Core Viewpoint - The company, Ba Yi Steel, is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, which has led to significant financial transactions with its controlling shareholder, Ba Gang Group [2][8]. Group 1: Company Overview - Ba Yi Steel primarily engages in steel smelting, rolling, processing, and sales, with a comprehensive steel production capacity of 8 million tons per year. The product range includes various types of steel such as rebar, wire rods, and plates [1][7]. Group 2: Regulatory Actions - On November 7, 2025, Ba Yi Steel disclosed a notice of investigation (No. 0362025003) from the CSRC regarding suspected information disclosure violations [2][8]. - On December 19, 2025, the company and its controlling shareholder received an administrative penalty notice from the CSRC, detailing the findings of non-operating fund transactions with Ba Gang Group [5][11]. Group 3: Financial Transactions - In 2022, Ba Yi Steel received a total of approximately 3.68 billion yuan and transferred about 3.64 billion yuan to Ba Gang Group. In 2023, the amounts were approximately 2.81 billion yuan received and 2.77 billion yuan transferred. For 2024, the figures were around 2.51 billion yuan received and 2.53 billion yuan transferred [5][11]. Group 4: Investor Compensation - Investors who purchased shares between April 18, 2023, and November 7, 2025, and sold or continued to hold shares after November 8, 2025, are eligible for compensation [6][12].

Core Viewpoint - The company Ba Yi Steel is facing a severe financial crisis, with projected losses for 2025 between 1.85 billion and 2.05 billion yuan, and a negative net asset forecast for the end of 2025, indicating a potential delisting risk due to consecutive losses exceeding 3.6 billion yuan over two years [2][3][8]. Financial Performance - Ba Yi Steel anticipates a loss of 1.85 billion to 2.05 billion yuan for 2025, following a loss of 1.752 billion yuan in 2024, leading to total losses exceeding 3.6 billion yuan over two years [2][3][8]. - The company expects its net assets to be between -1.76 billion and -1.95 billion yuan by the end of 2025, which will trigger a delisting risk warning under the Shanghai Stock Exchange regulations [2][3][8]. Industry Context - The steel industry is currently experiencing a "dual weakness" in supply and demand, compounded by tightening environmental policies, a disparity between raw material and steel prices, and overcapacity, which has significantly compressed profits for companies like Ba Yi Steel [3][8]. Regulatory Issues - Ba Yi Steel has been implicated in non-operational fund transactions with its controlling shareholder, Ba Steel Group, totaling over 89 billion yuan from 2022 to 2024, which were not disclosed in regular reports, leading to regulatory scrutiny [4][10]. - The company received an administrative penalty notice from the Xinjiang Securities Regulatory Bureau, which includes a warning and fines totaling 4.5 million yuan for failing to disclose significant financial transactions [4][10]. Investor Claims - Due to violations in information disclosure, investors are pursuing claims against Ba Yi Steel, with legal actions initiated for losses incurred from April 18, 2023, to November 7, 2025 [5][11]. - The urgency for the company to stabilize its financial situation is heightened as it approaches a delisting risk warning, raising serious concerns among investors regarding its viability [11].

Core Viewpoint - The company Xinjiang Bayi Iron and Steel Co., Ltd. is at risk of being delisted due to projected negative net profits and net assets for the fiscal year 2025, which may trigger a warning for delisting risk according to the Shanghai Stock Exchange regulations [2][3][11] Group 1: Financial Projections - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -1.85 billion to -2.05 billion yuan [3][6] - The projected net profit after deducting non-recurring gains and losses is estimated to be between -1.9 billion to -2.1 billion yuan [3][6] - The expected net assets at the end of 2025 are projected to be between -1.76 billion to -1.95 billion yuan [3][6] Group 2: Delisting Risk Warning - The anticipated financial results will likely meet the criteria for a delisting risk warning as per the Shanghai Stock Exchange's regulations, specifically regarding negative net assets [3][11] - If the company's net assets are negative as reported in the 2025 annual report, the stock will be suspended from trading starting from the disclosure date [4][11] Group 3: Market Conditions and Company Strategy - The steel industry is currently undergoing a period of "reduction in quantity and optimization of stock," with weak supply and demand, tightening environmental policies, and price discrepancies affecting profitability [10] - The company is focusing on a strategy of "cost reduction, quality improvement, market expansion, and transformation" to address current challenges and improve operational performance [10] - The company is actively adjusting its product structure and sales regions in response to recent fluctuations in raw material prices and seasonal demand impacts [9][10]

Core Viewpoint - Ba Yi Steel is facing significant financial challenges, with projected net assets for the end of 2025 expected to be between -1.95 billion and -1.76 billion yuan, which may trigger delisting risk warnings from the Shanghai Stock Exchange [2] Financial Performance - The company anticipates a net profit attributable to shareholders of -2.05 billion to -1.85 billion yuan for 2025, with non-recurring net profit expected to be between -2.10 billion and -1.90 billion yuan [2] - For the first three quarters of 2025, Ba Yi Steel reported a net profit of -572 million yuan, indicating a projected fourth-quarter loss of -1.48 billion to -1.28 billion yuan, compared to a loss of 307 million yuan in the same period last year [2] - The company's net assets were reported at -476 million yuan as of September 30, 2025, following a profit of 125 million yuan in the third quarter [2] Industry Context - The steel industry is currently undergoing a "reduction in quantity and optimization of stock" adjustment period, characterized by weak supply and demand, tightening environmental policies, and price discrepancies between raw materials and steel [3] - The company is experiencing operational pressures due to regional market challenges, including low production efficiency in winter and imbalances in supply and demand, compounded by homogeneous competition and ineffective capacity utilization [3] Strategic Response - In response to its financial difficulties, Ba Yi Steel aims to enhance its risk resilience and development capacity through a comprehensive strategy focused on cost reduction, quality improvement, market expansion, and transformation [5] - The company plans to strengthen cost control, accelerate inventory turnover, and secure profits from forward orders, while also optimizing production efficiency and expanding market channels, particularly in Central Asia and the Northwest region [5]

Group 1 - Spot gold price has surpassed $5000 per ounce for the first time, with institutions predicting it could rise to $6600 [2] - The recent surge in gold prices is attributed to U.S. President Trump's policies reshaping international relations and investors fleeing sovereign bonds and foreign exchange markets [2] - Last week, gold prices increased by 8.5%, driven by a weakening dollar, which has made gold and silver cheaper for global buyers [2] Group 2 - In the past two weeks, stock ETFs have seen a net outflow of nearly 500 billion yuan, with significant redemptions in broad-based ETFs [3] - The trading volume of stock ETFs has surged, with some broad-based ETFs reaching record highs since their inception [3] Group 3 - The semiconductor sector in A-shares has been active in mergers and acquisitions, with several companies announcing related plans and progress [8] Group 4 - The commercial aerospace sector is experiencing a talent shortage, with investors with relevant experience being highly sought after [9] - The market is facing a significant gap in experienced commercial aerospace investors, leading firms to recruit candidates with adjacent experience [9] Group 5 - Global commodity markets are entering a new super cycle, with fund managers strategically increasing allocations to non-ferrous and chemical products [10] - Factors such as global monetary expansion, a credit crisis in the dollar, and geopolitical conflicts are contributing to this anticipated cycle [10]

Core Viewpoint - Xinjiang Bayi Steel Co., Ltd. is at risk of being delisted due to projected negative net profits and net assets for the fiscal year 2025, which may trigger a warning under the Shanghai Stock Exchange regulations [2][3][10]. Group 1: Financial Projections - The company expects a net profit attributable to shareholders of between -18.50 billion and -20.50 billion yuan for 2025 [3][10]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between -19.00 billion and -21.00 billion yuan [3][10]. - The anticipated net assets at the end of 2025 are expected to be between -17.60 billion and -19.50 billion yuan [3][10]. Group 2: Delisting Risk Warning - The company may face a delisting risk warning as it is projected to have negative net assets, which falls under the criteria set by the Shanghai Stock Exchange [3][4][10]. - If the year-end net assets are confirmed to be negative, trading of the company's stock will be suspended following the disclosure of the annual report [4][10]. - The company will issue a notice one trading day before the delisting risk warning is implemented, and the stock will resume trading the day after the announcement [4]. Group 3: Historical Context and Compliance - This announcement serves as the first risk warning regarding potential delisting, with two additional warnings expected before the annual report is disclosed [5]. - The financial data provided is based on preliminary calculations and has not been audited by a registered accountant, with the final figures to be confirmed in the official annual report [6][15]. Group 4: Industry Context - The steel industry is currently undergoing a period of "reduction in quantity and optimization of stock," facing challenges such as weak supply and demand, tightening environmental policies, and price discrepancies between raw materials and steel [14][15]. - The company is implementing a strategy focused on cost reduction, quality improvement, market expansion, and transformation to address these challenges and improve operational performance [15].

今日看点 ▼聚焦一：思林杰：终止发行股份及支付现金购买资产并募集配套资金事项 公司原拟通过发行股份及支付现金的方式购买科凯电子的股权同时配套募集资金，本次交易预计构成重大资产重组且构成 关联交易，不构成重组上市。由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较长。现公司综 合考虑市场环境较本次交易筹划初期已发生一定变化，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎 性考虑，决定终止本次交易事项并向上海证券交易所申请撤回本次交易事项的相关申请文件。 | 条 开 | 公司 | 主要内容 | | --- | --- | --- | | | 五矿新能 | 2025年度预盈2.1亿至2.5亿元 同比扭亏 | | | 招金黄金 | 2025年度预盈1.22亿至1.82亿元 同比扭亏 | | | 优博讯 | 2025年度预盈7200万元至1.07亿元 同比扭亏 | | | 厦门信达 | 2025年度预盈1500万元 同比扭亏 | | | 新强联 | 2025年净利润同比预增1093.07%-1307.21% | | | 永创智能 | 2025年净利润同比预增721.57%-894.86% ...

文/资本秘闻 1月25日晚间，八一钢铁（维权）披露公告称，经初步测算，公司预计2025年年度实现归属净利润-18.5 亿元到-20.5亿元；预计2025年年度实现扣非后归属净利润-19亿元到-21亿元；预计2025年末净资产 为-17.6亿元到-19.5亿元。根据规定，公司在2025年年度报告披露后，公司股票将可能被实施退市风险 警示。 八一钢铁表示，当前钢铁行业处于"减量发展、存量优化"深度调整期，"供需双弱"叠加环保政策收紧、 原燃料与钢材价格"剪刀差"、产能过剩等因素，企业利润被大幅压缩；新疆区域市场"三高三低"、冬季 生产效率偏低加剧经营压力，叠加区域供需失衡、同质化竞争、产能未有效发挥等内外部因素，使得公 司本期业绩预亏。在此背景下，公司部分资产出现减值迹象。根据相关规定，公司对存在减值迹象的资 产进行减值测试，并基于测试结果计提相应的资产减值准备。 ...

1月25日，八一钢铁（600581）发布的业绩预告显示，预计2025年年度实现归属于母公司所有者的净利润-18.50亿元到-20.50亿元；预计2025年年度实现 归属于母公司所有者的扣除非经常性损益后的净利润-19.00亿元到-21.00亿元；预计2025年末净资产为-17.60亿元到-19.50亿元。 纵观近年业绩，八一钢铁已经连续三年亏损，2025年前三季度亏损尚有所收窄。2022年至2024年，公司归母净亏损分别为13.62亿元、11.63亿元、17.52 亿元，4年累亏达60亿。 对于业绩预亏的原因，公告称，当前钢铁行业处于"减量发展、存量优化"深度调整期，"供需双弱"叠加环保政策收紧、原燃料与钢材价格"剪刀差"、产 能过剩等因素，企业利润被大幅压缩；新疆区域市场"三高三低"、冬季生产效率偏低加剧经营压力，叠加区域供需失衡、同质化竞争、产能未有效发挥 等内外部因素，使得公司本期业绩预亏。 在此背景下，八一钢铁部分资产出现减值迹象。根据相关规定，公司对存在减值迹象的资产进行减值测试，并基于测试结果计提相应的资产减值准备。 同日，八一钢铁发布关于股票可能被实施退市风险警示的风险提示公告。 八一钢铁称，由 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 记者 夏天 【导读】八一钢铁（维权）预计2025年期末净资产为负，可能触发退市风险警示情形 1月25日晚间，八一钢铁（证券代码：600581）公告称，预计2025年期末净资产为-19.50亿元至-17.60亿 元。若经审计后的净资产为负，将触及上交所规定的退市风险警示情形，公司股票可能被实施退市风险 警示（即股票简称前冠以"*ST"字样）。 公司同日晚间披露业绩预亏公告，预计2025年实现归母净利润-20.50亿元至-18.50亿元；扣非归母净利 润为-21.00亿元至-19.00亿元。 2025年前三季度，八一钢铁实现归母净利润-5.72亿元。据此计算，预计公司2025年第四季度归母净利 润为-14.78亿元至-12.78亿元，而上年同期亏损3.07亿元。 2025年第四季度糟糕的业绩表现，无疑使八一钢铁2025年末的净资产状况"雪上加霜"。根据2025年三季 报，公司第三季度实现盈利1.25亿元，截至2025年9月末，公司净资产为-4.76亿元。 对此，八一钢铁表示，当前钢铁行业处于"减量发展、存量优化"深度调整期 ...