Market Overview - The Shanghai Composite Index fell by 0.41% on November 4, with five industries experiencing gains, led by the banking and public utilities sectors, which rose by 2.03% and 0.24% respectively [1] - The sectors with the largest declines were non-ferrous metals and electrical equipment, which dropped by 3.04% and 2.05% respectively [1] - The steel industry saw a slight decrease of 0.03% [1] Capital Flow - The main capital outflow from the two markets totaled 79.259 billion yuan, with only three sectors seeing net inflows [1] - The banking sector had a net inflow of 3.054 billion yuan, while the steel sector and environmental protection sector saw net inflows of 130 million yuan and 7.007 million yuan respectively [1] - The electrical equipment sector experienced the largest net outflow, totaling 13.389 billion yuan, followed by the electronics sector with a net outflow of 10.649 billion yuan [1] Steel Industry Analysis - The steel industry had a net capital inflow of 130 million yuan, with 44 stocks in the sector, of which 11 rose and 29 fell [2] - Among the stocks with net inflows, Baogang Co. led with an inflow of 605 million yuan, followed by Fangda Carbon and Fushun Special Steel with inflows of 97.145 million yuan and 41.681 million yuan respectively [2] - The stocks with the largest net outflows included Dazhong Mining, Baosteel, and Hangang, with outflows of 124 million yuan, 115 million yuan, and 52.320 million yuan respectively [2][3]

Market Performance - The special steel sector increased by 1.46% on November 3, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Fangda Special Steel (600507) closed at 6.16, up 4.05% with a trading volume of 659,700 shares and a turnover of 401 million yuan [1] - CITIC Special Steel (000708) closed at 14.92, up 2.26% with a trading volume of 275,700 shares and a turnover of 408 million yuan [1] - Xining Special Steel (600117) closed at 3.18, up 1.60% with a trading volume of 375,000 shares and a turnover of 118 million yuan [1] - Other notable performances include Shagang Group (002075) up 1.56% and Fushun Special Steel (600399) up 1.53% [1] Capital Flow Analysis - The special steel sector saw a net inflow of 45.40 million yuan from institutional investors, while retail investors experienced a net outflow of 63.44 million yuan [2][3] - The main capital inflow was observed in CITIC Special Steel with a net inflow of 31.80 million yuan, while Fangda Special Steel had a net outflow of 28.75 million yuan from retail investors [3]

Core Viewpoint - The announcement emphasizes the commitment of the company's board and management to ensure the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for its content [2][7]. Financial Data Summary - The financial statements for the third quarter are not audited [3]. - The report includes major accounting data and financial indicators, with the currency specified as Renminbi [3]. - Non-recurring gains and losses are applicable, but specific amounts and reasons for classification are not detailed [4]. - Changes in major accounting data and financial indicators are applicable, but specific details are not provided [5]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders' holdings is included, but specific data is not provided [5]. Other Important Reminders - There are no additional important reminders regarding the company's operational situation during the reporting period [6]. Financial Statements - The consolidated balance sheet, profit statement, and cash flow statement for the period from January to September 2025 are prepared but are not audited [6][7].

Market Overview - The special steel sector experienced a decline of 0.16% on October 31, with Fushun Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable stock performances included: - Xianglou New Material (301160) rose by 3.72% to 64.44 with a trading volume of 38,900 lots and a turnover of 250 million [1] - Jiao Jin Co. (603995) increased by 1.27% to 18.33 with a trading volume of 67,800 lots and a turnover of 124 million [1] - Fushun Special Steel (6653009) fell by 2.06% to 5.24 with a trading volume of 374,300 lots and a turnover of 197 million [2] Capital Flow - The special steel sector saw a net outflow of 72.73 million from main funds, while retail investors contributed a net inflow of 78.74 million [2] - The capital flow for specific stocks showed: - Sand Steel (002075) had a main fund outflow of 30.51 million and a retail inflow of 12.39 million [3] - CITIC Special Steel (000708) experienced a main fund inflow of 15.09 million and a retail outflow of 43.02 million [3]

Group 1 - Fushun Special Steel (600399.SH) reported its Q3 2025 results, with 12 institutional investors holding a total of 734 million shares, representing 37.21% of the total share capital [1] - The top ten institutional investors collectively hold 37.20% of the shares, with a 0.90 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 0.88% of the total, while two funds decreased their holdings by 0.15% [2] - Two new public funds were disclosed this period, while 61 funds were not disclosed compared to the previous quarter [2]

2025 年 1-9 月经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，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。 股票代码：600399 股票简称：抚顺特钢 编号：临 2025-054 抚顺特殊钢股份有限公司 | 产品名称 | 经营指标 | 2025 | 年 1-9 | 月 | 2024 年 | 1-9 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 合金结构钢 | 产量（万吨） | | 14.96 | | 16.47 | | -9.17 | | | 销量（万吨） | | 14.62 | | 16.06 | | -8.97 | | | 平均售价（元/吨，不含税） | | 10,702.66 | | 13,519.33 | | -20.83 | | 工具钢 | 产量（万吨） | | 6.68 | | 6.45 | | 3.57 | | | 销量（万吨） | | 6.79 | | 6.60 | | 2.88 | | | 平均售价（元/吨，不含税） | | 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]

Financial Performance - The company's operating revenue for the third quarter was CNY 1,931,582,948.26, a decrease of 10.45% compared to the same period last year[5] - The total profit for the quarter was a loss of CNY 273,684,782.73, representing a decline of 417.87% year-on-year[5] - The net profit attributable to shareholders was a loss of CNY 271,738,563.33, down 409.48% from the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 288,918,898.03, a decrease of 492.78% year-on-year[5] - The basic and diluted earnings per share for the quarter were both CNY -0.1385, reflecting a decline of 411.24% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2025 was CNY 5,754,513,489.69, a decrease of 10.5% compared to CNY 6,434,083,563.98 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was a loss of CNY 549,468,677.36, compared to a profit of CNY 315,761,219.35 in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was a loss of CNY 554,848,957.55, contrasting with a profit of CNY 323,421,431.56 in the previous year[22] - Earnings per share for the first three quarters of 2025 was CNY -0.2800, compared to CNY 0.1601 in the same period of 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,725,023,593.12, a decrease of 3.10% from the end of the previous year[6] - The equity attributable to shareholders was CNY 5,764,191,344.78, down 9.22% from the previous year[6] - Current assets totaled RMB 6,030,038,647.65, down from RMB 6,431,771,973.85 in the previous period[17] - Total liabilities reached RMB 6,960,832,248.34, compared to RMB 6,782,270,484.13 previously[18] - Short-term borrowings decreased to RMB 605,457,297.95 from RMB 872,521,290.00, a reduction of approximately 30.7%[18] - Long-term borrowings increased to RMB 2,457,887,558.24 from RMB 2,009,268,593.79, an increase of about 22.2%[18] - The total equity remained stable at RMB 1,972,100,000.00[18] - The total cash and cash equivalents at the end of the period were 372,528,696.48, a significant decrease from 889,287,591.49 in the previous period[27] Cash Flow and Expenses - Cash inflow from operating activities was CNY 4,820,326,753.93, a decline from CNY 5,859,115,459.17 in the first three quarters of 2024[25] - The net cash flow from operating activities was -1,126,262,281.06, a decrease compared to -358,732,859.62 in the previous period[26] - Cash inflow from investment activities totaled 233,843,165.23, down from 428,368,804.75 in the prior period[26] - The net cash flow from financing activities increased to 676,110,082.71 from 581,177,955.82 year-over-year[26] - The company reported a total cash outflow from operating activities of 5,946,589,034.99, compared to 6,217,848,318.79 previously[26] - Cash paid for employee compensation was 738,830,481.92, reflecting a decrease from 782,546,726.85[26] - Cash paid for taxes was 44,449,509.21, down from 107,434,025.43 in the previous period[26] - Cash inflow from the recovery of investments was 220,000,000.00, compared to 410,000,000.00 previously[26] - Cash paid for fixed assets and intangible assets was 278,664,162.13, slightly up from 278,635,377.54[26] Operational Challenges - The company experienced a significant decline in product orders and prices, impacting overall profitability[10] - New projects have been launched but faced delays in production certification, leading to higher production costs[10] - The company has increased product quality requirements to meet industry standards, resulting in higher quality costs[10] - Total operating costs increased to CNY 6,323,675,572.83, up 2.3% from CNY 6,181,173,186.32 year-over-year[21] - The company reported a decrease in sales expenses to CNY 43,193,872.89, down from CNY 46,534,929.15 in the previous year[21] - Other income for the first three quarters of 2025 was CNY 20,834,218.76, significantly lower than CNY 62,692,137.75 in the same period of 2024[22] Shareholder Information - The company reported no significant changes in the shareholder structure or participation in margin financing activities[14]

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]