证券代码：601686 证券简称：友发集团 公告编号：2025-100 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 关于参加 2025 年天津辖区上市公司投资者 网上集体接待日活动的公告 天津友发钢管集团股份有限公司董事会 2025 年 9 月 3 日 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。 为进一步加强与投资者的互动交流，天津友发钢管集团股份有限公司（以下简称 "公司"） 将 参加由天津证监局指导、天津上市公司协会及深圳市全景网络有限公司联合举办的"2025 年天津辖 区上市公司投资者网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net）；或 关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）13:30-17:00（其中公司与投资者线上交流时间为:15:00-17:00）。 出席本次活动的有公司董事长、财务负责人、董 ...

Group 1 - The company plans to provide guarantees for its subsidiaries in 2025, with a total guarantee amount of 50,000 million RMB from August 1 to August 31, 2025 [2][4] - As of August 31, 2025, the total guarantee balance provided by the company is 456,595.43 million RMB, which accounts for 58.17% of the company's latest audited net assets [18] - The board of directors approved the guarantee plan, allowing a total guarantee amount not exceeding 1,477,700 million RMB, with new guarantees not exceeding 363,459.40 million RMB [4][23] Group 2 - The company has provided guarantees for subsidiaries with an asset-liability ratio exceeding 70%, which poses potential risks [3] - The company has no overdue guarantees as of the announcement date [3][18] - The guarantees are intended to meet the funding needs of subsidiaries and are considered manageable risks by the company [17][26] Group 3 - The company has also engaged in asset pledges, with a total pledged asset value of 52,456 million RMB from August 1 to August 31, 2025, and a cumulative pledged asset value of 263,412.94 million RMB, accounting for 33.56% of the company's latest audited net assets [21][24] - The pledged assets are intended to support normal business operations and will not adversely affect the company's financial health or shareholder interests [26] Group 4 - The company is in the process of acquiring a 70.96% stake in Jilin Huaming Pipe Industry Co., Ltd., which will become a subsidiary after the acquisition [30] - The acquisition has received approval from the State Administration for Market Regulation, allowing the company to proceed with the transaction [32]

Investment Overview - Tianjin Youfa Steel Pipe Group Co., Ltd. plans to acquire 70.96% equity of Jilin Huaming Pipe Industry Co., Ltd. and increase capital through cash transactions using its own funds [1][2] - The acquisition involves purchasing shares from Panshi Jianlong Steel Co., Ltd. and Shenyang Leiming Steel Pipe Co., Ltd. [1] Transaction Progress - The company has received a non-prohibition decision from the State Administration for Market Regulation regarding the antitrust review of the acquisition [2] - The decision allows the company to proceed with the acquisition and control of Jilin Huaming Pipe Industry Co., Ltd. as per the Anti-Monopoly Law of the People's Republic of China [2]

Summary of Key Points Core Viewpoint - The company has announced its plan for external guarantees for the year 2025, detailing the amounts and conditions under which these guarantees will be provided to its subsidiaries, emphasizing the control and management over these entities to mitigate risks [3][11]. Group 1: Guarantee Overview - The company approved a guarantee plan at the 2024 sixth extraordinary general meeting, allowing for a total guarantee amount of up to 1,477,700.00 million RMB for 2025, with new guarantees not exceeding 363,459.40 million RMB [3][5]. - As of August 31, 2025, the company provided guarantees amounting to 50,000.00 million RMB, with an actual usage balance of 456,595.43 million RMB [3][11]. - There are no overdue guarantees as of the announcement date, and the company has not provided guarantees for any entities outside its subsidiaries [3][11]. Group 2: Financial Data of Subsidiaries - Jiangsu Youfa Steel Pipe Co., Ltd. has total assets of 372,529.41 million RMB and total liabilities of 280,358.30 million RMB as of December 31, 2024 [5][6]. - Tangshan Youfa New Building Materials Co., Ltd. has total assets of 309,140.39 million RMB and total liabilities of 140,547.04 million RMB as of December 31, 2024 [6]. - Shaanxi Youfa Steel Pipe Co., Ltd. has total assets of 238,385.65 million RMB and total liabilities of 137,560.54 million RMB as of December 31, 2024 [6]. Group 3: Necessity and Reasonableness of Guarantees - The guarantee plan is based on the operational needs and financial arrangements of the company and its subsidiaries, ensuring that all guaranteed entities are under the company's control, which allows for effective monitoring and management [10][11]. - The board of directors believes that these guarantees will facilitate daily business operations and align with the company's long-term interests, maintaining manageable risk levels [11].

证券代码：601686 证券简称：友发集团 公告编号：2025-097 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 年度对外担保预计的进展公告 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。 重要内容提示: | 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 年度提供与接受担保额度的议案》。在该担保计划范围内，2025 年 8 月 1 日至 8 月 31 日，公司为子 公司（含分公司、孙公司，下同）提供的（已开始使用授信额度的）担保合同金额为 50,000.00 万元；截 至 2025 年 8 月 31 日，公司（为实际使用的授信额度提供的）担保余额为 456,595.43 万元。 2025 年 8 月份发生的担保中不存在反担保；截至本公告披露日，公司无逾期担保。 特别风险提 ...

本次对外投资事项具体内容详见公司于2025年6月7日在上海证券交易所官网 （www.sse.com.cn）上披露的《关于拟收购吉林华明管业有限公司70.96%股权并增资暨关联交 易的公告》（公告编号：2025-071）。 | 证券代码：601686 | 证券简称：友发集团 公告编号：2025-099 | | --- | --- | | 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 关于收到国家市场监督管理总局《经营者集中反垄断审查不 予禁止决定书》 暨对外投资事项的进展公告 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。 一、对外投资概述 天津友发钢管集团股份有限公司（以下简称"公司"或"友发集团"）于2025年6月6日召开第 五届董事会第十八次会议、第五届监事会第十七次会议，审议通过了《关于拟收购吉林华明 管业有限公司70.96%股权并增资暨关联交易的议案》，公司拟以现金交易方式使用自有资金向磐 石建龙钢铁有限公司（以下简称"磐石建龙"）及沈阳雷明钢管有限公司（以下简称"沈阳雷明"） ...

证券代码：601686 证券简称：友发集团 公告编号：2025-098 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 关于公司以自有资产抵/质押担保的进展公告 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。 抵押人名称 重要内容提示: | 序号 | 抵押人名称 | 简 称 | | --- | --- | --- | | 1 | 江苏友发钢管有限公司 | 江苏友发 | | 2 | 陕西友发钢管有限公司 | 陕西友发 | | 3 | 天津友发管道科技有限公司 | 管道科技 | 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 8 月 1 日至 8 月 31 日抵/质押的资产 账面价值为人民币 52,456 万元；截止 2025 年 8 月 31 日，公司累计抵/质押资产账面价值合计 263,412.94 万元，占公司最近一期经审计净资产的 33.56%。 一、 基本情况概述 ...

Market Overview - On September 1, the general steel sector experienced a slight decline of 0.1%, with Baogang Co. leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Notable gainers in the steel sector included: - Hangang Co. (600126) with a closing price of 10.49, up 2.64% and a trading volume of 2.4742 million shares, totaling 2.656 billion yuan [1] - Bayi Steel (600581) closed at 4.45, up 2.30% with a trading volume of 536,600 shares, totaling 236 million yuan [1] - Benxi Steel (000761) closed at 3.65, up 1.96% with a trading volume of 155,700 shares, totaling 56.1916 million yuan [1] - Conversely, Baogang Co. (600010) saw a decline of 1.43%, closing at 2.75 with a trading volume of 16.8029 million shares, totaling 4.601 billion yuan [2] - Other notable decliners included: - Hebei Steel (000709) down 1.21% to 2.44 with a trading volume of 139,090 shares [2] - Baosteel (600019) down 0.58% to 6.89 with a trading volume of 186,800 shares, totaling 1.291 billion yuan [2] Capital Flow Analysis - The steel sector experienced a net outflow of 1.19 billion yuan from major funds, while retail investors contributed a net inflow of 708 million yuan [2] - Specific stock capital flows included: - Chongqing Steel (601005) with a net inflow of 27.8511 million yuan from major funds, but a net outflow of 17.6784 million yuan from speculative funds [3] - Anshan Steel (000898) saw a net inflow of 7.5332 million yuan from major funds, with minimal activity from speculative and retail investors [3]

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their profitability and stock performance [3][4]. Core Insights - Supply control expectations are rising, which may lead to a recovery in steel mill profits. Despite high production levels, demand is slowly recovering, and inventory continues to accumulate, resulting in a slight decline in steel mill profits [3][4]. - The report highlights that the current steel prices are at a low point for the year, and with inventory levels low and demand stabilizing, the potential for further profit declines is limited [3][4]. - The report suggests that the recent supply-side adjustments may be more precise, promoting a competitive environment that could enhance the profitability of steel companies [3][4]. Price Trends - As of August 29, 2025, steel prices have decreased, with 20mm HRB400 rebar priced at 3,250 CNY/ton, down 20 CNY/ton from the previous week. Other steel products also saw slight price declines [1][11]. - The report notes that the average price changes for various steel products over the past month show a decrease of 5.8% for rebar and 4.2% for hot-rolled sheets [12]. Production and Inventory - As of August 29, 2025, the total production of the five major steel products reached 8.85 million tons, an increase of 6.55 million tons week-on-week. Rebar production increased by 5.91 million tons to 2.2056 million tons [2][3]. - Total social inventory of the five major steel products rose by 291,000 tons to 10.4532 million tons, while steel mill inventory decreased by 23,300 tons [2][3]. Profitability - The report indicates a decline in steel mill profits, with estimated gross margins for rebar, hot-rolled, and cold-rolled steel decreasing by 48 CNY/ton, 75 CNY/ton, and 61 CNY/ton respectively [1][3]. - The profitability of electric arc furnace steel also saw a decrease of 28 CNY/ton week-on-week [1][3]. Investment Recommendations - The report recommends several companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the flat steel sector, and Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. in the special steel sector [3][4].

Group 1 - The "2025 China Top 500 Private Enterprises" report indicates that the threshold for entry has increased to 27.023 billion yuan, with total revenue reaching 4.305 trillion yuan, an average of 861.02 million yuan per enterprise, reflecting a growth of 2.72% year-on-year [1] - Total assets of the top 500 private enterprises amount to 51.15 trillion yuan, with an average of 1.023 billion yuan per enterprise, showing a growth of 2.62% [1] - The net profit of these enterprises is 1.8 trillion yuan, averaging 360.5 million yuan per enterprise, which represents a growth of 6.48% [1] Group 2 - In the Jinghai District, two private enterprises, Tianjin Youfa Steel Pipe Group Co., Ltd. and Tianjin Yuantai Derun Steel Pipe Manufacturing Group Co., Ltd., made it to the "2025 China Top 500 Private Enterprises" list [1] - The same two companies, along with Tianjin Baolai Steel Co., Ltd., Aima Technology Group Co., Ltd., and Tianjin New Energy Recycling Resources Co., Ltd., are included in the "2025 China Top 500 Private Manufacturing Enterprises" list [1] - The private enterprises in Jinghai District are showing strong growth and diversification, particularly in core sectors such as steel pipe manufacturing, new energy, and technology equipment [2] Group 3 - Tianjin Youfa Steel Pipe Group Co., Ltd. has maintained its position as an industry leader for three consecutive years [2] - Aima Technology Group Co., Ltd. is increasing its market share in the electric vehicle sector [2] - Tianjin New Energy Recycling Resources Co., Ltd. is playing a demonstrative role in the green and low-carbon transition [2] Group 4 - The rankings of Tianjin enterprises in the "2025 China Top 500 Private Enterprises" include Tianjin Rongcheng Xiangtai Investment Holding Group Co., Ltd. at 68th, Yunzhang Account Technology (Tianjin) Co., Ltd. at 75th, and others [3] - In the "2025 China Top 500 Private Manufacturing Enterprises," Tianjin Rongcheng Xiangtai Investment Holding Group Co., Ltd. ranks 49th, followed by Tianjin Youfa Steel Pipe Group Co., Ltd. at 162nd [4]