本报讯 （记者冯雨瑶）10月14日晚间，重庆钢铁（601005）股份有限公司（以下简称"重庆钢铁"）发 布2025年三季度业绩预告。 重庆钢铁预计2025年前三季度归属于母公司所有者的净利润大幅减亏的主要原因有：一是"采购降 本"与"销售增利"双向赋能，显著改善盈利能力。报告期内，该公司采购端深化近地化布局、精准控 库、优化QP结构（当月入库占比稳定维持在50%以上），实现采购成本精准压降；同时，销售端通过 渠道拓展、结构优化及商务模式调整，推动板卷产品分位值攀升，叠加市场下行期锁价比例提升、高品 种钢占比稳固，进一步提升产品附加值与竞争力。 二是"成本压降"与"效率提升"双轨并行，增强风险抵御能力。一方面，该公司推进生产全流程精益管 理，以技术优化与资源高效利用严控成本，固废返生产利用创年度新高、钢铁料消耗达年度最优、配煤 强粘比降至年度最低，能源利用效率稳步提升，全方位推动制造成本降低；另一方面，该公司持续推进 精细化管控，矿石库存创历史新低，风险管控能力持续优化。 经财务部门初步测算，预计2025年前三季度实现归属于上市公司股东的净利润为-2.3亿元至-2.1亿元， 与上年同期相比，预计减亏11.2亿元 ...

格隆汇10月14日丨重庆钢铁股份(01053.HK)公布025年三季度业绩预告，经财务部门初步测算，预计 2025年前三季度实现归属于上市公司股东的净亏损为人民币2.1亿元至人民币2.3亿元，与上年同期相 比，预计减亏人民币11.2亿元至人民币11.4亿元。 预计2025年前三季度实现归属于上市公司股东的扣除非经常性损益后的净亏损为人民币2.2亿元至人民 币2.4亿元，与上年同期相比，预计减亏人民币11.1亿元至人民币11.3亿元。 (二)「成本压降」与「效率提升」双轨并行，增强风险抵御能力：一方面推进生产全流程精益管理，以 技术优化与资源高效利用严控成本，固废返生产利用创年度新高、钢铁料消耗达年度最优、配煤强粘比 降至年度最低，能源利用效率稳步提升，全方位推动制造成本降低；另一方面持续推进精细化管控，矿 石库存创历史新低，风险管控能力持续优化。 预计2025年前三季度归属于母公司所有者的净利润大幅减亏的主要原因有： (一)「采购降本」与「销售增利」双向赋能，显着改善盈利能力：采购端深化近地化布局、精准控库、 优化QP结构(当月入库占比稳定维持在50%以上)，实现采购成本精准压降；销售端通过渠道拓展、结构 优 ...

Core Viewpoint - Chongqing Steel's preliminary forecast for Q3 2025 indicates a net loss attributable to shareholders of RMB 210 million to RMB 230 million, representing a significant reduction in losses compared to the previous year [1] Group 1: Financial Performance - The expected net loss for the first three quarters of 2025 is projected to be between RMB 220 million and RMB 240 million, with a reduction in losses of RMB 111 million to RMB 113 million compared to the same period last year [1] - The main reasons for the significant reduction in net loss include improved profitability through cost reduction in procurement and increased sales revenue [1] Group 2: Operational Improvements - The company has implemented a dual approach of "cost reduction" and "efficiency enhancement" to strengthen its risk resilience [2] - Efforts include lean management across the production process, optimizing resource utilization, and achieving record highs in the recycling of solid waste, leading to the lowest annual coal consumption ratio [2] - Continuous fine-tuning of inventory management has resulted in historically low iron ore inventory levels, enhancing risk management capabilities [2]

重庆钢铁（601005）股份(01053)公布，经财务部门初步测算，预计2025年前三季度实现归属于上市公 司股东的净亏损为人民币2.1亿元至人民币2.3亿元，与上年同期相比，预计减亏人民币11.2亿元至人民 币11.4亿元。 (二)"成本压降"与"效率提升"双轨并行，增强风险抵御能力：一方面推进生产全流程精益管理，以技术 优化与资源高效利用严控成本，固废返生产利用创年度新高、钢铁料消耗达年度最优、配煤强粘比降至 年度最低，能源利用效率稳步提升，全方位推动制造成本降低;另一方面持续推进精细化管控，矿石库 存创历史新低，风险管控能力持续优化。 公告称，预期亏损大幅减少的主要原因有： (一)"采购降本"与"销售增利"双向赋能，显著改善盈利能力：采购端深化近地化布局、精准控库、优化 QP结构(当月入库占比稳定维持在50%以上)，实现采购成本精准压降;销售端通过渠道拓展、结构优化 及商务模式调整，推动板卷产品分位值攀升，叠加市场下行期锁价比例提升、高品种钢占比稳固，进一 步提升产品附加值与竞争力。 预计2025年前三季度实现归属于上市公司股东的扣除非经常性损益后的净亏损为人民币2.2亿元至人民 币2.4亿元，与上年同 ...

Core Viewpoint - Chongqing Steel is expected to significantly reduce its net loss for the first three quarters of 2025, with estimates ranging from RMB 210 million to RMB 230 million, compared to a reduction of RMB 1.12 billion to RMB 1.14 billion year-on-year [1] Group 1 - The company anticipates a net loss attributable to shareholders, excluding non-recurring gains and losses, of RMB 220 million to RMB 240 million for the same period, reflecting a year-on-year reduction of RMB 1.11 billion to RMB 1.13 billion [1] - The major reasons for the expected reduction in losses include "cost reduction in procurement" and "profit increase in sales," which have significantly improved profitability [1] - On the procurement side, the company has deepened localized sourcing, optimized inventory control, and maintained a stable QP structure, achieving precise cost reductions [1] Group 2 - On the sales side, the company has expanded channels, optimized product structure, and adjusted business models, leading to an increase in the value of plate and coil products [2] - The company has also improved its risk resistance capabilities through "cost reduction" and "efficiency enhancement," implementing lean management across the production process [2] - The company has achieved record highs in the recycling of solid waste and optimal consumption of steel materials, while energy utilization efficiency has steadily improved [2]

智通财经APP讯，重庆钢铁(601005.SH)发布公告，预计2025年前三季度实现归属于上市公司股东净亏 损2.1亿元-2.3亿元，与上年同期相比，预计减亏11.2亿元至11.4亿元。 (二)"成本压降"与"效率提升"双轨并行，增强风险抵御能力：一方面推进生产全流程精益管理，以技术 优化与资源高效利用严控成本，固废返生产利用创年度新高、钢铁料消耗达年度最优、配煤强粘比降至 年度最低，能源利用效率稳步提升，全方位推动制造成本降低;另一方面持续推进精细化管控，矿石库 存创历史新低，风险管控能力持续优化。 预计2025年前三季度归属于母公司所有者的净利润大幅减亏的主要原因有：(一)"采购降本"与"销售增 利"双向赋能，显著改善盈利能力：采购端深化近地化布局、精准控库、优化QP结构(当月入库占比稳 定维持在50%以上)，实现采购成本精准压降;销售端通过渠道拓展、结构优化及商务模式调整，推动板 卷产品分位值攀升，叠加市场下行期锁价比例提升、高品种钢占比稳固，进一步提升产品附加值与竞争 力。 ...

智通财经APP讯，重庆钢铁(601005.SH)发布公告，预计2025年前三季度实现归属于上市公司股东净亏 损2.1亿元-2.3亿元，与上年同期相比，预计减亏11.2亿元至11.4亿元。 预计2025年前三季度归属于母公司所有者的净利润大幅减亏的主要原因有：(一)"采购降本"与"销售增 利"双向赋能，显著改善盈利能力：采购端深化近地化布局、精准控库、优化QP结构(当月入库占比稳 定维持在50%以上)，实现采购成本精准压降;销售端通过渠道拓展、结构优化及商务模式调整，推动板 卷产品分位值攀升，叠加市场下行期锁价比例提升、高品种钢占比稳固，进一步提升产品附加值与竞争 力。 (二)"成本压降"与"效率提升"双轨并行，增强风险抵御能力：一方面推进生产全流程精益管理，以技术 优化与资源高效利用严控成本，固废返生产利用创年度新高、钢铁料消耗达年度最优、配煤强粘比降至 年度最低，能源利用效率稳步提升，全方位推动制造成本降低;另一方面持续推进精细化管控，矿石库 存创历史新低，风险管控能力持续优化。 ...

Investment Rating - The investment rating for Shanxi Coking Coal is maintained at "Buy" with a target price of RMB 7.60 [2][9]. Core Views - The report indicates that the company is expected to see improvements in the second half of 2025 due to cost reductions and a turnaround in its power generation segment. The recent rebound in coking coal prices and effective cost control measures are anticipated to enhance profitability [6][9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of RMB 18.053 billion, a year-on-year decrease of 16.3%, and a net profit attributable to the parent company of RMB 1.014 billion, down 48.42%. The second quarter of 2025 saw revenue of RMB 9.028 billion, a decline of 18.06%, with a net profit of RMB 333 million, down 67.22% [6][7]. - The gross margin for Q2 2025 was maintained at 29.2%, reflecting ongoing cost control efforts despite a 10% decline in industry price indices [6]. Price and Cost Outlook - The average price of coking coal has stabilized at RMB 1,480 per ton, with expectations for continued price support in the upcoming quarters. The report projects a gradual recovery in profitability as the low point of earnings is believed to have passed [6][9]. Resource Expansion and Long-term Growth - The company is actively expanding its resource reserves, including coal and associated minerals. A recent acquisition of exploration rights for coal and bauxite resources is expected to significantly enhance the company's sustainable development capabilities [8][9]. Earnings Forecast and Valuation - The report has adjusted the earnings forecasts for 2025-2027, with net profit estimates raised by 13.7%, 16.2%, and 10.0% respectively, reflecting improved cost control and higher coal prices. The target price has been revised to RMB 7.60, corresponding to a PE ratio of 14.4x for 2025E [9][20].

Summary of Shanmei International Conference Call Company Overview - **Company**: Shanmei International - **Industry**: Coal Mining Key Points and Arguments Pricing Strategy - In May 2025, Shanmei International adjusted its thermal coal pricing strategy from a ceiling price to a base price plus a floating price, with the base price referencing the monthly price from the National Coal Trading Center and the floating price slightly above the spot price. The plan is to adjust prices monthly to respond to downward pressure on spot prices [2][4][23] Cost Management - The company experienced a significant reduction in costs in Q1 2025 but has not set a clear target for the entire year. Cost reduction efforts will focus on benchmarking management, optimization of mining decisions, and on-site control, although reducing labor costs will be challenging due to normal salary increases [2][7] Production and Sales - Shanmei International's raw coal production has remained stable at approximately 3 million tons per month in 2025, consistent with Q1 levels. The expected supply of thermal coal is 17 million tons, with pit sales around 10 million tons and port sales about 7 million tons. The annual sales volume of coking coal is projected to be around 8.5 million tons [2][10][9] Pricing Trends - The price of metallurgical coal has been on a downward trend since Q4 2024, with an average price of around 1,000 yuan/ton in Q4 2024 dropping to over 800 yuan/ton in Q1 2025. Data for Q2 2025 is not fully available, but the overall trend remains downward [2][12] Losses in Specific Mines - The Hongyuan and Xinxing mines are currently experiencing losses due to complex geological conditions, high gas levels, and pilot mining of protective layers. These mines are unlikely to turn profitable in the short term, but there is potential for improvement if production capacity can be accelerated in the next one to two years [2][15] Resource Expansion Strategy - The Hequ open-pit mine is expected to have about ten years of remaining mining life. The company considers resource expansion a key strategy and actively participates in provincial exploration rights auctions, prioritizing resources close to existing mining areas [3][17] Market Conditions - The company noted that despite a significant year-on-year decline in coal prices, the auction prices for exploration rights remain high, indicating strong demand for scarce resources. This suggests that overall acquisition costs may not decrease significantly [20] Dividend Plans - The company has a dividend commitment period from 2024 to 2026, but discussions on new return plans are premature, with a new dividend scheme expected to be implemented next year [22] Market Response - The price adjustment in May was a proactive measure to address market downturns, and other companies in the province are also adjusting their prices in response to similar market conditions [23] Additional Important Information - Safety production costs are set at 6.5 yuan/ton, with varying costs for different types of mines [8] - The transportation cost for pit sales is approximately 200 yuan/ton, which is borne by the buyer [11] - The company is currently focused on resource acquisition within Shanxi province, with no specific plans for expansion outside the region [21]

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Industry**: Coal Mining and Related Products Key Points and Arguments Production and Sales Performance - In Q2, Huabei Mining's production and sales remained stable compared to Q1, with the closure of the Zhuzhuang mine impacting production by approximately 200,000 tons per quarter. It is expected that production will recover by the end of August to offset this impact [2][6] - Geological issues and the replacement of working faces led to a temporary decline in production, but production resumed in mid-May. Increased self-use coal also affected sales [2][6] Cost Management - The company anticipates that this year's costs will be lower than last year, benefiting from intelligent mining, reduced extraction costs, and decreased expenses. However, Q2 costs may rise slightly due to the issuance of salaries for senior management from the previous year [2][7] - The main factors for cost reduction include tunnel construction, material costs, and technological improvements. The resumption of operations at Xingfu Holdings in the second half of the year is expected to significantly lower unit production costs [2][7] Market Dynamics - Domestic sales levels are stable, with a decrease in external sales of thermal coal expected after the completion of a power plant by the end of the year. However, external sales are projected to increase significantly after the Tiaohutu project begins production next year [2][8] - The price of coking coal has decreased, leading to a turnaround for Linhuan Coking in April, achieving a monthly profit of approximately 8-9 million yuan. The current coking coal price is around 1,600-1,700 yuan (including tax) [2][12][14] Ethanol Production - In Q2, ethanol costs fell below 4,800 yuan per ton, with a selling price of about 5,400 yuan per ton. The expected gross profit margin is approximately 600 yuan per ton, with a net profit of around 300 yuan [2][3][15][17] Industry Trends - Coal prices are primarily influenced by supply and demand dynamics. Domestic raw coal production has increased by 3%, but the production of commodity coal and coking coal has declined. The depletion of coking coal resources is occurring faster than expected [2][5][22] - The company expects capital expenditures to remain above 8 billion yuan in 2025, primarily for the Tiaohutu power plant, sand and gravel projects, and intelligent upgrades [2][27] Challenges and Future Outlook - Some mines have reached depths of over 900 meters, presenting operational challenges that require technological improvements and management optimization [2][9][10] - Despite short-term pressures, Huabei Mining has good long-term growth potential, with multiple projects set to gradually contribute and ample resource reserves [2][31] Conclusion - Overall, Huabei Mining is navigating a challenging environment with stable production and sales, effective cost management, and a focus on long-term growth through strategic projects and resource optimization. The company is well-positioned to improve its performance in the coming quarters as market conditions stabilize and projects come online [2][31]