2025年9月，方大特钢新入职硕博精英在完成一个月集中入职培训后，正式奔赴研发创新、生产技术、 数智转型等核心业务紧密相关的岗位实习。这支高学历人才队伍的加入，为企业"创新驱动战略升级"注 入新鲜血液，同时与同期推进的"质量月"活动形成呼应，共同夯实企业以质量为基、以人才为核的发展 根基。 据了解，为构建闭环质量管理体系，"质量月"活动更加注重内外协同。内部协作上，各生产单位开 展"下道工序是用户"走访活动，如炼钢厂主动对接轧钢厂了解坯料使用反馈，焦化厂与炼铁厂协同优化 煤焦配比，让生产协作更贴合质量需求；外部联动上，销售公司面向全国客户开展满意度调查，精准收 集产品性能、交付效率等方面的意见建议，形成专项报告反哺生产改进；供应链端，原料公司、设备材 料公司严格按照IATF16949汽车质量管理体系要求，对核心供应商开展专项审核，从源头保障供应链质 量稳定。 新入职硕博人才也将为企业质量提升与技术创新提供智力支撑。据了解，方大特钢为全体新入职硕博配 备了成长导师、专业导师及岗位导师，组织深入生产一线进行实习，系统了解钢铁生产的工艺、技术及 管理模式；聚焦产线实际难点，培养发现问题、分析问题及提出系统性改进方案 ...

Core Viewpoint - The company has shown significant improvement in gross profit per ton of steel in the first half of 2025, primarily due to a larger decline in raw material prices compared to steel prices, along with ongoing optimization of product structure and cost reduction efforts. The industry supply-demand dynamics are expected to improve, leading to a potential recovery in profitability [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.694 billion yuan, a year-on-year decrease of 21.71%, while net profit attributable to shareholders was 405 million yuan, an increase of 242 million yuan year-on-year [2]. - The company has revised its net profit forecasts for 2025-2026 to 903 million yuan and 1.044 billion yuan, respectively, from previous estimates of 606 million yuan and 728 million yuan, and has added a forecast for 2027 of 1.205 billion yuan [2]. - The steel production and sales volume for the company in the first half of 2025 were 2.0513 million tons and 2.0495 million tons, respectively, both down 2.3% year-on-year. However, the gross profit per ton of steel increased to 368 yuan, a year-on-year rise of 42% [2]. Group 2: Market Dynamics - The company is focusing on increasing the production and sales of spring flat steel, which has a relatively higher added value, in response to market demand trends, thereby optimizing its product structure to enhance profitability [3]. - The overall commercial vehicle production and sales in China for the first half of 2025 were 2.099 million and 2.122 million units, respectively, showing year-on-year increases of 4.7% and 2.6%, indicating a mild recovery in the industry that supports the demand for automotive springs and flat steel [3]. - The company remains optimistic about the improvement in the supply-demand dynamics of the industry, as the negative impact of the real estate sector on steel demand is expected to gradually weaken, leading to stabilization in steel demand [3].

Core Viewpoint - Fangda Special Steel reported a significant net profit increase of 148.75% year-on-year, reaching 405 million yuan in the first half of 2025, despite challenges in the steel industry [2] Group 1: Financial Performance - The company achieved a net profit of 405 million yuan in the first half of 2025, marking a substantial increase of 148.75% compared to the previous year [2] - In the context of the steel industry, which saw a 5.79% decline in revenue for major enterprises, Fangda Special Steel's performance stands out [3] Group 2: Shareholder Confidence - Several institutional investors increased their holdings in Fangda Special Steel, with the controlling shareholder Fangda Steel adding 18.05 million shares, raising its stake by 0.78% [2] - The participation of northbound capital and financial institutions reflects ongoing confidence in the company's strategic direction and growth potential [2] Group 3: Operational Strategy - The company is implementing a "low-cost, differentiated, and specialized" development strategy to navigate market challenges [3] - Fangda Special Steel is focusing on fine management practices, reducing costs, and optimizing product structure to enhance economic benefits [3] Group 4: Energy Efficiency and Sustainability - The company is actively utilizing waste heat and gases from the steel production process for power generation, aiming to improve energy efficiency and reduce carbon emissions [4][6] - Measures such as optimizing energy consumption and enhancing equipment maintenance have led to significant cost savings, including a reduction in diesel costs by 192,400 yuan and a 7.17% decrease in fuel consumption [3] Group 5: Innovation and Development - 2025 is designated as the "Year of Innovation" for Fangda Special Steel, with increased R&D investment and collaboration with partners like Huawei and CATL to drive digital transformation and green development [5][6] - The company is focusing on the development of key materials for new energy vehicles, with some products already in small-scale delivery [6] Group 6: Future Outlook - Fangda Special Steel aims to continue its fine management approach, digital transformation, and green upgrades to solidify its position as an industry benchmark and contribute to high-quality development in the steel sector [6]

Summary of the Conference Call for Fangda Special Steel Industry Overview - The steel industry in the first half of 2025 is characterized by a strong supply and weak demand situation, with pig iron production decreasing by 0.8% year-on-year, while steel production increased by 4.6%. However, apparent crude steel consumption fell by 5.6% year-on-year, indicating a downward trend in the steel market. The long product and flat product indices decreased by 13.53% and 13.77% respectively year-on-year [2][3] Company Performance - Fangda Special Steel maintained stable product production and sales at approximately 2.05 million tons in the first half of 2025. Revenue decreased by 21.71% year-on-year to 8.694 billion yuan, but net profit attributable to shareholders increased by 148.75% to 405 million yuan, indicating a significant improvement in profitability with a weighted average return on equity of 4.27% [2][6] - In Q2 2025, the company's performance declined compared to Q1, primarily due to a larger decrease in market sales prices than in raw material prices, and a production line maintenance that reduced output by approximately 90,000 tons [2][7] Cost and Pricing Dynamics - Raw material costs significantly decreased in the first half of 2025, with domestic iron ore, imported powder ore, coking coal, and metallurgical coke costs dropping by 14.35%, 15.66%, 27.44%, and 24.69% respectively. This cost reduction helped mitigate the pressure on profits from falling steel prices [2][5] - The company implemented cost reduction measures starting in September 2024, achieving a cumulative reduction of 66 yuan per ton, with an expected further reduction of 50 yuan per ton after the commissioning of power generation and oxygen production projects by early 2026 [2][4][15] Product and Market Insights - Spring flat steel is a key product for Fangda Special Steel, holding a market share of approximately 50% with a gross profit of about 800 yuan per ton, benefiting from a mild recovery in the commercial vehicle market. The company is increasing production and sales of high-margin spring flat steel to enhance overall profitability [2][4][9] - The commercial vehicle market showed a mild recovery, with cumulative production and sales of commercial vehicles increasing by 4.7% and 2.6% year-on-year respectively in the first half of 2025 [2][9] Future Outlook and Strategic Plans - The net profit target for Fangda Special Steel in 2025 is set at 1.05 billion yuan, with expectations for 2026 not to be lower than this level. The company is actively seeking acquisition opportunities in the special steel sector or new materials to achieve transformation and upgrade goals [2][4][29] - The company is also focusing on resolving internal competition and external expansion through acquisitions, aiming to increase production capacity from 20 million tons to 50 million tons [2][20] Additional Considerations - The company has completed its ultra-low emission project and is currently in the public announcement phase, expected to be completed by the end of the year [2][23] - Fangda Special Steel has maintained a high dividend payout ratio over the past decade, although it has decreased in recent years due to industry uncertainties. However, there is a willingness to increase the dividend ratio if the annual profit situation is favorable [2][24]

Company Overview - Fangda Special Steel is located in Qingshan Lake District, Nanchang City, Jiangxi Province, and was established on September 16, 1999. It was listed on September 30, 2003. The company primarily engages in the production and sales of automotive leaf springs, spring flat steel, black metal smelting, and its rolling processing products, as well as iron concentrate production and sales. The main business revenue composition is 64.45% from steel sales and 35.55% from other sales [1]. Stock Performance - As of August 27, Fangda Special Steel's stock price decreased by 2.03%, trading at 5.78 CNY per share, with a total market capitalization of 13.37 billion CNY. The stock has increased by 43.85% year-to-date, but has seen a decline of 5.86% over the last five trading days and a slight decrease of 1.53% over the last 20 days. In the last 60 days, the stock price has risen by 38.68% [1]. Financial Performance - For the first half of 2025, Fangda Special Steel reported an operating income of 8.694 billion CNY, a year-on-year decrease of 21.71%. However, the net profit attributable to shareholders increased by 148.75% to 405 million CNY [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Fangda Special Steel was 85,000, a decrease of 4.08% from the previous period. The average circulating shares per person increased by 4.25% to 27,205 shares [2]. Dividend Distribution - Since its A-share listing, Fangda Special Steel has distributed a total of 12.898 billion CNY in dividends, with 308 million CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 26.5383 million shares, an increase of 2.5366 million shares from the previous period. Other notable shareholders include China Europe Era Pioneer Stock A and Southern CSI 1000 ETF, with varying changes in their holdings [3].

证券代码：600507 证券简称：方大特钢 公告编号：临2025-060 方大特钢科技股份有限公司 注：钢铁业包括汽车板簧、弹簧扁钢、优线、螺纹钢、贸易类以及与公司主营业务关联度较 小的其他业务。 二、产销量情况 单位：万吨 | 主要产品 | 生产量 | 销售量 | 生产量比上年 | 销售量比上年 | | --- | --- | --- | --- | --- | | | | | 同期增减（%） | 同期增减（%） | | 钢铁业（汽车板簧、弹簧扁钢、 优线、螺纹钢等产品） | 205.13 | 204.95 | -2.30 | -2.30 | | 采掘业（铁精粉） | 4.20 | 7.17 | 不适用 | -60.40 | 2025 年半年度主要经营数据公告 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。 方大特钢科技股份有限公司（以下简称"公司"）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》的相关规定，现将 2025 年上 半年主要经营数据公告如下： 一、主营业务分行业情况 单位：万元 | | ...

Summary of the Conference Call for Fangda Special Steel Company Overview - Fangda Special Steel is located in Nanchang, Jiangxi Province, and is a comprehensive steel enterprise involved in mining, coking, sintering, ironmaking, steelmaking, and rolling processes. The company employs over 6,400 people and occupies approximately 3,300 acres, with an annual steel production capacity of about 4.2 million tons [3][4]. Financial Performance - In Q1 2025, Fangda Special Steel reported a net profit attributable to shareholders of 250 million yuan, a year-on-year increase of 167.99%. Total profit reached 322 million yuan, up 184.03% year-on-year, primarily due to cost reduction and efficiency improvement measures [2][4]. - The gross profit margin improved to 4.04%, reflecting a year-on-year increase of 75.2% [5]. Production and Sales Highlights - The production volume in Q1 2025 was 1.0276 million tons, with sales of 1.0286 million tons, achieving a production-sales rate of over 100% [6]. - Sales of construction materials increased by 4.73%, while engineering sales rose by 19.6% [6]. Industry Challenges and Responses - The steel industry faces challenges from anti-involution policies, which may lead to production cuts among some companies. Fangda Special Steel, due to its strong profitability, is likely to have production cut tasks assigned to less profitable subsidiaries to ensure stable operations [7][8]. - The company has completed ultra-low emission modifications, which increased costs by approximately 200 yuan per ton. Companies that have not completed these modifications may face elimination in the future [11][14]. Market Outlook - The demand for steel in the second half of 2025 is not expected to significantly increase, with price rises primarily driven by market sentiment rather than actual demand recovery [8]. - The company is closely monitoring national policies regarding supply-side adjustments to mitigate the impact of production cuts on its business [8]. Strategic Initiatives - Fangda Special Steel has entered the new energy vehicle supply chain through a partnership with CATL, focusing on electric chassis suspension components, which are currently in the sample supply stage [4][27]. - The company is actively seeking acquisition opportunities to expand its production capacity to 50 million tons [30]. Environmental and Capital Expenditure - Since 2017, Fangda Special Steel has invested over 2 billion yuan in ultra-low emission modifications, with current production costs around 120 yuan per ton. The capital expenditure for 2025 is projected to be between 600 million to 700 million yuan, including a 650 MW subcritical power generation project [33][34]. Shareholder Returns - The company has maintained a conservative cash flow management strategy over the past two years due to unfavorable industry conditions. However, with improved profitability, the minimum shareholder return is set at 30%, with potential increases to 50% or 70% depending on future performance [32]. Conclusion - Fangda Special Steel demonstrates strong financial performance and strategic initiatives to navigate industry challenges while focusing on environmental compliance and potential growth through acquisitions and partnerships. The outlook for the steel market remains cautious, with a focus on adapting to policy changes and market dynamics.

Group 1: Stock Market Activity - A total of 39 stocks were listed on the institutional leaderboard, with 20 stocks experiencing net buying and 19 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Fangda Special Steel (¥163 million), Kangchen Pharmaceutical (¥156 million), and Dayu Water-saving (¥96.17 million) [1] Group 2: Notable Stocks - Fangda Special Steel (600507.SS) saw a price increase of 10.07% with 2 buyers and no sellers [2] - Kangchen Pharmaceutical (603590.SS) experienced a price increase of 6.86% with 2 buyers and no sellers [2] - Dayu Water-saving (300021.SZ) had a significant price increase of 19.96% with 4 buyers and 4 sellers [2] Group 3: Industry Insights - Fangda Special Steel's main products include rebar, high-quality wire, spring flat steel, automotive leaf springs, and iron concentrate, primarily used in construction and automotive manufacturing [2] - The China Energy Construction Company has over 50% market share in large hydropower projects and has won a bid for the Yajiang midstream Ba'an power supply project, indicating potential for downstream mechanical installation business [2] - Iron Construction Heavy Industry is a leading manufacturer of domestic tunnel boring machines, with significant demand expected for equipment orders due to the Yajiang project [2] Group 4: Coal Industry Outlook - Shanxi Coking Coal, under the Shanxi Provincial State-owned Assets Supervision and Administration Commission, focuses on coking coal and coke production [3] - Recent news indicated that coking coal futures reached their daily limit increase on July 22 [3] - Everbright Securities noted that expectations for "anti-involution" are strengthening, predicting a bullish trend for coal prices, especially with the peak coal consumption season approaching [4] - Changjiang Securities mentioned that with increasing insurance premiums and policy support for equity allocation, insurance capital may overflow into coal dividend stocks that still offer significant value [4]

Industry Beta - The steel industry is transitioning from administrative to market-driven capacity reduction, with a turning point already evident [1] - The demand side of the steel industry is under pressure, and new supply-side reforms are being initiated, emphasizing high-end, green, and intelligent production, as well as industry consolidation [1][2] - The strategic importance of supply-side capacity reduction has reached unprecedented heights, with various sectors, including photovoltaic and non-ferrous metals, undergoing significant policy changes [1] Company Alpha - The company operates with a flexible management structure typical of private enterprises, resulting in lower sales expense ratios and strong internal incentives linked to performance [2] - The differentiation strategy has proven effective, with core products such as spring flat steel and automotive leaf springs achieving prices and profitability above industry averages [2] - Systematic cost reduction measures have led to noticeable declines in raw material, labor, and manufacturing costs from 2022 to 2024 [2] - There is strong potential for asset injections from within the group, specifically from Dazhou Steel and Pinggang Co., as well as opportunities for external acquisitions to strengthen the steel segment [2]

Group 1 - The Nanchang Municipal Science and Technology Bureau announced the first batch of the "One Enterprise, One Doctor" technology talent service action for 2025, successfully pairing 87 technology-based enterprises with 115 doctors, including 10 doctor teams and 38 individual doctors [1] - Fangda Special Steel, a key enterprise in Nanchang's new material industry chain, is recognized as a leading enterprise in the manufacturing industry, contributing to industrial transformation and upgrading [1] - Fangda Special Steel is part of the Liaoning Fangda Group's steel sector, integrating various production processes and recognized as a production base for high-quality spring flat steel and automotive leaf springs [1] Group 2 - The "One Enterprise, One Doctor" initiative aims to address key technological bottlenecks in industries by facilitating the flow of innovation resources from universities and research institutions to enterprises, thereby promoting the integration of industrial, innovation, and talent chains [1] - The initiative focuses on serving key manufacturing industry chain enterprises, aligning with Nanchang's "8810" action plan and other economic development priorities [1] - Fangda Special Steel is leveraging the initiative to enhance its technological research and development capabilities, aiming for high-quality development while playing a leading role in the industrial chain [2]