证券代码：000778 证券简称：新兴铸管 公告编号：2025-22 新兴铸管股份有限公司 2024 年度股东大会决议公告 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。 特别提示: 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况和出席情况 （一）会议召开情况 1、会议召开的日期和时间： （1）现场会议召开时间为：2025 年 5 月 8 日（星期四）下午 14:30 （2）网络投票时间为：2025 年 5 月 8 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 8 日 （现场股东大会召开日）9:15—9:25,9:30—11:30 和 13:00—15:00 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 5 月 8 日 9:15－15:00 2、股权登记日：2025 年 4 月 30 日（星期三） （二）会议出席情况 1 1、参加本次股东大会现场会议和网络投票的股东及股东代表共计 672 人，代表股份 1,770,115,031 股， ...

北京市中伦律师事务所 关于新兴铸管股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 法律意见书 北京市中伦律师事务所 关于新兴铸管股份有限公司 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《证券法》、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股 1 法律意见书 东会规则》（以下简称"《股东会规则》"）及《深圳证券交易所上市公司股东 会网络投票实施细则》等现行有效的法律、法规、规范性文件以及《新兴铸管股 份有限公司公司章程》（以下简称"《公司章程》"）、《新兴铸管股份有限公司 股东大会议事规则》（以下简称"《股东大会议事规则》"）的规定而出具。 2024 年度股东大会的 法律意见书 致：新兴铸管股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受新兴铸管股份有限公司（以 下简称"公司"）委托，指派本所律师对公司 2024 年度股东大会的（以下简称 "本次股东大会"）的合法性进行见证并出具《北京市中伦律师事务所关于新兴 铸管股份有限公司 2024 年度股东大会的法律意见书》（以下简称"本法律意见 书"）。 本所及本所律师依据《中华人民共和国证券法》 ...

证券代码：000778 证券简称：新兴铸管 公告编号：2025-21 新兴铸管股份有限公司 关于召开 2024 年度股东大会的提示性公告 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。 新兴铸管股份有限公司（以下简称"本公司""公司"）于 2025 年 4 月 11 日在《中 国证券报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于 召开 2024 年度股东大会的通知》。定于 2025 年 5 月 8 日召开公司 2024 年度股东大会。 本次股东大会采用现场表决与网络投票相结合的方式召开，为进一步保护投资者的合法 权益，方便本公司股东行使股东大会表决权，现发布《关于召开 2024 年度股东大会的 提示性公告》。 一、召开会议基本情况 1、会议届次：2024 年度股东大会。 2、会议召集人：公司董事会。经公司第十届董事会第十次会议审议通过，决定召开 2024 年度股东大会。 3、会议召开的合法性、合规性情况：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期和时 ...

Core Insights - The article highlights the integration of advanced technologies such as big data and artificial intelligence into the work of labor models, leading to significant improvements in production efficiency and innovation in labor methods [1][2]. Group 1: Technological Advancements - The "Digital Twin Application for Ironmaking" project, developed by the team led by Li Xinhui, is a key driver for upgrading the ironmaking process, utilizing digital twin technology to monitor and predict internal conditions of the blast furnace [3][6]. - The project has effectively reduced fluctuations in furnace conditions, resulting in annual savings exceeding 20 million yuan for the company [3]. Group 2: Labor Model Contributions - Li Xinhui, a senior technician and deputy manager at a steel company, emphasizes the importance of technological innovation for high-quality development in the steel industry, showcasing a commitment to practical solutions [2][6]. - The article illustrates Li Xinhui's extensive experience and contributions, including the resolution of critical operational issues that saved the company significant financial losses [5][6]. Group 3: Training and Knowledge Transfer - Li Xinhui has established a "Craftsman Lecture Hall," which has trained nearly 300 technical backbones, promoting the transmission of craftsmanship spirit across various industrial sectors [7]. - The collaborative environment in Li Xinhui's innovation studio fosters brainstorming among different generations of technical staff, enhancing the company's digital transformation efforts [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The steel industry is experiencing improved profitability, leading to a sequential improvement in the company's performance for Q1 2025. The company reported revenue of 8.375 billion RMB, a year-on-year decrease of 8.21% and a quarter-on-quarter decrease of 8.11%. However, the net profit attributable to the parent company was 137 million RMB, showing a year-on-year decrease of 19.84% but a quarter-on-quarter increase of 143.36% [1][2] - The company is actively pursuing cost-saving measures and enhancing the differentiation and high-end nature of its casting pipe products. It is also increasing its market share in new products and markets, while steadily raising the proportion of special steel products [2] - The report indicates that the steel industry's supply-side optimization is gradually approaching, which is expected to further improve profitability in the sector [3] Summary by Sections Financial Performance - In Q1 2025, the company's total operating costs decreased by 10.74% year-on-year, which is greater than the revenue decline of 8.21%. This resulted in an increase in the sales gross margin by 2.77 percentage points to 7.61%. The net profit margin also increased by 6.81 percentage points to 1.83% due to improvements in various period expenses [2] - The report forecasts the company's earnings per share (EPS) for 2025-2027 to be 0.18, 0.24, and 0.26 RMB respectively, with book value per share (BVPS) projected at 6.57, 6.74, and 6.90 RMB [4] Market Conditions - The average sales profit margin for key enterprises in the steel industry was 0.71% in 2024, a year-on-year decrease of 0.63 percentage points. The government has been emphasizing strict control over steel production to prevent excessive competition, indicating a potential restart of supply-side optimization [3] - The report predicts that the global iron ore production capacity will continue to expand in 2025, which may lead to a further decline in iron ore prices and an overall recovery in steel industry profits [3] Valuation - The target price for the company is set at 3.98 RMB, based on a price-to-earnings (PE) ratio of 0.61X for 2025, which is higher than the average PE of comparable companies at 0.52X [4][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company has shown a quarter-on-quarter improvement in its performance, with a significant increase in net profit by 143.36% compared to the previous quarter, despite a year-on-year decline [1]. - The company is positioned to benefit from the increasing demand in infrastructure, particularly in water conservancy projects, with a notable growth in investment in this sector [3]. - The company aims to increase its metal products output to 9.92 million tons in 2025, representing a year-on-year growth of 22.6%, indicating substantial capacity expansion potential [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 8.375 billion yuan, a year-on-year decrease of 8.21%, but a quarter-on-quarter improvement [1]. - The net profit attributable to the parent company for Q1 2025 was 137 million yuan, down 19.84% year-on-year but up 143.36% quarter-on-quarter [1]. - The projected net profits for the company from 2025 to 2027 are 800 million yuan, 950 million yuan, and 1.18 billion yuan, respectively, with corresponding P/E ratios of 16.8, 14.2, and 11.3 [3][4]. Industry Insights - The water conservancy construction investment in China reached 1,352.9 billion yuan in 2024, a year-on-year increase of 12.8%, with Q1 2025 showing a 2.9% growth [3]. - The company is expected to benefit from government policies supporting infrastructure projects, including urban pipeline renovations and large-scale industrial equipment upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company has shown a quarter-on-quarter improvement in its performance, with a significant increase in net profit by 143.36% compared to the previous quarter, despite a year-on-year decline [1]. - The company is positioned to benefit from the increasing demand in infrastructure, particularly in water conservancy projects, with a notable growth in investment in this sector [3]. - The company aims to increase its metal products output to 9.92 million tons in 2025, representing a year-on-year growth of 22.6%, indicating substantial capacity expansion potential [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 8.375 billion yuan, a year-on-year decrease of 8.21%, but a quarter-on-quarter improvement [1]. - The net profit attributable to the parent company for Q1 2025 was 137 million yuan, down 19.84% year-on-year but up 143.36% quarter-on-quarter [1]. - The projected net profits for the company from 2025 to 2027 are 800 million yuan, 950 million yuan, and 1.18 billion yuan, respectively, with corresponding P/E ratios of 16.8, 14.2, and 11.3 [3][4]. Industry Insights - The water conservancy construction investment in China reached 1,352.9 billion yuan in 2024, a year-on-year increase of 12.8%, with Q1 2025 showing a 2.9% growth [3]. - The company is expected to benefit from national policies supporting infrastructure projects, including urban pipeline renovations and large-scale industrial equipment upgrades [3].

Financial Performance - The company's operating revenue for Q1 2025 was ¥8,375,153,244.86, a decrease of 8.21% compared to ¥9,124,363,531.11 in the same period last year[5] - Net profit attributable to shareholders was ¥137,022,223.99, down 19.84% from ¥170,936,900.84 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 99.29% to ¥120,521,139.21 from ¥60,475,888.91 in the previous year[5] - The weighted average return on net assets decreased to 0.54% from 0.67% year-on-year[5] - Net profit for the period was ¥153,495,982.09, slightly up from ¥152,525,366.56, indicating a marginal increase of 0.6% year-over-year[22] - Earnings per share (EPS) decreased to ¥0.0345 from ¥0.0428, reflecting a decline of approximately 19.0% year-over-year[22] Cash Flow - The net cash flow from operating activities was -¥2,781,485,016.75, a decline of 36.78% compared to -¥2,033,604,359.08 in the same period last year[5] - Cash flow from operating activities decreased to ¥7,135,344,244.97 from ¥8,127,784,706.93, a decrease of about 12.2% year-over-year[23] - Net cash flow from operating activities was -2,781,485,016.75, compared to -2,033,604,359.08 in the previous period, indicating a decline in operational performance[24] - Net cash flow from financing activities improved significantly to ¥2,253,738,096.51 from -¥1,156,900,091.55, marking a 294.81% increase[12] - The total cash and cash equivalents at the end of the period stood at 7,295,131,243.91, down from 9,353,397,170.15, reflecting a decrease in liquidity[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥55,343,846,794.06, an increase of 3.93% from ¥53,250,295,800.59 at the end of the previous year[5] - Long-term borrowings increased by 60.55% to ¥10,549,174,113.48 from ¥6,570,699,081.99, indicating a strategy to optimize the debt structure[10] - Total liabilities increased to ¥27,046,624,113.90 from ¥25,073,296,070.00, an increase of approximately 7.9% year-over-year[20] Research and Development - Research and development expenses rose by 34.64% to ¥96,400,063.72 from ¥71,599,977.43, reflecting the company's commitment to technological innovation[11] - The company reported a decrease in research and development expenses to ¥96,400,063.72 from ¥71,599,977.43, an increase of about 34.7% year-over-year[21] Market Conditions - The steel industry is facing a cyclical downturn, with a reported profit loss of ¥15.5 billion in the black metal smelting and rolling industry for the first two months of the year[17] - The company is actively pursuing cost reduction and efficiency improvement strategies to adapt to the challenging market environment[17] Shareholder Information - The top shareholder, Xinxing Cathay International Group Co., Ltd., holds a significant 40.24% stake in the company, totaling approximately 1.59 billion shares[15] - The company has reported a total of 1.52 billion unrestricted shares held by its top shareholders, indicating a strong liquidity position[15] Inventory and Receivables - The company reported a significant increase in receivables, with accounts receivable rising by 30.65% to ¥4,075,853,064.74 from ¥3,119,558,497.12[10] - Accounts receivable increased significantly to approximately ¥4.08 billion, up from ¥3.12 billion, representing a growth of around 30.8%[18] - The inventory level rose to approximately ¥5.16 billion, compared to ¥4.96 billion previously, marking an increase of about 4.2%[18]

Core Viewpoint - Guangdong Xinxing Foundry Co., Ltd. is leveraging innovation to enhance productivity and achieve significant operational milestones in the first quarter of the year [1][3]. Group 1: Production Achievements - In the first quarter, the company set 19 historical records in key casting processes [3][4]. - The company achieved zero unplanned downtime in iron smelting operations, indicating high efficiency [3]. - All key production and operational indicators were fully met, successfully achieving the first quarter's "opening red" target [3]. Group 2: Operational Strategies - The company is guided by a "cross" strategy focusing on consolidation, adjustment, enhancement, breakthrough, and cultivation [5]. - There is a strong emphasis on safety, supply assurance, and efficiency, with a focus on comprehensive energy consumption optimization [3][7]. - The company promotes a culture of innovation among all employees, encouraging participation in technological advancements and problem-solving [1][5]. Group 3: Future Directions - The company aims to continue enhancing operational capabilities by benchmarking against industry leaders and improving quality and efficiency [7]. - There is a commitment to advancing safety standards and accelerating the implementation of intelligent manufacturing processes [7]. - The integration of party and business operations is emphasized to strengthen the leadership and guarantee production and operational success [7].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Viewpoints - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development to address external uncertainties [2][4]. - The report highlights an increase in daily molten iron production, with a rise of 4.4 thousand tons to 244.4 thousand tons, indicating a positive trend in production capacity utilization [12][18]. - Inventory levels are decreasing, with total steel inventory down 3.2% week-on-week, suggesting a tightening supply situation [24][25]. - Apparent consumption of steel has slightly declined, with rebar consumption showing a decrease of 5.1% week-on-week [39][47]. - Steel prices are showing signs of strength, with the Myspic comprehensive steel price index increasing by 0.7% week-on-week, indicating improved profit margins for steel producers [66][67]. Summary by Sections Supply - Daily molten iron production has increased, with a capacity utilization rate of 91.6% for blast furnaces, up 1.5 percentage points week-on-week [18][24]. - The report anticipates a reduction in crude steel production as part of ongoing supply-side reforms [4][13]. Inventory - Total steel inventory has decreased by 3.2% week-on-week, with significant reductions in both social and factory inventories [24][25]. Demand - Apparent consumption of the five major steel products has decreased by 2.4% week-on-week, with rebar consumption down 5.1% [39][47]. Raw Materials - Iron ore prices have slightly decreased, with the Platts 62% iron ore price index at $99.2 per ton, down 0.7% week-on-week [55][67]. Prices and Profits - Steel prices have strengthened, with the report indicating improved profit margins for steel producers due to rising prices and reduced costs [66][67].