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 ...

Financial Data and Key Metrics Changes - The third quarter EBITDA per ton was $111, which is 25% above the historical average margin, indicating structural improvements in the company's financial performance [3][4] - Free cash flow for the first nine months was approximately $0.5 billion positive, despite nearly $1 billion invested in strategic growth projects [4][5] - The company expects to capture $0.7 billion in structural EBITDA improvement this year, with a medium-term impact of $2.1 billion remaining unchanged [4][5] Business Line Data and Key Metrics Changes - The company reported record levels of shipments at Calvert, contributing positively to North American operations despite challenges in Mexico [23][24] - The company anticipates normal seasonal improvements in European volumes and higher iron ore shipments from strategic projects in Liberia [20][21] Market Data and Key Metrics Changes - The company expects imports in Europe to decline by about 40%, allowing it to capture a larger market share [16] - Demand in India remains strong, while Brazil faces challenges from rising imports and low prices, although anti-dumping measures are expected to have a positive impact [62] Company Strategy and Development Direction - The company is focused on a three-year transformation program aimed at achieving zero fatalities and serious injuries, with progress already observed [3] - The company is actively enabling the energy transition by supplying steel for new energy systems and investing in high-quality electrical steels [7] - The company plans to continue implementing its capital return policies, having grown dividends at a compound rate of 16% over the past five years [7] Management's Comments on Operating Environment and Future Outlook - The outlook for the business has improved compared to three months ago, with expectations for healthier capacity utilization in the European steel sector [5][6] - Management expressed confidence in the ability to manage working capital effectively, anticipating a significant release in Q4 [51][52] - The company remains optimistic about the demand recovery in 2026, supported by lower interest rates and improving PMIs in Europe [12][28] Other Important Information - The company is undergoing budget discussions for 2026 and beyond, maintaining a CapEx range of $4.5 billion to $5 billion [27] - The company is committed to maintaining production in Ukraine despite challenges, focusing on managing high energy costs [63] Q&A Session Summary Question: What unusual or exceptional costs should be considered for 2026? - Management indicated that there are no significant changes expected regarding tariffs, and losses in Mexico are not anticipated to recur in 2026 [11][13] Question: How much can production be flexed in Europe if imports decline? - Management stated that they expect to supply the market effectively, with current capacity exceeding 31 million tons [16] Question: What are the moving parts for Q4 by division? - Key factors include seasonal improvements in European volumes, higher iron ore shipments, and expected lower pricing in North America [20][21] Question: How is the performance of Dofasco? - Dofasco remains profitable and is considered one of the best facilities globally [73] Question: What is the company's stance on capital allocation in Europe? - Management emphasized that a sustainable framework would allow for future investments in Europe [36] Question: What is the outlook for working capital in Q4? - A significant release of working capital is expected, driven by seasonal factors and operational adjustments [51][52] Question: How is the company managing tariff costs with automakers? - Management noted ongoing contract renewals with OEMs and a stable volume outlook for automotive [45] Question: What is the company's view on the situation in Brazil and India? - The company remains bullish on Brazil despite import pressures and is optimistic about strong demand in India [62] Question: What is the company's approach to CO2 emissions and free allocations? - Management indicated that they do not expect significant losses in free emissions allocations and highlighted the importance of CBAM for competitiveness [90][88]

Core Viewpoint - The Ministry of Industry and Information Technology and other departments have issued the "Steel Industry Stabilization and Growth Work Plan (2025-2026)", providing policy guidance for the development of China's steel industry, which is currently facing significant downward pressure due to oversupply and insufficient effective demand [1][3]. Industry Growth Targets - The plan sets an average annual growth target of approximately 4% for the steel industry's added value over the next two years, aiming for economic benefits to stabilize and recover [3]. - The China Iron and Steel Association indicates that while steel consumption demand is expected to decline in 2025, the reduction in supply will be more significant, optimizing the supply-demand relationship and boosting industry expectations [3]. Structural Improvement - 2024 is projected to be a turning point for the structure of China's steel products, with the output of medium-thick wide steel strips expected to exceed 200 million tons, surpassing rebar for the first time [5]. - The proportion of construction steel and industrial steel is expected to achieve a "50-50" split, reflecting a shift driven by adjustments in the real estate sector and industrial upgrades [5]. Production and Consumption Trends - In 2024, China's crude steel production is forecasted to be 1.005 billion tons, a decrease of 1.7% year-on-year, while domestic consumption is expected to drop by over 4% [6]. - The long-term trend indicates a decline in the demand for ordinary steel, but a slight recovery is anticipated in the coming years after adjustments [6]. Technological Advancements - The steel industry has made significant technological progress, overcoming previous challenges in producing high-end steel products, with 153 new products launched by leading steel companies by 2025 [7]. - The industry has entered a phase of quality leadership, focusing on high-end, intelligent, and green production rather than merely scaling up [6][7]. Environmental Upgrades - The steel industry has made notable advancements in ultra-low emissions, with significant investments leading to improved environmental performance, surpassing global standards [8]. - By the end of 2025, the industry aims to complete ultra-low emission transformations for over 80% of its capacity, reflecting a strong commitment to environmental sustainability [8]. Corporate Transformations - Many steel companies are actively transforming to adapt to changes in steel demand driven by economic restructuring, focusing on high-value-added products [9][10]. - Companies like Shagang and Hualing Steel have successfully shifted from traditional construction steel to manufacturing steel, maintaining stable sales even in a challenging market [10][11]. - Baosteel is leveraging AI technology to optimize processes and reduce costs, demonstrating the industry's embrace of digital transformation [11].

Core Viewpoint - The Ministry of Industry and Information Technology and other departments have issued a "Steel Industry Stabilization and Growth Work Plan (2025-2026)" to provide policy guidance for the development of China's steel industry, addressing challenges such as excessive supply and insufficient effective demand [1][2]. Industry Growth Targets - The plan sets an annual average growth target of approximately 4% for the steel industry's added value over the next two years, aiming for economic stability and recovery [2]. - The China Iron and Steel Association expresses confidence in achieving this target due to improving economic conditions and ongoing upgrades in the steel industry [2]. Structural Improvements - 2024 is projected to be a turning point for the structure of China's steel products, with the production of medium-thick wide steel strips expected to exceed 200 million tons, surpassing rebar for the first time [4]. - The ratio of construction steel to industrial steel is expected to reach a balanced "50-50" for the first time, reflecting a shift driven by real estate adjustments and industrial upgrades [4]. Demand and Supply Dynamics - Domestic steel demand has decreased by 160 million tons compared to peak levels, with crude steel production expected to decline to 1.005 billion tons in 2024, a 1.7% decrease from the previous year [4]. - The industry anticipates a gradual stabilization of total steel demand over the next decade, with projections indicating a decline to 880 million tons by 2030 and 820 million tons by 2035 [6]. Technological Advancements - The steel industry has made significant technological progress, with Chinese companies now capable of producing high-end steel products that were previously reliant on imports [7]. - By 2025, leading global steel companies are expected to have launched 153 new steel products, showcasing advancements driven by independent research and development [7]. Environmental Upgrades - The steel industry has made notable strides in achieving ultra-low emissions, with significant investments leading to improved environmental performance [8]. - By the end of 2025, the industry aims to complete ultra-low emission upgrades for over 80% of its production capacity, reflecting a commitment to sustainable development [8]. Corporate Transformations - Many steel companies are actively transforming their product structures to adapt to changing demand, focusing on high-value-added products such as plates and specialty steels [9][10]. - Companies like Shagang and Hualing Steel have successfully shifted from traditional construction steel to manufacturing steel, demonstrating resilience in a challenging market [9][10]. AI Integration - Domestic steel enterprises are increasingly adopting AI technologies to enhance operational efficiency, with Baosteel launching an AI transformation project that aims to cover over 85% of key processes by mid-2025 [11]. - AI applications have proven beneficial in areas such as scrap steel evaluation, showcasing the industry's commitment to innovation and modernization [11].

Global Steel Production Overview - In 2024, global crude steel production is projected to reach 1.839 billion tons, a slight decrease of 0.9% compared to the previous year, with varying performances among countries [2] - China remains the largest producer with a steel output of 1.005 billion tons, despite a year-on-year decline of 1.7%, accounting for nearly half of the global total [27][39] - The United States' steel production is expected to be 79.5 million tons, down 2.4% year-on-year, reflecting a significant decline from its historical dominance [5][39] - India is experiencing rapid growth, with a projected steel output of 149.6 million tons in 2024, marking a year-on-year increase of 6.3% [13][39] United States Steel Industry Challenges - The U.S. steel industry has faced structural issues leading to a significant decline in production, with historical output once accounting for two-thirds of global production [5][11] - The reliance on electric arc furnaces, which constitute over 60% of production, has made the industry vulnerable to fluctuations in scrap steel prices and limited domestic iron ore supply [8][9] - Despite protective tariffs imposed during the Trump administration, the industry has not recovered sufficiently, resulting in job losses exceeding 140,000 [8][20] India's Steel Industry Growth - India's steel production has been on a robust upward trajectory, supported by government initiatives such as the National Steel Policy aimed at increasing production capacity to 300 million tons by 2030 [15][18] - However, India faces challenges in high-end steel production, heavily relying on imports for specialized products, which limits its growth potential [17][22] - The government is investing in infrastructure to boost steel demand, but domestic production capabilities in high-end segments remain inadequate [20][24] China's Steel Industry Transformation - China's steel industry is undergoing a transformation, shifting focus from quantity to quality, with manufacturing now accounting for 50% of steel usage [27][29] - The industry is optimizing product structures, increasing the production of high-end steel products, and enhancing research and development efforts [29][31] - Despite facing challenges from global trade protectionism, China is actively seeking new markets and enhancing international cooperation to maintain its competitive edge [32][34] Future Trends in the Global Steel Industry - The global steel industry is expected to prioritize quality over quantity, with low-carbon, high-end, and intelligent production becoming key trends [37] - China is positioned to lead in green steel and material solutions, while India has the potential for growth if it can overcome technological and managerial challenges [37] - Open cooperation and healthy competition among countries are essential for the sustainable development of the steel industry, emphasizing the importance of collaboration in low-carbon technologies [37]

Core Viewpoint - The company aims to adhere to a development path of "technological leadership and green low-carbon" while leveraging technological innovation to drive comprehensive innovation [1] Group 1: Technological Innovation - The company plans to fully utilize technological innovation to transform its technological advantages into product, service, brand, and competitive advantages [1] - Emphasis will be placed on developing high-end products such as electrical steel, automotive sheets, and tinplate in response to emerging industry demands [1] Group 2: Sustainable Development - The company is committed to enhancing the manufacturing service level and operational efficiency of steel materials while implementing low-carbon action plans [1] - The focus on low-carbon sustainable development is a key aspect of the company's future strategy [1]

美国考虑对进口汽车零部件加征关税 行业反应不一！美国商务部周二宣布，未来几周将基于国家安全 考量审议行业提出的对额外进口汽车零部件征收关税的请求。今年5月，特朗普政府已对每年进口额超 过460亿美元的汽车及汽车零部件征收了25%的关税，但随后与部分国家达成协议，降低了相关关税。 美国商务部表示，国内汽车或汽车零部件生产商以及任何行业协会均可申请对具有国家安全影响的额外 零部件征收关税。 上个月，美国商务部宣布对400多种产品征收钢铁和铝关税，其中包括众多汽车零部件，这些产品的年 度进口总额达2400亿美元。涉及的零部件包括汽车排气系统、电动汽车所需的电工钢以及公交车用零部 件等。 周二，美国商会、代表美国及外国汽车制造商与汽车零部件企业的多个行业协会共同敦促美国商务部停 止进一步扩大关税范围，避免不确定性加剧。这些团体在一封信中表示，近期关税范围的扩大未经充分 公示，给美国企业带来了重大的非预期成本、复杂性及不确定性。 商务部指出，汽车行业正处于各类技术的快速发展阶段，包括替代动力系统、自动驾驶功能及其他先进 技术领域。该部门认为，汽车行业需要有机会识别对国防应用具有重要意义的新型及新兴汽车产品。 ...

Core Viewpoint - In 2024, China's crude steel production is projected to be 1.005 billion tons, accounting for 53.38% of global production, marking five consecutive years as a billion-ton steel powerhouse. However, Chinese steel companies face challenges of being large but not strong, with high production but low profitability compared to global competitors like Japan [4][26]. Group 1: China's Steel Industry - China's steel industry has six companies in the top ten global steel producers, but the net profits of its top four listed steel companies are still lower than Japan's Nippon Steel [4][7]. - In 2024, China is expected to export 110.71 million tons of steel, with an average price of $755.4 per ton, indicating a trend of increasing volume but decreasing total revenue [26][27]. - China's reliance on imported iron ore is significant, with imports expected to reach 1.237 billion tons in 2024 at an average price of $106.9 per ton, making the industry vulnerable to international price fluctuations [28][30]. Group 2: Japan's Steel Industry Recovery - Japan's Nippon Steel faced severe losses in 2019, with a deficit of 406.1 billion yen (approximately 19.45 billion RMB), but implemented a turnaround strategy that included shutting down furnaces and restructuring operations, leading to a profit of 113 billion yen (approximately 5.61 billion RMB) within a year [18][23]. - The company shifted focus to high-value-added products, such as special steels, which accounted for 20.96% of its total production in 2020, compared to only 12.31% for China [21][24]. - Nippon Steel's recovery strategy also involved negotiating price increases for long-term contracts with clients, which, despite potential backlash from major customers, effectively boosted revenue [22][24]. Group 3: Lessons for China - The challenges faced by Japan's steel industry in the past provide valuable lessons for China, particularly in terms of focusing on high-value products and improving operational efficiency [31]. - China's steel companies are making strides in producing high-value steel products, such as LNG ship steel and aircraft carrier deck steel, indicating a shift towards higher quality and value in production [31].