increasing in value, including Anyang Iron & Steel and Yongxing Materials hitting the daily limit [1][2] - The leading gainers in the sector were Fangda Special Steel, Shengde Xintai, and Baosteel, with increases of 6.50%, 5.60%, and 2.26% respectively [1][2] - The sector experienced a net inflow of 530 million yuan from main funds, with 20 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflow [2][3] Sector Performance - The special steel concept was among the top-performing sectors, with a daily increase of 0.79%, while other sectors like the military equipment restructuring concept saw a decline of 2.91% [2] - The top three stocks by net inflow were Yongxing Materials (379 million yuan), Fangda Special Steel (117 million yuan), and Anyang Iron & Steel (84.58 million yuan) [2][3] Fund Flow Analysis - The highest net inflow ratios were recorded for Anyang Iron & Steel (23.69%), Yongxing Materials (21.72%), and Fangda Special Steel (20.03%) [3] - The trading volume and turnover rates for the leading stocks indicated strong investor interest, with Yongxing Materials showing a turnover rate of 10.15% and a price increase of 10.01% [3]

Market Overview - The special steel sector increased by 1.04% on October 30, with Fangda Special 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] Stock Performance - Fangda Special Steel (600507) closed at 5.90, up 6.50% with a trading volume of 981,700 shares and a transaction value of 586 million [1] - Shengde Yantai (300881) closed at 36.79, up 5.60% with a trading volume of 61,100 shares [1] - Shagang Co. (002075) closed at 5.73, up 1.96% with a trading volume of 781,000 shares [1] - Fushun Special Steel (600399) closed at 5.35, up 1.33% with a trading volume of 528,600 shares [1] - Other notable performances include Taigang Stainless Steel (000825) up 0.95% and CITIC Special Steel (000708) up 0.69% [1] Capital Flow - The special steel sector saw a net inflow of 89.97 million from main funds, while retail funds had a net inflow of 11.61 million [2] - The sector experienced a net outflow of 102 million from speculative funds [2] Individual Stock Capital Flow - Fangda Special Steel had a net inflow of 11.2 million from main funds but a net outflow of 70.55 million from speculative funds [3] - Fushun Special Steel saw a net inflow of 37.35 million from main funds, with a net outflow of 17.73 million from speculative funds [3] - Changbao Co. (002478) had a net inflow of 16.83 million from main funds, while experiencing a net outflow of 13.13 million from speculative funds [3] - CITIC Special Steel had a net inflow of 16.73 million from main funds but a net outflow of 29.45 million from retail investors [3]

Market Overview - The special steel sector experienced a decline of 1.65% on October 28, with Jinzhou Pipeline 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] Stock Performance - Jinzhou Pipeline (002443) closed at 8.37, down 2.79% with a trading volume of 305,300 shares and a transaction value of 258 million yuan [1] - Other notable declines include: - Jiuli Special Materials (002318) down 2.19% to 25.50 - Taiyuan Iron & Steel (000825) down 1.92% to 4.08 - CITIC Special Steel (000708) down 1.82% to 14.55 [1] Capital Flow - The special steel sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 54.64 million yuan [1] - The capital flow for specific stocks includes: - Changbao Co. (002478) with a main fund net inflow of 21.28 million yuan [2] - CITIC Special Steel (000708) with a main fund net inflow of 10.89 million yuan [2] - Sand Steel Co. (002075) faced a significant main fund net outflow of 24.37 million yuan [2]

Market Performance - The special steel sector increased by 3.29% on October 27, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Changbao Co., Ltd. (002478) closed at 6.74, up 9.95% with a trading volume of 417,100 shares and a transaction value of 277 million yuan [1] - CITIC Special Steel (000708) closed at 14.82, up 5.41% with a trading volume of 400,400 shares and a transaction value of 598 million yuan [1] - Other notable performers include Shengde Zhengtai (300881) up 4.17%, Taiyuan Iron & Steel (000825) up 2.72%, and Fangda Special Steel (600507) up 2.57% [1] Capital Flow Analysis - The special steel sector saw a net inflow of 156 million yuan from main funds, while retail investors experienced a net outflow of 112 million yuan [2] - The main funds' net inflow for Changbao Co., Ltd. was 58.1 million yuan, representing 20.95% of its trading volume [3] - Other stocks like Taiyuan Iron & Steel and Fangda Special Steel also experienced significant net inflows from main funds [3]