责任编辑：小浪快报 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 8月26日，中钢国际工程技术股份有限公司在公司会议室接待了长江证券、富荣基金、光证资管等60余 家机构的特定对象调研。公司副总经理、财务总监、董事会秘书袁陆生，董事会办公室主任戚欣参与接 待。 本次调研主要围绕公司半年报相关情况展开，交流内容未涉及公司内幕信息。以下为本次调研的重要信 息： 1.半年报主要经营指标：2025年上半年，面对复杂环境与行业挑战，公司经营整体平稳。实现营业 收入67.45亿元，虽较上年同期有所下降，但海外业务营收49.85亿元，占比73.91%，较上年同期占比提 升6.36%；国内业务营收17.6亿元，占比26.09%。归母净利润4 ...

Group 1: Financial Performance - The company achieved a revenue of 6.745 billion CNY in the first half of 2025, a decrease compared to the same period last year [4] - Overseas business revenue was 4.985 billion CNY, accounting for 73.91% of total revenue, an increase of 6.36 percentage points year-on-year [4] - Domestic business revenue was 1.76 billion CNY, making up 26.09% of total revenue [4] - The net profit attributable to shareholders was 424 million CNY, remaining stable year-on-year, while the net profit excluding non-recurring items increased by 13.01% [4] - The asset-liability ratio stood at 66.65%, a decrease of 1.84 percentage points year-on-year [4] Group 2: Cash Flow and Expenses - Operating cash flow showed a significant decline due to reduced revenue and delayed payments from clients [5] - Sales, management, and financial expenses all decreased year-on-year [5] - Research and development expenses amounted to 158 million CNY, with 43 new patents granted, including 9 invention patents [5] Group 3: Project Progress - The company has successfully completed the construction of the Bolivia Mutun Comprehensive Steel Plant [6] - The Tosyali Algeria Phase IV project has passed acceptance, marking a record for the company in overseas large electric furnace contracting [7] - The Tosyali Turkey project reached production capacity of 600,000 tons/year, utilizing the company's proprietary technology [7] Group 4: Accounts Receivable and Profit Margins - Accounts receivable increased year-on-year, with a mechanism established for regular data updates and accountability for collection [8] - The gross margin for engineering projects was 14.22%, an increase of 3.57 percentage points year-on-year; domestic projects had a gross margin of 18.9%, up 8.58 percentage points [8] - The overseas gross margin was 13.78%, an increase of 1.25 percentage points year-on-year [8] Group 5: Industry Trends - National statistics show that crude steel production was 515 million tons in the first half of 2025, a decrease of 3.0% year-on-year [9] - The steel industry is facing challenges of strong supply and weak demand, with a need for self-discipline and production adjustments [9] - The industry is expected to continue facing challenges in the second half of the year, including sustainability in high-level exports and environmental cost disparities [9] Group 6: Business Expansion - The company is focusing on business expansion in the Middle East and Africa [10] - Collaborations with major global companies such as Rio Tinto and ArcelorMittal are ongoing, with 17 overseas branches established [10] - The company has developed a comprehensive operational network in over 50 countries, with significant presence in several Belt and Road Initiative countries [10]

Core Viewpoint - Guosheng Securities report indicates that China Steel International achieved a net profit attributable to shareholders of 420 million yuan in H1 2025, a year-on-year increase of 1% [1] - The growth in net profit excluding non-recurring items increased by 13%, driven by a high base effect from the previous year's non-operating income which included a 60 million yuan impairment reversal [1] Financial Performance - In Q1 and Q2, the company reported revenues of 3.5 billion yuan and 3.2 billion yuan respectively, representing declines of 28% and 23% year-on-year [1] - The net profit attributable to shareholders for Q1 and Q2 was 230 million yuan and 190 million yuan, showing year-on-year changes of +8% and -6% respectively [1] - The net profit excluding non-recurring items increased by 9% in Q1 and 18% in Q2, with Q2 showing a significant acceleration in growth due to a 4 percentage point increase in quarterly gross margin [1] Regional Performance - In H1 2025, the company generated revenues of 1.8 billion yuan domestically and 5.0 billion yuan internationally, with year-on-year changes of -60% and +6% respectively [1] - Domestic orders in H1 saw a substantial increase of 54% year-on-year, indicating potential for revenue recovery as backlogged orders are gradually converted [1] Industry Outlook - The company is expected to benefit from the "anti-involution" policy, which is likely to accelerate the elimination of outdated and inefficient production capacity in the domestic steel industry [1] - This policy is anticipated to drive demand for low-carbon and efficiency-enhancing transformations in the steel sector [1] Cash Flow and Dividend - The company has maintained strong cash flow over the past three years, and its high dividend yield presents a strong attraction for investors [1] - The report maintains a "buy" rating for the company's stock [1]

证券研究报告 中钢国际 (000928 CH) 海外占比持续提升，盈利能力再优化 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 建筑施工 | 目标价(人民币): | 9.80 | 公司发布半年报：25H1 实现营收 67.45 亿元（yoy-25.66%），归母净利 4.24 亿元（yoy+1.11%），扣非净利 4.22 亿元（yoy+13.01%）。其中 Q2 实现营收 32.26 亿元（yoy-22.67%，qoq-8.31%），归母净利 1.93 亿元 （yoy-5.88%，qoq-16.74%），国内钢铁行业景气承压导致收入下行，基本 符合我们的预期（2.0 亿元），我们认为海外业务景气较好，国内钢铁行业 或受益"反内卷"迎来转机，公司有望保持稳健增长，维持"买入"评级。 海外业务占比大幅提升至 74%，综合毛利率继续提升 收现比下降付现比提升，经营性现金流同比承压 25H1 公司经营性现金流净额-29.12 亿元，同比多流出 13.55 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 风险提示：钢铁行业景气持续下行、海外项目执行风险、"反内卷"政策推进 不及预期等。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,377 | 17,647 | 14,941 | 15,917 | 16,963 | | 增长率 yoy（%） | 40.9 | -33.1 | -15.3 | 6.5 | 6.6 | | 归母净利润（百万元） | 761 | 835 | 874 | 933 | 998 | | 增长率 yoy（%） | 20.6 | 9.7 | 4.6 | 6.8 | 6.9 | | EPS 最新摊薄（元/股） | 0.53 | 0.58 | 0.61 | 0.65 | 0.70 | | 净资产收益率（%） | 9.7 | 10.0 | 10.0 | 10.1 | 10.3 | | P/E（倍） | 12.6 | 11.5 | 11.0 | 10.3 ...

Core Viewpoint - The company has disclosed its 2025 semi-annual report, highlighting its operational results, financial status, and future development plans, with no cash dividends or stock bonuses planned for the reporting period [1][3][6]. Group 1: Company Overview - The company is named Sinosteel International Engineering Technology Co., Ltd. and is listed under the stock code 000928 [7]. - The board of directors and the supervisory board have both convened meetings to review and approve the semi-annual report [2][30]. Group 2: Financial Data and Performance - The company reported a profit distribution plan for the reporting period, indicating no cash dividends or stock bonuses will be distributed [3]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5]. Group 3: Stock Options and Incentives - The company plans to cancel 361,200 stock options due to unmet performance targets for the second exercise period of its stock option incentive plan, along with an additional 170,000 options for two individuals who no longer meet the incentive conditions [4]. Group 4: Fundraising and Usage - The company raised a total of RMB 960 million through the issuance of convertible bonds, with a net amount of RMB 944.33 million after deducting issuance costs [36]. - As of June 30, 2025, the company has implemented strict management and usage protocols for the raised funds, ensuring compliance with relevant regulations [37][38]. Group 5: Future Engagement - The company will hold a performance briefing on September 5, 2025, to communicate with investors regarding its operational performance and development strategies [55][56].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights an improvement in gross profit margins and a counter-cyclical increase in overseas business revenue [6] - The company is expected to benefit from the "Belt and Road" initiative and low-carbon policies, enhancing its international market position [6] - The forecast for net profit from 2025 to 2027 shows a growth trajectory, with expected net profits of 913 million, 1,030 million, and 1,132 million respectively [6] Financial Summary - Total revenue for 2025 is projected at 17,053 million, with a year-on-year decline of 3.4% [5] - The gross profit margin for 2025 is estimated at 14.9%, maintaining the same level through 2027 [5] - The return on equity (ROE) is expected to be 10.1% in 2025, increasing slightly to 10.4% in 2026 and 2027 [5] - The company reported a net profit of 424 million for the first half of 2025, reflecting a year-on-year increase of 1.1% [6] - The cash flow from operating activities showed a net outflow of 29.1 billion in the first half of 2025, with a cash collection ratio of 69.7% [6]

Group 1 - The core point of the article is that China Steel International (SZ 000928) held its 9th meeting of the 10th Board of Directors on August 25, 2025, to review the 2025 semi-annual report and other documents [1] - For the first half of 2025, the revenue composition of China Steel International was as follows: engineering settlement income accounted for 93.64%, domestic and foreign trade accounted for 4.54%, service income accounted for 1.6%, and other businesses accounted for 0.23% [1] - As of the time of reporting, the market capitalization of China Steel International was 9.6 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for the autumn season, with 25 job positions available, highlighting the demand for talent in the sector [1]

Core Viewpoint - China Steel International (000928.SZ) reported a significant decline in revenue for the first half of 2025, indicating challenges in the market environment [1] Financial Performance - The company achieved operating revenue of 6.745 billion yuan, a year-on-year decrease of 25.66% [1] - Net profit attributable to shareholders was 424 million yuan, reflecting a year-on-year increase of 1.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 422 million yuan, showing a year-on-year growth of 13.01% [1] - Basic earnings per share stood at 0.2958 yuan [1]

智通财经APP讯，中钢国际(000928.SZ)发布2025年半年度报告，该公司营业收入为67.45亿元，同比减少25.66%。归属于上市公司股东的净利润为4.24亿元， 同比增长1.11%。归属于上市公司股东的扣除非经常性损益的净利润为4.22亿元，同比增长13.01%。基本每股收益为0.2958元。 ...