西宁特钢发预亏，预计2025年度归母净亏损8.75亿元

Core Viewpoint - Xining Special Steel (600117.SH) anticipates a net loss of approximately 875 million yuan for the year 2025, indicating ongoing challenges in the steel industry due to persistent supply-demand imbalances and a focus on "reduction development and stock optimization" [1] Company Performance - The company expects a net profit attributable to shareholders after deducting non-recurring gains and losses to be around 949 million yuan in the negative [1] - In 2025, the company achieved a steel production volume of 1.55 million tons and a steel product output of 1.51 million tons, reflecting a year-on-year increase of 11% in both categories [1] - Despite the increase in production, the company faces significant operational pressure due to weak downstream demand and prolonged low prices in the steel market [1] Industry Context - The steel industry continues to experience deep adjustments, with companies generally under pressure due to ongoing market challenges [1] - The company has implemented measures to align with market demand and enhance cost efficiency, but the overall market conditions remain unfavorable [1] - The subsidiary's involvement in social responsibility projects, such as urban redevelopment, has led to inventory impairment provisions, further impacting the company's financial performance [1]