福然德股份有限公司2025 年半年度报告 公司代码：605050 公司简称：福然德 福然德股份有限公司 福然德股份有限公司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、 公司负责人崔建华、主管会计工作负责人陈华及会计机构负责人（会计主管人员）周崎峰 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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容所涉及的公司未来计划、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 公司已在本报告中详细描述了可能存在的风险，敬请查阅 ...

Report Industry Investment Rating No relevant content provided. Core Views Market Analysis - Multiple countries and regions have increased tariff frictions and imposed additional tariffs on Chinese steel products, leading to a new round of adjustment in the global steel trade pattern [4]. - China's steel industry holds an important position globally, with its crude steel output accounting for about 55% of the world's total in 2024, and has long accounted for over 50% [4]. - China's steel exports continue to show a growth trend. From January to July 2025, the total steel export volume reached 67.98 million tons, a cumulative year-on-year increase of 11.4%, and the billet export volume increased significantly [4]. - The export of high - value - added products in China has increased significantly. From January to July 2025, the export volume of thick plates and large - section steel increased by 10.7% and 38.9% respectively year - on - year [4]. - The structure of China's steel exports has changed. The export volume of billets and large - section steel has increased, while that of medium - thick wide steel strips and cold - rolled thin wide steel strips has decreased [5]. - China's steel exports to North America and some countries that have imposed additional tariffs have continued to shrink, while exports to emerging economies have maintained growth [5][6]. Strategy - Pay attention to changes in steel export regions and objectively evaluate the resilience of China's steel exports and consumption [7]. Summary by Directory Preface - China's steel exports show strong resilience and adaptability. Facing challenges from anti - dumping investigations in traditional markets, China has accelerated the exploration of emerging markets, and the Belt and Road Initiative has provided strategic support [14]. Part One: Anti - Dumping Investigation on Chinese Steel Exports by Some Countries and Regions - Since 2025, economies such as India, the EU, the US, and Vietnam have launched anti - dumping investigations or made anti - dumping rulings on various high - value - added steel products from China, which may lead to a new round of adjustment in the global steel trade pattern [15]. Part Two: China's Crude Steel Output Holds an Important Position Globally - China's crude steel output reached a record high in 2020 and decreased in 2021 and 2022. In 2024, it was 1.005 billion tons, a year - on - year decrease of 1.7%. China's crude steel output accounts for over 50% of the world's total [18][19]. Part Three: China's Steel Export Volume Continues to Show a Growth Trend - Despite the challenges of global trade protectionism and anti - dumping measures, China's steel export volume has continued to grow. From January to July 2025, the total steel export volume reached 67.98 million tons, a cumulative year - on - year increase of 11.4%. The export of high - value - added products has also increased significantly [26][37]. Part Four: Changes in China's Crude Steel Export Structure - The export volume of billets and large - section steel has increased significantly, while that of medium - thick wide steel strips and cold - rolled thin wide steel strips has decreased, indicating a shift from pursuing quantity growth to structural optimization [41]. Part Five: China's Steel Exports Are Shifting to Emerging Markets - China's steel export destination is shifting from traditional developed markets to emerging markets. Exports to North America have decreased, while exports to Africa, Southeast Asia, and South America have increased [49]. Part Six: Conclusion - Multiple countries and regions have imposed additional tariffs on Chinese steel products, and the global steel trade pattern is facing a new round of adjustment. China's steel industry holds an important position globally, and its steel exports continue to grow. The export structure is changing, with a shift towards emerging markets [83][84].

Investment Rating - The industry is rated as "Overweight (Maintain)" [6] Core Views - The aluminum production capacity utilization rate reached a new high of 98.4% in July, the highest level since 2012 [3] - The steel sector's profitability is expected to recover to historical average levels due to government policies aimed at phasing out outdated capacity [5] - The construction and real estate sectors are experiencing a decline in key metrics, with significant drops in new construction and sales areas [23][76] Summary by Sections Liquidity - The M1 and M2 growth rate difference was -3.7 percentage points in June 2025, indicating a contraction in liquidity [11][20] - The BCI small and medium enterprise financing environment index was 46.09 in July, down 6.16% month-on-month [11][20] Infrastructure and Real Estate Chain - Key enterprises' average daily crude steel output hit a yearly low in late July [2] - The national average capacity utilization rate for blast furnaces was 90.09%, down 0.15 percentage points [42] - The cumulative year-on-year decline in new construction area for real estate was -20% for the first half of 2025 [23] Industrial Products Chain - The average operating rate for semi-steel tires was 74.35%, down 0.10 percentage points [2] - Major commodity prices showed mixed performance, with cold-rolled steel, copper, and aluminum prices increasing by 1.26%, 0.33%, and 0.68% respectively [2] Exports Chain - The new export orders PMI for China was 47.10% in July, down 0.6 percentage points [4] - The CCFI composite index for container shipping rates was 1200.73, down 2.56% [4] Valuation Metrics - The Shanghai Composite Index increased by 1.23%, with the engineering machinery sector performing best at +6.21% [4] - The PB ratio for the steel sector relative to the broader market was 0.57, with historical highs reaching 0.82 [4] Investment Recommendations - The steel sector is expected to see a recovery in profitability, supported by government policies [5] - Caution is advised regarding potential volatility in futures prices, particularly in coking coal [5]

Cleveland-Cliffs (CLF 6.19%), a vertically integrated steel producer serving end-markets from automotive to infrastructure, reported its second-quarter 2025 results on July 21, 2025. The company posted a non-GAAP loss of $0.50 per share for Q2 2025, beating the consensus estimate of a $0.71 non-GAAP loss for Q2 2025, and generated $4.9 billion in GAAP revenue for Q2 2025, topping analyst forecasts of $4.86 billion (GAAP) for Q2 2025. Despite improvements in shipments and lower costs, Q2 2025 showed ongoing ...

Core Viewpoint - The article discusses the current economic indicators and trends in various sectors, highlighting the performance of key commodities, financing conditions for small and medium enterprises, and the state of the real estate market in China. Group 1: Liquidity and Financing Environment - The BCI small and medium enterprise financing environment index for June 2025 is 49.12, with a month-on-month increase of 0.07% [3] - The M1 and M2 growth rate difference in June 2025 is -3.7 percentage points, showing a month-on-month increase of 1.9 percentage points [3] Group 2: Infrastructure and Real Estate Chain - Rebar prices have reached a new high since April, with a week-on-week increase of 0.93% [4] - The national average capacity utilization rate for blast furnaces increased by 0.99 percentage points, while the cement and asphalt rates decreased by 3.30 percentage points and 2.6 percentage points, respectively [4] - The cumulative year-on-year completion area of commercial housing from January to June is -14.80% [5] Group 3: Industrial Products Chain - The national half-steel tire operating rate is at a five-year high of 75.99%, with a month-on-month increase of 3.07 percentage points [6] - The June PMI new orders index is at 50.20% [6] Group 4: Price Trends of Specific Commodities - Tungsten concentrate prices have reached the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, with a comprehensive gross profit of 1,357.4 yuan/ton, down 22.59% month-on-month [7] Group 5: Price Relationships - The price ratio of rebar to iron ore is 4.14 this week [8] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [8] Group 6: Export Chain - The new export orders PMI for June 2025 is 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is 1,303.54 points, down 0.77% [9] Group 7: Valuation Metrics - The CSI 300 index increased by 1.09%, with the commercial vehicle sector performing the best at +5.98% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently at 0.54, with the highest value since 2013 being 0.82 [10]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6] Core Insights - In May 2025, the electrolytic aluminum capacity utilization rate reached a record high since 2012 [3] - The report highlights a positive correlation between the M1 and M2 growth rate differential and the Shanghai Composite Index [21] - The steel sector's profitability is expected to recover to historical average levels due to recent policy adjustments [5] Summary by Sections Liquidity - The M1 and M2 growth rate differential in May 2025 was -5.6 percentage points, with a month-on-month increase of 1.1 percentage points [12][21] - The BCI small and medium enterprise financing environment index for June 2025 was 49.12, up 0.07% from the previous month [21] Infrastructure and Real Estate Chain - In late June, the average daily crude steel production of key enterprises decreased by 0.88% [24] - The national average capacity utilization rate for blast furnaces was 90.29%, down 0.54 percentage points [42] - The average price of rebar was 3180 CNY/ton, with a week-on-week increase of 2.91% [42] Industrial Products Chain - The PMI new orders index for June was 50.20%, an increase of 0.4 percentage points month-on-month [2] - The average price of electrolytic aluminum was 20750 CNY/ton, down 0.91% from the previous week [11] Export Chain - The PMI new export orders for China in June 2025 was 47.70%, up 0.2 percentage points [4] - The CCFI comprehensive index for container shipping rates was 1342.99 points, down 1.92% [4] Valuation Metrics - The CSI 300 index increased by 1.54%, with the best-performing sector being ordinary steel, which rose by 6.52% [4] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB ratio was 37.44% and 69.40%, respectively [4] Investment Recommendations - The report suggests that the steel sector's profitability is likely to recover to historical average levels following the recent revisions to the "Steel Industry Normative Conditions" [5]

Core Viewpoint - The report highlights the current economic indicators and trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into potential investment opportunities and market dynamics [2]. Liquidity - The BCI small and medium enterprise financing environment index for May 2025 is 49.09, up 2.20% month-on-month [3] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [3] - The current price of London gold has decreased by 1.91% compared to last week [3] Infrastructure and Real Estate Chain - In early June 2025, the average daily output of key enterprises in crude steel is 2.159 million tons, an increase of 3.25% month-on-month [4] - Price changes this week include rebar at +0.00%, cement price index at -1.21%, rubber at +0.72%, coke at +0.00%, coking coal at -3.11%, and iron ore at -2.07% [4] - The national blast furnace capacity utilization rate, cement, asphalt, and all-steel tire operating rates have changed by +0.21 percentage points, -5.90 percentage points, -1.8 percentage points, and +4.24 percentage points respectively [4] Real Estate Completion Chain - The prices of titanium dioxide and flat glass have changed by -1.45% and +0.00% respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -921 yuan/ton [5] - The operating rate of flat glass this week is 75.34% [5] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high of 78.29%, with a month-on-month increase of 0.31 percentage points [6] - Major commodity prices this week include cold-rolled steel at -0.27%, copper at -0.76%, and aluminum at -0.29%, with corresponding gross profit changes of +4.07%, -18.19%, and +4.71% [6] Subcategories - The capacity utilization rate of domestic alumina in May has dropped to a new low for 2023 [7] - The price of graphite electrodes is 18,000 yuan/ton, unchanged, with a gross profit of 1,357.4 yuan/ton, down 5.56% [7] - The price of electrolytic aluminum is 20,700 yuan/ton, down 0.29%, with estimated profit at 3,146 yuan/ton (excluding tax), up 4.71% [7] Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.19 [8] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 210 yuan/ton, down 70 yuan/ton [8] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [8] Export Chain - In May 2025, China's PMI new export orders are at 47.50%, an increase of 2.8 percentage points month-on-month [9] - The China Containerized Freight Index (CCFI) composite index this week is 1,342.46 points, up 8.00% [9] - The U.S. crude steel capacity utilization rate is 79.40%, down 0.10 percentage points [9] Valuation Percentiles - This week, the CSI 300 index decreased by 0.45%, with the best-performing cyclical sector being shipping at +1.06% [10] - The PB ratio of the ordinary steel and industrial metals sectors relative to the CSI 300 is 32.05% and 62.94% respectively [10] - The PB ratio of the ordinary steel sector relative to the CSI 300 is currently 0.50, with the highest value since 2013 being 0.82 [10]

Summary of Key Points Core Viewpoint - The report highlights significant trends in liquidity, construction, real estate, industrial products, and export chains, indicating a mixed economic outlook with specific sectors showing growth while others face challenges. Group 1: Liquidity - The London gold spot price reached a historical high this week, increasing by 3.74% compared to last week [3] - The BCI small enterprise financing environment index for May 2025 is at 49.09, up by 2.20% month-on-month [3] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [3] Group 2: Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in early June 2025 is 2.159 million tons, up by 3.25% month-on-month [4] - Price changes this week include rebar down by 2.23%, cement price index up by 1.86%, rubber up by 2.21%, coke down by 5.65%, coking coal down by 1.05%, and iron ore down by 1.36% [4] - The national blast furnace capacity utilization rate, cement, asphalt, and full steel tire operating rates changed by -0.07 percentage points, +0.90 percentage points, -1.0 percentage points, and -2.23 percentage points respectively [4] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass remained unchanged this week, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -762 yuan/ton [5] - The operating rate of flat glass this week is 75.42% [5] Group 4: Industrial Products Chain - Major commodity prices this week include cold-rolled steel up by 0.54%, copper up by 0.10%, and aluminum up by 2.87%, with corresponding gross profit changes of +78.85%, -18.19%, and +24.59% respectively [6] - The national semi-steel tire operating rate is 77.98%, an increase of 4.12 percentage points [6] Group 5: Subcategories - Tungsten concentrate prices remain at the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, unchanged, with a gross profit of 1,357.4 yuan/ton, down by 1.39% [7] - The price of electrolytic aluminum is 20,760 yuan/ton, up by 2.87%, with estimated profit at 3,004 yuan/ton (excluding tax), up by 24.59% [7] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.13 [8] - The price difference between hot-rolled and rebar steel is 130 yuan/ton this week [8] - The price difference between Shanghai cold-rolled and hot-rolled steel is 280 yuan/ton, down by 100 yuan/ton [8] Group 7: Export Chain - The new export orders PMI for China in May 2025 is 47.50%, an increase of 2.8 percentage points [9] - The China Containerized Freight Index (CCFI) this week is 1,243.05 points, up by 7.63% [9] - The U.S. crude steel capacity utilization rate is 79.50%, up by 1.30 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.25% this week, with the best-performing cyclical sector being commercial vehicles, up by 7.24% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently 0.51, with the highest value since 2013 being 0.82 [10]

Summary of Key Points Core Viewpoint - The report highlights the current economic indicators and trends in various sectors, including liquidity, construction, real estate, and industrial products, providing insights into potential investment opportunities and market dynamics. Group 1: Liquidity and Financing Environment - The M1 and M2 growth rate difference in April 2025 is -6.5 percentage points, a month-on-month decrease of -1.10 percentage points [3] - The BCI small and medium enterprise financing environment index for April 2025 is 48.03, down -7.24% from the previous month [3] - There is a strong positive correlation between the M1 and M2 growth rate difference and the Shanghai Composite Index [3] Group 2: Construction and Real Estate Chain - Rebar prices have rebounded from an 8-month low, with a weekly increase of +1.59% [3] - The national steel PMI new orders index for April 2025 is 51%, an increase of +9.9 percentage points from the previous month [3] - Cement price index decreased by -1.45%, while rubber prices increased by +3.09% [3] Group 3: Industrial Products Chain - The operating rate of semi-steel tires is at a high level, recorded at 78.33%, an increase of +19.98 percentage points [4] - Major commodity prices show varied performance, with cold-rolled steel, copper, and aluminum prices increasing by +0.33%, +0.57%, and +3.48% respectively [4] Group 4: Price Trends of Specific Products - Tungsten concentrate prices have reached the highest level since 2011, while alumina and electrolytic aluminum prices have hit recent highs [5] - The price of electrolytic aluminum is 20,230 yuan/ton, with a month-on-month increase of +3.48% [5] - The price of graphite electrodes remains stable at 18,000 yuan/ton [5] Group 5: Export Chain - The new export orders PMI for China in April 2025 is 44.70%, a decrease of -4.3 percentage points [7] - The China Containerized Freight Index (CCFI) composite index is 1,104.88 points, down -0.14% from the previous week [8] - The U.S. crude steel capacity utilization rate is 77.50%, an increase of +0.70 percentage points [8] Group 6: Valuation Metrics - The Shanghai and Shenzhen 300 Index increased by +1.12%, with the shipping sector performing best at +6.87% [8] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets is currently at 0.53, with a historical high of 0.82 reached in August 2017 [8]

Group 1 - The Indian government has imposed a temporary 12% tariff on 22 categories of steel products imported from China, aligning with the U.S. initiative for a "non-Chinese supply chain" amid the U.S.-China trade war [1][3] - India's steel imports from China are significant, with 1.87 million tons expected in 2024 and 2025, accounting for 28% of total imports, while South Korea holds the largest share at 31% [1] - The imposition of tariffs is seen as a move to protect local industries, but it has raised concerns about the impact on downstream industries in India, such as Tata Motors, which relies heavily on Chinese steel [5][7] Group 2 - Following India's tariff announcement, U.S. President Trump indicated a potential reduction in tariffs on China, causing fluctuations in global stock markets, including a 2.66% rise in the Dow Jones index [3] - The Indian government's strategy to balance relations between the U.S. and China has been criticized as shortsighted, with the "Make in India 2.0" initiative facing challenges, as manufacturing's contribution to GDP is only 13%, far below the targeted 25% [7][9] - The reliance on Chinese components is evident, with 92% of smartphone displays and 78% of batteries used in Indian-assembled devices sourced from China, highlighting vulnerabilities in India's "assembly economy" [7]