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 | ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The rebound in coking coal prices is noteworthy, with a focus on the resilience of demand during the off-season. The report indicates that domestic steel demand is gradually entering a seasonal decline, while external demand remains uncertain due to tariff adjustments by the U.S. government [3][4]. - The report highlights that the profitability of long-process steel production has increased, with specific profit margins for rebar, hot-rolled, and cold-rolled steel showing positive changes compared to the previous week [2][3]. - The overall steel production has decreased, with a total output of 8.8 million tons for major steel varieties, reflecting a slight decline from the previous week [2][3]. Summary by Sections Price Trends - As of June 6, 2025, steel prices in Shanghai showed mixed trends, with rebar prices at 3,140 CNY/ton (up 10 CNY), hot-rolled steel at 3,260 CNY/ton (up 60 CNY), and cold-rolled steel remaining stable at 3,580 CNY/ton [1][10]. Production and Inventory - The total production of major steel varieties was 8.8 million tons, with a week-on-week decrease of 0.47 million tons. Rebar production specifically decreased by 70,500 tons to 2,184,600 tons [2][3]. - Total social inventory of major steel varieties decreased by 16,100 tons to 9,298,600 tons, with rebar inventory dropping by 89,700 tons [2][3]. Investment Recommendations - The report recommends focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4].

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].

江苏正气浩然（上海）律师事务所 关于江苏武进不锈股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 本次股东大会的现场会议于 2025年 5 月 20 日 (星期二) 14 时 00 分在公 司（江苏省常州市天宁区郑陆镇武澄西路 1 号）二楼职工培训室如期召开。通 过交易投票平台的投票时间为 2025 年 5 月 20 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 2025年 5 月 20 日的 9:15-15:00。本次股东大会由董事长朱琦女士主持现场会议。本次股东大 会的召开时间、地点、内容、方式与本次股东大会通知一致。 本所律师认为，本次股东大会的召集、召开程序和方式符合《公司法》、 2 江苏正气浩然(上海)律师事务所 江苏正气浩然(上海)律师事务所 法律意见书 江苏正气浩然(上海)律师事务所 关于江苏武进不锈股份有限公司 2024年年度股东大会的法律意见书 致:江苏武进不锈股份有限公司 江苏正气浩然(上海)律师事务所(下称"本所")接受江苏武进不锈股 份有限公司(下称"公司")的委托,指派律师出席公司 202 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-028 | | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：江苏省常州市天宁区郑陆镇武澄西路 1 号公司二楼职 工培训室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 142 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 130,010,829 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 23.1719 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由 ...

Investment Rating - The industry is rated as "Buy" for specific stocks and "Hold" for others, indicating a positive outlook for selected companies within the steel sector [8]. Core Insights - The report highlights a decrease in tariff uncertainty, which is expected to improve economic expectations. The U.S.-China trade tensions have entered a phase of temporary easing, although future uncertainties remain significant [2][4]. - The domestic steel production has shown signs of recovery, with a notable increase in apparent consumption of steel products, particularly rebar, which has returned to levels seen in the previous year [3][39]. - The report emphasizes the implementation of proactive macroeconomic policies, including fiscal and monetary measures, which are anticipated to support the steel industry's recovery and growth [4][12]. Summary by Sections Supply - The average daily pig iron production has decreased by 10,000 tons to 2,447,000 tons, with a slight decline in long-process production [11]. - The capacity utilization rate for blast furnaces across 247 steel mills is reported at 91.7%, a decrease of 0.4 percentage points from the previous period but an increase of 4.1 percentage points year-on-year [17]. Inventory - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 3.1%. The social inventory of five major steel products stands at 9,937,000 tons, down 3.8% from the previous week and down 28.5% year-on-year [24][26]. Demand - Apparent consumption of five major steel products has significantly improved, with a week-on-week increase of 8.1%. Rebar consumption reached 2,603,000 tons, up 21.7% from the previous week [39][48]. Raw Materials - Iron ore prices have risen, with the Platts 62% iron ore price index at $101.1 per ton, reflecting a week-on-week increase of 2.5% [57]. - The report notes a slight increase in the shipping volume of iron ore from Australia, while Brazilian shipments have decreased [57]. Prices and Profits - Steel prices are showing a strong performance, with the Myspic comprehensive steel price index at 123.6, up 0.9% week-on-week. The report anticipates that steel prices may gradually strengthen due to improving fundamentals driven by macroeconomic and industry policies [70][71]. - The current profit margins for long-process rebar and hot-rolled coils remain negative, indicating ongoing cost pressures [72]. Key Stocks - The report recommends several stocks for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - New Steel (Buy) - Jiuli Special Materials (Buy) - Xinxing Ductile Iron Pipes (Hold) [8].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [5][6]. Core Viewpoints - The easing of tariffs between China and the US has improved external demand expectations, providing short-term support for steel demand [5][6]. - The report anticipates a potential increase in steel production control due to uncertainties in external demand and a recovering domestic demand [5][6]. - The profitability of steel companies is expected to recover as raw material supply conditions become more favorable [5][6]. Price Summary - As of May 16, steel prices have increased, with rebar (20mm HRB400) priced at 3200 CNY/ton, up 50 CNY/ton from the previous week [3][12]. - Hot-rolled steel (3.0mm) is priced at 3310 CNY/ton, reflecting an increase of 80 CNY/ton [3][12]. - Cold-rolled steel (1.0mm) is priced at 3670 CNY/ton, up 70 CNY/ton [3][12]. Production and Inventory - Total steel production for the week ending May 16 was 8.68 million tons, a decrease of 58,200 tons from the previous week [4]. - Social inventory of major steel products decreased by 392,900 tons to 9.93 million tons [4]. - The apparent consumption of rebar was estimated at 2.60 million tons, an increase of 463,900 tons week-on-week [4]. Investment Recommendations - Recommended stocks include Baosteel, Hualing Steel, Nanjing Steel in the general steel sector, and CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector [5]. - Suggested attention to high-temperature alloy stocks such as Fushun Special Steel [5]. Key Company Earnings Forecasts - Baosteel (600019.SH) has an EPS forecast of 0.34 CNY for 2024, with a PE ratio of 20 [5]. - Hualing Steel (000932.SZ) has an EPS forecast of 0.29 CNY for 2024, with a PE ratio of 17 [5]. - Nanjing Steel (600282.SH) has an EPS forecast of 0.37 CNY for 2024, with a PE ratio of 12 [5].