Core Insights - The national statistics indicate mixed trends in steel prices across the market as of late August 2025, with various categories experiencing price declines compared to the previous period [1] Price Summary - Rebar (Φ20mm, HRB400E) is priced at 3218.2 CNY/ton, down 42.8 CNY/ton, a decrease of 1.3%, which is an increase in the decline rate by 1.1 percentage points from the previous period [1] - Wire rod (Φ8-10mm, HPB300) is priced at 3356.5 CNY/ton, down 48.9 CNY/ton, a decrease of 1.4%, with the decline rate increasing by 0.9 percentage points from the previous period [1] - Ordinary medium plate (20mm, Q235) is priced at 3525.8 CNY/ton, down 15.5 CNY/ton, a decrease of 0.4%, contrasting with a previous increase of 0.5% [1] - Hot-rolled ordinary plate coil (4.75-11.5mm, Q235) is priced at 3444.9 CNY/ton, down 37.4 CNY/ton, a decrease of 1.1%, compared to a previous increase of 0.5% [1] - Seamless steel pipe (219*6, 20) is priced at 4162.5 CNY/ton, down 10.0 CNY/ton, a decrease of 0.2% [1] - Angle steel (5) is priced at 3531.4 CNY/ton, down 17.1 CNY/ton, a decrease of 0.5%, contrasting with a previous increase of 0.3% [1]

Group 1: Dividend Policy and Financial Performance - In 2024, Ansteel Co. will not distribute cash dividends or issue bonus shares due to a loss, in accordance with company bylaws, to ensure sustainable development and long-term interests of shareholders [2] - As of July 21, 2025, Ansteel's controlling shareholder, Anshan Iron and Steel, has cumulatively increased its shareholding by 36,143,538 shares, with a total investment of RMB 86.82 million [2] Group 2: Product Range and Market Applications - Ansteel offers a diverse product range including hot-rolled sheets, medium and thick plates, cold-rolled sheets, galvanized sheets, and seamless steel pipes, widely used in various industries such as machinery, metallurgy, and construction [3] - The company has leading R&D capabilities in medium and thick plate products, particularly in shipbuilding steel, which meets the current demands for various types of ship construction [3] Group 3: Production Capacity and Raw Material Procurement - In the first half of 2025, Ansteel produced 12.16 million tons of molten iron, maintaining stable production levels [4] - The company sources iron ore primarily from its own mines and has established agreements with Ansteel Group for stable procurement of iron concentrate, ensuring a reliable supply for its operations [4]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and is established in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company, Shengtak New Material Co., Ltd., was registered on August 10, 2020, and listed on the Shenzhen Stock Exchange on September 1, 2020, with a registered capital of RMB 110 million [2][3] Business Objectives and Scope - The company's business objectives are based on honesty, integrity, and sincerity [4] - The business scope includes manufacturing and sales of seamless steel pipes, stainless steel pipes, and nickel-based alloys, as well as import and export of various goods and technologies [4] Share Issuance - The company's shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [5][6] - The total number of shares issued by the company is 110 million, with a capital structure consisting of common shares [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, supervision of company operations, and access to company documents [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [20][21] - Shareholder meetings are the authority of the company, where decisions on significant matters such as capital changes, profit distribution, and major asset transactions are made [17][18] Voting and Resolutions - Resolutions can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [80][81] - Specific matters such as capital increases, mergers, and amendments to the articles of association require special resolutions [82]

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。 （股份編號：0347） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列鞍鋼股份有限公司（「本公司」）於二零二 五 年 八月二十七 日 在《中 國 證券報》、《證券時報》、《上海證券報》或巨潮資訊網(http://www.cninfo.com.cn) 刊 登 的 以 下 公 告 全 文，僅 供 參 考。 承董事會命 鞍鋼股份有限公司 王 軍 執行董事兼董事長 中國遼寧省鞍山市 二零二 五 年 八月二十六日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 如 下： | 執 | 行 | 董 | 事： | | 獨 立 | 非 | 執 | 行 | 董 | 事： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 6.105 billion yuan in H1 2025, representing a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [1] - The growth in gross profit is primarily driven by seamless steel pipes and composite steel pipes, with total gross profit reaching 1.66 billion yuan, a year-on-year increase of 37.99% [1] - The company is actively expanding into emerging markets and increasing R&D investment, which reached 212 million yuan in H1 2025, a 14.20% increase year-on-year [2] - The net profit from the company's European operations was 176 million yuan in H1 2025, an increase of 138 million yuan year-on-year [2] - The company has reduced its stake in Yongxing Materials to 5% as of August 25, 2025 [3] Financial Summary - Revenue projections for 2025-2027 are 16.24 billion yuan, 18.76 billion yuan, and 21.60 billion yuan respectively, with a maintained "Buy" rating [3] - The company’s revenue for 2025 is estimated at 11.943 billion yuan, with a growth rate of 9.39% [4] - The net profit for 2025 is projected to be 1.624 billion yuan, reflecting an 8.94% growth rate [4] - The company’s EPS for 2025 is expected to be 1.66 yuan [4] - The projected ROE for 2025 is 18.94% [4] Profitability and Valuation Metrics - The gross margin is expected to improve to 28.2% in 2025 [15] - The P/E ratio is projected to decrease from 15 in 2023 to 10 in 2027 [16] - The dividend per share is expected to be 0.83 yuan in 2025 [16]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

上世纪90年代，我们国家想修一条油气管道，想建一座核电站，甚至想造一架更先进的飞机时，却发现 连一根最关键的、无缝的钢管，都得看别人的脸色。 那时候一根普普通通的无缝钢管，美国德国人敢开出每吨2万美元的天价！那可是90年代的2万美元！ 他们不仅卖得贵，还拽得不行。核心技术？不卖！先进设备？不卖！卖给你的旧设备，连怎么修都得他 们说了算，你想自己拆开研究一下？门儿都没有！ 那种感觉，就像一个武林高手，被人掐住了命脉，空有一身抱负，却处处受制于人。 可是他们或许怎么都不会料到，这种被逼到绝路的"憋闷"最后会整出个啥样的"钢铁大家伙"…… 今天咱们就来聊聊，这根小小的钢管，是如何逼着中国，上演了一出惊天动地的工业逆袭大戏！ 一根"天价"钢管和被掐住的"工业命脉"可能很多人会问，不就是一根钢管吗？有那么重要吗？太重要 了！ 我们平时看到的钢管，很多中间有一道焊缝，就像衣服的缝合线，可是在一些极端环境里，比如深海油 田几千米处的高压、核反应堆里的超高温、战斗机引擎里的极限拉扯……这道小小的焊缝就是致命的缺 陷。 无缝钢管，从名字就能大概知道，它是一体成型的，整个管子上下没有一点"伤痕"它就像个天生体魄强 健的"肌肉型男 ...

Group 1: Company Performance Overview - In the first half of 2025, the company achieved total operating revenue of CNY 63.092 billion and a net profit attributable to shareholders of CNY 1.748 billion, representing a year-on-year growth of 31% [3] - The steel industry faced significant supply-demand imbalances, but domestic economic recovery supported stable operations, with the steel price index down 13.4% year-on-year [2][3] - The company reported a profit of CNY 1.781 billion in Q2 2025, with a net profit of CNY 1.186 billion, showing a year-on-year increase of 26% and a quarter-on-quarter increase of 111% [3] Group 2: Operational Improvements - The company upgraded its product structure, adding 51 new patents and achieving a record 14 metallurgical technology awards [3] - Key product sales reached 7.6 million tons, accounting for 68.5% of total sales, an increase of 3.9 percentage points year-on-year [3] - The company completed the sale of 475,000 tons of oriented silicon steel, a 38% year-on-year increase, with a market share exceeding 60% [5] Group 3: Cost Management and Efficiency - The company reported a 27.4% decrease in coking coal procurement costs year-on-year, with overall cost management improving [4] - Self-generated electricity increased by 163 million kWh, achieving a historical high average daily generation of 29.48 million kWh [4] - Financial costs were negative, with a sufficient credit limit and historically low financing costs, maintaining a reasonable debt-to-asset ratio [4] Group 4: Shareholder Returns and Market Confidence - The company distributed cash dividends of CNY 0.687 billion, representing 34% of the net profit attributable to shareholders for 2024, an increase of 2.7 percentage points year-on-year [7] - The total amount of cash dividends and share buybacks reached 44%-54% of the net profit for 2024 [7] - The company’s major shareholder increased their stake by 2% in the secondary market, reflecting confidence in the company's long-term value [8] Group 5: Future Outlook and Strategic Initiatives - The company aims to enhance cost reduction and efficiency, striving for continuous improvement in iron and steel costs compared to industry standards [8] - Plans to accelerate high-end, intelligent, and green transformation initiatives to establish itself as a world-class steel enterprise [8] - The company is actively pursuing compliance with the 2025 version of the steel industry standards, focusing on low emissions and energy efficiency [10]

Core Insights - The China Commodity Price Index (CBPI) rose by 0.5% month-on-month in July 2025, marking three consecutive months of positive growth, indicating optimistic business expectations and overall market expansion [1][5] - The overall stability in the commodity market is supported by the implementation of "anti-involution" policies and increased macroeconomic counter-cyclical adjustment measures [5][7] - Despite the positive trends, global commodity price volatility and external uncertainties remain significant challenges for certain industries [1][5] Commodity Price Index Summary - The CBPI for July 2025 is reported at 111.4 points, with a month-on-month increase of 0.5% and a year-on-year decrease of 2.7% [3][6] - The black metal price index rebounded to 77.9 points, up 1.7% month-on-month, while the non-ferrous price index rose to 130.1 points, up 1.1% month-on-month [3][7] - The energy price index decreased to 96.7 points, down 0.6% month-on-month, and the chemical price index fell to 102.9 points, down 1.4% month-on-month [3][8] Sector-Specific Insights - In July, 32 out of 50 monitored commodities saw price increases, with lithium carbonate, industrial silicon, and coking coal rising by 10.2%, 9.8%, and 9.6% respectively [5][6] - The chemical sector experienced a decline, with methanol and cement prices dropping by 5% and 4.8% respectively, attributed to supply-demand imbalances and increased inventories [8][9] - The agricultural price index slightly decreased to 97.9 points, down 0.2% month-on-month, influenced by high temperatures and lower-than-expected summer consumption [8][9] Market Dynamics - The rebound in black metal prices is driven by improved market confidence and rising prices of raw materials like coking coal and coke [6][7] - The energy sector's decline is linked to seasonal production slowdowns and weaker downstream demand [7][8] - The mineral price index fell to 71.7 points, down 2.7% month-on-month, due to weak downstream demand and increased inventory pressures [9]

人民财讯7月31日电，当地时间7月29日，中钢国际（000928）全资子公司中钢设备有限公司与安赛乐米 塔尔朱拜勒管材公司(ArcelorMittal Tubular Products Al-Jubail，简称AMTPJ)签订无缝钢管热处理及精整 线项目合同。根据合同，中钢设备作为EPC总承包方，负责新建一条20万吨/年的无缝钢管热处理线， 以及一条15万吨/年的无缝钢管精整线。项目定位于高端无缝钢管产品，将服务于中东、北非地区油 气、造船、海工制造等战略性工业领域。AMTPJ是安赛乐米塔尔集团与沙特公共投资基金(PIF，沙特最 主要的主权财富基金)合资成立的企业，由PIF控股。公司专注于无缝钢管生产，也是中东地区最大、领 先的无缝钢管生产商，主要服务于沙特油气行业及国家重大基建项目。 ...