江苏武进不锈股份有限公司 2024 年年度股东大会 会议资料 江苏常州 二〇二五年五月二十日 | 2024 年年度股东大会会议议程 - | | --- | | 2024 年年度股东大会须知 . | | 议案一：《2024年年度报告及摘要的议案》 | | 议案二:《2024年度董事会工作报告》 …………………………………………………………………………………………………………… - 9 - | | 议案三:《2024年度监事会工作报告》 …………………………………………………… - 16 - | | 议案四:《2024年度财务决算报告的议案》 - 21 - | | 议案五:《2024 年度利润分配方案的议案》 - 27 - | | 议案六:《关于公司董事长、副董事长薪酬的议案》 | | 议案七：《关于公司独立董事津贴的议案》 ……………………………………………… - 29 - | | 议案八:《关于公司非独立董事（除董事长、副董事长外）薪酬的议案》- 30 - | | 议案九:《关于公司监事薪酬的议案》 | | 议案十:《关于续聘公司 2025 年度审计机构的议案》 - 34 - | | 议案十一:《关于申请银行 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.11 yuan [6]. Core Views - The company experienced a revenue decline of 24.57% year-on-year in 2024, with total revenue of 2.652 billion yuan and a net profit attributable to shareholders of 126 million yuan, down 64.25% year-on-year. The first quarter of 2025 showed some recovery with a revenue of 483 million yuan, a decrease of 33.90% year-on-year, but a net profit of 30 million yuan, indicating a turnaround from losses [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.652 billion yuan, a decrease of 24.57% year-on-year. The net profit attributable to shareholders was 126 million yuan, down 64.25% year-on-year. The first quarter of 2025 saw a revenue of 483 million yuan, a year-on-year decrease of 33.90%, but a net profit of 30 million yuan, indicating a recovery from previous losses [1][5]. Sales and Margins - The sales volume for seamless and welded pipes in 2024 was 43,500 tons and 26,600 tons, respectively, showing declines of 15.07% and 24.02% year-on-year. In Q1 2025, the sales volume for seamless and welded pipes was 10,600 tons and 6,300 tons, respectively, with a total sales volume of 16,900 tons, reflecting a 4.83% increase quarter-on-quarter [2]. - The gross margin improved in Q1 2025, with the gross margin for seamless pipes increasing by 4.1% and for welded pipes decreasing by 1.1% compared to the previous quarter. The overall gross margin for 2024 was 15.16%, down 1.50 percentage points year-on-year, while in Q1 2025, it was 16.28%, down 2.06 percentage points year-on-year but up 5.37 percentage points quarter-on-quarter [2]. Future Outlook - The company is focusing on maintaining high demand for thermal power boilers, with significant growth in revenue from electric power equipment and natural gas, which increased by 40.79% and 170.29% year-on-year, respectively. The company is also actively developing new application markets, including nuclear power and coal liquefaction, and expanding into international markets [3][4]. - The company has established itself as a qualified supplier for several major domestic and international companies, ensuring product quality through lean production practices [3]. Earnings Forecast - The company is expected to recover its profitability, with projected net profits of 172 million yuan, 192 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 17x, 15x, and 13x [4][5].

Core Viewpoint - 武进不锈's performance in Q1 2025 shows significant declines in revenue and net profit, indicating a challenging operational environment [2][7]. Operating Performance - The total revenue for Q1 2025 was 483 million yuan, a decrease of 33.9% compared to the same period last year [2]. - The net profit attributable to shareholders was 30.32 million yuan, down 55.43% year-on-year, while the net profit after deducting non-recurring items was 28.38 million yuan, a decline of 56.3% [2]. Profitability - The gross margin for Q1 2025 was 16.28%, a reduction of 11.25 percentage points year-on-year [3]. - The net margin stood at 6.28%, reflecting a decrease of 32.57 percentage points compared to the previous year [3]. Cost Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 24.07 million yuan, accounting for 4.99% of revenue, which is a 20.17% increase year-on-year [4]. - The increase in expenses was lower than the decline in revenue, indicating some efforts in cost control [4]. Asset Status - As of the end of Q1 2025, cash and cash equivalents were 278 million yuan, a significant decrease of 59.25% year-on-year [5]. - Accounts receivable totaled 376 million yuan, down 53.20% from the previous year, but the accounts receivable represented 299.24% of the latest annual net profit, which may negatively impact future cash flow [5]. Solvency - The company's interest-bearing debt decreased from 457 million yuan to 366 million yuan, a reduction of 20.01% [6]. - The ratio of cash to current liabilities was only 72.7%, suggesting a need for investors to monitor the company's short-term solvency [6]. Dividend Situation - Since its listing, 武进不锈 has raised a total of 751 million yuan and distributed a total of 1.09 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.45 and an estimated dividend yield of 4.68% [7].

Core Insights - In 2024, Wujin Stainless Steel reported a significant decline in both revenue and profit, with total operating income falling to 2.652 billion yuan, a decrease of 24.57% year-on-year, and net profit dropping to 126 million yuan, down 64.25% [1][4] - The company's performance starkly contrasts with 2023, where it experienced substantial growth in revenue and profit [4] Financial Performance - Total operating income decreased from 3.516 billion yuan in 2023 to 2.652 billion yuan in 2024, a decline of 24.57% [4] - Gross profit fell from 586 million yuan to 402 million yuan, a reduction of 31.40% [4] - Net profit attributable to shareholders and non-recurring net profit decreased by 64.25% and 68.27%, respectively [4] Industry Environment - The steel industry is undergoing a deep adjustment, characterized by high production, high costs, and low demand, prices, and efficiency [5] - The overall economic benefits of the industry are declining, with the total profit of the black metal smelting and rolling processing industry dropping by 54.6% in 2024 [4][5] Market Challenges - The company faces intensified market competition, with price competition becoming fierce and total order volume decreasing [4] - The downturn in the petrochemical sector has severely impacted the company's main business revenue and gross margin [5][6] Strategic Response - In response to the challenging market conditions, the company plans to enhance lean management, optimize cost control, and improve operational efficiency [6] - Wujin Stainless Steel aims to develop new domestic application markets while actively expanding foreign trade to ensure stable operations [6] - The company emphasizes the importance of technological innovation and product upgrades to enhance market competitiveness in the face of future challenges [6]

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-023 | | --- | --- | --- | | 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 关于公司开展外汇套期保值业务的公告 随着公司国际业务规模的逐年扩大，外销结算币种采用美元、欧元及其他币 种，汇率波动对经营影响较为明显。为有效规避外汇市场的风险，防范汇率波动 对经营业绩造成不利影响，提高外汇资金使用效率，公司计划使用其自有资金开 展外汇套期保值业务。 （二）交易金额及期限 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： 交易目的：随着公司国际业务规模的逐年扩大，为有效规避外汇市场的风 险，防范汇率波动对经营业绩造成不利影响，提高外汇资金使用效率，江苏武进 不锈股份有限公司（以下简称"公司"）计划使用自有资金开展外汇套期保值业 务。 交易金额及期限：拟使用不超过 12,000 万美元或等值外币自有资金，授 权期限自公司 2024 年年度股东大会审议通过之日起一年内有效。在前述额度及 期 ...

公司于 2025 年 4 月 24 日召开第五届董事会第九次会议，审议通过了《关 于会计政策变更的议案》。本次会计政策变更属于公司根据法律、行政法规和 国家统一的会计制度要求进行的变更，无需提交公司股东大会审议。 财政部于 2023 年 10 月 25 日公布了《企业会计准则解释第 17 号》（财会 〔2023〕21 号）。①关于流动负债与非流动负债的划分②关于供应商融资安排 的披露③关于售后租回交易的会计处理。该解释自 2024 年 1 月 1 日起施行。 财政部于 2023 年 8 月 1 日发布了《企业数据资源相关会计处理暂行规定》（财 会〔2023〕11 号），适用于符合企业会计准则相关规定确认为无形资产或存货 等资产的数据资源，以及企业合法拥有或控制的、预期会给企业带来经济利益 的、但不满足资产确认条件而未予确认的数据资源的相关会计处理，并对数据 资源的披露提出了具体要求。该规定自 2024 年 1 月 1 日起施行。财政部于 2024 | 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：113671 | 债券 ...

江苏武进不锈股份有限公司 2024 年度会计师事务所履职情况评估报告 江苏武进不锈股份有限公司（以下简称"公司"）聘请立信会计师事务所（特 殊普通合伙）（以下简称"立信"）作为公司 2024 年度财务报告及内部控制审 计机构。根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员 会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对立信 2024 年度审计过程中的履职情况进行评估。经评估，公司认为，立信在资质等方面合 规有效，履职能够保持独立性，勤勉尽责，公允表达意见。具体情况如下： 一、资质条件 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业 务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB） 注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-021 | | --- | --- | --- | | 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 2024 年度募集资金存放与使用情况的专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意江苏武进不锈股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]1353 号）批复，江苏武 进不锈股份有限公司（以下简称"公司"）于 2023 年 7 月 10 日向不特定对象发 行人民币可转换公司债券 3,100,000.00 张，每张面值为人民币 100.00 元，按面值 发行，期限为 6 年。截至 2023 年 7 月 14 日，公司共募集资金总额为人民币 310,000,000.00 元，扣除发行费用人民币 10,233,490.55 元（不含税）后，实际募 集资金净额为人民币 299,76 ...

江苏武进不锈股份有限公司 开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的背景、目的 随着江苏武进不锈股份有限公司（以下简称"公司"）国际业务规模的逐年扩大， 外销结算币种采用美元、欧元及其他币种，汇率波动对经营影响较为明显。为有效规避 外汇市场的风险，防范汇率波动对经营业绩造成不利影响，提高外汇资金使用效率，公 司计划使用其自有资金开展外汇套期保值业务。 二、外汇套期保值业务的基本情况 （一）交易金额及期限 公司拟开展外汇套期保值业务的总额度不超过12,000万美元或等值外币，授权期限 自公司2024年年度股东大会审议通过之日起一年内有效。在前述额度及期限范围内，资 金可循环使用，期限内任一时点的交易金额不应超过投资额度。如单笔交易的存续期超 过了授权期限，则授权期限自动顺延至单笔交易终止时止。 （二）资金来源 公司开展外汇套期保值业务投入的资金来源为其自有资金，不涉及募集资金或者银 行信贷资金。 （三）交易场所、交易品种及交易工具 公司仅与经国家外汇管理局和中国人民银行批准，具有外汇套期保值业务经营资质 的银行等金融机构进行交易。公司进行的外汇套期保值业务主要外币币种有美元、欧元、 日元等 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-016 | | --- | --- | --- | | 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 第五届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 江苏武进不锈股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日以 书面送达、电话、电子邮件的方式向各位监事发出召开第五届监事会第六次会 议的通知，会议于 2025 年 4 月 24 日在公司会议室以现场方式召开并表决。本 次会议应参加监事 3 名，实际参加监事 3 名。本次会议由监事会主席王燕女士 主持。本次会议的召集、召开及表决程序符合《公司法》及《公司章程》的规 定。 二、监事会会议审议情况 1、审议通过《2024 年年度报告及摘要的议案》 同意《2024 年年度报告》全文及摘要。 监事会认为： （1）公司 2024 年年度报告及摘要的编制和审核程序符合法律、行政法规和 中国证监会的规定； （2 ...