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]

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]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][3][3]. Core Views - The revision of the capacity replacement plan by the Ministry of Industry and Information Technology is expected to improve the supply-demand dynamics in the steel industry marginally. The new draft includes stricter compliance requirements for capacity replacement, which may lead to a more regulated market [3][3]. - The report notes a decrease in steel profits, with specific margins for rebar, hot-rolled, and cold-rolled steel declining by 7, 17, and 23 yuan per ton, respectively, while electric arc furnace steel margins increased by 1 yuan per ton [1][1][1]. - Steel production increased to 8.65 million tons, with a notable rise in rebar production, while total inventory decreased by 260,100 tons, indicating a tightening market [2][2][2]. Summary by Sections Price Trends - As of October 24, 2025, the price of 20mm HRB400 rebar in Shanghai was 3,190 yuan per ton, down 20 yuan from the previous week. Hot-rolled steel increased by 20 yuan to 3,300 yuan per ton, while cold-rolled steel rose by 10 yuan to 3,780 yuan per ton [1][12][13]. Production and Inventory - The total production of the five major steel products reached 8.65 million tons, an increase of 83,700 tons week-on-week. The total inventory of these products decreased by 260,100 tons to 1,098.5 million tons [2][2][2]. Investment Recommendations - The report recommends focusing on companies within the steel sector, particularly those that are expected to benefit from the revised capacity replacement regulations. Specific companies highlighted include Hualing Steel, Baosteel, Nanjing Steel, and others across various segments [3][3][3].

Market Overview - The special steel sector experienced a decline of 0.46% on October 24, with Xining Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Notable gainers in the special steel sector included: - Xianglou New Materials (301160) with a closing price of 63.21, up 6.70% and a trading volume of 60,100 shares, totaling 376 million yuan [1] - Jinzhu Pipeline (002443) closed at 8.70, up 4.82% with a trading volume of 313,900 shares, totaling 270 million yuan [1] - Decliners included: - Xining Special Steel (600117) closed at 3.15, down 3.37% with a trading volume of 540,600 shares, totaling 171 million yuan [2] - Taiyuan Iron & Steel (000825) closed at 4.05, down 1.70% with a trading volume of 448,500 shares, totaling 182 million yuan [2] Capital Flow - The special steel sector saw a net inflow of 14.53 million yuan from institutional investors, while retail investors experienced a net outflow of 90.53 million yuan [2] - Key stocks with significant capital flow included: - Jinzhu Pipeline (002443) had a net inflow of 49.17 million yuan from institutional investors, but a net outflow of 44.99 million yuan from retail investors [3] - Taiyuan Iron & Steel (000825) recorded a net inflow of 14.33 million yuan from institutional investors, with a net outflow of 22.01 million yuan from retail investors [3]

Market Overview - The special steel sector increased by 0.23% on October 22, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Fangda Special Steel (600507) closed at 5.57, up 2.77% with a trading volume of 315,700 shares and a turnover of 175 million yuan [1] - Other notable performers include: - Shengde Zhengtai (300881) at 35.29, up 2.20% [1] - Fushun Special Steel (665009) at 5.30, up 1.92% [1] - Jinzhu Pipeline (002443) at 8.48, up 1.44% [1] - Xining Special Steel (600117) at 3.28, up 1.23% [1] Capital Flow - The special steel sector saw a net inflow of 34.18 million yuan from institutional investors, while retail investors experienced a net outflow of 36.31 million yuan [2][3] - The capital flow for key stocks includes: - Fushun Special Steel with a net inflow of 28.63 million yuan from institutional investors [3] - Jiu Li Special Materials (002318) with a net inflow of 16.07 million yuan [3] - Fangda Special Steel with a net inflow of 6.93 million yuan from institutional investors [3]