证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-21 3. 大股东旗下的其他资源，如秘鲁铜业是否有注入上市公司的可能性？ 2023 年 6 月，中国铜业与公司签署股权托管协议，中国铜业将其持有的 中矿国际 100%的股权委托公司管理，以履行承诺，避免中矿国际与公司的同 业竞争，保护公司和股东尤其是中小股东的利益。公司作为中铝集团、中国铜 业唯一铜产业上市平台，依托中铝集团作为央企的强大综合实力及资源优势， 公司和行业多个上下游企业、金融机构、科研院所，形成多样化的业务合作， 得到各方支持和信任。公司严格按照《深交所股票上市规则》等相关规定履行 信息披露义务，后续如有资产注入事项，将按照相关规定履行信息披露义务。 4. 公司今年的硫酸生产和销售情况如何？ | 投资者关 | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 华泰证券 李斌、黄自迪，华商基金 丁玺澄，易方达基金 刘澜清 1. | | 人员 | ...

Core Insights - Baosteel's revenue for the first three quarters of 2023 reached 48.08 billion yuan, with a net profit of 233 million yuan, an increase of 749 million yuan year-on-year [1] - In Q3 alone, Baosteel's revenue was 16.75 billion yuan, reflecting a year-on-year growth of 14.29% [1] - The company is transitioning from a steel manufacturer to a new materials service provider, aligning with national strategies for carbon neutrality and industrial upgrades [1][2] Financial Performance - Baosteel's production of specialty steel reached 7.11 million tons, an 18.1% increase year-on-year, while rare earth steel production rose by 8.28% [1] - The company achieved a significant increase in sales of oriented silicon steel by 375.27%, with other high-end products also showing strong growth [1] Strategic Initiatives - The company is focusing on "extreme cost reduction" as a core operational strategy, enhancing cost control across the entire supply chain [2] - Baosteel has reduced its steel manufacturing cost by 2.45% this year, building on a previous reduction of 2.8% [2] Industry Context - The Ministry of Industry and Information Technology's recent plan indicates an average annual growth of around 4% in the steel industry's added value from 2025 to 2026, emphasizing green, digital, and high-end development [3] - Baosteel's strategy of combining high-quality steel with rare earth steel is seen as a competitive advantage in the current industry landscape [3] Technological Advancements - The company is implementing 25 projects aimed at enhancing quality and efficiency, including the construction of a new refining furnace and upgrades to by-product technologies [4] - Baosteel has achieved advanced-level certification for smart manufacturing, indicating a commitment to digital transformation [5] Future Outlook - The company aims to deepen product structure adjustments and accelerate the transition to high-quality production, supported by technological advancements and cost reduction efforts [5]

Core Viewpoint - The company reported a stable operational performance in Q1 2025 despite challenges from furnace maintenance, achieving a net profit increase while facing a decline in revenue and production volume [8][14][20]. Financial Data - The company achieved a revenue of 14.353 billion yuan, a year-on-year decrease of 14.93% [8][14][20]. - The net profit attributable to shareholders was 578 million yuan, reflecting a year-on-year increase of 4.42% [8][14][20]. - The weighted average return on equity was 2.20%, an increase of 0.12 percentage points year-on-year [8][14][20]. - Total assets amounted to 67.290 billion yuan, a decrease of 2.63% compared to the end of the previous year [8][14][20]. - Shareholders' equity was 26.610 billion yuan, an increase of 2.24% compared to the end of the previous year [8][14][20]. Production and Sales - Steel production was 2.125 million tons, a year-on-year decrease of 7.86% [8][20]. - Steel sales volume was 2.1197 million tons, a year-on-year decrease of 6.38% [8][20]. - The average selling price of steel was 4,080.31 yuan per ton (excluding tax), a year-on-year decrease of 8.94% [8][20]. Industry Context - In Q1 2025, China's GDP reached 31.88 trillion yuan, growing by 5.4% year-on-year [6][8]. - National production of pig iron, crude steel, and steel products was 216 million tons, 259 million tons, and 359 million tons, respectively, with year-on-year increases of 0.8%, 0.6%, and 6.1% [6][8]. - The average steel price index (CSPI) was 95.61, a year-on-year decrease of 13.05% [6][7]. Non-Recurring Items - The company has identified significant non-recurring gains and losses, although specific amounts were not detailed in the report [5]. Shareholder Information - The indirect controlling shareholder, CITIC Pacific, is undergoing a change in its equity structure, which may impact the company's governance [9][10]. Overseas Projects - The company is developing overseas coking projects in Indonesia, with a total planned production capacity of 6.5 million tons [21]. - As of the reporting period, several coking furnaces have been put into operation, with ongoing construction of related facilities [21].