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]

证券代码：000959 证券简称：首钢股份 北京首钢股份有限公司投资者关系活动记录表 编号：2025-10 | 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 招商基金 郭锐、王垠、郭敏、康凯、林澍、罗丽思、李毅、马海林、 | | | 耿浩然、王奇超、刘畅、孙燕青、曾子潇 | | | 长江证券 赵超、郝钰 | | | 首钢股份 乔雨菲、郝成柱、孙志慧、张大成、曹华夏、杨健、海智 | | | 莉 | | 时间 | 2025 11 19 年 月 日 10:00—12:00 | | 地点 | 股份北京第二会议室 | | 形式 | 现场调研 | | | 1.了解到公司今年前三季度业绩是不错的，想了解各类产品的 | | | 盈利水平情况？ | | 交流内容及具体 | 答：公司坚持打造"制造+服务"竞争优势，保持较高的研发强 | | 问答记录 | 9.53 度，推动技术创新成为第一竞争力，前三季度实现归母净利润 | | | 368.13%。公司电工钢、汽 ...

Group 1 - The traditional belief that "long processes must be high carbon" is being challenged as Wuhan Iron and Steel Corporation successfully produced steel with over 50% scrap steel content, marking a significant breakthrough in green low-carbon smelting technology [1] - Increasing the scrap steel ratio is crucial for reducing carbon emissions, with a 10% increase in scrap steel leading to approximately a 6% reduction in CO2 emissions per ton of steel [1] - Other companies, such as Hunan Lianyuan Steel and Shougang Jingtang, have also achieved high scrap steel ratios in their production processes, with reductions in CO2 emissions of 43% and successful trials with over 55% scrap steel, respectively [1][2] Group 2 - The advancements in scrap steel ratios indicate that the steel industry's low-carbon transformation is moving from technical demonstration to large-scale application, with the current average scrap steel ratio in the industry around 20% [2] - Key technological breakthroughs in temperature control and composition stability in steelmaking processes have enabled these advancements, with companies employing various innovative methods to achieve high scrap steel ratios [2] - The large scrap steel ratio technology has been successfully applied to high-end products such as automotive sheets and home appliance sheets, demonstrating its ability to meet stringent quality requirements while achieving carbon reduction goals [3] Group 3 - The market favorability of large scrap steel ratio technology stems from its significant advantages in environmental protection, raw materials, and product quality [3] - Other innovative technologies, such as Baosteel's full scrap electric furnace smelting and Hebei Iron and Steel's hydrogen-based direct reduction iron technology, are also contributing to the industry's efforts towards near-zero carbon emissions [3] - Maximizing the use of scrap steel is viewed as the most practical and effective choice for the steel industry to achieve green low-carbon development until more advanced technologies like hydrogen metallurgy are fully developed [3]

Group 1 - The forum focused on the trends and hot topics of intelligent manufacturing under the new development pattern, aiming to promote high-quality development of the real economy [1] - The Ministry of Industry and Information Technology emphasized that intelligent manufacturing systems with self-perception, self-learning, self-decision-making, self-execution, and self-adaptive functions are expected to drive global industrial transformation [1] - Experts highlighted that data elements have become the core production material for intelligent manufacturing, and the deep integration of artificial intelligence with the entire manufacturing chain is accelerating the reconstruction of the industrial ecosystem [2] Group 2 - XCMG Group is focusing on end-to-end generative R&D, agile manufacturing, smart operations, and digital twin factory construction to enhance global customization and agile delivery capabilities in the engineering machinery sector [2] - Baosteel, as a leader in the global steel industry, is advancing through four stages of development towards an AI-driven predictive manufacturing paradigm, emphasizing green, low-carbon, and high-tech initiatives [3] - SAIC-GM-Wuling is transforming traditional assembly lines into reconfigurable manufacturing islands, achieving a 30% reduction in new product manufacturing investment and a 67% reduction in body changeover time [3] Group 3 - Rockwell Automation is actively promoting high-end, intelligent, and green manufacturing, focusing on digital intelligence and zero-carbon innovation to foster collaborative ecosystems within the industry [4] - The roundtable discussion highlighted the opportunities and challenges in intelligent manufacturing, emphasizing the need for technology implementation, industry collaboration, and scenario adaptation [8] - The continuous advancement towards high-end, intelligent, and green manufacturing in China is expected to accelerate the transition to mid-to-high-end manufacturing, contributing to global economic sustainability and industrial transformation [8]

Core Viewpoint - The increase in aluminum ingot prices to 21,500 yuan is expected to enhance the company's product value, while the company maintains sufficient orders and full production capacity [2]. Company Summary - The company, Mingtai Aluminum (601677.SH), reported that the rise in aluminum ingot prices is beneficial for product value addition [2]. - The company currently has ample orders and is operating at full production capacity [2]. - The first phase of the Hongsheng New Material "Automotive and Green Energy Aluminum Industry Park Project" has been launched, which is expected to generate an annual capacity of 100,000 tons of automotive plates, thereby steadily increasing production and optimizing product structure [2].

Core Viewpoint - The increase in aluminum ingot prices is driving value addition for the company, leading to a robust order book and full production capacity [1] Group 1 - The company has sufficient orders on hand and is operating at full production capacity [1] - The first phase of the "Automotive and Green Energy Aluminum Industry Park Project" by Hongsheng New Materials has commenced production, expected to generate an annual capacity of 100,000 tons of automotive plates [1] - The company aims to steadily enhance production and sales volume while optimizing its product structure [1]

Core Insights - The steel industry is undergoing a deep adjustment period driven by policies, capital, and market factors, presenting new opportunities and requirements for listed companies like Shandong Steel [1] - Shandong Steel achieved a total profit of 632 million yuan and a net profit of approximately 140 million yuan in the first three quarters of this year, with the third quarter marking the highest quarterly profit in nearly 11 quarters, fulfilling its goal of turning losses into profits [1][2] Group 1: Cost Control and Operational Strategy - Shandong Steel has implemented a three-tier cost control system, achieving a reduction of over 60 yuan per ton of steel, establishing a solid cost "moat" for the company [2] - The company employs a "grasp both ends and control the middle" operational strategy, enhancing collaboration in procurement and sales, resulting in an increase of 288 yuan/ton at the Jinan Steel City base and 225 yuan/ton at the Rizhao base compared to last year [2] Group 2: Product Development and Market Expansion - The steel industry is trending towards high-end, green, and digital development, with Shandong Steel focusing on high-end products such as bearing steel, pipeline steel, automotive sheets, low-temperature resistant steel, and high-strength wear-resistant steel, increasing the proportion of high-end products by 5.4 percentage points compared to 2024 [2][3] Group 3: Technological Innovation and Digitalization - Shandong Steel has established an AI Intelligence Department to advance its "AI + Steel" strategy, aiming to optimize production processes and improve management efficiency through the application of AI technology [3] - The shift towards smart manufacturing is reshaping the value metrics of the steel industry, with increasing quality demands from downstream industries driving steel companies to enhance technological innovation and supply chain collaboration [3] Group 4: Capital Operations and Policy Environment - Shandong Steel plans to acquire 100% of Laiwu Steel Group Yingshan Type Steel Co., Ltd. for 714 million yuan, which will address competition issues and further enhance the company's performance and product structure [4] - The steel industry is currently experiencing a significant policy opportunity period, with various supportive policies being introduced to promote quality upgrades in the steel industry [4]

Summary of Nanshan Aluminum's Conference Call Company Overview - **Company**: Nanshan Aluminum - **Date**: October 30, 2025 Key Industry Insights - **Strategic Focus**: Nanshan Aluminum is deepening its "domestic high-end manufacturing + overseas resource integration" dual-drive strategy to consolidate its domestic market presence and enhance its product offerings in aluminum processing [2][3] - **Market Position**: The company has successfully expanded its domestic customer base, achieving steady growth in aluminum processing product sales [3] Financial Performance - **Revenue Growth**: For the first three quarters of 2025, Nanshan Aluminum reported revenue of approximately 26.3 billion yuan, an increase of 8.66% year-on-year [3] - **Net Profit**: The net profit attributable to shareholders was 3.772 billion yuan, reflecting a year-on-year growth of 8.09% [3] - **Shareholder Returns**: The company distributed a total cash dividend of 1.976 billion yuan in 2025, with a dividend payout ratio close to 41% [6] Project Developments - **Automotive Sheet Project**: The core equipment for the automotive sheet project has been put into operation, with an expected total output of 120,000 to 130,000 tons in 2025. An additional 200,000 tons of capacity will be gradually put into production over the next two years [2][5] - **Alumina Projects**: The overseas alumina projects are contributing significant profits, with a 2 million-ton project under construction accelerating towards production [2][3] - **Electrolytic Aluminum and Caustic Soda Projects**: These projects are expected to be operational by the end of 2027, with construction of the power plant progressing rapidly [5][10] Strategic Initiatives - **Resource Integration**: The company is planning to enhance its resource smelting and processing capabilities through strategic projects, including the electrolytic aluminum caustic soda project [4] - **Sustainability and Innovation**: Nanshan Aluminum aims to leverage technology innovation as a core engine to improve high-end product supply capabilities and global service levels [7] Future Outlook - **Special Dividends**: The decision to continue special dividends will depend on operational assessments and cash flow situations in future years, rather than being a fixed strategy [5] - **Recycling Aluminum Project**: The 100,000-ton recycling aluminum project is currently operating at full capacity, with no immediate plans for expansion as existing capacity meets demand [8] - **International Expansion**: The company is considering introducing small-scale processing projects in Southeast Asia to stabilize its supply chain [9] Additional Considerations - **Electricity Supply**: Nanshan Aluminum's subsidiary in Indonesia has a self-sufficient electricity ratio of 100% for electrolytic aluminum, with ongoing discussions to ensure future expansion needs are met [8] - **Market Adaptation**: The company is adapting its strategies based on market conditions and regulatory environments, particularly regarding lithium and alumina projects [9]