证券代码：600477 证券简称：杭萧钢构 公告编号：2025-048 杭萧钢构股份有限公司 2025年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.026元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/23 | － | 2025/10/24 | 2025/10/24 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 9 月 10 日的2025年第三次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》第二十二条的相关 规定，公司回购专用证券账户持有的 9,99 ...

Core Viewpoint - Hangxiao Steel Structure (600477.SH) announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders through dividends [1] Summary by Sections - **Dividend Distribution Details** - The company plans to distribute a cash dividend of 0.026 yuan per share (tax included) to all shareholders [1] - The total number of shares for the dividend distribution is based on 2.369 billion shares, excluding 9.9977 million shares held in the company's repurchase account, resulting in a base of 2.359 billion shares [1] - The total cash dividend to be distributed amounts to 61.3332 million yuan (tax included) [1] - **Key Dates** - The record date for the dividend distribution is set for October 23, 2025 [1] - The cash dividend payment date is scheduled for October 24, 2025 [1]

Core Viewpoint - Prefabricated steel structure buildings are becoming a major trend in the construction industry due to their energy-saving, environmentally friendly, high construction efficiency, and stable quality advantages. The market size for this industry in China is projected to reach approximately 474.5 billion yuan in 2024, accounting for 78.66% of the overall prefabricated building market [1][12]. Overview - The construction industry can be divided into traditional and prefabricated buildings, with prefabricated buildings being assembled from components produced in controlled environments [2][3]. Advantages of Prefabricated Steel Structure Buildings - These buildings allow for standardized production of steel components and associated structures, ensuring quality and reducing labor costs. They also significantly lower dust, noise pollution, and resource consumption, aligning with green building principles [1][12]. Market Policies - The Chinese government has issued various policies to support the development of the prefabricated steel structure industry, creating a favorable environment for growth [8]. Industry Chain - The industry chain includes upstream suppliers of raw materials like steel and fireproof coatings, midstream design and construction services, and downstream markets encompassing industrial, public, commercial, and residential buildings [9][11]. Market Demand - Industrial buildings represent the largest demand segment for prefabricated steel structures, accounting for 54.4% of the market. The steady growth of the industrial sector in China provides significant opportunities for this industry [11]. Competitive Landscape - The market is becoming increasingly competitive, with major players including Jiangsu Jinggong Steel Structure Group, Anhui Honglu Steel Structure Group, and China State Construction Engineering Corporation. These companies leverage strong production capabilities and project experience [13][15]. Revenue Analysis - In 2024, China State Construction and Shanghai Construction Group reported revenues of 21.87 billion yuan and 30.02 billion yuan, respectively, with a smaller proportion of their income derived from prefabricated steel structure businesses compared to Honglu Steel Structure, which generated 20.82 billion yuan from steel structure operations, accounting for 96.76% of its total revenue [15][16]. Future Trends - The demand for prefabricated steel structure buildings is expected to grow due to increasing quality and performance expectations, as well as a focus on green development. The industry is likely to see broader applications in residential, public, and industrial sectors [16].

Meeting Overview - The shareholder meeting was held on September 10, 2025, at the conference room on the seventh floor of Ruifeng International Business Building, Hangzhou [1] - All 7 current directors attended the meeting, with 3 supervisors and the board secretary also present [1] - The meeting was chaired by the company's chairman, Mr. Shan Yinmu, and voting was conducted through a combination of on-site and online methods [1] Voting Results - The proposal regarding the company's 2025 semi-annual profit distribution plan was approved [2] - There were no resolutions that were rejected during the meeting [1] Legal Verification - The meeting was witnessed by Zhejiang Tiance Law Firm, with lawyers Du Wen and Shen Zhiyuan providing legal opinions [3] - The legal opinion confirmed that the meeting's procedures, participant qualifications, and voting methods complied with relevant laws and the company's articles of association, making the voting results valid [3]

证券代码：600477 证券简称：杭萧钢构 公告编号：2025-047 杭萧钢构股份有限公司 2025年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 10 日 | 1、出席会议的股东和代理人人数 | 461 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 947,870,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | | | 总数的比例（%） | 40.1816 | 注：截至本次股东大会股权登记日，公司回购专用账户持有的 9,997,714 股不享有股东大会 表决权。 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长单银木先生主持，并采取现场 投票和网络投票相结合的方式召开及表决，本次股东大会的召开及表决方式符合 《中华人民共和国公司法》等相关法律、法 ...

杭萧钢构股份有限公司 2025 年第三次临时股东大会的 法律意见书 浙江天册律师事务所 法律意见书 浙江天册律师事务所关于 编号:TCYJS2025H1516 致:杭萧钢构股份有限公司 浙江天册律师事务所(以下简称:本所)接受杭萧钢构股份有限公司(以下 简称:公司)的委托,指派本所律师出席公司2025年第三次临时股东大会。本所 律师依据《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》)等法律、法规和规范性文件的要求,以 及《杭萧钢构股份有限公司章程》(以下简称:《公司章程》)的有关规定,对 公司本次会议的召集和召开程序、出席会议人员资格、表决方式、表决程序的合 法性、有效性进行了审查。 本所律师根据知悉的相关事实和法律规定,按照律师行业公认的业务标准、 道德规范和勤勉尽责精神,对本次会议所涉及的有关事项进行审查,对公司提供 的文件进行了核查和验证,并据此进行了必要判断,现出具本法律意见书。 在本法律意见书中,本所律师仅对公司本次会议的召集、召开程序是否合法 以及是否符合《公司章程》,出席会议人员资格的合法性、有效性和股东大会表 决方式、表决程序的合法性、有效性 ...

Group 1 - The meeting of Hangxiao Steel Structure Co., Ltd. is scheduled for September 10, 2025, at 14:30 [1] - Shareholders registered by the close of business on September 3, 2025, are entitled to attend and vote at the meeting [1][2] - The meeting will be presided over by the chairman, Mr. Shan Yinmu, and will include a voting process through both on-site and online platforms [1][2][4] Group 2 - The agenda includes the review of the profit distribution plan for the first half of 2025, which proposes a cash dividend of 0.26 yuan per 10 shares [5][6] - The company's net profit attributable to shareholders for the first half of 2025 is reported as 127,626,372.80 yuan, with undistributed profits amounting to 2,103,292,394.17 yuan as of June 30, 2025 [6] - The total share capital as of June 30, 2025, is 2,368,966,150 shares, excluding shares in the company's repurchase account [6]

杭萧钢构股份有限公司 | 2025 | 年第三次临时股东大会会议议程 1 | | --- | --- | | 2025 | 年第三次临时股东大会会议须知 3 | | 2025 | 年第三次临时股东大会表决方法说明 4 | | 议案一：关于公司 | 2025 年半年度利润分配方案的议案 5 | 2025 年第三次临时股东大会会议议程 会议时间： 2025 年第三次临时股东大会 会议资料 股票代码：600477 股票简称：杭萧钢构 (1)现场会议召开时间：2025年9月10日（周三）14点30分 (2)网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议地点：杭州市中河中路 258 号瑞丰国际商务大厦七楼会议室 会议召集人：公司董事会 会议主持人：董事长单银木先生 与会人员： (一) 股权登记日（即 2025 年 9 月 3 日）收市后在中国证券登记结算有限责任公 司上海分公司登记在册的公司股东均有权以本 ...

Core Viewpoint - Hangxiao Steel Structure Co., Ltd. demonstrates strong resilience in the industry cycle, achieving significant revenue and profit growth while focusing on green construction and intelligent manufacturing [2][9]. Financial Performance - In the first half of 2025, the company reported operating revenue of 4.76 billion yuan and a net profit attributable to shareholders of 128 million yuan [2]. - New contract orders signed during the period amounted to 5.24 billion yuan, with an additional 705 million yuan in orders that have been won but not yet signed [2]. - The company optimized its cost structure, reducing sales expenses by approximately 27.96% to 44 million yuan and management expenses by about 16.73% to 160 million yuan [2]. Project Development and Capabilities - Hangxiao Steel Structure is advancing its construction methods through standardized products, integrated design, intelligent manufacturing, and assembly construction [3]. - The company has successfully delivered high-quality projects, receiving awards for several key developments, including projects in Ningbo and Shanghai [3]. Innovation and R&D - The company invested 194 million yuan in R&D, focusing on high-strength steel applications, standardization of assembly systems, and industrialized construction processes [4]. - Continuous upgrades in digital factories and automation have improved processing precision and production efficiency, supporting project delivery reliability [4]. International Expansion - The company has established 18 manufacturing bases across China, enhancing production capacity and enabling efficient market response [6]. - Internationally, Hangxiao Steel Structure is involved in various projects along the Belt and Road Initiative, expanding its revenue base and brand influence [6][7]. Industry Trends and Policy Support - The construction industry is shifting towards industrialization, low energy consumption, and high quality, driven by green building policies [8]. - The national push for green construction and prefabricated buildings presents significant growth opportunities for Hangxiao Steel Structure, with policies supporting the expansion of steel structure housing [8][9].

Core Viewpoint - Hangxiao Steel Structure (600477) reported a decline in both revenue and net profit for the first half of 2025, indicating financial challenges and a significant increase in accounts receivable relative to net profit [1] Financial Performance Summary - Total revenue for the first half of 2025 was 4.76 billion yuan, a decrease of 2.0% year-on-year [1] - Net profit attributable to shareholders was 128 million yuan, down 20.16% year-on-year [1] - In Q2 2025, total revenue was 3.13 billion yuan, an increase of 3.06% year-on-year, while net profit was 78.32 million yuan, a decrease of 18.29% year-on-year [1] - Gross margin was 11.91%, down 18.3% year-on-year, and net margin was 2.84%, down 17.96% year-on-year [1] - Total accounts receivable was 2.742 billion yuan, representing a significant 1622.92% of the latest annual net profit [1] Cost and Expense Analysis - Operating costs increased by 1.06%, attributed to increased depreciation after construction projects were transferred to fixed assets [1] - Sales expenses decreased by 27.96%, due to cost control in sales personnel, intermediaries, and entertainment expenses [2] - Management expenses decreased by 16.73%, attributed to cost control in management personnel [3] - Total expenses (sales, management, and financial) amounted to 295 million yuan, accounting for 6.19% of revenue, a decrease of 11.49% year-on-year [1] Cash Flow and Debt Situation - Operating cash flow per share was -0.28 yuan, down 52.26% year-on-year [1] - Net cash flow from operating activities decreased by 52.25%, due to an increase in factoring products received [4] - Net cash flow from investing activities increased by 78.21%, due to expenditures on new factory construction in the previous period [5] - Net cash flow from financing activities increased by 28.72%, also due to an increase in factoring products received [6] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 3.13%, indicating weak capital returns [7] - The historical median ROIC over the past decade was 9.78%, with the worst year being 2024 [7] - The company's performance relies heavily on research and marketing efforts, necessitating further investigation into these drivers [8] Financial Health Indicators - Cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 8.12% and a negative average operating cash flow to current liabilities ratio over the past three years [8] - Debt situation is also a concern, with interest-bearing debt ratio reaching 34.66% and negative average operating cash flow over the past three years [8] - Accounts receivable to profit ratio is alarmingly high at 1622.92% [8]