（文章来源：证券日报） 证券日报网讯图南股份10月22日发布公告，在公司回答调研者提问时表示，2025年第三季度期末，公司 存货余额较2025年期初以及2025年半年度期末有较大增长，主要原因为本期图南智能、图南部件根据在 手订单情况合理安排生产备货，导致期末原材料、在产品、库存商品、发出商品账面余额均有较大增加 所致。 ...

证券日报网讯图南股份10月22日发布公告，在公司回答调研者提问时表示，公司主要产品包括铸造高温 合金、变形高温合金、特种不锈钢等高性能合金材料及其制品，产品目前主要应用于航空发动机、燃气 轮机、石油化工等领域。公司销售定价主要采取产品成本加成方式，即以电解镍等金属现货市场价格为 基础，上浮一定比例的加工费，同时参考市场行情、客户的需求量、是否长期客户、付款条件、战略合 作等因素予以适当调整；受原材料价格波动影响，公司存在部分产品销售单价波动的情形。公司重视产 品成本的控制，同时不断推进销售产品结构的优化，2025年公司产品毛利率水平将总体平稳。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯图南股份10月22日发布公告，在公司回答调研者提问时表示，目前，图南部件"航空用中 小零部件自动化加工产线建设项目"已建成投产，项目已形成年产各类航空用中小零部件50万件（套） 加工生产能力；图南智能"年产1，000万件航空用中小零部件自动化产线建设项目"仍在持续建设投入 中，项目预计将于2025年年底完成总体建设。 ...

证券代码：300855 证券简称：图南股份 | | 零部件自动化产线建设项目"仍在持续建设投入中，项目预计将 | | --- | --- | | 于 | 年年底完成总体建设。 2025 | | 3、2025 | 年第三季度期末，公司存货余额为 74,953.10 万元， | | 较 | 年期初增长 年半年度期末增长 2025 38.48%，同时较 2025 | | 33.19%，主要原因是什么？ | | | 2025 | 年第三季度期末，公司存货余额较 2025 年期初以及 | | 2025 | 年半年度期末有较大增长，主要原因为本期图南智能、图 | | | 南部件根据在手订单情况合理安排生产备货，导致期末原材料、 | | | 在产品、库存商品、发出商品账面余额均有较大增加所致。 | | 4、请问公司《2025 | 年半年度报告》披露的在手订单及收入 | | 确认预计情况是否有所变化？ | | | | 根据公司披露的《2025 年半年度报告》，截至 2025 年 6 月 | | 30 | 日，公司已签订合同、但尚未履行或尚未履行完毕的履约义 | | 务所对应的收入金额为 | 万元，其中，55,479.86 万 ...

智通财经APP获悉，国泰海通发布研报称，上周五大品种钢材表观消费量875.41万吨，环比升123.98万 吨；其中建材表观消费量304.17万吨，环比升81.55万吨；板材表观消费量571.24万吨，环比升42.43万 吨。五大品种钢材产量856.95万吨，环比降6.36万吨；总库存1582.26万吨，环比降18.46万吨，维持低位 水平。当前钢铁需求有望逐步触底；供给端即便不考虑供给政策，目前行业亏损时间已经较长，供给的 市场化出清已开始出现，预期钢铁行业基本面有望逐步修复。而若供给政策落地，行业供给的收缩速度 更快，行业上行的进展将更快展开。 国泰海通主要观点如下： 需求环比上升，库存环比下降 上周(本报告中的上周均指2025年10月13日至10月17日当周)五大品种钢材表观消费量875.41万吨，环比 升123.98万吨；其中建材表观消费量304.17万吨，环比升81.55万吨；板材表观消费量571.24万吨，环比 升42.43万吨。五大品种钢材产量856.95万吨，环比降6.36万吨；总库存1582.26万吨，环比降18.46万 吨，维持低位水平。上周247家钢厂高炉开工率84.27%，环比持平；高炉 ...

资料显示，江苏图南合金股份有限公司位于江苏省丹阳市凤林大道9号，成立日期1991年5月28日，上市 日期2020年7月23日，公司主营业务涉及高温合金、特种不锈钢等高性能合金材料及其制品的研发、生 产和销售。主营业务收入构成为：变形高温合金46.24%，铸造高温合金28.17%，其他合金制品 10.63%，其他业务收入8.31%，特种不锈钢5.23%，中小零部件1.42%。 图南股份所属申万行业为：有色金属-金属新材料-其他金属新材料。所属概念板块包括：专精特新、商 业航天（航天航空）、军民融合、高送转、航天军工等。 截至10月10日，图南股份股东户数1.44万，较上期增加7.90%；人均流通股20344股，较上期减少 7.32%。2025年1月-9月，图南股份实现营业收入8.59亿元，同比减少20.46%；归母净利润1.23亿元，同 比减少52.21%。 10月21日，图南股份盘中上涨2.10%，截至10:27，报28.16元/股，成交4963.67万元，换手率0.61%，总 市值111.38亿元。 资金流向方面，主力资金净流入115.81万元，特大单买入151.33万元，占比3.05%，卖出100.72万 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a week-on-week increase in steel consumption and a decrease in inventory levels, suggesting a positive trend in demand recovery post-holiday [5][12]. - Profit margins for steel production have decreased, with average gross margins for rebar and hot-rolled coils declining significantly [5][42]. Summary by Sections Steel Prices and Inventory - Last week, the price of Shanghai rebar fell by 50 CNY/ton to 3210 CNY/ton, a decrease of 1.54%. Hot-rolled coil prices dropped by 120 CNY/ton to 3280 CNY/ton, a decline of 3.53% [8]. - Total inventory of major steel products decreased to 15.82 million tons, down 1.15% week-on-week [12]. Raw Materials - Iron ore spot prices decreased by 10 CNY/ton to 780 CNY/ton, while futures prices fell by 24.5 CNY/ton to 771 CNY/ton [51]. - Iron ore port inventory rose to 142.78 million tons, an increase of 1.81% [53]. Production and Profitability - The total steel production last week was 8.57 million tons, a decrease of 6.36 million tons week-on-week [36]. - The average gross margin for rebar was 111.6 CNY/ton, down 34.3 CNY/ton, while for hot-rolled coils, it was 21.6 CNY/ton, down 67.6 CNY/ton [42]. Market Outlook - The report anticipates that the demand for steel will stabilize, with a gradual recovery expected in the construction and manufacturing sectors, despite ongoing challenges in the real estate market [5][8]. - The steel industry is expected to benefit from policies aimed at reducing inefficient production capacity and promoting high-quality development [5].

Investment Rating - The investment rating for the company is "Accumulate" [4][10]. Core Views - The company reported a revenue of 859 million yuan for the first three quarters of 2025, a decrease of 20.5% year-on-year, and a net profit attributable to shareholders of 123 million yuan, down 52.2% year-on-year [1][4]. - The decline in performance is attributed to the operational costs during the ramp-up phase of the production lines at its subsidiaries in Shenyang, which led to losses and impacted overall profitability [1]. - The company has significantly increased its inventory to 750 million yuan, up 33.2% quarter-on-quarter, indicating proactive production and delivery strategies [2]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 260 million yuan, a decline of 25.3% year-on-year and 16.8% quarter-on-quarter, with a net profit of 30 million yuan, down 54.5% year-on-year and 40.7% quarter-on-quarter [1][4]. - The operational costs during the ramp-up phase of production lines at subsidiaries have led to a temporary decline in profitability [1]. Inventory and Accounts Payable - As of the end of Q3 2025, the company’s inventory stood at 750 million yuan, reflecting a 33.2% increase quarter-on-quarter, driven by production preparations based on existing orders [2]. - Accounts payable reached 464 million yuan, a significant increase of 174.7% quarter-on-quarter, primarily due to increased material procurement and ongoing construction projects [2]. Profit Forecast - The company is expected to achieve revenues of 1.52 billion yuan, 2.06 billion yuan, and 2.56 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 20%, 36%, and 24% [2]. - Net profit attributable to shareholders is projected to be 280 million yuan, 420 million yuan, and 530 million yuan for the same years, with corresponding growth rates of 4%, 51%, and 27% [2].

Core Insights - The company Tunan Co., Ltd. (300855) reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 260 million yuan in Q3 2025, representing a year-on-year decrease of 25.28% [1] - The net profit for the same period was 30.39 million yuan, which reflects a year-on-year decline of 54.49% [1]

图南股份(300855.SZ)发布2025年三季度报告，该公司前三季度营业收入为8.59亿元，同比减少20.46%。 归属于上市公司股东的净利润为1.23亿元，同比减少52.21%。归属于上市公司股东的扣除非经常性损益 的净利润为1.2亿元，同比减少53.64%。基本每股收益为0.31元。 图南股份(300855.SZ)发布2025年三季度报告，该公司前三季度营业收入为8... ...