根据市场公开信息及8月21日披露的机构调研信息，知名私募大朴资产近期对4家上市公司进行了调研， 相关名单如下： 1）冰轮环境 （大朴资产参与公司业绩说明会） 调研纪要：2025年上半年公司实现营业收入31.2亿元，同比下滑7%，归母净利润2.66亿元，同比下降 20%，第二季度营收同比转增。总体上国内业务下游需求放缓，短期市场承压，实现营收21亿元；"向 海"战略顺利展开，海外业务显著增长30%，达到10.2亿元。公司提供压缩机和换热装置，覆 盖-271℃-200℃温度区间，产品广泛应用于多个领域，低温制冷板块营收17.3亿元，占比55%，暖通空 调板块营收12亿元，占比39%。顿汉布什公司和冰轮换热技术公司为数据中心提供冷却装备，服务国内 外多个数据中心项目，2024年7月推出升级版IDC专用新产品。公司研发核岛冷却、核能供热等技术， 服务多个核电站，拥有丰富的国内外案例，旗下顿汉布什公司是全球核岛制冷机服务商。公司贯彻双碳 战略，推出"工业全域热控综合解决方案"，实现余能高效收集与集约利用，拓展热泵应用场景。公司抽 调国内精干工程师增强海外技术力量，推进海外销售网络属地化建设，提升海外制造基地产能。 2） ...

盘京投资成立于2016年，是中国优秀的私募证券投资基金管理人之一，在中国证券投资基金业协会登记 注册的私募证券投资基金管理人编号为P1034296。公司由多位长期业绩卓越、并且具备相同价值观的 资深投资人创办，是一家以合伙人制度为基础，平台化运营的投资管理机构。盘京投资立足中国证券市 场，聚焦中国上市公司投资机会，同时在海外市场尤其是中概股有广泛布局。xa0公司的建设以投研为 导向，以深度产业和个股研究为投资决策唯一依据，搭建领先于同行的内部研究团队。同时，公司拥有 广泛的外部研究资源，与国内各大顶级券商研究所建立了良好的投研服务关系，通过深入研究发掘并收 获根植中国经济的商业和投资机会，依靠扎实的价值判断穿越不同市场周期，坚持运用产业资本思维投 资，期望为客户创造长期可持续的稳定良好回报。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：华菱钢铁2025年上半年铁水成本低于行业平均，超低排放改造完成，硅钢认证进展顺利，预 计全年扭亏。钢材销量下降12.6%，但产销节奏匹配。二季度盈利改善明显，三季度需求偏淡但部分产 品需求 ...

Core Viewpoint - The company, Hualing Steel (000932.SZ), has indicated that its sales of coated steel plates and steel products for the automotive industry have not declined in the first half of 2025, with a slight year-on-year increase in total sales and patented automotive board products [1] Group 1 - The VAMA Phase III project is progressing with feasibility studies, aiming to introduce ArcelorMittal's unique high-efficiency vacuum coating technology (JVD technology) [1] - The project emphasizes green development resources across the entire value chain as a key prerequisite for investment decisions [1] - The company plans to submit the project for decision-making after completing the feasibility study, with the goal of starting construction within the year [1]

华菱钢铁（SZ 000932，收盘价：5.75元）发布公告称，2025年8月20日，华菱钢铁接受光大证券等投资 者调研，公司刘笑非、王音参与接待，并回答了投资者提出的问题。 2025年1至6月份，华菱钢铁的营业收入构成为：钢铁行业占比74.5%，贸易占比15.63%，其他占比 4.76%，材料让售占比4.64%，其他业务占比0.47%。 （文章来源：每日经济新闻） ...

证券代码：000932 证券简称：华菱钢铁 湖南华菱钢铁股份有限公司投资者关系活动记录表 1 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 业绩说明会 | | 动类别 | □新闻发布会 路演活动 | | | 现场参观 电话会议 | | | □其他（请文字说明其他活动内容） | | | 光大证券戴默、国盛证券高亢、中信建投王晓芳、西部证券刘博、信达 证券刘波、浙商金属沈皓俊、民生证券范均、申万金属陈松涛、广发证 | | | 券陈琪玮、国海证券林晓莹、国泰海通刘彦奇、国泰海通王宏玉、国泰 | | | 海通魏雨迪、长江证券吕士诚、兴证金属张浩、中信证券唐川林、东吴 | | | 证券米宇、瑞银香港刘梦楠、花旗尚游、东方财富证券孟宪博、大家资 | | | 产冯思宇、易方达刘沛显、天弘基金陈禹光、信泰人寿林相宜、平安养 | | 参与单位名称 及人员姓名 | 老陈先龙、平安资产韩帆、中金资管徐榕、汇丰晋信吴纪磊、嘉实基金 | | | 欧阳心桐、大朴资产赵敏宇、工银瑞信杨韵新、新 刘宸垚、Millennium | | | 华基金黄泓鉴、景顺长城尤木、国投瑞银周 ...

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to increase net profit, indicating a potential resilience in profitability despite challenging market conditions [4]. Financial Performance - In H1 2025, the company achieved operating revenue of 63.092 billion, a year-on-year decrease of 16.93%. However, the net profit attributable to shareholders was 1.748 billion, reflecting a year-on-year increase of 31.31% [4]. - For Q2 2025, the company recorded operating revenue of 32.863 billion, down 15.52% year-on-year but up 8.71% quarter-on-quarter. The net profit attributable to shareholders was 1.186 billion, showing a year-on-year increase of 26.22% and a significant quarter-on-quarter increase of 111.05% [4]. Sales and Margins - In H1 2025, the company's sales volume for board materials decreased by 9.81%, while the gross profit per ton increased by 18.65% [5]. - The sales volume for long materials, board materials, and pipe materials saw year-on-year declines of 18.69%, 9.81%, and 4.40%, respectively. The average selling price per ton also decreased, while gross profit per ton increased significantly across all categories [5]. Automotive Sector Performance - The automotive subsidiary reported a net profit of 0.925 billion in H1 2025, a decrease of 18.38% year-on-year, contributing to 40% of the company's total net profit [6][8]. - The subsidiary is actively addressing supply chain integration and sustainability demands in the automotive industry, introducing new steel grades and solutions to enhance lightweighting and safety [6]. Market Position and Product Development - The company achieved a sales volume of 475,000 tons for oriented silicon steel in H1 2025, with a market share exceeding 60%, marking a 38% year-on-year increase [9]. - The proportion of specialty steel sales reached 68.5% in H1 2025, an increase of 3.9 percentage points year-on-year, driven by the development of new products and ongoing capacity upgrades [10].

Group 1 - Company 万物云 (2602.HK) reported H1 2025 revenue of 18.14 billion RMB, a year-on-year increase of 3.1%, and a core net profit of 1.32 billion RMB, up 10.8% year-on-year. The interim dividend is expected to be 1.1 billion RMB, accounting for 83% of core net profit, indicating stable growth and potential generous annual dividends [5]. - 华菱钢铁 (000932.SZ) achieved H1 2025 revenue of 63.092 billion RMB, down 16.93% year-on-year, but the net profit attributable to shareholders rose by 31.31% to 1.748 billion RMB. Q2 2025 revenue was 32.863 billion RMB, a decrease of 15.52% year-on-year but an increase of 8.71% quarter-on-quarter [6]. - 石化油服 (600871.SH/1033.HK) reported H1 2025 total revenue of 22.6 billion RMB, up 4.5% year-on-year, with a net profit attributable to shareholders of 1.83 billion RMB, an increase of 13.1% year-on-year. Q2 2025 revenue was 12.5 billion RMB, showing a quarter-on-quarter increase of 24.3% [7]. Group 2 - 北新建材 (000786.SZ) reported H1 2025 revenue of 13.56 billion RMB, a slight decrease of 0.3% year-on-year, with a net profit of 1.93 billion RMB, down 12.9% year-on-year. Q2 2025 revenue was 7.31 billion RMB, down 4.5% year-on-year [8]. - 盛弘股份 (300693.SZ) achieved H1 2025 revenue of 1.362 billion RMB, a decline of 4.79% year-on-year, with a net profit of 158 million RMB, down 12.91% year-on-year. Q2 2025 revenue was 758 million RMB, down 8.87% year-on-year [9]. - 海天国际 (1882.HK) reported H1 2025 revenue of 9.02 billion RMB, a year-on-year increase of 12.5%, and a net profit of 1.71 billion RMB, up 12.6% year-on-year. The company benefited from global supply chain restructuring and growth in certain downstream industries [10]. Group 3 - 五洲特纸 (605007.SH) anticipates a recovery in performance in the second half of 2025, driven by a rebound in prices for certain paper products since July, alongside ongoing capacity expansion and increased integration of pulp and paper operations [9].

证券之星消息，8月20日普钢板块较上一交易日上涨0.89%，南钢股份领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。普钢板块个股涨跌见下表： 从资金流向上来看，当日普钢板块主力资金净流出2.79亿元，游资资金净流入6632.98万元，散户资金净 流入2.12亿元。普钢板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600282 | 南钢股份 | 4.72 | 5.59% | 98.23万 | | 4.62亿 | | 600581 | 八一钢铁 | 4.60 | 3.14% | 140.82万 | | 6.46亿 | | 000932 | 华菱钢铁 | 5.74 | 2.50% | 120.70万 | | 2006.9 | | 002110 | 三钢闽光 | 4.59 | 2.23% | 23.60万 | | 1.08亿 | | 600782 | 新钢股份 | 4.16 | 2.21% | 78.6 ...

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company's performance in H1 2025 aligns with market expectations, with a revenue of 62.794 billion yuan, a year-on-year decrease of 17.02%, and a net profit attributable to shareholders of 1.748 billion yuan, a year-on-year increase of 31.31% [1][2] - The company continues to focus on high-end products, with 68.5% of its steel sales coming from key varieties, an increase of 3.9 percentage points year-on-year [2][3] - The strategic direction of the company is in line with industry trends, emphasizing high-end, intelligent, and green development [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 32.719 billion yuan, a year-on-year decrease of 15.58%, and a net profit of 1.186 billion yuan, a year-on-year increase of 26.22% [2] - The gross margin for the company in H1 2025 was 10.57%, an increase of 2.43 percentage points year-on-year, while the net profit margin was 4.52%, an increase of 1.31 percentage points year-on-year [2] Product Development - The company developed 75 new products, with 6 being "domestic first" or "import substitutes" [2] - The gross margin for long products was 5.45%, for flat products was 13.65%, and for pipes was 10.89%, all showing year-on-year increases [2] Industry Context - The steel industry is undergoing structural adjustments, with national crude steel production in H1 2025 at 515 million tons, a year-on-year decrease of 3.0% [3] - The average value of the China Steel Price Index (CSPI) was 93.75 points, a year-on-year decrease of 13.35% [3] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.44, 0.51, and 0.55 yuan, respectively, with price-to-earnings (PE) ratios of 13, 11, and 10 times [3][4]