| | | 江苏武进不锈股份有限公司 日起六年，即 2023 年 7 月 10 日至 2029 年 7 月 9 日。债券票面利率第一年 0.30%、 第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 可转换公司债券转股期限为 2024 年 1 月 15 日至 2029 年 7 月 9 日，初始转股价 格为 8.55 元/股，目前转股价格为 7.93 元/股。历次转股价格调整如下： 因公司实施 2023 年年度权益分派，"武进转债"的转股价格由 8.55 元/股调 整为 8.02 元/股。具体内容详见公司于 2024 年 6 月 7 日在指定信息披露媒体披露 的《关于实施 2023 年度权益分派调整"武进转债"转股价格的公告》（公告编号： 2024-037）。 关于不向下修正"武进转债"转股价格的公告 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： 自 2025 年 8 月 14 日至 2025 年 9 月 3 日，江苏武进不锈股份有限公司（以 下简称"公司"） ...

江苏武进不锈股份有限公司公告，自2025年8月14日至9月3日，公司股票触发"武进转债"转股价格向下 修正条款。该转债于2023年7月发行，总额3.1亿元，存续至2029年7月，初始转股价8.55元/股，现转股 价7.93元/股。2025年9月3日，公司第五届董事会第十一次会议决定本次不向下修正转股价格，且未来 六个月（2025年9月4日至2026年3月3日）若再次触发，也不提出修正方案。下一触发期自2026年3月4日 起重新起算。提醒投资者关注后续公告及风险。 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 | 产品名称 | 建信理财"安鑫"（最低持有 天）按日 360 | | --- | --- | | | 开放固定收益类净值型 | | 受托方名称 | 建信理财有限责任公司 | | 购买金额 | 10,000 万元 | | 产品期限 | 2023.8.17-2025.8.12 | | 产品名称 | 富江南之瑞禧系列 | 期结构性存款 | JR1901 | 受托方名称 | 江苏江南农村商业银行股份有限公司 | | --- | --- | --- | --- | --- | --- | | 购买金额 | 万元 | 3,500 | 产品期限 | 2025.4.30-2025.8.1 | | | 产品名称 | 号集合资产管理计划 中信期货-粤湾 2 | | --- | --- | | 受托方名称 | 中信期货有限公司 | | 购买金额 | 1,500 万元 | | 产品期限 | 无固定期限 | | 产品名称 ...

钢铁周报 20250831 供给调控预期再起，钢厂利润有望修复 2025 年 08 月 31 日 ➢ 价格：本周钢材价格下跌。截至 8 月 29 日，上海 20mm HRB400 材质螺 纹价格为 3250 元/吨，较上周降 20 元/吨。高线 8.0mm 价格为 3410 元/吨， 较上周降 10 元/吨。热轧 3.0mm 价格为 3400 元/吨，较上周降 20 元/吨。冷轧 1.0mm 价格为 3820 元/吨，较上周降 10 元/吨。普中板 20mm 价格为 3490 元 /吨，较上周升 20 元/吨。本周原材料中，国产矿市场价格稳中有升，进口矿市 场价格稳中有升，废钢价格持平。 ➢ 利润：本周钢材利润下降。长流程方面，我们测算本周行业螺纹钢、热轧和 冷轧毛利分别环比前一周变化-48 元/吨，-75 元/吨和-61 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化-28 元/吨。 ➢ 产量与库存：截至 8 月 29 日，五大钢材产量上升，总库存环比上升。产量 方面，本周五大钢材品种产量 885 万吨，环比升 6.55 万吨，其中建筑钢材产量 周环比增 8.64 万吨，板材产量周环比降 2.09 万吨 ...

江苏武进不锈股份有限公司 2025 年第二次临时股东大会 会议资料 江苏常州 二〇二五年九月二十五日 江苏武进不锈股份有限公司（603878） 2025 年第二次临时股东大会会议资料 目录 | 2025 | 年第二次临时股东大会会议议程 - | 3 | - | | --- | --- | --- | --- | | 2025 | 年第二次临时股东大会须知 - | 5 | - | | | 议案一：《关于取消监事会并修改<公司章程>及相关制度的议案》 - | 7 | - | - 2 - 江苏武进不锈股份有限公司（603878） 2025 年第二次临时股东大会会议资料 江苏武进不锈股份有限公司 2025 年第二次临时股东大会会议议程 2、网络投票的系统、起止日期和投票时间： ①网络投票系统：上海证券交易所股东大会网络投票系统。 ②网络投票起止时间：自 2025 年 9 月 25 日至 2025 年 9 月 25 日。 ③采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为 ...

Financial Performance - The company reported a total revenue of 1.121 billion yuan for the first half of 2025, a decrease of 26.82% year-on-year [1] - The net profit attributable to shareholders was 75.4975 million yuan, down 46.05% compared to the previous year [1] - In Q2 2025, the revenue was 638 million yuan, reflecting a year-on-year decline of 20.38%, while the net profit for the same period was 45.1746 million yuan, down 37.17% [1] Key Financial Ratios - The gross margin was 14.41%, a decrease of 13.16% year-on-year, and the net margin was 6.74%, down 26.27% [1] - The total of selling, administrative, and financial expenses was 51.198 million yuan, accounting for 4.57% of revenue, a slight decrease of 0.62% [1] - Earnings per share (EPS) dropped to 0.13 yuan, a decline of 48.00% year-on-year [1] Cash Flow and Receivables - The operating cash flow per share was 0.19 yuan, down 63.63% year-on-year, indicating a significant reduction in cash generated from operations [1] - Accounts receivable amounted to 489 million yuan, representing a decrease of 36.02% year-on-year, but the accounts receivable to net profit ratio reached 389.29% [1][2] Investment and Debt - The company’s cash and cash equivalents decreased by 43.89% to 421 million yuan, attributed to increased long-term deposits [1] - Interest-bearing liabilities were reported at 380 million yuan, a decrease of 5.86% [1] - The company’s return on invested capital (ROIC) was 4.11%, indicating weak capital returns compared to the historical median of 9.31% [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, with expectations for gradual profit improvement due to industry reforms and market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.121 billion yuan, a year-on-year decrease of 26.82%, and a net profit attributable to shareholders of 75.4975 million yuan, down 46.05% year-on-year [1][2]. - Q2 2025 revenue was 638 million yuan, reflecting a year-on-year decline of 20.38% but a quarter-on-quarter increase of 32.25%. Net profit for Q2 was 45.1746 million yuan, down 37.17% year-on-year but up 48.98% quarter-on-quarter [1][2]. Industry Context - The chemical and petrochemical sectors experienced weak demand, contributing to the company's revenue and gross margin decline. The company adopted an "order-based production" strategy to manage operations [1][2]. - The steel industry is entering a critical phase regarding the "anti-involution" strategy, with potential for improved profitability if production cuts are implemented effectively [2]. Profitability Outlook - The company anticipates continued recovery in performance for the second half of 2025, with projected net profits of 242 million yuan, 290 million yuan, and 330 million yuan for 2025-2027, respectively [3]. - The target price for the company's stock is set at 5.93 yuan, based on a projected PE ratio of 13.8 for 2025, reflecting its leading position in the stainless steel market [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.59 yuan [6]. Core Views - The company reported a revenue of 1.121 billion yuan for H1 2025, a year-on-year decrease of 26.82%, and a net profit attributable to shareholders of 75 million yuan, down 46.05% year-on-year. In Q2 2025, revenue was 638 million yuan, a year-on-year decrease of 20.38% but a quarter-on-quarter increase of 32.25% [1]. - The sales volume of seamless pipes increased quarter-on-quarter, while welded pipe sales faced pressure due to a downturn in the petrochemical industry [2]. - The demand for fire and nuclear power pipes remains strong, with significant investments and new installations expected to sustain high demand [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 14.41%, a decrease of 2.19 percentage points year-on-year. In Q2 2025, the gross profit margin was 13.00%, down 2.01 percentage points year-on-year and 3.28 percentage points quarter-on-quarter [2]. - The company forecasts net profits of 171 million yuan, 198 million yuan, and 230 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18x, 16x, and 14x [4][5]. Market Outlook - The fire power investment completion amount increased by 51.96% year-on-year as of June 2025, with new installed capacity rising by 72.19% year-on-year from January to July 2025. This indicates a sustained high demand for fire boiler pipes [3]. - The company has successfully passed multiple overseas certifications, positioning its export business as a potential growth driver [3]. Strategic Initiatives - The company is actively implementing a "three-pronged" development strategy to explore new application markets, including nuclear power and coal liquefaction, while enhancing its presence in international markets such as the Middle East and South America [4].

Core Viewpoint - 武进不锈 (603878) reported a significant decline in both revenue and net profit for the first half of 2025, indicating financial challenges and potential liquidity issues. Financial Performance Summary - Total revenue for the first half of 2025 was 1.121 billion yuan, a decrease of 26.82% year-on-year [1] - Net profit attributable to shareholders was 75.4975 million yuan, down 46.05% year-on-year [1] - The second quarter revenue was 638 million yuan, a decline of 20.38% year-on-year, with net profit of 45.1746 million yuan, down 37.17% year-on-year [1] - Gross margin was 14.41%, a decrease of 13.16% year-on-year, while net margin was 6.74%, down 26.27% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 51.198 million yuan, accounting for 4.57% of revenue, a slight decrease of 0.62% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 43.89% to 421 million yuan due to increased long-term deposits [1] - Accounts receivable decreased by 36.02% to 489 million yuan, but still represented 389.29% of net profit [1][4] - Interest-bearing liabilities decreased by 5.86% to 380 million yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.19 yuan, a significant decrease of 63.63% year-on-year [1] - Net cash flow from operating activities decreased by 63.63% due to reduced cash received from sales [4] - Net cash flow from investing activities decreased by 257.61% due to increased purchases of financial products [4] Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.11%, indicating weak capital returns [4] - Historical median ROIC since listing was 9.31%, suggesting that current performance is below historical averages [4] - The net profit margin for the previous year was 4.74%, indicating low added value from products or services [4]

Group 1 - The company, Jiangsu Wujin Stainless Steel Co., Ltd., has announced a potential downward adjustment of the conversion price for its convertible bonds, "Wujin Convertible Bonds" [1][2] - The company issued 3.1 million convertible bonds with a total amount of 31 million yuan, which began trading on August 3, 2023 [2] - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan per share due to annual profit distribution [2][3] Group 2 - The downward adjustment clause for the conversion price states that if the company's stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days, the board can propose a price adjustment [4] - The company has observed that from August 14 to August 27, 2025, the stock price has been below the current conversion price threshold, indicating a potential trigger for the adjustment [7] - If the conditions for adjustment are met, the company will disclose the decision regarding the conversion price adjustment in accordance with regulatory requirements [7]