Core Viewpoint - The domestic steel industry is expected to recover in 2025, with significant profit growth and improved profitability metrics for companies like Nanjing Steel [4][12]. Group 1: Financial Performance - In 2025, Nanjing Steel achieved a net profit of 2.867 billion yuan, marking a 26.8% increase year-on-year, with a non-recurring net profit of 2.467 billion yuan, up 13.0% [9]. - The company's gross margin reached 14.1%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 4.8%, up 1.2 percentage points, exceeding the industry average by 2.9 percentage points [11]. - The average sales profit margin for key steel enterprises is projected to be 1.9% in 2025, reflecting a year-on-year increase of 1.13 percentage points [4]. Group 2: Market Dynamics - The average CSPI steel price index for 2025 is expected to be 93.19, a decline of 9.1% year-on-year, while the average price of 62% iron ore is projected at 102.43 USD/ton, with a 6.4% decrease [13]. - Coal prices have significantly decreased, with the average price of Anze coking coal at 1,411.11 yuan/ton, down 26.66%, and the price of coking coal at Rizhao Port at 1,472.24 yuan/ton, down 25.24% [13]. - The steel industry has seen a reduction in crude steel production to 961 million tons, a year-on-year decrease of 4.4%, and a decline in apparent consumption of crude steel by 7.1% [20]. Group 3: Strategic Shifts - Nanjing Steel has reduced its sales from the real estate and infrastructure sectors to only 10%, with over 70% of its products now sold to manufacturing sectors such as shipbuilding, automotive, and renewable energy [22]. - The steel industry is experiencing a shift where the proportion of steel used in manufacturing has surpassed that of construction, reaching 51% [20]. - The company has established stable partnerships with over 300 clients in more than 60 countries, with significant developments in the Middle East market [25].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company reported a revenue of 57.994 billion yuan in 2025, a year-on-year decrease of 6.17%, while the net profit attributable to shareholders increased by 26.83% to 2.867 billion yuan [1]. - The fourth quarter of 2025 saw a revenue increase of 17.50% year-on-year, with net profit rising by 36.23% [1]. - The company is focusing on high-end products, with advanced steel material sales reaching 2.8265 million tons, accounting for 30.45% of total steel product sales, an increase of 2.42 percentage points year-on-year [3]. Summary by Relevant Sections Financial Performance - In 2025, the company achieved a net profit of 2.867 billion yuan, with a growth rate of 26.83% [5]. - The company’s revenue for 2025 was 57.994 billion yuan, reflecting a decline of 6.17% compared to the previous year [5]. - The gross profit margin for the fourth quarter was 14.89%, an increase of 2.87 percentage points year-on-year [2]. Product and Sales Performance - The company’s steel sales volume for 2025 was 9.2824 million tons, remaining stable year-on-year [2]. - The sales prices of various steel products increased in the fourth quarter, with alloy steel bar prices rising by 3.8% [2]. - The company’s high-end product sales contributed significantly to its profitability, with a gross profit of 3.004 billion yuan from advanced steel materials [3]. Future Outlook - The company plans to enhance its product structure and extend its industrial chain, with a focus on high-end products and resource integration [3]. - The company’s dividend payout ratio is expected to increase, with a proposed cash dividend of 0.1372 yuan per share for the second half of 2025, amounting to 8.46 billion yuan [4]. - Profit forecasts for 2026 to 2028 indicate a gradual increase in net profit, projected at 3.066 billion yuan in 2026, 3.217 billion yuan in 2027, and 3.497 billion yuan in 2028 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market conditions [4][7]. Core Insights - The company achieved a record high net profit attributable to shareholders of 2.867 billion yuan in 2025, marking a year-on-year increase of 26.83%. The basic earnings per share also grew by 26.83% to 0.4651 yuan [1]. - Despite a 6.17% decrease in operating revenue to 57.994 billion yuan, the company's profitability improved, with a gross profit margin remaining robust [1]. - The company is expected to benefit from a favorable industry supply-demand structure, with a significant valuation recovery potential, estimated market capitalization around 33.3 billion yuan to 46.5 billion yuan [4]. Financial Performance - In 2025, the company reported a total steel production of 9.3347 million tons, a slight increase of 0.73%, while sales volume decreased by 0.5% to 9.2824 million tons. The coke sales volume, however, surged by 33% to 3.83 million tons [2]. - The advanced steel materials sales reached 2.8265 million tons, accounting for 30.45% of total steel product sales, with a gross margin of 20.88%, reflecting a year-on-year increase of 3.71 percentage points [3]. - The company plans to increase its steel production target to 9.78 million tons in 2026, representing a growth of 4.77% [2]. Dividend Policy - The company has a strong dividend policy, proposing a cash dividend of 0.1372 yuan per share for the second half of 2025, which represents 55% of the net profit attributable to shareholders [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market conditions [4][7]. Core Insights - The company achieved a record high net profit attributable to shareholders of 2.867 billion yuan in 2025, marking a year-on-year increase of 26.83%. The basic earnings per share also grew by 26.83% to 0.4651 yuan [1]. - Despite a 6.17% decrease in operating revenue to 57.994 billion yuan, the company's profitability improved, with a gross profit margin remaining high [1]. - The company is expected to benefit from a favorable industry supply-demand structure, with a significant valuation recovery potential, estimated market capitalization around 33.3 billion yuan to 46.5 billion yuan [4]. Financial Performance - In 2025, the company reported a total steel production of 9.3347 million tons, a slight increase of 0.73%, while sales volume decreased by 0.5% to 9.2824 million tons. The coke sales volume increased significantly by 33% to 3.83 million tons [2]. - The advanced steel materials sales reached 2.8265 million tons, accounting for 30.45% of total steel product sales, with a gross margin of 20.88%, reflecting a year-on-year increase of 3.71 percentage points [3]. - The company plans to distribute a cash dividend of 0.1372 yuan per share, totaling approximately 1.577 billion yuan, which represents 55% of the net profit attributable to shareholders [4]. Product Development and Market Position - The company is focusing on high-end product development, including advanced steel materials for various applications, which is expected to enhance profit margins and market competitiveness [3]. - The company has successfully certified its anti-acid pipeline steel with Saudi Aramco, positioning itself for growth in the energy and power sectors [2]. - The integration with CITIC Group has transformed the company into a state-owned enterprise, enhancing its resource-sharing capabilities and operational synergies [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃南京鋼鐵股份有限公司在二零二六年三月十六日中華人民共 和國上海證券交易所網站（www.sse.com.cn）關於 2025 年年度報 告摘要。南京鋼鐵股份有限公司為中國中信股份有限公司的附屬 公司。 南京钢铁股份有限公司2025 年年度报告摘要 公司代码：600282 公司简称：南钢股份 南京钢铁股份有限公司 2025 年年度报告摘要 1 南京钢铁股份有限公司2025 年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 http://www.sse.com.cn 网站仔细阅读年度报告全文。 2、本公司董事会及董事、高级管理人员保证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。 3、公司全体董事出席董事会会议。 4、立信会计师事务所（特殊普通合 ...

Core Viewpoint - Nanjing Steel has been recognized for its strong competitiveness and ESG performance, achieving the highest ratings in both categories for the 2025 assessment, showcasing its ability to balance economic and social value in the steel industry [1][2]. Group 1: Competitiveness and ESG Ratings - Nanjing Steel has received an A+ rating for competitiveness (development quality) for nine consecutive years and an AAA rating for ESG for three years [1][2]. - The 2025 competitiveness rating evaluated 109 companies, with 16 achieving A+ and 10 receiving AAA ratings, positioning Nanjing Steel in the "first tier" of domestic steel enterprises [2]. Group 2: Technological Advancements and Product Development - Nanjing Steel has completed 215 products and technologies that meet international advanced standards, demonstrating its capability in high-end materials and green manufacturing [3]. - The company focuses on advanced steel materials, providing essential high-performance materials for major national projects and advanced manufacturing needs [3]. Group 3: Environmental and Social Responsibility - Nanjing Steel has achieved ultra-low emissions across all processes, becoming the first long-process steel enterprise in Jiangsu Province to receive an A-level environmental performance rating [4]. - The company has established a three-tier ESG governance structure and has been recognized as a national industrial tourism demonstration base, reflecting its commitment to sustainable development [4]. Group 4: Future Development Strategy - Nanjing Steel aims to enhance its competitiveness through smart manufacturing and deep collaboration across the supply chain, positioning itself for high-quality development [5]. - The company is expanding globally, establishing a global procurement and marketing network, and integrating overseas resources to enhance its value chain [5][6]. Group 5: Business Ecosystem Development - Nanjing Steel is building three business ecosystems: industrial chain, smart manufacturing services, and green low-carbon initiatives, focusing on resource security and cost advantages [6]. - The company is enhancing its digital transformation and modern industrial service platform to support manufacturing enterprises in their digital upgrades [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on August 20, 2025 [6]. Core Insights - The company reported a revenue of 28.944 billion yuan for H1 2025, a year-on-year decrease of 14.06%, while the net profit attributable to shareholders was 1.463 billion yuan, an increase of 18.63% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 14.592 billion yuan, a year-on-year decrease of 13.18% but a quarter-on-quarter increase of 1.66%. The net profit for Q2 was 0.885 billion yuan, showing a year-on-year increase of 30.21% and a quarter-on-quarter increase of 52.94% [1][2]. Summary by Sections Sales and Profitability - Product sales increased quarter-on-quarter, with Q2 2025 steel sales reaching 2.372 million tons, an 11.90% increase from the previous quarter, although down 5.8% year-on-year. The increase was primarily driven by sales of medium-thick plates [2]. - The gross margin for Q2 2025 was 14.52%, up 2.52 percentage points year-on-year and 2.73 percentage points quarter-on-quarter, despite a slight decrease in sales prices for various steel products [2]. Future Outlook - The company is focusing on high-end products to drive quality growth, with advanced steel material sales reaching 1.3372 million tons in H1 2025, accounting for 29.77% of total steel product sales, an increase of 2.64 percentage points year-on-year [3]. - The company is also extending its industrial chain, having acquired exploration rights for the Fanqiao mine and established a production line for ultra-pure iron powder, marking a breakthrough in key technologies in the permanent magnet materials sector [4]. Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 2.798 billion yuan, 3.023 billion yuan, and 3.440 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 10x, 10x, and 8x [4][5].