Core Viewpoint - Taigang Stainless Steel (000825.SZ) is focusing on high-end product development and green manufacturing while responding to market demands and maintaining operational efficiency in a challenging steel industry environment [1][2][3] Group 1: Company Performance - In the first half of 2025, Taigang Stainless Steel achieved a revenue of 45.967 billion yuan and a net profit of 393 million yuan, representing a year-on-year increase of 182.74% [3] - The company's non-recurring net profit reached 316 million yuan, a significant increase of 652.96% compared to the same period last year [3] - Basic earnings per share were 0.069 yuan, up 187.50% year-on-year [3] Group 2: Industry Context - The steel industry is experiencing a decline in both supply and demand, with national macro-control policies positively impacting the profitability of carbon steel hot-rolled sheets [3] - The stainless steel sector is facing pressure on profitability due to challenges in both purchasing and sales [3] Group 3: Strategic Focus - The company is not planning significant capacity investments due to evident overcapacity in the stainless steel market, which has over 50 million tons of capacity with only a 70% operating rate [2] - Future strategies will focus on three dimensions: 1. Product high-endization, targeting high-demand products and enhancing brand value [2] 2. Green manufacturing, emphasizing low-carbon technologies and increased use of renewable energy [2] 3. Intelligent manufacturing, leveraging AI to redefine traditional steel production processes [2] Group 4: Project Involvement - Taigang Stainless Steel is poised to benefit from the Yajiang Hydropower Project, which is expected to generate a steel demand of 4-6 million tons, significantly impacting the steel industry [1] - The company has developed a range of supporting products for large-scale hydropower units since 2012, achieving recognition from both domestic and international high-end hydropower manufacturers [1]

Group 1: Company Performance and Strategy - The company achieved significant improvement in performance in the first half of 2025, particularly in Q2, exceeding market expectations due to internal reforms, cost reduction, and efficiency enhancements [3] - The steel industry faced a supply strong and demand weak situation, with the company focusing on customer-centric market operations and continuous internal reforms [3] - The company plans to maintain a market-oriented operational mechanism and enhance differentiated product development [3] Group 2: Impact of Trade Policies - The company has zero direct exports to the U.S. and has canceled its U.S. operations due to trade policy changes and increased trade disputes since 2020 [4] - The company is building overseas channels and has opened the China-Europe Railway Express to enhance export competitiveness [4] - Confidence in achieving annual export targets remains high, supported by the Belt and Road Initiative [4] Group 3: Industry Trends and Challenges - The domestic stainless steel production capacity is approximately 53 million tons, with a consumption volume of only 33 million tons, leading to intense market competition [6] - In the first half of 2025, stainless steel production increased by 5.3%, while consumption grew by 3.1%, indicating a supply surplus [6] - The Ministry of Industry and Information Technology has issued guidelines to stabilize growth in the steel industry, focusing on supply-demand coordination and capacity control [7] Group 4: Environmental and Sustainability Initiatives - The company's environmental operating costs for 2024 are projected to be 2.6 billion yuan, translating to 208 yuan per ton of steel [6] - The company is committed to sustainable development and has been recognized as a leading green factory, with low-carbon stainless steel products certified internationally [6] - Investment of nearly 800 million yuan has been made in recent years for technological upgrades to support green manufacturing and product development [8] Group 5: Future Goals and Innovations - The company aims to enhance product high-end positioning and focus on green technology breakthroughs during the 14th Five-Year Plan [4][5] - Plans include increasing the proportion of green products and achieving a 30% reduction in carbon emissions by 2030, contributing to the steel industry's carbon neutrality goal by 2050 [8] - The company is leveraging AI technology to redefine steel manufacturing, improving production efficiency and quality [5]

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 一、不锈钢复合板行业概述 不锈钢复合板是通过冶金结合工艺，将碳钢基层（多为Q235B、Q345R等碳素钢）与不锈钢覆层（常用304、316L等材质）复合而成的板材，执行GB/T8165- 2008国家标准。其产品类型可分为单面/双面不锈钢复合板、爆炸焊接/热轧/冷轧不锈钢复合板，广泛应用于石油化工、电力设备、焦化等领域。 工业化生产中，主流工艺分为两类：一是爆炸复合工艺，通过炸药爆炸能量使不锈钢板高速撞击碳钢基板，实现界面固相焊接；二是热轧复合工艺，在高度 真空环境下轧制碳钢基板与不锈钢板，通过金属扩散达成冶金结合，两种工艺分别适用于不同厚度与性能要求的产品。 二、不锈钢复合板行业产业链 上游为原材料与设备环节：原材料 ...

Industry Overview - The stainless steel composite plate is formed by metallurgical bonding of carbon steel base and stainless steel cladding, combining the mechanical strength of carbon steel and the corrosion resistance of stainless steel, widely used in petroleum, chemical, coking, and power equipment manufacturing [3][11] - The industry has seen significant growth, with the market size in China expected to increase from 9.5 billion yuan in 2019 to 17.95 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 13.57% [17][20] Industry Development History - The development of the stainless steel composite plate industry in China began in the 1960s, initially dominated by explosive composite technology, with production scale and application range limited by technology and equipment conditions [8] - The industry entered a rapid development phase after 2015, with over 40 domestic companies capable of production, and products widely used in chemical, energy, and marine engineering sectors [8][20] Industry Chain - The upstream of the stainless steel composite plate industry includes raw materials and equipment, such as carbon steel and stainless steel, while the midstream involves the production and manufacturing processes [10] - The downstream applications encompass various sectors, including petroleum and chemical, food processing, construction, and transportation [10] Market Demand and Supply - The demand for stainless steel composite plates in China is projected to grow from 520,000 tons in 2019 to 840,000 tons in 2024, with a CAGR of 10.07% [16] - The stainless steel crude steel output in China is expected to reach 39.44 million tons in 2024, a year-on-year increase of 7.54% [11][14] Key Companies - Major players in the industry include Nanjing Steel, Taiyuan Iron and Steel, and specialized companies like Tianli Composite and Baotai Group, which focus on high-end applications and technological innovation [20][21][24] - The competitive landscape is characterized by a mix of large state-owned enterprises and specialized composite material companies, with a focus on technology and product differentiation [20] Industry Trends - The industry is moving towards high performance, with advancements in material composition and composite technology to meet the stringent demands of high-end manufacturing [26] - Efficiency improvements are a core focus, with the adoption of advanced processes like continuous rolling and automated production lines to reduce costs and production cycles [27] - Environmental trends are pushing the industry towards green manufacturing, with a shift to low-energy consumption processes and recyclable materials [28]