Company Overview - Fangda Special Steel is located in Qingshan Lake District, Nanchang City, Jiangxi Province, and was established on September 16, 1999. The company was listed on September 30, 2003. Its main business includes the production and sales of automotive leaf springs, spring flat steel, and the manufacturing and sales of black metal smelting and rolling processing products, as well as iron concentrate production and sales. The revenue composition is 98.77% from the steel industry and 1.23% from the mining industry [1]. Stock Performance - As of November 19, Fangda Special Steel's stock price increased by 2.15%, reaching 6.17 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 0.99%. The total market capitalization is 14.272 billion CNY [1]. - Year-to-date, the stock price has risen by 53.56%, with a recent decline of 2.37% over the last five trading days, a 10.77% increase over the last 20 days, and a 2.32% increase over the last 60 days [1]. Financial Performance - For the period from January to September 2025, Fangda Special Steel achieved an operating income of 13.233 billion CNY, a year-on-year decrease of 18.45%. The net profit attributable to shareholders was 789 million CNY, reflecting a year-on-year increase of 317.39% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders is 70,100, a decrease of 17.58% from the previous period. The average circulating shares per person increased by 21.33% to 33,006 shares [2]. - The company has cumulatively distributed 12.898 billion CNY in dividends since its A-share listing, with 308 million CNY distributed in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, notable new entrants include China Europe Dividend Enjoyment Flexible Allocation Mixed A (holding 42.3379 million shares) and E Fund Stable Income Bond A (holding 31.0815 million shares). China Europe Era Pioneer Stock A increased its holdings by 5 million shares to 20 million shares [3].

Core Viewpoint - Fangda Special Steel's stock price has shown significant volatility, with a year-to-date increase of 50.07%, but a recent decline of 2.11% on November 4, indicating potential market fluctuations and investor sentiment changes [1]. Financial Performance - For the period from January to September 2025, Fangda Special Steel reported a revenue of 13.233 billion yuan, a year-on-year decrease of 18.45%, while the net profit attributable to shareholders increased by 317.39% to 789 million yuan [2]. - The company has cumulatively distributed 12.898 billion yuan in dividends since its A-share listing, with 308 million yuan distributed in the last three years [3]. Stock Market Activity - As of November 4, the stock price was 6.03 yuan per share, with a trading volume of 164 million yuan and a turnover rate of 1.16%, resulting in a total market capitalization of 13.949 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 22, where it recorded a net purchase of 166 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 17.58% to 70,100, while the average circulating shares per person increased by 21.33% to 33,006 shares [2]. - New significant shareholders include China Europe Dividend Advantage Flexible Allocation Mixed A and E Fund Stable Income Bond A, indicating changes in institutional holdings [3].

Core Viewpoint - Fangda Special Steel's stock price has shown significant growth this year, with a year-to-date increase of 49.83% and a recent surge of 10.66% over the past five trading days [1][2] Financial Performance - For the period from January to September 2025, Fangda Special Steel reported a revenue of 13.233 billion yuan, a year-on-year decrease of 18.45%, while the net profit attributable to shareholders increased by 317.39% to 789 million yuan [2] - The company has distributed a total of 12.898 billion yuan in dividends since its A-share listing, with 308 million yuan distributed in the last three years [3] Stock Market Activity - As of October 31, Fangda Special Steel's stock was trading at 6.02 yuan per share, with a market capitalization of 13.925 billion yuan [1] - The stock has experienced a net outflow of 27.021 million yuan from major funds, with significant buying and selling activity noted [1] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 17.58% to 70,100, while the average number of circulating shares per person increased by 21.33% to 33,006 shares [2] - New institutional shareholders include China Europe Dividend Advantage Flexible Allocation Mixed A and E Fund Stable Income Bond A, among others [3]

Core Viewpoint - Fangda Special Steel is a significant player in the domestic special steel industry, known for its automotive leaf springs and spring flat steel products, with a competitive market position [1] Group 1: Business Performance - In Q3 2025, Fangda Special Steel reported revenue of 13.233 billion yuan, ranking 4th among 12 companies in the industry, with the top company, CITIC Special Steel, generating 81.206 billion yuan [2] - The company's net profit for the same period was 791 million yuan, placing it 3rd in the industry, behind CITIC Special Steel's 4.493 billion yuan and Jiuli Special Materials' 1.278 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Fangda Special Steel's asset-liability ratio was 53.18%, down from 56.25% year-on-year, but higher than the industry average of 46.77% [3] - The gross profit margin for the same period was 10.44%, an increase from 4.77% year-on-year, yet still below the industry average of 10.92% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.58% to 70,100, while the average number of circulating A-shares held per shareholder increased by 21.33% to 33,000 [5] - New major shareholders included several funds, while Hong Kong Central Clearing Limited reduced its holdings by 7.2498 million shares [5] Group 4: Management Compensation - The chairman, Liang Jianguo, received a salary of 47,000 yuan in 2024, while the general manager, Chen Wenfeng, earned 206,100 yuan [4] Group 5: Analyst Ratings and Forecasts - Guotai Junan Securities maintained an "overweight" rating for Fangda Special Steel, adjusting the 2025-2027 EPS forecast to 0.39, 0.45, and 0.52 yuan, with a target price of 6.48 yuan [6] - Western Securities also maintained a "buy" rating, projecting EPS of 0.35, 0.41, and 0.47 yuan for 2025-2027, with corresponding PE ratios of 16, 14, and 12 times [6]

Core Viewpoint - Fangda Special Steel reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance despite industry challenges [1] Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 13.233 billion yuan and a net profit attributable to shareholders of 789 million yuan, representing a year-on-year increase of 317.39% [1] - In the third quarter alone, the company recorded operating revenue of 4.539 billion yuan and a net profit of 384 million yuan, showing a year-on-year increase of 1368.10% and a quarter-on-quarter increase of 147.94% [1] - The company's cash flow from operating activities remained healthy, supporting its annual performance goals [1] Industry Context - The domestic steel demand is still in an adjustment phase, with ongoing structural transformation in the industry and steel prices remaining low [2] - The average ex-factory price of black metal smelting and rolling industries fell by 8.6% year-on-year in the first nine months of 2025 [2] Strategic Initiatives - Fangda Special Steel is focusing on refined management, optimizing production organization, and implementing differentiated product strategies to control internal costs and alleviate external pressures [2] - The company is enhancing collaboration between production and sales, optimizing order planning, and ensuring quality control throughout the supply chain [2] - The company is actively pursuing major engineering projects in Jiangxi province to increase direct supply ratios and provide tailored services [2] Market Opportunities - The company has capitalized on the recovery of the domestic heavy truck market, which has boosted demand for upstream products like spring flat steel [3] - Fangda Special Steel has established a rapid response mechanism for integrated production, sales, and research to meet customer needs and improve product performance [3] Technological Advancements - The company has made substantial progress in R&D and product validation of key materials for new energy vehicles in collaboration with CATL [4] - In the first three quarters, Fangda Special Steel implemented 15 energy-saving technology transformation projects, leading to a 9.34% increase in self-generated electricity and an 8.70% rise in self-generation rate, both reaching historical highs [5] Future Outlook - The company plans to adhere to the "Steel Industry Growth Stabilization Work Plan (2025-2026)" and focus on high-quality development, enhancing product competitiveness, and proactive cost management [6] - In 2025, Fangda Special Steel has initiated 49 research projects in key areas such as intelligent manufacturing and green low-carbon technologies [6] - Strategic collaborations with companies like Huawei and CATL are progressing, focusing on digital transformation and new energy material R&D [6]

证券代码：600507 证券简称：方大特钢 公告编号：临2025-066 方大特钢科技股份有限公司 2025 年前三季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 年前三 季度主要经营数据公告如下： 一、主营业务分行业情况 单位：万元 | | | 主营业务分行业情况（2025 | 年 1-9 月） | | | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 营业收入比上年 | 营业成本比上年 | | | | | 同期增减（%） | 同期增减（%） | | 钢铁业 | 1,302,532.84 | 1,176,062.82 | -18.47 | -23.53 | | 采掘业 | 16,278.54 | 5,511.19 | -25.13 | 1.00 | 注：钢铁业包括汽车板簧、弹簧扁钢、优线、螺纹钢、贸易类以及 ...

Core Viewpoint - Fangda Special Steel's stock price has shown fluctuations, with a year-to-date increase of 35.89%, but a recent decline of 2.15% on October 28, 2023, indicating potential volatility in the market [1] Company Overview - Fangda Special Steel, established on September 16, 1999, and listed on September 30, 2003, is located in Nanchang, Jiangxi Province. The company primarily engages in the production and sales of automotive leaf springs, spring flat steel, and black metal smelting and processing products [1] - The company's revenue composition is 70.31% from steel sales and 29.69% from other sales [1] Financial Performance - For the first half of 2025, Fangda Special Steel reported operating revenue of 8.694 billion yuan, a year-on-year decrease of 21.71%, while net profit attributable to shareholders increased by 148.75% to 405 million yuan [2] - The company has distributed a total of 12.898 billion yuan in dividends since its A-share listing, with 308 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.08% to 85,000, with an average of 27,205 circulating shares per person, an increase of 4.25% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in holdings among these entities [3] Market Activity - On October 28, 2023, Fangda Special Steel experienced a net outflow of 2.3419 million yuan in principal funds, with significant trading activity reflected in the buying and selling of large orders [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 22, 2023, where it recorded a net purchase of 166 million yuan [1]

Core Viewpoint - The demand for lightweight leaf springs in the electric vehicle sector is gradually increasing, and the company is actively advancing the research and application of new spring flat steel materials [1] Group 1 - The company has indicated that the demand for lightweight leaf springs is rising due to the growth of the electric vehicle market [1] - The company is continuously progressing in the research and application of new types of spring flat steel materials [1] - Currently, the company has not developed customized spring flat steel products suitable for Tesla's Cybertruck and other models [1]

Core Viewpoint - Fangda Special Steel's stock price has shown volatility, with a recent decline of 2.00% and a year-to-date increase of 34.15%, indicating mixed market sentiment and performance [1][2]. Financial Performance - For the first half of 2025, Fangda Special Steel reported operating revenue of 8.694 billion yuan, a year-on-year decrease of 21.71%, while net profit attributable to shareholders increased by 148.75% to 405 million yuan [2]. - The company has cumulatively distributed 12.898 billion yuan in dividends since its A-share listing, with 308 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 16, the stock was trading at 5.39 yuan per share, with a market capitalization of 12.468 billion yuan and a trading volume of 31.4471 million yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent net purchase of 166 million yuan on July 22, accounting for 37.47% of total trading volume on that day [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.08% to 85,000, with an average of 27,205 circulating shares per shareholder, an increase of 4.25% [2]. - Notable changes in the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders such as Huashang Convertible Bond A [3].

Core Insights - The company is enhancing its innovation-driven strategy by integrating newly recruited high-educated talents into key operational roles, which aligns with its ongoing "Quality Month" initiative to strengthen its development foundation based on quality and talent [1][4]. Group 1: Strategic Developments - In the first half of 2025, the domestic steel industry faced challenges due to "strong supply and weak demand," but the company achieved impressive results by adhering to a "low-cost, differentiated, and specialized" development path and implementing its "two upgrades" strategy [1]. - The company focuses on a "combination of common and special products" as its core product strategy, exploring new growth areas while consolidating its advantages [1]. - The commercial vehicle market's gradual recovery has increased demand for spring flat steel, allowing the company to respond quickly and deliver over 100 specifications of spring flat steel products [1]. Group 2: Quality Management Initiatives - The "Quality Month" activity emphasizes quality control across the entire production chain, promoting a culture of quality awareness among all employees through various communication channels [2]. - The technical center will conduct specialized training on the QEOEn management system to strengthen employees' understanding of quality management [2]. - Daily inspections and real-time feedback mechanisms are implemented to ensure adherence to quality standards throughout the production process [3]. Group 3: Talent Development and Market Confidence - Newly recruited master's and doctoral talents are provided with mentors and hands-on training to enhance their understanding of production processes and contribute to quality improvement and technological innovation [4]. - The capital market's recognition of the company's strategy is evident, with significant share purchases by major stakeholders, reflecting confidence in the company's quality management capabilities and growth potential [4]. - The company aims to continue deepening its "two upgrades" strategy, reinforcing its commitment to quality and talent-driven innovation in the steel industry [5].