关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 | 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-026 | | --- | --- | --- | | 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 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 14 点 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 召开地点：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。 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel [5][6]. Core Viewpoints - The easing of tariff policies has led to a stabilization and rebound in steel prices. The report highlights that the U.S. tariffs on Chinese steel are expected to decrease significantly, although not to zero, indicating potential fluctuations in tariff policies [5]. - The report anticipates that the profitability of steel companies will improve due to expected adjustments in crude steel production and a more relaxed supply of raw materials like iron ore and coking coal [5]. Price Summary - As of April 25, steel prices have increased, with Shanghai's 20mm HRB400 rebar priced at 3200 CNY/ton, up 70 CNY/ton from the previous week. Other price changes include: - High line 8.0mm: 3410 CNY/ton, up 80 CNY/ton - Hot-rolled 3.0mm: 3260 CNY/ton, up 20 CNY/ton - Cold-rolled 1.0mm: 3710 CNY/ton, down 80 CNY/ton - Common medium plate 20mm: 3490 CNY/ton, up 20 CNY/ton [3][12]. Production and Inventory Summary - As of April 25, the production of five major steel products increased to 8.76 million tons, a rise of 31,300 tons week-on-week. Notably, rebar production decreased slightly to 2.2911 million tons. Total inventory of these products decreased by 414,400 tons to 10.8235 million tons [4][5]. - The apparent consumption of rebar was estimated at 2.5994 million tons, down 138,800 tons week-on-week, while daily average sales of construction steel increased by 11.56% [4]. Profitability Analysis - The report indicates an increase in steel profitability, with estimated gross margins for rebar, hot-rolled, and cold-rolled steel changing by +16 CNY/ton, +6 CNY/ton, and -94 CNY/ton respectively. Electric arc furnace steel margins increased by +11 CNY/ton [3][5]. Investment Recommendations - The report recommends focusing on the following companies: - General Steel Sector: Baosteel, Hualing Steel, Nanjing Steel - Special Steel Sector: CITIC Special Steel, Yongjin Co., Xianglou New Materials - Pipe Material: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - It also suggests paying attention to high-temperature alloy companies like Fushun Special Steel [5].

一、保荐人及保荐代表人承诺 国泰海通证券股份有限公司（以下简称"国泰海通""保荐人""本机构"） 作为江苏武进不锈股份有限公司（以下简称"武进不锈""公司""发行人"） 2023年向不特定对象发行可转换公司债券的的保荐人及持续督导机构，履行持续 督导职责期间截至2024年12月31日，持续督导期限已满。保荐人按照《证券发行 上市保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第11号—— 持续督导》等相关法律法规和规定的要求，出具本保荐总结报告书。 1、根据武进不锈提供的相关资料和信息，本保荐总结报告书不存在虚假记 载、误导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性 承担法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的质询和调查。 | 保荐人名称 | 国泰海通证券股份有限公司 | | --- | --- | | 注册地址 | 中国（上海）自由贸易试验区商城路618号 | | 法定代表人 | 朱健 | | 保荐代表人 | 倪霆、顾昊 | | 联系电话 | 021-38676666 | 二、保荐人基本情况 三、上 ...

1 | | 督导上市公司建立健全并有效执行公司 治理制度，包括但不限于股东大会、董事会、 | 保荐人督促公司严格执行《公司章程》、 | | --- | --- | --- | | 7 | | | | | 监事会议事规则以及董事、监事和高级管理人 | 三会议事规则等公司治理制度。 | | | 员的行为规范等。 | | | | 督导上市公司建立健全并有效执行内控 制度，包括但不限于财务管理制度、会计核算 | | | | 制度和内部审计制度，以及募集资金使用、关 | 督促公司严格执行各项内部控制制度。 | | 8 | 联交易、对外担保、对外投资、衍生品交易、对 | | | | 子公司的控制等重大经营决策的程序与规则 | | | | 等。 | | | | 督导公司建立健全并有效执行信息披露 | | | | 制度，审阅信息披露文件及其他相关文 | 督促公司严格执行信息披露制度，审 | | 9 | 件，并有充分理由确信上市公司向上海证券交 | 阅信息披露文件及其他相关文件，详 | | | 易所提交的文件不存在虚假记载、误导性陈述 | 见"二、信息披露审阅情况"。 | | | 或重大遗漏。 | | | | 对上市公司的信息 ...

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 ongoing escalation of "reciprocal tariffs" has led to a divergence in demand for construction materials and steel plates, with a notable impact on export demand for plates [3][4]. - Domestic steel prices have decreased, with significant drops in various categories, including rebar and cold-rolled steel [8][9]. - The overall steel production has seen a slight decline, with total output for major steel varieties at 8.71 million tons, a decrease of 1.46 million tons week-on-week [2][3]. Price Trends - As of April 11, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,170 CNY/ton, down 50 CNY/ton from the previous week [8][9]. - The prices for hot-rolled and cold-rolled steel have also seen declines, with hot-rolled at 3,330 CNY/ton (down 40 CNY) and cold-rolled at 3,910 CNY/ton (down 100 CNY) [8][9]. Production and Inventory - The production of rebar increased by 3.72 million tons to 2.32 million tons this week, while total inventory decreased by 388,300 tons to 11.76 million tons [2][3]. - The social inventory of rebar decreased by 278,500 tons, while factory inventory increased by 72,500 tons [2][3]. Investment Recommendations - The report suggests 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]. - It also recommends paying attention to high-temperature alloy stocks, specifically Fushun Special Steel [3]. Profitability Analysis - The report indicates a decrease in long-process steel profits, with rebar, hot-rolled, and cold-rolled margins down by 19 CNY/ton, 41 CNY/ton, and 38 CNY/ton respectively [1][3]. - Short-process electric furnace steel profits have seen a slight increase [1][3]. International Market Overview - The U.S. steel market prices have remained stable, with hot-rolled coil prices at 1,040 USD/ton and cold-rolled at 1,270 USD/ton [21][23]. - European steel prices have increased, with hot-rolled prices at 715 USD/ton, up 25 USD from the previous week [21][23]. Raw Material Market - Domestic iron ore prices have shown a mixed trend, with some prices declining, such as Brazilian powder at 850 CNY/ton, down 35 CNY [26][27]. - Scrap steel prices have also decreased, with a current price of 2,030 CNY/ton, down 60 CNY from last week [26][27].

更正前： | 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-014 | | --- | --- | --- | | 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 关于股份回购实施完成暨股份变动公告的更正公告 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。 江苏武进不锈股份有限公司（以下简称"公司"）于 2025 年 4 月 3 日披露 《关于股份回购实施完成暨股份变动的公告》（公告编号：2025-013）。经自查， 因工作人员编辑失误，重要内容提示中单位有误，现对该内容进行更正。具体更 正内容如下： | 预计回购金额 | 万元 2,000 万元~3,000 | | --- | --- | | 回购用途 | 减少注册资本 用于员工持股计划或者股权激励 用于转换公司可转债 | | | 为维护公司价值及股东权益所必需 | | 累计已回购股数 | 4,950,000 股 | | 累计已回购股数占总股本比例 | 0.8822% | | 累计已回购金额 | 29,921 ...

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, indicating a low level of conversion activity and the remaining outstanding amount of bonds. Group 1: Convertible Bond Issuance Overview - The company issued 3.1 million convertible bonds on July 10, 2023, with a total value of RMB 310 million, which began trading on August 3, 2023 [1] - The bonds have a six-year term from July 10, 2023, to July 9, 2029, with a tiered interest rate structure starting at 0.30% in the first year and reaching 2.00% by the sixth year [2] Group 2: Conversion Status - As of March 31, 2025, a total of RMB 57,000 worth of bonds have been converted into 6,778 shares, representing 0.0012% of the company's total shares before conversion [2][3] - The remaining unconverted bonds amount to RMB 309,943,000, which constitutes 99.9816% of the total issuance [3] Group 3: Share Capital Changes - The total share capital increased from 561,069,041 shares to 561,069,165 shares due to the conversion of 124 shares from the bonds [3]

证券代码：603878 证券简称：武进不锈 公告编号：2025-013 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 关于股份回购实施完成暨股份变动的公告 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： | 回购方案首次披露日 | 2024/9/10 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 2,000 万元~3,000 万元 | | 回购价格上限 | 8.28 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 4,950,000 万股 | | 实际回购股数占总股本比例 | 0.8822% | | 实际回购金额 | 29,921,358.01 万元 | | 实际回购价格区间 | 5.44 元/股~6.60 元/股 | 一、 回购审批情况和回购方案内容 江苏武进不锈股份有限公司（以下简称"公司 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-012 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 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）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 100 元，发行总额 31,000 万元。 经上海证券交易所《自律监管决定书》（[2023]168 号）同意，公司 31,000 万元可转换公司债券于 2023 年 8 月 3 日起在上海证券交易所挂牌交易，债券简 称"武进转债"，债券代码"113671"。 根据《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 累计转股情况：截至 2025 年 3 月 31 日，累计有人民币 57,000 元"武进 转债"转为江苏武进不锈股份有限公司（以下简称"公司"）A 股普通 股，累计转股股数 6,778 股，累计转股股数占"武进转债"转股前公司 已发行股份总额的 0.0012%。 ...

Market Overview - A-shares experienced narrow fluctuations with all three major indices closing slightly lower, with the Shanghai Composite Index down 0.04% at 3368.7 points, the ChiNext Index down 0.26% at 2139.9 points, and the Shenzhen Component Index down 0.05% at 10643.82 points [1] - Total trading volume in the two markets reached 11,543 billion yuan, a decrease of 1,039 billion yuan from the previous trading day [1] Sector Performance - The banking and electric power sectors saw significant declines, with major banks like China Merchants Bank dropping over 5% [3] - The automotive sector showed gains in the afternoon, with several stocks reaching their daily limit or increasing by over 10% [3] - The real estate sector remained strong, with stocks like Rongsheng Development and Jingji Agricultural Technology hitting their daily limit [3] - The steel sector faced declines, with companies like Xining Special Steel and Bayi Iron & Steel dropping over 3% [4] - Public utilities also performed poorly, with stocks like Xinjiang Haoyuan and Mingxing Electric Power falling over 5% [4] Investment Opportunities - There are structural gaming opportunities in certain consumer sectors, particularly in home appliances and consumer electronics, as policies to stimulate consumption are being implemented [5] - The average price-to-earnings ratios for the Shanghai Composite Index and ChiNext Index are at 14.32 times and 37.58 times, respectively, indicating a suitable environment for medium to long-term investments [6] - The market is expected to show characteristics of technology leadership, dividend defense, consumer recovery, and domestic demand-driven growth, suggesting a balanced approach to investment across financial, dividend, consumer, and technology sectors [7]