Core Viewpoint - Shanghai Steel Union indicated that the RDA application scenarios are still in the early exploration stage, and there may be uncertainties during implementation [2] Company Summary - The company is currently exploring RDA application scenarios, which are not yet fully developed [2] - There are potential uncertainties that the company may face during the implementation process of RDA [2]

Core Viewpoint - Shanghai Steel Union (300226.SZ) stated that the RDA has not yet had a substantial impact on the company's business, and the matter is still in the exploratory stage, with potential uncertainties during implementation [1] Group 1 - The RDA is currently in the early exploration phase [1] - There may be uncertainties in the implementation process of the RDA [1]

Core Viewpoint - Shanghai Steel Union (300226) held an earnings briefing on November 13, 2025, addressing investor inquiries regarding its business operations and future strategies [1]. Group 1: Business Operations - The company has not yet engaged in stablecoin business but is open to exploring it in compliance with national regulations [1]. - The company acknowledged the complexity of its business model and is considering a name change to better reflect its diverse operations [1]. - The company confirmed that its production and operations are normal despite the pledge of shares by its controlling shareholder, and there are no plans for share sales [1]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 57.318 billion, a year-on-year decrease of 10.65%, while net profit increased by 31.78% to 168 million [4]. - The third quarter alone saw a main revenue of 22.926 billion, a year-on-year increase of 13.21%, with net profit rising by 13.7% to 49.08 million [4]. - The company is focusing on improving overall profitability through enhanced data quality, service fee increases, and operational efficiency [2][4]. Group 3: Strategic Initiatives - The company aims to strengthen its industrial data service capabilities and enhance its digital transformation to drive growth [4]. - It is committed to internal growth while also exploring acquisition opportunities to expand its market presence [4]. - The company is enhancing its investor relations management to build confidence in its long-term value [3].

Group 1: Business Operations and Strategy - The company has not yet engaged in stablecoin business but will comply with regulations if it does in the future [2] - The company is considering a name change to better reflect its diverse business operations [2] - The company’s production and operations are normal despite the controlling shareholder's share pledge [2] Group 2: Financial Performance and Challenges - The decline in industrial data service revenue is attributed to industry challenges such as "production resilience, weak consumption, and low profits" [3] - The overall gross margin is expected to improve through enhanced data quality, service fee increases, and trade model upgrades [3] - The company acknowledges that net profit growth is primarily driven by interest from idle funds and government subsidies [3] Group 3: Future Growth and Development - The company aims to enhance its core competitiveness through technological innovation, digital transformation, and overseas market expansion [3] - The focus remains on internal growth while actively seeking acquisition opportunities [4] - The company is committed to becoming a leading integrated service provider in steel circulation by optimizing supply chain services [4]

证券代码：300226 证券简称：上海钢联 公告编号：2025-078 上海钢联电子商务股份有限公司 关于参加 2025 年上海辖区上市公司三季报集体业绩说明会 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、会议召开时间：2025年11月13日（星期四）15:00-16:30 2 、 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、投资者可于2025年11月6日（星期四）至11月12日（星期三）16:00前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 public@mysteel.com进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 上海钢联电子商务股份有限公司（以下简称"公司"）已于2025年10月28 日发布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025 年前三季 ...

Core Viewpoint - Shanghai Steel Union's stock price has experienced fluctuations, with a current decline of 2.01% and a year-to-date increase of 15.60% [1][2] Financial Performance - For the period from January to September 2025, Shanghai Steel Union reported revenue of 57.318 billion yuan, a year-on-year decrease of 10.65%, while net profit attributable to shareholders increased by 31.78% to 1.68 billion yuan [2] - The company has distributed a total of 1.51 billion yuan in dividends since its A-share listing, with 63.1366 million yuan distributed in the last three years [3] Stock Market Activity - As of November 4, the stock price was 26.38 yuan per share, with a market capitalization of 8.408 billion yuan and a trading volume of 146 million yuan [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 14, where it recorded a net buy of -154 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 3.49% to 37,200, with an average of 8,238 circulating shares per person, a decrease of 3.34% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.6887 million shares, an increase of 2.7197 million shares from the previous period [3]

Core Insights - The current e-commerce landscape in Shanghai is characterized by a dominant player, Pinduoduo, alongside several strong competitors and a multitude of smaller players, creating a diverse market ecosystem [2][7]. Group 1: Shanghai's E-commerce Growth - Shanghai's e-commerce sector is experiencing explosive growth, with total e-commerce transactions exceeding 3.27 trillion yuan (approximately 0.5 trillion USD) in the first nine months of 2025, marking a year-on-year increase of 12.7% [2]. - The live-streaming retail sales in Shanghai reached 369 billion yuan (approximately 56 billion USD), reflecting a significant year-on-year growth of 23.6% [2]. - Factors contributing to this growth include Shanghai's status as a fashion consumption hub, a robust manufacturing base, a concentration of quality brands, and supportive government policies [2]. Group 2: E-commerce Structure - The e-commerce structure in Shanghai can be summarized as "one super, many strong, and a long tail of diversity," with Pinduoduo as the leading player, followed by strong competitors like Xiaohongshu and Dewu, and a large number of small e-commerce entities [2][7]. - Pinduoduo reported a revenue growth rate of 7% for Q2 2025, with quarterly revenue reaching 104 billion yuan (approximately 15.5 billion USD) [7]. - The presence of numerous small e-commerce businesses enriches the market ecosystem, allowing for specialization in niche markets and regional services [7]. Group 3: Government Support and Policy Initiatives - The Shanghai government has implemented a three-year action plan aimed at fostering high-growth enterprises, targeting the establishment of over 1,000 such companies by 2027 [5]. - The plan includes nurturing 400 potential gazelle companies, 300 gazelle companies, 200 potential unicorns, and 100 unicorns, with a goal of creating at least two unicorns valued over 10 billion USD [5]. - Additional measures to optimize the business environment include enhancing financing accessibility for small and medium enterprises through initiatives like "park instant loans" and supply chain finance [5]. Group 4: Live-streaming E-commerce Development - Shanghai has emerged as a core hub for live-streaming e-commerce, with transaction volumes surpassing 850 billion yuan (approximately 127 billion USD) in Q1 2025, representing a 32% year-on-year increase [15]. - The city accounted for 18.7% of the national total in live-streaming e-commerce, benefiting from its high-end consumption, brand concentration, and digital infrastructure [15]. - Notably, Douyin's local life business segment achieved a GMV of over 120 billion yuan (approximately 18 billion USD) in 2024, showcasing the digital transformation of offline industries [16]. Group 5: Cross-border E-commerce Development - Shanghai's cross-border e-commerce has expanded significantly since the early 2010s, supported by national initiatives like the "Belt and Road" and "Internet Plus" strategies [18]. - The city was one of the first to establish a cross-border e-commerce comprehensive pilot zone in 2016, which has accelerated its growth [18]. - The Shanghai government aims to cultivate 100 cross-border e-commerce brands and establish 10 live-streaming bases by 2025, targeting an annual growth rate of over 20% in cross-border e-commerce import and export volumes [19].

Core Viewpoint - The article discusses the administrative penalties imposed on two individuals involved in futures market information reporting for fabricating and disseminating false information, as well as engaging in conflicting futures trading activities, resulting in a total fine of 261,800 yuan [1][10]. Summary by Sections Incident Overview - The Guangdong Securities Regulatory Commission disclosed an administrative penalty against two individuals, Fang Mouzhe and Zheng Mouqiang, for two main violations: fabricating and spreading false information and engaging in futures trading that created a conflict of interest [1][4][11]. Details of Violations - The individuals published news regarding a company's lithium carbonate release situation on their company's website and mobile app, which was later retracted due to the lack of a specific release plan from the company [4][10]. - On the day of the false information release, both individuals engaged in short selling of lithium carbonate futures, making profits of 9,600 yuan and 12,150 yuan respectively, which aligned with the market's downward trend [6][7]. Legal Framework - The actions of the individuals violated the Futures and Derivatives Law, specifically Article 16, which mandates that information disseminated about the futures market must be truthful and objective, prohibiting misleading information and conflicts of interest in trading [3][9]. Penalties Imposed - The total fines imposed on the two individuals amounted to 261,800 yuan, with each being fined 20,000 yuan for their conflicting trading activities, and their illegal gains were confiscated [10][12]. Company Involvement - The involved company is likely Shanghai Steel Union, as indicated by previous media reports linking it to the fabricated information regarding lithium carbonate releases [14][15]. - Shanghai Steel Union's financial performance showed a revenue of 34.391 billion yuan in the first half of the year, a decrease of 21.65% year-on-year, while net profit attributable to shareholders increased by 41.07% due to government subsidies [15].

Core Viewpoint - Shanghai Steel Union announced that its controlling shareholder, Yadong Xingye Venture Capital Co., Ltd., has pledged part of its shares in the company, totaling 32,500,000 shares [1] Group 1 - The number of pledged shares is 32,500,000 [1]

注：本次质押股份不涉及负担重大资产重组等业绩补偿义务的情况。 证券代码：300226 证券简称：上海钢联 公告编号：2025-077 上海钢联电子商务股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、股东股份质押基本情况 上海钢联电子商务股份有限公司（以下简称"上海钢联""公司"）于近日收到控 股股东亚东兴业创业投资有限公司（以下简称"亚东兴业"）的通知，获悉其将持有 的本公司部分股份办理了质押手续，具体事项如下： | | 是否为控 | | | | | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 否 | 是否 | | | | | | 股东 | 股股东或 | | 本次质押 | 占其所 | 占公司 | 为 | 为补 | 质押起始 | 质押到 | | 质押用 | | | 第一大股 | | | 持股份 | 总股本 | | | | | 质权人 | | | 名称 | ...