2025年10月31日，太钢不锈(000825.SZ)发布2025年三季报。 公司营业总收入为680.04亿元，在已披露的同业公司中排名第2。归母净利润为5.68亿元，在已披露的同 业公司中排名第4，较去年同报告期归母净利润增加11.22亿元。经营活动现金净流入为32.09亿元，在已 披露的同业公司中排名第2，较去年同报告期经营活动现金净流入增加8.40亿元，实现2年连续上涨，同 比较去年同期上涨35.45%。 公司最新总资产周转率为1.02次，在已披露的同业公司中排名第2。最新存货周转率为7.46次，在已披露 的同业公司中排名第3。 公司股东户数为13.86万户，前十大股东持股数量为39.46亿股，占总股本比例为69.27%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 太原钢铁(集团)有限公司 | 63.31% | | 2 | 香港中央结算有限公司 | 1.88% | | 3 | 洪泽君 | 1.44% | | 4 | 山西国际电力集团有限公司 | 0.79% | | ਦੇ | 中国农业银行股份有限公司-中证500交易型开放式指数 ...

Core Viewpoint - Taiyuan Iron & Steel (000825.SZ) reported a decrease in revenue for the first three quarters of 2025, while net profit showed significant growth [1] Financial Performance - The company's operating revenue for the first three quarters was 68.004 billion yuan, a year-on-year decrease of 9.67% [1] - Net profit attributable to shareholders was 568 million yuan, reflecting a year-on-year increase of 202.48% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 470 million yuan, representing a year-on-year growth of 157.68% [1] - Basic earnings per share stood at 0.1 yuan [1]

Core Viewpoint - Taigang Stainless Steel (000825) reported significant improvement in profitability despite short-term revenue pressure in its Q3 2025 report [1] Financial Performance - For Q3 2025, Taigang Stainless Steel's operating revenue was 22.037 billion yuan, a year-on-year decrease of 13.82% [2] - Year-to-date revenue until the report period was 68.004 billion yuan, down 9.67% year-on-year [2] - The net profit attributable to shareholders for Q3 2025 was 175 million yuan, an increase of 125.25% year-on-year [2] - Year-to-date net profit attributable to shareholders reached 568 million yuan, up 202.48% year-on-year [2] - The non-recurring net profit attributable to shareholders for Q3 2025 was 154 million yuan, a year-on-year increase of 120.28% [2] - Year-to-date non-recurring net profit attributable to shareholders was 470 million yuan, growing by 157.68% year-on-year [2] - Basic earnings per share for the first three quarters was 0.100 yuan, reflecting a year-on-year growth of 203.09% [2]

Group 1 - The core viewpoint of the article is that Taiyuan Iron and Steel Co., Ltd. (太钢不锈) reported a decline in revenue and net profit for the third quarter of the year [1] - The company's operating revenue for the first three quarters was 68,003,708,681.10 yuan, representing a year-on-year decrease of 9.67% [1] - The net profit attributable to shareholders of the listed company was 568,040,588.50 yuan [1] Group 2 - Among the top ten circulating shareholders, Dong Yongfeng and Lin Caifei are newly added circulating shareholders [2]

Revenue and Profitability - Revenue for Q3 2025 was CNY 22,036,854,020.37, a decrease of 13.82% compared to the same period last year[5] - Net profit attributable to shareholders increased by 125.25% to CNY 175,044,944.20 for Q3 2025[5] - Net profit excluding non-recurring items rose by 120.28% to CNY 153,675,950.19 for Q3 2025[5] - Total operating revenue decreased to ¥68,003,708,681.10 from ¥75,285,188,185.36, representing a decline of approximately 9.4% year-over-year[26] - Net profit for the period was ¥585,527,135.67, a significant recovery from a net loss of ¥547,256,386.19 in the previous period[27] - The company reported a basic and diluted earnings per share of ¥0.100, compared to a loss per share of ¥0.097 in the prior period[28] Cash Flow and Investments - Cash flow from operating activities for the year-to-date reached CNY 3,208,541,878.22, an increase of 35.45%[5] - Cash inflow from operating activities totaled ¥75,031,058,751.67, a decrease of 9.5% from ¥83,156,035,279.00 in the previous period[31] - Net cash flow from operating activities increased to ¥3,208,541,878.22, up 35.4% from ¥2,368,823,263.33 in the previous period[31] - Cash outflow from investing activities was ¥2,065,748,283.03, compared to ¥1,713,889,333.50 in the previous period, indicating an increase in investment spending[32] - Net cash flow from investing activities was -¥1,287,809,509.66, slightly improved from -¥1,449,837,897.03 in the previous period[32] - Cash inflow from financing activities amounted to ¥1,953,597,305.31, an increase of 29.5% from ¥1,507,416,379.50 in the previous period[32] - Net cash flow from financing activities was -¥1,979,062,717.28, worsening from -¥61,000,850.52 in the previous period[32] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 66,227,687,413.96, a decrease of 1.93% from the end of the previous year[5] - The total assets decreased to ¥66,227,687,413.96 from ¥67,532,693,504.04, a decline of about 1.9%[24] - Current liabilities increased to ¥29,526,885,825.23 from ¥28,045,797,600.01, marking an increase of approximately 5.3%[23] - Non-current liabilities decreased significantly to ¥1,177,417,976.69 from ¥4,571,741,403.24, a reduction of about 74.2%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 138,599[16] - Taiyuan Iron and Steel (Group) Co., Ltd. holds 63.31% of shares, totaling 3,606,454,334 shares, and these shares are pledged[16] - The company completed the repurchase and cancellation of 10,665,800 restricted shares, accounting for 0.1869% of the total share capital before the repurchase[18] - The total share capital after the repurchase decreased from 5,706,913,596 shares to 5,696,247,796 shares[18] Operational Changes - The company approved the merger of subsidiaries, including the absorption of Chengdu (Tai Steel) Sales Co., Ltd.[19] - The company signed a management agreement to manage 73.97% equity of Ningbo Baoxin Stainless Steel Co., Ltd.[19] Other Financial Metrics - Cash and cash equivalents at the end of the period amounted to ¥8,791,252,961.04, an increase from ¥8,144,892,393.10 at the beginning of the period[21] - Accounts receivable increased to ¥1,469,430,883.55 from ¥857,136,272.23[21] - Inventory decreased to ¥8,129,080,534.23 from ¥9,645,460,564.93[21] - Total current assets at the end of the period were ¥20,362,964,237.19, down from ¥20,573,951,962.13[21] - Long-term equity investments increased to ¥2,461,093,678.68 from ¥2,351,429,927.16, showing a growth of approximately 4.7%[22] - Research and development expenses were reported at ¥628,813,777.00, down from ¥740,227,790.80, indicating a decrease of approximately 15.1% year-over-year[27] - The company's cash flow from operating activities is expected to improve in the upcoming quarters due to strategic cost management initiatives[29] Tax and Compensation - The company received tax refunds of ¥252,485,240.32, significantly higher than ¥15,179,338.06 in the previous period[31] - Cash outflow for employee compensation was ¥2,631,384,102.71, slightly decreased from ¥2,684,757,984.48 in the previous period[31] Market Activity - The company did not report any new product launches or significant market expansion strategies during this period[34]

Market Overview - The special steel sector increased by 1.04% on October 30, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Fangda Special Steel (600507) closed at 5.90, up 6.50% with a trading volume of 981,700 shares and a transaction value of 586 million [1] - Shengde Yantai (300881) closed at 36.79, up 5.60% with a trading volume of 61,100 shares [1] - Shagang Co. (002075) closed at 5.73, up 1.96% with a trading volume of 781,000 shares [1] - Fushun Special Steel (600399) closed at 5.35, up 1.33% with a trading volume of 528,600 shares [1] - Other notable performances include Taigang Stainless Steel (000825) up 0.95% and CITIC Special Steel (000708) up 0.69% [1] Capital Flow - The special steel sector saw a net inflow of 89.97 million from main funds, while retail funds had a net inflow of 11.61 million [2] - The sector experienced a net outflow of 102 million from speculative funds [2] Individual Stock Capital Flow - Fangda Special Steel had a net inflow of 11.2 million from main funds but a net outflow of 70.55 million from speculative funds [3] - Fushun Special Steel saw a net inflow of 37.35 million from main funds, with a net outflow of 17.73 million from speculative funds [3] - Changbao Co. (002478) had a net inflow of 16.83 million from main funds, while experiencing a net outflow of 13.13 million from speculative funds [3] - CITIC Special Steel had a net inflow of 16.73 million from main funds but a net outflow of 29.45 million from retail investors [3]

Market Overview - The special steel sector increased by 0.37% on October 29, with Taiyuan Iron and Steel Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Taiyuan Iron and Steel Co., Ltd. (000825) closed at 4.22, with a rise of 3.43% and a trading volume of 704,900 shares, amounting to a transaction value of 294 million yuan [1] - Other notable stocks include: - Xianglou New Materials (301160) at 63.66, up 1.45% [1] - Fangda Special Steel (600507) at 5.54, up 1.09% [1] - Fushun Special Steel (600399) at 5.28, up 0.38% [1] - Shagang Group (002075) at 5.62, up 0.36% [1] Capital Flow - The special steel sector saw a net inflow of 44.98 million yuan from main funds, while retail investors experienced a net outflow of 24.68 million yuan [2] - The capital flow for individual stocks indicates: - Taiyuan Iron and Steel Co., Ltd. had a net outflow of 37.31 million yuan from main funds [3] - Xianglou New Materials had a net inflow of 9.13 million yuan from main funds [3] - Fushun Special Steel experienced a net inflow of 5 million yuan from retail investors [3]

Market Overview - The special steel sector experienced a decline of 1.65% on October 28, with Jinzhou Pipeline leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Jinzhou Pipeline (002443) closed at 8.37, down 2.79% with a trading volume of 305,300 shares and a transaction value of 258 million yuan [1] - Other notable declines include: - Jiuli Special Materials (002318) down 2.19% to 25.50 - Taiyuan Iron & Steel (000825) down 1.92% to 4.08 - CITIC Special Steel (000708) down 1.82% to 14.55 [1] Capital Flow - The special steel sector saw a net outflow of 108 million yuan from main funds, while retail investors contributed a net inflow of 54.64 million yuan [1] - The capital flow for specific stocks includes: - Changbao Co. (002478) with a main fund net inflow of 21.28 million yuan [2] - CITIC Special Steel (000708) with a main fund net inflow of 10.89 million yuan [2] - Sand Steel Co. (002075) faced a significant main fund net outflow of 24.37 million yuan [2]

Core Viewpoint - Taiyuan Iron and Steel Co., Ltd. (TISCO) has experienced a decline in stock price and net outflow of funds, despite a year-to-date increase in stock price and significant growth in net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 28, TISCO's stock price decreased by 2.16% to 4.07 CNY per share, with a trading volume of 1.51 billion CNY and a turnover rate of 0.65%, resulting in a total market capitalization of 23.184 billion CNY [1]. - Year-to-date, TISCO's stock price has increased by 16.95%, with a 0.97% decline over the last five trading days, a 4.36% increase over the last 20 days, and a 4.24% decline over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, TISCO reported operating revenue of 45.967 billion CNY, a year-on-year decrease of 7.54%, while net profit attributable to shareholders reached 393 million CNY, reflecting a year-on-year increase of 182.74% [2]. Group 3: Shareholder Information - As of June 30, 2025, TISCO had 141,900 shareholders, a decrease of 1.25% from the previous period, with an average of 40,149 circulating shares per shareholder, an increase of 1.27% [2]. - TISCO has distributed a total of 12.570 billion CNY in dividends since its A-share listing, with 143 million CNY distributed over the past three years [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.545 million shares to 56.331 million shares, and Southern CSI 500 ETF, which increased its holdings by 4.502 million shares to 33.859 million shares [3].

Core Insights - The appreciation of the Renminbi has led to a 0.68% increase in the benefiting sectors compared to the previous trading day, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Summary of Benefiting Stocks - Zhongshun Jierou (002511) closed at 8.81, with a rise of 4.51% and a trading volume of 265,400 shares, amounting to a transaction value of 232 million [1] - Tongling Nonferrous Metals (000630) closed at 5.86, increasing by 2.81% with a trading volume of 3.91 million shares, totaling 2.299 billion [1] - Taiyuan Iron & Steel (000825) closed at 4.16, up 2.72% with a trading volume of 658,600 shares, amounting to 273 million [1] - Baosteel (600000) closed at 7.27, rising by 1.82% with a trading volume of 1.2066 million shares, totaling 877 million [1] - Other notable stocks include Aluminum Wine Food (300892) at 35.03 (+1.24%), Hengbang Co. (002237) at 13.22 (+1.15%), and Air China (601111) at 8.46 (+1.08%) [1] Fund Flow Analysis - The benefiting sector experienced a net outflow of 198 million from institutional investors, while retail investors saw a net inflow of 80.24 million [2] - Notable net inflows from retail investors were observed in stocks like Zhongshun Jierou and Taiyuan Iron & Steel, despite overall outflows from institutional investors [3]