Investment Rating - The report maintains a "Recommended" rating for Shougang Co., Ltd. (stock code: 000959.SZ) [3] Core Views - The company reported a revenue of 108.31 billion yuan in 2024, a year-on-year decrease of 4.79%, and a net profit attributable to shareholders of 471 million yuan, down 29.03% year-on-year. For Q1 2025, the revenue was 26.53 billion yuan with a net profit of 32.8 million yuan [1][2] - The company is focusing on optimizing its product structure, with a 7% year-on-year increase in the production of three strategic products: electrical steel, automotive plates, and tin (chromium) plates in 2024. The production of electrical steel increased by approximately 17% year-on-year [6] - The company is enhancing its competitive advantage in electrical steel products through continuous R&D innovation, with R&D expenses reaching 533 million yuan in 2024, an increase of 8.48% year-on-year [6] Financial Summary - Revenue projections for 2025-2027 are 102.02 billion yuan, 102.87 billion yuan, and 103.76 billion yuan, respectively, with corresponding growth rates of -5.81%, 0.83%, and 0.87% [2][8] - The net profit attributable to shareholders is expected to grow significantly from 614 million yuan in 2025 to 1.05 billion yuan in 2027, with growth rates of 30.24%, 30.52%, and 31.67% for the respective years [2][6] - The company’s gross margin is projected to improve from 4.05% in 2024 to 4.52% in 2027, indicating a positive trend in profitability [2][8] Market Data - As of April 29, 2025, the closing price of the stock was 3.67 yuan, with a market capitalization of 23.9 billion yuan [4]

Core Viewpoint - The Beijing land market has shown significant activity and growth during the "golden March and silver April" period, with a notable increase in land transaction value and a shift towards innovative community planning standards under the "good housing" policy [1][10]. Group 1: Land Market Activity - The successful auction of the last land parcel in April marked a strong conclusion to the land market activity, with a total transaction value of approximately 235.86 billion yuan, representing a year-on-year increase of 176.34% [1][10]. - The land parcel in Tongzhou was acquired by China Railway Construction for 775.52 million yuan, with a premium rate of 21.94%, after 215 rounds of bidding [2][3]. Group 2: Policy Impact - The "good housing" policy has relaxed standards for new residential buildings, allowing for increased efficiency in land use and encouraging developers to create more attractive housing products [4][8]. - The promotion of an open street block system aims to enhance community interaction and optimize urban space, aligning with modern residential needs [5][6]. Group 3: Developer Behavior - Developers are increasingly eager to acquire land in prime areas, driven by the potential for high profit margins and short development cycles, particularly in light of the favorable market conditions [9][11]. - The competitive bidding environment reflects a shift in buyer preferences from merely having housing to seeking quality living spaces, further motivating developers to enhance their offerings [8][9]. Group 4: Future Outlook - The land market is expected to continue its upward trend, supported by improved cash flow for developers and a more favorable financing environment, which collectively enhance the attractiveness of land investments [11][12]. - The focus on high-quality land parcels that meet specific market criteria is likely to remain a key strategy for developers in the evolving Beijing real estate landscape [11].

Market Overview - The Shanghai Composite Index fell by 0.20% on April 28, with five industries experiencing gains, led by the banking and steel sectors, which rose by 0.98% and 0.53% respectively [1] - The real estate and comprehensive sectors saw the largest declines, with drops of 3.66% and 2.52% [1] - Overall, there was a net outflow of 29.894 billion yuan in the main funds across the two markets, with only two sectors seeing net inflows: steel (200 million yuan) and oil and petrochemicals (66.933 million yuan) [1] Steel Industry Performance - The steel industry experienced a 0.53% increase, with a net inflow of 200 million yuan in main funds [2] - Out of 45 stocks in the steel sector, 25 rose while 19 fell [2] - The top three stocks with significant net inflows were Hangang Steel (266 million yuan), Baogang Steel (34.705 million yuan), and Shougang Steel (33.155 million yuan) [2] Fund Flow in Steel Sector - The steel sector had 21 stocks with net inflows, with seven stocks receiving over 10 million yuan [2] - The stocks with the largest net outflows included Shagang Steel (54.362 million yuan), Fushun Special Steel (33.734 million yuan), and Vanadium Titanium (28.413 million yuan) [2][3] - A detailed table of stock performance and fund flow was provided, highlighting the daily price changes and turnover rates for various steel companies [2][3]

Group 1 - The steel sector showed resilience on April 28, 2025, with companies like Sansteel Minguang, Shougang Corporation, Baosteel, New Steel, and Taiyuan Iron & Steel rising over 5% [1] - Steel LOF products (A: 502023, C: 012810, I: 024184) increased by over 2%, reflecting the overall performance of the black metal industry [1] - As of April 25, steel prices have risen, with 20mm HRB400 rebar priced at 3200 CNY/ton, up 70 CNY/ton from the previous week [1] Group 2 - Minsheng Securities reported that Trump acknowledged the high 145% tariffs on China, indicating that tariffs will significantly decrease post-agreement but will not reach zero [2] - The Central Political Bureau of the Communist Party of China emphasized the need for preparedness against external shocks and may introduce policies to counteract the impact of external tariffs [2] - Long-term expectations suggest that crude steel production will be regulated, and the supply of iron ore and coking coal is expected to become more relaxed, potentially restoring profitability for steel companies [2]

智通财经4月28日电，首钢股份涨超8%，宝钢股份、三钢闽光、新钢股份、太钢不锈均涨超5%。消息 面上，首钢股份公告，公司一季报净利润同比增近1450%，另外宝钢股份等多家钢企一季报净利润同比 实现增长。 钢铁板块震荡反弹 宝钢股份等多股涨超5% ...

Core Viewpoint - Beijing Shougang Co., Ltd. plans to repurchase and cancel all remaining restricted stocks from the 2021 incentive plan due to unmet performance targets for the fiscal year 2024 and changes in some incentive recipients [13][23]. Group 1: Board and Supervisory Meetings - The 16th meeting of the 8th Board of Directors and the 13th meeting of the Supervisory Board were held on April 25, 2025, to discuss the repurchase of restricted stocks [2][9]. - All directors and supervisors participated in the meetings, and the decisions made were in compliance with legal regulations and company bylaws [3][9]. Group 2: Repurchase Proposal - The Board approved the proposal to repurchase and cancel a total of 19,013,650 shares of restricted stock due to the failure to meet performance assessment criteria for the fiscal year 2024 [5][13]. - The proposal requires approval from the shareholders' meeting [5][10]. Group 3: Reasons for Repurchase - The company did not meet the performance targets set in the incentive plan, with a net asset return rate of 0.4% and a negative growth rate of -27.89% in operating profit compared to 2019 [23]. - Changes in personnel due to organizational reasons affected 24 incentive recipients, leading to the repurchase of 1,432,692 shares [23][24]. - Two individuals left the company for personal reasons, resulting in the repurchase of 57,222 shares [24]. Group 4: Repurchase Details - The repurchase price is set at 3.25 yuan per share, adjusted from the original price due to previous dividend distributions [25]. - The total number of shares to be repurchased is 19,013,650, which will reduce the company's total share capital [27][28]. Group 5: Impact on Company - The repurchase is not expected to have a significant impact on the company's financial status or operational results [29]. - The management team will continue to strive for value creation for shareholders [29]. Group 6: Legal and Compliance - The repurchase has received necessary approvals and complies with relevant regulations [32]. - The company will notify creditors and undertake necessary legal procedures following the shareholders' approval [33].

证券代码：000959 证券简称：首钢股份 公告编号：2025-016 北京首钢股份有限公司 八届十三次监事会会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 （一）北京首钢股份有限公司（以下简称"公司"）八届十三次 监事会会议通知于 2025 年 4 月 18 日以书面及电子邮件形式发出。 （二）会议于 2025 年 4 月 25 日以通讯表决方式召开。 （三）会议应参加表决监事 5 人，实际参加表决监事 5 人。 （四）本次监事会会议的召开符合法律法规和公司章程的规定。 本议案表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 根据《北京首钢股份有限公司 2021 年限制性股票激励计划(草案 修订稿)》（以下简称"《激励计划》"），因公司 2024 年度（第三个解 除限售期）业绩考核指标未满足解除限售的条件，且部分激励对象发 生异动，公司拟回购注销《激励计划》剩余全部限制性股票。 监事会对此议案出具了审核意见。 议案内容及监事会审核意见详见公司发布的《北京首钢股份有限 公司关于回购注销 2 ...

一、董事会会议召开情况 （一）北京首钢股份有限公司（以下简称"公司"）八届十六次 董事会会议通知于 2025 年 4 月 18 日以书面及电子邮件形式发出。 （二）会议于 2025 年 4 月 25 日以通讯表决方式召开。 （三）会议应参加表决董事 8 人，实际参加表决董事 8 人。 证券代码：000959 证券简称：首钢股份 公告编号：2025-015 北京首钢股份有限公司 八届十六次董事会会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （四）本次董事会会议的召开符合法律法规和公司章程的规定。 1 三、备查文件 （一）经与会董事签字并加盖董事会印章的董事会会议决议 （二）深交所要求的其他文件 北京首钢股份有限公司董事会 二、董事会会议审议情况 会议审议通过了《北京首钢股份有限公司关于回购注销 2021 年 限制性股票激励计划剩余全部限制性股票等事项的议案》。 公司董事孙茂林、李明作为《北京首钢股份有限公司 2021 年限 制性股票激励计划(草案修订稿)》（以下简称"《激励计划》"）的 激励对象回避表决，由其余有表决权的董事进行表决。本议案表决结 ...

证券代码：000959 证券简称：首钢股份 公告编号：2025-017 北京首钢股份有限公司 关于回购注销 2021 年限制性股票激励计划 剩余全部限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京首钢股份有限公司（以下简称"公司"或"首钢股份"）于 2025 年 4 月 25 日召开八届十六次董事会会议及八届十三次监事会会 议，分别审议通过了《北京首钢股份有限公司关于回购注销 2021 年 限制性股票激励计划剩余全部限制性股票等事项的议案》。根据《北 京首钢股份有限公司 2021 年限制性股票激励计划（草案修订稿）》 （以下简称"《激励计划》"），因公司 2024 年度（第三个解除限 售期）未满足解除限售业绩考核条件，且部分激励对象发生异动，公 司拟回购注销《激励计划》剩余全部 19,013,650 股限制性股票。本 次回购注销事项尚需提交公司股东大会审议，现将有关事项公告如下。 一、股权激励计划已履行的有关审议程序 （一）2021 年 8 月 2 日，公司召开七届八次董事会会议，审议 通过了《关于<北京首钢股份有限公司 2021 年限制 ...

监事(签名)： 二○二五年四月 北京首钢股份有限公司监事会 对《关于回购注销"2021 年限制性股票激励计划" 剩余全部限制性股票等事项的议案》的审核意见 北京首钢股份有限公司(以下简称"公司")监事会，根据《公 司法》《上市公司股权激励管理办法》《北京首钢股份有限公司 章程》和《北京首钢股份有限公司 2021 年限制性股票激励计划 (草案修订稿)》(以下简称"《激励计划》")等有关规定，认真 审阅了《北京首钢股份有限公司关于回购注销"2021 年限制性 股票激励计划"剩余全部限制性股票等事项的议案》，监事会(成 员包括：孙毅、戴军、常海宇、王兴涛、屈二龙)对公司回购注 销剩余全部限制性股票等事项发表意见如下。 鉴于公司 2024 年度相关指标未达到《激励计划》规定的第 三个解除限售期解除限售条件，同意公司依据《激励计划》相关 规定对当年可解除限售的限制性股票予以回购注销；鉴于公司 2021 年限制性股票激励计划已授予的激励对象中的部分人员因 发生《激励计划》规定的异动情形已不符合激励条件，同意公司 依据《激励计划》相关规定回购注销其所持尚未解除限售的限制 性股票。 本次拟回购注销剩余全部限制性股票等事项符合 ...