Core Viewpoint - The company, Jinggong Steel Structure (600496.SH), reported a year-on-year increase in new contracts and sales volume for the first three quarters of 2025, highlighting strong growth in both domestic and international markets [1] Group 1: Contract and Revenue Growth - In the first three quarters of 2025, the company signed a total of 533 new contracts with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - From July to September 2025, the company signed 173 new contracts with a cumulative contract value of 5.47 billion yuan, showing an increase of 11.2% year-on-year [1] Group 2: Sales Performance - The company's steel structure sales reached 1.18 million tons in the first three quarters of 2025, marking a year-on-year increase of 34.6%, with sales of 345,000 tons from July to September, up 11.8% year-on-year [1] Group 3: International Business Expansion - The company has been actively expanding its international business, with new overseas orders amounting to 5 billion yuan, a significant year-on-year increase of 87.3%. The cumulative new orders for the first three quarters have already surpassed the total overseas orders for the entire year of 2024, which was 3 billion yuan [1] - The international market serves as a crucial extension of the domestic market, helping to mitigate the impact of intense competition in the domestic construction sector while ensuring profitability and payment conditions for the company [1] Group 4: Strategic Business Growth - The company's industrial chain and strategic franchise business, along with its BIPV (Building-Integrated Photovoltaics) business, continued to experience rapid growth, with new orders of 1.14 billion yuan and 280 million yuan respectively, reflecting year-on-year increases of 57.1% and 51.6% [1] - The cumulative new orders for the first three quarters have also exceeded the total orders for the entire year of 2024 in both the industrial chain and strategic franchise, as well as the BIPV business, which were 850 million yuan and 220 million yuan respectively [1]

Core Insights - The company reported its operating data for Q3 2025, highlighting a total of 533 new contracts signed with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - In the period from July to September 2025, the company signed 173 new contracts with a cumulative contract value of 5.47 billion yuan, showing a year-on-year increase of 11.2% [1] - The steel structure sales for the first nine months of 2025 reached 1.18 million tons, marking a year-on-year growth of 34.6%, with sales of 345,000 tons in the July to September period, which is an 11.8% increase year-on-year [1]

Core Viewpoint - The company reported a year-on-year increase in new contracts and sales volume for the third quarter of 2025, indicating strong growth in its operations and overseas business [1] Group 1: Contract Data - From January to September, the company signed a total of 533 new contracts with a cumulative contract value of 17.98 billion, representing a year-on-year growth of 4.8% [1] - In the third quarter (July to September), the company signed 173 new contracts with a cumulative contract value of 5.47 billion, showing a year-on-year increase of 11.2% [1] Group 2: Sales Volume - The company's steel structure sales volume reached 1.18 million tons from January to September, reflecting a year-on-year growth of 34.6% [1] - For the third quarter, the steel structure sales volume was 345,000 tons, which is a year-on-year increase of 11.8% [1] Group 3: Overseas Business - As of the end of the third quarter, the company secured new orders worth 5 billion in overseas business, marking a significant year-on-year growth of 87.3% [1] - The cumulative new orders for overseas business from January to September have already surpassed the total overseas orders for the entire year of 2024, which was 3 billion [1]

2025年1-9月，公司钢结构销量118.0万吨，同比增长34.6%，其中7-9月钢结构销量34.5万吨，同比增长 11.8% 智通财经APP讯，精工钢构(600496.SH)披露2025年第三季度经营数据，2025年1-9月，公司(包括控股子 公司)共新签合同533项，累计合同金额179.8亿元，同比增长4.8%。2025年7-9月，公司(包括控股子公 司)共新签合同173项，累计合同金额54.7亿元，同比增长11.2%。 ...

Core Viewpoint - Jinggong Steel Structure has experienced a significant stock price increase, reflecting positive market sentiment and potential growth in the steel structure industry [1][2]. Group 1: Company Overview - Jinggong Steel Structure Co., Ltd. is located in Shanghai and was established on June 28, 1999, with its listing date on June 5, 2002 [1]. - The company specializes in the design, manufacturing, installation, and engineering services of steel structure buildings, with its main business revenue composition being 92.32% from the steel structure industry, 5.85% from integrated and EPC services, and 1.83% from other sources [1]. Group 2: Stock Performance - As of October 10, the stock price of Jinggong Steel Structure rose by 5.16%, reaching 3.87 CNY per share, with a trading volume of 99.04 million CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 7.702 billion CNY [1]. - The stock has seen a continuous increase over four days, with a cumulative rise of 4.25% during this period [1]. Group 3: Shareholder Information - Among the top ten circulating shareholders, the Xingsheng Global Fund holds a position with its fund, Xinqian Multi-Dimensional Value Mixed A (007449), maintaining 6.7361 million shares, unchanged from the previous period, representing 0.34% of circulating shares [2]. - The fund has generated an estimated floating profit of approximately 1.2799 million CNY today, with a floating profit of 1.0104 million CNY during the four-day increase [2]. Group 4: Fund Manager Performance - The fund manager of Xinqian Multi-Dimensional Value Mixed A is Yang Shijin, who has been in the position for 4 years and 307 days, managing a total fund size of 20.155 billion CNY [3]. - During Yang's tenure, the fund has achieved a best return of 48.09% and a worst return of 4.3% [3].

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 | 2025-107 | | --- | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | | 长江精工钢结构（集团）股份有限公司 关于可转债转股结果暨股份变动公告 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： 转股情况："精工转债"自 2022 年 10 月 28 日进入转股期，截至 2025 年 9 月 30 日，累计转股金额 80,000 元，因转股形成的股份数量为 16,235 股，占可 转债转股前本公司已发行股份总额的 0.0008%。 未转股可转债情况：截至2025年9月30日，"精工转债"尚有1,999,920,000 元未转股，占"精工转债"发行总量的 99.9960%。 本季度转股情况："精工转债"自 2025 年 6 月 30 日至 2025 年 9 月 30 日， 转股金额为 1,000 元，因转股形成的股份数量为 208 股。 经上海 ...

Core Viewpoint - The stock of Jinggong Steel Structure has shown a significant increase in both price and trading volume, indicating positive market sentiment and potential growth opportunities for the company [1][2]. Financial Performance - For the first half of 2025, Jinggong Steel Structure achieved a revenue of 9.911 billion yuan, representing a year-on-year growth of 29.48% [2]. - The net profit attributable to shareholders for the same period was 350 million yuan, reflecting a year-on-year increase of 28.06% [2]. - Cumulatively, the company has distributed 799 million yuan in dividends since its A-share listing, with 350 million yuan distributed over the past three years [2]. Stock Market Activity - As of October 9, the stock price of Jinggong Steel Structure was 3.69 yuan per share, with a market capitalization of 7.344 billion yuan [1]. - The stock has increased by 25.51% year-to-date, with a 2.79% rise over the last five trading days [1]. - The company experienced a net inflow of 4.9754 million yuan in principal funds, with significant buying activity from large orders [1]. Shareholder Structure - As of June 30, the number of shareholders for Jinggong Steel Structure was 85,400, a decrease of 3.53% from the previous period [2]. - The average number of tradable shares per shareholder increased by 2.49% to 23,294 shares [2]. - Hong Kong Central Clearing Limited is the third-largest shareholder, increasing its holdings by 32.2033 million shares [2].

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].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock prices falling below 80% of the current conversion price [2][9]. Group 1: Convertible Bond Details - The company issued 20 million convertible bonds with a total value of RMB 2 billion, maturing in 2028, with a tiered interest rate starting from 0.3% in the first year [3]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions, currently standing at RMB 4.79 per share [4]. Group 2: Trigger Conditions for Price Adjustment - From September 8 to September 26, 2025, the company's stock closed below 80% of the current conversion price for 15 trading days, triggering the adjustment clause [8]. Group 3: Board Decision on Price Adjustment - The board of directors, after considering various factors, decided not to proceed with the downward adjustment of the conversion price and will not propose any adjustments for the next month [9]. - The board will reassess the situation after October 27, 2025, should the adjustment conditions be triggered again [9].

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 2025-106 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 长江精工钢结构（集团）股份有限公司 关于不向下修正"精工转债"转股价格的公告 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： 2025 年 9 月 8 日至 2025 年 9 月 26 日，长江精工钢结构（集团）股份有 限公司（以下简称"公司"）股票已有 15 个交易日的收盘价低于当期转股价格的 80%之情形，已触发"精工转债"的转股价格向下修正条款。 经公司第九届董事会 2025 年度第十八次临时会议审议通过，公司董事会 决定不向下修正"精工转债"的转股价格。 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 ...