Group 1 - The company has successfully exported its products to EU countries, including Germany and France [1] - The company plans to intensify efforts in expanding its overseas market and aims to enhance export scale [1]

Core Insights - The company Fushun Special Steel has provided key structural materials for China's first thorium-based molten salt reactor project, indicating its role as a core supplier in this sector [1] Company and Industry Summary - Fushun Special Steel has supplied multiple categories and specifications of high-performance special steel materials for the thorium-based molten salt reactor project, including the critical structural material GH3535 (UNSN 10003) alloy [1]

关于 宁波梅山保税港区锦程沙洲股权投资有限公司 要约收购 抚顺特殊钢股份有限公司 之 申万宏源证券承销保荐有限责任公司 2025 年第三季度持续督导意见 财务顾问 二〇二五年十一月 申万宏源证券承销保荐有限责任公司（以下简称"本财务顾问"）接受宁波 梅山保税港区锦程沙洲股权投资有限公司（以下简称"锦程沙洲""收购人"）的 委托，担任其要约收购抚顺特殊钢股份有限公司（以下简称"抚顺特钢""上市 公司"）的财务顾问。 根据《上市公司收购管理办法》的规定，本次要约收购的持续督导期自要约 收购报告书公告之日起至要约收购完成后的 12 个月止，即 2025 年 8 月 7 日至 2026 年 9 月 15 日。 2025 年 10 月 31 日，上市公司披露了 2025 年第三季度报告。根据相关法律 法规规定，本财务顾问出具 2025 年第三季度（即 2025 年 8 月 7 日至 2025 年 9 月 30 日，以下简称"本持续督导期"）持续督导意见。 一、要约收购履行情况 2025 年 8 月 7 日，抚顺特钢公告了《抚顺特殊钢股份有限公司要约收购报 告书》（以下简称《要约收购报告书》），锦程沙洲向除锦程沙洲及其一 ...

Group 1 - The company Fushun Special Steel announced that Jincheng Shazhou will issue a partial tender offer to all shareholders, excluding itself and its concerted parties, starting from August 7, 2025, to acquire 98.605 million shares, representing 5% of the total share capital, at a price of 5.6 yuan per share, with the offer period ending on September 10 [1] - As of September 15, the settlement and transfer procedures for the tender offer were completed, with 19.8936 million shares accepted, accounting for 1.01% of the total shares [1] - During this continuous supervision period, Jincheng Shazhou and its concerted parties operated in compliance with public commitments and did not violate any regulations [1] Group 2 - The company completed the board of directors' re-election, electing Mu Lifeng as the employee director and appointing Sun Liguo as the general manager and other senior management personnel [1]

Market Performance - The special steel sector increased by 1.71% on November 5, with Changbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Changbao Co., Ltd. (002478) closed at 7.47, up 10.01% with a trading volume of 939,200 shares and a transaction value of 693 million [1] - Other notable performers include: - Shengde Zhengtai (300881) at 38.38, up 4.15% [1] - Fushun Special Steel (600399) at 5.62, up 3.69% [1] - Xining Special Steel (600117) at 3.19, up 2.24% [1] - Taiyuan Iron & Steel (000825) at 4.30, up 1.65% [1] Capital Flow - The special steel sector saw a net inflow of 113 million in main funds, while retail funds experienced a net outflow of 26.03 million [2] - The capital flow for specific stocks includes: - Changbao Co., Ltd. with a net inflow of 63.79 million [3] - Fushun Special Steel with a net inflow of 15.27 million [3] - Taiyuan Iron & Steel with a net inflow of 19.67 million [3]

Group 1: Thorium Molten Salt Concept - The thorium molten salt concept has recently gained market attention, leading to significant stock price increases for related companies [1] - Several listed companies have announced or responded regarding their business layouts related to thorium molten salt projects as of November 4 [1] Group 2: Company Specific Developments - Baose Co., Ltd. has been involved in the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project," specifically for the TMSR-SF0 main container equipment, with a total contract value of 2.5585 million yuan, delivered in 2018 [1] - Hailu Heavy Industry participated in the thorium molten salt experimental reactor project, successfully passing the acceptance of the safety device for the TMSR-LF1 reactor by experts from the Shanghai Institute of Applied Physics [1] - Jiangsu Shentong has begun research and technical reserves for various valve products required for thorium molten salt reactors [1] - Zhongmi Holdings' cooling salt circulation pump sealing products have been applied in the Gansu thorium molten salt nuclear reactor project, meeting similar sealing requirements as pressurized water reactors [1] - Fushun Special Steel has provided high-performance special steel materials for the thorium molten salt experimental reactor project [1] - Antai Technology is currently not involved in the 2 MW thorium molten salt experimental reactor business [1] Group 3: Asset Restructuring - Electric Power Investment Corporation is advancing a major asset restructuring, divesting existing financial businesses and acquiring quality nuclear power assets primarily engaged in the construction, operation, and management of nuclear power plants; currently, the company is not involved in thorium molten salt reactor-related businesses [2]

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]