Core Insights - Shanghai Steel Union reported a decrease in revenue for the first three quarters of the year, amounting to 57.32 billion yuan, which is a year-on-year decline of 10.65% [1] - The net profit attributable to shareholders increased to 167.54 million yuan, reflecting a year-on-year growth of 31.78% [1] - New institutional shareholders include the National Social Security Fund's 414 portfolio, along with new retail shareholders such as Huan Jin and CITIC Securities [1]

Core Insights - Shanghai Steel Union reported a revenue of 57.318 billion yuan for the first three quarters of 2025, a year-on-year decrease of 10.65% [1] - The company's net profit attributable to shareholders was 168 million yuan, an increase of 31.78% year-on-year [1] - Basic earnings per share stood at 0.53 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 1.23%, down 0.16 percentage points year-on-year; the net profit margin was 0.52%, up 0.17 percentage points year-on-year [2] - In Q3 2025, the gross profit margin was 1.09%, a decrease of 0.39 percentage points year-on-year and 0.09 percentage points quarter-on-quarter; the net profit margin was 0.38%, down 0.02 percentage points year-on-year and 0.21 percentage points quarter-on-quarter [2] - The company’s total expenses for the period were 478 million yuan, a decrease of 38.7641 million yuan year-on-year; the expense ratio was 0.83%, up 0.03 percentage points year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 37,200, an increase of 1,255 or 3.49% from the end of the previous half [2] - The average market value of shares held per shareholder increased from 202,500 yuan to 223,700 yuan, a growth of 10.46% [2] Business Overview - Shanghai Steel Union, established on April 30, 2000, and listed on June 8, 2011, primarily engages in B2B e-commerce services related to steel, energy, mining, and non-ferrous metals [3] - The revenue composition includes 97.29% from supply chain services, 1.56% from consignment services, and smaller percentages from data subscription, business promotion, training services, and consulting [3] - The company is categorized under the software development industry, specifically in vertical application software, and is associated with sectors like fintech, e-commerce, and data elements [3]

第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、上海钢联电子商务股份有限公司（以下简称"公司"）第六届董事会第十 四次会议的会议通知已于2025年10月21日以电子邮件的形式通知了全体董事。 2、本次会议于2025年10月27日下午14:00以现场表决与通讯表决相结合的 方式在公司会议室召开。 3、本次会议应出席董事9人，实际出席会议董事9人。 证券代码：300226 证券简称：上海钢联 公告编号：2025-073 上海钢联电子商务股份有限公司 公司董事会审计委员会已审议通过了该议案中的财务报告部分。 《2025年第三季度报告》具体内容详见刊登于中国证监会指定创业板信息披 露网站的相关公告。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 1 1、第六届董事会第十四次会议决议。 4、本次会议由公司董事长朱军红先生主持，公司监事及高级管理人员列席 会议。 5、本次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公 司法》"）等有关法律、行政法规、部门规章、规范性文件和《公 ...

Revenue and Profit - The company's revenue for Q3 2025 reached ¥22.93 billion, representing a year-on-year increase of 13.21%, while the total revenue for the first three quarters was ¥57.32 billion, a decrease of 10.65% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was ¥490.80 million, up 13.70% year-on-year, with a total net profit of ¥1.68 billion for the first three quarters, an increase of 31.78% compared to the previous year[5]. - Total operating revenue for the period was ¥57,317,611,451.73, a decrease of 10.6% from ¥64,146,102,506.99 in the previous period[25]. - Net profit for the period reached ¥298,737,833.59, an increase of 33% compared to ¥224,621,428.59 in the previous period[26]. - Total comprehensive income for the period reached CNY 298,663,081.55, an increase from CNY 224,635,913.42 in the previous period[27]. - Basic and diluted earnings per share increased to 0.5257 from 0.3951 year-over-year[27]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥379.08 million for the first three quarters, a significant decline of 116.44% year-on-year[5]. - The net cash flow from operating activities for the first nine months of 2025 was -379,083,472.25 RMB, a decrease of 116.44% compared to the same period in 2024[12]. - Net cash flow from operating activities was negative at CNY -379,083,472.25, a significant decline from CNY 2,305,541,546.01 in the previous period[30]. - Total cash outflow from operating activities was CNY 143,846,550,441.48, compared to CNY 179,808,004,580.44 in the previous period[30]. - Cash inflow from investment activities totaled CNY 7,991,089,270.73, compared to CNY 1,035,548,694.12 in the prior period[30]. - Net cash flow from financing activities for the first nine months of 2025 was -144,201,219.83 RMB, a decrease of 80.16% compared to -726,901,008.45 RMB in the same period of 2024[12]. - Net cash flow from financing activities was negative at CNY -144,201,219.83, improving from CNY -726,901,008.45 year-over-year[30]. Assets and Liabilities - The company reported a total asset value of ¥29.58 billion as of September 30, 2025, reflecting a 35.72% increase from the end of the previous year[5]. - Total assets rose to ¥29,583,583,845.05, up from ¥21,797,969,443.86, indicating a growth of 35.6%[24]. - The company's total liabilities increased, with short-term borrowings rising by 63.16% to ¥15.25 billion, mainly due to increased payments for accounts payable[9]. - Total liabilities increased to ¥25,407,924,243.42 from ¥17,608,592,222.12, showing a growth of 44.4%[24]. - Short-term borrowings increased significantly to ¥15,252,372,495.67 from ¥9,347,998,684.28, reflecting a rise of 63.5%[23]. Investments and Expenses - The investment income for the first three quarters was ¥38.94 million, a substantial increase of 1185.13% compared to the same period last year, attributed to increased investments in financial products[11]. - The company's financial expenses increased by 551.37% year-on-year, primarily due to a decrease in interest-bearing liabilities and a decline in interest expenses[11]. - Research and development expenses were ¥75,673,791.49, down from ¥89,481,392.89, a decrease of 15.5%[25]. - The company's inventory increased to ¥2,571,355,370.29 from ¥1,429,034,487.91, marking an increase of 80%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,196[14]. - The largest shareholder, Yadong Xingye Investment Co., Ltd., holds 25.37% of the shares, totaling 80,851,163 shares[14]. - The total number of shares held by the top ten shareholders does not include shares lent through margin trading[14]. - The company has no preferred shareholders with voting rights restored[14]. - The total number of restricted shares at the beginning of the period was 12,288,215, with no new restrictions added during the period[19]. - The company has not disclosed any related party transactions among the top ten shareholders[15]. Government and Recognition - The company received government subsidies amounting to ¥20.54 million in Q3 2025, contributing to a total of ¥112.33 million for the year-to-date[6]. - The company was recognized in several rankings, including "2025 China's Top 500 Private Enterprises" and "2025 China's Top 100 Leading Enterprises in Strategic Emerging Industries"[8]. Other Information - The company established a wholly-owned subsidiary, Zhejiang Gangyin E-commerce Co., Ltd., which was registered on August 5, 2025[20]. - The company did not undergo an audit for the third quarter financial report[31].

证券代码：300226 证券简称：上海钢联 公告编号：2025-076 上海钢联电子商务股份有限公司 关于 2025 年前三季度计提及转回资产减值准备的公告 本公司董事会及全体董事保证本公告所载资料真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、本次计提资产减值准备及核销资产的情况概述 上海钢联电子商务股份有限公司（以下简称"公司"）根据《深圳证券交 易所上市公司规范运作指引》《企业会计准则》和公司相关会计政策的规定，基 于谨慎性原则，为真实准确地反映公司的财务、资产和经营状况，对合并报表范 围内截至 2025 年 9 月 30 日的各类应收账款、应收票据、存货、预付款项、其他 应收款、长期股权投资、固定资产、在建工程、无形资产、商誉等资产进行了全 面清查。对各项资产减值的可能性进行了充分的评估和分析，判断存在可能发生 减值的迹象，确定了需计提的资产减值准备。同时，按照《企业会计准则》及公 司相关会计政策等规定，为了客观、公允地反映公司财务状况和资产价值，对公 司部分无法收回的应收账款和存货进行核销。 根据《深圳证券交易所创业板股票上市规则》等相关法律法规以及《公司 章程》等的相关规定，本次计 ...

证券代码：300226 证券简称：上海钢联 公告编号：2025-074 上海钢联电子商务股份有限公司 2025 年第三季度报告披露提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 2025年10月27日，上海钢联电子商务股份有限公司（以下简称"公司"）召 开第六届董事会第十四次会议，审议通过了公司2025年第三季度报告。公司《2025 年三季度报告》于2025年10月28日刊登在中国证监会指定创业板信息披露网站巨 潮资讯网（http://www.cninfo.com.cn），敬请投资者注意查阅。 特此公告。 上海钢联电子商务股份有限公司 董事会 2025 年 10 月 27 日 1 ...

黑金负反馈驱动逐渐增强：一方面，终端需求疲软且出台大规模刺激政策的概率较低；据上海钢联数据 显示，今年1—9月五大材消费合计33065.73万吨，同比下降1.6%；另一方面，钢厂高炉利润处于偏低水 平，截至10月13日收盘，螺纹钢高炉即期利润为6元/吨、盘面利润为-33元/吨；热卷高炉即期利润已降 至46元/吨。笔者于9月19日在中州黑色研究所公众号发表的报告《高炉近亏损能否做扩钢厂利润黑金走 正反馈OR负反馈》中提出：从黑色金属的单边走势判断，若后续热卷及其他板材品种利润同样下探至 亏损区间，钢厂将被动或主动实行减产，进而使高炉铁水产量显著回落，触发负反馈。当时热卷高炉利 润为210元/吨。目前热卷高炉即期利润已降至46元/吨。触发负反馈的条件逐渐增强。此外，上海钢联 在国庆期间对钢厂生产的调研亦显示：若钢厂高炉出现严重亏损，多数钢厂会考虑减产。 综合来看，钢材终端消费较低而且短期较难出台刺激钢材消费的措施，钢厂高炉利润进一步被挤压，黑 色金属负反馈驱动增强。根据近10年统计规律，四季度钢厂高炉铁水大概率季节性回落，铁矿石消费将 下降。进口矿与国产矿均高于去年同期，铁矿供给高位。铁矿石价格或震荡偏弱运行。建 ...

Core Viewpoint - International gold and silver prices have experienced significant declines recently, with gold dropping 2.88% to $4,239.84 per ounce and silver falling 4.37% to $51.895 per ounce. The year-to-date increase in gold prices is approximately 60% [1][2]. Group 1: Market Conditions - The Shanghai Gold Exchange has issued a warning regarding the recent volatility in international precious metal prices, urging members to enhance risk awareness and maintain market stability [1]. - Several banks, including Industrial and Commercial Bank of China and China Construction Bank, have also cautioned investors about the heightened market risks associated with precious metals, recommending rational investment based on financial conditions and risk tolerance [2]. Group 2: Factors Influencing Gold Prices - Analysts attribute the surge in gold prices primarily to the excessive issuance of the US dollar, which has led to a deterioration in US Treasury credit quality, coupled with the unpredictable trade policies of the Trump administration, increasing market demand for safe-haven assets [6]. - Short-term drivers for the accelerated rise in gold prices include heightened market concerns over US-China trade issues, which have amplified demand for gold as a safe haven. Additionally, the Federal Reserve's recent statements regarding future monetary policy, leaning towards maintaining the labor market, are interpreted as increasing the likelihood of interest rate cuts, which weakens the dollar and supports gold prices [6]. - The impending liquidity crunch in the US financial system, with bank reserves dropping to their lowest levels of the year, suggests that the Federal Reserve may consider ending its balance sheet reduction process, further contributing to the upward pressure on gold prices [6].

证券代码：300226 证券简称：上海钢联 公告编号：2025-072 上海钢联电子商务股份有限公司 关于为子公司钢银电商提供担保的进展公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、担保情况概述 1、担保人：上海钢联电子商务股份有限公司（以下简称"上海钢联""公司"） 2、被担保人：上海钢银电子商务股份有限公司（以下简称"钢银电商"） 3、担保基本情况：近日，公司与渤海银行股份有限公司上海分行（以下简 称"渤海银行上海分行"）签署了《最高额保证协议》（渤沪分最高保（2025）第 44 号），为钢银电商与渤海银行上海分行在一定期限内发生的债务提供担保， 提供债权本金最高额不超过人民币 1,000 万元的连带责任保证。 4、审议程序：公司于 2025 年 4 月 1 日召开的第六届董事会第十一次会议和 2025 年 4 月 23 日召开的 2024 年年度股东大会审议通过了《关于公司子公司 2025 年度申请综合授信额度及为其提供担保的议案》（公告编号：2025-024），同意 公司为钢银电商 2025 年度向银行、非银金融机构或其他机构申请综合授信 ...

Core Viewpoint - Shanghai Steel Union's stock price has shown a year-to-date increase of 10.84%, but has recently experienced declines over various time frames, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of October 17, Shanghai Steel Union's stock price was 25.35 CNY per share, with a trading volume of 1.79 billion CNY and a market capitalization of 8.08 billion CNY [1]. - The stock has decreased by 2.61% over the last five trading days, 5.13% over the last 20 days, and 16.53% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Shanghai Steel Union reported a revenue of 34.39 billion CNY, a year-on-year decrease of 21.65%, while the net profit attributable to shareholders was 118 million CNY, reflecting a year-on-year increase of 41.07% [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.62% to 35,900, while the average number of tradable shares per person decreased by 5.32% to 8,523 shares [3]. - The company has distributed a total of 151 million CNY in dividends since its A-share listing, with 6.31 million CNY distributed in the last three years [4]. Group 4: Institutional Holdings - Among the top ten circulating shareholders, Southern CSI 1000 ETF holds 2.35 million shares, an increase of 685,100 shares compared to the previous period [4]. - Hong Kong Central Clearing Limited, ranked seventh, reduced its holdings by 8.75 million shares to 1.97 million shares [4].