这样的业务模式调整，得益于大型央、国企的基建出海，以及中国制造业的大量出海。"他们在海外设 厂就要买钢材，我们就给他们提供服务。对找钢来说，这是我们的战略性机遇。"王东指出，中国基建 公司和中国制造业大量的出海，对找钢集团来说，将带来至少5年的大红利期。 "我觉得印尼（市场）像中国20年前的感觉，像中东、东南亚，包括拉美和非洲这些国家，他们的工业 市场都像中国20年前，它们在发展，发展就要修道路、修桥梁、修房子，包括引入国外的投资者在当地 搞制造业，这时候供应链是头疼的事情，所以我们就过去帮他们做供应链。"王东表示，海外的供应链 组织效率较低，而中资企业往往对于供应链的要求比较高，找钢集团通过数字化系统+标准化服务体 系，再加上在国内已经积累的央、国企客户，样板效应带动口碑扩散，对"当地以印度人为代表的小贸 易商"形成了降维打击。 "我觉得找钢未来有三个增量，一个是来自于找钢国际化，国际化很重要，因为它的吨钢毛利相对较 高，而且这个机遇很明显会持续好几年；第二个是找钢的跨品种，我们利用在钢铁（行业）积累的优势 跨品种经营，给我们的用户提供综合的物资服务；第三个就是用AI来提效和降本。"找钢集团 （6676.H ...

天眼查App显示，近日，永州正宏钢铁贸易有限公司成立，法定代表人为吴雨轩，注册资本100万人民 币，经营范围为许可项目：建设工程施工。（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：建筑材料销售；建筑装饰材料销 售；建筑用金属配件销售；金属结构销售；非金属矿及制品销售；非金属矿物制品制造；五金产品零 售；五金产品批发；建筑砌块制造；金属材料制造；金属材料销售；钢压延加工；劳务服务（不含劳务 派遣）；工程管理服务；建筑用钢筋产品销售。（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动）。 ...

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]

Core Viewpoint - The company reported a revenue of 797 million RMB for the first half of 2025, reflecting a year-on-year growth of 12.2%, but also recorded a significant increase in loss attributable to shareholders, amounting to 499 million RMB, which is an expansion of 573.1% compared to the previous year [1] Financial Performance - Revenue for the period reached 797 million RMB, marking a 12.2% increase year-on-year [1] - Loss attributable to shareholders was 499 million RMB, which represents a 573.1% increase year-on-year [1] - Basic loss per share was reported at 0.66 RMB [1] Business Segments - The increase in net revenue was primarily driven by growth in international trading and other business segments [1]

Group 1 - The company, Zhanggang Group-W (06676.HK), expects to report a net loss attributable to shareholders of approximately 480 million to 520 million RMB for the six months ending June 30, 2025, a significant change from the previously announced net profit of approximately 140 million to 180 million RMB [1] - The updated assessment is primarily due to a further review of the fair value changes of convertible preferred shares [1] - For the same period, the estimated non-cash gain from the fair value changes of financial liabilities measured at fair value is approximately 110 million RMB, down from the previously reported 769 million RMB [1] Group 2 - The fair value gain mentioned is a non-cash accounting treatment and does not impact the company's cash flow [2] - The adjusted net loss attributable to shareholders (non-IFRS measurement) remains unchanged, estimated to be between 87 million to 127 million RMB for the six months ending June 30, 2025, compared to approximately 64 million RMB for the same period in 2024 [2]

Core Viewpoint - The company, Zhang Steel Group-W (06676), has revised its profit forecast, now expecting a net loss attributable to shareholders of approximately RMB 480 million to RMB 520 million for the six months ending June 30, 2025, instead of the previously stated net profit of RMB 140 million to RMB 180 million [1] Financial Performance - For the six months ending June 30, 2024, the company reported a net loss attributable to shareholders of approximately RMB 76 million [1] - The revision is primarily due to a further review of the fair value changes of convertible preferred shares [1] Fair Value Assessment - The estimated non-cash gain from the fair value changes of preferred shares and financial liabilities measured at fair value through profit or loss for the six months ending June 30, 2025, is approximately RMB 110 million, significantly lower than the previously reported RMB 769 million [1]

Core Viewpoint - The company, Zhaogang Group, anticipates a significant turnaround in its financial performance for the six months ending June 30, 2025, projecting a net profit attributable to shareholders between approximately RMB 140 million and RMB 180 million, compared to a net loss of approximately RMB 76 million for the same period in 2024 [1][4]. Financial Performance - The adjusted net loss (non-IFRS measurement) is expected to range from approximately RMB 87 million to RMB 127 million for the six months ending June 30, 2025, compared to an adjusted net loss of approximately RMB 64 million for the same period in 2024 [4]. - The company attributes the shift from loss to profit primarily to a non-cash gain of approximately RMB 769 million resulting from the fair value changes of financial liabilities, which was a significant improvement from a non-cash loss of approximately RMB 4 million in the same period last year [2]. Business Operations - Zhaogang Group is an investment holding company that, along with its subsidiaries, provides integrated services across the entire value chain of steel trading, including online steel commerce, logistics, warehousing, and processing services [3]. - The company has been focusing on expanding its overseas strategic initiatives, which have led to a substantial increase in gross profit from overseas trading operations [2]. Future Reporting - The financial performance details for the six months ending June 30, 2025, will be disclosed in the interim results announcement and interim report, which are expected to be published around the end of August and September 2025, respectively [3].

Core Viewpoint - The company, 找钢集团-W (06676.HK), anticipates a significant turnaround in its financial performance, projecting a net profit attributable to shareholders between approximately RMB 140 million and RMB 180 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 76 million for the same period in 2024 [1] Financial Performance - The expected shift from loss to profit is primarily attributed to the fair value changes of preferred shares and financial liabilities measured at fair value through profit or loss, resulting in a non-cash gain of approximately RMB 769 million for the current period, compared to a non-cash loss of approximately RMB 4 million in the same period last year [1] - The gain is mainly derived from the conversion of convertible preferred shares into ordinary shares through a special purpose acquisition company (SPAC) merger, which has been confirmed by the company's auditors [1] Strategic Developments - The company has been actively pursuing its overseas strategy, leading to a significant increase in gross profit from overseas trading operations [1]

Group 1 - The article highlights the sudden backlash from China against Canada following the imposition of tariffs on Chinese steel, indicating a coordinated response from China that significantly impacts Canada's economy [1][11][12] - Canada’s deep economic ties with the United States have limited its strategic options, leading to a reliance on U.S. policies that may not always favor Canadian interests [3][5] - The Canadian government, under Prime Minister Carney, underestimated China's resolve and capability to retaliate, resulting in a series of calculated economic measures against Canada [11][12] Group 2 - China imposed a 75.8% anti-dumping deposit on Canadian canola seed imports, a move that coincided with the harvest season, severely affecting Canadian farmers [14][16][27] - The response from China included a lawsuit at the WTO against Canada for its discriminatory tariffs, indicating a strategic approach to garner international support [19][21] - The article emphasizes that Canada’s agricultural sector, particularly canola farmers, faces dire consequences due to lost access to the Chinese market, which could lead to long-term market share losses [27][29] Group 3 - The article discusses the broader implications of Canada’s actions on its international reputation, suggesting that its protectionist measures could trigger a global trade protectionism wave [31] - The narrative concludes that Canada’s experience serves as a lesson on the dangers of abandoning strategic autonomy in favor of alignment with larger powers, advocating for a more pragmatic and balanced foreign policy [35][37]

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].