Core Viewpoint - The company is committed to deepening reform and innovation to drive high-end, intelligent, green, and efficient development in the steel industry, enhancing the quality and sustainability of its products [1] Group 1 - The company aims to increase the gold content, new material content, and green content of its steel products [1] - The company leverages its advanced stainless steel national key laboratory to focus on the research and development of "bottleneck" materials and cutting-edge products [1]

Group 1 - The company, Taiyuan Iron and Steel (Group) Co., Ltd. (TISCO), announced that its performance forecast for 2025 will be disclosed on January 31, 2026 [2]

Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

Core Viewpoint - The global commercial aerospace market is experiencing unprecedented growth, with projections indicating a market size of $75-125 billion in 2024 and expected to reach $140 billion in 2025. China's commercial aerospace market is particularly rapid, projected to reach 2.3 trillion RMB in 2024, a year-on-year growth of 22.9%, and expected to exceed 2.8 trillion RMB in 2025. Material technology is becoming a core factor determining the competitiveness of commercial aerospace companies [1]. Group 1: Material Demand Characteristics - The demand for materials in commercial aerospace differs significantly from traditional aerospace, focusing on lightweight materials to reduce launch costs, with savings of approximately 20,000-30,000 RMB per kilogram of payload. The core logic for material selection is "lightweight equals increased energy, temperature resistance equals increased efficiency, and reliability equals cost" [1]. - Breakthroughs in reusable technology require materials to withstand over 100 uses and extreme temperature ranges from -270°C to 3000°C, as well as complex space environments [1]. Group 2: Overview of Key New Materials - A total of 128 new materials have been identified as critical for commercial aerospace applications, including aluminum-lithium alloys, titanium alloys, stainless steel, high-temperature alloys, and various composite materials [3][4]. - Key materials such as carbon fiber composites are highlighted for their strength-to-weight ratio, with T700 grade carbon fiber being used in less critical components and T1100 grade for primary load-bearing structures [9][11]. Group 3: Carbon Fiber Composites - Carbon fiber composites (CFRP) are essential in commercial aerospace, accounting for 15%-20% of the manufacturing cost of medium-sized reusable rockets, with values exceeding 20 million RMB per unit. In satellite manufacturing, CFRP costs represent 12%-15% of total manufacturing costs for low Earth orbit satellites [10][11]. - The domestic market for carbon fiber is dominated by companies like Zhongjian Technology and Guangwei Composites, with a significant market share in high-strength carbon fiber applications [12][13]. Group 4: Stainless Steel as a Core Material - Stainless steel is recognized for its low cost, high temperature resistance, and strength, making it a key material for reusable rocket technology. It is used in major structural components like rocket bodies and fuel tanks, aligning with the commercial aerospace principle of "reliability equals cost" [15][16]. - The main grades of stainless steel used can withstand temperatures up to 1400°C and maintain structural stability across a wide temperature range, significantly reducing manufacturing costs compared to advanced materials like titanium alloys [15][16]. Group 5: High-Temperature Materials and Refractory Metals - High-temperature materials are critical for rocket engine technology, directly influencing thrust, efficiency, and reusability. Materials such as ceramic matrix composites and nickel-based superalloys are essential for components exposed to extreme temperatures [19][20][25]. - The domestic production of high-temperature alloys, such as GH4169, has reached over 95% localization, indicating a strong domestic supply chain for aerospace applications [26].

Market Overview - The special steel sector experienced a decline of 7.3% on February 2, with CITIC Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - CITIC Special Steel (000708) closed at 14.78, down 9.99% with a trading volume of 449,200 shares and a transaction value of 685 million yuan [1] - Fangda Special Steel (600507) closed at 5.93, down 8.49% with a trading volume of 752,300 shares [1] - Taiyuan Iron & Steel (000825) closed at 4.82, down 7.84% with a trading volume of 1,597,700 shares [1] - Other notable declines include Jiuli Special Materials (002318) down 5.80%, Shagang Group (002075) down 5.56%, and Xining Special Steel (600117) down 4.83% [1] Capital Flow - The special steel sector saw a net outflow of 60.03 million yuan from main funds, while retail funds experienced a net outflow of 102 million yuan [1] - However, there was a net inflow of 162 million yuan from speculative funds [1] Individual Stock Capital Flow - Taiyuan Iron & Steel (000825) had a main fund net inflow of 15.79 million yuan, while retail funds saw a net outflow of 37.95 million yuan [2] - Jiuli Special Materials (002318) recorded a main fund net inflow of 10.71 million yuan, with retail funds experiencing a net outflow of 29.56 million yuan [2] - Shagang Group (002075) had a main fund net inflow of 5.83 million yuan, but retail funds saw a significant net outflow of 54.47 million yuan [2] - CITIC Special Steel (000708) reported a main fund net outflow of 643,900 yuan, with a small net inflow from speculative funds [2]

Group 1 - The company expects a positive net profit for the year 2025, indicating a turnaround from previous losses [1] - The steel industry is undergoing a deep transformation focused on reducing output and restructuring, which the company is actively adapting to by optimizing production resources and improving operational efficiency [2] - The company anticipates non-recurring gains of 10.5 million to 11.5 million yuan, primarily from government subsidies and the reversal of impairment provisions for receivables [2] Group 2 - The company has communicated with its accounting firm regarding the earnings forecast, and there are no discrepancies between the two parties [1][2] - The company emphasizes a customer-centric and market-oriented operational mechanism to enhance customer satisfaction and integrate production, sales, and research [2] - The company will adhere to legal and regulatory requirements for timely information disclosure [4]

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12月31日 登录新浪财经APP 搜索【信披】查看更多考评等级 （二）业绩预告情况：预计净利润为正值且属于扭亏为盈情形 ■ 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。公司就本次业绩预告有关事项与会计师事务所进行了预沟 通，双方在业绩预告方面不存在分歧。 三、业绩变动原因说明 2025年，钢铁行业步入减量调结构深度转型阶段，面对复杂的市场环境，公司坚持对标找差，通过整合 铁前、炼钢生产资源，推进集约化生产，持续提升产线运行效率；聚焦原料配比结构优化、能源回收利 用及技经指标提升，降本增效成效显著；深化以客户为中心、以市场为导向的运营机制建设，推动产销 研一体化变革，围绕QCDVS（质量、成本、交付、品种及服务）与市场、客户深度对接，改善客户满 意度。得益于上述系列举措，公司2025年度经营业绩稳步改善。 2025年预计非经常性损益为10500万元-11500万元，主要是计入当期损益的政府补助以及单独进行减值 测试的应收款 ...

格隆汇1月30日丨太钢不锈(000825.SZ)公布，预计2025年归属于上市公司股东的净利润4200万元–6000 万元，同比扭亏为盈，扣非亏损5012万元–6812万元。2025年，钢铁行业步入减量调结构深度转型阶 段，面对复杂的市场环境，公司坚持对标找差，通过整合铁前、炼钢生产资源，推进集约化生产，持续 提升产线运行效率；聚焦原料配比结构优化、能源回收利用及技经指标提升，降本增效成效显著；深化 以客户为中心、以市场为导向的运营机制建设，推动产销研一体化变革，围绕QCDVS（质量、成本、 交付、品种及服务）与市场、客户深度对接，改善客户满意度。得益于上述系列举措，公司2025年度经 营业绩稳步改善。 ...

经济观察网2026年1月30日，太钢不锈（000825）发布2025年度业绩预告，预计2025年净利润4200万元 至6000万元，同比下降94.51%至95.96%；扣除非经常性损益后的净利润亏损5012万元至6812万元，同 比下降94.51%至95.96%。 ...

证券代码：000825 证券简称：太钢不锈 公告编号：2026-001 山西太钢不锈钢股份有限公司 2025 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 12 月 31 日 公司本次业绩预告未经会计师事务所审计。公司就本次业绩预告 有关事项与会计师事务所进行了预沟通，双方在业绩预告方面不存在 分歧。 三、业绩变动原因说明 2025 年，钢铁行业步入减量调结构深度转型阶段，面对复杂的 市场环境，公司坚持对标找差，通过整合铁前、炼钢生产资源，推进 集约化生产，持续提升产线运行效率；聚焦原料配比结构优化、能源 回收利用及技经指标提升，降本增效成效显著；深化以客户为中心、 以市场为导向的运营机制建设，推动产销研一体化变革，围绕 QCDVS （质量、成本、交付、品种及服务）与市场、客户深度对接，改善客 户满意度。得益于上述系列举措，公司 2025 年度经营业绩稳步改善。 2025 年预计非经常性损益为 10500 万元-11500 万元，主要是计 入当期损益的政府补 ...