重要内容提示： 每股分配比例 A 股每股现金红利0.01元 相关日期 证券代码：600782 证券简称：新钢股份 公告编号：2025-052 新余钢铁股份有限公司 2024年年度权益分派实施公告 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/17 | － | 2025/7/18 | 2025/7/18 | 差异化分红送转： 否 （一）发放年度：2024年年度 （二）分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025年5月20日的2024年年度股东会审 议通过。 二、分配方案 本次利润分配以方案实施前的公司总股本3,182,542,149股为 基数，每股派发现金红利 0.01 元 ...

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].

证券代码：600782 证券简称：新钢股份 公告编号：临2025-051 新余钢铁股份有限公司 关于首期 A 股限制性股票激励计划首次授予结果公告 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个别及连带责任。 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、 上海证券交易所、中国证券登记结算有限责任公司上海分公司的有关 规定，新余钢铁股份有限公司（以下简称"公司"）已完成公司首期 A 股限制性股票激励计划（以下简称"本激励计划"）的首次授予登 记工作，有关具体情况如下： 一、本激励计划首次授予情况 公司于 2025 年 6 月 25 日召开第十届董事会第十次会议和第十届 监事会第九次会议，审议通过了《关于向激励对象首次授予限制性股 票的议案》，确定本激励计划的首次授予日为 2025 年 6 月 25 日，向 符合条件的 152 名激励对象授予 3,689 万股限制性股票，授予价格为 2.15 元/股。公司薪酬与考核委员会已事前审议通过该议案，监事会 同意该议案并出具了核查意见。本激励计划实际的首次授予情况如 ...

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]

Summary of Key Points from Conference Call Records Industry Overview - The current economic environment is facing downward pressure on prices, with insufficient motivation for inventory replenishment and industrial capacity utilization at a five-year low due to a 7-10 year capacity cycle [1][4] - Different industries face varying levels of supply-side clearing pressure, with downstream sectors like automotive, general equipment, and textiles under significant stress, while the steel industry maintains relatively high capacity utilization [1][5] Core Insights and Arguments - The supply-side clearing process is different this time, primarily involving private enterprises, which may lead to significant price volatility. However, the current demand environment is relatively mild, providing favorable conditions for supply-side adjustments [1][7] - Investment strategies should focus on natural clearing for long-term value investments, particularly in sectors like Hong Kong internet and white goods, while administrative interventions should consider policy strength in resource sectors like photovoltaics and automobiles [1][8] - The steel industry benefits from low commodity valuations and strong export resilience, which alleviates domestic demand pressure. However, production cuts may tighten in the second half of the year [1][9][11] Industry-Specific Insights Automotive Industry - The automotive sector is experiencing a stable price recovery, with discussions between the Ministry of Industry and car manufacturers to improve sales and supply chains. The penetration rate of new energy vehicles is expected to exceed 60% in the second half of the year [3][31] - Companies with strong new car cycles and product capabilities, such as Xiaomi Auto and Li Auto, are viewed positively [3][31] Steel Industry - The steel sector shows significant investment opportunities, with futures and stock prices rebounding sharply. The overall rebound is supported by low commodity valuations and strong export performance, with total demand decline not as severe as expected [9][10][11][12] - Recommendations for steel stock allocation focus on companies like Hualing and New Steel, which have both high-end product protection and potential production cut flexibility [14] Construction Industry - The construction sector is heavily impacted by internal competition, leading to a scale inefficiency. However, the anti-involution policy may improve the commercial model and competitive landscape, enhancing overall profitability [37][38] - Steel structure production may benefit from rising steel prices, improving financial performance for companies like Honglu Steel Structure [39] Chemical Industry - The chemical sector is facing a significant downturn, with many products at historically low price levels. However, sub-industries like organic silicon and polyester filament may see potential benefits from collaborative efforts to stabilize prices [18][19] Environmental Industry - The environmental sector is witnessing a shift towards mechanization and smart solutions, with companies like Yingfeng Environment and Yutong Heavy Industry leading the way in innovation [24][26] Other Important Insights - The current supply-side clearing differs from past experiences, as it involves more private enterprises and is expected to be more volatile due to the nature of supply adjustments [7] - The overall economic environment is supported by government debt issuance and rising social financing growth, which may provide a buffer for supply-side adjustments [7] - The construction and environmental sectors are expected to see improvements in profitability due to policy support and market dynamics [38][39][25] This summary encapsulates the key points from the conference call records, highlighting the current state and future outlook of various industries in the context of supply-side adjustments and anti-involution policies.

Group 1 - The steel sector experienced a significant afternoon rally, with Wujin Stainless Steel (603878) hitting the daily limit up, indicating strong investor interest [1] - Shougang Corporation (000959) saw an increase of over 4%, reflecting positive market sentiment towards the company [1] - Other companies in the sector, including Liugang Co., Ltd. (601003), Hualing Steel (000932), and New Steel Co., Ltd. (600782), also experienced upward movement in their stock prices, suggesting a broader trend in the industry [1] Group 2 - There is a notable influx of dark pool capital into these stocks, indicating increased trading activity and potential investment interest [1]

Investment Rating - The industry is rated as "Buy" for key stocks such as Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, with a recommendation to increase holdings in New Steel Pipe and Ningjin Steel [6][9]. Core Insights - The black metallurgy industry is gradually recovering its profitability, with a total profit of 31.69 billion yuan from January to May 2025, compared to a loss of 12.72 billion yuan in the same period last year [4][13]. - The average daily pig iron production has slightly increased to 2.423 million tons, indicating a recovery in production capacity utilization [12][18]. - The total inventory of steel has shifted from a decrease to an increase, with social inventory showing a slower depletion rate [25][39]. - The demand for steel products has weakened, with apparent consumption of major steel varieties decreasing by 0.5% week-on-week [39][50]. - The iron ore price has slightly rebounded, with the Platts 62% iron ore price index at 94.4 USD/ton, reflecting a week-on-week increase of 1.5% [57][70]. Summary by Sections Supply - Daily pig iron production has increased by 0.1 million tons to 2.423 million tons, with a slight rise in production capacity utilization for blast furnaces [12][18]. Inventory - The total inventory of five major steel varieties has increased by 0.1%, with social inventory decreasing by 0.7% year-on-year [25][27]. Demand - Apparent consumption of five major steel varieties has decreased by 0.5% week-on-week, with rebar consumption slightly increasing by 0.3% [39][50]. Raw Materials - Iron ore prices have shown a slight increase, while coke prices have decreased, indicating potential pressure on raw material costs [50][57]. Prices and Profits - The current steel price index has slightly declined, but immediate gross margins have improved, with long-process steel products showing a cost of 3,177 yuan/ton and a loss of 77 yuan/ton [69][71].

Core Points - The company held its second extraordinary general meeting of shareholders on June 25, 2025, where all proposed resolutions were approved without any objections [2][4][5] - The board of directors approved the first grant of restricted stock under the A-share incentive plan, granting 36.89 million shares at a price of 2.15 yuan per share to 152 eligible participants [10][17][24] Group 1: Meeting Details - The meeting was convened by the board of directors and chaired by Chairman Liu Jianrong, using a combination of on-site and online voting methods [2][5][8] - All 8 serving directors and 5 serving supervisors attended the meeting, along with some senior executives [3][8] Group 2: Resolutions Passed - The following resolutions were passed: - The revised draft of the first A-share restricted stock incentive plan [4] - The performance assessment methods for the incentive plan [4] - The management measures for the incentive plan [6] - Authorization for the board to handle matters related to the incentive plan [6] - The resolutions received more than two-thirds approval from the shareholders present [4][6] Group 3: Stock Grant Details - The initial grant date for the restricted stock is set for June 25, 2025, with a total of 36.89 million shares granted [17][24] - The number of shares granted was adjusted from 44.5 million to 38.37 million due to 25 participants no longer qualifying for the incentive [28][44] - The stock grant is part of a broader incentive plan aimed at aligning the interests of the company's management with those of its shareholders [10][17] Group 4: Compliance and Legal Opinions - The company ensured compliance with relevant laws and regulations throughout the process, with legal opinions confirming the validity of the resolutions and the stock grant [34][47] - The monitoring committee verified that all participants in the incentive plan met the necessary conditions and that no insider trading occurred prior to the grant [31][40]

Core Viewpoint - The company conducted a self-examination regarding insider trading related to its first A-share restricted stock incentive plan, confirming no violations occurred prior to the public disclosure of the plan [1][2]. Group 1: Insider Information Management - The company implemented necessary confidentiality measures and registered individuals with insider knowledge of the incentive plan [1][2]. - The scope of the investigation included all individuals involved in the planning and discussion of the incentive plan, ensuring strict control over insider information [2]. Group 2: Findings of the Self-Examination - During the self-examination period, no insider trading activities were detected among the registered individuals prior to the announcement of the incentive plan [2]. - The company received verification from the China Securities Depository and Clearing Corporation regarding the absence of stock trading by the insider information registrants [2].

Core Viewpoint - The company has adjusted the first phase of its A-share restricted stock incentive plan, reducing the number of incentive recipients and the total number of restricted shares to be granted due to some recipients no longer meeting the eligibility criteria [1][2][3] Group 1: Decision Process and Disclosure - The company held multiple board and supervisory meetings to review and approve the incentive plan and its adjustments, ensuring compliance with relevant regulations [1][2] - The company disclosed the approval of the incentive plan and the list of recipients, with no objections raised during the public notice period [2][3] Group 2: Adjustments and Results - A total of 25 incentive recipients were removed from the plan, leading to the cancellation of 6.13 million shares that were to be granted [2] - The number of recipients was adjusted from 177 to 152, while the total number of shares to be granted remains consistent with the approved plan [2][3] Group 3: Impact on the Company - The adjustments made to the incentive plan will not have a substantial impact on the company's financial status or operational results [3] Group 4: Supervisory Board Opinion - The supervisory board confirmed that the adjustments comply with the relevant laws and regulations, and do not harm the interests of shareholders [3][4] Group 5: Legal Opinion - The legal counsel concluded that all necessary approvals and procedures for the adjustments and grants have been fulfilled, and the plan adheres to applicable regulations [4]