Group 1 - The special steel concept index rose by 0.19%, ranking 6th among concept sectors, with 19 stocks increasing in value, led by Fuhuan Co., Sansteel Minguang, and Taiyuan Iron & Steel, which rose by 4.94%, 4.20%, and 4.12% respectively [1] - The stocks with the largest declines included Yongjin Co., Shagang Co., and Shangda Co., which fell by 8.31%, 3.76%, and 2.28% respectively [1] - The special steel concept sector saw a net inflow of 235 million yuan from main funds, with 16 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow, led by Hangang Co. with a net inflow of 266 million yuan [1] Group 2 - The top stocks by net inflow ratio included Fuhuan Co., Baosteel Co., and Hangang Co., with net inflow ratios of 13.23%, 8.86%, and 8.85% respectively [2] - The trading data for the top stocks in the special steel concept showed that Hangang Co. had a trading volume of 26.64 million yuan and a turnover rate of 7.88% [2] - Other notable stocks included Beijing Lier with a net inflow of 19.60 million yuan and a turnover rate of 4.06% [2] Group 3 - The stocks with the largest declines in net inflow included Shagang Co. and Ansteel Co., with declines of 5.44 million yuan and 1.12 million yuan respectively [3] - The overall performance of the special steel sector indicates a mixed sentiment among investors, with some stocks experiencing significant inflows while others faced outflows [4] - The trading activity reflects a cautious approach from investors, as evidenced by the varying turnover rates across different stocks in the sector [4]

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Viewpoints - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development to address external uncertainties [2][4]. - The report highlights an increase in daily molten iron production, with a rise of 4.4 thousand tons to 244.4 thousand tons, indicating a positive trend in production capacity utilization [12][18]. - Inventory levels are decreasing, with total steel inventory down 3.2% week-on-week, suggesting a tightening supply situation [24][25]. - Apparent consumption of steel has slightly declined, with rebar consumption showing a decrease of 5.1% week-on-week [39][47]. - Steel prices are showing signs of strength, with the Myspic comprehensive steel price index increasing by 0.7% week-on-week, indicating improved profit margins for steel producers [66][67]. Summary by Sections Supply - Daily molten iron production has increased, with a capacity utilization rate of 91.6% for blast furnaces, up 1.5 percentage points week-on-week [18][24]. - The report anticipates a reduction in crude steel production as part of ongoing supply-side reforms [4][13]. Inventory - Total steel inventory has decreased by 3.2% week-on-week, with significant reductions in both social and factory inventories [24][25]. Demand - Apparent consumption of the five major steel products has decreased by 2.4% week-on-week, with rebar consumption down 5.1% [39][47]. Raw Materials - Iron ore prices have slightly decreased, with the Platts 62% iron ore price index at $99.2 per ton, down 0.7% week-on-week [55][67]. Prices and Profits - Steel prices have strengthened, with the report indicating improved profit margins for steel producers due to rising prices and reduced costs [66][67].

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].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a decline in net profit in Q1 2025, with a net profit of 1.04 billion yuan, down 15.41% year-on-year and 53.19% quarter-on-quarter. However, the overall sales and production volumes are expected to grow in 2025 [1][2]. - The company is expanding its production capacity and transitioning towards deeper processing, with several projects underway, including new production lines for stainless steel and titanium materials [3]. - The company is projected to achieve significant revenue growth in the coming years, with expected revenues of 450 to 500 billion yuan in 2025, representing a year-on-year growth of approximately 9.10% to 20.40% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 93.89 billion yuan, a year-on-year increase of 0.89%. The net profit attributable to shareholders was 1.04 billion yuan, a decrease of 15.41% year-on-year [1]. - The company’s cold-rolled stainless steel production in Q1 2025 was 763,000 tons, a decline of 1.5% year-on-year, while sales volume was 726,000 tons, an increase of 3.7% year-on-year [2]. Production and Capacity Expansion - The company has several projects in progress, including a 400,000-ton stainless steel plate production line and a titanium alloy production line, which are expected to enhance production capacity significantly [3]. - The company plans to produce 3.8 million tons of cold-rolled stainless steel in 2025, with a projected revenue of 450 to 500 billion yuan [2]. Future Outlook - The company is expected to achieve net profits of 8.6 billion yuan, 9.6 billion yuan, and 10.9 billion yuan from 2025 to 2027, with corresponding P/E ratios of 7.7, 6.9, and 6.0 [4][5].

Core Viewpoint - The announcement emphasizes the accuracy and completeness of the financial report for the first quarter of 2025, ensuring no misleading statements or omissions are present [2][7]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no significant changes in major accounting data and financial indicators [3][5]. - The company reported a net profit of 0 yuan for the merged entity in the current and previous periods, indicating no financial performance from the merged entity [5]. Shareholder Information - There are no changes reported in the number of shareholders or the shareholding structure compared to the previous period [4]. Other Important Information - The company has not identified any significant operational issues or additional important information regarding its business performance during the reporting period [5].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 9,388,616,718.19, representing a year-on-year increase of 0.89% compared to CNY 9,305,378,722.42 in the same period last year[4]. - Net profit attributable to shareholders decreased by 15.41% to CNY 103,606,739.65 from CNY 122,481,099.52 in the previous year[4]. - The basic and diluted earnings per share were both CNY 0.28, down 12.50% from CNY 0.32 in the same period last year[4]. - Net profit for Q1 2025 was ¥119,899,826.97, a decrease of 27.67% from ¥165,762,374.82 in Q1 2024[17]. - The company's total comprehensive income attributable to the parent company was approximately ¥100.57 million in the current period, down from ¥114.12 million in the previous period, representing a decrease of 11.3%[18]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.28, down from ¥0.32 in Q1 2024, indicating a decline of 12.5%[18]. - The company's total comprehensive income for minority shareholders was approximately ¥14.59 million in the current period, down from ¥40.08 million in the previous period, a decline of 63.6%[18]. Cash Flow - The company's cash flow from operating activities was negative at CNY -262,715,875.84, compared to a positive cash flow of CNY 74,192,180.28 in the previous year[4]. - In Q1 2025, the company's cash inflow from operating activities was approximately ¥9.96 billion, a decrease of 10.0% compared to ¥11.17 billion in Q1 2024[20]. - The net cash outflow from operating activities in Q1 2025 was approximately -¥262.72 million, contrasting with a net inflow of ¥74.19 million in Q1 2024[21]. - The total cash inflow from financing activities in Q1 2025 was approximately ¥1.45 billion, an increase of 88.5% compared to ¥769.91 million in Q1 2024[21]. - The net cash flow from financing activities was approximately ¥253.60 million in Q1 2025, down by 52.0% from ¥527.04 million in Q1 2024[21]. - The cash outflow from investing activities in Q1 2025 was approximately ¥226.13 million, a decrease of 44.4% compared to ¥406.97 million in Q1 2024[21]. - The cash inflow from investment activities was approximately ¥96.72 million in Q1 2025, down from ¥151.87 million in Q1 2024, reflecting a decrease of 36.3%[21]. Assets and Liabilities - Total assets increased by 5.90% to CNY 15,253,643,276.86 from CNY 14,403,596,911.71 at the end of the previous year[5]. - The company's total assets as of March 31, 2025, amounted to ¥15,253,643,276.86, an increase from ¥14,403,596,911.71 at the end of 2024[14]. - Current assets totaled ¥6,985,029,084.56 as of March 31, 2025, compared to ¥6,052,267,727.61 at the end of 2024, indicating a growth of 15.39%[12]. - The company's total liabilities increased to ¥8,247,585,467.19 as of March 31, 2025, from ¥7,549,845,076.48 at the end of 2024, representing a rise of 9.25%[14]. - Cash and cash equivalents decreased to ¥1,288,457,592.22 from ¥1,383,016,091.56, a decline of 6.86%[12]. - Accounts receivable rose significantly to ¥1,224,699,487.32, up from ¥870,248,708.73, marking an increase of 40.67%[12]. - Inventory levels increased to ¥3,395,067,816.30 from ¥2,793,320,061.66, reflecting a growth of 21.55%[12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,063[9]. - The largest shareholder, YU JI QUN, holds 23.87% of the shares, while the second-largest shareholder, CAO PEI FENG, holds 19.40%[9]. Research and Development - The company reported R&D expenses of ¥184,469,129.99 for Q1 2025, which is an increase of 34.38% compared to ¥137,328,006.79 in Q1 2024[17]. Non-recurring Gains and Losses - Non-recurring gains and losses amounted to CNY 5,579,955.52, with significant contributions from government subsidies and asset disposals[6]. Return on Equity - The company reported a weighted average return on equity of 1.79%, down 0.56 percentage points from 2.35% in the previous year[4].

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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第七号——钢铁》第二十二条的相关规定，公司现将 2025 年第一季度 的主要经营数据（未经审计）公告如下： | 主要产品 | 产量（吨） | | | | 销量（吨） | | 销售价格（元/吨） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一季度 | | 本年累计 | | 第一季度 | 本年累计 | 第一季度 | 本年累计 | | | （1-3 | 月） | （1-3 | 月） | （1-3 月） （1-3 | 月） | （1-3 月） | （1-3 月） | | 300 系冷 | | | | | | | | | | 轧不锈钢 | 627,337 | | 627,337 | | 598,389 | 598,389 | 13,355.36 | 13,355.36 | | 卷板 | | | | | | | | | | 40 ...

甬金股份（603995）公告，2025年第一季度营收为93.89亿元，同比增长0.89%；净利润为1.04亿元，同 比下降15.41%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from the orderly release of new production capacity and the profitability of its new materials segment [1] - The company’s 2024 annual report shows a revenue of 41.86 billion yuan, a year-on-year increase of 5.0%, and a net profit attributable to the parent company of 8.05 billion yuan, a year-on-year increase of 77.8% [7] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 2.38, 2.73, and 3.11 yuan respectively, with a target price of 26.18 yuan based on a PE ratio of 11X for comparable companies [2][8] Financial Performance Summary - Revenue (million yuan): - 2023A: 39,874 - 2024A: 41,861 - 2025E: 48,946 - 2026E: 53,990 - 2027E: 58,608 - Year-on-year growth (%): - 2023A: 0.8% - 2024A: 5.0% - 2025E: 16.9% - 2026E: 10.3% - 2027E: 8.6% [3] - Net profit attributable to the parent company (million yuan): - 2023A: 453 - 2024A: 805 - 2025E: 872 - 2026E: 999 - 2027E: 1,136 - Year-on-year growth (%): - 2023A: -6.9% - 2024A: 77.8% - 2025E: 8.2% - 2026E: 14.6% - 2027E: 13.7% [3] Production and Capacity Expansion - The company achieved a cold-rolled stainless steel production volume of 3.3163 million tons in 2024, a year-on-year increase of 16.95%, and total sales of 3.3139 million tons, a year-on-year increase of 17.52% [7] - New production capacity from various projects is expected to continue to be released, contributing to future growth [7] New Materials Segment - The company has been diversifying into new materials since 2021, with projects in titanium alloys and battery casing materials progressing steadily [7] - The titanium alloy project in Henan has commenced production, and the battery casing project in Zhejiang is expected to begin trial production by the end of 2025 [7]

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 一、说明会类型 甬金科技集团股份有限公司（以下简称"公司"）于2025年4月10日在上海 证券交易所网站披露了《2024年年度报告》及其摘要。为加强与投资者的深入交 流，使投资者更加全面、深入地了解公司情况，公司拟以自行视频录制+网络文 字互动的方式召开2024年年度业绩说明会，欢迎广大投资者积极参与。 二、说明会召开的时间、地点、方式 甬金科技集团股份有限公司 关于召开 2024 年年度业绩说明会的公告 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： 本次说明会将于2025年4月25 日（星期五）10:00-11:00 在价值在线 （www.ir-online.cn）平台通过自行视频录制+网络文字互动的方式召开。 三、公司参加人员 参加本次业绩说明会的人员包括公司董事长、总经理YU JASON CHEN（虞辰 杰）先生，董事 ...