问：公司上半年特别是二季度业绩同比环比均有大幅改善，业绩超出市场预期，是什么原因？ 证券之星消息，2025年8月26日华菱钢铁（000932）发布公告称公司于2025年8月25日接受机构调研，富国基金刘莉莉 胡怀瑾 顾飞飞 薛阳、易方达基金何进阳 涂程亮 胡致远 刘凯捷参与。 具体内容如下： 答：公司上半年特别是二季度业绩同比环比均有大幅改善，主要源于三方面一是上半年特别是二季度，原料价格下行 幅度明显超过钢材价格下行幅度，"成本让利"下钢企盈利明显改善；二是去年同期公司业绩受到部分短期因素的扰 动，如 2024年一季度，公司正处于由精料方针向"精料+经济料相结合方针转变的过渡期，因配煤配矿结构调整需要 经历一段适应期，对该季度铁水成本造成一定拖累，但该短期影响因素自 2024年 5月起已消除。今年上半年公司内部 生产运营情况良好，各基地持续压缩成本费用、提升管理效率，工序成本、采购成本、能源成本等各项成本费用指标 完成情况良好，进一步助力利润修复；三是下游高端品种钢领域竞争格局稳定，公司持续巩固细分市场竞争优势，品 种钢占比持续提升，盈利及市场份额表现稳健。 2、公司销售端以直供为主，品种钢是如何定价的，会 ...

证券代码：000932 证券简称：华菱钢铁 湖南华菱钢铁股份有限公司投资者关系活动记录表 编号：2025-13 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 电话会议 □其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 富国基金刘莉莉、胡怀瑾、顾飞飞、薛阳 时间 2025 年 8 月 25 日 地点 湖南长沙湘府西路 222 号华菱主楼 601 会议室 接待人员姓名 刘笑非、王音 投资者关系活 动主要内容介 绍 1、公司上半年特别是二季度业绩同比环比均有大幅改善，业绩超出 市场预期，是什么原因？ 回复：公司上半年特别是二季度业绩同比环比均有大幅改善，主要 源于三方面：一是上半年特别是二季度，原料价格下行幅度明显超过钢 材价格下行幅度，"成本让利"下钢企盈利明显改善；二是去年同期公 司业绩受到部分短期因素的扰动，如 2024 年一季度，公司正处于由精料 方针向"精料+经济料相结合方针转变的过渡期，因配煤配矿结构调整需 要经历一段适应期，对该季度铁水成本造成一定拖累，但该短期影响因 素自 2024 年 5 月起已消除。今年上半年公司内部生产运营 ...

Group 1: General Information - The research was conducted on Valin Steel in the steel industry on July 16, 2025, with participation from institutions like Changjiang Securities and Southern Fund [1][2][9] - The listed company's reception staff included Yang Xianghong, Liu Xiaofei, and Wang Yin [9] - The detailed research institutions and their relevant personnel are listed, with Changjiang Securities sending Zhao Chao and Southern Fund sending multiple people such as Lei Jiayuan [10] Group 2: Industry Outlook - The steel industry is in the bottom - range of a 7 - 10 - year cycle since mid - 2022, but there are signs of stabilization. From January to May this year, the loss - making ratio of large and medium - sized steel enterprises was 26.14%, with the loss - making ratio narrowing year - on - year and a slight profit recovery [15] - Domestic steel demand will decline slowly in the long term without a cliff - like drop. There are still structural opportunities, with weak real - estate demand but relatively stable manufacturing demand and growth opportunities in sectors like shipbuilding, wind power, silicon steel, and new - energy vehicles [15] - The supply of raw materials such as iron ore and coking coal has increased, leading to a lower price center. For example, the purchase cost of coking coal for key steel enterprises decreased by 32% in the first half of this year [15] - The steel industry order is expected to improve. The industry has entered a stage of stock optimization and减量 development, and the government has emphasized the regulation of crude steel production. The "anti - involution" initiative is a long - term mechanism for the industry [15][16] - Ultra - low emission transformation is a short - term policy tool for industry clearance, and about 80% of the production capacity is expected to complete the transformation by the end of the year. The "Steel Industry Specification Conditions (2025 Edition)" will promote industry optimization [16] Group 3: Homogeneous Competition - Homogeneous competition in the steel industry has led to the industry's global competitiveness. However, the transformation from a general steel enterprise to a high - quality special steel producer faces systematic thresholds in technology, talent, management, and systems [17] - High - end competition is a long and difficult road, and the transformation cycle usually takes about 20 years. Companies should focus on building core products and technologies to maintain competitiveness [17][18] Group 4: VAMA Company - VAMA focuses on the high - end automotive steel market in China, with a rich product matrix including advanced high - strength steel and ultra - high - strength steel. It has established a competitive advantage in the automotive safety structural parts segment [18][19] - It has responded to industry requirements with multi - part integration solutions and has seen an increase in sales to new - energy vehicle manufacturers. Its Phase I and II projects are almost at full production, and sales are increasing year - on - year [19][20] - The "anti - involution" in the automotive industry is beneficial to VAMA's cash flow and capital turnover. Most of its transactions are on a prepaid basis [20] - In 2025, Ansteel Mittal plans to introduce 24 advanced steel grades to VAMA, with 6 making substantial progress. VAMA's Phase III project is in the feasibility study stage, planning to introduce JVD technology and a green development path [21] - Ansteel Mittal is considering setting up a global automotive steel R & D center in China to support VAMA's development [21][22] - VAMA's automotive plate patent products are priced semi - annually and negotiated one - on - one with customers, with a price adjustment mechanism in case of market changes. The hot - rolled substrate is priced monthly [25] - VAMA's Usibor 1500 is protected by many patents, and it is also protected by other patents from Ansteel Mittal in China [26][27] Group 5: Company Performance and Strategy - Valin Steel's profit in 2024 was affected by short - term factors such as the transition of the raw material policy, equipment maintenance, and short - term tax issues, which have now been resolved [25] - The company has not issued a semi - annual performance forecast because it did not meet the requirements. Since the second quarter, its downstream demand has been stable, and orders are sufficient [25] - The company's R & D investment includes various aspects such as daily R & D expenses, technology acquisition, and small - batch trial production costs. High R & D investment is necessary for the company's transformation and competitiveness [28][29] - Xintai Life Insurance's stake - holding in the company is due to its optimistic view of the company's long - term prospects and investment value. The company welcomes long - term capital [29] - In 2025, the company's new capital expenditure is expected to be 5.467 billion yuan, with 40% - 50% for ultra - low emission transformation. After 2026, the environmental protection capital expenditure is expected to decrease, and the dividend ratio may increase [30]