Group 1 - The company announced a projected total operating revenue of 2,309,124,219.70 yuan for 2025, representing a year-on-year decrease of 12.92% [2] - The net profit attributable to shareholders of the listed company is expected to be 78,061,172.24 yuan in 2025, reflecting a year-on-year decline of 37.91% [2]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to multiple industry challenges [1] Financial Performance - The company achieved an operating revenue of 2.309 billion yuan, a year-on-year decrease of 12.92% [1] - The net profit attributable to shareholders was 78.0612 million yuan, reflecting a year-on-year decline of 37.91% [1] Industry Context - The overall demand in the stainless steel industry has slowed down, impacting the company's performance [1] - Fluctuations in raw material prices and intensified industry competition have contributed to the decline in operating results [1] - The company's gross margin has decreased, further affecting profitability [1] Strategic Focus - The company remains committed to its core business of stainless steel pipes, continuously optimizing product structure and deepening its presence in high-end market segments [1] - Despite the challenges, the company maintains stable business operations [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to various industry challenges [1] Financial Performance - The company achieved an operating revenue of 2.309 billion yuan, a year-on-year decrease of 12.92% [1] - The net profit attributable to shareholders was 78.0612 million yuan, reflecting a year-on-year decline of 37.91% [1] Business Operations - The company remains committed to its core business of stainless steel pipes, focusing on optimizing product structure and deepening its presence in high-end markets [1] - Despite stable business operations, the company faced challenges due to a slowdown in overall demand in the stainless steel industry, fluctuations in raw material prices, intensified competition, and a decline in gross profit margins [1]

Core Viewpoint - The company reported a significant decline in its financial performance for the year 2025, primarily due to a slowdown in demand within the stainless steel industry, fluctuations in raw material prices, intensified competition, and a decrease in gross profit margins [1] Financial Performance - The company achieved an operating revenue of 2.309 billion yuan, a year-on-year decrease of 12.92% [1] - The total profit amounted to 82.8922 million yuan, reflecting a year-on-year decline of 40.74% [1] - The net profit attributable to shareholders was 78.0612 million yuan, down 37.91% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 62.7584 million yuan, a decrease of 39.03% year-on-year [1] - Operating profit decreased by 35.45% year-on-year [1] Industry Context - The stainless steel pipe industry is facing increasing competition, leading to a decline in overall market conditions [1] - The pace of demand release in the downstream manufacturing sector has slowed, impacting the company's order intake and delivery schedules [1] - The overall gross profit margin of the company has significantly decreased compared to the same period last year due to the combined effects of raw material price fluctuations and intensified market competition [1]

Financial Performance - Total revenue for 2025 was RMB 2,309,124,219.70, a decrease of 12.92% compared to the previous year[4] - Operating profit fell to RMB 90,776,823.08, down 35.45% year-on-year[6] - Net profit attributable to shareholders decreased by 37.91% to RMB 78,061,172.24[6] - Basic earnings per share dropped by 36.36% to RMB 0.14[7] Assets and Equity - Total assets at the end of the reporting period were RMB 4,001,153,013.81, a decline of 1.11% from the beginning of the period[6] - Shareholder equity increased by 0.95% to RMB 2,626,081,604.47[6] Market Conditions - The decline in performance was attributed to intensified market competition and a slowdown in downstream manufacturing demand[6] - The overall gross margin experienced a significant decline compared to the previous year due to raw material price fluctuations[6] Company Strategy - The company maintained a focus on high-end market development despite the challenging environment[6] Financial Data Disclaimer - Investors are advised to note that the financial data is preliminary and subject to change upon final audit[8]

Group 1 - The core point of the news is that Wujin Stainless Steel experienced a stock price increase of 5.15%, reaching 9.59 CNY per share, with a trading volume of 181 million CNY and a turnover rate of 3.45%, resulting in a total market capitalization of 5.381 billion CNY [1] - Wujin Stainless Steel, established on March 30, 2001, and listed on December 19, 2016, specializes in the research, production, and sales of industrial stainless steel pipes and fittings [1] - The company's main business revenue composition includes seamless pipes at 75.33%, welded pipes at 21.60%, and fittings and others at 3.07% [1] Group 2 - From the perspective of the top ten circulating shareholders, E Fund's fund, E Fund CSI Dividend ETF (515180), entered the top ten circulating shareholders with 7.0473 million shares, accounting for 1.26% of the circulating shares, and has an estimated floating profit of approximately 3.3122 million CNY [2] - E Fund CSI Dividend ETF (515180) was established on November 26, 2019, with a latest scale of 11.805 billion CNY, and has achieved a return of 5.08% this year, ranking 3089 out of 5574 in its category [2] - The fund manager Lin Weibin has a cumulative tenure of 12 years and 362 days, managing a total fund asset of 119.408 billion CNY, with the best fund return during his tenure being 83.34% [2]

Group 1 - The latest price of stainless steel plate is 12,725.00 yuan per ton as of February 10, with a 10.41% increase over the last 60 days [2][4] - Relevant manufacturers include Benxi Steel Plate (000761), Taiyuan Iron & Steel (000825), Jiuli Special Materials (002318), Yongxing Materials (002756), Xining Special Steel (600117), Nanjing Steel (600282), Jiuquan Iron & Steel (600307), Fushun Special Steel (600399), Wujin Stainless Steel (603878), and Yongjin Co., Ltd. (603995) [2][4] Group 2 - Cyclical stocks refer to publicly listed companies in raw material production, whose profits are significantly affected by fluctuations in raw material prices [2][4] - Utilizing the price fluctuation data from the business community to identify buying signals for cyclical stocks before quarterly and annual reports is an important method for investing in cyclical stocks [2][4]

Market Performance - The steel sector declined by 3.02% this week, underperforming the broader market, with sub-sectors such as special steel down 2.10%, long products down 1.88%, and flat products down 3.84% [2][5] - Iron ore and steel consumables sectors also saw declines of 1.74% and 3.02% respectively, while the trade circulation sector fell by 4.006% [2][5] Supply Situation - As of February 6, the capacity utilization rate of blast furnaces in sample steel enterprises was 85.7%, an increase of 0.22 percentage points week-on-week [2] - Electric furnace capacity utilization was at 48.1%, a decrease of 7.59 percentage points week-on-week [2] - The production of five major steel products was 7.208 million tons, a week-on-week decrease of 15,500 tons [2] - Daily average pig iron production was 2.2858 million tons, an increase of 6,000 tons week-on-week and 1,400 tons year-on-year [5] Demand Situation - The consumption of five major steel products was 7.607 million tons, a week-on-week decrease of 410,800 tons, or 5.12% [2] - Mainstream traders' sales volume of construction steel was 35,000 tons, down 32,500 tons week-on-week, representing a 48.24% decline [2] Inventory Situation - As of February 6, social inventory of five major steel products was 9.404 million tons, an increase of 496,800 tons week-on-week, or 5.58%, but down 18.04% year-on-year [3][5] - Factory inventory of five major steel products was 3.973 million tons, an increase of 95,600 tons week-on-week, or 2.47%, and down 24.13% year-on-year [3][5] Steel Prices & Profits - As of February 6, the comprehensive index for ordinary steel was 3,414.2 yuan/ton, a week-on-week decrease of 13.31 yuan/ton, or 0.39%, and down 5.51% year-on-year [3] - The comprehensive index for special steel was 6,582.0 yuan/ton, a week-on-week decrease of 2.28 yuan/ton, or 0.03%, and down 2.88% year-on-year [3] - The profit for rebar from blast furnaces was 65 yuan/ton, an increase of 14.0 yuan/ton week-on-week, or 27.45% [3] - The profit for construction steel from electric furnaces was -76 yuan/ton, an increase of 4.0 yuan/ton week-on-week, or 5.00% [3] Raw Material Situation - As of February 6, the spot price index for Australian powder ore (62% Fe) at Rizhao Port was 764 yuan/ton, a week-on-week decrease of 29.0 yuan/ton, or 3.66% [4] - The price for main coking coal at Jingtang Port was 1,700 yuan/ton, a week-on-week decrease of 80.0 yuan/ton [4] - The average available days of iron ore for sample steel enterprises was 31.29 days, an increase of 2.6 days week-on-week [4] Investment Recommendations - The steel sector is expected to have strong "anti-involution" characteristics and significant profit recovery potential, with high-quality steel companies likely to see performance improvements [6][7] - Key companies to focus on include regional leaders with advanced equipment and environmental standards, as well as those benefiting from the new energy cycle [7]

Report Industry Investment Rating - The investment rating for the steel industry is "Bullish" [2]. Report's Core View - The current inventory accumulation pressure of the five major steel products is relatively limited, with the overall inventory at a relatively low level in history and the inventory accumulation speed slower than in previous years. Coupled with the supply support formed by the potential slight contraction of local production capacity due to recent safety inspections, the steel inventory pressure is limited. Currently, the profit per ton of general steel is considerable. Against the backdrop of the industry's "anti - involution," the performance improvement space of general steel companies is large, and they are expected to experience value restoration. The steel sector is also expected to present an opportunity for allocation. Based on the judgment of the steel industry cycle, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity brought about by the gradual restoration of performance and the room for the sector's valuation to rise due to the improvement of the supply pattern. The sector still has medium - to - long - term strategic investment opportunities, so the "Bullish" rating for the industry is maintained [2][3]. Summary According to the Table of Contents 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector fell 3.02% this week, underperforming the broader market. The CSI 300 fell 1.33% to 4643.60. The top three sectors in terms of gains and losses were food and beverage (4.44%), textile and apparel (2.23%), and banking (2.09%) [10]. - The special steel sector fell 2.10%, the long - product sector fell 1.88%, the plate sector fell 3.84%, the iron ore sector fell 1.74%, the steel consumables sector fell 3.02%, and the trade and distribution sector fell 4.006% [2][13][17]. - The top three stocks in the steel sector in terms of gains and losses were Boyun New Materials (9.79%), Dazhong Mining (5.92%), and Shengde Xintai (4.72%) [15]. 2. This Week's Core Data Supply - As of February 6, the daily average hot metal output was 228.58 million tons, a week - on - week increase of 0.60 million tons (0.26%) and a year - on - year increase of 0.06% [25]. - As of February 6, the blast furnace capacity utilization rate of sample steel enterprises was 85.7%, a week - on - week increase of 0.22 percentage points [25]. - As of February 6, the electric furnace capacity utilization rate of sample steel enterprises was 48.1%, a week - on - week decrease of 7.59 percentage points [25]. - As of February 6, the output of the five major steel products was 720.8 million tons, a week - on - week decrease of 1.55 million tons (0.21%) [25]. Demand - As of February 6, the consumption of the five major steel products was 760.7 million tons, a week - on - week decrease of 41.08 million tons (5.12%) [35]. - As of February 6, the trading volume of construction steel by mainstream trading companies was 3.5 million tons, a week - on - week decrease of 3.25 million tons (48.24%) [35]. - As of February 1, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 1.655 million square meters, a week - on - week increase of 226,000 square meters [35]. - As of February 8, the net financing amount of local government special bonds was 1.0851 trillion yuan, a cumulative year - on - year increase of 121.74% [35]. Inventory - As of February 6, the social inventory of the five major steel products was 940.4 million tons, a week - on - week increase of 49.68 million tons (5.58%) and a year - on - year decrease of 18.04% [43]. - As of February 6, the in - plant inventory of the five major steel products was 397.3 million tons, a week - on - week increase of 9.56 million tons (2.47%) and a year - on - year decrease of 24.13% [43]. Steel Prices - As of February 6, the general steel composite index was 3414.2 yuan/ton, a week - on - week decrease of 13.31 yuan/ton (0.39%) and a year - on - year decrease of 5.51% [49]. - As of February 6, the special steel composite index was 6582.0 yuan/ton, a week - on - week decrease of 2.28 yuan/ton (0.03%) and a year - on - year decrease of 2.88% [49]. Steel Mill Profits - As of January 30, the national average hot metal cost was 2396 yuan/ton, a week - on - week increase of 12.0 yuan/ton [57]. - As of February 6, the profit per ton of construction steel electric furnace at normal electricity price was - 76 yuan/ton, a week - on - week increase of 4.0 yuan/ton (5.00%) [57]. - As of February 6, the profit per ton of blast furnace for rebar was 65 yuan/ton, a week - on - week increase of 14.0 yuan/ton (27.45%) [57]. - As of February 6, the profitability rate of 247 steel enterprises was 39.39%, unchanged from the previous week [57]. Futures - Spot Basis - As of February 6, the spot basis of hot - rolled coils was - 1 yuan/ton, a week - on - week increase of 17.0 yuan/ton [65]. - As of February 6, the spot basis of rebar was 143 yuan/ton, a week - on - week increase of 21.0 yuan/ton [65]. - As of February 6, the spot basis of coke was - 117 yuan/ton, a week - on - week increase of 18.0 yuan/ton [65]. - As of February 6, the spot basis of coking coal was 73.5 yuan/ton, a week - on - week increase of 21.5 yuan/ton [65]. - As of February 6, the spot basis of iron ore was 4.5 yuan/ton, a week - on - week increase of 2.0 yuan/ton [65]. Raw Materials: Price & Profit - As of February 6, the spot price index of Australian powder ore in Rizhao Port (62% Fe) was 764 yuan/ton, a week - on - week decrease of 29.0 yuan/ton [74]. - As of February 5, the ex - warehouse price of main coking coal in Jingtang Port was 1700 yuan/ton, a week - on - week decrease of 80.0 yuan/ton [74]. - As of February 6, the ex - factory price of first - grade metallurgical coke was 1770 yuan/ton, unchanged from the previous week [74]. - As of February 6, the average profit per ton of coke for independent coking enterprises was - 10 yuan/ton, a week - on - week increase of 45.0 yuan/ton [74]. - As of February 6, the price difference between hot metal and scrap steel was 66.3 yuan/ton, a week - on - week decrease of 51.9 yuan/ton [74]. 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profits attributable to parent companies, EPS, and P/E ratios of multiple listed steel companies from 2024 to 2027 [75]. Key Announcements of Listed Companies - Youfa Group plans to invest in establishing a wholly - owned subsidiary, Guangdong Youfa Pipe Industry Technology Co., Ltd., with a registered capital of 500 million yuan [76]. - Hainan Mining is planning to acquire the control rights of Luoyang Fengrui Fluorine Industry Co., Ltd. through the issuance of shares and payment of cash and raise supporting funds. The company's stock has been suspended since January 29, 2026, with an expected suspension time of no more than 10 trading days [76]. - Hualing Steel has repurchased 56,023,339 shares as of January 31, 2026, accounting for 0.8109% of the total share capital, with a total transaction amount of 278,597,423.90 yuan [78]. - Anyang Iron and Steel expects a loss of about 460 million yuan in 2025, with a year - on - year reduction of about 85.94% in the loss amount. The net profit after deducting non - recurring gains and losses is expected to be about - 748 million yuan, with a year - on - year reduction of about 77.44% in the loss amount [78]. 4. This Week's Important Industry News - The new - home transactions in 10 major cities increased by 26.8% week - on - week, indicating a warming of real estate demand and having a marginal boost to the demand for construction steel [79]. - Indonesia has suspended the spot coal export due to the government's production cut plan, which may affect China's coal supply and be negative for steel prices [79]. - As of February 2, 23 listed steel companies have released their 2025 performance forecasts, with 12 in profit and 11 in loss [79]. - In January 2026, the sales volume of excavators in China was 18,708 units, a year - on - year increase of 49.5%, with domestic sales increasing by 61.4% and exports increasing by 40.5% [79].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. has announced its major operating data for the fourth quarter of 2025, which is unaudited and emphasizes the importance of cautious investment decisions [1]. Group 1 - The announcement is made in accordance with the Shanghai Stock Exchange's self-regulatory guidelines for listed companies, specifically referencing the steel industry [1]. - The board of directors of Jiangsu Wujin Stainless Steel Co., Ltd. guarantees that the content of the announcement does not contain any false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1].