人民财讯1月27日电，宝胜股份（600973）1月27日披露业绩预告，预计2025年度实现归属于上市公司股 东的净利润为-3000万元至-4500万元，同比减少亏损2.55亿元到2.7亿元。报告期内，本年度公司拟针对 未办理他项权证的恒大应收账款全额补充计提信用减值损失约7945.70万元，本次计提后，未办理他项 权证的恒大应收账款将全部计提完毕。两家参股子公司在2025年度因产品生产交付周期较长无法在当期 确认收入，导致亏损。公司预计2025年度将按照权益法确认该部分投资收益约-9000万元。 ...

Core Viewpoint - The company, Baoshen Co., Ltd. (600973.SH), expects a significant reduction in net losses for the fiscal year 2025 compared to the previous year, indicating improved financial performance despite ongoing challenges [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of between -30 million to -45 million RMB for 2025, which represents a decrease in losses by approximately 255 million to 270 million RMB compared to the previous year, marking a year-on-year decline in losses of about 84.99% to 90.00% [1]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -50 million to -70 million RMB, reflecting a reduction in losses of approximately 414 million to 434 million RMB year-on-year, equating to a decline in losses of about 85.53% to 89.66% [1]. Reasons for Performance Changes - Credit impairment losses are a significant factor, with the company planning to fully provision for credit impairment losses of approximately 79.457 million RMB related to receivables from Evergrande that have not been processed [1]. - Investment losses from subsidiaries, specifically Changfei (Jiangsu) Marine Technology Co., Ltd. and Changfei Marine Engineering Co., Ltd., are expected to contribute to losses, with an estimated equity method recognition of investment income of about -90 million RMB for 2025 due to longer product delivery cycles [1]. Revenue Outlook - The company expects stable revenue growth for 2025, and if the impacts of the credit impairment and short-term performance fluctuations of certain subsidiaries are excluded, the net profit attributable to shareholders is projected to be positive [2].

Financial Projections - The company expects a net loss attributable to shareholders for 2025 to be between -30 million and -45 million RMB, representing a decrease in loss of approximately 84.99% to 90.00% compared to the previous year[4]. - The projected net loss after deducting non-recurring gains and losses for 2025 is estimated to be between -50 million and -70 million RMB, with a decrease in loss of about 85.53% to 89.66% year-on-year[4]. - The total profit for the previous year was -359.23 million RMB, with a net loss attributable to shareholders of -299.86 million RMB[7]. Credit Impairment and Subsidiary Losses - The company plans to fully provision for credit impairment losses of approximately 79.46 million RMB related to receivables from Evergrande[8]. - Investment losses from subsidiaries Longfei (Jiangsu) Marine Technology Co., Ltd. and Longfei Marine Engineering Co., Ltd. are expected to contribute approximately -90 million RMB to the company's net profit for 2025[8]. Revenue Expectations - The company anticipates stable growth in operating revenue for 2025, with a positive net profit expected when excluding the impact of credit provisions and short-term performance fluctuations from subsidiaries[8]. Audit and Forecast Accuracy - The preliminary financial data provided is subject to final audit and may differ from the officially disclosed annual report[10]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[9].

Core Viewpoint - The company Baoshan Iron & Steel Co., Ltd. (宝胜股份) expects to significantly reduce its net losses for the fiscal year 2025 compared to the previous year, indicating a positive trend in financial performance despite still projecting losses [1] Financial Performance Summary - The company anticipates a net profit attributable to shareholders of the listed company for 2025 to be between -30 million to -45 million RMB, which represents a reduction in losses by 255 million to 270 million RMB compared to the previous year, reflecting a year-on-year decrease in loss magnitude of approximately 84.99% to 90.00% [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between -50 million to -70 million RMB, indicating a reduction in losses by 414 million to 434 million RMB compared to the previous year, with a year-on-year decrease in loss magnitude of approximately 85.53% to 89.66% [1]

Group 1 - On January 12, Baoshen Co., Ltd. executed a block trade of 3.5209 million shares, with a transaction value of 31.7937 million yuan, accounting for 1.31% of the total transaction volume for that day [1] - The transaction price was 9.03 yuan, which represents a discount of 0.77% compared to the market closing price of 9.10 yuan [1][2] - The buying party was an institutional investor, while the selling party was Dongxing Securities Co., Ltd., Shanghai branch [2]

Group 1 - Baoshan Co., Ltd. experienced a stock price increase of 5.37% on January 12, reaching 9.23 CNY per share, with a trading volume of 61.17 million CNY and a turnover rate of 0.49%, resulting in a total market capitalization of 12.658 billion CNY [1] - The stock has seen a continuous rise for three days, accumulating a total increase of 19.18% during this period [1] - Baoshan Co., Ltd. is located in Jiangsu Province and was established on June 30, 2000, with its listing date on August 2, 2004, primarily engaged in the production and sale of wires, cables, and bare conductors [1] Group 2 - Among the top ten circulating shareholders of Baoshan Co., Ltd., a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), entered the top ten in the third quarter, holding 7.4066 million shares, which accounts for 0.54% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 3.4811 million CNY, with a total floating profit of 10.4433 million CNY during the three-day increase [2] - The fund was established on March 15, 2016, with a latest scale of 3.663 billion CNY, and has achieved a year-to-date return of 4%, ranking 2795 out of 5579 in its category, while its one-year return is 51.58%, ranking 1218 out of 4202 [2]

Group 1 - The core point of the article highlights that Baoshen Co., Ltd. experienced a significant stock price increase of 10.05%, closing at 8.76 yuan on January 9 [1] - A large block trade occurred, with a total transaction volume of 4 million shares and a transaction amount of 35.04 million yuan, indicating a premium rate of 0.00% [1] - Over the past three months, the stock has seen a total of 8 block trades, with a cumulative transaction amount of 181 million yuan [1] Group 2 - In the last five trading days, the stock has risen by 20.00%, with a total net inflow of 261 million yuan from major funds [1]

Group 1 - On January 9, Baosheng Co., Ltd. executed a block trade of 4 million shares, with a transaction amount of 35.04 million yuan, accounting for 1.64% of the total transaction volume for the day [1] - The transaction price was 8.76 yuan, which was consistent with the market closing price of 8.76 yuan [1][2] - The buying party was an institutional special account, while the selling party was identified as Tai Rui Zao Plastic Drink Hui Jia [2]

Group 1 - Baoshan Co., Ltd. experienced a stock price increase of 6.28%, reaching 8.46 CNY per share, with a trading volume of 462 million CNY and a turnover rate of 4.18%, resulting in a total market capitalization of 11.602 billion CNY [1] - Baoshan Technology Innovation Co., Ltd. is located in Jiangsu Province, established on June 30, 2000, and listed on August 2, 2004, primarily engaged in the production and sale of wires, cables, and bare conductors and their products [1] Group 2 - The top circulating shareholder of Baoshan Co., Ltd. includes a fund from GF Fund Management, specifically the GF Quantitative Multi-Factor Mixed A (005225), which newly entered the top ten circulating shareholders in the third quarter, holding 5.7842 million shares, accounting for 0.42% of circulating shares [2] - The GF Quantitative Multi-Factor Mixed A (005225) fund was established on March 21, 2018, with a latest scale of 3.618 billion CNY, achieving a year-to-date return of 3.95% and a one-year return of 64.85% [2] - The fund manager, Yi Wei, has a tenure of 2 years and 189 days, with a total fund asset scale of 3.818 billion CNY, achieving a best return of 71.19% during the tenure [2] - The other fund manager, Li Yuxin, has a tenure of 2 years and 80 days, with a total fund asset scale of 3.793 billion CNY, achieving a best return of 102.03% during the tenure [2] Group 3 - The GF Quantitative Multi-Factor Mixed A (005225) fund holds Baoshan Co., Ltd. as its largest heavy stock, with 5.7842 million shares, accounting for 0.84% of the fund's net value, and has generated an estimated floating profit of approximately 2.8921 million CNY [3]

Group 1 - Company沃尔核材 (002130) is a leading domestic high polymer nuclear radiation modified material enterprise, focusing on the research and supply of insulation and protection materials for fusion devices, with core products including radiation-resistant heat shrink tubing and high-temperature insulation sleeves [1][35] - The radiation-resistant heat shrink tubing is made from specially modified polymer materials, capable of withstanding strong radiation and high-temperature environments within fusion devices, used for insulating superconducting magnet coils and signal cables [1][35] - The high-temperature insulation sleeves developed by the company can withstand temperatures above 200℃, meeting the insulation needs of cables inside the fusion reactor vacuum chamber, and possess excellent corrosion resistance and aging resistance [1][35] Group 2 - Company宝胜股份 (600973) is a leading domestic wire and cable enterprise, focusing on the research and manufacturing of special cables for fusion devices, with core products including radiation-resistant low-smoke halogen-free cables and low-temperature superconducting cable accessories [2][36] - The radiation-resistant cables utilize cross-linked polyethylene insulation materials with added radiation stabilizers, capable of long-term stable operation in radiation doses of 10^6 Gy, already applied in the power distribution system of fusion experimental devices [2][36] - The company is also developing control cables specifically for fusion reactors, optimizing the cable shielding structure to enhance electromagnetic interference resistance, ensuring stable transmission of control signals [2][36] Group 3 - Company西部超导 (688122) is a leading domestic high-end titanium alloy and superconducting materials enterprise, focusing on the research of titanium alloy structural materials and superconducting strip substrates for superconducting magnets in fusion devices [3][37] - The high-strength and high-toughness titanium alloy produced by the company is a core material for the support frame of superconducting magnets, capable of withstanding the enormous electromagnetic forces generated during magnet excitation [3][37] - The company is also developing seamless titanium alloy pipes that are resistant to high pressure and corrosion, used for medium transmission in the cooling system of fusion reactors, becoming an important supplier in the nuclear fusion materials field [3][37] Group 4 - Company钢研高纳 (300034) is a leading domestic high-temperature alloy enterprise, focusing on the research of high-temperature alloy materials for core components of fusion reactors, with core products including nickel-based high-temperature alloys and refractory metal alloys [4][38] - The nickel-based high-temperature alloys developed by the company can withstand temperatures above 1200℃ and possess excellent radiation swelling resistance, suitable for components like the first wall and divertor in fusion reactors [4][38] - The company collaborates with research institutions to conduct research on surface coating technology for high-temperature alloys, enhancing the materials' high-temperature and corrosion resistance [4][38] Group 5 - Company中密控股 (300470) is a leading domestic mechanical sealing enterprise, focusing on the research and manufacturing of sealing components for fluid systems in fusion devices, with core products including high-temperature mechanical seals and vacuum seals [5][39] - The high-temperature mechanical seals can withstand high-temperature and high-pressure media in the cooling system of fusion reactors, with zero leakage sealing performance, already applied in the main circulation pump sealing system of fusion experimental devices [5][39] - The company is also developing dynamic sealing components for fusion devices, addressing sealing challenges for rotating components in fusion reactors [5][39] Group 6 - Company中泰股份 (300435) is a leading domestic deep cooling technology equipment enterprise, focusing on the research and manufacturing of low-temperature refrigeration systems for fusion devices, with core products including large liquid nitrogen refrigeration units and liquid helium temperature refrigeration equipment [6][40] - The large liquid nitrogen refrigeration units can provide a low-temperature cold source of -196℃, supporting the primary cooling of superconducting magnets [6][40] - The company is also developing integrated technology for low-temperature systems in fusion reactors, providing a comprehensive solution of "refrigeration equipment + low-temperature pipelines + insulation systems" [6][40] Group 7 - Company汉钟精机 (002158) is a leading domestic screw compressor enterprise, focusing on the research and manufacturing of vacuum pumps for the vacuum systems of fusion devices, with core products including dry screw vacuum pumps and Roots vacuum pumps [7][42] - The dry screw vacuum pumps can reduce the pressure in the vacuum chamber to 10^-5 Pa, featuring radiation resistance and low vibration, preventing oil vapor contamination in the vacuum environment [7][42] - The company is also optimizing the rotor structure design of vacuum pumps to enhance fatigue resistance and extend the service life in extreme environments of fusion devices [7][42] Group 8 - Company中科三环 (000970) is a leading domestic rare earth permanent magnet materials enterprise, focusing on the research of permanent magnet materials for the magnet systems of fusion devices, with core products including high-performance NdFeB permanent magnets [8][43] - The high coercivity NdFeB permanent magnets produced by the company have excellent magnetic performance and temperature stability, used in auxiliary magnet systems for fusion devices [8][43] - The company is also developing radiation-resistant NdFeB permanent magnets, optimizing the composition by adding niobium and dysprosium to reduce the impact of radiation on magnetic performance [8][43] Group 9 - Company安泰环境 (300179) is a leading domestic high-end environmental and energy chemical equipment enterprise, focusing on the research of gas purification and treatment systems for fusion devices, with core products including high-purity gas purifiers and waste gas treatment devices [9][44] - The gas purifiers can enhance the purity of deuterium-tritium gas to 99.9999%, removing impurities such as oxygen and moisture, ensuring efficient fusion reactions [9][44] - The company is also developing equipment for the recovery and reuse of deuterium-tritium gas, improving fuel utilization rates in fusion reactors [9][44] Group 10 - Company万华化学 (600309) is a leading domestic chemical new materials enterprise, focusing on the research and supply of high-performance polymer materials for fusion devices, with core products including radiation-resistant polyimide films and high-temperature fluoroplastics [10][45] - The radiation-resistant polyimide films have excellent insulation and radiation resistance, used for the insulation layer of superconducting magnets, preventing short circuits in magnet coils [10][45] - The company is also developing high-sealing, radiation-resistant silicone sealants for fusion devices, ensuring the sealing performance of various components [10][45] Group 11 - Company中核科技 (000777) is a leading domestic nuclear-grade valve enterprise, focusing on the research and manufacturing of special nuclear-grade valves for fusion devices, with core products including nuclear-grade shut-off valves, safety valves, and vacuum isolation valves [11][46] - The nuclear-grade shut-off valves are designed to withstand high temperatures, high pressures, and strong radiation, ensuring safe operation in fusion reactors [11][46] - The company is also developing vacuum isolation valves with a sealing vacuum degree of 10^-6 Pa, isolating the vacuum chamber of fusion reactors from external systems [11][46] Group 12 - Company海陆重工 (002255) is a leading domestic industrial furnace and nuclear power equipment enterprise, focusing on the research and manufacturing of heat treatment equipment for high-temperature components in fusion devices, with core products including vacuum heat treatment furnaces and high-temperature sintering furnaces [12][47] - The vacuum heat treatment furnaces can operate in a vacuum environment of 10^-3 Pa, enhancing the density and mechanical strength of components [12][47] - The company is also developing customized heat treatment solutions for fusion device components, optimizing their performance [12][47] Group 13 - Company盾安环境 (002011) is a leading domestic refrigeration and air conditioning equipment enterprise, focusing on the research and manufacturing of temperature control systems for fusion devices, with core products including high-precision constant temperature control systems and low-temperature cooling units [13][48] - The high-precision constant temperature control systems can maintain a temperature accuracy of ±0.1℃, ensuring stable operation of electronic devices in fusion reactors [13][48] - The company is also developing integrated temperature control systems for fusion devices, providing a comprehensive solution of "cooling equipment + temperature sensors + control systems" [13][48] Group 14 - Company抚顺特钢 (600399) is a leading domestic special steel enterprise, focusing on the research and supply of special alloy steels for fusion devices, with core products including martensitic stainless steel and precipitation-hardened stainless steel [14][49] - The martensitic stainless steel produced by the company has high strength and corrosion resistance, suitable for the shell manufacturing of vacuum chambers in fusion reactors [14][49] - The company is also conducting research on the radiation resistance of steel used in fusion devices, optimizing compositions by adding rare earth elements [14][49] Group 15 - Company东华科技 (002140) is a leading domestic engineering design and general contracting enterprise, focusing on the engineering design and system integration of fusion devices, providing full-chain services from process design to construction installation [15][50] - The company has participated in multiple engineering design projects for domestic fusion experimental devices, optimizing the layout design of vacuum chambers, cooling systems, and power systems [15][50] - The company is also developing technical reserves for the engineering design of commercial fusion power plants, supporting future construction [15][50]