Core Insights - LiuGao Co., Ltd. reported a decrease in the number of shareholders to 36,286 as of June 30, 2025, down by 2,402 or 6.21% from March 31, 2025 [1] - The average number of shares held per shareholder increased from 66,200 to 70,600, with an average market value of 248,600 yuan [1][2] - The stock price of LiuGao Co., Ltd. increased by 17.73% during the period from March 31, 2025, to June 30, 2025, despite the reduction in shareholder numbers [1][2] Shareholder Statistics - As of June 30, 2025, the average number of shareholders in the steel industry was 147,800, indicating that LiuGao Co., Ltd. has a lower shareholder count compared to the industry average [1] - The average market value of shares held by shareholders in the steel industry was 179,700 yuan, while LiuGao Co., Ltd. exceeded this average [1] Financial Flows - During the period from March 31, 2025, to June 30, 2025, LiuGao Co., Ltd. experienced a net inflow of 57.70 million yuan from main funds, while retail funds saw a net inflow of 8.41 million yuan [2] - The company had a net outflow of 66.11 million yuan from speculative funds during the same period [2] - The financing net inflow was 44.39 million yuan, indicating an increase in financing balance [2]

Core Viewpoint - LiuGao Co., Ltd. has returned to profitability after three consecutive years of losses, achieving a net profit of 368 million yuan in the first half of 2025, a significant increase of 579.54% year-on-year, despite a decline in revenue [1][2][3] Financial Performance - In the first half of 2025, LiuGao Co., Ltd. reported operating revenue of 34.675 billion yuan, a year-on-year decrease of 8.32% [1] - The net profit for the same period was 368 million yuan, marking a substantial increase of 579.54% compared to the previous year [1] - The net cash flow from operating activities reached 1.629 billion yuan, reflecting an 85.15% year-on-year growth [1][3] Cost Control and Efficiency - The company implemented cost control measures, including reducing railway freight costs by over 10 million yuan and decreasing external maintenance costs by more than 15% [1] - LiuGao Co., Ltd. has focused on enhancing competitiveness by developing high-value-added products, launching 10 new products in the first half of 2025, with specialty steel accounting for 45.7% of total production [1] Investment and R&D - LiuGao Co., Ltd. invested 2.061 billion yuan in fixed assets in the first half of 2025, aimed at equipment upgrades and production line improvements [1] - The company has consistently invested over 1 billion yuan annually in R&D from 2019 to 2024, totaling 8.805 billion yuan over six and a half years [2] Sales and Revenue Structure - In the first half of 2025, the sales revenue from steel products was 31.66 billion yuan, accounting for 91.31% of total revenue [2] - Domestic sales revenue reached 33.22 billion yuan, representing 95.8% of total sales [2] Historical Context - LiuGao Co., Ltd. faced declining revenues and losses from 2022 to 2024, with revenues of 80.73 billion yuan, 79.66 billion yuan, and 70.13 billion yuan, reflecting year-on-year declines of 12.94%, 1.31%, and 11.97% respectively [2] - The net losses during this period were 2.342 billion yuan, 1.012 billion yuan, and 433 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has experienced significant profit growth in the first half of 2025, with a net profit of 368 million yuan, a year-on-year increase of 579.54% [1]. - The sales gross margin has gradually improved, with the second quarter of 2025 showing a net profit of 107 million yuan, a year-on-year increase of 545.47% [2]. - The company has increased its steel production and sales significantly, with production reaching 6.68 million tons and sales at 6.71 million tons, both up over 14% year-on-year [3]. - The company is focusing on high-value-added products, with 10 new high-end products developed in the first half of 2025, and the proportion of specialty steel reaching 45.7% [3]. - The company is positioned as a leading steel enterprise in South China, with a favorable outlook for profit recovery as new production capacity comes online [4]. Financial Summary - In the first half of 2025, the company achieved operating revenue of 34.675 billion yuan, a decrease of 8.32% year-on-year [1]. - The projected financials for 2025 include an operating revenue of 71.918 billion yuan and a net profit of 988 million yuan, reflecting a year-on-year growth rate of 328.2% [5]. - The earnings per share (EPS) for 2025 is expected to be 0.39 yuan, with a projected price-to-earnings (P/E) ratio of 15.6 times [5]. - The company has made significant fixed asset investments of 2.061 billion yuan to enhance equipment and production line upgrades [3].

Group 1 - Aofei Data achieved a net profit of 87.89 million yuan in the first half of 2025, a year-on-year increase of 16.09% [1] - Aofei Data's revenue for the same period was 1.148 billion yuan, up 8.20% year-on-year [1] - The company specializes in IDC services, internet business, system integration, and distributed photovoltaic energy-saving services [1] Group 2 - Meilan De reported a net profit of 63.92 million yuan, a year-on-year decrease of 11.96% [1] - The company's revenue was 241 million yuan, reflecting a growth of 5.62% year-on-year [1] - Meilan De focuses on the research, production, sales, and service of medical devices related to pelvic and obstetric rehabilitation [1] Group 3 - Jiuan Medical posted a net profit of 920 million yuan, a significant year-on-year increase of 52.91% [1] - The company's revenue decreased by 43.35% to 765 million yuan [1] - Jiuan Medical specializes in the research, production, and sales of home medical devices [2] Group 4 - Hanbang Technology's net profit fell by 26.24% to 27.80 million yuan [2] - The company achieved a revenue of 349 million yuan, a growth of 5.99% year-on-year [2] - Hanbang Technology provides professional separation and purification equipment, consumables, and technical solutions for the pharmaceutical and life sciences sectors [2] Group 5 - Jinjing Environment reported a net profit of 78.69 million yuan, a year-on-year increase of 13.73% [2] - The company's revenue was 782 million yuan, reflecting a growth of 1.70% [2] - Jinjing Environment focuses on investment operation management services and equipment manufacturing in the environmental sanitation sector [2] Group 6 - Tianbao Infrastructure achieved a net profit of 118 million yuan, a remarkable year-on-year increase of 2106.58% [3] - The company's revenue decreased by 8.31% to 486 million yuan [3] - Tianbao Infrastructure is involved in real estate development, property leasing, and management [4] Group 7 - Weihuaxin Materials reported a net profit of 83.15 million yuan, a year-on-year decrease of 52.91% [5] - The company's revenue was 437 million yuan, down 30.71% year-on-year [5] - Weihuaxin Materials specializes in the research and production of chlorotoluene and trifluoromethylbenzene products [5] Group 8 - Tianchen Medical posted a net profit of 48.21 million yuan, a year-on-year increase of 67.10% [6] - The company's revenue was 156 million yuan, reflecting a growth of 17.66% [6] - Tianchen Medical focuses on the research, innovation, and production of high-end surgical staplers [6] Group 9 - Greenland Holdings reported a net loss of 3.506 billion yuan in the first half of 2025 [8] - The company's revenue was 9.45 billion yuan, down 18.06% year-on-year [8] - Greenland Holdings is involved in various financial services including securities, futures, and trust [8] Group 10 - Wukuang Capital's net profit decreased by 41.47% to 525 million yuan [9] - The company achieved a total revenue of 623 million yuan, a significant increase of 144.86% [9] - Wukuang Capital operates in the financial sector, providing services such as securities and leasing [9] Group 11 - Yutong Technology reported a net profit of 554 million yuan, a year-on-year increase of 11.42% [10] - The company's revenue was 7.876 billion yuan, reflecting a growth of 7.10% [10] - Yutong Technology specializes in the research, design, production, and sales of paper packaging products [10] Group 12 - Wewei Co. posted a net profit of 120 million yuan, a year-on-year decrease of 20.14% [11] - The company's revenue was 1.521 billion yuan, down 12.76% year-on-year [11] - Wewei Co. focuses on the production and sales of various food and beverage products [11] Group 13 - Tongfang Co. reported a net loss of 256 million yuan in the first half of 2025 [12] - The company's revenue was 5.667 billion yuan, down 10.09% year-on-year [12] - Tongfang Co. is engaged in the development of smart technology and nuclear technology applications [12] Group 14 - Liugang Co. achieved a net profit of 368 million yuan, a year-on-year increase of 579.54% [13] - The company's revenue was 34.675 billion yuan, down 8.32% [13] - Liugang Co. specializes in coke, sintering, iron, steel smelting, and steel processing [13] Group 15 - China National Petroleum Corporation reported a net profit of 83.993 billion yuan, with a proposed dividend of 0.22 yuan per share [14] - The company's revenue was 1.45 trillion yuan, down 6.7% year-on-year [14] - The company is involved in oil and gas exploration, production, refining, and sales [14] Group 16 - Fangda Carbon's net profit decreased by 68.31% to 54.53 million yuan [15] - The company's revenue was 1.690 billion yuan, down 28.13% year-on-year [15] - Fangda Carbon specializes in the research, production, and sales of graphite and carbon materials [15] Group 17 - Xinmai Medical reported a net profit of 31.5 million yuan, a year-on-year decrease of 22.03% [18] - The company's revenue was 714 million yuan, down 9.24% year-on-year [18] - Xinmai Medical focuses on the research, production, and sales of vascular intervention medical devices [18] Group 18 - Hengbao Co. posted a net profit of 35.35 million yuan, a year-on-year decrease of 44.41% [19] - The company's revenue was 430 million yuan, down 8.64% year-on-year [19] - Hengbao Co. specializes in high-end intelligent products and digital security solutions [19] Group 19 - Zhongji Xuchuang reported a net profit of 3.995 billion yuan, a year-on-year increase of 69.40% [20] - The company's revenue was 14.789 billion yuan, reflecting a growth of 36.95% [20] - Zhongji Xuchuang specializes in high-end optical communication modules and devices [20] Group 20 - Guangxian Media achieved a net profit of 2.229 billion yuan, a year-on-year increase of 371.55% [21] - The company's revenue was 3.242 billion yuan, up 143.00% year-on-year [21] - Guangxian Media focuses on investment, production, and distribution of film projects [21] Group 21 - Huarun Pharmaceutical reported a net profit of 37.33 million yuan, a year-on-year decrease of 49.01% [23] - The company's revenue was 624 million yuan, down 19.13% year-on-year [23] - Huarun Pharmaceutical specializes in pharmaceuticals, medical devices, and health products [23] Group 22 - Huawai Technology posted a net profit of 12.7 million yuan, a year-on-year increase of 56.18% [24] - The company's revenue was 937 million yuan, reflecting a growth of 32.62% [24] - Huawai Technology focuses on the research, production, and sales of high-end elastic components [24]

Group 1 - The company plans to continue engaging in hedging activities to mitigate the adverse effects of price fluctuations in the steel industry [1][5] - The hedging will be limited to domestic market products related to the steel industry, including steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, and nickel [1][2] - The hedging scale will not exceed 30% of the annual budget for raw materials and auxiliary materials procurement and product output, with a maximum fund usage of 300 million RMB for margin and premiums [1][2] Group 2 - The company will utilize its own funds for hedging and will not involve raised funds [2] - The hedging activities will strictly adhere to hedging principles to reduce actual commodity risk exposure and will not involve speculative trading [2][5] - A management system for hedging has been established, detailing limits, product scope, approval authority, responsible departments, and risk management procedures [2][4] Group 3 - The company has appointed qualified personnel with strong market analysis and risk control capabilities for the hedging operations [2][4] - The hedging activities are expected to stabilize the company's operations and enhance market competitiveness, making them necessary and feasible [5] - The company will conduct ongoing research and analysis of raw material procurement and product sales prices to adapt its operational strategies accordingly [4]

Core Viewpoint - The company plans to continue its hedging activities in 2025 to mitigate risks associated with price fluctuations of raw materials and products, thereby enhancing operational stability [1][4]. Summary by Sections Transaction Overview - The purpose of the hedging activities is to avoid risks from significant price fluctuations in raw materials and products, ensuring stable operations [2][3]. - The hedging business will involve various products including steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, and nickel, which are all related to the steel industry [2][3]. - The trading tools will consist of domestic futures, with transactions taking place on domestic futures exchanges [2][3]. - The maximum amount for hedging transactions, including margin and premiums, will not exceed 300 million RMB, and this amount can be used cyclically [2][3]. - The company has established dedicated positions for hedging activities, staffed by qualified personnel with strong market analysis and risk control capabilities [2][3]. Approval Process - The company held a board meeting on August 25, 2025, where the proposal for hedging activities was approved with unanimous support [2][3]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with hedging, including market volatility and operational issues, and has implemented measures to manage these risks effectively [4]. - A dedicated futures business leadership team has been established to oversee the hedging activities and ensure compliance with risk management protocols [4]. Impact on the Company - The hedging activities are intended solely for managing risks related to price fluctuations in the commodity market, without engaging in speculative trading, thus safeguarding the company's core business operations [4][5]. - The company has developed a management system and risk control measures for the hedging business, ensuring that operations are legal, compliant, and in the best interest of all shareholders [5].

Core Viewpoint - The company has announced the election of a new independent director to enhance its governance structure and decision-making processes [1][2]. Group 1: Board of Directors - The company held its 13th meeting of the 9th Board of Directors on August 25, 2025, where the proposal to elect a new independent director was approved [1]. - The nomination of Mr. Wang Jianhua as the independent director candidate was based on a strict qualification review by the Board's Nomination Committee, considering his qualifications, professional background, and independence [1]. Group 2: Candidate Information - Mr. Wang Jianhua, born in April 1973, is a Chinese national and an engineer with a bachelor's degree in International Trade from Renmin University of China [4]. - He currently serves as the Chief Analyst for Steel at Shanghai Steel Union E-commerce Co., Ltd., and holds independent director positions at several companies, including Shanxi Taigang Stainless Steel Co., Ltd. and Lingyuan Iron and Steel Co., Ltd. [4].

Core Points - LiuZhou Steel Co., Ltd. announced the resignation of board member Wu Danwei and deputy general manager Chen Li due to work adjustments, effective upon receipt of their resignation letters by the board [1][2] - Both Wu Danwei and Chen Li will continue to hold other positions within the company after their resignations [1][2] - The company confirmed that the resignations will not impact its normal operations, as proper handover procedures have been followed [2][3] Summary by Categories Resignation Details - Wu Danwei resigned from the board, while Chen Li stepped down as deputy general manager, both citing work adjustments as the reason [1][2] - Their original terms were set to expire in May 2027, but they will not complete their terms [2] Impact on the Company - The company stated that the resignations will not affect its normal operations, and both individuals have completed the necessary handover processes [2][3] - Wu Danwei and Chen Li have not held any company stock and have no outstanding commitments [2]

Core Viewpoint - Liu Steel Co., Ltd. disclosed its major operating data for the first half of 2025, highlighting a decline in sales volume and revenue compared to the same period in 2024 [1] Group 1: Production and Sales Data - The company produced a total of 151.06 million tons of steel products, with specific outputs of 267.98 million tons for medium plates, 137.25 million tons for small profiles, 47.87 million tons for cold-rolled steel strips, 64.03 million tons for galvanized steel strips, and 0.00 million tons for hot-rolled steel strips [1] - Sales volume reached 148.46 million tons, with medium plates at 270.14 million tons, small profiles at 138.81 million tons, cold-rolled steel strips at 47.85 million tons, and galvanized steel strips at 65.49 million tons [1] Group 2: Revenue and Pricing - The total sales revenue for the first half of 2025 was 47.70 billion yuan for medium plates, 78.43 billion yuan for small profiles, 44.72 billion yuan for cold-rolled steel strips, 17.57 billion yuan for galvanized steel strips, and 20.32 billion yuan for hot-rolled steel strips [1] - The average price per ton for medium plates was 3,213.08 yuan, for small profiles was 2,903.53 yuan, for cold-rolled steel strips was 3,221.57 yuan, for galvanized steel strips was 3,671.76 yuan, and for hot-rolled steel strips was 3,102.89 yuan [1] Group 3: Year-on-Year Comparison - Compared to the same period in 2024, the sales volume showed a decrease of 105.25 million tons for medium plates, an increase of 1.01 million tons for small profiles, a decrease of 24.40 million tons for cold-rolled steel strips, a decrease of 22.79 million tons for galvanized steel strips, and an increase of 28.65 million tons for hot-rolled steel strips [1] - The sales revenue decreased by 75.50 billion yuan for medium plates, decreased by 14.20 billion yuan for small profiles, increased by 6.22 billion yuan for cold-rolled steel strips, increased by 3.23 billion yuan for galvanized steel strips, and decreased by 40.72 billion yuan for hot-rolled steel strips [1] - The average price per ton decreased by 14.49% for medium plates, 15.05% for small profiles, 14.62% for cold-rolled steel strips, 15.96% for galvanized steel strips, and 16.92% for hot-rolled steel strips compared to the previous year [1]

Meeting Overview - The 13th meeting of the 9th Board of Directors of Liuzhou Steel Co., Ltd. was held on August 21, 2025, with all 9 directors present, ensuring compliance with the Company Law and Articles of Association [1] Financial Report Approval - The board unanimously approved the 2025 semi-annual report and its summary with 9 votes in favor, 0 against, and 0 abstentions [1] Hedging Business Proposal - The board approved a proposal for the company and its subsidiaries to engage in hedging activities, which will be submitted for shareholder approval [2] Stock Issuance Authorization - The board authorized the chairman to make decisions regarding a simplified procedure for issuing stocks to specific investors, including price adjustments based on subscription amounts [2] Independent Director Election - The board approved the nomination of Mr. Wang Jianhua as an independent director candidate for the 9th Board, pending shareholder approval [3] Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for September 16, 2025, to discuss the hedging business and the election of the independent director [3]