Market Performance - On September 5, the general steel sector rose by 0.55% compared to the previous trading day, with Benxi Steel leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Benxi Steel (000761) closed at 3.68, up 2.51% with a trading volume of 189,800 shares and a transaction value of 69.31 million yuan [1] - Other notable performers include: - Hualing Steel (000932) at 5.90, up 1.90% with a trading volume of 744,000 shares [1] - Liugang (601003) at 5.62, up 1.81% with a trading volume of 258,500 shares [1] - Sijiang Steel (600808) at 3.58, up 1.70% with a trading volume of 724,300 shares [1] Capital Flow Analysis - The steel sector experienced a net outflow of 83.49 million yuan from institutional investors, while retail investors saw a net inflow of 191 million yuan [2] - The capital flow for individual stocks shows: - New Steel (600782) had a net inflow of 23.35 million yuan from institutional investors [3] - Hebei Steel (000709) had a net inflow of 22.33 million yuan from institutional investors [3] - Chongqing Steel (601005) had a net inflow of 22.06 million yuan from institutional investors [3]

Core Viewpoint - The report highlights a decline in the export value of China's black metal smelting and rolling industry, indicating potential challenges for companies in this sector [1]. Industry Summary - In July 2025, the export value of China's black metal smelting and rolling industry was 15.98 billion yuan, a year-on-year decrease of 1.2% [1]. - From January to July 2025, the cumulative export value reached 116.06 billion yuan, reflecting a year-on-year decline of 1.3% [1]. - The report provides a comprehensive market survey and investment outlook for the black metal mining and selection industry in China from 2025 to 2031 [1]. Company Summary - Listed companies mentioned include CITIC Special Steel, Hebei Steel, Zhongnan Co., Benxi Steel, Sansteel Minguang, Jiuli Special Materials, Jinzhu Pipeline, Changbao Co., Shengde Xintai, Anyang Steel, Bayi Steel, New Steel, and Maanshan Steel [1].

Core Viewpoint - The company, Benxi Steel Plate Co., Ltd., is set to hold a half-year performance briefing for 2025 to provide insights into its financial results and operational status [1]. Group 1: Meeting Details - The performance briefing is scheduled for September 5, 2025, from 15:00 to 16:30 [1]. - The meeting will be conducted online [1]. Group 2: Attendees - Key attendees include the Chairman and General Manager, Mr. Huang Zuo, the Chief Accountant and Board Secretary, Mr. Zheng Zhengli, and Independent Director, Ms. Wu Li [1]. Group 3: Investor Participation - Investors can participate in the briefing via the "Panorama Network Investor Relations Interactive Platform" [2]. - The company is soliciting questions from investors until 12:00 on September 5, 2025, to enhance the relevance of the discussion [2].

Group 1 - The company, Benxi Steel Plate, announced that it plans to hold a semi-annual performance briefing on September 5, 2025 [2]

本钢板材股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 | | | 出席本次业绩说明会的人员有：公司董事长、总经理黄作为先生， 总会计师兼董事会秘书郑政利先生，独立董事吴粒女士。如有特殊情 况，参会人员可能进行调整。 本钢板材股份有限公司（以下简称"公司"）《2025 年半年度 报告》已于 2025 年 8 月 29 日刊登在巨潮资讯网。为便于广大投资者 进一步了解公司 2025 年半年度报告和经营情况，公司拟召开 2025 年 半年度业绩说明会。 一、说明会召开的时间及方式 1.召开时间：2025 年 9 月 5 日（星期五）下午 15:00-16:30 2.召开方式：网络方式 二、出席本次说明会的人员 三、投资者参加方式 投 资 者 可 登 录 " 全 景 网 · 投 资 者 关 系 互 动 平 台 " （http://ir.p5w.net）参与本次业绩说明会。 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可 于 2025 年 ...

Core Insights - The company, Benxi Steel Plate (000761), reported a narrowing loss in its 2025 mid-year financial results, with total revenue of 24.698 billion yuan, a year-on-year decrease of 12.93% [1] - The net profit attributable to shareholders was -1.399 billion yuan, showing an improvement of 9.21% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 12.36 billion yuan, down 8.61% year-on-year [1] - Q2 net profit attributable to shareholders was -633 million yuan, an increase of 1.26% year-on-year [1] - Gross margin stood at -3.01%, a decrease of 6.56% year-on-year [1] - Net margin was -5.53%, down 4.89% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 555.6 million yuan, accounting for 2.25% of revenue, an increase of 12.62% year-on-year [1] - Earnings per share were -0.34 yuan, an increase of 9.07% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 2.12 billion yuan, up 6.41% year-on-year [1] - Accounts receivable decreased to 933 million yuan, down 29.67% year-on-year [1] - Interest-bearing debt rose to 10.552 billion yuan, an increase of 19.75% year-on-year [1] - Net asset value per share decreased to 2.33 yuan, down 34.17% year-on-year [1] Operational Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.2% over the past decade, and a particularly poor ROIC of -18% in 2024 [1] - The company has reported losses in five out of its 27 annual reports since going public, indicating a generally poor financial performance [1] Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 8.14% [2] - The interest-bearing asset-liability ratio has reached 23.06%, indicating a significant level of debt [2]

Group 1 - The company reported a total operating revenue of 24.698 billion yuan for the first half of 2025 [1] - The net profit attributable to shareholders was -1.399 billion yuan, an increase of 0.142 billion yuan compared to the same period last year [1] - The net cash inflow from operating activities was 0.372 billion yuan [1] Group 2 - The company's latest debt-to-asset ratio is 75.57% [3] - The latest gross profit margin is -3.01%, which is an increase of 0.49 percentage points from the previous quarter, marking two consecutive quarters of improvement [3] - The latest return on equity (ROE) is -13.32% [3] - The diluted earnings per share (EPS) is -0.34 yuan, an increase of 0.03 yuan compared to the same period last year [3] Group 3 - The company's total asset turnover ratio is 0.54 times, ranking 6th among disclosed peers [4] - The latest inventory turnover ratio is 3.54 times [4]

Group 1 - The company Benxi Steel Plate (SZ 000761) reported a revenue of approximately 24.698 billion yuan for the first half of 2025, representing a year-on-year decrease of 12.93% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 1.399 billion yuan [1] - The basic earnings per share were a loss of 0.341 yuan [1]

本钢板材股份有限公司股东大会议事规则修订内容对照表 | 修订前 | 修订后 | | --- | --- | | | 第四条 股东会分为年度股东会和临时股东会。年度股 | | | 东会每年召开一次，应当于上一会计年度结束后的 6 个 | | | 月内举行。临时股东会不定期召开，有下列情形之一的， | | 第四条 股东大会分为年度股东大会和临时股东 | 公司在事实发生之日起两个月以内召开临时股东会： | | | （一）董事人数不足《公司法》规定人数或者公司章程 | | 大会。年度股东大会每年召开一次，应当于上一 | | | 会计年度结束后的 6 个月内举行。临时股东大会 | 所定人数的三分之二时； | | | （二）公司未弥补的亏损达股本总额三分之一时； | | 不定期召开，出现《公司法》第一百零一条规定 | | | 的应当召开临时股东大会的情形时，临时股东大 | （三）单独或者合计持有公司百分之十以上股份（含表 | | | 决权恢复的优先股等）的股东请求时； | | 会应当在 2 个月内召开。 | （四）董事会认为必要时； | | 公司在上述期限内不能召开股东大会的，应当报 | | | | （五）审计委员会提议 ...

本钢板材股份有限公司子公司管理制度 第一章 总 则 第一条 为促进本钢板材股份有限公司（以下简称"公 司"）子公司的规范运作和健康发展，合理有效地防范经营 管理风险，保护投资者合法权益，按照《中华人民共和国公 司法》（以下简称《公司法》）、《深圳证券交易所上市规 则》、《深圳证券交易所主板上市公司规范运作指引》等法 律法规、上级监管规定及公司章程，并结合公司实际情况， 特制定本制度。 第二条 本制度适用于公司履行出资人职责的全资、控 股（含实际控制）的子公司（以下简称子公司）。 第二章 子公司管理的基本原则 第三条 公司依照《公司法》及上级监管部门对上市公 司规范运作及资产控制的要求，依据子公司章程行使对子公 司的重大事项监督管理，依法享有投资收益、重大事项决策 的权利。同时，负有对子公司指导、监督和提供相关服务的 义务。 第四条 公司相关职能部门依据公司的有关规定，在各 自的业务范围内加强对子公司的业务指导和监督。 第五条 子公司应当按照公司的经营策略和风险管理政 策，建立相应的经营计划、风险管理程序。 - 1 - 第六条 子公司应当按照本制度及其公司章程的规定， 建立重大事项报告程序，及时向公司董事会、经 ...