长江精工钢结构（集团）股份有限公司 重要内容提示： 自 2025 年 9 月 8 日起至 2025 年 9 月 19 日收盘，长江精工钢结构（集团） 股份有限公司（以下简称"公司"、"精工钢构"）股票已有 10 个交易日收盘价低 于当期转股价格的 80%（即 3.83 元/股），预计触发转股价格向下修正条件。若 触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股价格并及时 履行信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准长江精工钢结构（集团）股份有限公 司公开发行可转换公司债券的批复》（证监许可〔2021〕4153 号）核准，本公司 于 2022 年 4 月 22 日公开发行了 2,000 万张可转换公司债券，每张面值人民币 100 元，发行总额为人民币 20 亿元，期限 6 年。票面利率为：第一年 0.3%、第 二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0%，转股期限 为自 2022 年 10 月 28 日至 2028 年 4 月 21 日止。 | 股票简称：精工钢构 | 股票代码：600496 ...

Core Viewpoint - The stock of Jinggong Steel Structure has experienced fluctuations, with a recent decline of 2.17% on September 16, 2023, despite a year-to-date increase of 22.45% [1] Financial Performance - For the first half of 2025, Jinggong Steel Structure reported a revenue of 9.911 billion yuan, representing a year-on-year growth of 29.48%, and a net profit attributable to shareholders of 350 million yuan, up 28.06% [2] - Cumulative cash dividends since the company's A-share listing amount to 799 million yuan, with 350 million yuan distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.53% to 85,400, while the average circulating shares per person increased by 2.49% to 23,294 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 32.203 million shares to 96.7385 million shares [2] Stock Market Activity - On September 16, 2023, Jinggong Steel Structure's stock price was 3.60 yuan per share, with a trading volume of 34.62 million yuan and a turnover rate of 0.48% [1] - The stock has seen a recent net outflow of 6.2702 million yuan in principal funds, with significant selling pressure observed [1]

Core Viewpoint - Jiangsu Jinggong Steel Building Group Co., Ltd. (referred to as "Jinggong Steel") has made a significant move into the real estate sector by acquiring land in Shanghai, indicating its commitment to this strategic transition [2][3]. Group 1: Land Acquisition Details - Jinggong Steel successfully acquired the MHC10402 unit 24A-06A land in Minhang District, Shanghai, for a total price of 546 million yuan, with a floor price of 36,649 yuan per square meter and a premium rate of 11.19% [3]. - The land is designated for residential development, with a minimum decoration standard of 3,000 yuan per square meter and a requirement for at least 200 square meters of elderly care facilities [3][4]. - The company’s land expenditure exceeds its projected net profit for 2024, showcasing its determination to enter the real estate market [2][4]. Group 2: Financial Performance - In 2024, Jinggong Steel reported a revenue of 18.492 billion yuan, a year-on-year increase of 12.03%, while its net profit decreased by 6.69% to 512 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 9.911 billion yuan, reflecting a year-on-year growth of 29.48%, and a net profit of 350 million yuan, up 28.06% [4]. Group 3: Strategic Intent and Market Position - The company aims to leverage the recent relaxation of housing market restrictions in Shanghai to mitigate risks and seize market opportunities, focusing on first-tier cities [2][6]. - Jinggong Steel plans to use the acquired land to promote its PEC prefabricated housing system, which combines steel and concrete for efficient construction [7][8]. - The company has established a core team with extensive real estate development experience to support its new ventures in the property market [6][8]. Group 4: Industry Context and Future Outlook - The real estate market in Shanghai is currently one of the most promising in China, with recent policy changes further stimulating demand [6]. - Jinggong Steel's entry into the residential construction sector is seen as a strategic move to extend its business model and capitalize on the growing demand for high-quality housing [7][8]. - The company’s focus on developing prefabricated housing aligns with national goals for sustainable and efficient construction practices, positioning it favorably in the evolving market landscape [7][8].

Core Viewpoint - The real estate market in Shanghai is witnessing an influx of new players, particularly private enterprises, who are actively acquiring land despite the prevailing market downturn, indicating a potential recovery in the sector [1][2][72]. Group 1: Market Dynamics - In the first half of the year, private enterprises accounted for 21% of land acquisitions nationwide, marking a 4% increase compared to the entire year of 2024 [3]. - Shanghai's land auction market has seen a significant presence of new players, with nearly 20% of the 32 land parcels sold in 2025 being acquired by these newcomers [5][4]. - The trend shows that private enterprises are strategically targeting low-density, high-quality land parcels with established infrastructure and amenities, reflecting a cautious and rational approach to investment [32][34]. Group 2: New Players and Their Strategies - Notable new entrants include companies from the manufacturing and technology sectors, such as Changjiang Precision Engineering, which has a strong background in large-scale construction projects [7][8][11]. - Another example is Xinyiteng, a technology firm that has partnered with established real estate companies to leverage their expertise in the market [14][16]. - The coal industry player, Yitai Group, has also entered the Shanghai market, acquiring prime waterfront land, showcasing the financial strength of resource-based companies [18][19][22]. Group 3: Land Acquisition Trends - The new players are focusing on low-density residential areas with favorable conditions, such as proximity to parks and established community services, which are expected to attract high-income, educated residents [39][42]. - The land acquisition strategy emphasizes smaller, well-located parcels that require lower total investment and have less competition, thus reducing market pressure [43][44]. - High-end luxury properties in Shanghai are becoming increasingly attractive to investors, with the city accounting for nearly 60% of new homes sold for over 30 million yuan in 2024 [70][71]. Group 4: Market Outlook - The influx of private enterprises and non-real estate companies into the Shanghai market signals a potential recovery and renewed confidence in the real estate sector [72][75]. - The changing policies and market conditions are creating opportunities for high-quality developments, which could enhance the overall product quality in the Shanghai housing market [79][80]. - The competitive landscape is expected to improve as new entrants focus on delivering better housing products, benefiting consumers in the long run [76][78].

Core Viewpoint - The recent land auction in Shanghai saw Jiangsu Jinggong Steel Structure Co., Ltd. (referred to as "Jinggong Steel") successfully acquire a plot in Minhang District, marking its first entry into the Shanghai real estate market, with a total expenditure of 5.46 billion yuan, exceeding its projected net profit for 2024, indicating a strategic shift towards real estate development [1][2][3]. Group 1: Land Acquisition Details - Jinggong Steel won the Minhang Zhuangqiao plot with a total price of 5.46 billion yuan, resulting in a floor price of 36,649 yuan per square meter and a premium rate of 11.19% [2]. - The acquired land is designated for residential development with specific requirements, including a minimum decoration standard of 3,000 yuan per square meter and a 30% proportion of small-sized units [2][3]. - The company aims to develop low-density housing products on this plot, leveraging its expertise in steel structure construction [2][3]. Group 2: Strategic Shift and Market Position - Jinggong Steel's move into real estate is a significant cross-industry attempt, as the company has primarily focused on steel structure engineering and construction since its establishment in 1999 [2][3]. - The company has previously engaged in the construction of affordable housing projects in Shanghai, indicating its experience in the real estate sector [3][4]. - The decision to enter the real estate market aligns with recent policy changes in Shanghai that have relaxed restrictions, enhancing the attractiveness of the local housing market [4][5]. Group 3: Financial Performance and Future Outlook - For 2024, Jinggong Steel reported an expected revenue of 18.49 billion yuan, a year-on-year increase of 12.03%, with a net profit of 5.12 billion yuan, reflecting a decline of 6.69% [3][4]. - In the first half of 2025, the company experienced a revenue increase of 29.48% year-on-year, with a net profit of 3.5 billion yuan, up 28.06% [3][4]. - The company has a healthy cash flow, with year-end cash reserves of 5.201 billion yuan for 2024, positioning it well for its new real estate ventures [4][5]. Group 4: Promotion of PEC Prefabricated Housing System - Jinggong Steel aims to showcase its PEC prefabricated housing system through this project, which combines steel and concrete materials to enhance construction efficiency and quality [5][6]. - The company views the current housing market as a significant opportunity for growth, especially in the context of the government's emphasis on high-quality housing [5][7]. - The project is intended to serve as a demonstration of the company's competitive advantages in green integrated building technology within the residential sector [5][7].

Group 1 - The company, Jinggong Steel Structure (600496.SH), has not yet entered the Russian market and is currently monitoring potential market opportunities in the future [1]

长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-102 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 一、本次股份质押具体情况 （一）本次股份质押基本情况 2025 年 9 月 10 日，精工投资在中国证券登记结算有限责任公司办理了将部 分股份质押给重庆三峡银行股份有限公司两江支行（以下简称"三峡银行两江支 行"）的质押手续。具体情况如下： 长江精工钢结构（集团）股份有限公司 关于股东股权质押的公告 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个别及连带责任。 重要内容提示： 长江精工钢结构（集团）股份有限公司（以下简称"公司"）股东精工控 股集团（浙江）投资有限公司（以下简称"精工投资"）于近日质押了 5,000 万股 公司股份。 截至公告日，公司控股股东精工控股集团有限公司及其下属子公司处于 质押状态的股份累计 45,922 万股，占其所持有公司股份总额的 77.69%，占公司 总股本的 23.07%。 | | ...

Group 1 - The company announced that its shareholder, Jinggong Investment, pledged 50 million shares of the company on September 10, 2025 [1] - As of the announcement date, the controlling shareholder, Jinggong Holding Group Co., Ltd., and its subsidiaries have cumulatively pledged 459 million shares, accounting for 77.69% of their total holdings in the company and 23.07% of the company's total share capital [1] - The purpose of this pledge is primarily for the operational needs of the shareholder [1]

Group 1 - The core viewpoint of the article highlights the performance and trends in China's metal products industry, particularly focusing on export values and growth rates [1] - In May 2025, the export value of the national metal products industry was 41.86 billion yuan, showing a year-on-year decline of 6.8% [1] - Cumulatively, from January to May 2025, the total export value reached 203.64 billion yuan, reflecting a year-on-year growth of 4% [1] Group 2 - The article references several listed companies in the metal products sector, including Jingda Co., Ltd. (600577), Jinggong Steel Structure (600496), Southeast Network Frame (002135), and others [1] - The data presented is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating the reliability of the information [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Group 1 - The company, Jinggong Steel Structure, announced on the evening of September 8 that there are no overdue guarantees [2]