第 1 页 共 2 页 | | 湖州宝钛久立钛焊管科技有限公司 | 子公司 | 其他应收款 | 6,235.36 | 3,967.33 | 97.47 | 2,774.46 | 7,525.70 | 暂借款及利息收入 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | JIULI Europe GmbH | 子公司 | 其他应收款 | 7,525.70 | | 12.88 | 7,538.58 | | 暂借款及利息收入 | 非经营性往来 | | | EISENBAU KRAMER GMBH | 孙公司 | 其他应收款 | 729.29 | 213.45 | | 942.74 | | 暂借款 | 非经营性往来 | | 其他关联方及其附 | | | | | | | | | | 非经营性往来 | | 属企业 | | | | | | | | | | 非经营性往来 | | 总计 | - | - | - | 23,241.75 | 21,724.69 | 139.45 | 37,580.19 | 7,525. ...

浙江久立特材科技股份有限公司 2025 年半年度报告全文 浙江久立特材科技股份有限公司 2025 年半年度报告 2025 年 08 月 浙江久立特材科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人李郑周、主管会计工作负责人章琳金及会计机构负责人(会计 主管人员) 潘鑫红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。敬请广大投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注相关内 容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | - ...

第七届董事会第十四次会议决议公告 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。 一、会议召开情况 浙江久立特材科技股份有限公司（以下简称"公司"）第七届董事会第十四 次会议通知于 2025 年 8 月 13 日以专人通知和电子邮件方式发出，并于 2025 年 8 月 23 日以现场结合通讯表决的方式召开。本次会议应出席董事 11 名，实际出 席董事 11 名，公司高管列席了本次会议。本次会议的召集和召开符合《公司法》 和《公司章程》的有关规定。 证券代码：002318 证券简称：久立特材 公告编号：2025-035 浙江久立特材科技股份有限公司 二、会议审议情况 与会董事经认真审议，以记名投票表决方式通过了如下决议： （一）以 11 票同意、0 票反对、0 票弃权，审议通过了《关于 2025 年半年 度报告全文及其摘要的议案》。 公司《2025 年半年度报告》及《2025 年半年度报告摘要》真实地反映了公 司 2025 年半年度的财务状况和经营成果，不存在虚假记载、误导性陈述或重大 遗漏。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn ...

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].

Industry Overview - The corrosion-resistant alloy industry is a key foundational material sector for high-end equipment manufacturing, experiencing rapid growth, with the market size in China expected to exceed 50 billion yuan in 2024 and reach 80 billion yuan by 2030 [1] - The product system of the industry is comprehensive, covering four main categories: iron-based (e.g., 304 stainless steel), nickel-based (e.g., Hastelloy C-276), reactive metals (e.g., titanium alloys), and copper-based alloys, with stainless steel dominating the market [1][2] - The industry is transitioning towards green and high-end development driven by dual carbon goals and high-end equipment demand, with continuous breakthroughs in new material research and processes [1][10] Market Dynamics - The industry is characterized by a competitive landscape of "state-owned enterprises leading, private enterprises featuring, and foreign capital supplementing," with accelerated domestic substitution [1][23] - The market is projected to grow at a compound annual growth rate (CAGR) of approximately 8.5% from 2024 to 2030, indicating strong growth potential [12] Production and Innovation - Leading companies like Fushun Special Steel have achieved domestic production of high-end nickel-based alloys, reducing costs by over 20% through innovative processes [12][20] - The production of stainless steel is expected to reach 39.44 million tons in 2024, with a year-on-year growth of 7.54% [14] Industry Chain - The corrosion-resistant alloy industry chain is tightly coordinated, with upstream relying on imported resources and domestic smelting technology breakthroughs, while downstream applications span petroleum, energy, marine engineering, and aerospace [8][10] - The petroleum and chemical sector accounts for 45% of demand, with the renewable energy sector growing at an annual rate exceeding 25% [8] Competitive Landscape - The industry features a three-tier structure with state-owned enterprises like Baowu Special Steel and Fushun Special Steel dominating the high-end market, while private enterprises like Jiuli Special Materials and Wujin Stainless Steel carve out niche advantages [23] - International companies still lead in certain high-end nickel-based alloy markets, but domestic alternatives are rapidly emerging [23] Development Trends - The industry is moving towards high-end, green, and international collaborative development, with significant demand for high-performance materials in aerospace, nuclear power, and deep-sea engineering [25][26] - Environmental policies are driving the adoption of short-process smelting and recycling technologies, with expectations for a 22% reduction in energy consumption per unit of output by 2025 [27] - International expansion and industry chain integration are accelerating, with companies seeking to enhance global competitiveness through mergers and technology partnerships [28]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Insights - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices, leading to a notable contraction in steel mill profits [5]. - The report highlights that the long-term focus will remain on capacity management, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [5]. - The report indicates that the seasonal decline in steel demand, coupled with a vacuum in supply-side policies, has resulted in a significant narrowing of steel mill profits [5]. Price Trends - As of August 22, 2025, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3,270 CNY/ton, down 30 CNY/ton from the previous week [3][11]. - The prices for various steel products have shown a downward trend, with hot-rolled and cold-rolled steel also experiencing price reductions [3][11]. Production and Inventory - As of August 22, 2025, the production of five major steel products increased to 8.78 million tons, with total inventory rising by 264,300 tons to 10.1621 million tons [4]. - The apparent consumption of rebar was estimated at 1.948 million tons, reflecting a week-on-week increase of 48,600 tons [4]. Profitability - The report notes a decline in steel profitability, with margins for rebar, hot-rolled, and cold-rolled steel decreasing by 58 CNY/ton, 50 CNY/ton, and 42 CNY/ton respectively [3][5]. Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [5].

Investment Rating - The industry is rated as "Buy" for key companies such as Hualing Steel, Nanjing Steel, Baosteel, and Xinguang Steel, indicating strong potential for price appreciation [8]. Core Viewpoints - The report suggests that the steel industry is experiencing a recovery phase, with expectations of improved fundamentals driven by supply-side reforms and demand recovery [14]. - The overall economic growth in the first half of the year was supported by both external and internal demand, with GDP growth reaching 5.3% [2]. - The report highlights that the steel sector is currently in a phase of capital surplus, which is expected to provide a favorable environment for market performance [2]. Supply Analysis - Daily average pig iron production has slightly increased to 2.408 million tons, with a marginal rise in long-process production [13]. - The capacity utilization rate for blast furnaces across 247 steel mills is reported at 90.3%, reflecting a year-on-year increase of 4.4% [18]. - The total inventory of five major steel products has increased by 1.8%, but the growth rate has narrowed compared to previous weeks [25]. Demand Analysis - Apparent consumption of five major steel products has improved, with a week-on-week increase of 2.6%, totaling 8.53 million tons [52]. - The demand for rebar has shown a recovery, with weekly consumption reaching 1.948 million tons, up by 2.6% [52]. Price and Profitability - The report notes a decline in steel prices, with the Myspic comprehensive steel price index decreasing by 1.1% week-on-week [73]. - The current cost of long-process rebar is reported at 3,428 CNY per ton, with a negative margin of 140 CNY per ton [73]. - The profitability of steel mills is under pressure, with a slight decrease in immediate gross margins observed [73]. Key Companies and Recommendations - The report recommends focusing on companies with strong safety margins and undervalued positions, including Hualing Steel, Nanjing Steel, and Baosteel [2]. - Companies benefiting from the energy sector, such as Jiuli Special Materials and Yongjin Co., are highlighted for their potential growth due to favorable market conditions [2].

Market Overview - The special steel sector experienced a decline of 0.99% on August 22, with Fangda Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Key stocks in the special steel sector showed varied performance, with Fangda Special Steel closing at 5.86, down 4.25%, and Xining Special Steel at 3.50, down 1.69% [2] - The trading volume and turnover for Fangda Special Steel were 553,200 shares and 328 million yuan, respectively [2] Capital Flow - The special steel sector saw a net outflow of 265 million yuan from main funds, while retail investors contributed a net inflow of 172 million yuan [2][3] - The capital flow data indicates that major funds were predominantly withdrawing from stocks like Fangda Special Steel and Xining Special Steel, while retail investors were more active in stocks like Taiyuan Iron & Steel [3]

Market Overview - The Shanghai Composite Index closed at 3771.10 points, above the annual line, with a change of 0.13% [1] - The total trading volume of A-shares reached 24603.35 billion yuan [1] Stocks Breaking Annual Line - A total of 28 A-shares have surpassed the annual line today, with notable stocks including: - Meihua Medical (301363) with a deviation rate of 14.81% and a daily increase of 18.00% [1] - Meirui New Materials (300848) with a deviation rate of 4.67% and a daily increase of 5.49% [1] - Kangle Health (833575) with a deviation rate of 4.29% and a daily increase of 4.40% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the annual line with smaller deviation rates include: - Guotou Power (600886) with a deviation rate of 0.01% and a daily increase of 1.30% [2] - Shanghai Pharmaceuticals (601607) with a deviation rate of 0.08% and a daily increase of 0.95% [2] - *ST Jinglun (600355) with a deviation rate of 0.20% and a daily increase of 0.86% [2]

Core Viewpoint - The special steel sector experienced a slight increase of 0.3% on August 21, with Jinzhou Pipeline leading the gains. The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1]. Group 1: Market Performance - Jinzhou Pipeline (002443) closed at 7.36, with a rise of 2.08% and a trading volume of 155,400 shares, amounting to a transaction value of 113 million yuan [1]. - Jiuli Special Materials (002318) closed at 22.65, up 1.80%, with a trading volume of 176,700 shares, totaling 398 million yuan [1]. - Changbao Co., Ltd. (002478) closed at 5.62, increasing by 0.90%, with a trading volume of 157,900 shares [1]. - CITIC Special Steel (000708) closed at 12.88, up 0.78%, with a trading volume of 222,700 shares [1]. - Jiao Jin Co., Ltd. (603995) closed at 18.44, increasing by 0.77%, with a trading volume of 86,100 shares [1]. - Fushun Special Steel (668009) closed at 5.63, remaining unchanged, with a trading volume of 441,900 shares [1]. - Taiyuan Iron & Steel (000825) closed at 4.18, unchanged, with a trading volume of 343,300 shares [1]. - Xining Special Steel (600117) closed at 3.56, down 0.28%, with a trading volume of 1,551,000 shares [1]. - Fangda Special Steel (600507) closed at 6.12, down 0.33%, with a trading volume of 152,900 shares, totaling 93.4 million yuan [1]. - Gande Zhengtai (300881) closed at 37.16, down 0.38%, with a trading volume of 22,200 shares, totaling 82.7 million yuan [1]. Group 2: Capital Flow - The special steel sector saw a net outflow of 18.99 million yuan from main funds, while retail funds experienced a net inflow of 2.63 million yuan [3]. - Speculative funds had a net inflow of 16.37 million yuan into the sector [3].