证券代码：000825 证券简称：太钢不锈 | --- | --- | --- | |-----------------------------|-------------------------------------------|--------------------------------------------------------| | | | 编号： 20240906001 | | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | √ 业绩说明会 | | 投资者关系活动 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 2024 | 年半年度网上业绩说明会采用网络远程直播的 | | 人员姓名 | 方式进行，面向全体投资者。 | | | 时 间 | 2024 年 9 月 6 日 | | | 地 点 | 山西省太原市尖草坪街尖草坪区 | 2 号 | | 上市公司接待 | 副董事长 李华 | ，总经理 尚佳君， | | 人员姓名 | 独立董事 王东升， | 董事会秘书 张志 ...

证券代码：000825 证券简称：太钢不锈 公告编号：2024-036 山西太钢不锈钢股份有限公司 关于举办2024年半年度业绩说明会的公告 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。 重要内容提示： 会议问题征集：投资者可于 2024 年 9 月 6 日前访问全景网"投资者关系 互动平台"（http://ir.p5w.net）会前提问，公司将通过本次业绩说明会，在信息披 露允许范围内就投资者普遍关注的问题进行回答。 山西太钢不锈钢股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日 在巨潮资讯网上披露了《2024 年半年度报告全文》及《2024 年半年度报告摘要》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2024 年 9 月 6 日（星期五）15:00-17:00 在全景网"投资者关系互动平台" （http://ir.p5w.net）举办山西太钢不锈钢股份有限公司 2024 年半年度业绩说明会， 与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 3.72, down from the previous target of CNY 4.90 [7] Core Views - The company turned profitable in H1 2024, with stainless steel profitability improving due to a larger decline in raw material prices compared to product prices [2] - Stainless steel demand remains on an upward trend, and there is no need for excessive pessimism [2] - The company's differentiated product sales accounted for 55.9% of total sales in H1 2024, with 95 differentiated products exceeding previous year's sales levels [7] - The company is expanding its high-value-added product exports, particularly in the "Belt and Road" markets [7] Financial Performance - H1 2024 revenue was CNY 49.714 billion, down 7.35% YoY, but net profit attributable to shareholders turned positive at CNY 139 million, up CNY 634 million YoY [7] - Q2 2024 net profit attributable to shareholders was CNY 136 million, up CNY 133 million QoQ [7] - The company's gross margin for stainless steel rose to 2.23% in H1 2024, up 2.11 percentage points from 2023 [7] - The company's overall gross margin improved to 2.04% in H1 2024, up 1.37 percentage points from 2023 [7] Industry and Market Data - China's stainless steel apparent consumption reached 18.7117 million tons in the first seven months of 2024, up 4.97% YoY [7] - The company's 52-week stock price range is CNY 3.23-4.17, with a market capitalization of CNY 18.433 billion [3] - The company's price-to-book ratio is 0.5x, and its net debt ratio is 3.45% [4] Financial Forecasts - Revenue is expected to be CNY 104.093 billion in 2024, down 1.4% YoY, with net profit attributable to shareholders forecasted at CNY 193 million, up 117.8% YoY [7] - EPS is projected to be CNY 0.03 in 2024, CNY 0.04 in 2025, and CNY 0.05 in 2026 [7] - ROE is expected to improve to 0.6% in 2024, 0.7% in 2025, and 0.8% in 2026 [7] Valuation - The company is valued at 0.63x PB for 2024, based on comparable companies such as Hunan Valin Steel, Xinjiang Ba Yi Iron & Steel, and Yongjin Metal [10][11]

山西太钢不锈钢股份有限公司 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 （续） 单位：人民币元 山西太钢不锈钢股份有限公司 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2024年期初占 | 2024年半年度占用累计 | 2024年半年度占 用资金的利息 | 2024年半年度偿还 | 2024年半年度期 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 的会计科目 | 用资金余额 | 发生金额（不含利息） | （如有） | 累计发生金额 | 末占用资金余额 | | | | 控股股东、实际控制人及其附属企业 | 无 | 不适用 | 不适用 | - | - | - | - | - | 不适用 | 不适用 | | 其他关联方及其附属企业 | 无 | 不适用 | 不适用 | - | - | - | - | - | 不适用 | 不适用 | | 总计 | ...

山西太钢不锈钢股份有限公司与 宝武集团财务有限责任公司 关联存贷款等金融业务风险评估报告 按照证监会及深圳证券交易所信息披露工作要求，通过查验宝武集团财务 有限责任公司（以下简称"财务公司"）《金融许可证》《企业法人营业执照》 等证件，根据《企业集团财务公司管理办法》等相关规定，在审阅包括资产负 债表、利润表、现金流量表等在内的定期财务报表和内部控制制度的基础上， 对财务公司2024年上半年风险管理情况进行了评估，具体风险评估情况如下： 一、基本情况 财务公司是1992年6月经监管部门批准成立的全国性非银行金融机构，是由 国家金融监督管理总局监管的非银行金融机构，企业法人统一社会信用代码为 913100001322009015。财务公司注册资本68.4亿元（人民币，下同），股权结 构：中国宝武钢铁集团有限公司占24.32%、马鞍山钢铁股份有限公司占22.36%、 宝山钢铁股份有限公司占16.97%、太原钢铁（集团）有限公司占12.58%、山西 太钢不锈钢股份有限公司占12.08%、武汉钢铁有限公司占9.48%、马钢（集团） 控股有限公司占2.21%。 经国家金融监督管理总局批准、工商部门登记，财务公司经营范围 ...

证券代码：000825 证券简称：太钢不锈 公告编号：2024-033 山西太钢不锈钢股份有限公司 第九届监事会第十一次会议决议公告 本公司及监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。 公司九届十一次监事会会议通知及会议资料于 2024 年 8 月 19 日以直接送达方式 送达各位监事。 2.会议的时间、地点和方式 会议于 2024 年 8 月 29 日在太原市花园国际大酒店会议中心以现场表决方式召开。 3.监事出席情况 会议应到监事 3 名，实到 3 名，分别是张晓蕾先生、唐英林先生和王虹女士。 4.主持人和列席人员 一、监事会会议召开情况 1.会议通知的时间和方式 参会监事对该议案进行了举手表决，3 票同意、0 票反对、0 票弃权。参会监事一 1 会议由监事会主席张晓蕾先生主持。 5.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、监事会会议审议议案情况 1.关于 2024 年半年度报告的议案 参会监事对该议案进行了举手表决，3 票同意、0 票反对、0 票弃权。参会监事一 致通过本议案，并提出以下审核意见：经审核，监事 ...

证券代码：000825 证券简称：太钢不锈 公告编号：2024-035 山西太钢不锈钢股份有限公司 关于拟续聘会计师事务所的公告 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： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 山西太钢不锈钢股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召 开第九届董事会第二十三次会议、第九届监事会第十一次会议，审议通过了《关 于续聘 2024 年度财务报告审计机构的议案》及《关于续聘 2024 年度内部控制审 计机构的议案》，本公司董事会同意继续聘用安永华明会计师事务所（特殊普通 合伙）担任本公司 2024 年度财务报告审计中介机构及内部控制审计中介机构， 现将相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 安永华明会计师事务所（特殊普通合伙）以下简称"安永华明"，于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转 制 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥49,714,061,377.39, a decrease of 7.35% compared to ¥53,660,612,954.30 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥138,997,262.06, marking a turnaround from a loss of ¥495,490,567.62 in the previous year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥57,213,519.74, an improvement of 91.47% from -¥670,879,639.19 year-on-year[11]. - The net cash flow from operating activities was ¥1,284,935,131.31, down 6.49% from ¥1,374,161,011.08 in the previous year[11]. - Basic earnings per share were ¥0.024, recovering from a loss of ¥0.087 in the same period last year[11]. - The company's total revenue for the first half of 2024 reached CNY 49,713,061,377.39, with a year-on-year decrease of 8.73% in domestic revenue and an increase of 21.02% in foreign revenue[36]. - The company's total comprehensive income for the current period is -511,271,267.96 CNY, which includes a net loss of -495,490,567.62 CNY[121]. - The company reported a significant related party transaction with its parent company, Tai Steel Group, amounting to 555,946.77 thousand yuan for raw materials, representing 12.50% of similar transactions[79]. Assets and Liabilities - Total assets at the end of the reporting period were ¥68,870,430,214.92, an increase of 0.93% from ¥68,238,646,355.65 at the end of the previous year[11]. - The total liabilities at the end of the reporting period were CNY 12,000,000,000.00, with a debt-to-asset ratio of 55.26%[37]. - The company's total assets increased to CNY 62.78 billion at the end of the first half of 2024, compared to CNY 62.14 billion at the beginning of the period[108]. - Total liabilities rose to CNY 28.86 billion at the end of the first half of 2024, compared to CNY 28.41 billion at the beginning of the period[108]. - The total equity attributable to shareholders at the end of the period was ¥36,079,216,288.46, reflecting an increase from ¥35,913,782,975.33 at the end of the previous year[120]. Production and Sales - In the first half of 2024, the company achieved a crude steel production of 531 million tons nationwide, a year-on-year decrease of 1.1%[18]. - The company reported a year-on-year increase of 5.88% in stainless steel crude steel production, totaling 18.75 million tons in the first half of 2024[18]. - The average sales profit margin for key steel enterprises decreased by 0.03 percentage points to 1.10%, with 41 companies reporting losses, an increase of 9.79 percentage points in loss ratio compared to the previous year[18]. - The company implemented a differentiated competition strategy, achieving a sales volume of 95 differentiated products that exceeded the previous year's level, with a sales proportion of 55.9%[22]. Research and Development - Research and development investment increased by 20.63% to ¥2.04 billion, compared to ¥1.69 billion in the previous year[33]. - The company has established a comprehensive technology innovation system, holding over 800 proprietary technologies related to stainless steel[29]. - Research and development expenses for the first half of 2024 were CNY 489.44 million, an increase from CNY 438.56 million in the same period of 2023[110]. Environmental Responsibility - The company has made significant progress in green low-carbon development, with all air pollutant emission indicators meeting ultra-low emission standards[25]. - The company launched three typical low-carbon stainless steel products, including cold-rolled steel strips with low carbon emissions[25]. - Taigang Stainless Steel achieved a 100% compliance rate for environmental impact assessments for all construction projects[60]. - The company is committed to environmental responsibility and is classified as a key pollutant discharge unit by environmental protection authorities[57]. - The company has implemented deep governance measures for emissions from various production processes to meet stringent environmental standards[60]. Market Position and Strategy - The company is a leading player in the global stainless steel industry, with multiple product varieties holding the number one market share domestically[20]. - The company’s strategic focus on high-end, intelligent, and green production has led to a significant improvement in operational performance, achieving a turnaround from loss to profit[21]. - To mitigate risks, the company plans to focus on high-end, intelligent, green, and efficient production, while enhancing product offerings to meet new market demands[49]. Shareholder Information - The company completed the repurchase and cancellation of 11.605 million restricted stocks, reducing the total share capital from 5,718,518,596 shares to 5,706,913,596 shares[55]. - The total number of shares is 5,718,518,596, with 99.61% being unrestricted shares[93]. - The total number of common shareholders at the end of the reporting period was 156,741[95]. - The largest shareholder, Taiyuan Iron and Steel (Group) Co., Ltd., holds 3,606,454,334 shares, accounting for 63.07% of total shares[96]. Related Party Transactions - The company reported a total related party transaction amount of 12,469.82 million CNY for transportation services, accounting for 9.35% of similar transaction amounts[81]. - The pricing for related party transactions is based on market prices, ensuring compliance with market standards[83]. - The company has multiple related party transactions involving the sale of steel and related services, with individual transaction amounts ranging from 43.18 thousand yuan to 55,747.89 thousand yuan[82]. Financial Management - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect true and complete financial conditions[134]. - The company recognizes revenue when control of goods or services is transferred to customers, which includes the transfer of steel products[178]. - The company employs the expected credit loss model for measuring impairment of financial assets, using simplified approaches for receivables and lease receivables[149].

2.会议的时间、地点和方式 会议于 2024 年 8 月 9 日以通讯表决方式召开。 证券代码：000825 证券简称：太钢不锈 公告编号：2024-031 山西太钢不锈钢股份有限公司 第九届董事会第二十二次会议决议公告 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 公司九届二十二次董事会会议通知及会议资料于 2024 年 8 月 2 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。 经董事表决，10 票同意、0 票反对、0 票弃权。议案获得通过。 三、备查文件 1、公司第九届董事会第二十二次会议决议。 3.董事出席情况 应参加表决的董事 10 人，实际表决的董事 10 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、《经理层成员 2024 年-2026 年任期经营业绩责任书》 根据公司任期制契约化的管理要求，结合公司的实际情况，公司组织制订了 《经理层成员 2024 年-2026 年任期经营业绩 ...

证券代码：000825 证券简称：太钢不锈 公告编号：2024-030 山西太钢不锈钢股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1、2021 年 12 月 30 日，公司第八届董事会第二十次会议及第八届监事会第 八次会议分别审议通过了《关于公司<2021 年限制性股票激励计划（草案）及其 摘要>的议案》及其他相关议案。其中，关联董事根据有关法律、法规和公司 《章程》规定回避表决。公司独立董事就本次限制性股票激励计划发表了同意 的独立意见。 特别提示： 1、本次在中国证券登记结算有限责任公司深圳分公司办理完成回购注销手 续所涉及的限制性股票数量共计 11,605,000股 ， 占回 购 前公 司 总股本 5,718,518,596 股 的 0.2029% 。 上述回购注销完成后，公司总股本将由 5,718,518,596股减至5,706,913,596股。 2、上述回购注销的限制性股票为公司2021年限制性股票激励计划授予的部 分限制性股票，授予日为2022年5月19日，上市日期为2022年6月20日，共 ...