新余钢铁股份有限公司2025 年半年度报告 公司代码：600782 公司简称：新钢股份 新余钢铁股份有限公司 新余钢铁股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘建荣、主管会计工作负责人胡静及会计机构负责人（会计主管人员）肖勇声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告"管理层讨论与分析"中描述了可能存在的相关 ...

Industry Overview - The steel industry is currently in a downward cycle that began in mid-2022, with a loss ratio of 26.14% among large and medium-sized steel enterprises, although this has narrowed year-on-year [2][3] - Demand for steel is expected to decline slowly in the long term, but there are structural opportunities in manufacturing, shipbuilding, wind power, silicon steel, and new energy vehicles [2][3] - The cost of raw materials like coking coal has decreased by 32% in the first half of the year, improving the supply-demand balance and leading to a downward shift in price levels [2][3] Government Policies - The government has emphasized the need to regulate the steel industry to combat "involution" and has proposed continuous control of crude steel production [3] - The new 2025 version of the "Steel Industry Normative Conditions" aims to promote high-quality development through optimization and elimination of outdated capacity [3] VAMA's Market Position - VAMA focuses on the high-end automotive steel market, having developed 137 steel grades since its inception in 2014, including advanced high-strength steel (AHSS) and ultra-high-strength steel (UHSS) [5][6] - VAMA's sales to new energy vehicle manufacturers have been increasing, with both Phase I and II of production nearly at full capacity [5][6] Future Developments - VAMA plans to introduce 24 advanced steel grades, including Ductibor®1500 and Fortiform® series, to enhance its competitive edge [8][9] - The third phase of VAMA's project is progressing, with plans to incorporate advanced vacuum coating technology (JVD technology) to improve production capabilities [10][11] Financial Performance - The company has maintained a leading profitability level in the industry, despite fluctuations due to transitional factors and maintenance schedules [12][13] - The cash dividend for 2024 is set at 1.00 yuan per 10 shares, with a payout ratio of 34%, which is an increase of 2.7 percentage points from the previous year [19] R&D Investment - The company has significantly increased R&D investment to support the development of new products and maintain competitiveness in high-end steel markets [16][17] - R&D expenses typically exceed 3% of revenue for large and medium-sized steel enterprises, reflecting the industry's commitment to innovation [17]

Core Viewpoint - Baoshan Iron & Steel Co., Ltd. plans to invest in Ma'anshan Iron & Steel Co., Ltd. and has commissioned an asset valuation report to assess the market value of the total equity of Ma'anshan Iron & Steel Co., Ltd. as of February 28, 2025 [1][2]. Group 1: Valuation Purpose and Methodology - The purpose of the valuation is to provide reference opinions for Baoshan Iron & Steel Co., Ltd.'s planned investment in Ma'anshan Iron & Steel Co., Ltd. [5]. - The valuation includes all audited assets and liabilities of the assessed entity, covering current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, and intangible assets [2][6]. - The valuation methods used are the asset-based approach and the income approach, with the asset-based approach being selected for the final valuation conclusion [2][5]. Group 2: Valuation Results - As of the valuation date, the total asset book value of Ma'anshan Iron & Steel Co., Ltd. is RMB 5,389,777.43 million, with a valuation of RMB 5,813,178.20 million, resulting in an increase of RMB 423,400.77 million, or 7.86% [2][4]. - The total equity value is assessed at RMB 1,450,610.62 million, reflecting an increase of RMB 197,696.83 million, or 15.78% compared to the book value of RMB 1,007,739.73 million [2][4]. - The valuation report indicates a total asset impairment of RMB 19,470.12 million, with a reduction rate of 0.44% [2][4]. Group 3: Financial Overview - As of December 31, 2024, the total assets of Ma'anshan Iron & Steel Co., Ltd. were RMB 6,364,206.42 million, with total liabilities of RMB 4,677,868.88 million, resulting in total equity of RMB 1,686,337.55 million [4][5]. - For the period of January to February 2025, the company reported an operating income of RMB 1,059,006.44 million, with a net loss of RMB 17,165.32 million [5][6]. - The financial performance indicates a significant operating loss, with total revenue for 2024 reported at RMB 7,066,040.18 million and a net loss of RMB 405,050.42 million [5][6].