方大特钢科技股份有限公司 关于设立全资孙公司暨完成工商登记的公告 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法律责任。 重要内容提示： 方大特钢科技股份有限公司（以下简称"公司"）全资子公司南昌方大 海鸥贸易有限公司（以下简称"南昌海鸥"）以自有资金出资设立全资子公 司重庆云瀚贸易有限公司（以下简称"重庆云瀚"），注册资本人民币 3,000 万元； 证券代码：600507 证券简称：方大特钢 公告编号：临2025-050 （二）审议情况 上述投资事项已经南昌海鸥执行董事审批通过，无需提交公司董事会、股东 会审议。 二、重庆云瀚基本情况 1 2025 年 7 月 21 日，重庆云瀚取得重庆市江北区市场监督管理局核发的《营 业执照》，主要内容如下： 本次投资事项不属于关联交易、不构成重大资产重组； 本次投资事项无需提交公司董事会、股东会审议。 一、投资事项概述 （一）本次投资事项的基本情况 为有效提升公司管理水平，实现资源的有效配置，根据公司业务发展需要， 公司全资子公司南昌海鸥以自有资金出资设立全资子公司重庆云瀚贸易有限公 司，注册资 ...

Group 1 - The A-share steel sector experienced significant movement, with Liugang Co., Ltd. hitting the daily limit up, indicating strong investor interest [1] - Shengde Xintai saw an increase of nearly 6%, reflecting positive market sentiment towards steel stocks [1] - Other companies such as Shougang Co., Hualing Steel, Fangda Special Steel, and New Steel Co. also experienced gains, suggesting a broader rally in the steel industry [1]

Core Viewpoint - The steel industry has seen a profit rebound in the first half of the year, driven by cost reductions, export boosts, and proactive cost-cutting measures by companies, with self-discipline in production being a key factor for profit improvement [1][4][6]. Group 1: Company Performance - Several listed steel companies have issued positive performance forecasts for the first half of the year, with notable increases in net profits: - Shougang Co. expects a net profit of 642 million to 672 million yuan, a year-on-year increase of 62.62%-70.22% [2] - Minmetals Development anticipates a net profit of 107 million yuan, up 111% [2] - Liugang Co. projects a net profit of 340 million to 400 million yuan, a staggering increase of 530%-641% [2] - Fangda Special Steel expects a net profit of 380 million to 430 million yuan, an increase of 133.33%-164.03% [2] - Other companies like Xinyu Steel, Shandong Steel, and others forecast a turnaround in profitability for the first half of 2025 [2]. Group 2: Industry Trends - The steel industry is experiencing a reduction in production and structural adjustments, with weak steel prices prevailing [2][4]. - The overall profit for the black metal smelting and rolling industry from January to May reached 31.69 billion yuan, better than the 29.19 billion yuan for the entire year of 2024 [4]. - The self-discipline in production among steel companies is seen as a core factor for profit improvement, despite ongoing supply-demand structural contradictions [4][5]. Group 3: Future Outlook - The outlook for steel prices in the second half of the year is uncertain, with expectations of limited upward movement due to weak domestic demand and potential challenges in maintaining high export levels [6][7]. - Analysts suggest that self-discipline in production will remain a critical variable influencing price trends, with a focus on quality and efficiency rather than merely high production volumes [7][8]. - The industry is urged to enhance integration, improve industry concentration, and phase out inefficient production capacities to achieve high-quality development [8].

证券代码：600507 证券简称：方大特钢 公告编号：临2025-049 方大特钢科技股份有限公司 2025 年半年度业绩预增公告 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： 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上 的情形。 公司预计 2025 年半年度实现归属于母公司所有者的净利润为 38,000 万 元到 43,000 万元，同比增加 133.33%到 164.03%；预计 2025 年半年度实现归属 于母公司所有者的扣除非经常性损益的净利润为 32,600 万元到 37,600 万元，同 比增加 46.58%到 69.06%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 （一）归属于母公司所有者的净利润：16,285.75 万元。归属于母公司所有 者的扣除非经常性损益的净利润：22,240.06 万元。 （二）每股收益：0.0699 元。 三、本期业绩预增的主要原因 （一）主营业务影响 20 ...

方大特钢（600507）公告，预计2025年半年度实现归属于母公司所有者的净利润为3.8亿元到4.3亿元， 同比增加133.33%到164.03%；预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利 润为3.26亿元到3.76亿元，同比增加46.58%到69.06%。 ...

Summary of Steel Industry Conference Call Industry Overview - The steel industry is undergoing supply-side reforms driven by anti-involution policies, aiming to improve competition and reduce excess capacity, which presents long-term investment opportunities [1][4][29] - The profitability of steel companies is significantly influenced by supply-demand dynamics, with a strong production incentive when rebar profits exceed 100 yuan, but this can lead to price declines [1][7] Key Points Supply and Demand Dynamics - The real estate market downturn has negatively impacted demand for construction steel, with new housing starts and construction area both declining [1][12] - Infrastructure investment has increased but is insufficient to offset the decline in residential construction, leading to an expected 5%-6% decrease in construction steel demand by 2025 [1][13] - Global iron ore supply is expected to increase, with new low-cost projects disrupting oligopolistic structures and optimizing cost structures [1][18] - The steel industry is currently experiencing a low inventory cycle, which reflects pessimistic market expectations and could lead to a supply-demand tightening if restocking occurs [1][17] Policy and Regulatory Environment - The government has emphasized anti-involution policies, with measures aimed at controlling production and promoting industry consolidation [4][5] - The central government has set a production reduction target of 50 million tons for 2025, although local implementation has been slow [8][10] Company Performance and Outlook - Leading companies like CITIC Special Steel and Baosteel are expected to benefit from product upgrades and high-value income, with their PB valuations currently low [2][30] - Hualing Steel and Shougang have strong profit elasticity, with Hualing expected to recover profits to 1.4-1.5 billion yuan [2][31] - Fangda Special Steel is maintaining profitability due to its efficient business model, even in a downturn [2][33] Market Sentiment and Investment Opportunities - The steel sector is at the bottom of the profit cycle, with low valuations and low public fund allocations, indicating high potential returns [2][26] - The market anticipates that strict capacity reductions could lead to a rebound in steel prices and profitability in the second half of the year [2][26][34] Future Trends - The demand for construction steel is expected to decline by 6% in 2025, but a gradual recovery is anticipated from 2026 to 2028 [21] - The global steel production landscape is shifting, with non-China regions expected to see slight growth while developed countries face declines [22] - The steel industry is expected to see significant changes in the next three years, with a clear direction towards supply-side reforms [29] Additional Insights - The anti-involution policy is expected to significantly impact profit distribution within the steel industry, potentially improving domestic steel companies' profit margins [28] - Historical data suggests that strict enforcement of production cuts can have profound effects on market dynamics, emphasizing the importance of supply-demand relationships [27] This summary encapsulates the key insights from the conference call regarding the steel industry, highlighting the current challenges, regulatory environment, company performances, and future trends.

Core Insights - The report highlights the steel industry's two main contradictions: weak demand and strong costs, with the industry entering its fourth year of a downward cycle in 2025. The effective demand has significantly decreased, particularly in the real estate sector, leading to a 42.9% drop in demand for steel used in real estate from 377 million tons in 2020 to 215 million tons in 2024 [6][18][25]. - The report anticipates a marginal rebound in the steel sector due to weakening costs and resilient demand, driven by a decline in coking coal prices and an expected increase in iron ore supply [6][37][45]. Demand and Cost Analysis - Weak demand is characterized by insufficient effective demand, making it easier to maintain volume than prices. The real estate sector's demand for steel has plummeted, contributing to a significant overall decline in steel prices [6][18][25]. - Strong costs are attributed to tight supply of raw materials like iron ore and coking coal, which have severely squeezed steel profits. The profit share of steel in the industrial chain has dropped to 16%, significantly below the historical average of 28% [6][31][34]. Supply-Side Strategies - The report discusses the "anti-involution" policy aimed at addressing excess capacity in the steel industry, which is expected to stabilize steel prices and improve profitability for steel companies. A potential reduction of 30 million tons in crude steel production in 2025 could lead to a price increase of 229 yuan per ton for rebar [6][8][37]. - Long-term capacity reduction is expected to be gradual, with approximately 20% of capacity facing compliance challenges, particularly among small private enterprises, which may face pressure to exit the market starting in 2026 [6][8][37]. Investment Opportunities - The report suggests focusing on leading companies in high-end steel products, such as Nanjing Steel, Hualing Steel, and Baosteel, which are expected to maintain profitability and enhance shareholder returns through capital expenditure and asset optimization [6][8][37]. - It also highlights the potential for recovery in valuation and performance for companies with low price-to-book ratios, such as New Steel and Fangda Special Steel, as well as opportunities in state-owned enterprise reforms and mergers and acquisitions [6][8][37].

Summary of Steel Industry Conference Call Industry Overview - The steel sector is expected to experience a turning point after a downturn since 2021, with demand stabilizing due to manufacturing growth and steady exports, offsetting the decline in real estate [1][3][4] - Supply-side reforms have limited new capacity, and measures to reduce outdated capacity are enhancing expectations for supply contraction, which is favorable for supply-demand balance [1][8] Key Points Demand Dynamics - Manufacturing demand has increased to 50%-60% of total steel demand, with significant growth in automotive, home appliances, and shipbuilding sectors, mitigating the negative impact of real estate decline [1][4][5] - Despite a 70%-80% drop in new real estate projects over the past four years, total crude steel demand has only seen a slight decline, indicating resilience in the manufacturing sector [4][5] Supply-Side Factors - The steel industry has been in a production reduction cycle since 2016-2018, with no new production capacity approved since 2018, which has helped stabilize market prices and improve profitability [8][9] - Recent policies have further pushed for the orderly exit of outdated capacity, enhancing supply contraction expectations [2][3] Cost Trends - Raw material costs are expected to decline due to falling coking coal prices and the commissioning of large mines, which will alleviate cost pressures in the midstream smelting sector [1][11] - The overall industry profitability is anticipated to recover as raw material prices decrease while demand remains stable [18] Investment Opportunities - The steel sector is projected to enter a volatile upward cycle over the next two to three years, with high dividend yield companies like Baosteel, CITIC Special Steel, and Hesteel being recommended due to their stable performance and potential for valuation reassessment [1][12][15] - Other recommended stocks include New Steel and Fangda Special Steel for their defensive and elastic characteristics, and Liugang for its pure elasticity [14][19] Company-Specific Insights - **Baosteel**: Largest steel producer in China with a strong product structure including high-value products like automotive and home appliance steel [16][20] - **Hesteel**: Expected to increase dividend payout to 50% following completion of environmental upgrades, making it a high dividend stock [21] - **Fangda Special Steel**: Known for its cost reduction and efficiency improvement capabilities, with potential for mergers and acquisitions to enhance growth [22] - **Liugang**: Recently commissioned a project with significant capacity, expected to contribute positively to performance [23][24] Market Performance - In the first 26 weeks of 2025, the apparent consumption of five major steel products showed a year-on-year decline of only 0.36%, indicating a narrowing decline compared to previous years [17] - The overall supply-demand data is favorable, with crude steel production down 1.7% year-on-year, suggesting a balanced market [17] Future Outlook - The steel industry is expected to stabilize and potentially see positive growth in demand due to urbanization and industrialization in Southeast Asia and the Middle East, as well as manufacturing returning to the U.S. and Europe [6][7] - The overall sentiment is optimistic for the next two to three years, with a focus on leading companies and those with defensive characteristics [26]

Industry Beta - The steel industry is transitioning from administrative to market-driven capacity reduction, with a turning point already evident [1] - The demand side of the steel industry is under pressure, and new supply-side reforms are being initiated, emphasizing high-end, green, and intelligent production, as well as industry consolidation [1][2] - The strategic importance of supply-side capacity reduction has reached unprecedented heights, with various sectors, including photovoltaic and non-ferrous metals, undergoing significant policy changes [1] Company Alpha - The company operates with a flexible management structure typical of private enterprises, resulting in lower sales expense ratios and strong internal incentives linked to performance [2] - The differentiation strategy has proven effective, with core products such as spring flat steel and automotive leaf springs achieving prices and profitability above industry averages [2] - Systematic cost reduction measures have led to noticeable declines in raw material, labor, and manufacturing costs from 2022 to 2024 [2] - There is strong potential for asset injections from within the group, specifically from Dazhou Steel and Pinggang Co., as well as opportunities for external acquisitions to strengthen the steel segment [2]

Group 1 - The A-share steel sector is experiencing a significant upward trend, with notable gains in various companies [1] - Liugang Co., Ltd. previously reached its price limit, indicating strong market interest [1] - Fangda Special Steel has seen an increase of over 5%, reflecting positive investor sentiment [1] Group 2 - Other companies such as New Steel Co., Shougang Co., and Shagang Co. have also shown upward movement in their stock prices [1]