Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.70 CNY based on a price-to-book (PB) ratio of 1.22X for comparable companies [2][4]. Core Views - The company's high-end products are expected to continue enhancing profits, with a robust dividend policy highlighting its long-term investment value [1]. - The company reported a significant increase in net profit for the first half of 2025, achieving 1.463 billion CNY, a year-on-year growth of 18.63% and a quarter-on-quarter increase of 52.94%, demonstrating strong performance resilience [10]. - The product mix is improving, with a focus on high-value steel applications, particularly in shipbuilding and automotive sectors, which are projected to maintain high demand [10]. - The company plans to distribute a cash dividend of 0.1186 CNY per share for the first half of 2025, amounting to approximately 730 million CNY, representing 50% of the net profit attributable to shareholders [10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 62.048 billion CNY, 61.393 billion CNY, and 60.871 billion CNY respectively, with a slight growth forecast for 2025 [3]. - The company's gross margin is expected to improve from 10.6% in 2023 to 14.1% by 2027, indicating a positive trend in profitability [3]. - The net profit attributable to the parent company is forecasted to grow from 2.607 billion CNY in 2025 to 3.306 billion CNY in 2027, reflecting a strong growth trajectory [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 此乃南京鋼鐵股份有限公司在二零二五年八月十九日登載於中華 人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年 第二季度主要經營數據的更正公告。南京鋼鐵股份有限公司為中 國中信股份有限公司的附屬公司。 证券代码：600282 证券简称：南钢股份 公告编号：临 2025-050 南京钢铁股份有限公司 海外監管公告 关于 2025 年第二季度主要经营数据的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | （1－6月） | | 同期增减（%） | | 营业收入 | 28,944,495,409.32 | 33,678,59 ...

Core Viewpoint - South Steel Co., Ltd. (南钢股份) has successfully acquired exploration rights for the Fanqiao Iron Mine in Anhui Province for RMB 920 million, aiming to enhance its competitive edge in "high efficiency, low cost, and intelligent manufacturing" [1] Group 1: Financial Performance - In 2024, South Steel achieved a net profit attributable to shareholders of RMB 2.261 billion, representing a year-on-year increase of 6.37% [1] Group 2: Research and Development - The company's R&D investment ratio has consistently remained above 3%, reaching 3.96% in 2024, with a continuous increase in the contribution of advanced steel materials to profits [2] - South Steel is focusing on high-end product development in specialized plate materials and is transitioning towards premium special steel [2] Group 3: Digital Transformation - South Steel is one of the earliest companies in the industry to initiate digital transformation, adhering to the strategy of "digitalizing all businesses and businessizing all digital operations" [2] - The company has established an integrated layout of "one brain and three centers," covering the entire production process and operational management through digital applications [2] Group 4: Industry Ecosystem Development - South Steel is actively constructing a composite industrial chain ecosystem centered on "precision" and "specialty" steel businesses, along with strategic emerging industries [3] - The company’s subsidiary, Jin'an Mining, has launched a 50,000-ton ultra-pure iron powder production line, filling a domestic gap in the production of raw materials for permanent magnetic ferrite [3] - The green low-carbon environmental ecosystem is highlighted by the successful implementation of a key project for aluminum ash resource utilization in Huai'an [3]

Group 1: Production and Sales - In 2024, the company's steel production was 9.2674 million tons, a decrease of 10.88% year-on-year, while steel sales were 9.3293 million tons, down 9.66% year-on-year [1] - Advanced steel products showed positive performance with sales of 2.6149 million tons, an increase of 1.04% year-on-year, accounting for 28.03% of total sales, up 2.97 percentage points [1] - The company expects steel production to increase to 9.9 million tons in 2025, representing a growth of 6.04% [1] Group 2: Revenue and Profitability - In 2024, the company achieved revenue of 61.811 billion yuan, a decline of 14.79% year-on-year, primarily due to lower sales prices and volumes of steel products [2] - The gross profit margin improved to 11.91%, an increase of 1.31 percentage points year-on-year, with a gross profit of 575 yuan per ton, up 0.5% [2] - The company reported a net profit of 2.261 billion yuan in 2024, an increase of 6.37% year-on-year, with a net profit per ton of 235 yuan, up 8.11% [3] Group 3: Expenses and Cash Flow - The company's expense ratio increased to 7.78%, up 0.84 percentage points year-on-year, with the sales expense ratio at 0.70% and the management expense ratio at 2.20% [3] - The cash flow situation improved, with a net cash inflow from operating activities of 3.221 billion yuan, an increase of 5.46 billion yuan year-on-year [4] - The company's asset-liability ratio decreased to 59.79%, down 1.49 percentage points [4] Group 4: Future Outlook - The company is focusing on high-end steel materials, smart manufacturing, and overseas business expansion, indicating good growth potential [4] - Projected net profits for 2025-2027 are 2.423 billion, 2.675 billion, and 2.819 billion yuan, respectively [4]