XSS(SH:600117) Chang Jiang Shang Bao·2025-07-09 06:39Core Viewpoint - After completing its restructuring, Xining Special Steel (600117.SH) has received full support from its controlling shareholder for its first refinancing, which involves a cash subscription for new shares by Tianjin Jianlong Steel Industry Co., Ltd. This move aims to strengthen Tianjin Jianlong's control over the company [1][2]. Group 1: Company Overview - Xining Special Steel is the largest special steel producer in Western China and the only one in Northwest China [1]. - The company has faced continuous losses over the years, particularly with a net loss of 15.79 billion yuan in the year following its restructuring [3]. Group 2: Financial Performance - From 2012 to 2024, Xining Special Steel has consistently reported net losses, with a significant reduction in losses observed in 2024 and the first quarter of 2025, where losses decreased by 39.41% and 19.42% respectively [3]. - In 2024, the company produced 1.2768 million tons of iron, 1.3969 million tons of steel, and 1.3571 million tons of steel products, marking increases of 90.25%, 89.17%, and 94.63% year-on-year [3]. Group 3: Capital Structure and Financial Strategy - The company plans to raise no more than 1 billion yuan through this issuance, with the net proceeds aimed at supplementing working capital [2]. - As of March 2025, Xining Special Steel reported total assets of 12.677 billion yuan and a debt-to-asset ratio of 50.15% [4]. - The issuance is expected to optimize the company's capital structure, alleviate financial pressure, and enhance its ability to withstand risks [4].