Group 1 - The company will suspend the conversion of its convertible bonds "Youfa Convertible Bonds" during the rights distribution period from June 5, 2025, until the equity registration date [1] - The rights distribution plan involves a cash dividend of 1.5 yuan (including tax) for every 10 shares held, based on the total share capital after excluding 43,053,948 shares held in the company's repurchase account [1][2] - The convertible bonds will resume conversion on the first trading day after the rights distribution registration date, allowing bondholders to convert their bonds until June 4, 2025 [2] Group 2 - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for the content's authenticity, accuracy, and completeness [1] - The company has provided contact information for inquiries regarding the announcement, including a phone number and address [2]

| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于实施 2024 年年度权益分派时"友发转债" 停止转股的提示性公告 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。 1、天津友发钢管集团股份有限公司（以下简称"公司"）2024 年年度利润分配（简 称"本次权益分派"）方案为：以实施权益分派股权登记日登记的总股本（扣除公司 股份回购专用证券账户中的 43,053,948 股）为基数，向全体股东（但需扣除公司股 份回购专用证券账户中的 43,053,948 股份）每 10 股派发现金红利 1.5 元（含税）， 不进行资本公积金转增股本，不送红股。如在实施权益分派股权登记日前总股本发 生变动的，拟维持每股分配比例，分配总额相应变化。 2、公司 2024 年年度利润分配方案已经 2025 年 5 月 15 日召开的公司 2024 年度 股 东 大 会 审 议 通 过 ...

Group 1 - The company announced a profit distribution plan for the year 2024, proposing a cash dividend of 1.5 yuan (including tax) for every 10 shares [1] - The "Youfa Convertible Bond" will suspend conversion from June 5, 2025, until the equity registration date for the profit distribution [1] - The convertible bond will resume conversion on the first trading day after the equity registration date, and holders wishing to enjoy the profit distribution must convert before June 4, 2025 [1]

| 证券代码：601686 | 证券简称：友发集团 公告编号：2025-062 | | --- | --- | | 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"共赢一号"股票期权激励计划限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》《天津友发钢管集团股份有限公司"共赢一号" 股票期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期 权自主行权的相关规定，结合天津友发钢管集团股份有限公司（以下简称"公司"）2024 年年度权益分派的披露计划，现对公司"共赢一号"股票期权激励计划首次授予部分第 二个行权期的行权时间进行限定，具体如下： 由于实施 2024 年年度权益分派，"共赢一号"股票期权激励计划本次限制行权期 为 2025 年 5 月 30 日至 2025 年 6 月 13 日，在此期间全部激励对象将限制行权； 2025 年 6 月 16 日（周一）将恢复行权。 公司将按照有关规定及时向中国证券登记 ...

北京德恒律师事务所 关于天津友发钢管集团股份有限公司 "共赢一号"股票期权激励计划 首次授予部分第二个行权期行权条件成就 及部分股票期权注销相关事项的 法律意见 北京德恒律师事务所 DeHeng Law Offices 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真: 010-52682999 邮编: 100033 北京德恒律师事务所 关于天津友发钢管集团股份有限公司"共赢一号"股票期权激励计划 首次授予部分第二个行权期行权条件成就及部分股票期权注销相关事项的法律意见 目 录 | 目 录 | | --- | | 整 V .. | | 一、本次行权及注销的批准与授权 | | 二、本次行权的基本情况 | | 三、本次注销的基本情况 | | 四、结论意见 . 9 | l 关于天津友发钢管集团股份有限公司"共赢一号"股票期权激励计划 北京德恒律师事务所 首次授予部分第二个行权期行权条件成就及部分股票期权注销相关事项的法律意见 释 义 在本法律意见中,除非文义另有所指,下列词语具有下述涵义: | 德恒/本所 | 指 | 北京德恒律师事务所 | | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for several steel companies including Baosteel, Hualing Steel, and Nanjing Steel, among others [5]. Core Viewpoints - The report indicates that pig iron prices are gradually declining, leading to a slight recovery in steel profits. The raw material costs are expected to ease further, which may enhance the profitability of steel companies [5]. - Economic data from January to April shows a continued weakness in the real estate sector, while automotive production maintains year-on-year growth. The potential for crude steel production regulation is increasing amid uncertain external demand and weak domestic recovery [5]. Price Trends - As of May 23, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3160 CNY/ton, down 40 CNY/ton from the previous week. Other steel products also saw price declines [3][11]. - The report details specific price changes for various steel products, indicating a general downward trend in prices over the past week [12]. Production and Inventory - As of May 23, the production of five major steel products increased to 8.72 million tons, a rise of 40,900 tons week-on-week. However, the total inventory of these products decreased by 331,000 tons to 9.5954 million tons [4]. - The apparent consumption of rebar is estimated at 2.4713 million tons, reflecting a decrease of 131,600 tons week-on-week [4]. Profitability Analysis - The report notes an increase in profits for plate products, with long-process rebar, hot-rolled, and cold-rolled margins changing by 0 CNY/ton, +23 CNY/ton, and +69 CNY/ton respectively compared to the previous week [3]. Investment Recommendations - The report recommends several companies for investment: 1. General steel sector: Baosteel, Hualing Steel, Nanjing Steel 2. Special steel sector: CITIC Special Steel, Yongjin Co., and Xianglou New Materials 3. Pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - It also suggests paying attention to high-temperature alloy stocks like Fushun Special Steel [5].

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 |  | 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 | □路演活动 □新闻发布会 | | | □现场参观 □其他（电话交流会） | | 参与单位名 | 华安证券 胡倩倩 | | | 许竹媛 万柏投资 | | | 杜申春 守朴资产 | | | 联储证券 闫舒 | | | 赵端端 泓德基金 | | | 邓辛凝 东北资管 | | 称及人员姓 | 东方财富证券 朱张元 | | 名 | 陈晓雅 银华基金 | | | 汤思懿 民生加银基金 | | | 长城基金 江舒盈 | | | 刘琳 首创证券 | | | 尚应娜 根本私募 | | | 刘期彧 瑞奇期货 | | | 万柏基金 吴凯特 | | 时间 | 2025 年 5 月 19 日 | | 地点 | 腾讯会议 | | 上市公司接 | | | 待人员姓名 | 董事会秘书 郭锐；投关专员 朱继蕾 | | | 公司董秘结合投资者问题，就公司基本情况、财务情况、经营状 | | | 况、现金分红、国内和 ...

Core Viewpoint - The announcement details the expiration of the lock-up period for the "Co-Creation No. 1" employee stock ownership plan of Tianjin Youfa Steel Pipe Group Co., Ltd, and outlines the subsequent unlocking of shares and the plan's operational guidelines [1][2][3]. Summary by Sections Employee Stock Ownership Plan Status - The employee stock ownership plan holds 6.05 million shares, representing 0.42% of the company's total share capital, acquired at a price of 3.44 yuan per share [2]. - The plan's lock-up period ended on May 14, 2025, allowing for the second batch of shares to be unlocked starting May 15, 2025 [2][3]. Unlocking and Performance Metrics - The second batch of unlockable shares amounts to 149,919 shares, which is 0.10% of the total share capital, with a performance completion rate of 82.6% for net sales in 2024 [3]. - Individual participants in the plan achieved an "excellent" performance evaluation, allowing them to unlock 100% of their shares [3]. Rights and Restrictions - Holders of the employee stock ownership plan enjoy rights to dividends, stock rights, and other asset benefits proportional to their contributions [4]. - During the lock-up period, holders cannot transfer or pledge their shares, nor can they request distribution of rights [4][5]. Plan Duration and Termination - The plan has a duration of 54 months, starting from the date of the last stock transfer to the plan's account, and can be extended with the approval of two-thirds of the holders [7][8]. - The plan will automatically terminate upon reaching its duration or if all shares are sold prior to that [8].

| 证券代码：601686 | 证券简称：友发集团 | 公告编号：2025-060 | | --- | --- | --- | | 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 "共创一号"员工持股计划锁定期届满 暨第二批解锁的提示性公告 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。 天津友发钢管集团股份有限公司（以下简称"公司"）于 2022 年 8 月 25 日召开第四届董事会第二十六次会议、第四届监事会第二十三次会议，并于 2022 年 9 月 13 日召开 2022 年第二次临时股东大会，审议通过了《关于公司<"共创 一号"员工持股计划（草案）>及其摘要的议案》等相关议案。具体内容详见公 司 于 2022 年 8 月 26 日 及 2022 年 9 月 14 日 在 上 海 证 券 交 易 所 网 站 （ www.sse.com.cn ）及指定信息披露媒体上发布的相关公告。 鉴于公司"共创一号"员工持股计划（以下简称"本员工持股计划"）锁定 期已于 2025 年 5 月 1 ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [5][6]. Core Viewpoints - The easing of tariffs between China and the US has improved external demand expectations, providing short-term support for steel demand [5][6]. - The report anticipates a potential increase in steel production control due to uncertainties in external demand and a recovering domestic demand [5][6]. - The profitability of steel companies is expected to recover as raw material supply conditions become more favorable [5][6]. Price Summary - As of May 16, steel prices have increased, with rebar (20mm HRB400) priced at 3200 CNY/ton, up 50 CNY/ton from the previous week [3][12]. - Hot-rolled steel (3.0mm) is priced at 3310 CNY/ton, reflecting an increase of 80 CNY/ton [3][12]. - Cold-rolled steel (1.0mm) is priced at 3670 CNY/ton, up 70 CNY/ton [3][12]. Production and Inventory - Total steel production for the week ending May 16 was 8.68 million tons, a decrease of 58,200 tons from the previous week [4]. - Social inventory of major steel products decreased by 392,900 tons to 9.93 million tons [4]. - The apparent consumption of rebar was estimated at 2.60 million tons, an increase of 463,900 tons week-on-week [4]. Investment Recommendations - Recommended stocks include Baosteel, Hualing Steel, Nanjing Steel in the general steel sector, and CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector [5]. - Suggested attention to high-temperature alloy stocks such as Fushun Special Steel [5]. Key Company Earnings Forecasts - Baosteel (600019.SH) has an EPS forecast of 0.34 CNY for 2024, with a PE ratio of 20 [5]. - Hualing Steel (000932.SZ) has an EPS forecast of 0.29 CNY for 2024, with a PE ratio of 17 [5]. - Nanjing Steel (600282.SH) has an EPS forecast of 0.37 CNY for 2024, with a PE ratio of 12 [5].