稀土卖成“白菜价”，股东严重不满！包钢股份：坐拥世界第二大稀土矿，困于关联交易利益之争

Group 1 - The core view of the report emphasizes that the profitability of the company is heavily dependent on the steel cycle, rare earth prices, and asset injections from Baogang Group [1][18][94] - The company operates with a dual business model of "steel + rare earth," which leads to cyclical fluctuations in performance [20][21] - The revenue breakdown shows that steel business revenue is 567 billion, accounting for 80%, while rare earth and other businesses contribute 134 billion, accounting for 19% [3][20] Group 2 - The company's revenue has experienced significant fluctuations over the years, with revenues of 861.8 billion, 721.7 billion, and 705.7 billion from 2021 to 2023, reflecting changes of 45.4%, -16.3%, and -2.2% respectively [4][22] - The net profit attributable to shareholders has also varied, with a notable increase in 2021 to 2.87 billion, followed by a loss of 830 million in 2022 and a recovery to 430 million in 2023 [8][23] - The steel industry is currently facing an oversupply situation, leading to weakened demand, falling prices, high costs, and declining profits, with a non-recurring net profit of only 430 million in 2023 [9][26] Group 3 - The report highlights the significant role of rare earth resources, particularly from the Baiyun Obo mine, which has substantial reserves of iron ore and rare earth elements [34][60] - The company has engaged in substantial related party transactions, with over 100 billion in transactions with Baogang Group in 2023 [35][34] - The pricing of rare earth minerals sold to Northern Rare Earth has been a point of contention among shareholders, with dissatisfaction over the perceived low prices [19][44] Group 4 - The report indicates that the steel business's losses are a primary reason for the company's overall poor performance, with shareholders expressing dissatisfaction regarding the pricing of rare earth sales [29][87] - The company has a rare earth production capacity of 450,000 tons, but actual production is subject to government quotas [80][81] - The report suggests that the company needs to focus on three key areas for profitability improvement: enhancing rare earth prices, addressing steel business competitiveness, and leveraging Baogang Group's resources [79][94]