黑色金属冶炼和压延加工业前三季度盈利近千亿元

Core Viewpoint - The black metal smelting and rolling industry in China has shown signs of recovery in profitability despite a decline in revenue, with a total profit of 97.34 billion yuan in the first nine months of 2025, marking a turnaround from losses in the previous year [1][2]. Group 1: Revenue and Profit Trends - In the first nine months of 2025, the industry achieved operating revenue of 575.99 billion yuan, a year-on-year decrease of 3.8% [1]. - The cumulative profit for the same period reached 97.34 billion yuan, indicating a successful transition from losses to profits [1]. - The operating costs for the industry were 544.57 billion yuan, reflecting a year-on-year decline of 6.1%, which was significantly higher than the revenue decline, thus creating conditions for profit recovery [1]. Group 2: Quarterly Profit Recovery - The profitability recovery has accelerated throughout the year, with profits of 7.51 billion yuan in Q1, 38.77 billion yuan in Q2 (an increase of 17.72 billion yuan year-on-year), and 51.06 billion yuan in Q3, also showing a turnaround from losses [2]. - Monthly profit data shows a consistent increase since March, with profits reaching 90.6 billion yuan in March, peaking at 193.4 billion yuan in August, before a decline to 136.4 billion yuan in September [2]. Group 3: Market Conditions and Demand - The steel market has transitioned from peak season to traditional off-season, with actual demand not meeting market expectations despite increased funding for major projects [3]. - The construction steel demand recovery is slow due to the ongoing impact of the real estate sector, while stable demand from the manufacturing sector provides some support to the market [3].