Chan Ye Xin Xi Wang·2025-08-11 01:36Industry Overview - The galvanized steel sheet industry in China has developed into a mature system, characterized by simultaneous growth in scale, intensification, and high-end production [1][8] - In the first five months of 2025, the sales volume of galvanized sheets reached 11 million tons, a year-on-year decline of 2.77%, indicating a significant demand contraction [1][10] - The slowdown in real estate and infrastructure investment has weakened the demand for steel in the construction sector, despite projected growth in infrastructure investment by 8.3% and real estate development investment by 5.4% in 2024 [1][10] Industry Chain - The upstream of the galvanized sheet industry includes raw materials such as steel and zinc, as well as production equipment like furnaces and galvanizing machines [4] - The midstream involves the manufacturing of galvanized sheets, while the downstream applications span construction, home appliances, automotive, and energy storage sectors [4] Current Industry Status - The industry is facing significant pressure from demand contraction, with internal demand not being released, leading to continuous price declines [10] - As of June 2025, the price of galvanized sheets in China was 4,082.5 yuan per ton, down 16.17% year-on-year [10] Key Enterprises' Performance - Major players like Baosteel, Ansteel, and Hebei Steel dominate the high-end market, leveraging technology and capacity to maintain competitive advantages [12] - Baosteel's revenue in 2024 was 322.116 billion yuan, a decrease of 6.50%, while R&D investment increased by 27.95% to 25.044 billion yuan [13] - Ansteel's revenue in 2024 was 105.101 billion yuan, down 9.06%, with R&D investment rising by 39.22% to 3.972 billion yuan [15] Industry Development Trends 1. The product structure is shifting towards high-end materials, with a focus on high-strength, corrosion-resistant, and functionalized products [17] 2. Environmental policies are driving the adoption of green and smart manufacturing, with significant reductions in carbon emissions expected [18][19] 3. The industry is moving towards a dual-driven model of "domestic demand upgrade and international expansion," with new urbanization and electric vehicle production expected to boost demand [20]