Industry Overview - The liquid ammonia storage tank is a specialized equipment for storing and transporting liquid ammonia, with a history dating back to the late 19th century. Its development has been driven by advancements in chemical industry and increasing demand in agriculture, medicine, and food sectors [1][4][14] - The market size of China's liquid ammonia storage tank industry is projected to reach approximately 7.788 billion yuan in 2024, representing a year-on-year growth of 10.12% [1][14] - The first phase of the world's largest green hydrogen ammonia project, with an initial capacity of 320,000 tons, was officially put into operation on July 8, 2025. This project includes a milestone liquid ammonia storage tank project that is the first large-scale low-temperature tank for storing green ammonia globally [1][14] Industry Development Background - The demand for liquid ammonia has been increasing, with production expected to grow from 45.51 million tons in 2018 to 62.10 million tons in 2024, reflecting a compound annual growth rate of 5.32% [7] - The growth in liquid ammonia production has spurred the demand for specialized storage equipment, leading to rapid technological advancements in liquid ammonia storage tanks [7] Industry Chain - The upstream of the liquid ammonia storage tank industry includes raw materials and equipment, such as special steel, low-temperature alloys, insulation materials, sealing materials, and welding materials. The core equipment includes compressors, refrigeration units, and safety valves [10] - The midstream involves the production and manufacturing of liquid ammonia storage tanks, while the downstream applications span across chemical, construction, aerospace, biomedical, and environmental sectors [10] Industry Trends - The trend towards larger liquid ammonia storage tanks is driven by increasing production capacity and import/export demands. The industry is moving towards 50,000-ton capacity tanks to reduce land use and operational costs [22] - The integration of smart technologies, such as IoT sensors and AI monitoring systems, is enhancing safety and efficiency in the liquid ammonia storage tank sector [23] - The green transformation of liquid ammonia storage tanks is essential, focusing on low-energy, corrosion-resistant materials and the adoption of BOG recovery systems to minimize carbon emissions [24] Key Companies - Major companies in the liquid ammonia storage tank market include CIMC Enric, Blue Science and Technology, and various domestic manufacturers that dominate the mid to low-end market, while international brands focus on high-end large storage tanks [15][18][20]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Overview - The metallurgical industry in China is focusing on energy conservation and emission reduction, aiming to minimize energy consumption and pollutant emissions while ensuring product quality and output [1][9][21] - In 2024, total investment in energy conservation and emission reduction by metallurgical enterprises is projected to decrease to 42 billion yuan, with energy-saving benefits dropping to 13 billion yuan [11] Market Policies - The Chinese government has implemented a series of policies to promote energy conservation and carbon reduction in the metallurgical industry, including action plans and guidelines aimed at reducing energy consumption and carbon emissions [4][6] - Specific targets for comprehensive energy consumption and carbon emission intensity in the steel industry have been established to guide the development of energy conservation and emission reduction efforts [4][6] Industry Chain - The energy conservation and emission reduction industry in metallurgy includes manufacturers of energy-saving equipment, technology providers, and software service providers [7] - The upstream supply chain consists of raw material suppliers, component manufacturers, and research institutions, while the downstream market primarily targets the steel and non-ferrous metal industries [7] Current Development - In 2023, the metallurgical industry consumed 680 million tons of standard coal and emitted 1.98 billion tons of CO2, with significant reductions expected in 2024 due to policy support [9][11] - The environmental cost per ton of steel is approximately 138 yuan, with carbon trading revenues estimated at 3.5 billion yuan [11] Competitive Landscape - Major players in the industry include large metallurgical groups like Baowu Steel and Hebei Iron and Steel, which are leading the development of energy-saving technologies [13][16] - Specialized energy-saving technology companies, such as China Metallurgical Group, focus on specific areas like waste heat recovery and flue gas purification [13][18] Future Trends - The dual carbon goals and related policies will continue to drive the metallurgical industry towards stricter energy consumption and emission standards [21] - The adoption of electric furnace short-process steelmaking technology is expected to increase, gradually shifting the industry away from traditional long-process methods [21]

三、业绩变动原因说明 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、本期业绩预计情况 （一）业绩预告期间 2025年1月1日至2025年6月30日 （二）业绩预告情况：同向上升 二、与会计师事务所沟通情况 公司本次业绩预告未经会计师事务所审计。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000825 证券简称：太钢不锈 公告编号：2025-030 2025年上半年，钢铁行业呈现减量调结构、需求差异化的特点，供需矛盾进一步加大，钢材价格弱势运 行。面对严峻的市场形势，公司聚焦问题解决，主动对标找差，挖潜降本成效明显；坚持创新驱动，持 续加大不锈钢和特殊钢的新产品研发力度；坚持以客户为中心，推动营销体系变革；整合铁前、炼钢工 厂，内涵式效率持续提升;围绕QCDVS（质量、成本、交付、品种及服务）持续拓展算账经营维度，提 高品种钢质量和交付效率。通过以上举措，2025年上半年公司经营业绩实现提升。 四、风险提示 本次业绩预告为公司财务部门初步测算的结果，具体财务数据以公司在指定信息披露媒体上披露的2025 年半年度财务报告为准。 公司将严格依 ...

| 证券代码：000825 证券简称：太钢不锈 公告编号：2025-030 | | | | --- | --- | --- | | 2025 山西太钢不锈钢股份有限公司 年半年度业绩预告 | | | | 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、本期业绩预计情况 | | | | （一）业绩预告期间 | | | | （二）业绩预告情况：同向上升 | | | | 项 目 本报告期 | | 上年同期 | | 盈利：35000 万元–45000 万元 | | | | 归属于上市公司 | | | | 盈利：13900 | | 万元 | | 股东的净利润 | | | | 比上年同期增加：151.80%-223.74% | | | | 扣除非经常性损 | | | | 盈利：27337 | 万元–37337 万元 亏损：5721 | 万元 | | 益后的净利润 | | | | 盈利：0.061 元/股–0.079 元/股 元/股 基本每股收益 | | 盈利：0.024 | | 二、与会计师事务所沟通情况 | | | | 公司本次业绩预 ...

（二）业绩预告情况：同向上升 | 项 目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：35000 | 万元–45000 万元 | 盈利：13900 | 万元 | | | 比上年同期增加：151.80%-223.74% | | | | | 扣除非经常性损 益后的净利润 | 盈利：27337 | 万元–37337 万元 | 亏损：5721 | 万元 | | 基本每股收益 | 盈利：0.061 | 元/股–0.079 元/股 | 盈利：0.024 | 元/股 | 二、与会计师事务所沟通情况 公司本次业绩预告未经会计师事务所审计。 证券代码：000825 证券简称：太钢不锈 公告编号：2025-030 山西太钢不锈钢股份有限公司 2025 年半年度业绩预告 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、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 五、其他相关说明 无 特此公告 山西太钢不锈钢股份有限公司 ...

Group 1: Annual Reports and Dividends - Gujinggong Liquor (000596) reported 2024 revenue of 23.578 billion yuan, up 16.41%, and net profit of 5.517 billion yuan, up 20.22%. The company plans to distribute a cash dividend of 50 yuan per 10 shares, totaling 2.643 billion yuan [2] - Luzhou Laojiao (000568) reported 2024 revenue of 31.196 billion yuan, up 3.19%, and net profit of 13.473 billion yuan, up 1.71%. The company plans to distribute a cash dividend of 45.92 yuan per 10 shares, totaling 6.759 billion yuan [2] - Gree Electric (000651) reported 2024 revenue of 189.164 billion yuan, down 7.26%, and net profit of 32.185 billion yuan, up 10.91%. The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 11.17 billion yuan [3] Group 2: Q1 2025 Performance - Gujinggong Liquor reported Q1 2025 revenue of 9.146 billion yuan, up 10.38%, and net profit of 2.330 billion yuan, up 12.78% [2] - Gree Electric reported Q1 2025 revenue of 41.507 billion yuan, up 14.14%, and net profit of 5.904 billion yuan, up 26.29% [3] - National City Mining (000688) reported Q1 2025 revenue of 0.053 billion yuan, up 77.25%, and net profit of 0.0612 billion yuan, up 18279.65% [4] - Taiyuan Iron & Steel (000825) reported Q1 2025 revenue of 23.31 billion yuan, down 4.71%, and net profit of 0.0188 billion yuan, up 5506.92% [4] - Shenfang A (000029) reported Q1 2025 revenue of 0.033 billion yuan, up 457.38%, and net profit of 0.0724 billion yuan, up 3718.51% [4] - Qingda Environmental Protection (688501) reported Q1 2025 revenue of 0.0619 billion yuan, up 317.43%, and net profit of 0.0687 billion yuan, up 990.26% [4] - Tianbao Infrastructure (000965) reported Q1 2025 revenue of 0.0169 billion yuan, down 34.62%, and net profit of 0.01 billion yuan, up 737.29% [4] - Taihe Intelligent (603656) reported Q1 2025 revenue of 0.0105 billion yuan, up 10.19%, and net profit of 0.0002097 billion yuan, up 716.41% [5] - Meg Intelligent (002881) reported Q1 2025 revenue of 0.0997 billion yuan, up 73.57%, and net profit of 0.0463 billion yuan, up 616.02% [5] - Shengda Biological (603079) reported Q1 2025 revenue of 0.0203 billion yuan, up 9.95%, and net profit of 0.0217 billion yuan, up 469.35% [5] - Jincai Interconnection (002530) reported Q1 2025 revenue of 0.0206 billion yuan, down 33%, and net profit of 0.001364 billion yuan, up 466.95% [5] - XinSai Co. (600540) reported Q1 2025 revenue of 1.215 billion yuan, up 312.03%, and net profit of 0.01819 billion yuan, up 315.74% [6]

证券代码：000825 证券简称：太钢不锈 公告编号：2025-029 会议于 2025 年 7 月 4 日以通讯表决方式召开。 3.董事出席情况 山西太钢不锈钢股份有限公司 第九届董事会第三十三次会议决议公告 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.会议通知的时间和方式 公司九届三十三次董事会会议通知及会议资料于 2025 年 6 月 27 日以直接送 达或电子邮件方式送达各位董事、监事及高管人员。 2.会议的时间、地点和方式 特此公告 山西太钢不锈钢股份有限公司董事会 应参加表决的董事 11 人，实际表决的董事 11 人。 4.本次会议的召集和召开符合有关法律、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 会议审议并通过了以下议案： 1、《关于调整部分机构的议案》 结合公司战略发展要求与项目管理效能提升的客观需要，为构建从战略规划、 项目立项到建设实施的全周期管理体系，整合规划发展部与工程管理部，成立规 划投资部。 经董事表决，11 票同意、0 票反对、0 票弃权。议案获得通过。 三、备查文 ...

Group 1 - The board of directors of Shanxi Taigang Stainless Steel Co., Ltd. held its 32nd meeting on June 21, 2025, via remote voting, with all 11 directors participating [1][2] - The board approved the repurchase and cancellation of 10.6658 million restricted stocks held by 247 incentive objects due to unmet performance targets for 2024 and other reasons such as resignation or retirement [1] - The total amount for the stock repurchase is approximately 37.81 million yuan [1]

Core Viewpoint - Company plans to repurchase and cancel 10.6658 million restricted stocks, leading to a corresponding reduction in registered capital by 10.6658 million yuan [1] Group 1: Stock Repurchase and Capital Reduction - The board of directors and the supervisory board approved the proposal to repurchase and cancel restricted stocks on June 21, 2025 [1] - The repurchase will involve 10.6658 million shares that have been granted but not yet released from restrictions [1] - The registered capital will be reduced by 10.6658 million yuan following the completion of the repurchase [1] Group 2: Creditor Notification - Creditors have 45 days from the announcement date to claim their debts or request guarantees [1] - If creditors do not declare their claims within the specified period, it will not affect the validity of their claims [1] - Creditors must submit written requests along with relevant documentation to the company for debt settlement or guarantees [1][2]