建筑装饰 当前如何看鸿路钢构市值空间？ 公司 25Q4 订单增长稳健，钢结构龙头具显著α。公司 25Q4 新签订单 68.4 亿元，同增 7.3%，环比 Q3 提速 3.1pct（单季增速创近 2 年新高）； 2025 全年新签订单 291 亿元，同增 2.8%，环比 Q1-3 提速 1.3pct（（计 增速亦创近 2 年新高）。考虑到 25Q4/2025 年钢价（热轧卷板）分别同比 -6.9%/-8.6%，我们预 公司 25Q4/2025 年签单吨位数应均有 2 位数增 长。公司近期签单逆势取得较强α，我们预 主因： 1）工期与质量优势显 现：通过运用布局全国的 520 万吨基地、智能化产线，以及统一销售、采 购、技术、信息技术平台等优势，对加工精度高、制造难度大、工期要求 紧的钢结构订单具有较强的竞争优势，相关优势持续显现。2）海外扩张： 公司已陆续取得美国钢结构协会 AISC、欧盟 EN1090-1，2 和 ISO3834 认 证、英国建筑钢结构法规（UKCA）认证，后续钢结构产品出口规模有望加 大。3）聚焦高景气赛道：从 25Q4 公告的大单中可见较多电芯、造船、新 能源汽车等项目，公司通过深挖制造业 ...

（来源：经济日报） 近年来，内蒙古自治区乌兰察布市集宁区将招商引资与稳就业保民生紧密结合，通过优化营商环境、强化政策扶持、搭建就业桥梁等一系列举措，推动优 质项目落地见效，让招商引资的"活水"转化为带动群众增收的"源头动力"，绘就出产业发展与民生改善同频共振的生动图景。 谈及企业未来发展，孙红彬信心满满："接下来，我们将通过升级生产技术、更新设备等方式持续扩大产能。同时，我们也正积极与相关公司洽谈合作， 拓宽海外市场渠道，让我们的产品更好地服务全球客户。" 走进内蒙古中亿兴钢结构工程有限公司的生产车间，机器轰鸣声不绝于耳，生产线上各个环节高效运转，工人们正娴熟地操作着设备，对原材料进行切 割、焊接、组装，现场一派热火朝天的繁忙景象。 内蒙古中亿兴钢结构工程有限公司的成长壮大与就业带动实效，正是集宁区以招商促就业、以服务稳企业的生动缩影。如今，越来越多像中亿兴这样的企 业在集宁落地生根、发展壮大，既为区域经济发展注入强劲动能，也为当地群众带来了实实在在的就业机会。招商引资的红利持续释放，产业发展与民生 改善的良性循环加速形成，一幅经济提量、就业扩容、民生提质的美好画卷，正在集宁区徐徐展开。 这份火热的生产势头， ...

"原先这是一道长达1.8米的焊缝，现在我们用大型折弯机将12毫米厚的钢板，在焊缝处直接像折纸一样 折出来，免除焊接工序，能一次进行三处折叠。"公司总经理邵传鹏指着一件矿山浮选槽介绍。这件刚 完成检验的"大家伙"上，流畅的"凹"字型折痕替代了传统焊缝。"三折叠"的创新工艺，不仅提高了生产 效率，使得产品质量更可靠、更美观，也见证了企业从建筑用钢到高端定制的转型跨越。 走进位于山东烟台市福山经开区的旭升建设集团厂区，数件重达40吨的大型锅炉组件正在装车，即将发 往海外。生产车间内，4条生产线满负荷生产，一件件钢板经过切割、组装、焊接，正在变成一个个形 态各异的钢结构构件。 "钢结构非标定制是技术与经验融合的创造性工程，不是简单按图加工。"邵传鹏说。旭升集团 （603305）率先转向制造业用钢领域，瞄准矿山设备、海工、航空等高端非标市场发力。今年，公司出 口份额占总产值比重从2024年的40%跃升至60%；1月至10月营收同比增幅15%。 目前，公司正重点布局石化、风电、核电、轨交等高精尖领域，计划联合烟台本土实力企业共同开拓海 外市场。 ...

南财智讯12月12日电，卡森国际（00496.HK）发布须予披露交易公告，卡森国际控股有限公司全资附 属公司卡森国际电力发展有限公司于2025年12月12日与安徽富煌钢构股份有限公司订立合约，同意购买 后者生产的钢结构，包括渮轮机房钢结构、鍅炉运转平台钢结构及汽车存放库钢结构，代价为人民币 4354万元。该款项将分预付款项（5%）、材料准备款项（15%）、交货款项（60%）、安装款项 （15%）及质量保证金（5%）五期以现金支付，预计所有钢结构将于2026年7月31日前交付。本次交易 所涉资金将由本集团内部资源拨付。董事会认为，该合约条款公平合理，符合公司及股东的整体利益。 本次交易旨在支持公司在蒙古巴嘎杭盖建设660兆瓦燃煤发电厂的项目，以拓展能源领域投资，实现收 入来源多元化。 ...

经考虑"2050年愿景(Vision-2050)"未来数年将为蒙古国内能源投资提供的强有力政策支持;蒙古强劲且持 续增长的电力需求，本公司认为，蒙古发电行业极具吸引力及增长潜力。为此，本公司拟于蒙古巴嘎杭 盖建设及运营一座装机容量为660兆瓦的燃煤发电厂(电厂项目)。本集团已获得蒙古政府的必要批准， 并于2024年7月与蒙古一间国有企业订立购电协议(购电协议)。购电协议已获蒙古能源部长批准。根据 购电协议，本集团有权自商业运营日起向该国有企业供应及销售电厂项目所发电力，期限为25年。 钢结构是电厂项目不可或缺的结构组件部分。通过对电厂项目的开发与运营，本公司旨在多元化收入来 源并提升长期财务表现。 智通财经APP讯，卡森国际(00496)发布公告，于2025年12月12日，买方卡森国际电力发展(本公司的全 资附属公司)与供应商安徽富煌钢构订立该合约，买方已同意购买及供应商已同意生产并出售钢结构， 代价为人民币4353.66万元。 ...

Core Viewpoint - Anhui Fuhuang Steel Structure Co., Ltd. faces administrative penalties from the Anhui Securities Regulatory Bureau due to violations in information disclosure during its acquisition of Hefei Zhongke Junda Vision Technology Co., Ltd. [1] Group 1: Administrative Penalties - The company and related personnel received a warning and a fine of 6 million yuan, while Zhongke Junda was fined 7 million yuan for their respective violations [1] - Multiple responsible individuals from both companies also faced penalties, including fines ranging from 200,000 to 3.8 million yuan [11] Group 2: Financial Misrepresentation - The draft report for the acquisition contained false records regarding Zhongke Junda's financial data and significant omissions in related transactions [3] - Zhongke Junda inflated its 2024 revenue by 25.1874 million yuan, accounting for 11.36% of its total revenue, and inflated its profit by 8.9803 million yuan, which is 62.82% of its total profit [5] Group 3: Related Party Transactions - The investigation revealed that Zhongke Junda had undisclosed related party transactions with six distributors, totaling 12.2984 million yuan in 2023 and 7.0477 million yuan in 2024 [7] - These transactions were not disclosed in the draft report, violating accounting standards [6] Group 4: Acquisition Termination - The acquisition of Zhongke Junda, valued at 1.14 billion yuan, was terminated on June 19, 2025, just over six months after the initial announcement [9][10] - The company cited changes in market conditions and transaction cycles as reasons for the termination [10] Group 5: Company Performance - Fuhuang Steel's financial performance has been declining, with a reported revenue of 2.348 billion yuan in Q3 2025, down 19.6% year-on-year, and a net profit of 41.3 million yuan, down 39.16% [11][12] - The company reported a significant increase in accounts receivable, totaling 3.146 billion yuan, and interest-bearing liabilities of 3.767 billion yuan [12]

Core Viewpoint - Gansu Shiji Xinda Steel Structure Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the construction materials industry [1] Company Summary - The company is legally represented by Zhang Wanfa and has a registered capital of 1 million RMB [1] - The business scope includes a wide range of activities related to construction materials, such as sales of building materials, synthetic materials, lightweight building materials, and various types of construction products [1] Industry Summary - The company operates in the construction materials sector, which encompasses sales of items like waterproof materials, flooring, steel products, ceramics, concrete components, bricks, cement products, and more [1] - Additional activities include the sale of metal materials, electrical wires and cables, machinery equipment leasing, and manufacturing of metal tools and household items [1] - The company also engages in the production and sale of insulation and soundproofing materials, plumbing parts, and various metal products, reflecting a comprehensive approach to the construction supply chain [1]

Core Viewpoint - The article highlights the proactive role of Postal Savings Bank of China Hainan Branch in supporting traditional manufacturing enterprises like Hainan Huajin Steel Structure Co., Ltd. in their technological upgrades and transformation towards high-quality development [2][4]. Group 1: Financial Support and Services - Postal Savings Bank of China Hainan Branch has developed innovative financial products and a comprehensive service system to provide all-around financial support for manufacturing enterprises [2]. - A specialized team was formed to assess the operational status, asset value, and technological capabilities of enterprises, leading to tailored financial service solutions [2][3]. - The bank established a "special approval channel for technology manufacturing enterprises" to enhance service efficiency and address funding challenges quickly [2]. Group 2: Case Study of Hainan Huajin Steel Structure Co., Ltd. - Hainan Huajin Steel Structure Co., Ltd. faced multiple pressures including aging equipment, technological bottlenecks, and tight cash flow [2]. - The company received a credit approval of 30 million yuan, along with preferential interest rates and a medium-to-long-term repayment plan, alleviating its financial pressure [3]. - With the financial support, the company introduced advanced robotic arms, significantly improving welding precision, and successfully overcame technical challenges related to wind resistance [3]. Group 3: Future Outlook - The Hainan Branch of Postal Savings Bank aims to deepen its financial services for manufacturing enterprises, focusing on precise product design and professional service teams to assist more companies in their transformation and contribute to Hainan's high-quality development [4].

Group 1: Company Operations and Technology - The company has developed a replicable information management system to ensure product quality and timely project execution, essential for multi-base production [2] - Recent investments include advanced equipment such as fully automated steel plate cutting lines, intelligent laser cutting machines, and various welding robots [2] - Approximately 2,500 lightweight welding robots and track-based welding workstations are currently in use across ten production bases [3] Group 2: Research and Development - The company has invested significantly in R&D, with 57 software copyrights and 38 patents obtained to date [3] - The trend of high R&D expenditure is expected to continue, with no signs of a slowdown [1] Group 3: Market Expansion and Orders - The company is gradually increasing its indirect export business and is considering further overseas expansion based on market conditions [4] - Current production operations are normal, with a saturated order book [6] Group 4: Financial Management - The company faces significant redemption pressure due to low conversion rates of convertible bonds maturing in the second half of next year, and is working on a financial plan to address this [5]

Group 1 - The core viewpoint of the articles highlights the strong performance of Dongfang Tower's potassium fertilizer business alongside the stable development of its steel structure business [1][2] - Dongfang Tower recently announced winning contracts worth approximately 137 million yuan, accounting for about 3.27% of the company's projected revenue for 2024 [1] - From the beginning of 2025 to date, Dongfang Tower has secured a total of 871 million yuan in orders for the steel structure manufacturing sector, representing approximately 20.76% of the company's total revenue for 2024 [1] Group 2 - The company has established a dual business model with steel structure and potassium fertilizer sectors, with the latter significantly contributing to its revenue [2] - In the first half of 2025, the chemical business generated revenue of 1.435 billion yuan, while the manufacturing sector brought in 697 million yuan, making up 66.8% and 32.44% of total revenue, respectively [2] - Dongfang Tower's overall revenue for the first half of 2025 reached 2.148 billion yuan, marking an 8.51% year-on-year increase, while net profit surged by 79.18% to 493 million yuan, both achieving historical highs for the period [2] Group 3 - The company's financial situation has improved, with a net cash flow from operating activities of 935 million yuan in the first half of 2025, reflecting a 16.53% increase year-on-year [2] - As of the end of the first half of 2025, the company's cash and cash equivalents stood at 3.675 billion yuan, with short-term borrowings and current portion of non-current liabilities at 1.06 billion yuan and 218 million yuan, respectively [2] - The asset-liability ratio decreased to 34.98%, down 0.81 percentage points from 35.79% in the same period of 2024 [2]