债券代码：524339.SZ 债券简称：25 首迁 GK02 光大证券股份有限公司关于北京首钢股份有限公司 回购注销 2021 年限制性股票激励计划剩余全部限制性股票 减少注册资本的临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 8 月 契约锁 声明 本报告依据《公司债券发行与交易管理办法》、《北京首钢股份有限公司 2025 年面向专业投资者公开发行绿色科技创新公司债券（第一期）募集说明书》、 《北京首钢股份有限公司 2024 年面向专业投资者公开发行公司债券之债券受托 管理协议》、其它相关信息披露文件以及北京首钢股份有限公司（以下简称"发 行人"、"公司"或"本公司"）出具的相关说明文件和提供的相关资料等，由本期 债券受托管理人光大证券股份有限公司（以下简称"光大证券"）编制。光大证券 编制本报告的内容及信息均来源于北京首钢股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为光大证券所作的承诺 或声明。 1 契约锁 一、发行人概况 二、本期债券基本情况 （一） ...

Market Performance - On August 25, the general steel sector rose by 2.71% compared to the previous trading day, with Baogang Co. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Baogang Co. (600010) closed at 2.99, with a significant increase of 9.93% and a trading volume of 21.22 million shares [1] - Other notable performers included Shougang Co. (000959) with a 3.12% increase, Anyang Iron & Steel (600569) up by 3.07%, and Sangang Min Guang (002110) rising by 2.94% [1] Capital Flow Analysis - The general steel sector saw a net inflow of 2.093 billion yuan from main funds, while retail funds experienced a net outflow of 955 million yuan [2] - The main funds' net inflow for Baogang Co. was 1.9 million yuan, representing 30.67% of its trading volume, while retail funds had a net outflow of 9.72 million yuan [3] Summary of Trading Data - The trading data for various steel companies indicated a mix of performance, with some stocks like Baogang Co. showing strong gains, while others like Hangang Co. (600126) experienced a slight decline of 0.78% [2][3] - The overall trading volume and capital flow suggest a cautious sentiment among retail investors, contrasting with the positive movement in main funds [2][3]

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].

Group 1 - The Shijingshan District has prepared over 300 cultural, commercial, tourism, sports, and science integration activities for citizens and tourists during the summer [1][2] - The Shougang Park and 798·751 Park have collaborated to launch a limited edition blue air bus, enhancing the visitor experience by allowing them to explore iconic landmarks [1][2] - The air bus operates daily from 9:00 AM to 7:00 PM on the elevated walkway of Shougang Park, providing a unique way to enjoy the industrial landscape and Olympic sites [2] Group 2 - The air bus features a distinctive blue exterior while maintaining the signature yellow design of the 798 Park, showcasing a blend of industrial and artistic elements [2] - In addition to the air bus, Shougang Park offers various activities such as bungee jumping and boating, contributing to a diverse summer experience [2] - The Shijingshan District's summer activities include four major segments aimed at promoting consumption, alongside dining and shopping promotions to enhance the local economy [2]

转自：中国证券报·中证网 中证报中证网（王珞）8月22日晚间，首钢股份（000959）发布2025年半年度报告。报告期内，公司实 现营业收入525.71亿元，同比下降7.35%；实现归母净利润6.57亿元，同比增长66.45%；扣非净利润6.82 亿元，同比增长150.28%。 汽车板产量同比增长约6%。产品结构进一步优化，镀锌、高强、外板等高端产品产量同比分别增长约 13%、28%、1%，高强镀锌外板DH500、2200MPa级别热成型钢具备批量供货能力。客户结构进一步升 级，核心主机厂数量、供货量均稳中有升，新能源汽车客户供货量同比增长约41%。 此外，公司聚焦人工智能、大数据、工业互联网等技术，重点推进智新电磁数字化转型、厂内物流一体 化管控平台、数字化业绩管理平台、智慧碳管理平台等项目，推动钢铁制造智能化转型。 报告期内，人工智能大模型平台正式上线，构建"算力+模型+平台+场景"四层架构，完成DeepSeek大模 型本地化部署，开展智慧客服、制度专家等8个AI应用场景建设。其中冷轧公司凭借5G、大数据、AI、 机器视觉和机器人等工业4.0先进技术的广泛应用，成功入选第13批全球"灯塔工厂"名单，成为全 ...

近日，北京首钢股份有限公司发布新版《公司章程》，对公司的组织与行为、股东与股东会、董事会等 多方面做出详细规定，为公司的规范运作和长远发展提供了坚实的制度保障。 北京首钢股份经北京市人民政府批准，于1999年7月27日首次向境内社会公众发行35,000万股人民币普 通股，并在深圳证券交易所上市，目前注册资本为人民币7,754,967,370元。公司经营范围广泛，涵盖钢 铁冶炼、铜冶炼及压延加工、销售等多项业务。 股份相关规定 公司发起人为首钢集团有限公司，认购196,000万股，公司设立时发行股份总数为231,000万股。已发行 股份数为7,754,967,370股，均为普通股。公司对股份增减和回购有明确规定，可通过向不特定对象或特 定对象发行股份、派送红股等方式增加资本，减少注册资本需按规定程序办理。公司一般不得收购本公 司股份，但在减少注册资本等六种情形下除外。同时，公司对股份转让也有严格限制，如公开发行股份 前已发行的股份，上市一年内不得转让，董事、高级管理人员任职期间每年转让股份不得超过其所持股 份总数的25%等。 股东与股东会 公司依据证券登记结算机构凭证建立股东名册，股东按持股类别享有权利、承担义 ...

Core Viewpoint - Beijing Shougang Co., Ltd. reported a significant increase in profitability despite a 7.35% year-on-year decline in revenue, showcasing strong operational resilience and internal growth momentum through product structure optimization, precise cost control, and technological innovation [1][2]. Revenue and Profitability - Revenue for the first half of 2025 decreased to 52.517 billion yuan, but net profit surged by 66.45% to 657 million yuan, indicating a strong recovery in profitability [1][2]. - Basic earnings per share increased by 66.40% to 0.0847 yuan, and the weighted average return on equity rose by 0.52 percentage points to 1.32%, reflecting improved capital profitability [2]. - Cash flow from operating activities increased by 91.65%, and cash reserves grew by 58.96% compared to the previous year, while the debt ratio decreased to 57.43% [2]. Product and Technology Advancements - The company emphasized a "premium manufacturing" strategy, with significant improvements in product structure, leading to a 12% increase in the output of three strategic products: electrical steel, automotive plates, and tin/chromium plates [3]. - Electrical steel production rose by approximately 30%, with high-grade non-oriented electrical steel output increasing by 33%, meeting the demands of leading new energy vehicle manufacturers [3]. - The company achieved breakthroughs in technology, obtaining 208 patent authorizations and participating in the establishment of various industry standards [3]. Green and Intelligent Manufacturing - Shougang maintained an "A" rating in environmental performance and advanced its green supply chain initiatives, promoting carbon footprint certification among key suppliers [4]. - Collaborations with companies like Geely and FAW-Volkswagen were established to promote low-carbon projects and circular economy systems [4]. - The company implemented advanced technologies in intelligent manufacturing, becoming one of the few global "lighthouse factories" and enhancing operational efficiency through digital transformation [4].

Financial Performance - The company reported total revenue of 52.517 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 656 million yuan, representing an increase of 262 million yuan or 66.45% compared to the same period last year [1] - Operating cash flow increased to 2.196 billion yuan, up 1.050 billion yuan or 91.65% year-on-year, marking two consecutive years of growth [1] Profitability and Efficiency - The latest asset-liability ratio stands at 57.43%, a decrease of 0.85 percentage points from the previous quarter and a reduction of 2.22 percentage points from the same period last year [3] - The gross profit margin is reported at 5.17%, an increase of 0.06 percentage points from the previous quarter and up 1.28 percentage points year-on-year [3] - The diluted earnings per share are 0.08 yuan, an increase of 0.03 yuan or 66.40% compared to the same period last year [4] - The latest inventory turnover ratio is 4.65 times, an increase of 0.04 times year-on-year, achieving two consecutive years of growth [4] Shareholder Structure - The number of shareholders is reported at 83,800, with the top ten shareholders holding 6.718 billion shares, accounting for 86.41% of the total share capital [4] - The largest shareholder is Shougang Group Co., Ltd., holding 56.87% of the shares [4]

Company Overview - Company reported a total revenue of 52.517 billion yuan, a decrease of 7.35% year-on-year [11] - Total profit reached 877 million yuan, an increase of 70.26% year-on-year [11] - Net profit attributable to shareholders was 657 million yuan, up 66.45% year-on-year [11] - Earnings per share increased to 0.0847 yuan, up 0.0338 yuan per share year-on-year [11] - Total assets amounted to 129.433 billion yuan, with equity attributable to shareholders at 50.122 billion yuan [11] Industry Development - In the first half of 2025, China's GDP grew by 5.3% year-on-year [3] - The steel industry saw a significant increase in economic benefits due to self-discipline in production control and rising exports [3] - Crude steel production decreased by 3.0% year-on-year to 514.83 million tons, while steel output increased by 4.6% year-on-year to 734.38 million tons [3] - The average steel price index (CSPI) was 93.75 points, down 13.35% year-on-year [3] Strategic Focus - Company emphasizes "green manufacturing, intelligent manufacturing, boutique manufacturing, lean manufacturing, and precise services" as its strategic direction [6] - The company aims to enhance its competitive edge through technological innovation and high-end product development, focusing on electrical steel, automotive sheets, and tin-plated (chromium) sheets [6][7] Product Development - The company has developed a leading position in the production of electrical steel, with significant advancements in high magnetic induction and low noise products [8] - The company’s automotive sheet production increased by approximately 6% year-on-year, with high-end products showing substantial growth [17] - The production of tin-plated (chromium) sheets decreased by about 5%, but high-end products saw an increase [18] Environmental Initiatives - The company is recognized as the world's first steel enterprise to achieve ultra-low emissions across its entire production process [19] - It is actively working on carbon reduction technologies and has established a green low-carbon product pricing system [20] Technological Advancements - The company is advancing its digital transformation through AI, big data, and industrial internet technologies [21] - It has launched an AI model platform and has been recognized as a "lighthouse factory" for its innovative practices [21] Cost Management - The company is focusing on comprehensive cost reduction strategies, including resource optimization and technology improvements [22]

格隆汇8月22日丨首钢股份(000959.SZ)公布2025年半年度报告，上半年公司实现营业收入525.17亿元， 同比下降7.35%；归属于上市公司股东的净利润6.57亿元，同比增长66.45%；归属于上市公司股东的扣 除非经常性损益的净利润6.82亿元，同比增长150.28%；基本每股收益0.0847元。 ...