| 证券代码：603878 | 证券简称：武进不锈 公告编号：2025-031 | | --- | --- | | 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 关于实施 2024 年度权益分派调整"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： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113671 | 武进转债 | 可转债转股复牌 | | | 2025/6/19 | 2025/6/20 | 调整前转股价格：8.02 元/股 调整后转股价格：7.93 元/股 "武进转债"本次转股价格调整实施日期：2025 年 6 月 20 日 一、可转债发行上市概况 公司 2024 年度权益分 ...

差异化分红事项的核查意见 国泰海通证券股份有限公司 关于江苏武进不锈股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏武进不锈股份有限公司（以下简称"武进不锈"或"公司"）2023 年度向不 特定对象发行可转换公司债券的持续督导保荐机构，根据《中华人民共和国证券 法》《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关法律、行政法规、部门规章及其他规范性文件的相 关规定，对武进不锈 2024 年年度利润分配所涉及的差异化分红进行了核查，核 查情况及核查意见如下： 一、本次差异化分红的原因 2024 年 9 月 9 日，公司召开了第五届董事会第三次会议、第五届监事会第 三次会议，审议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意 公司以自有资金通过集中竞价交易方式回购公司发行的人民币普通股（A 股）。 回购的股份拟用于实施员工持股计划或者股权激励。回购的价格不超过人民币 8.28 元/股（含），回购的资金总额不低于人民币 2,000 万元（含），不超过人民币 3,000 万元（含）。回购期限自董事会审议通过回购股份方案 ...

债券代码：113671 债券简称：武进转债 证券代码：603878 证券简称：武进不锈 公告编号：2025-032 江苏武进不锈股份有限公司 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.09元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 根据《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指南第 2 号—业务 办理：第五号—权益分派》相关规定，公司本次将按照以下公式计算除权除息开盘参考价： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司 ...

Group 1 - The company has adjusted the total cash dividend for the 2024 profit distribution from 50,050,713.69 yuan (including tax) to 50,050,724.85 yuan (including tax) due to changes in the total share capital resulting from the conversion of convertible bonds [1][2] - The cash dividend per share remains unchanged at 0.09 yuan (including tax), and the total number of shares for distribution is adjusted to 561,069,165 shares after accounting for the conversion of bonds and share repurchases [2][3] - The adjustment is based on the principle of maintaining the same distribution ratio, with the total cash dividend recalculated according to the new total share capital [2] Group 2 - The company will announce the specific date for the implementation of the equity distribution in the upcoming announcement [2] - The total cash dividend distribution will be finalized based on the results of the equity distribution implementation [3]

江苏武进不锈股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 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： 现金分红总额调整：江苏武进不锈股份有限公司（以下简称"公司"）2024 年度利润分配拟派发现金分红总额由 50,050,713.69 元（含税）变为 50,050,724.85 元（含税） 本次调整原因：公司 2024 年度利润分配方案披露之日起至本公告披露 日，因公司发行的可转换公司债券"武进转债"转股，公司总股本变更为 561,069,165 股。公司按照分配比例不变的原则，对 2024 年度利润分配方案 的分配总额进行相应调整。 | 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 2025 年 4 月 28 日在指定信息披露媒体披露的《关于 2024 年度利润分配方案的 公告》（公告编号：2025-017）。 二、本次调整利润分配现金分红总额的原因 ...

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. announced the suspension of the conversion of its convertible bonds during the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of 0.09 yuan per share [2][3][4]. Group 1: 2024 Annual Profit Distribution Plan - The company plans to distribute a cash dividend of 0.09 yuan per share (including tax) to all shareholders, based on a total share capital of 561,069,041 shares, minus 4,950,000 shares held in the company's repurchase account, resulting in a distribution base of 556,119,041 shares [3]. - The total cash dividend to be distributed amounts to 50,050,713.69 yuan (including tax) [3]. - The profit distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [4]. Group 2: Suspension of Convertible Bond Conversion - The convertible bonds will stop conversion from June 12, 2025, until the equity registration date, with resumption of conversion on the first trading day after the equity registration date [5]. - Holders of the convertible bonds wishing to enjoy the profit distribution must convert their bonds by June 11, 2025 [5]. Group 3: Disclosure and Contact Information - The company will disclose the implementation announcement and the adjustment of the conversion price for the convertible bonds on June 13, 2025 [5]. - For further inquiries, the company can be contacted via the Securities Affairs Department [6].

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-029 | | --- | --- | --- | | 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 关于实施 2024 年度权益分派时"武进转债"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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年权益分派,本公司的相关证券停复牌情况如下： 二、本次权益分派实施时停止转股的安排 （一）公司将于 2025 年 6 月 13 日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体披露权益分派实施公告和可转债转股价格调整公告。 （二）自 2025 年 6 月 12 日至权益分派股权登记日期间，"武进转债"将停 止转股，股权登记日后的第一个交易日起"武进转债"恢复转股，欲享受权益分 派的可转债持有人可在 2025 年 6 月 11 日（含 2025 年 6 月 11 日）之前进行转股。 三、其他 | 证券代码 | 证券简称 | ...

Summary of Wujin Stainless Steel Conference Call Company Overview - **Company**: Wujin Stainless Steel - **Year**: 2025 - **Production Capacity**: Expected to reach 25,000 tons in 2025 [2][3] Key Business Segments Nuclear Power - **Order Volume**: Approximately 6,000 tons in hand, with expected annual order volume of several thousand to 10,000 tons [2][5][7] - **Gross Margin**: Currently between 30% to 35%, down from over 40% due to increased competition [2][6] - **Delivery Timeline**: Long delivery cycles, with full revenue impact expected to take two years [2][5][7] High-Pressure Boiler Pipes - **Order Improvement**: Orders improved in Q1 2025, with approximately 7,000 tons in hand and 4,000 tons for thermal power [2][3][11] - **Gross Margin**: Stable at 17% to 20% [11] - **Market Outlook**: Expected stable growth in the thermal power industry over the next four to five years [10] Oil and Chemical Industry - **Demand Weakness**: Domestic oil and chemical industry investment is declining, leading to limited domestic opportunities [2][12] - **Export Focus**: Shift towards export markets, particularly in the Middle East and South America, due to weak domestic demand [2][12][14] Export Business - **Revenue Contribution**: Export revenue accounted for approximately 15% in 2024, with a target of over 20% in 2025 [2][14] - **Gross Margin Comparison**: Export products have significantly higher gross margins compared to domestic products [15] - **Key Markets**: Focus on Middle East, South America, Southeast Asia, and Russia [16] Market Challenges - **Tariffs and Anti-Dumping Measures**: Limited direct impact from U.S. and European tariffs on stainless steel pipes [4][16] - **Oil Price Fluctuations**: Slow oil price increases may hinder development in mid-range chemicals and coal chemical sectors [4][17] Overall Business Outlook - **Stability**: Overall business operations are stable, with no significant improvement or deterioration expected in Q2 2025 compared to Q1 [4][18] - **Future Expectations**: The company aims to stabilize existing operations while seeking further growth opportunities despite market challenges [20]

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

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].