证券代码：002478 证券简称：常宝股份 公告编号：2025-042 江苏常宝钢管股份有限公司 关于 2023 年员工持股计划第二个锁定期届满的提示性公告 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"、"本公司"、"常宝股份"） 于2023年7月6日、2023年7月24日召开了第五届董事会第二十九次会议和2023年 第一次临时股东大会，会议审议并通过了《关于<公司2023年员工持股计划（草 案）>及其摘要的议案》等议案，同意公司实施2023年员工持股计划（以下简称 "本员工持股计划"），同时股东大会授权董事会办理与本员工持股计划相关的事 宜。具体内容详见公司于2023年7月7日、2023年7月25日在指定信息披露媒体巨 潮资讯网（www.cninfo.com.cn）上披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《公司2023年员工 持股计划（草案）》等相关规定，公司2023年员工持股计划第二个锁定期于2025 年9月5日届满，现将锁定期届满后的相关情况公告如下： 2023年9月6日，公司收 ...

Core Viewpoint - Jiangsu Changbao Steel Tube Co., Ltd. is focusing on restructuring its competitiveness and high-end transformation in 2025, despite facing challenges in the oil and gas industry and a decline in overseas market demand [1][2]. Group 1: Company Performance - In the first half of 2025, the company experienced a decline in oil casing sales due to weak market demand, while the boiler pipe sector saw revenue growth due to internal resource optimization [1]. - The company reported a year-on-year increase in sales of specialty products, driven by new customer development and certifications from leading enterprises [1]. Group 2: Strategic Initiatives - The company is committed to enhancing internal capabilities and operational efficiency through systematic upgrades in employee awareness, work methods, management tools, and information technology [2]. - Product structure adjustments are being made to focus on specialized operations and value-driven management, with flexible resource integration to meet market demands [2]. Group 3: Collaboration and Innovation - The company has established partnerships with several brand special steel enterprises and is collaborating with organizations like Westmark to create joint research and development centers [2]. - Continuous investment in automation, information technology, and digitalization is aimed at building a visual control system and integrating artificial intelligence into specific projects [2]. Group 4: Talent Development and Long-term Planning - The company employs a dual strategy of external recruitment and internal training to build its talent pool, establishing a multi-channel promotion mechanism [2]. - Long-term development plans are guided by annual objectives, with flexibility to adjust strategies while advancing medium to long-term plans like the "14th Five-Year Plan" [2]. Group 5: Financial Strategy - The company has outlined a shareholder return plan for the next three years (2024-2026), balancing shareholder returns with company growth [2]. - Future capital expenditures will focus on optimizing product structure, upgrading production lines, and investing in automation and intelligent construction [2].

三、问答交流 1、如何理解 2025 年是公司重塑升级之年？ 回复：近年来，公司持续在产品结构升级、项目建设和团 队构建等方面不断扩大和夯实基础。2025 年作为公司重塑升级 之年，公司发展进一步转向内在能力、运行效率的系统性提升。 公司不仅要求员工在思想意识、执行力度和工作方法上实现升 级，更是通过先进管理工具的运用、内控制度梳理、信息化系 统建设以及精益生产和 ESG 体系的深度融合，推动技术升级、 智能化改造和组织流程重构。最终目的是从根本上提升产品结 构竞争力和企业运营效能，实现真正由内而外的重塑与升级。 证券代码：002478 证券简称：常宝股份 江苏常宝钢管股份有限公司投资者关系活动记录表 编号：2025-002 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | （电话会议） 现场参观 其他 | | 时间 | 2025 年 9 月 2 日 10:00-13:00 | | 参与单位名称 | 鑫元基金 陆杨 | | 及人员姓名 | 鑫元基金 徐欢 | | 地点 | 公司会议 ...

Core Viewpoint - The report highlights a decline in the export value of China's black metal smelting and rolling industry, indicating potential challenges for companies in this sector [1]. Industry Summary - In July 2025, the export value of China's black metal smelting and rolling industry was 15.98 billion yuan, a year-on-year decrease of 1.2% [1]. - From January to July 2025, the cumulative export value reached 116.06 billion yuan, reflecting a year-on-year decline of 1.3% [1]. - The report provides a comprehensive market survey and investment outlook for the black metal mining and selection industry in China from 2025 to 2031 [1]. Company Summary - Listed companies mentioned include CITIC Special Steel, Hebei Steel, Zhongnan Co., Benxi Steel, Sansteel Minguang, Jiuli Special Materials, Jinzhu Pipeline, Changbao Co., Shengde Xintai, Anyang Steel, Bayi Steel, New Steel, and Maanshan Steel [1].

Market Overview - On September 1, the special steel sector rose by 0.15% compared to the previous trading day, with Jinzhu Pipeline leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Jinzhu Pipeline (002443) closed at 7.47, with a gain of 4.33% and a trading volume of 263,600 shares [1] - Fangda Special Steel (600507) closed at 5.71, up 2.33%, with a trading volume of 345,300 shares and a transaction value of 196 million yuan [1] - Shengde Zhengtai (300881) closed at 35.00, up 2.07%, with a trading volume of 19,100 shares and a transaction value of 65.98 million yuan [1] - Other notable stocks include: - Jincheng Special Steel (000708) at 13.19, up 1.00% [1] - Xining Special Steel (600117) at 3.41, up 0.89% [1] - Changbao Co. (002478) at 5.52, unchanged [1] - Fushun Special Steel (6660009) at 5.57, unchanged [1] - Jiuli Special Materials (002318) at 22.37, down 0.67% [1] - Shagang Co. (002075) at 6.24, down 1.42% [1] Capital Flow - The special steel sector experienced a net outflow of 68.61 million yuan from institutional investors, while retail investors saw a net inflow of 5.06 million yuan [2] - Notable capital flows include: - Jinzhu Pipeline had a net inflow of 14.53 million yuan from institutional investors, but a net outflow of 9.11 million yuan from retail investors [3] - Fangda Special Steel saw a net outflow of 5.39 million yuan from institutional investors [3] - Shengde Xintai had a net inflow of 6.24 million yuan from retail investors [3] - Tai Steel (000825) experienced a significant net outflow of 9.61 million yuan from institutional investors [3]

Market Performance - The special steel sector increased by 0.22% on August 29, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Fangda Special Steel (600507) closed at 5.58, up 1.64%, with a trading volume of 401,600 shares and a turnover of 225 million yuan [1] - Jiuli Special Materials (002318) closed at 22.52, up 1.40%, with a trading volume of 148,000 shares and a turnover of 333 million yuan [1] - Other notable performances include: - Jinzou Pipeline (002443) at 7.16, up 0.99% [1] - Taigang Stainless Steel (000825) at 4.14, up 0.98% [1] - Changbao Co. (002478) at 5.52, up 0.55% [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 59.85 million yuan from institutional investors, while retail investors saw a net inflow of 33.37 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Stock - Jiuli Special Materials (002318) had a net inflow of 27.39 million yuan from institutional investors, but a net outflow of 27.69 million yuan from retail investors [3] - Fushun Special Steel (600399) saw a net inflow of 4.64 million yuan from institutional investors, while retail investors had a net outflow of 5.99 million yuan [3] - Fangda Special Steel (600507) experienced a significant net outflow of 20.95 million yuan from institutional investors [3]

Market Performance - The special steel sector experienced a decline of 3.15% on August 27, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Notable declines in individual stocks include: - Shengde Login (300881) at 35.52, down 5.81% with a trading volume of 47,600 shares and a turnover of 171 million yuan [1] - Fangda Special Steel (600507) at 5.61, down 4.92% with a trading volume of 404,000 shares and a turnover of 231 million yuan [1] - Xining Special Steel (600117) at 3.40, down 4.23% with a trading volume of 934,800 shares and a turnover of 325 million yuan [1] - Other notable declines include Jiuli Special Materials (002318), Shagang Co. (002075), and CITIC Special Steel (000708) [1] Capital Flow Analysis - The special steel sector saw a net outflow of 152 million yuan from main funds, while retail investors contributed a net inflow of 76.4 million yuan [1] - The capital flow for individual stocks indicates: - Fushun Special Steel (600399) had a main fund net inflow of 44.57 million yuan, but retail investors had a net outflow of 37.89 million yuan [2] - Jinzhou Pipeline (002443) experienced a main fund net inflow of 11.92 million yuan, with retail investors also seeing a net outflow [2] - Other stocks like Tai Steel (000825) and Jiuli Special Materials (002318) showed mixed capital flows with significant retail inflows despite main fund outflows [2]

Core Insights - The report highlights the growth in the number of enterprises in the black metal smelting and rolling processing industry, with a total of 6,265 enterprises as of the first half of 2025, reflecting an increase of 56 enterprises year-on-year, which is a growth rate of 0.9% [1] Industry Overview - The black metal smelting and rolling processing industry accounted for 1.2% of the total industrial enterprises in China as of the first half of 2025 [1] - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1] Related Companies - The report mentions several listed companies in the industry, including CITIC Special Steel, Hebei Steel, Zhongnan Shares, Benxi Steel Plate, and others [1] Research Background - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and investment forecasts [1]

Market Performance - The special steel sector increased by 0.97% on August 26, with Jiuli Special Materials leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Jiuli Special Materials (002318) closed at 23.18, up 2.61% with a trading volume of 395,400 shares and a turnover of 924 million yuan [1] - Shagang Group (002075) closed at 6.59, up 2.49% with a trading volume of 1,364,300 shares and a turnover of 896 million yuan [1] - Other notable performers include Jinzhu Pipeline (002443) up 1.98%, and Fangda Special Steel (600507) up 1.20% [1] Capital Flow - The special steel sector saw a net inflow of 12.44 million yuan from institutional investors, while retail investors experienced a net outflow of 21.92 million yuan [2] - The main capital inflow was observed in Shagang Group with 63.88 million yuan, while the largest outflow was from Fushun Special Steel at 19.87 million yuan [3] Individual Stock Analysis - Jiuli Special Materials had a net inflow of 9.98 million yuan from institutional investors, indicating strong interest [3] - The overall capital flow showed that institutional investors were net buyers, while retail investors were net sellers across several stocks in the sector [3]

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].