抚顺特殊钢股份有限公司内部控制制度 （第八届董事会第十六次会议审议通过） 为加强抚顺特殊钢股份有限公司(以下简称"公司")内部控制，促进公 司规范运作和健康发展，保护投资者合法权益，根据《中华人民共和国公司法》(以下 简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上海证券交易所股 票上市规则》(以下简称《股票上市规则》)、《上海证券交易所上市公司自律监管指引 第1号——规范运作》、《企业内部控制基本规范》等规定，结合公司的实际情况，制定 本制度。 本制度所称内部控制，是由公司董事会、监事会、管理层和全体员工实 施的，旨在实现控制目标的过程。公司的内部控制包括内部环境、风险评估、控制活 动、信息与沟通、内部监督等要素。 公司《内部控制制度》的目的： (一) 遵守国家法律法规、规章及其他相关规定； (二) 提高公司经营的效益及效率，促进公司实现发展战略； (三) 确保公司财务报告及相关信息披露的真实、准确、完整和公平； (四) 确保公司行为合法合规、资产安全。 公司建立与实施内部控制，遵循以下原则： （一）全面性原则。内部控制应当贯穿决策、执行和监督全过程，覆盖企业及其所 属单位的各种业务和 ...

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。 抚顺特殊钢股份有限公司（以下简称"公司"）第八届董事会第 十六次会议于 2024 年 10 月 30 日以现场结合通讯方式召开，会议于 2024 年 10 月 25 日以书面和电子邮件方式通知全体董事。本次会议 应出席董事 9 名，实际出席董事 9 名。会议由公司董事长孙立国先生 主持，会议的召开符合《公司法》和《公司章程》的规定。会议审议 通过了以下议案： 一、《公司 2024 年第三季度报告》 股票代码：600399 股票简称：抚顺特钢 编号：临 2024-043 抚顺特殊钢股份有限公司 第八届董事会第十六次会议决议公告 四、《关于制定及修订管理制度的议案》 根据法律、行政法规及规范性文件的相关规定，同时结合公司实 际情况，公司制定三项管理制度及修订一项管理制度。详见公司于 2024 年 10 月 31 日在上海证券交易所网站披露的《抚顺特殊钢股份 有限公司内部控制制度》《抚顺特殊钢股份有限公司舆情管理制度》 《抚顺特殊钢股份有限公司子公司管理制度》《抚顺特 ...

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-042 抚顺特殊钢股份有限公司 股票交易异常波动公告 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，不 存在虚假记载、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。 重要内容提示： 抚顺特殊钢股份有限公司（以下简称"公司"）股票连续三个 交易日收盘价格涨幅偏离值累计超过 20%，属于股票交易异常波动情 形。 经公司自查，并向实际控制人、控股股东及其一致行动人征 询，不存在应披露而未披露的重大信息，公司生产经营未发生重大变 化，敬请投资者注意投资风险。 一、股票交易异常波动的具体情况 （一）生产经营情况 经公司自查并书面征询实际控制人、控股股东及其一致行动人， 确认在截至本公告披露之日，公司、实际控制人、控股股东及其一致 行动人不存在筹划涉及上市公司的重大资产重组、股份发行、重大交 易类事项、业务重组、股份回购、股权激励、破产重整、重大业务合 作、引进战略投资者等重大事项，不存在其他应披露而未披露的重大 信息或处于筹划阶段的重大事项。 公司股票于 2024 年 10 月 16 日、10 月 17 日、10 月 ...

抚顺特殊钢股份有限公司（以下简称"公司"）2024 年半年度 业绩说明会于 2024 年 9 月 19 日 14:00-15:00 在上海证券交易所上证 路演中心（网址：http://roadshow.sseinfo.com/）以网络文字互动 交流的形式召开。现将有关事项公告如下： 一、本次业绩说明会召开情况 公司董事长孙立国先生、董事会秘书祁勇先生、财务总监吴效超 先生、独立董事兆文军先生出席了本次业绩说明会，就公司 2024 年 半年度经营业绩等具体情况与广大投资者进行了沟通交流。 二、投资者提出的主要问题及公司回复情况 投资者提问: 尊敬的董秘，请问贵公司高合金小棒材技改项目是 否已正式投产？高合金小棒材主要应用于哪些领域？ 股票代码：600399 股票简称：抚顺特钢 编号：临 2024-041 抚顺特殊钢股份有限公司 关于 2024 年半年度业绩说明会召开情况的公告 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。 1 投资者提问：请问今年上半年合金结构钢和高温合金同比去年销 量下降是什么原因？ 公司回 ...

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-040 抚顺特殊钢股份有限公司 会议召开方式：上证路演中心网络互动 投资者可于本公告披露日后至2024年9月18日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 19 日（星期四）下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 抚顺特殊钢股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 14:00-15:00 举行 2024 年半年度业绩说明 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7]. Core Views - The company achieved a revenue of 4.277 billion yuan in the first half of 2024, a year-on-year increase of 1.34%, and a net profit of 228 million yuan, up 45.08% year-on-year [1]. - The company is focusing on enhancing its high-end product offerings and increasing its special steel production capacity, particularly in high-temperature alloys [1]. - The report highlights a decrease in production volume due to maintenance activities, but an increase in product prices has supported revenue growth [1]. Financial Performance Summary - In the first half of 2024, the company produced 329,500 tons of steel, a decrease of 2.83% year-on-year, with steel sales of 238,100 tons, down 3.45% year-on-year [1]. - The average selling prices for key products such as alloy structural steel and stainless steel increased by 14.06% and 3.89% respectively compared to the previous year [1]. - The gross profit margins for alloy structural steel and high-temperature alloys improved, contributing positively to overall profitability [1]. Production and R&D Developments - The company is advancing its "special steel" strategy, with ongoing research and development efforts resulting in 49 projects and a total R&D expenditure of 186 million yuan [1]. - Planned production enhancements include new production lines for military products and high-alloy small bars, aimed at increasing capacity and optimizing product mix [1]. - The company is committed to high-end product development, focusing on high-temperature alloys, which are expected to see increased demand and higher selling prices [1]. Earnings Forecast and Investment Advice - The net profit forecasts for 2024-2026 have been adjusted to 508 million, 644 million, and 825 million yuan respectively, reflecting a downward revision due to lower-than-expected production volumes [2]. - The company is positioned as a leader in the domestic special steel and high-temperature alloy market, with strong technical capabilities and ongoing production upgrades expected to capture growth opportunities [1][2].

证券研究报告 | 半年报点评 gszqdatemark 2024 09 03 年 月 日 抚顺特钢（600399.SH） 2024H1 实现归母净利润 2.28 亿元，同比+45.08% 事件：公司发布 2024 年中报。2024H1 公司实现营收 42.77 亿元，+1.34% 归母净利润 2.28 亿元，+45.08%；扣非归母净利润 2.22 亿元，+77.47% 单季度来看，2024Q2 营收 22.06 亿元，同比-0.29%，环比+6.48%；归 母净利润 1.13 亿元，同比+17.03%，环比-1.00%；扣非归母净利润 1.16 亿元，同比+35.91%，环比+8.96%。 1、收入方面：2024H1 工具钢和不锈钢收入增长明显，高温合金收入出 现下滑。随着技改项目陆续投产，高附加值产品交付能力持续提升，但钢 铁行业面临巨大压力，用于支撑公司规模经济的优钢市场需求依然不足， 因此在各业务均价提升的情况下公司收入几乎持平。从各产品经营数据来 看，2024H1 合金结构钢收入 14.99 亿元，同比+3.10%，销量 11.29 万 吨，同比-9.65%，均价 1.33 万元/吨，同比+14.0 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately RMB 4.28 billion, an increase of 1.34% compared to RMB 4.22 billion in the same period last year[15]. - The net profit attributable to shareholders of the listed company reached approximately RMB 228 million, representing a significant increase of 45.08% from RMB 157 million in the previous year[15]. - The net profit after deducting non-recurring gains and losses was approximately RMB 222 million, up 77.47% from RMB 125 million year-on-year[15]. - The basic earnings per share for the first half of 2024 was RMB 0.1156, a 45.04% increase compared to RMB 0.0797 in the same period last year[16]. - The company's total assets at the end of the reporting period were approximately RMB 12.74 billion, an increase of 2.79% from RMB 12.39 billion at the end of the previous year[15]. - The company's net assets attributable to shareholders at the end of the reporting period were approximately RMB 6.54 billion, an increase of 1.83% from RMB 6.42 billion at the end of the previous year[15]. - The weighted average return on net assets increased to 3.52%, up by 0.96 percentage points from 2.56% in the same period last year[16]. - The company achieved operating revenue of 4.28 billion RMB, an increase of 1.34% year-on-year, and net profit of 228 million RMB, up 45.08% year-on-year[30]. - The company's cash flow from operating activities was -259 million RMB, a decrease of 486.33% compared to the previous year, primarily due to increased cash outflows related to inventory[30]. Production and Operations - In the first half of 2024, global crude steel production was 955 million tons, remaining stable year-on-year, while China's crude steel production was 531 million tons, a decrease of 1.1%[20]. - The company produced 329,500 tons of steel, a decrease of 2.83% year-on-year, and steel product output was 226,200 tons, down 11.81% year-on-year[29]. - The company specializes in the research and manufacturing of special steel and alloy materials, with key products including high-temperature alloys, ultra-high-strength steel, and stainless steel[22]. - The company has developed over 800 specifications of high-temperature and corrosion-resistant alloys, primarily used in aerospace, energy, and petrochemical industries[23]. - The company’s production model is based on "sales-driven production," aligning manufacturing with customer orders to optimize efficiency[22]. Market and Industry Conditions - The steel industry continues to face challenges with overcapacity and weak demand, leading to a decline in steel prices and high raw material costs[21]. - The special steel industry is expected to see growth in high-end applications due to increasing demand in sectors like defense and aerospace[21]. - The company faces risks from raw material price fluctuations, which could adversely affect profitability despite measures taken to mitigate these risks[37]. - The domestic steel industry is experiencing a downturn, with high costs and low profits, impacting demand for the company's products, particularly in the automotive sector[37]. Research and Development - The company invested 186 million yuan in R&D during the reporting period, completing 79 new product trials, with several achieving international advanced levels[28]. - The company is focused on continuous improvement and optimization of alloy composition and heat treatment processes to maintain product quality and market reputation[23]. - The company has achieved ISO9001 and AS9100 quality management certifications, enhancing its quality management capabilities[22]. Environmental Management - The company has implemented measures to reduce unorganized emissions and improve the working environment, ensuring that all pollution discharge monitoring indicators meet standards[45]. - The company has completed various energy-saving and carbon reduction projects, including the transformation of smelting equipment dust removal and the utilization of waste heat from the factory[50]. - The company has installed online monitoring devices at its wastewater treatment plant and major emission outlets, ensuring compliance with environmental regulations[43]. - The company has conducted 10 emergency drills related to environmental incidents in the first half of 2024, enhancing its preparedness for potential environmental emergencies[47]. - The company has adhered to strict environmental management measures and has not faced any administrative penalties for environmental issues during the reporting period[49]. Corporate Governance and Shareholder Matters - The company has held two shareholder meetings during the reporting period, with no proposals rejected or resolutions changed[40]. - The board of directors saw a change with the election of Wu Xiaochao and the resignation of former director Cao Bin due to work changes[41]. - The company did not propose any profit distribution or capital reserve increase during the reporting period[42]. - The actual controller of the company changed to Shen Bin on July 16, 2024, who pledged to uphold previous commitments regarding independent operations[56]. - The company has committed to maintaining independence in operations and financial management, ensuring no misuse of control by major shareholders[57]. Legal and Compliance Issues - The company reported a significant legal dispute involving Jilin Bank, with a claim amounting to approximately CNY 409.98 million[59]. - There are ongoing major litigation matters, with a notable case involving a claim against the company for approximately CNY 33.27 million[59]. - The company has confirmed that it will not engage in non-operational fund occupation by major shareholders or related parties[58]. - The company is actively managing its legal risks and has taken steps to comply with court rulings related to its financial obligations[59]. Financial Position and Assets - The total current assets as of June 30, 2024, amounted to RMB 6,331,168,080.91, an increase from RMB 6,149,277,382.59 as of December 31, 2023, reflecting a growth of approximately 2.95%[80]. - Cash and cash equivalents increased to RMB 1,193,044,202.08 from RMB 794,666,034.25, representing a significant rise of approximately 50.2%[80]. - The company's inventory reached RMB 2,997,774,666.38, up from RMB 2,684,599,246.99, indicating an increase of about 11.66%[80]. - The total receivables, including notes and accounts, were RMB 1,430,664,662.88, compared to RMB 1,494,044,455.71 in the previous period, showing a decrease of approximately 4.25%[80]. - The long-term equity investments rose to RMB 40,475,818.21 from RMB 31,725,818.21, marking an increase of about 27.5%[80]. Related Party Transactions - The company engaged in related party transactions totaling 3.64 million yuan for material purchases, 1.58 million yuan for repair services, and 1.78 million yuan for labor fees, among others[64]. - The total revenue from related party transactions amounted to CNY 290,250,981.14, with significant contributions from steel sales and service fees[65]. - The company has established a stable strategic cooperation relationship with its controlling shareholder, which helps reduce operational costs and expand product range[66]. - The company’s related party transactions do not affect its independence, ensuring compliance with regulatory standards[66]. Taxation and Financial Policies - The company has obtained a "High-tech Enterprise Certificate" valid for three years, allowing a reduced corporate income tax rate of 15% for the years 2022, 2023, and 2024[174]. - The company is eligible for a 100% tax deduction on R&D expenses incurred from January 1, 2023, which do not form intangible assets[174]. - The corporate income tax rates applicable to various subsidiaries range from 15% to 25%[172][173]. Accounting Policies - The company adheres to the latest accounting standards issued by the Ministry of Finance, ensuring that financial statements accurately reflect its financial position and operating results[113]. - The company recognizes significant bad debt provisions for receivables exceeding RMB 15 million, with a threshold of 5% for write-offs and recoveries[118]. - The company assesses expected credit losses based on all reasonable and supportable information, including forward-looking information, for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[127].

股票代码：600399 股票简称：抚顺特钢 编号：临 2024-039 抚顺特殊钢股份有限公司 2024 年半年度经营数据公告 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。 | 产品名称 | 经营指标 | 2024 年 1-6 | 月 | 2023 年 | 1-6 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | | 合金结构 | 产量（万吨） | 10.89 | | 12.76 | | -14.66 | | 钢 | 销量（万吨） | 11.29 | | 12.50 | | -9.65 | | | 平均售价（元/吨，不含税） | 13,287.79 | | 11,649.73 | | 14.06 | | 工具钢 | 产量（万吨） | 3.93 | | 3.33 | | 18.04 | | | 销量（万吨） | 4.20 | | 3.32 | | 26.74 | | | 平均售价（元/吨，不含税） | 16,856.84 | | 15,833. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.28 CNY, based on a 26X PE ratio for comparable companies in 2024 [3][5]. Core Views - The company is expected to benefit from the domestic large aircraft industry chain, particularly with the C919 aircraft orders exceeding 1000 units, which positions the company favorably for future growth [2]. - The company has seen significant improvements in production capacity and cost management, leading to a substantial increase in expected net profit for the first half of 2024, projected to be between 215-240 million CNY, a year-on-year increase of 36.8%-52.7% [2]. - The delivery cycle for the company's main products has decreased from approximately six months to 3-4 months, with further capacity increases anticipated following the launch of high-alloy small bar projects [2]. Financial Summary - Revenue is projected to grow from 8,575 million CNY in 2023 to 9,570 million CNY in 2024, reflecting an 11.6% year-on-year increase [4]. - The net profit attributable to the parent company is expected to rise from 362 million CNY in 2023 to 543 million CNY in 2024, marking a 49.8% increase [4]. - Earnings per share are forecasted to increase from 0.18 CNY in 2023 to 0.28 CNY in 2024 [4]. - The gross margin is expected to improve from 13.5% in 2023 to 16.0% in 2024, while the net margin is projected to rise from 4.2% to 5.7% [4].