河钢集团财务有限公司 2025 年半年度风险评估报告 一、公司基本情况 河钢集团财务有限公司（以下简称"财务公司"）成立于2012年8月31日，由 河钢集团有限公司和河钢股份有限公司共同出资成立。财务公司于2012年8月28 日取得中国银行业监督管理委员会河北监管局颁发的《中华人民共和国金融许可 证》，统一社会信用代码为9113000005269231XW 。 截止2025年6月30日，财务公司注册资本为66.6亿元，其中河钢集团有限公 司出资33.966亿元，持股比例为51%；河钢股份有限公司出资32.634亿元，持股 比例为49%。公司注册地：石家庄市体育南大街385号10层；法定代表人：王陇刚； 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现；办 理成员单位资金结算与收付；提供成员单位委托贷款、债券承销、非融资性保函、 财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办理成员单位票据承兑； 办理成员单位产品买方信贷；从事固定收益类有价证券投资；银保监会批准的其 他业务。 二、公司内部控制的基本情况 （一）控制环境 根据有关法人治理结构的监管要求，财务公司建立了股东会、董事会、监事 会 ...

证券代码：000923 证券简称：河钢资源 公告编号：2025-25 河钢资源股份有限公司 全文详见巨潮资讯网（http://www.cninfo.com.cn）：《2025 年半年度报告 全文》。摘要详见巨潮资讯网（http://www.cninfo.com.cn）：《2025 年半年度报 告摘要》（2025-23）。 2、审议通过《关于 2025 年半年度募集资金存放与使用情况的专项报告》； 第八届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、会议召开情况 河钢资源股份有限公司第八届监事会第五次会议于 2025 年 8 月 28 日下午 4:30 在石家庄市体育南大街 385 号 1709 会议室以通讯方式召开，2025 年 8 月 24 日公司以电话、电子邮件及书面方式向全体监事发出会议通知。会议应到监 事 3 人，实到监事 3 人，张海涛先生主持会议，相关人员列席会议，会议的召集、 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、会议审议情况 1、审议通过《2025 年半年度报告全文及摘要》； 经 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's revenue for the first half of 2025 was 2.822 billion, representing a year-on-year decrease of 13.33% [1] - The net profit for the same period was 262 million, showing a significant year-on-year decline of 45.11% [1] Dividend Policy - The company announced that it will not distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

Financial Performance - The company's operating revenue for the reporting period was approximately ¥2.82 billion, a decrease of 13.33% compared to ¥3.26 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately ¥262.11 million, down 45.11% from ¥477.48 million year-on-year[19]. - The net cash flow from operating activities was approximately ¥381.01 million, a decline of 43.60% compared to ¥675.52 million in the previous year[19]. - The basic earnings per share decreased to ¥0.4016, down 45.10% from ¥0.7315 in the same period last year[19]. - The gross profit margin for the metal mining and processing segment was 62.54%, down 5.42% from the previous year[56]. - The company reported a significant increase in financing cash flow, amounting to ¥250,336,642.04, compared to a negative cash flow of ¥402,041,705.80 in the previous year[54]. - The revenue from copper sales increased by 18.07% to ¥751,369,367.53, representing 26.63% of total revenue[55]. - The revenue from iron ore decreased by 22.85% to ¥1,829,605,023.00, which accounted for 64.84% of total revenue[55]. - The total comprehensive income for the current period is $784,741,442.99, compared to $839,561,192.37 in the previous period, indicating a decrease of about 6.5%[146]. - The total revenue for the current period is 5,668 million RMB, down from 7,838 million RMB in the previous period, indicating a decline of approximately 27.7%[165]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥17.46 billion, an increase of 6.51% from ¥16.40 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were approximately ¥9.83 billion, up 2.17% from ¥9.63 billion at the end of the previous year[19]. - The company's total assets included cash and cash equivalents of ¥4,354,385,78, representing 24.94% of total assets[59]. - The total amount of financial assets at the end of the period was ¥872,375,800, reflecting a significant increase in other equity instruments[61]. - The total owner's equity at the end of the period is 6,961 million RMB, reflecting a decrease from the previous period's 7,798 million RMB[166]. - Total liabilities increased to CNY 4,286,910,110.40 from CNY 3,663,685,405.58, reflecting a rise of about 17.0%[138]. Market Position and Operations - The company is the largest copper product producer in South Africa, with most products sold locally[28]. - The company maintains a competitive advantage in the South African copper market, being the largest producer and benefiting from stable sales to end customers[44]. - The company has established strong supply relationships for high-quality vermiculite, accounting for approximately one-third of the global high-end vermiculite market share[47]. - The company plans to focus on the development of the mineral resources sector, primarily engaging in the mining, processing, and sales of copper, iron ore, and vermiculite[26]. - The company has not engaged in new exploration activities or related expenses during the reporting period, indicating stability in its business operations[37]. Cash Flow and Financing - The net cash flow from operating activities for the first half of 2025 was ¥381,010,431.78, a decrease of 43.6% compared to ¥675,522,360.35 in the first half of 2024[150]. - Cash inflow from financing activities was ¥590,625,000.00, with a net cash flow of ¥250,336,642.04, compared to -¥402,041,705.80 in the first half of 2024[151]. - The company reported a significant increase in cash received from tax refunds, rising to ¥23,587,710.44 from ¥7,379,442.85 year-over-year[150]. - The company utilized 220 million USD (approximately 1,509,904,000 RMB) of idle raised funds to temporarily supplement working capital, primarily for iron ore trading operations[71]. Strategic Initiatives - The company plans to expand its market presence by increasing production capacity by 15% in the next fiscal year[157]. - The company aims to launch two new product lines by the end of 2025, targeting a 10% market share in the new segments[157]. - The company is exploring potential acquisition opportunities to further strengthen its market position and diversify its product offerings[157]. - The company has initiated a strategic partnership with a leading technology firm to enhance its supply chain efficiency[157]. Risk Management - The company faces market risks due to global economic slowdown and tariff policy uncertainties, which may impact sales and profits of copper products and magnetite[78]. - Social risks in South Africa remain high, with economic downturns and potential civil unrest affecting operational stability[79]. - The company has implemented a comprehensive risk management plan for 2025, focusing on cost control and performance assessment to mitigate risks[81]. Shareholder and Governance - The company does not plan to distribute cash dividends or issue bonus shares for this reporting period[5]. - The company has no stock incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period[89]. - The actual controller and shareholders have committed to increase their holdings in the company by no less than 100 million RMB, with a maximum of 200 million RMB, to be completed within six months starting from December 19, 2024[92]. - There were no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[93]. Compliance and Reporting - The semi-annual financial report has not been audited[95]. - The financial statements were approved by the company's board on August 28, 2025[171]. - The company adheres to the accounting standards set by the Ministry of Finance and reflects its financial status as of June 30, 2025, accurately[175].

Group 1 - The company's operating revenue for the first half of 2025 is 2.822 billion yuan, representing a year-on-year decrease of 13.33% [1] - The net profit for the same period is 262 million yuan, showing a year-on-year decline of 45.11% [1] - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital [1]

Market Overview - The steel raw materials sector increased by 0.09% on August 26, with Dazhong Mining leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Dazhong Mining (001203) closed at 12.41, up 2.31% with a trading volume of 304,300 shares and a transaction value of 377 million yuan [1] - Guangdong Mingzhu (600382) closed at 5.79, up 1.05% with a trading volume of 82,500 shares and a transaction value of 47.59 million yuan [1] - Fangda Carbon (600516) closed at 5.03, up 1.00% with a trading volume of 524,000 shares and a transaction value of 263 million yuan [1] - Other stocks like Hebei Steel Resources (000923) and Steel Titanium Co. (000629) experienced slight declines [1] Capital Flow - The steel raw materials sector saw a net outflow of 11.8014 million yuan from main funds, while speculative funds had a net inflow of 20.2818 million yuan [1] - Retail investors experienced a net outflow of 8.4805 million yuan [1] Detailed Capital Flow Analysis - Dazhong Mining had a main fund net inflow of 52.3866 million yuan, but a net outflow from retail investors of 47.9657 million yuan [2] - Fangda Carbon saw a main fund net inflow of 21.0819 million yuan, with retail investors also experiencing a net outflow [2] - Other companies like Hainan Mining (601969) and Erdos (600295) showed mixed capital flows, with significant outflows from main funds in some cases [2]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, indicating a potential recovery in the steel industry's fundamentals [3][4]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker upward trend in the industry [3]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products reached 8.5299 million tons, an increase of 2.64% week-on-week [24]. - The total steel inventory was 14.4104 million tons, with a week-on-week increase of 2.25% [11]. - The operating rate of blast furnaces in 247 steel mills was 83.36%, a decrease of 0.23 percentage points week-on-week [28]. Production and Profitability - The total steel production was 8.7806 million tons, an increase of 0.73% week-on-week [30]. - The average gross profit for rebar was 243.7 CNY/ton, down 13.4% week-on-week, while hot-rolled coil gross profit was 201.7 CNY/ton, down 13.5% week-on-week [35]. Demand and Supply Dynamics - The report notes a decline in real estate demand, but infrastructure and manufacturing sectors are expected to maintain stable growth [3]. - Steel exports from China maintained a year-on-year growth of 9.2% in the first half of the year [3]. Raw Material Prices - Iron ore prices decreased, with the spot price dropping to 765 CNY/ton, a decline of 1.54% [42]. - Coking coal prices remained stable at 1430 CNY/ton, while coking prices increased to 1660 CNY/ton, a rise of 3.11% [42]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel and Hesteel, as well as companies with low valuations and high dividends like CITIC Special Steel [3].

证券之星消息，8月21日冶钢原料板块较上一交易日上涨0.22%，金岭矿业领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000655 | 金岭矿业 | 9.17 | 2.34% | 25.89万 | 2.36 Z | | 601121 | 宝地矿业 | 6.70 | 0.60% | 14.72万 | 9820.30万 | | 600516 | 方大炭素 | 4.92 | 0.41% | 29.09万 | 1.43亿 | | 600295 | 鄂尔多斯 | 10.19 | 0.39% | 9.90万 | 1.01亿 | | 000923 | 河钢资源 | 14.45 | 0.14% | 8.60万 | 1.24亿 | | 696109 | 海南矿业 | 8.36 | 0.12% | 21.15万 | 1.77亿 | | 000629 | 钢钛股份 | 2.80 | ...

从资金流向上来看，当日冶钢原料板块主力资金净流出2106.41万元，游资资金净流入4812.72万元，散户 资金净流出2706.31万元。冶钢原料板块个股资金流向见下表： 证券之星消息，8月18日冶钢原料板块较上一交易日上涨0.21%，大中矿业领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001203 | 大中矿业 | 12.14 | 2.19% | 18.57万 | 2.24亿 | | 601969 | 一起越使 | 8.21 | 1.36% | 23.61万 | · 1.94亿 | | 000629 | 钢钛股份 | 2.75 | 0.00% | 96.05万 | 2.64亿 | | 600516 | 方大炭素 | 4.86 | -0.21% | 31.79万 | 1.55亿 | | 000655 | 金岭矿业 | 8.67 | -0.23% | 16.4 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600516 方大炭素 | | 1371.78万 | 8.21% | -17.93万 | -0.11% | -1353.85万 | -8.10% | | 600382 广东明珠 | | 56.47万 | 0.95% | 90.69万 | 1.53% | -147.16万 | -2.48% | | 600295 鄂尔多斯 | | -71.18万 | -0.53% | -367.88万 | -2.72% | - 439.06万 | 3.24% | | 000655 金岭矿业 | | -143.26万 | -1.25% | 210.81万 | 1.84% | -67.55万 | -0.59% | | 000923 河钢资源 | | -453.29万 | -2.93% | -215.69万 | -1.40% | 668.98万 | 4.33% | | 601121 | 宝地矿 ...