Market Performance - The steel sector saw an increase of 1.92% on January 22, with Benxi Steel leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Benxi Steel (000761) closed at 3.52, up 5.07% with a trading volume of 470,900 shares and a turnover of 165 million yuan [1] - Other notable performers included: - Jiugang Hongxing (600307) at 1.88, up 5.03% [1] - Linggang Co. (600231) at 2.27, up 4.13% [1] - Chongqing Steel (601005) at 1.50, up 3.45% [1] - Anyang Steel (600569) at 2.47, up 3.35% [1] Capital Flow Analysis - The steel sector experienced a net outflow of 244 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [1] - The table of capital flow indicates that: - Baosteel (600019) had a net inflow of 57.81 million yuan from main funds [2] - Chongqing Steel (601005) saw a net inflow of 46.50 million yuan from main funds [2] - Benxi Steel (000761) had a net inflow of 21.22 million yuan from main funds [2]

| 股票代码：000761 | 200761 | 股票简称：本钢板材 | 本钢板 B | 编号：2026-003 | | --- | --- | --- | --- | --- | | 债券代码：127018 | | 债券简称：本钢转债 | | | 本钢板材股份有限公司 关于变更 2025 年度审计项目质量控制复核人公告 赖小娟，2015 年成为中国注册会计师，2012 年开始从事上市公 司审计业务，2025 年开始在本所执业。 赖小娟女士不存在违反《中国注册会计师执业道德守则》有关独 立性要求的情形，近三年未因执业行为受到刑事处罚，未受到证监会 及其派出机构、行业主管部门的行政处罚、监督管理措施，未受到证 券交易场所、行业协会等自律组织的自律监管措施、纪律处分。 三、其他情况说明 本次变更过程中相关工作已有序交接，变更事项不会对公司2025 年度审计工作产生不利影响。 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。 本钢板材股份有限公司（以下简称： "公司"或"本钢板材"）于 2025 年 4 月 2 日召开九届董事会第三十五次会议，审议通过了《关 于续聘会 ...

Group 1: Investor Relations Activities - The investor relations activity was a targeted research event held on January 21, 2026, from 10:00 to 11:00 in Benxi City [2][3] - Participants included representatives from various asset management firms and funds, such as Taibao Asset and Morgan Stanley Huaxin [3] Group 2: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase reliance on controlling shareholders and affect independent operations [4] - The feasibility and compliance of the restructuring plan are under further scrutiny, with ongoing evaluations and necessary disclosures to be made [4] Group 3: Convertible Bond Management - The company is preparing for the maturity of its convertible bonds by enhancing market value management and exploring financing channels [4] - Strategies include cost reduction, efficiency improvements, and professional integration to enhance profitability [4] Group 4: Industry Competition and Strategy - Following the restructuring of the controlling shareholder, there is a recognition of overlapping competition with Angang Group, which will be addressed through asset restructuring and business adjustments [4] - The company aims to respond to industry trends and optimize production while adhering to market demands [4] Group 5: Financial Performance and Future Goals - The company has faced three consecutive years of losses, with measures in place to comply with Shenzhen Stock Exchange regulations to avoid being classified as ST [4] - The target for automotive steel sales in 2026 is to focus on high-end products, aiming for significant growth and positioning as a core supplier to mid-to-high-end customers [4][5]

Group 1: Salary Trends - In 2024, the salaries of leaders in steel central enterprises generally decreased, while those in the non-ferrous metal mining sector mostly increased [1][4] - The highest salary among the eight central enterprises is held by the chairman of China Aluminum Corporation, Duan Xiangdong, at 947,900 yuan, followed by the chairman of China Baowu Steel Group, Hu Wangming, at 888,600 yuan [2][5] - The average salary for the eight steel and mining central enterprises' leaders did not exceed 1 million yuan, with the highest total salary including social insurance and other benefits being around 1.1 million yuan [1][2] Group 2: Performance and Salary Correlation - The salary of central enterprise leaders is closely linked to their performance, which explains the general increase in salaries for leaders in the non-ferrous metal mining sector [7] - China Aluminum Corporation reported a net profit of 12.4 billion yuan in 2024, a year-on-year increase of 85.38%, contributing to the rise in its leadership salaries [8] - The non-ferrous metal industry is projected to achieve a total profit of around 420 billion yuan in 2024, with a year-on-year growth of over 10% [9] Group 3: Industry Challenges - The steel industry faced a challenging operating environment in 2024, with major steel companies reporting a total profit of 45.7 billion yuan, a decline of 47.2% year-on-year [6] - The crude steel production in 2024 was 1.01 billion tons, down 1.7% year-on-year, and the domestic steel price index fell by 8.4% [6] - Despite the difficulties in 2024, the steel industry's performance is expected to improve in 2025, with a projected profit increase of 1.9 times in the first three quarters [6]

Group 1 - The company plans to conduct a major asset swap with Benxi Steel Group, 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 [3][5] - The transaction will require cash compensation to balance the difference between the assets being swapped [3] - The company has been disclosing progress on the asset swap since March 21, 2023, with multiple announcements detailing the ongoing developments [4][5][6][7][8][9][10][11][12][14] Group 2 - As of the latest announcement, the transaction plan requires further verification and negotiation, with the scope of the assets and transaction price yet to be finalized [12] - The company will convene its board again to review the transaction once the relevant matters are determined [12]

Market Performance - The steel sector saw an increase of 0.82% on January 19, with Nanjing Steel leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Nanjing Steel (600282) closed at 5.46, up 3.80% with a trading volume of 700,900 shares and a transaction value of 380 million yuan [1] - Other notable performers included: - Sijiang Steel (600808) at 4.13, up 3.77% with a transaction value of 622 million yuan [1] - Hualing Steel (000932) at 5.66, up 3.28% with a transaction value of 576 million yuan [1] - Benxi Steel (000761) at 3.30, up 3.12% with a transaction value of 51.21 million yuan [1] Capital Flow Analysis - The steel sector experienced a net outflow of 179 million yuan from main funds, while retail investors saw a net inflow of 176 million yuan [2] - Notable capital flows included: - Sijiang Steel had a main fund net inflow of 84.80 million yuan, but a retail net outflow of 76.47 million yuan [3] - Hualing Steel had a main fund net inflow of 40.99 million yuan, with a retail net inflow of 0.78 million yuan [3]

股票代码：000761 200761 股票简称：本钢板材 本钢板 B 编号：2026-002 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 plans to conduct an asset swap with Benxi Steel, involving the acquisition of 100% equity in Benxi Steel Mining and the divestment of all assets and liabilities except for retained assets and liabilities, with the difference to be settled in cash [1] Group 1 - The transaction proposal requires further verification and negotiation, with the scope of assets and transaction price yet to be determined [1] - There is a possibility that the transaction may be adjusted, suspended, or canceled, pending the resolution of related matters [1] - The company will convene another board meeting to review the transaction once the relevant details are finalized [1]

Market Overview - On January 14, the general steel sector experienced a decline of 0.2% compared to the previous trading day, with Lingang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Hangang Co., Ltd. saw a significant increase in its stock price, closing at 65.6 with a rise of 8.12%, and a trading volume of 2.91 million shares, amounting to 2.772 billion yuan [1] - Other notable performers included Jiugang Hongxing, which rose by 3.74% to close at 1.94, and Xinxing Ductile Iron Pipes, which increased by 2.83% to close at 4.36 [1] - Conversely, Lingang Co., Ltd. closed at 2.11, down 2.76%, with a trading volume of 402,500 shares and a transaction value of 86.302 million yuan [2] Capital Flow Analysis - The general steel sector saw a net inflow of 278 million yuan from main funds, while retail investors experienced a net outflow of 227 million yuan [2] - The main funds showed significant net inflows in stocks like Hangang Co., Ltd. (495.1 million yuan) and Xinxing Ductile Iron Pipes (49.14 million yuan) [3] - Retail investors had notable outflows in stocks such as Hangang Co., Ltd. (-263 million yuan) and Xinxing Ductile Iron Pipes (-45.12 million yuan) [3]

Core Viewpoint - Company has established a premium steel base primarily focused on automotive steel, offering over 60 varieties and more than 7,500 specifications of products [1] Group 1: Product Offerings - Main products include automotive surface panels, home appliance panels, oil pipeline steel, container plates, and ship plates [1] - Products are widely used in various sectors such as automotive, home appliances, aerospace, machinery manufacturing, energy transportation, and metal products [1] Group 2: Market Strategy - Company will adhere to a market-oriented approach to further develop downstream customer groups and expand sales channels [1] - Focus will be on products with market potential, aiming to create an integrated synergy of marketing, research and development, and production support [1]