Core Viewpoint - The anticorrosive steel pipe industry is experiencing growth due to advancements in technology and increasing demand across various sectors, leading to a diversification of materials and applications [1][22]. Industry Definition and Classification - Anticorrosive steel pipes are treated steel pipes designed to resist corrosion, with common coatings including epoxy resin, polyurethane, and polyethylene [3][6]. - The industry categorizes pipes based on manufacturing processes, shapes, applications, and anticorrosion technologies [5][6]. Current Industry Status - The demand for anticorrosive steel pipes is driven by infrastructure development in sectors such as oil, chemicals, gas, and water supply, with a projected demand of 1,168.2 million tons in 2024 and a market size of approximately 55.09 billion yuan [2][6]. - The annual production of anticorrosive steel pipes in China has remained above 16 million tons, with forecasts indicating production of 17.85 million tons in 2024 and 18.41 million tons in 2025 [2][8]. Industry Supply Chain - The upstream supply chain includes raw materials like steel and anticorrosive coatings, while the midstream focuses on the production and research of anticorrosive steel pipes [10]. - The downstream applications span various industries, including oil, chemicals, and water supply, with potential for strategic partnerships to enhance the supply chain [10]. Competitive Landscape - The anticorrosive steel pipe industry features a mix of large state-owned enterprises and numerous private and foreign companies, with state-owned firms dominating the high-end market [13][14]. - Key players include China Petroleum Group, Jiangsu Yulong Steel Pipe Technology, and Tianjin Youfa Steel Pipe Group, among others [3][15]. Industry Development Trends - The industry is shifting towards high-tech and high-performance products, with innovations in materials such as composite and nanomaterials expected to meet diverse market needs [1][22]. - Anticorrosive steel pipes are anticipated to play a crucial role in future infrastructure projects, enhancing their importance in corrosion prevention solutions [1][22].

Group 1 - The company maintains the credit rating of its convertible bonds, "Youfa Convertible Bonds," at "AA" with a stable outlook, unchanged from the previous rating [1][2] - The credit rating agency, United Ratings, conducted a comprehensive analysis of the company's operational and financial risks, confirming the long-term credit rating of the company as "AA" [2] - The previous credit rating for the "Youfa Convertible Bonds" was issued on June 17, 2024, and the current rating reflects the same assessment [1][2] Group 2 - The announcement is in compliance with regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance and trading of corporate bonds [1] - The company has disclosed the tracking rating report on the Shanghai Stock Exchange website, providing detailed information on the credit rating assessment [2]

Core Viewpoint - Tianjin Youfa Steel Pipe Group Co., Ltd. maintains a stable credit rating of AA for both its corporate entity and its convertible bonds, reflecting its competitive advantages in the welded steel pipe industry and strong debt repayment capacity [1][3][4]. Company Overview - The company, established in December 2011, focuses on the research, production, and sales of welded and galvanized steel pipes, and was listed on the Shanghai Stock Exchange in October 2020 [9][10]. - As of March 2025, the company has a total share capital of 1.433 billion yuan, with a relatively dispersed shareholding structure [9][10]. Financial Performance - In 2024, the company reported total revenue of 54.822 billion yuan, a decrease of 10.01% year-on-year, while the gross profit margin slightly increased to 2.95% [10][19]. - The company’s operating cash flow remained positive, with a net inflow of 1.394 billion yuan in 2024, reflecting good cash income quality [3][10]. Production and Capacity - The company has increased its production capacity for major products, but the utilization rate has declined due to insufficient market demand, particularly in the real estate sector [6][10]. - As of 2024, the production capacity for various steel pipe products is as follows: welded round pipes at 956.3 thousand tons, galvanized round pipes at 631.3 thousand tons, and square pipes at 614.6 thousand tons [22]. Market Environment - The steel pipe market has experienced a downward trend in prices due to weak demand, particularly in the real estate and machinery industries, although there are expectations for recovery with favorable policies [4][13][14]. - The overall production of welded steel pipes in 2024 was 60.507 million tons, a year-on-year decrease of 7.9% [14]. Competitive Advantages - The company benefits from a strong brand presence and a wide range of product specifications, with its trademarks recognized as famous in China [5][10]. - The geographical location of its production bases near major steel industry clusters helps reduce logistics costs [5][10]. Debt and Credit Rating - The company has a high proportion of restricted assets, with 50.37% of total assets being restricted as of the end of 2024, and a significant increase in short-term debt [6][10]. - The credit rating outlook remains stable, with potential for upgrades if operational efficiency and sales improve significantly [4][5].

重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行管理办法》、《公司债券发行与交易 管理办法》和《上海证券交易所公司债券上市规则》等有关规定，天津友发钢管集团股份有 限公司（以下简称"公司"）委托信用评级机构联合资信评估股份有限公司（以下简称"联 合资信"）对公司于 2022 年 3 月发行的可转换公司债券（以下简称"友发转债"）进行了 跟踪信用评级。 公司前次主体信用评级结果为"AA"，评级展望为"稳定"，"友发转债"前次债券 信用评级结果为"AA"，评级机构为联合资信，评级时间为 2024 年 6 月 17 日。 联合资信在对公司经营风险、财务风险及债项条款等方面的综合分析评估的基础上，于 2025 年 6 月 24 日出具了《天津友发钢管集团股份有限公司公开发行可转换公司债券 2025 年跟踪评级报告》（联合【2025】4988 号），联合资信维持公司主体长期信用等级为"AA"， 维持"友发转债"的信用等级为"AA"，评级展望为"稳定"。本次评级结果较前次没有 变化。 具体内容详见公司于同日披露于上海证券交易所网站的《天津友发钢管集团股份有限公 司公开发行可转换公司债券 2025 年跟踪评级报 ...

天津友发钢管集团股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 联合〔2025〕4988 号 联合资信评估股份有限公司通过对天津友发钢管集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持天 津友发钢管集团股份有限公司主体长期信用等级为 AA，维持"友发 转债"信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十四日 | | | www.lhratings.com 1 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受天津友发钢管集团股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合资信、评 ...

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies for investment [3]. Core Viewpoints - The steel market is experiencing weak supply and demand, leading to price fluctuations. As of June 20, 2025, the price of 20mm HRB400 rebar in Shanghai is 3070 CNY/ton, unchanged from the previous week [1][10]. - Steel profits have increased slightly, with rebar, hot-rolled, and cold-rolled steel margins changing by +6 CNY/ton, +20 CNY/ton, and -26 CNY/ton respectively [1][3]. - Steel production has risen, with a total output of 8.69 million tons for major steel products, a week-on-week increase of 96,600 tons [2][3]. Summary by Sections Price Trends - As of June 20, 2025, various steel prices show mixed trends, with rebar prices stable at 3070 CNY/ton, hot-rolled steel increasing by 40 CNY/ton to 3240 CNY/ton, and cold-rolled steel decreasing by 30 CNY/ton to 3510 CNY/ton [1][10][11]. Production and Inventory - The total production of major steel products reached 8.69 million tons, with rebar production increasing by 46,100 tons to 2.12 million tons. Total social inventory decreased by 144,300 tons to 9.12 million tons [2][3]. Profitability - The report indicates a slight increase in steel profitability, with long-process steel margins showing minor increases while short-process margins have decreased [1][3]. Investment Recommendations - The report suggests focusing on the following companies: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it recommends paying attention to high-temperature alloy companies like Fushun Special Steel [3].

统一社会信用代码：91120000586440256D 注册资本：人民币 1,433,560,637 元 | | | 天津友发钢管集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 天津友发钢管集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五 届董事会第十六次会议及 2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过《关于变 更公司注册资本暨修改公司章程并办理工商变更登记的议案》。具体内容详见公司公告（公 告编号：2025-050）。 近日，公司已取得天津市静海区市场监督管理局换发的《营业执照》，完成了相应的工 商变更登记备案手续，变更后的《营业执照》登记信息如下： 住所：天津市静海区大邱庄镇百亿元工业区 经营范围：高频焊管、热镀锌钢管、钢塑复合管、不锈钢复合管、PP-R 管、PE 管、 螺旋钢管制造、加工；金属材料、建筑材料、五金交电、铁精粉批发兼零售；货物及技术的 进出口（法律、行政法规另有规定的除外）；机器设备 ...

Group 1 - The company has completed the registration capital change and amended its articles of association, as approved in the board meeting on April 24, 2025, and the annual shareholders' meeting on May 15, 2025 [1] - The new registered capital of the company is RMB 1,433,560,637 [1] - The company has obtained a new business license from the Tianjin Jinghai District Market Supervision Administration, completing the necessary business registration changes [1] Group 2 - The company was established on December 26, 2011, and operates as a publicly listed joint-stock company [1] - The company's business scope includes manufacturing and processing of various types of pipes, wholesale and retail of metal and building materials, import and export of goods and technology, and leasing of machinery and equipment [1] - The company is located in the Baibillion Industrial Zone, Daqiuzhuang Town, Jinghai District, Tianjin [1]

| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：113058 | 转债简称：友发转债 | | 天津友发钢管集团股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/6/12 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2024 6 6 | 11 | 日~2025 | 年 | 日 10 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | 回购价格上限 | 8.24元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | √用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 25,694,12 ...

Key Points - The core viewpoint of the articles highlights various corporate activities including project investments, sales data, stock acquisitions, share buybacks, and shareholding changes across multiple companies in different sectors. Company Activities - Co-creation Turf has a low proportion of domestic sports turf in its main business revenue [1] - Zhongcai Technology plans to invest in a manufacturing base for 110 sets of 100-meter wind turbine blades annually [1][2] - Huakang Clean has won a contract for the construction and equipment procurement of the first phase of the Chongqing 13th People's Hospital [1][2] - Jindi Group achieved a cumulative signed amount of 14.05 billion yuan from January to May [1][2] - Leidi Ke intends to acquire 51% of Yuzhan Precision, entering the embodied intelligence field [1][2] - Youfa Group has completed a share buyback, repurchasing 1.79% of its shares [1][3] - Jindun Co. plans to reduce its shareholding by up to 2% [1][3] - Caida Securities' shareholder Guokong Operations intends to reduce its stake by up to 3% [1][3] - Batong Energy plans to raise no more than 385 million yuan through a private placement to its controlling shareholder [1][3] - Founder Technology aims to raise no more than 1.98 billion yuan for an AI and high-density interconnect circuit board project [1][4]