Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company turned a profit in the first half of 2025, achieving a net profit of 111 million yuan, compared to a net loss of 75.47 million yuan in the same period last year [1] - The company's product structure continues to improve, focusing on high-value products, with significant increases in sales of premium steel varieties [3] - The company's profitability is expected to recover in the short term, supported by internal resource integration and a shift towards high-end product offerings [4] Financial Performance - In the first half of 2025, the company reported operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33% [1] - The net profit for Q2 2025 was 99 million yuan, a year-on-year increase of 22.3% and a quarter-on-quarter increase of 690.99% [2] - The company’s sales gross margin improved, with quarterly sales gross margins of -2.87%, 5.18%, 3.06%, and 3.42% from Q3 2024 to Q2 2025 [2] Production and Sales - The company produced 4.2748 million tons of steel in the first half of 2025, a year-on-year decrease of 13.93%, while sales reached 4.3433 million tons, down 12.04% year-on-year [3] - The sales volume of high-end products increased significantly, with hot-rolled high-end products up 97.6% and premium steel varieties increasing by over 20% [3] Future Projections - The company is projected to achieve net profits of 740 million yuan, 950 million yuan, and 1.19 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The estimated market capitalization corresponding to the mid-level valuation for the next three years is around 17.2 billion yuan [4]

Core Viewpoint - Xinyu Steel Co., Ltd. reported a decline in revenue and a return to profitability in the first half of 2025, driven by strategic adjustments in production and cost management [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.512 billion yuan, a year-on-year decrease of 18.33% [1]. - The net profit attributable to shareholders was 111 million yuan, compared to a loss of 75.4729 million yuan in the same period last year [1]. Industry Context - The steel industry continues to face weak downstream demand and high supply levels, leading to fluctuating steel prices and slow recovery in overall profitability [2]. - The company is responding to market pressures by reducing production scale to mitigate risks associated with price declines [2]. Operational Strategies - Xinyu Steel is focusing on enhancing efficiency rather than scale, optimizing production processes to improve operational metrics such as blast furnace utilization [2]. - The company has implemented cost reduction initiatives, including competitive procurement strategies and targeted cost control measures for raw materials [2][3]. Product Development - The steel industry is shifting towards high-end, intelligent, and green products, with Xinyu Steel actively promoting differentiation in its product offerings [4]. - In the first half of 2025, the company reported significant increases in sales of high-end products, with hot-rolled high-end varieties up by 97.6% and other premium products also showing substantial growth [4]. Future Outlook - Xinyu Steel aims to establish itself as a global leader in high-quality silicon steel and thick plates, planning to exit low-end trading businesses and focus on high-value-added products [5].

2025年8月23日，新钢股份(600782.SH)发布2025年中报。 公司最新总资产周转率为0.35次。最新存货周转率为3.85次。 公司股东户数为4.33万户，前十大股东持股数量为17.25亿股，占总股本比例为54.82%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 新余钢铁集团有限公司 | 46.70% | | 2 | 中国平安人寿保险股份有限公司-自有资金 | 1.08% | | 3 | 香港中央结算有限公司 | 1.08% | | 4 | 中国平安人寿保险股份有限公司-分红-个险分红 | 1.02% | | રે | 招商银行股份有限公司-中欧红利优享灵活配置混合型证券投资基金 | 0.99% | | 6 | 余惠忠 | 0.99% | | 17 | 中信证券股份有限公司 | 0.83% | | 8 | 中国建设银行股份有限公司-汇丰晋信新动力混合型证券投资基金 | 0.81% | | 9 | 寿宁投资管理(上海)有限公司-寿宁海韵79号私募证券投资基金 | 0.70% | | 10 | 全国社保基金四零六组合 | 0. ...

Core Viewpoint - Xinyu Iron & Steel Co., Ltd. reported a significant increase in net profit and total profit for the first half of 2025, despite a decline in revenue compared to the previous year, indicating a recovery in operational efficiency and profitability amidst challenging market conditions [2][4][6]. Company Overview and Financial Indicators - The company generated operating revenue of approximately 17.51 billion yuan, a decrease of 18.33% compared to the same period last year [2][3]. - Total profit reached approximately 162.80 million yuan, a substantial increase of 642.37% year-on-year [2][3]. - Net profit attributable to shareholders was approximately 111.10 million yuan, a turnaround from a loss of 75.47 million yuan in the previous year, marking a 247.20% increase [2][3]. - The company's total assets decreased by 7.88% to approximately 48.23 billion yuan, while net assets increased slightly by 0.28% to approximately 26.20 billion yuan [2][3]. Industry Situation - The steel industry faced a 5.79% decline in revenue for major steel enterprises in the first half of 2025, with total profits increasing by 63.26% [4][5]. - National crude steel production decreased by 3.0% year-on-year, aligning with government policies aimed at regulating the industry [4][5]. - The average monthly steel inventory for major enterprises reached a four-year low, indicating a tightening supply situation [4][5]. Operational Performance - The company focused on enhancing high-end product offerings, achieving significant sales increases in high-end varieties such as hot-rolled and silicon steel [6][10]. - The company implemented cost-cutting measures and efficiency improvements, resulting in a notable recovery in profitability [6][8]. - Environmental compliance and low emissions initiatives were prioritized, with successful completion of assessments and monitoring for emissions [7][8]. Strategic Initiatives - The company is committed to high-end product development and has exited low-end trading businesses to focus on high-value products [13][14]. - A strategic shift towards efficiency and cost management has been emphasized, with a focus on optimizing procurement and production processes [13][14]. - The company has engaged in active investor relations and communication to enhance transparency and showcase its operational achievements [15].

□适用 √不适用 或冻结 | 新余钢铁股份有限公司2025 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | | 公司代码：600782 | | 公司简称：新钢股份 | | | | 新余钢铁股份有限公司 | | | | | | 新余钢铁股份有限公司2025 | | 年半年度报告摘要 | | | | 第一节 | 重要提示 | | | | | 展规划，投资者应当到 | www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 否 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | | 变更前股票 | | 简称 | | | | | | A股 | 上海证券交易所 新钢股份 | 600782 | 新华股份 | | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | | 姓名 | 肖勇 | 钟益俊 | | | | 电话 | ...

Meeting Overview - The 11th meeting of the 10th Board of Directors of Xinyu Steel Co., Ltd. was held, with all 8 directors present, and the meeting complied with legal and regulatory requirements [1] Financial Reports - The Board approved the full and summary report for the first half of 2025, with a unanimous vote of 8 in favor [2] Governance Changes - The proposal to abolish the Supervisory Board and its rules was approved, with the Audit and Risk Committee of the Board taking over its responsibilities, pending shareholder approval [2] - The Board agreed to change the registered capital and amend the Articles of Association, also pending shareholder approval [2] - The Board approved amendments to four governance documents, including the Rules of Procedure for Shareholders' Meetings, which will be submitted for shareholder approval [3] Policy Revisions - The Board approved revisions to 11 management systems, including the Information Disclosure Management System, in accordance with the new Company Law effective July 1, 2024, pending shareholder approval [3] Investment Strategy - The Board proposed to utilize idle funds for financial investments, with a limit of up to 3 billion yuan, allowing for rolling use within this limit, and the investment period for individual products not exceeding one year, pending shareholder approval [3] Asset Management - The Board approved a proposal to recognize asset impairment losses totaling 17.2689 million yuan, which will reduce the net profit for the first half of 2025 by the same amount [5] Risk Assessment - The Board reviewed a risk assessment report for Baowu Financial Company, with non-related directors voting in favor [5] Upcoming Meetings - The Board scheduled the third extraordinary general meeting of shareholders for September 8, 2025, with details to be disclosed [5]

Group 1 - The core viewpoint of the announcements is the approval of various resolutions by the Supervisory Board of Xinyu Steel Co., Ltd, including the use of idle funds for financial management and asset impairment provisions [1][2] - The Supervisory Board meeting was held in compliance with legal regulations and company bylaws, with all five supervisors present [1] - The board approved the use of temporarily idle self-owned funds for financial management to enhance fund utilization efficiency, ensuring no harm to the company or shareholders' interests [1] Group 2 - The board approved the 2025 semi-annual report in full and summary [2] - The board agreed to cancel the Supervisory Board and abolish the rules governing Supervisory Board meetings [2] - The board approved changes to registered capital and amendments to the company's articles of association [2] - The board also approved revisions to the "Shareholders' Meeting Rules" and other related regulations [2]

证券代码：600782 证券简称：新钢股份 公告编号：2025-062 新余钢铁股份有限公司 关于召开2025年第三次临时股东大会的通知 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： ? 股东大会召开日期：2025年9月8日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 8 日 14 点 30 分 召开地点：公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 网络投票起止时间：自2025 年 9 月 8 日 至2025 年 9 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的 ...

关于新余钢铁股份有限公司委托理财的公告 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： 基本情况 证券代码：600782 证券简称：新钢股份 公告编号：2025-060 | 投资金额 | 30.00 亿元 | | --- | --- | | | 商业银行及其理财子公司、证券公司、保险公司及信托公司等非 | | | 银金融机构发行的安全性高、流动性好、风险等级低的理财产品， | | 投资种类 | 包括但不限于银行理财产品、银行间债券市场交易的国债、央行 | | | 票据、金融债、银行次级债、债券回购、公司债、短期融资券、 | | | 中期票据、信托产品等。 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序 公司第十届董事会第十一次会议和第十届监事会第十次会议，分别审 议通过了《关于公司使用闲置自有资金进行理财的议案》。本议案尚需提 交公司股东大会审议。 特别风险提示： 公司购买的是商业银行及其理财子公司、证券公司、保险公司、信 托公司等金融机构发行的安全性高、流动性好、风险等级低的理财产品， 按期收回 ...

一、本次计提资产减值准备概况 为真实、准确和公允反映公司资产和财务状况，根据《企业会计准则》 及公司会计政策相关规定，本着谨慎性原则，公司对截止2025年6月末资 产进行全面清查，对各类资产的可变现净值、可回收金额进行了充分评估 和分析，对可能发生减值损失的资产计提减值准备。公司当期信用减值损 失及资产减值损失合计1,726.89万元，将减少公司2025年1-6月上市公司 净利润1,726.89万元。公司当期信用减值损失、资产减值损失及资产处置 所得按类别列示如下表： 单位：人民币 万元 | 项目 | 本期数 | 上期数 | 备注 | | --- | --- | --- | --- | | 信用减值损失 | -1,262.40 | -1,005.22 | | | 合同资产减值损失 | | | | | 存货跌价损失 | 2,989.29 | 6,242.42 | | | 固定资产减值损失 | | | | | 在建工程（工程物资）减值损失 | | | | | 商誉资产减值损失 | | | | | 合计 | 1,726.89 | 5,237.2 | | 证券代码：600782 证券简称：新钢股份 公告编号：临202 ...