| 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 □新闻发布会 路演活动 | | | 现场参观 其他 | | 参与单位名称及 | 鞍钢股份：高红宇 | | 人员姓名 | 鞍钢资本控股：张雷 | | | 嘉实基金：唐棠 | | 时间 | 2025 年 12 月 12 日 | | 地点 | 鞍山 | | 形式 | 实地调研 | | | 1、公司下一步发展规划 | | | 答：公司未来会坚持高端化、智能化、绿色化的发展方向，聚焦 | | | 国家发展战略，紧跟市场实际需求，大力打造高科技含量、高附 | | | 加值、高性能指标的高端产品。将新一代信息技术与生产经营深 | | | 度融合，加快形成面向生产全流程、管理全方位、产品全生命周 | | | 期的智能制造新模式。坚持生态优先、绿色发展，在源头减碳、 | | | 过程降碳、节能减排、资源循环等方面发力攻坚，推进绿色制造， | | 交流内容及具体 | 实现经济效益与环境效益协同发展。 | | 问答记录 | 2、公司产品竞争力情况 | | | 答：公司拥有热轧卷板、中厚板、冷轧板、镀锌 ...

Price Adjustments Overview - Ansteel has announced a price increase for various products effective January 2026, with hot-rolled, pickled, and cold-rolled products each increasing by 100 yuan per ton [1] - Benxi Steel has also implemented a similar price adjustment, with cold-rolled, cold hard, galvanized, and other products increasing by 100 yuan per ton, while some products remain stable [2] - Ling Steel's pricing policy for January 2026 includes a 100 yuan per ton increase for hot-rolled and wire rod products, while rebar prices remain unchanged [3][5] Product-Specific Changes - Hot-rolled products: Increased by 100 yuan/ton across multiple companies [1][2][5] - Cold-rolled products: Increased by 100 yuan/ton, with automotive steel also seeing a similar increase [1][2] - Galvanized products: Increased by 100 yuan/ton as per Benxi Steel's announcement [2] - Wire rod: Increased by 100 yuan/ton according to both Ansteel and Ling Steel [1][5] - Rebar: Prices remain stable across the board [2][5]

Core Insights - The steel industry is experiencing a dual decline in supply and demand, with structural optimization and marginal profit improvement. Supply side: total contraction and structural differentiation, with capital expenditure continuing to show weak growth. The steel industry's capital expenditure has been slowing for four consecutive years, entering negative growth in 2025 due to multiple factors including "anti-involution" policies, a downturn in the real estate sector, and limited infrastructure support [2][10] - The domestic crude steel consumption has decreased significantly, with a 6.4% year-on-year decline in demand from January to October 2025, amounting to 710 million tons. The demand in traditional steel usage areas remains weak, particularly in real estate and infrastructure [2][32] - Exports have become a crucial support for the steel industry, with steel exports reaching 97.74 million tons from January to October 2025, a 6.4% increase year-on-year. The total annual export volume is expected to exceed 110 million tons, effectively offsetting the pressure from declining domestic demand [2][48] Group 1: Marginal Improvement in the Steel Industry - The average steel price has continued to decline, with the comprehensive price index for ordinary steel dropping to 3,447 yuan/ton as of November 24, 2025, down approximately 200 yuan from the year's peak [10][60] - The profit margin of the steel industry has shown significant improvement, with the gross profit margin reaching 6.4% in Q3 2025, marking a recovery from the low levels seen since 2022 [13][15] - The proportion of loss-making enterprises in the steel industry has slightly decreased but remains high at 37.18%, indicating ongoing challenges within the industry [17] Group 2: PPI Turnaround Expectations - The Producer Price Index (PPI) for the steel industry is expected to turn positive by Q2 2026, driven by improvements in supply structure and demand dynamics [53][60] - Historical data shows that the steel industry plays a significant role in PPI fluctuations, with past PPI turnarounds in 2016 and 2021 coinciding with significant steel industry performance [54][60] - The steel industry accounts for approximately 5.9% of the PPI, making its price movements critical for overall industrial price trends [53][54] Group 3: Investment Recommendations - The report suggests focusing on high-efficiency, low-emission regional leading enterprises such as Hualing Steel, Shougang, and Shandong Steel, as well as companies with strong growth potential like Baosteel and Nanjing Steel [4][60] - The steel sector is viewed as having strong "anti-involution" attributes and significant profit recovery potential, making it a strategic investment opportunity for the medium to long term [4][60] - The report emphasizes the importance of monitoring the performance of small and medium-sized steel companies, particularly those with strong earnings growth and valuation appeal [4][60]

Core Viewpoint - The report highlights a significant decline in China's crude steel production, indicating a downward trend in the industry for the year 2025, with a notable year-on-year decrease of 12.1% in October alone [1]. Industry Overview - As of October 2025, China's crude steel production reached 0.7 million tons, reflecting a 12.1% year-on-year decline [1]. - From January to October 2025, the cumulative crude steel production in China was 8.2 million tons, which represents a 3.9% decrease compared to the same period in the previous year [1]. Companies Mentioned - The report references several listed companies in the steel industry, including Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Maanshan Iron & Steel Co., Ltd. (600808), Shagang Group (002075), Shougang Group (000959), Baotou Steel (600010), Taiyuan Iron & Steel (000825), Hualing Steel (000932), Hebei Iron & Steel (000709), and Bayi Steel (600581) [1]. Research Report - The insights are derived from a report by Zhiyan Consulting titled "Analysis of the Market Operation Status and Development Trends of China's Crude Steel Industry from 2026 to 2032," which provides a comprehensive analysis of the industry's future [1].

钢铁股集体下跌，截至发稿，重庆钢铁（601005）股份(01053)跌4.72%，报1.21港元；鞍钢股份 （000898）(00347)跌4.06%，报1.89港元；马鞍山钢铁股份(00323)跌3.64%，报2.38港元。 国泰海通证券则表示，需求有望逐步触底；供给端即便不考虑供给政策，目前行业亏损时间已经较长， 供给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政策落地，行业供给 的收缩速度更快，行业上行的进展将更快展开。 国盛证券（002670）发布研报称，今年限产政策执行效果不佳，供给端我们期待未来钢厂反内卷政策能 尽快切实转化为行动上的压产，加快行业盈利回归的速度。去年三季度以来板块估值大幅修复，目前绝 对估值位置已经从绝对低估修复至中等偏低的位置，估值上泡沫不多，没有计入盈利进一步回归的预 期，依然具备绝对收益的空间。 ...

Economic Performance - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, with the annual economic total expected to reach around 140 trillion yuan [1][2] - The employment situation remained stable, with 10.57 million new urban jobs created [2] - The growth rate of goods trade accelerated each quarter, reaching a historical high for the same period [2] Industrial Development - The added value of the equipment manufacturing industry increased by 9.7% year-on-year, while high-tech manufacturing grew by 9.6% [2] - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9 percentage points compared to the previous year [2] Policy and Strategic Initiatives - The "14th Five-Year Plan" is nearing completion, with a focus on high-quality development and strategic initiatives to address economic challenges [1][3] - The government has implemented a series of policies to stabilize employment, enterprises, and market expectations, contributing to new achievements in high-quality development [1][3] Innovation and Technology - The emphasis on technological innovation is highlighted, with a focus on developing new productive forces and enhancing the quality of manufacturing [8][9] - The government is actively promoting the integration of technology and traditional industries to drive economic transformation [9][10] Green Development - Non-fossil energy consumption accounted for a higher proportion of total energy consumption, with new energy vehicle sales reaching 51.6% of total new car sales [11] - The government is committed to ecological protection and sustainable development, emphasizing the importance of green production [11][12] Urban and Rural Development - Urban renewal initiatives are underway, with significant improvements in living conditions for residents, including the renovation of old housing [12][13] - The government is focusing on rural revitalization and ensuring that poverty alleviation efforts are sustained [13][14] Employment and Labor - Employment policies have been prioritized, with measures to support job creation and improve labor conditions [14][15] - The urban unemployment rate has decreased to 5.1%, indicating a stable employment situation [15] International Trade and Cooperation - China continues to promote an open economy, with significant growth in exports and service trade [19][20] - The government is enhancing international cooperation and trade agreements to foster economic growth [19][20]

Core Viewpoint - The company successfully implemented an innovative safety alert system for train operations by modifying existing infrared devices, which eliminated safety hazards and saved approximately 15,000 yuan in equipment costs [1][2]. Group 1: Innovation and Cost Savings - The team utilized lean thinking to transform an existing infrared device into a safety alert system for train entry and exit, significantly reducing safety risks [1]. - The previous alarm system was outdated and malfunctioning, posing a significant risk to operational safety, prompting the team to seek a cost-effective solution [1]. - Instead of purchasing a new alarm system costing around 7,000 yuan, the team repurposed an existing infrared device, demonstrating resourcefulness and innovation [1][2]. Group 2: Implementation and Results - After the implementation of the modified alert system, the warning system responded immediately when trains entered the storage area, ensuring timely alerts for workers and completely eliminating safety hazards [2][15]. - The modification involved simple wiring adjustments and the addition of an alarm bell, achieving an upgrade in safety measures while also saving on procurement costs [2][15].

Group 1 - The steel industry is a crucial foundation and pillar of the national economy, essential for stabilizing industrial growth and supporting economic stability [1] - The "Steel Industry Energy Conservation and Carbon Reduction Special Action Plan" aims to enhance energy efficiency and significantly reduce energy consumption and carbon emissions by the end of 2030 [1] - The "Guiding Opinions on Promoting High-Quality Development of the Steel Industry" emphasizes the need for total control and technological innovation in carbon reduction, as well as coordinated governance of pollution reduction and carbon reduction [1] Group 2 - Ansteel Group, as a leading enterprise in the domestic steel industry, has undergone significant restructuring and now operates eleven production bases across various regions [2] - The integration of production resources post-merger has led to challenges such as high inventory costs and increased management complexity due to mixed equipment brands and technical standards [2] - The core demands of Ansteel Group include cost reduction and efficiency enhancement, necessitating a focus on product quality control and operational cost reduction [2] Group 3 - Schneider Electric has positioned itself as a key partner for Ansteel Group, providing comprehensive lifecycle services from initial consulting to operational management [3] - The collaboration aims to address Ansteel's transformation needs through an integrated solution that enhances product supply and value creation [4] Group 4 - Schneider Electric expanded its partnership with Ansteel Group after the acquisition of Benxi Steel, establishing a framework agreement that facilitates deep cooperation across the group [4] - The integrated solution includes a thorough assessment of Ansteel's power distribution system, identifying issues that affect electrical safety and supply reliability [5] Group 5 - The project involves upgrading outdated equipment with Schneider Electric's full range of compatible products, enhancing equipment stability and compatibility [5] - Schneider Electric provides ongoing lifecycle support, including 24/7 technical assistance and regular inspections to ensure efficient and safe operation of equipment [5] Group 6 - The collaboration between Ansteel Group and Schneider Electric serves as a replicable model for transformation in the steel industry post-restructuring [6] - The integrated solution effectively addresses challenges such as diverse equipment systems and high inventory pressure, achieving both cost reduction and digital transformation [6] - This partnership highlights the core value of new quality services, demonstrating a focus on customer needs and value creation in the steel sector [6]

Core Insights - The report discusses the acceleration of green electricity consumption in China's steel industry, highlighting its significance in the sector's low-carbon transition and the challenges it faces [1][11]. Group 1: Acceleration of Green Electricity Consumption - The steel industry, being a high energy-consuming and high carbon-emitting sector, is focusing on green electricity consumption as a core pathway for low-carbon transformation [1]. - The acceleration is driven by multiple factors, including policy shifts from energy consumption control to carbon emission control, clear compliance directions for green electricity consumption, and increasing demand for low-carbon steel from downstream industries like automotive and construction [1][12]. - Major steel companies are integrating green electricity consumption into their long-term strategies, responding to both regulatory requirements and market demands [1][12]. Group 2: Consumption Models - Three mainstream models of green electricity consumption have emerged: green electricity trading, green certificate trading, and self-built/invested renewable energy projects [2][14]. - Green electricity trading requires no initial investment and can lock in power supply and environmental value, with companies like Baowu Steel and Hebei Steel engaging in large-scale transactions [2]. - Self-built renewable energy projects, while having higher initial costs, can optimize long-term energy costs, as seen with companies like Ansteel and Jiugang [2][14]. Group 3: Long-term Value and Challenges - Green electricity consumption brings multiple long-term benefits, including enhanced green competitiveness, compliance with domestic and international regulations, and the development of the green certificate market [2][12]. - Challenges include mismatches between steel industry locations and renewable energy-rich areas, unclear cost-sharing mechanisms for green electricity premiums, and the need for clearer policy connections and compliance details [2][12]. Group 4: Policy and Corporate Recommendations - To promote sustainable development in green electricity consumption, the report suggests improving incentive mechanisms, fostering industry collaboration, and enhancing energy management levels within companies [3][15]. - Companies are encouraged to set green electricity consumption targets, develop diversified consumption strategies, and advance technology integration with core production processes [3][15]. Group 5: Market Dynamics and Downstream Demand - The demand for low-carbon steel from key downstream sectors, such as construction and automotive, is increasing, influencing steel companies' energy consumption decisions [2][41]. - Major automotive manufacturers are setting carbon reduction targets that directly impact their steel suppliers, creating a supply chain responsibility that drives steel companies to enhance their green electricity consumption [2][41]. Group 6: Future Outlook - The report anticipates that the synergy between renewable energy development and the steel industry will expand, with green electricity consumption facilitating deeper decarbonization and structural transformation in the steel sector [1][17]. - The ongoing evolution of policies and market mechanisms will provide robust support for the steel industry's transition to green electricity consumption [20][31].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列鞍鋼股份有限公司（「本公司」）於二零二 五 年 十二月六 日 在《中國證 券 報》、《證券時報》、《上海證券報》或巨潮資訊網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二 五 年 十二月五 日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...