Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies within the industry [3][4]. Core Insights - The report indicates that iron water remains at a high level, with strong cost support. Although there is a long-term downward trend in iron water, the short-term decline is relatively slow. The supply of iron ore has not yet been released, solidifying the cost bottom in the short term [3][4]. - The overall production and inventory levels of steel are at low points year-on-year, with no significant supply-demand contradictions. The profitability of steel companies is expected to recover due to the optimization of crude steel supply and the gradual release of new iron ore production capacity [3][4]. Summary by Sections Price Trends - As of June 27, steel prices showed mixed trends, with rebar prices at 3,090 CNY/ton (up 20 CNY), high line prices at 3,300 CNY/ton (up 30 CNY), hot-rolled prices stable at 3,240 CNY/ton, cold-rolled prices down 20 CNY to 3,490 CNY/ton, and medium plate prices down 20 CNY to 3,280 CNY/ton [1][10][11]. Production and Inventory - The total production of five major steel varieties reached 8.81 million tons, an increase of 124,800 tons week-on-week. The apparent consumption of rebar was estimated at 2.1991 million tons, up 0.72 million tons from the previous week [2][3]. Profitability - The report estimates that the gross profit for rebar, hot-rolled, and cold-rolled steel changed by +1 CNY/ton, +5 CNY/ton, and -21 CNY/ton respectively compared to the previous week. Electric arc furnace steel saw a decrease of 6 CNY/ton in gross profit [1][3]. Investment Recommendations - Recommended stocks include: 1. General steel sector: Baosteel, Hualing Steel, Nanjing Steel 2. Special steel sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co. 3. Pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Suggested to pay attention to high-temperature alloy stocks: Fushun Special Steel [3][4]. Key Company Earnings Forecasts - Baosteel (600019.SH): EPS forecast for 2024A at 0.34 CNY, PE at 19, rated as "Buy" - Hualing Steel (000932.SZ): EPS forecast for 2024A at 0.29 CNY, PE at 15, rated as "Buy" - Nanjing Steel (600282.SH): EPS forecast for 2024A at 0.37 CNY, PE at 11, rated as "Buy" [3].

Summary of Key Points Core Viewpoint - The company Jiangsu Wujin Stainless Steel Co., Ltd. has experienced a decline in revenue and net profit for the year 2024, while also announcing a bond issuance to fund a new project [2][4]. Group 1: Financial Performance - For the year 2024, the company reported a revenue of RMB 2,651,650,094.54, representing a year-on-year decrease of 24.57% [2][4]. - The net profit attributable to shareholders for 2024 was RMB 125,714,250.52, which is a significant decline of 64.25% compared to the previous year [2][4]. Group 2: Bond Issuance - The company announced a bond issuance totaling RMB 310,000,000.00, with a net fundraising amount of RMB 299,766,509.45 after deducting issuance costs [2]. - The raised funds will be allocated to a project aimed at producing 20,000 tons of high-end stainless steel seamless pipes [2]. Group 3: Management Changes - The company's chairman, Zhu Guoliang, resigned on May 14, 2024, and the vice chairman, Zhu Qi, has taken over the chairman's responsibilities [2][4]. - The company completed the election of the board of directors and supervisory board, along with the appointment of senior management personnel on August 5, 2024 [2]. Group 4: Credit Ratings - The company's credit rating is classified as "AA" with a stable outlook, while the "Wujin Convertible Bond" also holds an "AA" credit rating [2].

Group 1 - The company Jiangsu Wujin Stainless Steel Co., Ltd. issued convertible bonds totaling RMB 310 million, with 3,100,000 bonds at a face value of RMB 100 each [3][19][26] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [4][10] - The initial conversion price for the bonds is set at RMB 8.55 per share, with provisions for adjustments based on stock dividends and other corporate actions [6][7][10] Group 2 - The company reported a significant decline in net profit for 2024, amounting to RMB 125.71 million, a decrease of 64.25% compared to the previous year, primarily due to downturns in the petrochemical industry [20][26] - The total revenue for 2024 was RMB 2.65 billion, reflecting a 24.57% decrease from RMB 3.52 billion in 2023 [20][26] - The company’s total assets at the end of 2024 were RMB 4.05 billion, down 4.98% from RMB 4.26 billion in 2023 [20][26] Group 3 - The company has established a special account for managing the raised funds, with agreements signed with multiple banks to ensure proper oversight [19][21] - As of July 25, 2024, the company had permanently supplemented its working capital with surplus funds amounting to approximately RMB 14.89 million [25][26] - The company’s credit rating is "AA" with a stable outlook, indicating a strong capacity to meet its financial obligations [19][26]

证券代码： 603878 证券简称：武进不锈 债券代码： 113671 债券简称：武进转债 重要声明 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 受托管理事务报告 （2024年度） 债券受托管理人 （中国（上海）自由贸易试验区商城路618号） 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》《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之债券受托管理协议》（以下简称"《受托管理协议》"）《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募集说明书》（以下简 称"《募集说明书》"）《江苏武进不锈股份有限公司2024年年度报告》等相关公 开信息披露文件、第三方中介机构出具的专业意见等，由本次债券受托管理人国泰 海通证券股份有限公司（以下简称"国泰海通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事 宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺或声 明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国泰海通不承 担任何责任。 | 第一节 | 本次债券概况 4 | ...

Investment Rating - The report maintains a "Buy" recommendation for the steel sector, highlighting specific companies for investment [3]. Core Viewpoints - The steel market is experiencing weak supply and demand, leading to price fluctuations. As of June 20, 2025, the price of 20mm HRB400 rebar in Shanghai is 3070 CNY/ton, unchanged from the previous week [1][10]. - Steel profits have increased slightly, with rebar, hot-rolled, and cold-rolled steel margins changing by +6 CNY/ton, +20 CNY/ton, and -26 CNY/ton respectively [1][3]. - Steel production has risen, with a total output of 8.69 million tons for major steel products, a week-on-week increase of 96,600 tons [2][3]. Summary by Sections Price Trends - As of June 20, 2025, various steel prices show mixed trends, with rebar prices stable at 3070 CNY/ton, hot-rolled steel increasing by 40 CNY/ton to 3240 CNY/ton, and cold-rolled steel decreasing by 30 CNY/ton to 3510 CNY/ton [1][10][11]. Production and Inventory - The total production of major steel products reached 8.69 million tons, with rebar production increasing by 46,100 tons to 2.12 million tons. Total social inventory decreased by 144,300 tons to 9.12 million tons [2][3]. Profitability - The report indicates a slight increase in steel profitability, with long-process steel margins showing minor increases while short-process margins have decreased [1][3]. Investment Recommendations - The report suggests focusing on the following companies: - For flat steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: Xianglou New Materials, CITIC Special Steel, Yongjin Co. - For pipe materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel - Additionally, it recommends paying attention to high-temperature alloy companies like Fushun Special Steel [3].

| 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 ...