Investment Rating - The report provides a "Buy" rating for several key stocks in the steel industry, including Xining Special Steel, Nanjing Steel, Hualing Steel, Baosteel, Jiuli Special Materials, and others [8]. Core Insights - The steel industry is experiencing a recovery in iron water production, with daily average production increasing by 70,000 tons to 2.282 million tons, and steel production continuing to grow, particularly in rebar [12][17]. - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 1.5%, indicating a tightening supply situation [23][25]. - Apparent consumption of five major steel products has improved on a month-on-month basis, with rebar demand showing signs of recovery [37][47]. - Iron ore prices have strengthened, influenced by increased shipments from Australia and Brazil, while port inventories have slightly decreased [46][55]. - The current industry environment is expected to improve due to ongoing "anti-involution" policies, which may lead to a stronger steel price outlook [68]. Summary by Sections Market Review - The CITIC Steel Index closed at 1,919.67 points, down 10.03%, underperforming the CSI 300 Index by 7.84 percentage points, ranking 29th among 30 CITIC primary sectors [1][87]. Supply Analysis - The average capacity utilization rate of 247 domestic steel mills is 85.6%, up 2.7 percentage points week-on-week, while daily average iron water production has increased [17][12]. Inventory Analysis - The total inventory of five major steel products is 14.11 million tons, down 0.9% week-on-week, while steel mill inventories decreased by 3.0% [25][23]. Demand Analysis - Apparent consumption of five major steel products reached 8.685 million tons, up 8.8% week-on-week, with rebar consumption at 2.081 million tons, up 17.7% [47][37]. Raw Material Analysis - The iron ore price index for 62% Fe is at $109.6 per ton, with a week-on-week increase of 0.5% and a year-on-year increase of 4.3% [55][46]. Price and Profit Analysis - The Myspic comprehensive steel price index is at 122.3, with a week-on-week increase of 0.05% and a year-on-year decrease of 2.1% [69][68].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a significant increase in net profit, achieving 942 million yuan in 2025, a year-on-year growth of 280.18%, despite a 15.43% decrease in operating revenue to 18.233 billion yuan [1][2] - The company maintained a high gross margin, with quarterly gross margins for 2025 being 10.04%, 8.24%, 12.92%, and 7.57% respectively, indicating strong performance in a recovering steel industry [2] - The company is positioned as a leading steel enterprise in Jiangxi, with potential for capacity growth and market share improvement, supported by ongoing product development and international expansion [3] Financial Summary - In 2025, the company achieved operating revenue of 18.233 billion yuan, down 15.43% year-on-year, while net profit attributable to shareholders reached 942 million yuan, up 280.18% [4] - The earnings per share (EPS) for 2025 was 0.407 yuan, reflecting a 273.39% increase compared to the previous year [1] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 452.63 million yuan, which represents 48.04% of the net profit attributable to shareholders [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - In 2025, the company achieved a revenue of 18.233 billion yuan, a year-on-year decrease of 15.43%, while the net profit attributable to shareholders increased by 280.18% to 942 million yuan [1]. - The company is expected to continue its performance recovery, with projected net profits for 2026, 2027, and 2028 being 1.046 billion yuan, 1.142 billion yuan, and 1.238 billion yuan respectively [3]. - The company plans to distribute a cash dividend of 0.2 yuan per share, amounting to 4.53 billion yuan, which represents 48.04% of the net profit attributable to shareholders, indicating a significant increase in the dividend payout ratio compared to 2024 [10]. Financial Performance Summary - **Revenue and Profitability**: - 2025 revenue: 18.233 billion yuan, down 15.4% from 2024 - 2025 net profit: 942 million yuan, up 280.2% from 2024 - 2025 EBITDA: 1.56 billion yuan, with a growth rate of 71.9% [4][11]. - **Future Projections**: - Expected revenues for 2026, 2027, and 2028 are 18.211 billion yuan, 18.574 billion yuan, and 18.938 billion yuan respectively, with growth rates of -0.1%, 2.0%, and 2.0% [4]. - Projected net profits for the same years are 1.046 billion yuan, 1.142 billion yuan, and 1.238 billion yuan, with growth rates of 11.1%, 9.2%, and 8.4% [4]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratios are projected to be 15x for 2025, 13x for 2026, 12x for 2027, and 11x for 2028 [4]. Key Operational Highlights - The company has seen an increase in steel sales, with Q4 2025 sales reaching 1.2185 million tons, a year-on-year increase of 7.47% [10]. - The company is focusing on cost reduction and efficiency improvements through refined management practices, including increased self-generated electricity and optimized raw material usage [10]. - The heavy truck market is recovering, which is expected to support demand for automotive leaf springs and flat steel products [10]. Dividend Policy - The company has significantly increased its dividend payout ratio, with a proposed cash dividend of 0.2 yuan per share, reflecting a commitment to returning value to shareholders [10].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The raw material prices are showing strong performance, while the finished steel products exhibit mixed results. The ongoing conflict in the Middle East is pushing up shipping costs and affecting coal and coke prices, leading to a strong trend in raw material prices. In contrast, the supply and demand dynamics for different steel products are showing structural differentiation, with medium and thick plates and cold-rolled products performing well, while hot-rolled products are weaker [7][30]. Summary by Sections 1. Domestic Steel Market - As of March 20, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 50 CNY/ton from the previous week. The price of 8.0mm high line is 3,380 CNY/ton, down 70 CNY/ton. Hot-rolled 3.0mm is priced at 3,300 CNY/ton, down 10 CNY/ton, while cold-rolled 1.0mm is at 3,700 CNY/ton, up 40 CNY/ton. The price of common medium plate 20mm is 3,380 CNY/ton, up 20 CNY/ton [13][14]. 2. Profitability Analysis - The report indicates fluctuations in steel profits. For long-process steel, the average weekly gross profit for rebar, hot-rolled, and cold-rolled products changed by -17 CNY/ton, -12 CNY/ton, and +10 CNY/ton respectively. For short-process steel, the average gross profit for electric arc furnace steel increased by +7 CNY/ton [7]. 3. Production and Inventory - As of March 20, 2026, the total production of five major steel products reached 8.4 million tons, an increase of 188,500 tons week-on-week. The total inventory of these products decreased by 121,400 tons to 14.0954 million tons. The apparent consumption of rebar was estimated at 2.0809 million tons, up 312,800 tons week-on-week [7][30]. 4. Key Company Valuations - The report provides earnings forecasts and valuations for key companies in the steel sector, all rated as "Buy." For example, Hualing Steel is projected to have an EPS of 0.50 CNY in 2025 with a PE ratio of 10, while Baosteel is expected to have an EPS of 0.49 CNY with a PE of 13 [2][3]. 5. Raw Material and Shipping Market - The report notes that domestic iron ore prices are fluctuating, with prices for various grades showing mixed trends. For instance, the price of Anshan iron concentrate is 750 CNY/ton, unchanged from last week, while Benxi iron concentrate is 901 CNY/ton, up 17 CNY/ton. The shipping market is also experiencing fluctuations [30].

关于辽宁方大集团国贸有限公司 2023年度-2025年度业绩承诺期届满之标的资 产减值测试情况的专项审核报告 中审华会计师事务所(特殊普通合伙) 一、管理层的责任 按照有关规定和方大特钢与天津一商集团有限公司签署的《天津一商集团有 限公司与方大特钢科技股份有限公司关于辽宁方大集团国贸有限公司之股权转 让协议》约定编制减值测试情况说明,以使其内容不存在虚假记录、误导性陈述 或重大遗漏是方大特钢管理层的责任。 此码用于证明该审计报告是否由具有执业许可的会计 "注册会计师行业统一监管平台（http://acc.mof.gov.cn 您可使用手机"扫一扫"或进入 关于辽宁方大集团国贸有限公司 2023年度-2025年度业绩承诺期届满之标的资产减值测 试情况的专项审核报告 CAC 专字[2026]0753 号 方大特钢科技股份有限公司全体股东: 我们接受委托,对后附的方大特钢科技股份有限公司(以下简称"方大特钢") 编制的《关于辽宁方大集团国贸有限公司 2023年度-2025 年度业绩承诺期届满 之标的资产减值测试情况的说明》 (以下简称"减值测试情况说明")进行了审 核。 二、注册会计师的责任 我们的责任是在实施专项 ...

方大特钢科技股份有限公司 2025 年度合并财务报表审计报告 (特殊普通合伙) 会计师事务所 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.go 报告编码:津26 F F CAC 审字[2026]0481 号 | | 172 | | --- | --- | | 自 录 | 页 次 | | 一、审计报告 | 1-6 | | ι ( 已审财务报表 | | | 合并资产负债表 | 7-8 | | 合并利润表 | 9 | | 合并现金流量表 | 10 | | 合并股东权益变动表 | 11-12 | | 母公司资产负债表 | 13-14 | | 母公司利润表 | ા ર | | 母公司现金流量表 | l ୧ | | 母公司股东权益变动表 | 17-18 | | 三、财务报表附注 | 19-152 | an 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的 事项。这些事项的应对以对财务报表整体进行审计并形成审计意见为背景,我 们不对这些事项单独发表意见。 审计报 CAC 审字[2026]0481 号 方大特钢科技股份有限公司全体股东: 一、审计意见 我们审 ...

本报告依据中国资产评估准则编制 方大特钢科技股份有限公司拟进行股权减值测试 涉及的辽宁方大集团国贸有限公司 股东全部权益价值 资产评估报告 北方亚事评报字[2026]第 01-0225 号 FNT CO. 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 4711020080202600439 | | --- | --- | | 合同编号: | KHN[2026] 第0307号 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 北方亚事评报字[2026]第01-0225号 | | 报告名称: | 方大特钢科技股份有限公司拟进行股权减值测试事宜涉及的辽宁 方大集团国贸有限公司股东全部权益价值评估报告 | | 评估结论: | 1.672,990,000.00元 | | 评估报告日: | 2026年03月 | | 评估机构名称: | 北方亚事 日 | | 签名人员: | 徐建中 正式会员 编号:36160002 | | | 张小玲 正式会员 编号:36020013 | | | 21 1 5 / 13 已实名认可 | | | (可扫描二维码查询备案业务信息) | 说明:报告备案 ...

方大特钢科技股份有限公司 2025年度 内部控制审计报告 目 录 页 码 内控审计报告 审计机构营业执照及执业许可证复印件 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn 打造等 1-2 内部控制审计报告 CAC 内字[2026]0012 号 方大特钢科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了方大特钢科技股份有限公司(以下简称"方大特钢公司")2025年12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是方大特钢 公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降 ...

关于辽宁方大集团国贸有限公司 业绩承诺完成情况的鉴证报告 CAC 专字|2026|0754 号 您可使用手机"扫一扫"成进入"注册会计师行业统一监管平台（http://sc.nef.gov.com. 【日】【日】【日】【日】【：】【 l 日 日 r and the comments of the state of the state of the station of the station of the station of the station of the station of the station of the state of the see with the stat 关于辽宁方大集团国贸有限公司 中审华会计师事务所(特殊普通合伙) 审计机构: 业绩承诺完成情况的鉴证报告 (2023 年度-2025 年度) 目录 页次 1、审计机构营业执照及执业许可证复印件 2、审计机构证券、期货相关业务许可证复印 件 业绩承诺完成情况的说明 关于辽宁方大集团国贸有限公司业绩承诺完成情况的 1-2 鉴证报告 关于辽宁方大集团国贸有限公司 2023 年度-2025 年度 3 i i 附件 11 CAC 专字[2 ...

魏颜，男，1982 年 2 月出生，中共党员，本科学历，法学学士学位，历任 北京清华源律师事务所律师，克拉玛依市白碱滩区人民检察院助理检察员，克拉 玛依市人民检察院助理检察员、副处长、检察员、副处长（主持工作），克拉玛 依市人民检察院第二检察部员额检察官；现任浙江京衡律师事务所律师、方大特 钢独立董事。 二、2025 年度履职概况 方大特钢科技股份有限公司 独立董事 2025 年度述职报告 （魏颜） 作为方大特钢科技股份有限公司（以下简称"公司"或"方大特钢"）独立 董事，本人严格按照《公司法》《证券法》《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等有关法律法规、规范性文件及《公司章程》《公司独立董事工作制度》的规定 和要求，充分发挥专业优势，认真履职，积极参加公司董事会会议及各专门委员 会会议，在董事会日常工作及决策中尽职尽责，对董事会审议的重大事项发表了 独立客观的意见，为董事会的科学决策提供支撑，促进公司可持续发展，维护了 公司和股东，特别是中小股东的合法权益，现将 2025 年度履职情况报告如下： 一、独立董事基本情况 作为公司的独立 ...