首钢股份将盈利增长主要归因于三点，一是持续优化产品结构；二是坚持"极低成本"，降本工作再上新 台阶；三是坚持以技术创新为引领。 首钢股份主营钢铁产品和金属软磁材料（电工钢）业务。长江商报记者注意到，近年来，公司坚持产品 高端化、差异化发展，持续加大研发投入和市场开拓力度。2025年上半年，其战略及重点产品占比 73%，其中电工钢、汽车板、镀锡（铬）板三大战略产品产量同比增长约12%。 首钢股份通过内部降本增厚盈利空间。2025年前三季度，公司营业成本为731.8亿元，同比下降7.26%。 其中，财务费用降幅最大为32.6%，且已经近四年连续下降。 预计2025年归母净利倍增 时隔三年，首钢股份盈利重回高速增长轨道。 长江商报消息 ●长江商报记者 杨蝶 首钢股份（000959.SZ）业绩回暖。 12月31日晚间，首钢股份公告，预计2025年归属于上市公司股东的净利润（以下简称"归母净利润"）为 9.2亿至10.6亿元，同比增长95.29%至125.01%；扣除非经常性损益后的净利润（以下简称"扣非净利 润"）9.17亿至10.57亿元，同比增长317.74%至381.51%。 具体来看，首钢股份电工钢产量同比增 ...

2026年伊始，首批深市上市公司2025年年度业绩预告率先披露，盐湖股份、天赐材料、华菱钢铁、首钢 股份、孩子王、传化智联等多家企业集中释放业绩向好积极信号。 首钢股份2025年业绩稳健攀升，预计归母净利润9.2亿元至10.6亿元，同比增长95.29%至125.01%。公司 聚焦"制造+服务"双轮驱动，重点推进电工钢、汽车板等高端产品研发生产，首发多款高端产品，战略 产品产量稳步增长。凭借技术创新、绿色制造与精准服务的核心优势，公司在高端钢材市场竞争力持续 提升，为业绩增长注入持久动力。 母婴零售龙头孩子王2025年业绩持续向好，预计归母净利润2.75亿元至3.3亿元，同比增长51.72%至 82.06%，实现连续三年净利润增长。公司实施"扩品类、扩赛道、扩业态"三扩战略，通过密集并购完善 业务布局，收购的乐友国际成为业绩重要支撑，2024年贡献净利润占比达58%；2025年收购丝域生物切 入养发护发赛道，进一步拓宽服务边界。同时，公司强化单客经营与精细化运营，完善"短链+自营"供 应链体系，布局下沉市场精选加盟店，推动自营业务稳健增长。 传化智联凭借"物流+化学"双主业协同优势，2025年业绩大幅增长，预计 ...

2026年伊始，首批深市上市公司2025年年度业绩预告率先披露，盐湖股份（000792）、天赐材料 （002709）、华菱钢铁（000932）、首钢股份（000959）、孩子王（301078）、传化智联（002010）等 多家企业集中释放业绩向好积极信号。 从业绩表现来看，这些公司业绩均实现同比大幅增长，覆盖化工、新能源、钢铁、消费服务、智慧物流 等多个关键领域。 传化智联凭借"物流+化学"双主业协同优势，2025年业绩大幅增长，预计归母净利润5.4亿元至7亿元， 同比增长256.07%至361.57%。2025年，公司两大主业发力各有侧重，双轮驱动业绩增长，其中，化学 业务聚焦市场需求，优化营销策略；物流业务持续优化资产结构，聚焦优势业务，提升盈利能力。此 外，传化智联充分发挥自身场景、业务优势，积极聚焦"场景+科技+应用"的转型，包括开放场景资 源，积极拥抱AI；积极探索具身智能场景应用；探索试点无人车运输；签约国际头部企业，积极推进 化学业务先进技术和产能出海；加快物流领域新能源"电力"布局等。 尽管所处行业赛道不同、业务模式各异，但这些企业凭借核心竞争力筑牢增长根基，共同勾勒出深市上 市公司韧性十足、 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for Nanshan Aluminum [3][9]. Core Views - Nanshan Aluminum is positioned as a rare growth target in the electrolytic aluminum sector, with significant confidence demonstrated through dividends and share buybacks [2][8]. - The company is expanding its alumina production capacity in Indonesia, which is expected to contribute positively to its performance [8][9]. - The domestic electrolytic aluminum capacity is nearing its ceiling, while global supply growth is slowing, suggesting potential upward pressure on aluminum prices in 2026 [9][11]. Company Overview - Nanshan Aluminum focuses on high-end aluminum material manufacturing and operates a fully integrated aluminum processing industry chain, covering energy, alumina, electrolytic aluminum, aluminum profiles, and aluminum sheets [19]. - As of the end of 2025, the company has an alumina production capacity of 5.4 million tons, with 1.4 million tons in China and 4 million tons in Indonesia [19]. - The electrolytic aluminum capacity is 680,000 tons domestically, with plans for an additional 250,000 tons in Indonesia [19]. Financial Analysis - For 2023, the total revenue is projected at 28.84 billion yuan, with a year-on-year decline of 17.5%, while net profit is expected to be 3.47 billion yuan, down 1.2% [7]. - Revenue is forecasted to grow to 33.48 billion yuan in 2024, with a net profit of 4.83 billion yuan, reflecting a significant recovery [7]. - The company maintains a low debt ratio of 17.56% as of Q3 2025, indicating strong financial health [33]. Industry Overview - The domestic electrolytic aluminum capacity is approaching a limit of 45.53 million tons, with a current operational capacity of 44.43 million tons [37]. - The supply side is constrained by strict regulations and the need for capacity replacement, while overseas production is expected to face delays due to power supply issues [38][42]. - Demand for aluminum is being driven by sectors such as new energy vehicles and electronics, which are compensating for weaker construction demand [51][54]. Key Highlights - The company is actively expanding its alumina production in Indonesia, which is expected to enhance its cost advantages and contribute to revenue growth [8][9]. - Nanshan Aluminum is committed to shareholder returns, with a dividend payout ratio of no less than 40% of distributable profits from 2024 to 2026 [8][35]. - The report anticipates that the company's net profit will reach 5 billion yuan in 2025, with a corresponding PE ratio of 12.2x [9].

证券日报网讯12月19日，首钢股份（000959）在互动平台回答投资者提问时表示，目前多数汽车车身及 底盘的主要用材为钢材，部分配件采用铝合金产品。公司结合汽车行业发展趋势，不断推出更高强度、 更优性能的产品，满足下游客户轻量化、低碳化的用钢需求。通过强化"制造+服务"优势，公司2019年 至2024年汽车板产品复合增长率达7.6%。 ...

骆铁军呼吁钢企响应国家反"内卷式"恶性竞争，维护行业利益和消费者利益，同时希望得到汽车主机厂 和汽车行业的认可与响应。 中国钢铁工业协会党委常委、副会长骆铁军在讲话中提出，汽车行业是钢铁行业的主要下游行业，每年 钢材需求量超过6000万吨，也是重要的高端钢材消费行业。近年来，随着新涌现汽车主机厂的快速壮 大，对传统汽车用钢供需格局与供应链模式带来变化，出现招标采购汽车板等定价模式，易引发钢企之 间"内卷"，严重打击了钢企供货积极性，不利于汽车板产品持续创新和品质提升，还不利于形成长期稳 定的供货模式，最终将损害广大汽车消费者的利益。 人民财讯12月14日电，12月12日，由中国钢铁工业协会、中国汽车工业协会主办的2025首届汽车用钢供 需座谈会在江苏省无锡市召开。 ...

12月5日，2025长三角企业100强正式揭晓。今年榜单入围门槛为767.28亿元，较去年的781.6亿元有所下滑。上榜企业营业总收入连续两年突破21万亿元大 关，再创历史新高，同比增加6764.7亿元（3.27%）至21.373万亿元；有82家企业营收超千亿元，比上年增加6家。净利润总额超过1万亿元，同比增加 15.07%（1341.5亿元）至10243.5亿元。资产总额达到60.5万亿元，同比增加3.9万亿元（6.87%）。 在快速发展的同时，百强企业积极履行社会责任，纳税总额达到7958.7亿元，同比增长1.09%。创新已经成为企业发展的重要驱动力，上榜企业研发费用达 到3146.5亿元，同比增加5.82%。 值得注意的是，民营企业上榜数量首次超过半数，达到54家，比上年增加5家。合计实现营业收入12.1万亿元，占比首次超半，达到56.61%；收入平均值 （2240.8亿元）超过长三角百强的平均值。营业收入、净利润、纳税总额三项指标增速，均远超长三角百强企业的平均值。 上海市有25家企业入榜，较上年减少4家，营业总收入略有下降，净利润同比增长24.31%（1010.9亿元）。有5家企业跻身前十，分别是中 ...

Core Viewpoint - Shandong Province has announced the list of leading enterprises in the new materials sector for 2025, with Nanshan Aluminum and Nanshan Zhishang being recognized for their technological advancements and industry leadership in new materials [1][12]. Group 1: Company Achievements - Nanshan Aluminum has been included in the Shandong Province's new materials leading enterprise cultivation list and has retained its position in the "Top 50 Leading New Materials Enterprises" [1]. - The company focuses on high-quality aluminum alloy new materials, including automotive sheets, aerospace plates, and battery foil, and is a key supplier for major manufacturers like COMAC, Airbus, and Boeing [2]. - Nanshan Zhishang has made significant strides in new materials, particularly in ultra-high molecular weight polyethylene fibers and nylon fibers, achieving large-scale production and international performance standards [4]. Group 2: Industry Context - The new materials industry is recognized globally as a crucial and rapidly developing high-tech sector, essential for gaining competitive advantages and is a key focus area for Shandong Province [1]. - The cultivation list aims to support enterprises in increasing R&D investment, promoting technological innovation, and expanding industrial scale, thereby enhancing the core competitiveness of Shandong's new materials industry [12]. Group 3: Future Directions - Both Nanshan Aluminum and Nanshan Zhishang plan to leverage provincial resources to deepen collaborative innovation in production, education, and research, aiming to solidify their technological leadership and contribute to the development of a strong manufacturing province [11].

Core Viewpoint - Company reported strong performance in the first three quarters of 2025, with a significant increase in net profit driven by product competitiveness and strategic focus on high-end products [2][10]. Financial Performance - In the first three quarters of 2025, the company achieved a net profit of 9.53 billion yuan, a year-on-year increase of 368.13% [2][10]. - The company's main revenue for the same period was 772.34 billion yuan, a decrease of 5.78% year-on-year [10]. - The third quarter alone saw a net profit of 2.96 billion yuan, up 255.06% year-on-year, despite a revenue decline of 2.25% [10]. Product Development and Strategy - The company is enhancing its "manufacturing + service" competitive advantage, focusing on R&D and technological innovation [2]. - Electric steel production is expected to increase by over 10% in 2025, with new products launched for high-efficiency transformers and applications in robotics and electric vehicles [3]. - The company is committed to developing high-end differentiated products, particularly in the medium-thick plate segment, to meet emerging industry demands [2][3]. Market Position and Competition - The automotive steel segment has seen steady improvement in competitiveness and production, with new product launches aimed at meeting customer needs [4][5]. - The company has established a three-tier marketing service support system to enhance customer satisfaction and service efficiency [5]. Future Investments and Capital Expenditure - Future capital expenditures will focus on production line upgrades, smart manufacturing projects, and energy-saving initiatives, with total investment controlled at half of depreciation and amortization [7]. - A new automotive plate production line is expected to be operational by 2027, enhancing the company's production capacity and flexibility [5]. Industry Trends and Carbon Emission Regulations - The steel industry is set to enter a carbon emissions trading market, which will initially provide a buffer period for companies to adapt [8][9]. - Long-term, the carbon market is expected to drive technological innovation and reduce emissions, with the company preparing by investing in low-carbon technologies and establishing a carbon management platform [9].

Core Insights - The company held a specific investor survey on November 19, 2025, discussing performance, product competitiveness, capital expenditure, and carbon emission policies [1][2] Group 1: Performance and Product Profitability - In the first three quarters of 2025, the company achieved a net profit of 9.53 billion yuan, a significant increase of 368.13% year-on-year, driven by the competitiveness of core products such as electrical steel, automotive plates, and tinplate [3] - The company is focusing on improving the profitability of its medium-thick plates by expanding market share in new energy and high-end equipment sectors while optimizing production processes [3] Group 2: Electrical Steel Business - The company expects a more than 10% increase in electrical steel production in 2025, supported by a comprehensive production system covering over 600 key process control points [4] - The company is accelerating the development and promotion of high-end products, including new oriented electrical steel products for high-efficiency transformers and non-oriented high magnetic products for robotics and new energy vehicles [4] Group 3: Automotive Plate Competitiveness - The automotive plate business has seen steady growth in production and profitability, driven by a dual approach of product innovation and service enhancement [5] - The company plans to launch a new automotive plate production line in 2027, which will enhance product structure flexibility and maintain market leadership [5] Group 4: Capital Expenditure and Depreciation - Future capital expenditures will be controlled within 50% of depreciation and amortization, focusing on production line upgrades, intelligent manufacturing, and quality improvement [6] - Depreciation is expected to decline as new plants have already accounted for some equipment depreciation [6] Group 5: Carbon Emission Policy Response - The company is adopting a cautious approach to carbon emission trading, with a focus on short-term stability and long-term technological innovation [8] - Initiatives include promoting short-process carbon reduction, conducting advanced technology research, and establishing a closed-loop recycling system in collaboration with Volvo [8]