Core Viewpoint - Benxi Steel Plate is a large-scale steel joint enterprise with advanced technology and strong production capacity, but it faces significant challenges in revenue and profitability compared to industry leaders [1][2]. Group 1: Company Overview - Benxi Steel Plate was established on June 27, 1997, and listed on the Shenzhen Stock Exchange on January 15, 1998, with its headquarters in Benxi, Liaoning Province [1]. - The company integrates iron and steel smelting, rolling processing, power generation, and coal chemical industries, focusing on automotive sheet production [1]. Group 2: Financial Performance - For Q3 2025, Benxi Steel Plate reported revenue of 35.201 billion yuan, ranking 12th in the industry, significantly lower than Baosteel's 232.436 billion yuan and Hebei Steel's 96.542 billion yuan [2]. - The net profit for the same period was -2.164 billion yuan, placing it last in the industry, while Baosteel and Hualing Steel reported net profits of 8.908 billion yuan and 3.364 billion yuan, respectively [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 78.00%, an increase from 68.67% year-on-year and above the industry average of 63.37% [3]. - The gross profit margin was -3.38%, an improvement from -5.45% year-on-year but still below the industry average of 5.68% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.76% to 33,300, while the average number of circulating A-shares held per shareholder increased by 2.84% to 104,200 [5]. - Hong Kong Central Clearing Limited became the sixth-largest circulating shareholder, increasing its holdings by 986,600 shares [5]. Group 5: Future Outlook - The company is recognized as a premium plate production base with significant production capabilities, including 10.34 million tons of pig iron and 12.8 million tons of crude steel annually [5]. - Forecasts for 2025-2027 project revenues of 44.417 billion, 44.763 billion, and 45.318 billion yuan, with year-on-year growth rates of -13.36%, 0.78%, and 1.24%, respectively [5].

Market Performance - The steel sector saw a slight increase of 0.2% on October 29, with Xinxing Casting leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Xinxing Casting (000778) closed at 4.38, up 2.82% with a trading volume of 1.77 million shares and a transaction value of 770 million [1] - Linggang Co. (600231) closed at 2.32, up 1.75% with a trading volume of 411,400 shares [1] - Liugang Co. (601003) closed at 5.17, up 1.37% with a trading volume of 232,600 shares [1] - Other notable performers include Nanjing Steel (600282) and Maanshan Steel (600808), with increases of 1.35% and 1.28% respectively [1] Fund Flow Analysis - The steel sector experienced a net outflow of 7.6 million from institutional investors and 98.63 million from speculative funds, while retail investors saw a net inflow of 106 million [2] - Xinxing Casting had a net outflow of 29.73 million from institutional investors, while retail investors contributed a net inflow of 6.71 million [3] - Chongqing Steel (601005) saw a net inflow of 25.28 million from institutional investors, indicating strong interest [3]

Core Viewpoint - The company reported a significant decline in revenue and incurred a net loss for the first three quarters of 2025 [1] Financial Performance - The company achieved an operating revenue of 35.201 billion yuan, representing a year-on-year decrease of 12.47% [1] - The net loss attributable to shareholders of the listed company was 2.216 billion yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 2.294 billion yuan [1]

Core Insights - The company reported a revenue of 35.201 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.37% [1] - The net profit attributable to shareholders was -2.216 billion yuan, an increase of 30.88% year-on-year, while the net profit excluding non-recurring items was -2.294 billion yuan, up 31.10% year-on-year [1] - The basic earnings per share stood at -0.54 yuan [1] Financial Performance - The company’s gross margin for the first three quarters was -3.38%, an increase of 2.07 percentage points year-on-year; the net margin was -6.15%, up 1.70 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was -4.26%, a year-on-year increase of 7.42 percentage points, but a quarter-on-quarter decrease of 1.74 percentage points; the net margin was -7.59%, up 6.27 percentage points year-on-year, but down 2.57 percentage points from the previous quarter [2] - The company’s total expenses for the period were 906 million yuan, an increase of 35.3852 million yuan year-on-year, with an expense ratio of 2.57%, up 0.41 percentage points year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 46,600, an increase of 350 from the end of the previous half-year, representing a growth of 0.76% [2] - The average market value per shareholder decreased from 319,800 yuan at the end of the previous half-year to 306,800 yuan, a decline of 4.06% [2] Company Overview - Benxi Steel Plate Co., Ltd. is located in Benxi City, Liaoning Province, and was established on June 27, 1997, with its listing date on January 15, 1998 [3] - The company’s main business includes steel smelting, rolling processing, power generation, coal chemical industry, special steel profiles, railways, import and export trade, scientific research, and product sales, with steel plates accounting for 97.40% of its main business revenue [3] - The company belongs to the steel industry, specifically the general steel and plate sector, and is associated with concepts such as low price, state-owned enterprise reform, mid-cap, and margin trading [3]

| 股票代码：000761 | 200761 | 股票简称：本钢板材 | 本钢板 B | 编号：2025-059 | | --- | --- | --- | --- | --- | | 债券代码：127018 | | 债券简称：本钢转债 | | | 审议通过《2025 年第三季度报告》 本钢板材股份有限公司 十届董事会第五次会议决议公告 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。 一、董事会会议召开情况 1.董事会于 2025 年 10 月 17 日以电子邮件形式发出会议通知。 2.2025 年 10 月 28 日在公司会议室召开。 3.本次会议应出席董事 8 人，实际出席会议董事 8 人。 4.本次会议主持人为董事长黄作为先生，公司高级管理人员列 席了会议。 5.本次董事会的召开符合有关法律、行政法规、部门规章、规 范性文件和公司章程的规定。 二、董事会会议审议情况 《2025 年第三季度报告》刊登于 2025 年 10 月 29 日《中国证券 报》、《证券时报》和巨潮资讯网。 本议案已经公司董事会审计与风险委员会审议通过。 表决结果：赞成 8 票，反对 ...

Core Insights - The company reported a revenue of 10.503 billion yuan in Q3, representing a year-on-year decline of 11.35% [1] - The net profit for Q3 was a loss of 0.817 billion yuan, an improvement from a loss of 1.651 billion yuan in the same period last year, indicating a year-on-year reduction in losses of 50.56% [1] - For the first three quarters, the company achieved a revenue of 35.201 billion yuan, down 12.47% year-on-year [1] - The net profit for the first three quarters was a loss of 2.216 billion yuan, compared to a loss of 3.193 billion yuan in the previous year, reflecting a year-on-year reduction in losses of 30.60% [1]

Market Overview - The steel sector experienced a decline of 1.81% on October 28, with Wujin Stainless Steel leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Notable gainers included: - Sangang Min Guang (002110) with a closing price of 4.48, up 0.90% on a trading volume of 784,300 shares and a turnover of 356 million yuan [1] - Ben Steel Plate (000761) closed at 3.63, up 0.83% with a trading volume of 141,200 shares and a turnover of 51.01 million yuan [1] - Significant decliners included: - Wujin Stainless Steel (603878) which fell 4.85% to a closing price of 10.60, with a trading volume of 356,800 shares and a turnover of 383 million yuan [2] - Baotou Steel (600010) decreased by 3.00% to 2.59, with a trading volume of 11,064,600 shares and a turnover of 2.892 billion yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 922 million yuan from main funds, while retail investors contributed a net inflow of 668 million yuan [2] - Key stocks with significant capital flow include: - Nanjing Steel (600282) with a net inflow of 20.27 million yuan from main funds, but a net outflow of 11.52 million yuan from retail investors [3] - Heibei Steel (000709) recorded a net inflow of 18.79 million yuan from main funds, while retail investors had a net outflow of 22.39 million yuan [3]

Core Viewpoint - Benxi Steel Plate's stock price has shown a mixed performance in recent months, with a year-to-date increase of 13.75% but a decline of 9.45% over the past 60 days, indicating potential volatility in the steel industry [1]. Group 1: Stock Performance - On October 27, Benxi Steel Plate's stock rose by 2.25%, reaching 3.64 CNY per share, with a trading volume of 32.22 million CNY and a turnover rate of 0.24% [1]. - The stock has experienced a net inflow of 752,100 CNY from main funds, with large purchases amounting to 2.97 million CNY, accounting for 9.21% of total transactions [1]. - The stock's performance over various time frames includes a 1.96% increase in the last 5 trading days, a 1.11% increase in the last 20 days, and a 9.45% decrease in the last 60 days [1]. Group 2: Company Overview - Benxi Steel Plate Co., Ltd. is located in Benxi City, Liaoning Province, and was established on June 27, 1997, with its shares listed on January 15, 1998 [1]. - The company's main business activities include steel smelting, rolling processing, power generation, coal chemical industry, special steel profiles, railways, import and export trade, scientific research, and product sales, with steel plates accounting for 97.40% of its revenue [1]. - As of June 30, the number of shareholders was 46,200, a decrease of 3.47% from the previous period, with an average of 0 circulating shares per person [1]. Group 3: Financial Performance - For the first half of 2025, Benxi Steel Plate reported operating revenue of 24.698 billion CNY, a year-on-year decrease of 12.93%, while the net profit attributable to shareholders was -1.399 billion CNY, an increase of 9.78% year-on-year [1]. - The company has cumulatively distributed 9.174 billion CNY in dividends since its A-share listing, with no dividends distributed in the past three years [2]. Group 4: Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include China Merchants Securities (Hong Kong) Co., Ltd., which holds 16.01 million shares, an increase of 172,200 shares from the previous period [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 10.02 million shares, a decrease of 525,500 shares from the previous period [2].

Market Overview - On October 23, the steel sector rose by 0.32% compared to the previous trading day, with Nanjing Steel leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Nanjing Steel (600282) closed at 5.26, up 2.14% with a trading volume of 340,700 shares and a turnover of 177 million yuan [1] - Anyang Iron & Steel (600569) closed at 2.44, up 1.67% with a trading volume of 373,700 shares [1] - New Century Steel (000778) closed at 4.00, up 1.27% with a trading volume of 563,300 shares [1] - Hebei Steel (000709) closed at 2.59, up 1.17% with a trading volume of 1,917,500 shares [1] - Ansteel (000898) closed at 2.77, up 1.09% with a trading volume of 367,000 shares [1] Fund Flow Analysis - The steel sector experienced a net outflow of 417 million yuan from institutional investors, while retail investors saw a net inflow of 382 million yuan [2] - The top stocks with significant fund flow include: - Wujin Stainless Steel (603878) with a net inflow of 12.92 million yuan from institutional investors [3] - Youfa Group (601686) with a net inflow of 12.74 million yuan from institutional investors [3] - Chongqing Steel (601005) with a net inflow of 11.07 million yuan from institutional investors [3]

Group 1: Company Insights - iFlytek has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data quality and multi-modal capabilities with the upgrade of its "Xunfei Spark Model" to version 4.0, which competes with GPT-4 Turbo [1] - Baiya Co. has seen over 100% revenue growth in the first three quarters, with a significant contribution from its health product series, which accounts for over 50% of revenue, and is expanding its product scale and upgrades [2] - Tunan Co. reported a decrease in net profit due to increased production but delayed revenue recognition, with a current order backlog corresponding to approximately 1.75 billion yuan [3] - Jiao Cheng Ultrasonic is advancing in the power semiconductor field with a range of welding machines and is developing equipment for solid-state batteries, benefiting from the electric and intelligent development trends [4] - Ben Gang Steel is focusing on high-value product development and efficiency improvements, with its automotive steel recognized as a benchmark in the industry [5] Group 2: Fund Insights - Quan Guo Fund, established in 2022, has an asset management scale of 22.384 billion yuan, ranking 119th among 210 public funds, with its best-performing product showing a 35.14% growth over the past year [5]