证券代码：002478 证券简称：常宝股份 公告编号：2025-027 关于《民事调解书》履行进展的公告 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。 一、诉讼概述 江苏常宝钢管股份有限公司（以下简称"公司"）与中民嘉业投资有限公司 （以下简称"中民嘉业"）和上海嘉愈医疗投资管理有限公司（以下简称"嘉愈 医疗"）的股权转让纠纷事项，2024 年 11 月 12 日各方签订《调解协议》，并 由常州市中级人民法院出具了《民事调解书》【（2024）苏 04 民初 117 号】。 具体详见公司在《证券时报》及巨潮资讯网刊登的《关于诉讼进展暨签订<调解 协议>的公告》（公告编号：2024-063）。 二、履行进展情况 江苏常宝钢管股份有限公司 三、对公司的影响 公司将根据《企业会计准则》及公司会计政策等相关规定进行相关会计处理， 具体以会计师事务所年度审计为准。 四、后续安排 公司将按照法律法规及《民事调解书》，继续督促中民嘉业和嘉愈医疗履行 相应阶段的还款义务，并诉诸法律措施维护上市公司的合法权益。公司将根据后 续进展情况及时履行相应的信息披露义务。敬请广大投资者注 ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

证券代码：002478 证券简称：常宝股份 公告编号：2025-026 江苏常宝钢管股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 公司2024年度权益分派实施方案为：以公司现有总股本900,986,228股剔除 回购专用证券账户股份数6,756,800股后的894,229,428股为基数，向全体股东 每10股派发现金红利2.20元（含税），送红股0股（含税），不以公积金转增股 本，预计派发现金红利196,730,474.16元。 一、 股东大会审议通过权益分派方案 1、江苏常宝钢管股份有限公司（以下简称"公司"）2024年度权益分派方 案已获2025年4月23日召开的2024年度股东大会审议通过，股东大会决议的公告 刊登于2025年4月24日的《证券时报》及公司指定信息披露网站巨潮资讯 (http://www.cninfo.com.cn )上。 2、2024年年度权益分派实施方案：公司现有总股本900,986,228股（因 360,000股限制性股票已回购注销，公司总股本由 901,346,228股变 ...

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net financing of local government bonds reached 528.1 billion yuan in April 2025, indicating a significant increase in fiscal spending, which is expected to support demand in the steel sector [2][3]. - The apparent consumption of steel in April 2025 was 76.08 million tons, slightly down by 1.7% year-on-year, influenced by uncertainties from US-China tariff disputes [2][3]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, up 0.7% year-on-year, while steel production increased by 6.6% to 125.09 million tons [7]. - The manufacturing purchasing managers' index (PMI) was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Export and Import Dynamics - Steel exports in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, benefiting from price advantages [3][7]. - Iron ore imports rose by 1.3% year-on-year to 103.14 million tons in April 2025, although overall iron ore imports for the first four months decreased by 5.5% [7]. Policy and Economic Outlook - The Central Political Bureau emphasized the need for proactive macroeconomic policies, including increased fiscal spending and monetary easing to support the economy [3]. - The report suggests that with the anticipated improvement in demand and supply-side adjustments, the long-term fundamentals of the steel industry are expected to improve [3]. Investment Recommendations - The report recommends stocks such as Hualing Steel, Nanjing Steel, Baosteel, and others, highlighting their potential benefits from the current economic conditions and demand recovery [8][9].

Investment Rating - The industry is rated as "Buy" for specific stocks and "Hold" for others, indicating a positive outlook for selected companies within the steel sector [8]. Core Insights - The report highlights a decrease in tariff uncertainty, which is expected to improve economic expectations. The U.S.-China trade tensions have entered a phase of temporary easing, although future uncertainties remain significant [2][4]. - The domestic steel production has shown signs of recovery, with a notable increase in apparent consumption of steel products, particularly rebar, which has returned to levels seen in the previous year [3][39]. - The report emphasizes the implementation of proactive macroeconomic policies, including fiscal and monetary measures, which are anticipated to support the steel industry's recovery and growth [4][12]. Summary by Sections Supply - The average daily pig iron production has decreased by 10,000 tons to 2,447,000 tons, with a slight decline in long-process production [11]. - The capacity utilization rate for blast furnaces across 247 steel mills is reported at 91.7%, a decrease of 0.4 percentage points from the previous period but an increase of 4.1 percentage points year-on-year [17]. Inventory - Total steel inventory has shifted from an increase to a decrease, with a week-on-week decline of 3.1%. The social inventory of five major steel products stands at 9,937,000 tons, down 3.8% from the previous week and down 28.5% year-on-year [24][26]. Demand - Apparent consumption of five major steel products has significantly improved, with a week-on-week increase of 8.1%. Rebar consumption reached 2,603,000 tons, up 21.7% from the previous week [39][48]. Raw Materials - Iron ore prices have risen, with the Platts 62% iron ore price index at $101.1 per ton, reflecting a week-on-week increase of 2.5% [57]. - The report notes a slight increase in the shipping volume of iron ore from Australia, while Brazilian shipments have decreased [57]. Prices and Profits - Steel prices are showing a strong performance, with the Myspic comprehensive steel price index at 123.6, up 0.9% week-on-week. The report anticipates that steel prices may gradually strengthen due to improving fundamentals driven by macroeconomic and industry policies [70][71]. - The current profit margins for long-process rebar and hot-rolled coils remain negative, indicating ongoing cost pressures [72]. Key Stocks - The report recommends several stocks for investment, including: - Hualing Steel (Buy) - Nanjing Steel (Buy) - Baosteel (Buy) - New Steel (Buy) - Jiuli Special Materials (Buy) - Xinxing Ductile Iron Pipes (Hold) [8].

证券代码：002478 证券简称：常宝股份 公告编号：2025-025 江苏常宝钢管股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者遗漏负连带责任。 特别提示： 1、本次回购注销2023年限制性股票激励计划已授予但尚未解除限售的限制性股 票数量合计360,000股，占回购注销前公司总股本的0.04%，涉及激励对象6人，用于 回购注销限制性股票的资金总额为1,270,800元。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分限制 性股票注销事宜已于2025年5月14日办理完成。 3、注销完成后，公司股份总数由901,346,228股减少至900,986,228股。 一、公司2023年限制性股票激励计划已履行的程序 （一）2023 年 7 月 6 日，公司召开第五届董事会第二十九次会议及第五届监事会 第二十四次会议，审议通过了《关于<江苏常宝钢管股份有限公司 2023 年限制性股票 激励计划（草案）>及其摘要的议案》《关于<江苏常宝钢管股份有限公司 2023 年限 制性股票激励计划实施考核管理办法>的议 ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [3]. Core Insights - The report highlights that daily pig iron production remains high, with an average of 2.4564 million tons as of May 9, reflecting a week-on-week increase of 0.22 million tons and a year-on-year increase of 149,700 tons [5][6]. - The steel market has shown a positive performance, with the steel sector rising by 2.09%, outperforming the broader market [5][13]. - The report indicates a marginal improvement in downstream demand, supported by increased funding availability for construction projects, which is expected to bolster steel demand [6]. Summary by Sections 1. Market Performance - The steel sector increased by 2.09%, with sub-sectors such as special steel up by 3.41% and long products up by 1.90% [5][15]. - The average capacity utilization rate for blast furnaces was 92.1%, a week-on-week increase of 0.09 percentage points [28]. 2. Production Data - As of May 9, the total production of five major steel products was 7.64 million tons, a week-on-week decrease of 93,600 tons, or 1.21% [27]. - Daily pig iron production was reported at 2.4564 million tons, with a year-on-year increase of 6.49% [28]. 3. Consumption Data - The consumption of five major steel products was 8.452 million tons, a week-on-week decrease of 125,660 tons, or 12.94% [38]. - The transaction volume of construction steel by mainstream traders was 103,000 tons, down 8.58% week-on-week [38]. 4. Inventory Levels - Social inventory of five major steel products reached 10.33 million tons, a week-on-week increase of 93,500 tons, or 0.91% [46]. - Factory inventory of five major steel products was 4.43 million tons, a week-on-week increase of 19.62%, or 4.63% [46]. 5. Price Trends - The comprehensive index for ordinary steel was 3,453.7 yuan/ton, a week-on-week decrease of 37.38 yuan/ton, or 1.07% [52]. - The comprehensive index for special steel was 6,650.3 yuan/ton, with a slight week-on-week increase of 2.55 yuan/ton [52]. 6. Profitability - The average cost of pig iron was reported at 2,297 yuan/ton, with a week-on-week decrease of 6.0 yuan/ton [60]. - The profit per ton for rebar produced in blast furnaces was 90 yuan/ton, a week-on-week decrease of 38.0 yuan/ton [60]. 7. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle [6].

证券代码：002478 股票简称：常宝股份 编号：2025-024 江苏常宝钢管股份有限公司 关于回购公司股份进展的公告 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。 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第七次（临 时）会议审议通过了《关于回购部分社会公众股份的方案》，同意使用自有资金 以集中竞价交易方式回购部分公司股份，回购的股份将依法用于后期实施员工持 股计划或者股权激励计划。回购的价格不超过人民币 6.50 元/股，回购资金总额 不低于人民币 3000 万元（含），且不超过人民币 6000 万元（含）。回购股份的 期限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详 见公司于 2024 年 7 月 25 日、2024 年 7 月 31 日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）刊登的相关公告。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but is optimistic about future growth due to new production lines and expansion into emerging markets [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.211 billion yuan, representing a year-over-year decrease of 7.07% and a quarter-over-quarter decrease of 17.74% [1][2]. - The net profit attributable to shareholders was 111 million yuan, down 33.00% year-over-year and 50.10% quarter-over-quarter [1][2]. - The gross margin fell by 2.12 percentage points to 15.33% [2]. Investment and Expansion - The company is in the process of installing equipment for new production lines, expected to enter the debugging phase in July 2025 [3]. - The new projects target high-end markets such as renewable energy, fine chemicals, and marine equipment, including specialized products for the semiconductor and renewable energy sectors [3]. - The company is also advancing its precision tube project for electric vehicles, aiming to complete multiple customer certifications by 2024 [3]. Rating and Valuation - The company maintains its profit forecast, estimating EPS for 2025-2027 to be 0.72, 0.79, and 0.83 yuan respectively [4]. - The valuation method has shifted to a PB valuation approach, with a target price set at 5.99 yuan based on a PB multiple of 0.9X [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][14] Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 1.211 billion yuan, down 7.07% year-on-year and 17.74% quarter-on-quarter. The net profit attributable to shareholders was 111 million yuan, down 33.00% year-on-year and 50.10% quarter-on-quarter [3][4] - Despite the anticipated decline in performance due to external market factors in 2024, the company is expected to benefit from new project implementations, leading to an increase in sales volume and profitability in the coming years [6][7] Summary by Sections Financial Performance - For 2023A, the company achieved a revenue of 6,661 million yuan, with a year-on-year growth rate of 7%. However, a significant decline of 14% is expected in 2024A [2] - The net profit attributable to shareholders for 2023A was 783 million yuan, with a notable increase of 66% year-on-year, but a decrease of 19% is projected for 2024A [2] - The company's gross margin for Q1 2025 was 15.33%, reflecting a decline of 0.94 percentage points year-on-year and 2.12 percentage points quarter-on-quarter [4] Company Strengths - The company possesses significant scale advantages with a production capacity of 1 million tons of specialized pipes, enhancing its competitive edge in niche markets such as oil pipes and high-pressure boiler tubes [5] - Ongoing projects for high-end special pipes are progressing well, with several production lines entering trial production phases, which are expected to contribute positively to future revenues [5][6] Profit Forecast and Valuation - The company is projected to achieve net profits of 636 million yuan in 2025E, 669 million yuan in 2026E, and 731 million yuan in 2027E, with corresponding P/E ratios of 7, 7, and 6 respectively [6][12] - The anticipated revenue growth rates for the next few years are expected to stabilize, with a forecasted growth of 1% in 2025E and 7% in 2026E and 2027E [2][6]