证券代码：601686 证券简称：友发集团 天津友发钢管集团股份有限公司 投资者关系活动记录表 海外布局方向：公司重点调研东南亚和中东、中亚等地的焊接钢管行 业情况，按照公司新的十年战略规划和"走出去"的全球化目标，设立全 资子公司"天津友发国际管业有限公司"，为早日进入海外"蓝海"市场开 辟公司第二增长曲线做好"顶层设计"，着手搭建海外投资架构，力争尽 快实现首个海外项目落地。经过前期初步调研，多个发展中国家的焊接钢 管市场前景广阔，此前公司也有相关产品通过国际贸易商对其出口，公司 还设立了控股子公司"天津友发国际贸易有限公司"发展直接出口贸易。争 取在海外成功落地产能和开展贸易业务，将更加有助于公司海外业务的 | | □分析师会议  特定对象调研 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □其他（电话交流会） □现场参观 | | 参与单位名 | 王晓芳 中信建投证券 | | | 周 桐 工银瑞信基金 | | 称及人员姓 | 王旭辉 建信基金 | | 名 | 薛 曌 根本私募基金 | | | 江 涛 钟港资本 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 37.992 billion yuan and net profit at 502 million yuan, marking a year-on-year growth of 399.25% [1] - In the third quarter alone, the company achieved revenue of 13.104 billion yuan and a net profit of 215 million yuan, reflecting a staggering year-on-year growth of 2320.53% [1] - The company has decided not to exercise its early redemption rights for the "Youfa Convertible Bonds" that triggered conditional redemption from September 24 to October 24, 2025, and will reassess the situation after January 26, 2026, with the current conversion price set at 4.77 yuan per share [1] Financial Performance - Total revenue for the first three quarters of 2025 was 37.992 billion yuan, with a net profit of 502 million yuan, indicating a substantial increase compared to the previous year [1] - The third quarter's performance was particularly strong, with revenue of 13.104 billion yuan and net profit of 215 million yuan, showcasing exceptional growth rates [1] Convertible Bonds - The "Youfa Convertible Bonds" have triggered conditional redemption, but the company has opted not to redeem them early and will evaluate the situation in the coming months [1] - The current conversion price for the bonds is 4.77 yuan per share, which may influence future investment decisions [1]

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others [3][4]. Core Views - The steel industry is gradually entering the off-season, with differentiated performance among various products. Steel production and apparent consumption are both declining, indicating seasonal characteristics. Inventory reduction rates are similar to previous years, but absolute inventory levels remain high. Steel mill profits are at low levels, and a seasonal downward trend is expected in both supply and demand [3][4]. - The report highlights that the production structure is changing, with some steel mills shifting from rebar production to plate production due to weak real estate demand. This has led to an increase in plate production and a decrease in rebar production, with supply changes outpacing demand changes in the short term [3][4]. Summary by Sections Price Trends - As of November 7, 2025, steel prices have decreased, with rebar priced at 3200 CNY/ton, down 10 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also saw declines of 60 CNY/ton and 50 CNY/ton, respectively [1][10]. Production and Inventory - Total steel production for the week was 8.57 million tons, a decrease of 185,500 tons from the previous week. Social inventory decreased by 20,400 tons to 10.7383 million tons, while steel mill inventory fell by 80,900 tons [2][3]. Profitability - Steel mill profits have declined, with rebar, hot-rolled, and cold-rolled margins decreasing by 7 CNY/ton, 38 CNY/ton, and 10 CNY/ton, respectively. Electric arc furnace steel margins also fell by 14 CNY/ton [1][3]. Investment Recommendations - The report recommends several stocks, including Hualing Steel, Baosteel, Nanjing Steel, and others, highlighting their potential for recovery in profitability due to capacity regulation and precise management [3][4].

Group 1 - The core viewpoint of the news is that Youfa Group (SH 601686) has engaged with investors, indicating active communication and transparency regarding its business operations [1] - Youfa Group's revenue composition for the year 2024 is reported, with the metal products industry accounting for 91.62% and other businesses making up 8.38% of total revenue [1] - As of the latest report, Youfa Group's market capitalization stands at 9.5 billion yuan [2]

| |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □其他（电话交流会） □现场参观 侯星辰 泰康基金 | | | 晏珅熔 工银瑞信基金 | | | 凌一童 华泰柏瑞基金 | | | 李 度 中信证券资管部 | | | 李旭东 建信养老 | | 参与单位名 | 米永峰 北京颐和久富投资 | | 称及人员姓 | 朱张元 东财基金 | | 名 | 鹏 北京风炎私募基金 王 | | | 陈哲文 中财招商投资集团 | | | 朱敏敏 中财招商投资集团 | | | 汪志宇 中财招商投资集团 | | | 李鹏飞 国泰海通证券 | | | 王宏玉 国泰海通证券 | | 时间 | 2025 年 11 月 4 日 | | 地点 | 北京中国大饭店 国泰海通证券年度策略会 | | 上市公司接 | 董事会秘书 郭锐 | | 待人员姓名 | | | | 公司董秘结合投资者问题，就公司公司基本情况、业绩情况、布局 情况、可转债情况、分红情况、库存情况、地下管网政策等方面内容进 | | | 行了介绍。 | | | ...

Core Insights - As of November 3, a total of 118 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is ST Zhongdi, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Youfa Group, Hengshuai Co., New Spring Co., CITIC Metal, Hengtai Electromechanical, Haitian Flavoring, Antai Group, and Aipu Co. [1]

Core Viewpoint - The company has announced its plan for providing guarantees for its subsidiaries in 2025, with a total guarantee amount not exceeding RMB 1,477,700 million, which includes new guarantees of up to RMB 363,459.40 million and the continuation of existing loans [2][3][12]. Group 1: Guarantee Plan Overview - The company held meetings on December 13 and December 30, 2024, to approve the guarantee plan for 2025, allowing for a total guarantee amount of RMB 1,477,700 million [3][11]. - From October 1 to October 31, 2025, the company will provide guarantees amounting to RMB 50,000 million for its subsidiaries [10][11]. - As of October 31, 2025, the total guarantee balance provided by the company will be RMB 458,235.43 million, which represents 58.37% of the company's latest audited net assets [10][28]. Group 2: Asset Pledge Details - The company plans to pledge its own assets with a book value of RMB 18,000 million from October 1 to October 31, 2025, and the cumulative pledged assets will total RMB 266,407.72 million, accounting for 33.94% of the company's latest audited net assets [2][6][7]. Group 3: Subsidiary Information - The company has several subsidiaries, including Handan Youfa Steel Pipe Co., Ltd., Jiangsu Youfa Steel Pipe Co., Ltd., and others, each with specific operational focuses and financial data [5][6][17][19]. - The financial performance of these subsidiaries varies, with some reporting net losses while others show profitability, indicating a diverse operational landscape [14][16][18][21][23]. Group 4: Board's Opinion - The board of directors believes that the guarantees are necessary for the normal operation of the subsidiaries and will not adversely affect the company's financial status or the interests of shareholders, particularly minority shareholders [7][27].

证券代码：601686 证券简称：友发集团 公告编号：2025-114 债券代码：113058 转债简称：友发转债 天津友发钢管集团股份有限公司 关于公司 2025 年度对外担保的进展公告 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。 | 序号 | 被担保方 | 简 称 | | --- | --- | --- | | 1 | 唐山友发新型建筑器材有限公司 | 唐山友发新型建材 | | 2 | 唐山正元管业有限公司 | 唐山正元 | | 3 | 陕西友发钢管有限公司 | 陕西友发 | | 4 | 江苏友发钢管有限公司 | 江苏友发 | | 5 | 天津市友发德众钢管有限公司 | 友发德众 | | 6 | 天津友发钢管集团销售有限公司 | 销售公司 | 担保人名称 | 序号 | 担保方 | 简 称 | | --- | --- | --- | | 1 | 天津友发钢管集团股份有限公司 | 公司或本公司 | 公司于 2024 年 12 月 30 日召开 2024 年第六次临时股东大会，审议通过了《关于预计 2025 年度提供与 ...

证券代码：601686 证券简称：友发集团 公告编号：2025-115 债券代码：113058 转债简称：友发转债 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: 抵押人名称 天津友发钢管集团股份有限公司 关于公司以自有资产抵/质押担保的进展公告 公司于 2024 年 12 月 30 日召开 2024 年第六次临时股东大会，审议通过了《关于预计 2025 年度提供与接受担保额度的议案》。在该担保计划范围内，2025 年 10 月 1 日至 10 月 31 日抵/质押的资 产账面价值为人民币 18,000 万元；截止 2025年 10 月 31 日，公司累计抵/质押资产账面价值合计 266,407.72 万元，占公司最近一期经审计净资产的 33.94%。 一、 基本情况概述 天津友发钢管集团股份有限公司（以下简称"公司"）分别于 2024 年 12 月 13 日、2024 年 12 月 30 日召开第五届董事会第十四次会议、2024 年第六次临时股东大会，审议通过了《关于预计 2025 年 度提供与接受担保 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others [5]. Core Viewpoints - The macroeconomic sentiment is improving, leading to a continuous improvement in steel demand [5]. - Steel prices have shown an upward trend, with specific price increases noted for various steel products as of October 31 [3][10]. - The overall steel production has increased, while total inventory has decreased, indicating a tightening supply-demand balance [4][5]. - Long-term capacity control remains a key theme, with expectations for improved profitability for steel companies under precise regulation [5]. Summary by Sections Price Trends - As of October 31, 2025, the prices for various steel products in Shanghai are as follows: HRB400 rebar at 3210 CNY/ton (up 20 CNY), high line at 3400 CNY/ton (up 30 CNY), hot-rolled at 3340 CNY/ton (up 40 CNY), cold-rolled at 3820 CNY/ton (up 40 CNY), and medium plate at 3380 CNY/ton (unchanged) [3][10]. Profitability - Steel profits have decreased this week, with rebar, hot-rolled, and cold-rolled margins changing by -40 CNY/ton, -2 CNY/ton, and -16 CNY/ton respectively. Electric arc furnace steel margins increased by 6 CNY/ton [3]. Production and Inventory - As of October 31, total steel production reached 8.75 million tons, an increase of 99,700 tons week-on-week. Total inventory decreased by 226,700 tons to 10.7585 million tons [4][5]. - Rebar apparent consumption increased to 2.3219 million tons, up 61,900 tons week-on-week [4]. Investment Recommendations - The report suggests investing in leading steel companies such as Hualing Steel, Baosteel, and Nanjing Steel, as well as companies in the special steel and pipe sectors [5].