Core Insights - The company, Zhaogang Group, reported a robust performance in the first half of 2025, achieving a revenue of 797 million yuan, a year-on-year increase of 12.2% [2] - The company is focusing on a strategic framework that includes domestic stability, globalization, diversification, and comprehensive AI integration [1] Domestic Performance - In the first half of 2025, Zhaogang Group's steel trading volume reached 638 billion yuan, with a total transaction tonnage exceeding 19.1 million tons [2] - The platform has registered over 16,000 suppliers and 189,000 customers, covering more than 650,000 SKUs [2] - The service commission for small and medium-sized enterprises increased by 27.5% year-on-year [2] International Expansion - The international business revenue reached 340 million yuan, marking a year-on-year growth of 38.9%, with transaction tonnage increasing by 58.0% [4] - The company is actively involved in major infrastructure projects in Southeast Asia, such as the China-Thailand high-speed railway and the Malaysia logistics center, addressing supply chain challenges for Chinese enterprises [4] - A processing plant in Dubai is set to be operational by the end of the year, with an annual production capacity of 400,000 tons [5] Non-Steel Business Growth - Non-steel sector transactions amounted to 210 million yuan, reflecting a year-on-year increase of 23.0%, with the electrical and electronics segment growing by 108.9% [7] - The company has launched a new e-commerce platform for non-ferrous metals in collaboration with Trafigura, achieving a trial transaction volume exceeding 25 million yuan [7] AI Integration and Efficiency - The company has made significant strides in AI commercialization, with a new AI model registered and sales contracts worth 323,000 yuan signed during the reporting period [7] - The operational efficiency improved, with operating expenses decreasing by 0.3% compared to the previous year [7] Financial Services and Product Expansion - Zhaogang Group has resumed its financial technology services, partnering with Chongqing Fumin Bank and serving 23 clients with a total approved credit of approximately 4 billion yuan [9] - The company is set to launch a new trading platform focusing on small varieties of steel products, integrating resources from over 400 leading steel mills and traders [9] Future Outlook - The company aims to become the world's largest AI industrial internet platform, driven by rapid growth in new business areas, international expansion, and AI commercialization [11]

期内，净收入同比增加，主要是由于国际交易业务和其他业务的收入增加。 智通财经APP讯，找钢集团-W(06676)发布公告，发布2025年中期业绩，收入7.97亿元(人民币，下同)， 同比增长12.2%;公司拥有人应占亏损4.99亿元，同比扩大573.1%;每股基本亏损0.66元。 ...

本文源自：财华网 【财华社讯】找钢集团-W(06676.HK)公布，根据对未经审核财务资料的最新评估(公司核数师审阅过程 进行中)，集团预期截至2025年6月30日止六个月将录得公司拥有人应占亏损净额介乎约4.8亿元至5.2亿 元(人民币,下同)，而非8月19日的公告所述公司拥有人应占溢利净额介乎约1.4亿元至1.8亿元，而2024年 同期则录得公司拥有人应占亏损净额约7600万元。更新主要由于进一步审阅可转换优先股的公允价值变 动的计算所致。根据最新评估，截至2025年6月30日止六个月，优先股及以公允价值计量且其变动计入 当期损益的金融负债的公允价值变动产生的非现金收益估计约为1.1亿元，而非该公告所述的7.69亿元。 由于上述同时及持续评估，完成特殊目的收购公司并购交易导致的可转换优先股的公允价值变动金额已 于持续审阅过程中进一步更新。上述公允价值收益为非现金会计处理，对集团的现金流量并无影响，于 厘定经调整亏损净额(非国际财务报告准则计量方法)时不包括在內。因此，截至2025年6月30日止六个 月公司拥有人应占经调整亏损净额(非国际财务报告准则计量方法)维持不变，截至2025年6月30日止六 个月介乎 ...

智通财经APP讯，找钢集团-W(06676)发布公告，本集团预期截至2025年6月30日止6个月将取得本公司 拥有人应占亏损净额约人民币4.8亿元至人民币5.2亿元，而非该公告所述本公司拥有人应占溢利净额约 人民币1.4亿元至人民币1.8亿元，而截至2024年6月30日止6个月则取得本公司拥有人应占亏损净额约人 民币7600万元。更新主要由于进一步审阅可转换优先股的公允价值变动的计算所致。根据最新评估，截 至2025年6月30日止6个月，优先股及以公允价值计量且其变动计入当期损益的金融负债的公允价值变动 产生的非现金收益估计约为人民币1.1亿元，而非该公告所述的人民币7.69亿元。 ...

Core Viewpoint - The downfall of He Qi, the former richest man in Changle, Fujian, and the collapse of Junhe Holdings, a steel trading giant, due to financial fraud and tightening regulations [2][4][14]. Company Overview - He Qi, aged 43, founded Junhe Holdings, which had branches in several provinces and was a significant player in steel trading and finance [4]. - In 2019, Junhe Holdings entered the top 500 private enterprises in China, with He Qi's personal wealth exceeding 8 billion yuan [4]. - By 2024, Junhe claimed revenues of 250 billion yuan, ranking highly among private enterprises in Shanghai and Fujian [4]. Business Practices - Initially, Junhe operated as a steel agent, earning small profits through wholesale trading [6]. - The company later engaged in fraudulent practices by inflating revenues through partnerships with local investment companies, allowing them to issue bonds based on inflated financials [10][12]. - Junhe's revenue was artificially boosted, leading to increased bank credit and a false image of being a trade giant [10]. Expansion and Diversification - Following initial success with fraudulent practices, Junhe expanded into the financial sector, investing in banks and securities [12]. - The company developed the "Junhe Cloud Valley" industrial park to create a closed-loop ecosystem for its steel products, further inflating its financial statements [12][14]. Regulatory Backlash - In 2023, the State-owned Assets Supervision and Administration Commission began cracking down on fraudulent trade practices, leading to the exposure of Junhe's inflated trade figures [14]. - By November 2024, Junhe faced significant public backlash due to legal issues related to its industrial park, culminating in He Qi's disappearance and the exposure of offshore trust accounts [14][16]. Impact on the Industry - The fallout from Junhe's collapse affected local investment companies across 17 provinces, with significant debt exposure [16]. - The once-prominent "trade empire" of Junhe has now become a cautionary tale within the industry [16].

Group 1 - The core viewpoint of the news is the strategic partnership between Zhaogang Group and Yuanbi Technology, focusing on the integration of stablecoins and blockchain technology into the digital trading platform for bulk commodities [2][3] - Zhaogang Group is the largest third-party online steel trading platform in China, with a projected annual trading volume exceeding 50 million tons and a GMV of 188 billion yuan in 2024, capturing 40% of China's steel e-commerce third-party trading volume [2] - Zhaogang International, a subsidiary of Zhaogang Group, has seen significant growth, with a revenue increase of 168.4% year-on-year, reaching 593 million yuan, and a trading tonnage growth of 174.5% [2] Group 2 - Yuanbi Technology is one of the first three companies included in the Hong Kong Monetary Authority's stablecoin issuer "sandbox," allowing it to authorize partners to issue and redeem HKDR stablecoins, which are pegged 1:1 to the Hong Kong dollar [3] - The collaboration aims to enhance the transparency and efficiency of bulk commodity trading, with a focus on reducing transaction costs through the use of compliant stablecoins [2][3] - The implementation of the Hong Kong "Stablecoin Regulation" marks a shift towards the compliant development of stablecoins, with Zhaogang Group committed to tracking policy dynamics and exploring applications in cross-border payments and asset tokenization [3]

Core Viewpoint - The conference organized by Jinyuan Futures focused on the core products of the black industry chain, particularly rebar, discussing new perspectives and paths for stable business operations amidst global supply chain restructuring and market volatility [1][4]. Group 1: Conference Overview - The event gathered 120 steel traders from the western region to explore methods for stable operations using futures and options tools [1]. - Jinyuan Futures aims to transform the futures market into a risk management platform that supports the real economy, emphasizing the importance of professional capabilities in volatile market conditions [4]. Group 2: Expert Presentations - Zhou Xiaobin discussed the impact of macro policies and supply-demand dynamics on rebar prices, highlighting the importance of understanding macro trends for formulating micro strategies [6]. - Ban Peng analyzed the changing trading logic in the black industry, noting that stable steel production and profits contrast with the price declines experienced earlier in the year due to trade tariffs, falling coal prices, and deflationary expectations [9]. - Lan Ruijiang presented a mixed strategy of "futures + options," emphasizing the flexibility and risk management benefits of this approach compared to traditional futures strategies [12]. - Yang Zhang provided insights on comprehensive risk management for steel trading companies, focusing on inventory management and the critical role of risk control in modern trading enterprises [15]. Group 3: Interactive Discussions - The final segment featured a discussion among experts addressing the pain points faced by steel traders during their transformation, fostering interaction and engagement with attendees [18]. - The conference underscored the necessity of a comprehensive risk management system for sustainable business operations, emphasizing that risk management is an ongoing journey rather than a destination [23].

Group 1 - The Shanghai Futures Exchange reported a decrease in copper inventory by 19,264 tons and aluminum inventory by 10,194 tons, while zinc and lead inventories increased by 769 tons and 638 tons respectively, and nickel and tin inventories decreased by 586 tons and 10 tons respectively [1] - The Dalian Commodity Exchange has adjusted the delivery quality standards for live pig futures, modifying the average weight and individual weight range of the delivery standard, as well as the alternative delivery products and premiums [1] - The China Nitrogen Fertilizer Industry Association held a meeting with key nitrogen fertilizer export enterprises to discuss recent export situations and issues, affirming the association's efforts and encouraging companies to work together on supply stability and self-regulated exports [1] - OPEC+ is considering extending its large-scale production increase plan in the upcoming meeting, with Saudi Arabia leading efforts to regain market share, as eight major OPEC+ member countries have increased production by 411,000 barrels per day over the past three months [1] Group 2 - Steel and iron e-commerce data shows that the total urban inventory is 7.1552 million tons, an increase of 17,700 tons (+0.25%) from last week, with construction steel inventory at 3.7031 million tons, up by 10,100 tons (+0.27%), and hot-rolled coil inventory at 1.7102 million tons, increasing by 19,900 tons (+1.18%) [2] - In Shanxi Province, safety inspections have tightened, leading to the suspension of a coal mine due to safety hazards, affecting a capacity of 900,000 tons, with a shutdown period of 10-15 days; a total of three coal mines have been suspended, impacting daily raw coal output by approximately 9,000 tons [2]

Group 1: Core Insights - The integration of digital technologies such as big data, artificial intelligence, and blockchain is enhancing the transparency, efficiency, and risk resilience of China's bulk commodity supply chain [1][7] - The use of QR codes for full-process traceability in agricultural products is significantly improving market share, with a reported 80-90% of agricultural product circulation in Wuxi attributed to this system [2] - Shanghai Steel Union is leveraging a comprehensive data collection and analysis system to provide decision-making support, enhancing the transparency and efficiency of bulk commodity market circulation [2][3] Group 2: Industry Developments - In 2024, Shanghai Steel Union's data service segment achieved revenue exceeding 780 million yuan, with data subscription revenue growing by 4.82% year-on-year [3] - The implementation of AI technologies in steel trading has drastically improved operational efficiency, reducing the workforce needed for transactions while increasing transaction volume fivefold [4] - The establishment of a robust risk control system is crucial for ensuring transaction safety in bulk commodity trading, with platforms providing legal support and transparency to mitigate risks [5][6] Group 3: Future Directions - There is a strong emphasis on promoting advanced technologies in the circulation sector to enhance the resilience and safety of the bulk commodity supply chain [7] - The development of a risk identification and assessment mechanism is deemed necessary to address the complex and changing external risks faced by the industry [7]

Core Viewpoint - The collaboration between Zhaogang.com and Chongqing Fumin Bank aims to address financing challenges in the steel industry through the "Daohuo Finance" initiative, leveraging data to enhance credit assessment and provide better financial services to supply chain participants [1][2]. Group 1: Event Overview - The "Daohuo Finance" customer exchange meeting was successfully held at Zhaogang.com's Shanghai headquarters, attended by nearly 60 representatives from over 30 quality terminal distribution enterprises [1]. - The event focused on discussions about the "Daohuo Finance" business and how industry chain enterprises can tackle financing difficulties [1]. Group 2: Company Insights - Zhaogang.com, as an industrial internet platform, plays a crucial role in verifying transaction authenticity, which helps financial institutions assess creditworthiness more effectively [1]. - The company does not engage in financial services directly but utilizes transaction data from steel trading enterprises on its platform to support supply chain financing [1]. Group 3: Bank's Perspective - Chongqing Fumin Bank emphasizes technological innovation to enhance industry innovation, aiming to bridge the upstream and downstream of the industry chain through a combination of product innovation and services [2]. - The "Daohuo Finance" product is designed to convert the credit of upstream small and medium enterprises into transaction credit in terminal distribution scenarios, providing comprehensive financial services to core enterprises' suppliers [2]. - The bank is advancing AI transformation with an automation rate exceeding 60% and plans to collaborate with over 4,000 banks to improve funding efficiency in the industry [2]. Group 4: Future Directions - Zhaogang.com plans to continue enhancing its services around transaction verification to support the development and application of banking financial products [2]. - The company aims to further explore new models and products for service cooperation with partners in the industrial internet space, contributing to the high-quality development of traditional industries [2].