股票代码：600399 股票简称：抚顺特钢 编号：临 2026-015 抚顺特殊钢股份有限公司 2025 年度经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 二〇二六年三月三十一日 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息 披露（第七号钢铁）》第二十二条的相关规定，抚顺特殊钢股份有限 公司现将 2025 年度主要经营数据公告如下： | 产品名称 | 经营指标 | 2025 年 | 2024 年 | 增减情况（%） | | --- | --- | --- | --- | --- | | 合金结构钢 | 产量（万吨） | 20.55 | 19.75 | 4.03 | | | 销量（万吨） | 20.69 | 20.54 | 0.72 | | | 平均售价（元/吨，不含税） | 10,636.79 | 12,951.07 | -17.87 | | 工具钢 | 产量（万吨） | 8.74 | 8.89 | -1.64 | | | 销量（万吨） | 8.85 | 9.06 | -2.2 ...

Group 1 - Fushun Special Steel Co., Ltd. experienced a stock price increase of 5.2%, reaching 6.68 CNY per share, with a trading volume of 233 million CNY and a turnover rate of 1.82%, resulting in a total market capitalization of 13.174 billion CNY [1] - The company, established on June 7, 1999, and listed on December 29, 2000, is located in Fushun City, Liaoning Province, and its main business includes steel smelting, steel rolling processing, metallurgical technology services, and industrial gas manufacturing and sales [1] - The revenue composition of Fushun Special Steel is as follows: alloy structural steel 27.18%, stainless steel 24.74%, tool steel 20.20%, high-temperature alloy 18.86%, and others 9.02% [1] Group 2 - Huaxia Fund has a fund that ranks among the top ten circulating shareholders of Fushun Special Steel, specifically the Huaxia CSI 1000 ETF (159845), which newly entered the top ten in the third quarter with 8.575 million shares, accounting for 0.43% of circulating shares [2] - The Huaxia CSI 1000 ETF has a latest scale of 49.908 billion CNY, with a year-to-date return of 4.95%, ranking 1616 out of 5562 in its category, and a one-year return of 38.01%, ranking 1760 out of 4285 [2] Group 3 - The fund manager of Huaxia CSI 1000 ETF is Zhao Zongting, who has been in the position for 8 years and 295 days, managing a total fund asset size of 356.966 billion CNY [3] - During Zhao Zongting's tenure, the best fund return achieved was 124.19%, while the worst return was -32.63% [3]

Group 1 - Fushun Special Steel Co., Ltd. experienced a decline of 5.14% in stock price, reaching 6.65 CNY per share, with a trading volume of 1.017 billion CNY and a turnover rate of 7.53%, resulting in a total market capitalization of 13.114 billion CNY [1] - The company, established on June 7, 1999, and listed on December 29, 2000, is located in Fushun City, Liaoning Province, and its main business includes steel smelting, steel rolling processing, metallurgical technology services, and the manufacturing and sales of industrial gases [1] - The revenue composition of the company is as follows: alloy structural steel 27.18%, stainless steel 24.74%, tool steel 20.20%, high-temperature alloy 18.86%, and others 9.02% [1] Group 2 - Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the top ten circulating shareholders of Fushun Special Steel in the third quarter, holding 8.575 million shares, which accounts for 0.43% of the circulating shares, with an estimated floating loss of approximately 3.087 million CNY [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a current scale of 45.469 billion CNY, and has achieved a year-to-date return of 8.51%, ranking 1461 out of 5531 in its category; over the past year, it has returned 44.46%, ranking 1693 out of 4215 [2] Group 3 - The fund manager of Huaxia CSI 1000 ETF is Zhao Zongting, who has a cumulative tenure of 8 years and 277 days, managing a total fund asset size of 355.865 billion CNY, with the best fund return during his tenure being 122.22% and the worst being -32.63% [3]

Core Viewpoint - The Chinese special steel industry is experiencing steady growth in production and significant advancements in technology and sustainability, with a focus on high-value products and international competitiveness [1][3][21]. Production Growth - In 2024, the crude steel production of special steel by key member enterprises of the China Special Steel Enterprises Association (CSESA) is projected to reach 78.69 million tons, a 19.3% increase from 2021 and a 14.5% increase from the end of the 13th Five-Year Plan. The forecast for 2025 is 79.74 million tons, representing a 20.9% increase from 2021 and a 16.0% increase from the end of the 13th Five-Year Plan [1][49]. - The production of bearing steel in 2024 is expected to be 4.97 million tons, a 12.2% increase from 2021 and a 25.2% increase from the end of the 13th Five-Year Plan. The 2025 forecast is 4.88 million tons, a 10.2% increase from 2021 and a 22.9% increase from the end of the 13th Five-Year Plan [3][51]. - Gear steel production is projected to reach 5.02 million tons in 2024, a 39.1% increase from 2021 and a 35.7% increase from the end of the 13th Five-Year Plan, with a forecast of 5.60 million tons in 2025, a 55.1% increase from 2021 and a 51.4% increase from the end of the 13th Five-Year Plan [5][53]. - Tool steel production is expected to be 850,000 tons in 2024, a 44.1% increase from 2021 and a 2.4% increase from the end of the 13th Five-Year Plan, with a forecast of 870,000 tons in 2025, a 47.5% increase from 2021 and a 4.8% increase from the end of the 13th Five-Year Plan [7][55]. R&D Investment - R&D expenses for 2024 are projected to be 22.6 billion yuan, a 29.9% increase from 2021 and a 61.4% increase from the end of the 13th Five-Year Plan. The forecast for 2025 is 21.1 billion yuan, a 21.3% increase from 2021 and a 50.7% increase from the end of the 13th Five-Year Plan [9][57]. - The R&D investment intensity is expected to be 3.3% in 2024, an increase of 1 percentage point from 2021 and 2.2 percentage points from the end of the 13th Five-Year Plan, with the same level expected to be maintained in 2025 [11][59]. Industry Consolidation - Since the 14th Five-Year Plan, the special steel industry has seen steady progress in mergers and acquisitions, leading to a dual structure of "super-large groups" and "specialized leaders" [13][61]. - Numerous specialized production enterprises have emerged, forming industrial clusters that cover various specialized production lines, creating a comprehensive structure and advanced production processes [15][63]. Breakthroughs in Key Materials - Significant breakthroughs have been achieved in key material fields during the 14th Five-Year Plan, supporting developments in infrastructure, wind power equipment, aerospace, and marine engineering [15][64]. Green and Low-Carbon Development - The special steel industry has made substantial progress in green and low-carbon development through process reforms, energy-saving technologies, and intelligent upgrades, with 70% of member units completing or partially completing ultra-low emission transformations by February 2025 [21][69]. - Various companies have implemented innovative technologies to reduce emissions and energy consumption, such as low-carbon heating furnaces and intelligent combustion technologies [22][70]. Intelligent Manufacturing - The industry has undergone a profound transformation towards intelligent manufacturing, significantly improving production efficiency and product quality [27][75]. - Companies like Xingcheng Special Steel have been recognized as "lighthouse factories" for their advanced use of AI and digital twin technologies [27][75]. Diversified Overseas Development - The industry has shifted from simple product exports to a collaborative approach involving products, technology, brand, and capital, enhancing resilience in a complex global environment [29][77]. - Special steel enterprises are actively planning overseas production bases and local service enhancements to build a more resilient global supply chain [30][78]. International Standards and Brand Influence - The industry has made significant strides in standard-setting, moving from following to leading in international standards, particularly in green and low-carbon areas [31][79]. - Chinese companies have taken the lead in formulating international standards, enhancing their influence in the global market [31][80]. Expansion of New Application Scenarios - The industry has expanded into high-value new application scenarios, closely aligning with national major projects and emerging industries [34][82]. - Innovations in materials for renewable energy, high-end equipment, and aerospace have been developed to meet the demands of modern engineering [34][82].

Core Viewpoint - Fushun Special Steel's stock price has experienced fluctuations, with a recent decline of 2.12% and a year-to-date drop of 4.36%, indicating potential challenges in the market [1][2]. Financial Performance - For the period from January to September 2025, Fushun Special Steel reported a revenue of 5.755 billion yuan, a year-on-year decrease of 10.56%, and a net profit attributable to shareholders of -549 million yuan, reflecting a significant decline of 274.01% [2]. - The company has cumulatively distributed 290 million yuan in dividends since its A-share listing, with 146 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Fushun Special Steel had 94,000 shareholders, a decrease of 2.18% from the previous period, with an average of 20,983 circulating shares per shareholder, an increase of 2.23% [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as an increase in shares held by the Fortune CSI Military Industry Leader ETF and a decrease in shares held by the Hong Kong Central Clearing Limited [3]. Market Activity - The stock's trading activity shows a net outflow of 19.306 million yuan from main funds, with significant selling pressure compared to buying [1]. - Fushun Special Steel has appeared on the trading leaderboard once this year, with a net purchase of 247 million yuan on July 11, accounting for 32.67% of total trading volume on that day [1].

2025 年 1-9 月经营数据公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 股票代码：600399 股票简称：抚顺特钢 编号：临 2025-054 抚顺特殊钢股份有限公司 | 产品名称 | 经营指标 | 2025 | 年 1-9 | 月 | 2024 年 | 1-9 月 | 增减情况（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 合金结构钢 | 产量（万吨） | | 14.96 | | 16.47 | | -9.17 | | | 销量（万吨） | | 14.62 | | 16.06 | | -8.97 | | | 平均售价（元/吨，不含税） | | 10,702.66 | | 13,519.33 | | -20.83 | | 工具钢 | 产量（万吨） | | 6.68 | | 6.45 | | 3.57 | | | 销量（万吨） | | 6.79 | | 6.60 | | 2.88 | | | 平均售价（元/吨，不含税） | | 1 ...

Group 1 - Fushun Special Steel Co., Ltd. experienced a stock price increase of 5.38%, reaching 5.48 CNY per share, with a trading volume of 66.69 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 10.807 billion CNY [1] - The company, established on June 7, 1999, and listed on December 29, 2000, is located in Fushun City, Liaoning Province, and its main business includes steel smelting, steel rolling processing, metallurgical technology services, and the manufacturing and sales of industrial gases [1] - The revenue composition of the company is as follows: alloy structural steel 27.18%, stainless steel 24.74%, tool steel 20.20%, high-temperature alloy 18.86%, and others 9.02% [1] Group 2 - Qianhai Kaiyuan Fund's public utility stock fund (005669) is among the top ten circulating shareholders of Fushun Special Steel, holding 9.0015 million shares, which is unchanged from the previous period, representing 0.46% of the circulating shares [2] - The fund has achieved a year-to-date return of 33.71%, ranking 1326 out of 4218 in its category, and a one-year return of 30.96%, ranking 1434 out of 3869 [2] - Since its inception on March 23, 2018, the fund has generated a total return of 233.14% [2] Group 3 - The fund manager of Qianhai Kaiyuan Public Utility Stock Fund is Cui Chenlong, who has been in the position for 5 years and 96 days, managing a total fund size of 14.074 billion CNY [3] - During his tenure, the best fund return achieved was 210.44%, while the worst return was -22.5% [3]

Core Viewpoint - Fushun Special Steel's stock price has experienced a decline of 9.72% year-to-date, with significant net outflows of capital and a decrease in revenue and profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 16, Fushun Special Steel's stock price dropped by 2.06% to 5.22 CNY per share, with a trading volume of 95.87 million CNY and a turnover rate of 0.92% [1]. - The company has seen a year-to-date stock price decline of 9.72%, with a 2.43% drop over the last five trading days, 6.62% over the last 20 days, and 5.61% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Fushun Special Steel reported a revenue of 3.823 billion CNY, a year-on-year decrease of 10.62%, and a net profit attributable to shareholders of -278 million CNY, a significant decline of 221.83% [2]. - The company has cumulatively distributed 290 million CNY in dividends since its A-share listing, with 146 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Fushun Special Steel had 96,100 shareholders, a decrease of 4.48% from the previous period, with an average of 20,526 circulating shares per shareholder, an increase of 4.69% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 33.89 million shares, and new entrants such as the Fortune China Securities Military Industry ETF [3].

Core Viewpoint - Fushun Special Steel's stock price has experienced a decline of 5.91% year-to-date, with a recent drop of 2.16% in the last five trading days, indicating potential challenges in the market [1][2]. Company Overview - Fushun Special Steel Co., Ltd. is located in Fushun City, Liaoning Province, and was established on June 7, 1999. It was listed on December 29, 2000. The company specializes in steel smelting, steel rolling processing, metallurgical technology services, and the manufacturing and sales of industrial gases [1]. - The main revenue composition of the company includes: alloy structural steel (27.18%), stainless steel (24.74%), tool steel (20.20%), high-temperature alloys (18.86%), and others (9.02%) [1]. Financial Performance - For the first half of 2025, Fushun Special Steel reported an operating income of 3.823 billion yuan, a year-on-year decrease of 10.62%. The net profit attributable to shareholders was -278 million yuan, reflecting a significant year-on-year decline of 221.83% [2]. - The company has cumulatively distributed 290 million yuan in dividends since its A-share listing, with 146 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Fushun Special Steel was 96,100, a decrease of 4.48% from the previous period. The average number of circulating shares per shareholder increased by 4.69% to 20,526 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 33.892 million shares (a decrease of 1.6341 million shares), and new entrants such as the Fortune China Securities Military Industry ETF [3].

Core Viewpoint - Anyang Steel has successfully turned losses into profits in the first half of 2025 by implementing a development strategy focused on high-end, intelligent, green, and special steel transformation amidst a challenging macroeconomic environment and a declining steel market [1] Financial Performance - The company achieved an operating income of 15.515 billion yuan and a net profit attributable to shareholders of 38.0583 million yuan, with both net profit and non-recurring net profit showing a year-on-year turnaround [1] - As of June 30, 2025, the net assets attributable to shareholders reached 2.703 billion yuan, a 2.10% increase from the end of the previous year, while total assets grew by 9.26% to 46.062 billion yuan [1] - The net cash flow from operating activities was 128 million yuan, a significant improvement from a negative 180 million yuan in the same period last year [1] Cost Reduction and Efficiency Improvement - The company has focused on cost reduction and efficiency enhancement by adopting a "all costs can be reduced" philosophy, optimizing logistics through a multi-modal transport model, and improving procurement channels [2] - Key indicators such as comprehensive energy consumption per ton of steel and self-generated electricity ratio have been continuously optimized, showcasing significant energy cost reduction achievements [2] - The company has implemented flexible operational measures, enhancing steel production efficiency and optimizing the scrap steel addition process [2] Special Steel Transformation - The core highlight of Anyang Steel's development in the first half of the year is the deepening of the special steel system, with a focus on quality improvement and the development of new products [3] - The company has successfully developed and promoted 13 varieties of special steel, including automotive steel and tool steel, with a total of 43 new products developed and over 90,000 tons produced [3] - Significant projects such as the second phase of the electromagnetic new materials project are progressing, with production expected to start in September 2025 [3] Green Development and Intelligent Upgrade - Anyang Steel has made substantial progress in green development, establishing a refined carbon cost management system and improving energy efficiency across three major processes [3] - The company has received recognition as a "clean production environmentally friendly enterprise" and completed low-emission modifications at its coking plant [3] - In terms of intelligent upgrades, the company is advancing its industrial internet platform and has achieved certification for a "5G fully connected factory," significantly enhancing its smart manufacturing capabilities [3] Future Outlook - Anyang Steel aims to continue focusing on becoming a leader in advanced steel materials, deepening its presence in the special steel market, and pursuing cost reduction, green upgrades, and intelligent transformation [4] - The company is positioned to achieve higher quality development during the steel industry adjustment period, creating greater value for investors [4]