Group 1: Company Operations and Strategy - The company is currently evaluating the asset replacement timeline, with no final decisions on transaction details yet [1] - The company is enhancing its R&D capabilities through collaboration with institutions like Northeast University and the Chinese Academy of Sciences, focusing on clean, efficient, and environmentally friendly technologies [1] - The company aims to strengthen its automotive steel brand and contribute to becoming a leading high-quality steel base in the automotive sector [1] Group 2: Safety and Environmental Measures - Safety measures include improving the safety management system, conducting emergency drills, and enhancing safety supervision [2] - Environmental measures involve refining management systems, implementing ultra-low emissions management, and promoting clean transportation [2] Group 3: Raw Material Procurement - The company is analyzing raw material supply and demand, optimizing procurement strategies, and enhancing domestic and international supply chain security [2] - Efforts are being made to reduce production costs by optimizing raw material structures and controlling inventory effectively [2] Group 4: Convertible Bonds - The company is closely monitoring the market impact on its convertible bonds, with a focus on enhancing company quality and managing market capitalization [2]

Group 1 - The company, Benxi Steel Plate Co., Ltd., has announced the interest payment for its convertible bonds, "Ben Steel Convertible Bonds," for the fifth year, with a coupon rate of 3.8% [1][4] - The interest payment period is from June 29, 2024, to June 28, 2025, and the interest amount distributed will be RMB 38.00 for every 10 bonds held [4][5] - The company has issued a total of 68 million convertible bonds, with a face value of RMB 100 each, amounting to a total issuance of RMB 6.8 billion [1][4] Group 2 - The interest payment will be made to all bondholders registered with the Shenzhen Stock Exchange as of June 27, 2025 [5] - The company will not withhold income tax on the interest for bondholders; instead, it will be the responsibility of the bondholders to pay the applicable tax [5][6] - For qualified foreign institutional investors (QFII and RQFII), the interest income is temporarily exempt from corporate income tax and value-added tax until December 31, 2025 [6][7]

| 股票代码：000761 200761 | 股票简称：本钢板材 本钢板 B 编号：2025-034 | | --- | --- | | 债券代码：127018 | 债券简称：本钢转债 | 本钢板材股份有限公司 可转换公司债券 2025 年付息公告 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。 特别提示： 1.本钢转债将于 2025 年 6 月 30 日按面值支付第五年利息，每 10 张"本钢转债"利息为 38.00 元（含税）。 一、可转债基本情况 2.债权登记日：2025 年 6 月 27 日（星期五）。 3.付息日：2025 年 6 月 30 日（星期一）（因 2025 年 6 月 29 日 为休息日，可转债付息日顺延至 2025 年 6 月 30 日） 4.除息日：2025 年 6 月 30 日（星期一） 5.本钢转债票面利率：第一年为 0.6%，第二年为 0.8%，第三年 为 1.5%，第四年为 2.9%，第五年为 3.8%，第六年为 5.0%。 6.本次付息的债权登记日为 2025 年 6 月 27 日，凡在债权登记 日（含当日）前买入并持有本期 ...

| 股票代码：000761 200761 | 股票简称：本钢板材 本钢板 B 编号：2025-033 | | --- | --- | | 债券代码：127018 | 债券简称：本钢转债 | 本钢板材股份有限公司 关于重大资产置换暨关联交易的进展公告 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。 特别提示： 1.公司于2023年6月21日披露的《本钢板材股份有限公司重大资 产置换暨关联交易预案》的"重大风险提示"中，对本次交易相关 的风险、标的公司有关风险及其他风险进行了说明，敬请广大投资 者注意投资风险。 2.本次交易将导致公司关联销售比例大幅增加，可能导致公司 对控股股东及其他关联方存在重大依赖、对公司面向市场独立持续 经营的能力产生重大影响，本次交易不排除存在交易方案调整、中 止或取消的可能。公司正在对本次交易方案的可行性与合规性做进 一步审慎论证和谨慎评估。 3.本次交易方案仍需进一步论证和沟通协商，相关事项尚存在 不确定性，公司将根据相关事项的进展情况，及时履行信息披露义 务。 一、重大资产置换基本情况 本钢板材股份有限公司（以下简称"公司"或"上市 ...

Group 1: Company Operations and Financials - The asset replacement process requires further verification and negotiation, with no final determination on the asset range or transaction price [1] - The company is closely monitoring the convertible bond conversion situation due to high premium rates, and will manage funds for bond repayment [1] - Export growth from January to May 2025 is 14.3% year-on-year, with indirect impacts expected from U.S. tariffs and a specific impact from South Korea's anti-dumping investigation [1] Group 2: Investor Relations Activities - The investor relations activity was conducted online on June 13, 2025, with participation from analysts and representatives from various financial institutions [1] - No significant information requiring disclosure was noted during the activity [2]

Group 1: Company Operations and Strategy - The company is currently negotiating the asset replacement plan, with no final decisions on asset scope or pricing yet [1] - The self-sufficiency rates for coke and iron ore are approximately 60% for iron ore, with a focus on long-term coal procurement from major coal-producing regions [1] - The sales network covers major economic regions in China, with future focus on strategic products like automotive steel, energy steel, and high-end steel [2] Group 2: Market Development and Innovation - The company has established a technical service team to support new product development by collaborating with key enterprises [2] - Partnerships with universities and research institutes are being leveraged to enhance early-stage involvement in new product technologies [2] - Strategic cooperation with Ansteel Group is facilitating entry into new fields and industries for product development [2]

Group 1: Production and Operational Goals - The company aims to produce 10.09 million tons of iron, 10.55 million tons of steel, and 14.24 million tons of finished products in 2025 [1] Group 2: Measures Against Raw Material Price Fluctuations - The company has implemented a raw material procurement model to analyze supply and demand, allowing for timely adjustments in procurement strategies [1] - Strengthening strategic partnerships for raw material supply to enhance domestic procurement channels and ensure supply chain security [1] - Optimizing the structure of raw materials to reduce production costs and effectively manage inventory levels [1] Group 3: Addressing Industry Competition - The company is working on business integration strategies, including asset restructuring and management delegation, to mitigate competition with Angang Steel Group [2] - The timeline for asset replacement is still under discussion, with potential adjustments or cancellations of the transaction plan [2]

Core Viewpoint - The credit rating of Benxi Steel Plate Co., Ltd. remains stable at AA+/Stable, with the "Benxi Convertible Bond" rated AAA, reflecting the company's market position, product structure, and financing capabilities despite challenges in the steel industry [1][2]. Company Overview - Benxi Steel Plate is a major steel producer in Liaoning Province, with a strong market position and a favorable product structure [6][10]. - The company has a significant production capacity, with annual capacities of 10.51 million tons for pig iron, 13.35 million tons for crude steel, and 24.28 million tons for steel products [8][10]. Financial Performance - The total assets of the company increased from 444.60 billion yuan in 2022 to 465.18 billion yuan in 2023, but decreased to 458.16 billion yuan in 2024 [1][2]. - The company reported a net loss of 16.48 billion yuan in 2023 and 49.60 billion yuan in 2024, indicating a significant decline in profitability [2][15]. - The debt level rose significantly, with total liabilities increasing from 250.86 billion yuan in 2022 to 333.17 billion yuan in 2024 [1][2]. Industry Context - The steel industry is facing downward pressure due to weak demand and falling steel prices, which have led to increased losses for companies like Benxi Steel Plate [4][5]. - The company is planning a major asset swap that may significantly change its business scope and operational focus, which requires close monitoring [7][6]. Operational Insights - The company has a strong supply chain for raw materials, primarily sourcing iron ore and coal from both domestic and international suppliers, ensuring stable production costs [11][12]. - The production facilities are advanced, with ongoing investments in energy efficiency and environmental upgrades, although these require significant capital expenditures [10][16]. Future Outlook - The credit rating agency expects the company's credit level to remain stable over the next 12 to 18 months, but highlights potential risks from market fluctuations and operational changes [1][3]. - The company is focusing on high-value products and expanding its market presence, including overseas markets, to mitigate domestic demand challenges [10][11].

本钢板材股份有限公司 2025 年度 跟踪评级报告 编号：信评委函字[2025]跟踪 0345 号 本钢板材股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 3 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 ...

A股钢铁板块持续走低，本钢板材跌超7%，马钢股份跌超4%，新钢股份、柳钢股份、首钢股份、华菱 钢铁跟跌。 ...