Core Viewpoint - Taiyuan Iron and Steel (Group) Co., Ltd. (Tai Steel) has experienced fluctuations in stock price and trading volume, with a notable decline in recent trading days despite a year-to-date increase in stock price [1][2]. Financial Performance - For the first half of 2025, Tai Steel reported operating revenue of 45.967 billion yuan, a year-on-year decrease of 7.54% [2]. - The net profit attributable to shareholders for the same period was 393 million yuan, showing a significant year-on-year increase of 182.74% [2]. Stock Market Activity - As of September 22, Tai Steel's stock price was 3.85 yuan per share, with a market capitalization of 21.931 billion yuan [1]. - The stock has increased by 10.63% year-to-date but has seen a decline of 3.75% over the last five trading days and 8.77% over the last twenty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 1.25% to 141,900, while the average number of circulating shares per person increased by 1.27% to 40,149 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 9.5454 million shares [3]. Dividend Distribution - Since its A-share listing, Tai Steel has distributed a total of 12.570 billion yuan in dividends, with 143 million yuan distributed over the past three years [3]. Business Overview - Tai Steel, established on June 11, 1998, primarily engages in the production and sales of stainless steel and other steel products, with stainless steel accounting for 68.83% of its main business revenue [1].

本报告导读： 2025H1 公司归母净利润同比显著提升。分产品来看，公司普通钢材和普碳钢坯类产品毛利率同比改善 较不锈钢产品更为明显。不锈钢需求维持增势，不必过于悲观。 投资要点： 坚持差异化竞争战略，产品结构有望持续优化。根据公司2025 半年报数据，其独有领先产品、高盈利 产品和战略产品销量占比已超60%；公司高端冷轧取向硅钢工程和子公司太钢鑫海的162 万吨高端不锈 钢合金材料工程等均在顺利推进中，项目进度分别达86.09%、97.59%，我们预期随着新项目逐步建成 投产，公司产品结构有望进一步优化。 不锈钢需求量仍维持增势。根据Mysteel 数据，2025 年1-7 月我国不锈钢表观消费量为1936.18 万吨，同 比增3.47%，不锈钢需求增速虽有所下降，但仍维持增势，我们认为对不锈钢需求不必过于悲观。 风险提示：不锈钢需求量大幅下降，原材料价格大幅上涨。 维持"增持"评级。2025上半年公司实现营收459.67 亿元，同比降7.54%；归母净利润3.93 亿元，同比升 2.54 亿元。考虑2025 上半年原材料价格降幅大于钢价降幅，公司普钢类产品盈利有所改善，我们上调 对公司2025-2026 ...

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