Core Viewpoint - CITIC Special Steel's stock price has shown a year-to-date increase of 28.09%, with recent fluctuations indicating a slight decline in trading activity and net outflow of funds [2][1]. Company Overview - CITIC Special Steel, established on May 18, 1993, and listed on March 26, 1997, is located in Jiangyin, Wuxi, Jiangsu Province, and specializes in the production and sale of special steel products [2]. - The company's revenue composition includes special steel bars (39.23%), special seamless steel pipes (27.20%), special steel wires (13.11%), other (10.65%), and special plates (9.82%) [2]. Financial Performance - For the first half of 2025, CITIC Special Steel reported a revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while the net profit attributable to shareholders was 2.798 billion yuan, reflecting a year-on-year increase of 2.67% [2]. - The company has distributed a total of 21.937 billion yuan in dividends since its A-share listing, with 9.952 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, CITIC Special Steel had 43,400 shareholders, an increase of 5.17% from the previous period, with an average of 116,344 circulating shares per shareholder, down by 4.92% [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 48.1504 million shares, and various ETFs such as Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PineBridge CSI 300 ETF, which have seen changes in their holdings [3].

10月13日，中信特钢盘中下跌2.13%，截至10:02，报13.76元/股，成交1.25亿元，换手率0.18%，总市值 694.49亿元。 资金流向方面，主力资金净流出670.74万元，特大单买入748.29万元，占比5.99%，卖出1015.94万元， 占比8.13%；大单买入1553.23万元，占比12.43%，卖出1956.31万元，占比15.65%。 中信特钢今年以来股价涨26.20%，近5个交易日涨3.61%，近20日涨7.25%，近60日涨9.38%。 中信特钢所属申万行业为：钢铁-特钢Ⅱ-特钢Ⅲ。所属概念板块包括：特种钢、水电概念、央企改革、 MSCI中国、大盘等。 截至6月30日，中信特钢股东户数4.34万，较上期增加5.17%；人均流通股116344股，较上期减少 4.92%。2025年1月-6月，中信特钢实现营业收入547.15亿元，同比减少4.02%；归母净利润27.98亿元， 同比增长2.67%。 分红方面，中信特钢A股上市后累计派现219.37亿元。近三年，累计派现99.52亿元。 机构持仓方面，截止2025年6月30日，中信特钢十大流通股东中，香港中央结算有限公司位居第四大流 通 ...

Core Viewpoint - CITIC Special Steel has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential investment interest [1][2]. Group 1: Stock Performance - CITIC Special Steel's stock price increased by 20.98% year-to-date, with a 5.02% rise in the last five trading days, 1.00% in the last 20 days, and 6.63% in the last 60 days [2]. - As of September 26, the stock was trading at 13.19 CNY per share, with a market capitalization of 66.572 billion CNY [1]. Group 2: Financial Performance - For the first half of 2025, CITIC Special Steel reported revenue of 54.715 billion CNY, a year-on-year decrease of 4.02%, while net profit attributable to shareholders was 2.798 billion CNY, reflecting a year-on-year increase of 2.67% [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.17% to 43,400, while the average circulating shares per person decreased by 4.92% to 116,344 shares [2]. - The company has distributed a total of 20.927 billion CNY in dividends since its A-share listing, with 8.943 billion CNY distributed in the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 48.1504 million shares, a decrease of 23.90 million shares from the previous period [3]. - Other notable institutional shareholders include Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF and Huatai-PineBridge CSI 300 ETF, which increased their holdings [3].

Core Viewpoint - CITIC Special Steel has shown a positive stock performance with a year-to-date increase of 21.25% and a market capitalization of 66.723 billion yuan as of September 12 [1] Financial Performance - For the first half of 2025, CITIC Special Steel reported operating revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while net profit attributable to shareholders was 2.798 billion yuan, reflecting a year-on-year growth of 2.67% [2] - Cumulative cash dividends since the A-share listing amount to 20.927 billion yuan, with 8.943 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of CITIC Special Steel shareholders increased by 5.17% to 43,400, while the average circulating shares per person decreased by 4.92% to 116,344 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 48.1504 million shares, a decrease of 23.90 million shares from the previous period [3]

Core Viewpoint - CITIC Special Steel's stock price has shown fluctuations, with a year-to-date increase of 19.78% and a recent decline over the past 20 days, indicating mixed market sentiment towards the company [1]. Financial Performance - For the first half of 2025, CITIC Special Steel reported revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while net profit attributable to shareholders was 2.798 billion yuan, reflecting a year-on-year growth of 2.67% [2]. - Cumulative cash dividends since the company's A-share listing amount to 20.927 billion yuan, with 8.943 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 5.17% to 43,400, while the average circulating shares per person decreased by 4.92% to 116,344 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 48.1504 million shares, a decrease of 23.90 million shares from the previous period [3].

Group 1 - The stock price of CITIC Special Steel increased by 2.05% on August 26, reaching 13.45 CNY per share, with a trading volume of 158 million CNY and a market capitalization of 67.884 billion CNY [1] - Year-to-date, CITIC Special Steel's stock price has risen by 23.36%, with a 7.17% increase over the last five trading days, a 1.03% decrease over the last 20 days, and a 19.88% increase over the last 60 days [2] - As of June 30, 2025, CITIC Special Steel reported a revenue of 54.715 billion CNY, a year-on-year decrease of 4.02%, while the net profit attributable to shareholders was 2.798 billion CNY, reflecting a year-on-year growth of 2.67% [2] Group 2 - CITIC Special Steel has distributed a total of 20.927 billion CNY in dividends since its A-share listing, with 8.943 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of CITIC Special Steel increased by 5.17% to 43,400, while the average circulating shares per person decreased by 4.92% to 116,344 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 48.1504 million shares, a decrease of 23.90 million shares from the previous period [3]

中信泰富特钢集团股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关 | □特定对象调研 分析师会议 | | --- | --- | | 系活动类 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | | | | □现场参观 √其他 电话会议 | | 参与单位 | 中信证券 唐川林、长江证券 赵超、长江证券 吕士诚、广发证券 陈 | | 名称及人 | 琪玮、国信证券 焦方冉、光大证券 戴默、东方证券 黄雨韵、浙 | | 员姓名 | 商证券 沈皓俊、国泰海通证券 王宏玉、中金证券 张树玮、申万 | | 证券 | 王明路、景顺长城 尤木等 | | 时间 2025 | 年 8 月 25 日 15:30-16:30 | | 地点 | 线上电话会议 | | 上市公司 | 董事、总裁 罗元东先生 | | 接待人员 | 董事会秘书 王海勇先生 | | 姓名 | 副总会计师 吴 斌先生 | | | 证券事务代表 杜 鹤先生 | | 投资者关 | 第一部分：管理层介绍公司 2025 年半年度经营情况 | | 系活动主 | 由公司董事、总裁罗元东先生介绍 2025 年上半年业绩 ...

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of CITIC Pacific Special Steel Group Co., Ltd. at AAA, with a stable outlook for both the company and its convertible bonds, reflecting strong financial health and competitive advantages in the special steel industry [1][4]. Company Overview - As of the end of 2024, the company has a registered capital of 50.47 billion yuan, with CITIC Pacific Investment Co., Ltd. holding 75.05% of the shares, indicating a stable ownership structure [4][15]. - The company specializes in the production and processing of black metal materials and has a production capacity of approximately 20 million tons of special steel materials annually [7][16]. Financial Performance - In 2024, the company reported total revenue of 1092.03 billion yuan, a decrease of 4.22% year-on-year, and a total profit of 59.24 billion yuan, down 9.68% from the previous year [4][15]. - The company's EBITDA for 2024 was 119.88 billion yuan, with a cash flow from operations of 107.41 billion yuan [4][15]. Debt and Credit Metrics - The company maintains a reasonable debt leverage ratio, with an asset-liability ratio of 60.53% and a cash-to-short-term debt ratio of 1.31 times as of the end of 2024 [7][19]. - The total debt of the company was 400.11 billion yuan, with long-term debt accounting for 230.47 billion yuan [4][15]. Industry Context - The steel industry is experiencing a downward trend in profitability due to overcapacity and declining steel prices, with the company facing increased competition and potential impacts from international trade policies [6][8]. - The company’s product structure is adjusting to focus on high-value-added products, which may help mitigate some of the pressures from the overall market [6][8]. Research and Development - The company increased its R&D expenditure to 46.02 billion yuan in 2024, reflecting a year-on-year growth of 3.39%, which supports its competitive edge in technology and product quality [7][16]. Market Position - The company has a strong market position with a diverse product range, producing over 3,000 varieties and 5,000 specifications of products, including high-end bearing steel and automotive steel [7][16]. - The company has received multiple certifications for its products, enhancing its competitiveness in both domestic and international markets [7][16].

Core Viewpoint - The company maintains stable steel sales in 2024, with a slight decline in revenue but an expected improvement in 2025, driven by growth in high-end steel products and exports [1][2][3]. Sales Performance - In 2024, the company sold 18.89 million tons of steel, remaining flat year-on-year, with exports accounting for 2.202 million tons [1]. - By product category, sales distribution includes 33.8% for the energy sector, 28.2% for the automotive sector, 19.0% for machinery, 10.3% for bearings, 2.1% for high-end special materials, and 6.6% for other industries [1]. - Notable growth in specific segments includes a 6% increase in bearing steel sales, a record high in energy steel sales, and a 29% increase in steel for new energy vehicles [1]. Revenue and Profitability - The company's revenue for 2024 was 109.203 billion yuan, a decrease of 4.22% year-on-year, with various product lines experiencing declines [1][2]. - The average steel price in 2024 was 5,781 yuan per ton, also down by 4.22%, leading to a gross profit margin of 743 yuan per ton, a decrease of 6.35% [1]. - The net profit attributable to shareholders for 2024 was 5.126 billion yuan, down 10.41%, while Q1 2025 showed a net profit of 1.384 billion yuan, an increase of 1.76% year-on-year and 7.31% quarter-on-quarter [2]. Cost and Expenses - The decline in gross margin is attributed to increased depreciation and amortization, leading to higher operating costs [2]. - The company’s expense ratio for 2024 was 7.36%, up 0.45 percentage points, with increases in sales, management, and R&D expenses [2]. - Total impairment losses for 2024 amounted to 766 million yuan, an increase due to rising bad debt losses and inventory write-downs [2]. Cash Flow and Financial Health - The company reported an improved cash flow situation, with a cash collection ratio of 0.8459, up 4.43 percentage points, and a cash payment ratio of 0.7494, up 4.67 percentage points [2]. - The net operating cash flow was 10.741 billion yuan, showing a year-on-year increase, while investment cash flow showed a reduced outflow of 302 million yuan [2]. - The asset-liability ratio stood at 60.53%, a decrease of 3.73 percentage points, indicating improved financial stability [2]. Investment Outlook - The company is actively expanding its high-end steel product offerings and optimizing its product mix, with projected net profits of 5.476 billion yuan, 6.057 billion yuan, and 6.722 billion yuan for 2025-2027 [3].