证券代码：603995 证券简称：甬金股份 公告编号：2025-058 债券代码：113636 债券简称：甬金转债 甬金科技集团股份有限公司 关于实施 2025 年半年度权益分派调整"甬金转债" 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 2025 年半年度权益分派，"甬金转债"拟调整转股价格,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 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 113636 | 甬金转债 | 可转债转股复牌 | | | 2025/9/22 | 2025/9/23 | 一、可转债发行上市概况 公司于 2022 年 5 月 6 日召开 2021 年年度股东大会，审议通过了 2021 年年度 利润分配及资本公积金转增股本的方案：以权益分派股权登记日的总股本，向全 体股东 ...

Investment Rating - The investment rating for the steel industry is Neutral, maintained [5] Core Insights - The steel industry continues to experience an oversupply situation, leading to a decline in steel prices and a year-on-year revenue decrease of 9% for the first half of 2025 and 8% for Q2 2025, although there was a quarter-on-quarter increase of 4% in Q2 [2][21] - On the cost side, the decline in raw material prices has been greater than that of finished steel, resulting in a year-on-year cost reduction of 11% for the first half of 2025 and 10% for Q2 2025, with a quarter-on-quarter increase of 3% in Q2 [2][24] - Profitability has significantly improved, with a year-on-year increase of 2540% in non-recurring profit for the first half of 2025 and 211% for Q2 2025, alongside a quarter-on-quarter increase of 47% [2][24] - The return on equity (ROE) for listed steel companies has shown recovery, with an ROE of 2.67% for the first half of 2025, up by 2.01 percentage points year-on-year, and 3.22% for Q2 2025, up by 1.87 percentage points year-on-year [2][24] Summary by Sections Revenue - The steel industry continues to face an oversupply, with revenues decreasing by 9% year-on-year in the first half of 2025 and 8% in Q2 2025, despite a quarter-on-quarter increase of 4% in Q2 [2][21][22] Cost - The cost of steel companies has decreased by 11% year-on-year in the first half of 2025 and by 10% in Q2 2025, with a quarter-on-quarter increase of 3% in Q2, driven by a larger decline in raw material prices compared to finished steel [2][24] Profit - Non-recurring profits have seen a substantial increase, with a year-on-year growth of 2540% in the first half of 2025 and 211% in Q2 2025, along with a quarter-on-quarter increase of 47% in Q2 [2][24] Return on Equity - The ROE for the steel industry has improved, reaching 2.67% in the first half of 2025, an increase of 2.01 percentage points year-on-year, and 3.22% in Q2 2025, an increase of 1.87 percentage points year-on-year [2][24]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the steel sector, including Hualing Steel, Baosteel, Nanjing Steel, Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd., Jiuli Special Materials, Youfa Group, and Wujin Stainless Steel [3]. Core Viewpoints - The report indicates that pig iron production has rebounded to high levels, with daily production exceeding 2.4 million tons. Steel production has slightly decreased, but inventory accumulation has narrowed, suggesting a recovery in demand, although year-on-year demand remains weak. Steel profits are fluctuating around the breakeven point [2][3]. - The report highlights that the long-term focus will be on capacity regulation, which is expected to be more precise this time, promoting the survival of the fittest among steel companies. The profitability of steel enterprises is anticipated to recover as new iron ore capacities are gradually released [2][3]. Price Trends - As of September 12, 2025, steel prices showed mixed trends: rebar (20mm HRB400) at 3,210 CNY/ton (down 50 CNY), high line (8.0mm) at 3,360 CNY/ton (down 40 CNY), hot-rolled (3.0mm) at 3,450 CNY/ton (up 30 CNY), cold-rolled (1.0mm) at 3,800 CNY/ton (unchanged), and medium plate (20mm) at 3,460 CNY/ton (unchanged) [1][9][10]. Production and Inventory - As of September 12, 2025, the total production of five major steel products was 8.57 million tons, a decrease of 34,100 tons week-on-week. The total inventory of these products increased by 174,100 tons to 10.9391 million tons [2][5]. - The apparent consumption of rebar was estimated at 1.9807 million tons, down 40,000 tons week-on-week, while the average daily transaction volume of construction steel was 103,100 tons, up 6.32% week-on-week [2][5]. Profitability - The report estimates that the gross profit margins for rebar, hot-rolled, and cold-rolled steel have changed by -31 CNY/ton, +12 CNY/ton, and -8 CNY/ton respectively compared to the previous week. The gross profit margin for electric arc furnace steel decreased by 11 CNY/ton [1][2]. Investment Recommendations - The report recommends focusing on the following companies: 1. General Steel Sector: Hualing Steel, Baosteel, Nanjing Steel 2. Special Steel Sector: Xianglou New Materials, CITIC Special Steel, Yongjin Co., Ltd. 3. Pipe Materials: Jiuli Special Materials, Youfa Group, Wujin Stainless Steel 4. High-Temperature Alloy: Fushun Special Steel [2][3].

Group 1 - The company, Yongjin Co., stated that as of September 10, 2025, the number of shareholders is 20,036 [2]

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 重要内容提示： 证券停复牌情况：适用 因实施权益分派,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 | | | | 113636 | 甬金转债 | 可转债转股停牌 | 2025/9/16 | | | | 自 2025 年半年度权益分派实施公告前一交易日（2025 年 9 月 16 日）至权益 分派股权登记日期间，"甬金转债"将停止转股。 一、2025 年半年度权益分派方案的基本情况 甬金科技集团股份有限公司（以下简称或"公司"）分别于 2025 年 8 月 13 日、 2025 年 9 月 1 日召开第六届董事会第十二次会议、2025 年第二次临时股东大会， 审议通过了公司《关于公司 2025 年半年度利润分配预案的议案》， ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][4]. Core Viewpoints - The steel industry is experiencing a dual weakness in supply and demand due to environmental production restrictions, with a focus on the recovery during peak demand seasons [3][4]. - Short-term impacts from environmental restrictions are expected to ease, leading to a gradual recovery in both supply and demand [3][4]. - Long-term capacity regulation remains a key theme, with expectations for more precise management to promote industry consolidation and improve profitability for steel companies [3][4]. Price Trends - As of September 5, 2025, steel prices showed mixed trends, with rebar prices at 3,260 CNY/ton, up 10 CNY/ton from the previous week, while other products like high-line and cold-rolled steel saw price declines [1][9]. - The report notes that the average price changes for various steel products over the past month and year reflect a complex market environment, with some products experiencing price increases while others decline [10][24]. Production and Inventory - As of September 5, 2025, total steel production decreased to 8.61 million tons, a reduction of 239,600 tons week-on-week, with rebar production specifically down by 18,800 tons [2][3]. - Total social inventory of major steel products increased by 311,800 tons to 10.765 million tons, indicating a build-up in stock levels despite reduced production [2][3]. Profitability - The report indicates a decline in steel margins, with estimated changes in gross profit for rebar, hot-rolled, and cold-rolled steel being -46 CNY/ton, -38 CNY/ton, and -36 CNY/ton respectively [1][3]. Investment Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and companies like Xianlou New Materials and CITIC Special Steel in the special steel sector [3][4].

Group 1 - The company, Yongjin Co., announced that as of the date of the announcement, there are no guarantees provided to companies outside the scope of the consolidated financial statements [2] - The company also stated that there are no overdue external guarantees [2]

Summary of Key Points Core Viewpoint - The company, Yongjin Technology Group Co., Ltd., has announced a series of guarantees for its subsidiaries, Guangdong Yongjin Metal Technology Co., Ltd. and Jiangsu Yongjin Metal Technology Co., Ltd., totaling RMB 8,000 million, which is part of its ongoing financial strategy to support its subsidiaries' operational needs [1][6]. Group 1: Guarantee Details - The guarantee for Guangdong Yongjin is capped at RMB 3,000 million, with an actual guarantee balance of RMB 28,078.28 million [1]. - The guarantee for Jiangsu Yongjin is capped at RMB 5,000 million, with an actual guarantee balance of RMB 52,960 million [1]. - Both guarantees are within the previously approved limits by the company's shareholders [2][3]. Group 2: Financial Overview - As of September 3, 2025, the total external guarantees provided by the company and its subsidiaries amount to RMB 552,372.72 million, representing 80.59% of the company's latest audited net assets [7]. - The company has no overdue external guarantees, indicating a stable financial position [8]. Group 3: Subsidiary Information - Guangdong Yongjin is a holding subsidiary with a 75% stake held by Yongjin Technology, while Jiangsu Yongjin is a wholly-owned subsidiary [5]. - Both subsidiaries are engaged in metal processing and manufacturing, contributing to the overall operational capacity of the parent company [5][6].

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | 担 | 被担保人名称 | | 广东甬金金属科技有限公司 | | | --- | --- | --- | --- | --- | | 保 | 本次担保金额 | 3000.00 | 万元 | | | 对 | 实际为其提供的担保余额 | 28,078.28 | 万元 | | | 象 | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | 一 | 本次担保是否有反担保 | 是 | □否 | □不适用：_________ | | 担 | 被担保人名称 | | | 江苏甬金金属科技有限公司 | | 保 | 本次担保金额 | 5000.00 | 万元 | | | 对 | 实际为其 ...

Group 1 - The company Yongjin Co., Ltd. announced the convening of a staff representative meeting on September 2, 2025, where all staff representatives unanimously agreed to elect Mr. Ben Haifeng as the employee representative director of the sixth board of directors of Yongjin Technology Group Co., Ltd. [1]