Core Viewpoint - The company plans to engage in an asset swap with Benxi Steel, involving the acquisition of 100% equity in Benxi Steel (Group) Mining Co., Ltd. and the divestment of all assets and liabilities except for retained assets and liabilities, with the difference to be compensated in cash [2] Group 1 - The transaction is still under further verification and negotiation, with the scope of the target assets and transaction price yet to be finalized [2] - There is a possibility that the transaction may be adjusted, suspended, or canceled, pending the determination of related matters [2] - The company will convene another board meeting for review once the relevant matters are confirmed [2]

股票代码：000761 200761 股票简称：本钢板材 本钢板 B 编号：2025-061 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"上市公司"） 拟与本溪钢铁（集团）有限责任公司（以下简称 ...

Core Viewpoint - The company, Benxi Steel Plate, is actively expanding its sales channels by participating in tenders across various downstream industries, indicating a strategic focus on growth and market penetration [1] Group 1: Company Applications - The company's products are widely used in multiple sectors, including automotive, home appliances, aerospace, machinery manufacturing, energy transportation, construction decoration, and metal products [1] Group 2: Sales Strategy - The company is engaging in tenders within downstream industries to further expand its sales channels, showcasing a proactive approach to market opportunities [1]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related sales and impact its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with uncertainties remaining [2] - The company will fulfill its information disclosure obligations based on the progress of related matters [2] Group 2: Convertible Bonds and Financial Management - The company plans to enhance its market value management and improve profitability through cost reduction and efficiency enhancement [2] - It aims to prepare for the maturity of its convertible bonds by expanding financing channels [2] Group 3: Industry Competition and Restructuring - The restructuring of the controlling shareholder, Benxi Steel Group, is linked to addressing industry competition with Angang Group [2] - Angang Group has committed to resolving competition issues within five years through asset restructuring and business adjustments [2] - The ongoing major asset restructuring is viewed as the first step in addressing industry competition [2]

Market Overview - On November 17, the general steel sector rose by 0.01% compared to the previous trading day, with Hangzhou Iron & Steel leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Hangzhou Iron & Steel (600126) closed at 9.25, up 2.21% with a trading volume of 1,096,300 shares and a transaction value of 1.013 billion [1] - Shougang Group (000959) closed at 4.63, up 1.76% with a trading volume of 516,500 shares [1] - Other notable performers include Nanjing Steel (600282) up 1.25%, Linggang Steel (600231) up 0.78%, and Baosteel (600581) up 0.77% [1] Fund Flow Analysis - The general steel sector experienced a net outflow of 44.86 million from institutional funds and 90.84 million from speculative funds, while retail investors saw a net inflow of 136 million [2] - Hangzhou Iron & Steel had a net inflow of 15 million from institutional funds, but a net outflow of 69.36 million from speculative funds [3] - Other companies like Hualing Steel (000932) and Shandong Steel (600022) also showed mixed fund flows, with Hualing Steel experiencing a net inflow of 30.44 million from institutional funds [3]

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and current state of the black metal smelting and rolling industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Overview - As of January to September 2025, there are 6,290 enterprises in the black metal smelting and rolling industry, which is an increase of 44 enterprises compared to the same period last year, representing a year-on-year growth of 0.7% [1] - The black metal smelting and rolling industry accounts for 1.2% of the total industrial enterprises in China [1] Statistical Data - The data regarding the number of enterprises in the black metal smelting and rolling industry has been compiled from the National Bureau of Statistics and organized by Zhiyan Consulting [1] - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1]

Group 1 - The core viewpoint of the news is that the steel sector experienced a rise, with the overall index showing positive performance on November 13, 2023, where the steel sector increased by 1.33% and the Shanghai Composite Index rose by 0.73% [1] - Hangzhou Iron & Steel Co., Ltd. led the gains in the steel sector with a closing price of 9.30, reflecting a 4.38% increase [1] - The trading volume for Hangzhou Iron & Steel was 1.0644 million hands, with a transaction value of 975 million yuan [1] Group 2 - The net capital flow in the steel sector showed a net outflow of 55.4152 million yuan from main funds and a net outflow of 123 million yuan from speculative funds, while retail investors saw a net inflow of 179 million yuan [2] - Specific stocks like Hualing Steel reported a net inflow of 55.1534 million yuan from main funds, while Hangzhou Iron & Steel had a net outflow of 41.6871 million yuan from speculative funds [2] - The overall sentiment in the market indicates a mixed response, with some stocks experiencing significant retail inflows despite the outflows from main and speculative funds [2]

Core Insights - The article highlights the significant progress made by Benxi City in promoting high-value patents and enhancing the overall service efficiency in intellectual property management [1][2][3] Group 1: High-Value Patent Development - Benxi City has implemented a strong intellectual property strategy focusing on high-quality development, achieving a per capita high-value invention patent ownership of 3.09 by June 2023, with an annual growth rate of 30% [1] - The proportion of high-value invention patents in Benxi has increased to 52.5%, surpassing the average level in Liaoning Province [1] Group 2: Support for Enterprises - The city actively supports leading enterprises like Benxi Steel and Liaoning Aierchuang Biological Materials Co., Ltd. in applying for overseas patents through the PCT route, creating a "patent moat" for international markets [2] - Benxi has facilitated the transformation of intellectual property from intangible assets to tangible productivity, encouraging industrial application and effective matching of innovation results with market demands [2] Group 3: Intellectual Property Protection - Benxi City has established a high-standard intellectual property protection framework, including strict enforcement and credit supervision, to create a fair and predictable business environment [3] - The city has taken action against trademark and patent infringements, with nine trademark infringement cases and four patent infringement disputes resolved to date [3] Group 4: Public Service System - The city is building a convenient public service system for intellectual property, collaborating with provincial and municipal centers to provide specialized guidance and services to enterprises [4][5] - Benxi has introduced a financial responsibility reform plan in the intellectual property sector, enhancing grassroots engagement and motivation in intellectual property work [5]

Group 1: Financial Performance and Challenges - The company has not escaped losses in the first three quarters despite the overall profitability increase in the steel industry, attributed to high production costs and regional sales limitations [2][3] - The company is implementing measures to reduce losses, including enhancing product R&D, optimizing procurement costs, and improving operational efficiency [2][3] - The company's cash flow has turned negative compared to the previous year, primarily due to reduced sales cash collection and bill discounting [3][4] Group 2: Strategic Initiatives and Future Plans - The company plans to leverage the "14th Five-Year Plan" to enhance quality, promote digital transformation, and strengthen green development, aiming to improve brand image and market competitiveness [3][4] - The company is focusing on high-growth sectors and aims to optimize resource allocation to achieve cost reduction and efficiency improvement [3][4] - The company is preparing for the upcoming maturity of convertible bonds worth 5.6 billion, ensuring sufficient liquidity and exploring financing channels [2][3] Group 3: Market Position and Competition - The company faces competition from leading steel enterprises and is working to narrow the product competitiveness gap through differentiated products [2][3] - Following the restructuring with Ansteel Group, the company is addressing market overlap and competition through asset restructuring and business adjustments [4] - The company is committed to complying with stock exchange regulations to mitigate delisting risks due to declining performance [3][4]

Core Viewpoint - The company is facing significant challenges in achieving profitability despite the overall improvement in the steel industry, which has seen a substantial increase in profits for major steel enterprises. The company attributes its losses to high logistics costs, market conditions, and competition, and is implementing various strategies to mitigate these issues [2][3]. Group 1: Company Performance and Challenges - The steel industry reported a total profit of 960 billion yuan in the first three quarters, a year-on-year increase of 1.9 times, indicating improved industry efficiency compared to the previous year. However, the company has not been able to escape losses during the same period [2]. - The company is located in Northeast China, where high logistics costs and lower risk tolerance compared to industry peers have contributed to its financial struggles. Despite efforts to counteract these challenges, the company remains in a loss position [2]. - The company is focusing on product development and production to enhance competitiveness, reduce procurement costs, and optimize sales strategies to improve its financial performance [2]. Group 2: Strategic Initiatives - The company is exploring asset restructuring and business adjustments to address competition with its parent company, Ansteel Group. This includes potential asset swaps and management strategies to enhance shareholder value [3]. - The company is committed to adhering to regulations to avoid delisting risks and is actively working on a major asset swap plan that is currently under careful evaluation [4]. - The company is enhancing its market competitiveness in the Northeast region by improving sales strategies and optimizing service offerings [4]. Group 3: Future Outlook and Industry Trends - The company plans to focus on high-growth sectors and aims to improve production efficiency and sustainability through green and intelligent transformations [5]. - The recent "14th Five-Year Plan" is expected to positively impact the steel industry by promoting quality upgrades and digital transformation, presenting new opportunities for the company [5]. - The company is preparing for the upcoming maturity of its convertible bonds, with plans to manage cash flow effectively and explore financing options to ensure smooth repayment [6].