证券代码：600507 证券简称：方大特钢 公告编号：临 2025-069 方大特钢科技股份有限公司 持股 5%以上股东减持股份结果暨未减持公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：本次减持计划实施前，徐惠工持有公司 116,824,114 股无限售条件流通股，占公司总股本的 5.05%；上述股票来源为 2022 年 8 月通 过协议转让方式取得。 减持计划的实施结果情况：徐惠工计划于 2025 年 8 月 26 日至 2025 年 11 月 23 日期间通过集中竞价方式减持公司股份不超过 23,131,800 股，减持比例 不超过公司总股本的 1%。截至本公告披露日，徐惠工未实施减持，本次减持计 划已实施完毕。 股东名称 徐惠工 股东身份 控股股东、实控人及一致行动人 □是 □否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 □否 其他：不适用 持股数量 116,824,114股 持股比例 5.05% 当前持股股份来源 协议转让取得：116,82 ...

方大特钢公告，持股5.05%的股东徐惠工原计划于2025年8月26日至2025年11月23日通过集中竞价减持 不超过2313.18万股，占公司总股本1%；减持期已届满，期间未减持任何股份，当前仍持有1.17亿股， 占5.05%，减持计划已实施完毕。 ...

Core Insights - The article highlights the ongoing capital operations of Fang Wei, chairman of Fangda Group, particularly focusing on HNA Holding's recent financial maneuvers and Fangda Group's strategic investments across various industries [2][5][18]. Group 1: Capital Operations - HNA Holding completed a capital increase of 1.635 billion yuan to its subsidiary HNA Technology, maintaining a 68.07% stake post-increase [5]. - HNA Holding also finalized a 799 million yuan acquisition of Tianyu Flight Training, a flight training company, indicating a strategic focus on aviation [5][9]. - Fangda Group's investments include a 2.66 billion yuan increase in Chongqing Fangda Aviation International Headquarters and a 9.58 billion yuan acquisition of a 65% stake in Chongqing Medical University Affiliated Third Hospital [8][17]. Group 2: Business Performance - All five A-share companies under Fangda Group reported profitability in the first three quarters of 2025, with notable performances from Fangda Special Steel and HNA Holding [18][20]. - HNA Holding's net profit reached 2.845 billion yuan, a 30.93% increase year-on-year, recovering from previous significant losses [19][20]. - Fangda Carbon's net profit was 113 million yuan, despite a more than 50% decline, reflecting the pressures of the steel industry's low cycle [18]. Group 3: Fangda Model - The "Fangda Model" is characterized by precise asset acquisition, capital operations, and the introduction of refined management practices, which have proven effective in revitalizing struggling companies [22][23]. - Fang Wei's approach includes maintaining employee stability and morale through financial incentives and a commitment to not reducing staff or salaries [22][23]. - The model's effectiveness is evident in the successful turnaround of previously distressed companies, showcasing its resilience and adaptability in various sectors [22][23].

Market Overview - The special steel sector experienced a decline of 0.37% on November 20, with Changbao Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances in the special steel sector include: - Shagang Co. closed at 5.61, up 0.36% with a trading volume of 219,500 shares and a turnover of 123 million yuan - Fushun Special Steel remained unchanged at 5.50 with a trading volume of 355,900 shares and a turnover of 195 million yuan - CITIC Special Steel closed at 15.03, unchanged with a trading volume of 159,900 shares and a turnover of 242 million yuan - Changbao Co. closed at 7.42, down 1.20% with a trading volume of 297,600 shares and a turnover of 22.3 million yuan [1][2] Capital Flow - The special steel sector saw a net outflow of 52.883 million yuan from institutional investors, while retail investors had a net inflow of 53.626 million yuan [2] - The capital flow for specific stocks indicates: - South Jin Co. had a net inflow of 2.2815 million yuan from institutional investors - CITIC Special Steel experienced a net outflow of 6.8486 million yuan from institutional investors [3]

Core Insights - Fangda Special Steel has achieved significant economic benefits through innovation initiatives, with small improvements generating over 14.87 million yuan from January to October this year [1] - The company has established a robust innovation mechanism, with a total of 2,402 QC topics registered from 2010 to 2025, involving over 22,000 participants and achieving a success rate of 80.81% [2] Summary by Sections Innovation Achievements - From January to October, the company reported 1,809 small improvement projects, with 197 projects submitted between July and October achieving "zero capital investment," accounting for 27.94% [1] - Specific projects such as the software development for the steel rolling plant saved 320,000 yuan in outsourcing costs and generated stable monthly benefits exceeding 120,000 yuan [1] - The ironmaking plant's project on optimizing dust removal processes improved waste heat recovery, generating over 200,000 yuan monthly while achieving environmental benefits [1] QC Group Activities - In 2025, 1,037 employees participated in QC groups, achieving a high success rate of 84.47% [2] - Innovations from QC groups included an automatic scanning system for shipping efficiency and a new welding wire for equipment repair, enhancing product quality and customer satisfaction [2] - The company has received numerous accolades for its QC projects, including a first prize in Jiangxi Province for an automatic oiling device that improved efficiency by over eight times [2] Future Directions - The company plans to deepen its innovation mechanisms and QC group activities, aiming to convert "golden ideas" into productivity and standardize excellent results for high-quality development [2]

Core Viewpoint - The steel industry is experiencing a recovery in profits due to unexpected demand from manufacturing and direct exports, alongside the implementation of "anti-involution" policies, leading to an increase in supply optimization expectations [1][2]. Group 1: Industry Performance - In Q1-Q3 2025, the SW steel index rose by 24.00%, ranking 17th among Shenwan industries, driven by improved manufacturing and export demand [1][2]. - From October 2025 to present, the SW steel index has continued to rise by 14.19%, ranking 4th among Shenwan industries [1][2]. - In Q3 2025, the profitability of the rebar sector turned positive, with a 102.59% increase in special steel profits year-on-year, while the gross profit margin rose to 7.59% and net profit margin increased to 2.19% [3]. Group 2: Policy and Structural Changes - The steel industry is focusing on differentiated production restrictions and classified management to promote high-value, low-carbon, and intelligent transformations, enhancing industry concentration and optimizing structural layout [3]. - Policies such as ultra-low emission upgrades and dual control of energy consumption are expected to drive capacity optimization and accelerate the elimination of outdated production capacity [3]. Group 3: Demand Drivers - The manufacturing sector, particularly in machine tools, excavators, and commercial vehicles, remains resilient, with direct exports showing significant year-on-year growth, supporting steel demand [3]. - The construction sector is experiencing weak new starts, but forward-looking indicators like sales and land acquisition are showing reduced declines, stabilizing demand for construction steel [3]. Group 4: Investment Recommendations - Steel capacity optimization is expected to be a key focus moving forward, with a push for differentiated management to support competitive enterprises [4]. - Attention is recommended for leading steel companies such as Hualing Steel, Baosteel, and Nanjing Steel, as well as flexible stocks like Fangda Special Steel and New Steel [4]. - The special steel sector is projected to benefit from downstream demand in automotive, nuclear power, and oil and gas extraction, with companies like Xianglou New Materials and Jiuli Special Materials highlighted for stable growth [4]. - In the raw materials sector, companies with clear non-ferrous resource increments, such as Dazhong Mining and Hebei Steel Resources, are recommended for investment [4].

Core Insights - The special steel sector experienced a slight increase of 0.74% on November 19, with CITIC Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - CITIC Special Steel (000708) closed at 15.03, up 2.24% with a trading volume of 178,900 shares and a turnover of 266 million yuan [1] - Fangda Special Steel (600507) closed at 6.17, up 2.15% with a trading volume of 316,700 shares and a turnover of 193 million yuan [1] - Other notable performances include Jiu Li Special Materials (002318) at 25.47, up 0.59%, and Taiyuan Iron & Steel (000825) at 4.17, up 0.48% [1] Capital Flow - The special steel sector saw a net outflow of 112 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 94.6 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2][3] Individual Stock Capital Flow - Jiu Li Special Materials (002318) experienced a net outflow of 6.41 million yuan from institutional investors, but a net inflow of 30.62 million yuan from retail investors [3] - CITIC Special Steel (000708) had a significant net outflow of 11.09 million yuan from institutional investors, while retail investors contributed a net inflow of 7.61 million yuan [3] - Fangda Special Steel (600507) also faced a net outflow of 12.72 million yuan from institutional investors, with retail investors showing a net inflow of 1.12 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the steel industry, highlighting the potential for profit recovery and capacity optimization as key investment themes [4][5]. Core Insights - The steel sector has shown a significant recovery in profitability, with the SW Steel index rising by 24.00% in Q1-Q3 2025 and 14.19% from October 2025 to date, outperforming major indices [1][11]. - The report emphasizes the importance of differentiated production restrictions to promote industry consolidation and the transition towards high-value, low-carbon, and intelligent production methods [2][3]. - Manufacturing and direct export demand remain resilient, supporting steel consumption despite a weak construction sector [2]. Summary by Sections Steel Sector Performance - In Q1-Q3 2025, the steel sector's net profit saw a year-on-year increase of 747.63%, with a gross margin recovery to 7.59% and a net margin of 2.19% [17][21]. - The performance of the steel sector has been strong, with the SW Steel index ranking 4th among all sectors since October 2025 [1][11]. Supply-Side Policies - The introduction of differentiated production restrictions aims to eliminate inefficient capacity and enhance industry concentration [2][3]. - New policies are expected to drive the optimization of production capacity, with a focus on high-end, green, and intelligent manufacturing [3][51]. Demand-Side Dynamics - The manufacturing sector, particularly in machinery and commercial vehicles, continues to show strength, while direct exports have increased significantly, supporting steel demand [2][3]. - The construction sector remains weak, but early indicators suggest a stabilization in demand for construction steel [2]. Investment Recommendations - The report suggests focusing on leading steel companies that are well-positioned to benefit from policy support and capacity optimization, such as Hualing Steel, Baosteel, and Nanjing Steel [3][4]. - For special steel, companies benefiting from downstream demand in automotive and energy sectors are recommended, including Xianglou New Materials and Jiuli Special Materials [3]. - In the raw materials sector, companies with clear growth in non-ferrous resources, such as Dazhong Mining and Hebei Steel Resources, are highlighted [3].

Company Overview - Fangda Special Steel is located in Qingshan Lake District, Nanchang City, Jiangxi Province, and was established on September 16, 1999. The company was listed on September 30, 2003. Its main business includes the production and sales of automotive leaf springs, spring flat steel, and the manufacturing and sales of black metal smelting and rolling processing products, as well as iron concentrate production and sales. The revenue composition is 98.77% from the steel industry and 1.23% from the mining industry [1]. Stock Performance - As of November 19, Fangda Special Steel's stock price increased by 2.15%, reaching 6.17 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 0.99%. The total market capitalization is 14.272 billion CNY [1]. - Year-to-date, the stock price has risen by 53.56%, with a recent decline of 2.37% over the last five trading days, a 10.77% increase over the last 20 days, and a 2.32% increase over the last 60 days [1]. Financial Performance - For the period from January to September 2025, Fangda Special Steel achieved an operating income of 13.233 billion CNY, a year-on-year decrease of 18.45%. The net profit attributable to shareholders was 789 million CNY, reflecting a year-on-year increase of 317.39% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders is 70,100, a decrease of 17.58% from the previous period. The average circulating shares per person increased by 21.33% to 33,006 shares [2]. - The company has cumulatively distributed 12.898 billion CNY in dividends since its A-share listing, with 308 million CNY distributed in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, notable new entrants include China Europe Dividend Enjoyment Flexible Allocation Mixed A (holding 42.3379 million shares) and E Fund Stable Income Bond A (holding 31.0815 million shares). China Europe Era Pioneer Stock A increased its holdings by 5 million shares to 20 million shares [3].

今年以来，方大特钢持续加大在科研方面的投入，新立项的49项科研项目涵盖新技术、新材料、新工 艺、新产品及人工智能等多个领域，既有单齿辊破碎机篦板修复这样的设备升级课题，更有高应力板簧 和高性能弹簧扁钢开发与欧标螺纹钢工艺研究，以及智慧仓库在钢铁企业中的研究与应用等。以高线减 定径离合器系统国产化技术研究与应用为例，该项目在达到甚至超越原有系统性能指标的基础上，采用 国产产品可解决进口器件维护难题、降低成本，研究意义重大。 方大特钢技术中心相关人员表示，公司将持续加强技术创新和人才培养，继续依托省级企业技术中心这 一平台，加大技术研发与创新投入，不断提升技术实力与创新能力，增强企业核心竞争力，推动企业高 质量发展。 -CIS- 11月12日，江西省工业和信息化厅发布《关于公布江西省省级企业技术中心评价结果的通知》，经南昌 市工信局推荐、江西省工信厅专家严格审查，方大特钢（600507）继2023年通过2021-2022年度省级企 业技术中心复评后，2025年再次通过2023-2024年度复评，并获评江西省优秀省级企业技术中心，彰显 企业技术实力。 方大特钢是辽宁方大集团（000055）旗下钢铁板块上市公司，是一 ...