地球知识局 文字 | 绯红之猪 制图 | 果 校对 | 朝乾 编辑 | e 2024年，中国粗钢产量10.05亿吨，在全球占比53.38%，连续5年成为十亿钢铁大国。产量榜TOP10中， 中国钢企独占6席。在产量这块，中国钢铁恐怖如斯。 这还是全国到处在抓过剩产能、落后产能的大环境下实现的。不过中国钢企也同时存在大而不够强、产 量多而不赚钱的阿喀琉斯之踵。 在净利润这块，中国最挣钱的四家上市钢企（宝钢、中信特钢、南钢、华菱钢铁），24年的净利润加在 一起，却还没有日本排第一的日本制铁高。 ▼ 上世纪末，日本制铁也曾遇到过产能过剩的情况，2018年甚至出现严重亏损。但短短几年，日本制铁就 成功扭亏为盈、大赚特赚，还出资149亿美元收购了美国钢铁（USS）。 日本制铁24年粗钢产量3964万吨，而中国宝武集团的产能则高达1.3亿吨，但日本制铁的净利润竟然如 此之高，究竟是咋搞的呢？ 在战后的1946年，彼时的日本不说是回到石器时代，那也是彻底去工业化和城市化了。当年，日本钢产 量只有56.4万吨，而美国同期则高达6600万吨。 不过，日本钢铁产业很快就吃到了朝鲜战争爆发、国内工业化城镇化推进，以及全球化的红利，在 ...

2024年，中国粗钢产量10.05亿吨，在全球占比53.38%，连续5年成为十亿钢铁大国。产量榜TOP10中，中国钢企独占6席。在产量这块，中国钢铁恐怖如 斯。 这还是全国到处在抓过剩产能、落后产能的大环境下实现的。不过中国钢企也同时存在大而不够强、产量多而不赚钱的阿喀琉斯之踵。 在净利润这块，中国最挣钱的四家上市钢企（宝钢、中信特钢、南钢、华菱钢铁），2024年的净利润加在一起，却还没有日本排第一的日本制铁高。 GEO-KNOWLEDGE GROU 中国上市钢企 部区家 la 本制铁 "十八月 对比 (2024年) NIPPON STEEL 2024年 归母净利润 亿元 约合 人民币 1104Z元 参考资料:第一财经.全球第一大产钢国背后:四家最赚钱上市钢企利润之和不及日本 制铁一家.2025-07-19. (https://www.yicai.com/news/102731829.html) 地球知识局 B.D. 南钢股份 中信特钢 22.61 51.26 亿元 1670 华菱钢铁 20.32 亿元 日本制铁 莹钢股份 上世纪末，日本制铁也曾遇到过产能过剩的情况，2018年甚至出现严重亏损。但短短几年，日 ...

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 钢产量同比增长约 14%，其中 0.20mm 及以下超薄规格高磁感取 向产品产量继续保持国内领先；无取向电工钢产品结构持续优化， 高牌号无取向电工钢产品产量同比增长约 37%，其中新能源汽车用 高牌号无取向电工钢产品产量同比增长约 33%，为全球及国内销量 前十的新能源车企稳定供货。今年电工钢产量预计 220 万吨左右。 公司聚焦下游新兴产业与未来产业需求，加快新产品研发与推 广。上半年公司首发两款取向电工钢产品，应用于高能效变压器领 域，为高效节能与绿色环保新型电网建设提供核心材料支撑；8 月 首发两款无取向高磁感产品，助力机器人、新能源汽车性能提升。 公司将以薄规格、自粘结、高强度、低铁损等产品优势，大力推 进高端产品在新能源汽车、低空经济等新质生产力行业的应用，不 断提升高牌号无取向产品与高磁感取向产品产量占比，稳步提升企 业竞争力。 2.汽车行业反内卷是否促进公司汽车板产品盈利改善？ 答：今年 6 月份钢协座谈会倡导各家钢厂要坚持按照协会倡导的 "三定三不要"（以销定产、以效定产、以现定销）原则承接订单， 坚守"没有 ...

转自：中国证券报·中证网 中证报中证网（王珞）8月22日晚间，首钢股份（000959）发布2025年半年度报告。报告期内，公司实 现营业收入525.71亿元，同比下降7.35%；实现归母净利润6.57亿元，同比增长66.45%；扣非净利润6.82 亿元，同比增长150.28%。 汽车板产量同比增长约6%。产品结构进一步优化，镀锌、高强、外板等高端产品产量同比分别增长约 13%、28%、1%，高强镀锌外板DH500、2200MPa级别热成型钢具备批量供货能力。客户结构进一步升 级，核心主机厂数量、供货量均稳中有升，新能源汽车客户供货量同比增长约41%。 此外，公司聚焦人工智能、大数据、工业互联网等技术，重点推进智新电磁数字化转型、厂内物流一体 化管控平台、数字化业绩管理平台、智慧碳管理平台等项目，推动钢铁制造智能化转型。 报告期内，人工智能大模型平台正式上线，构建"算力+模型+平台+场景"四层架构，完成DeepSeek大模 型本地化部署，开展智慧客服、制度专家等8个AI应用场景建设。其中冷轧公司凭借5G、大数据、AI、 机器视觉和机器人等工业4.0先进技术的广泛应用，成功入选第13批全球"灯塔工厂"名单，成为全 ...

Core Viewpoint - Beijing Shougang Co., Ltd. reported a significant increase in profitability despite a 7.35% year-on-year decline in revenue, showcasing strong operational resilience and internal growth momentum through product structure optimization, precise cost control, and technological innovation [1][2]. Revenue and Profitability - Revenue for the first half of 2025 decreased to 52.517 billion yuan, but net profit surged by 66.45% to 657 million yuan, indicating a strong recovery in profitability [1][2]. - Basic earnings per share increased by 66.40% to 0.0847 yuan, and the weighted average return on equity rose by 0.52 percentage points to 1.32%, reflecting improved capital profitability [2]. - Cash flow from operating activities increased by 91.65%, and cash reserves grew by 58.96% compared to the previous year, while the debt ratio decreased to 57.43% [2]. Product and Technology Advancements - The company emphasized a "premium manufacturing" strategy, with significant improvements in product structure, leading to a 12% increase in the output of three strategic products: electrical steel, automotive plates, and tin/chromium plates [3]. - Electrical steel production rose by approximately 30%, with high-grade non-oriented electrical steel output increasing by 33%, meeting the demands of leading new energy vehicle manufacturers [3]. - The company achieved breakthroughs in technology, obtaining 208 patent authorizations and participating in the establishment of various industry standards [3]. Green and Intelligent Manufacturing - Shougang maintained an "A" rating in environmental performance and advanced its green supply chain initiatives, promoting carbon footprint certification among key suppliers [4]. - Collaborations with companies like Geely and FAW-Volkswagen were established to promote low-carbon projects and circular economy systems [4]. - The company implemented advanced technologies in intelligent manufacturing, becoming one of the few global "lighthouse factories" and enhancing operational efficiency through digital transformation [4].

Company Overview - Company reported a total revenue of 52.517 billion yuan, a decrease of 7.35% year-on-year [11] - Total profit reached 877 million yuan, an increase of 70.26% year-on-year [11] - Net profit attributable to shareholders was 657 million yuan, up 66.45% year-on-year [11] - Earnings per share increased to 0.0847 yuan, up 0.0338 yuan per share year-on-year [11] - Total assets amounted to 129.433 billion yuan, with equity attributable to shareholders at 50.122 billion yuan [11] Industry Development - In the first half of 2025, China's GDP grew by 5.3% year-on-year [3] - The steel industry saw a significant increase in economic benefits due to self-discipline in production control and rising exports [3] - Crude steel production decreased by 3.0% year-on-year to 514.83 million tons, while steel output increased by 4.6% year-on-year to 734.38 million tons [3] - The average steel price index (CSPI) was 93.75 points, down 13.35% year-on-year [3] Strategic Focus - Company emphasizes "green manufacturing, intelligent manufacturing, boutique manufacturing, lean manufacturing, and precise services" as its strategic direction [6] - The company aims to enhance its competitive edge through technological innovation and high-end product development, focusing on electrical steel, automotive sheets, and tin-plated (chromium) sheets [6][7] Product Development - The company has developed a leading position in the production of electrical steel, with significant advancements in high magnetic induction and low noise products [8] - The company’s automotive sheet production increased by approximately 6% year-on-year, with high-end products showing substantial growth [17] - The production of tin-plated (chromium) sheets decreased by about 5%, but high-end products saw an increase [18] Environmental Initiatives - The company is recognized as the world's first steel enterprise to achieve ultra-low emissions across its entire production process [19] - It is actively working on carbon reduction technologies and has established a green low-carbon product pricing system [20] Technological Advancements - The company is advancing its digital transformation through AI, big data, and industrial internet technologies [21] - It has launched an AI model platform and has been recognized as a "lighthouse factory" for its innovative practices [21] Cost Management - The company is focusing on comprehensive cost reduction strategies, including resource optimization and technology improvements [22]

新余钢铁股份有限公司2025 年半年度报告 公司代码：600782 公司简称：新钢股份 新余钢铁股份有限公司 新余钢铁股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘建荣、主管会计工作负责人胡静及会计机构负责人（会计主管人员）肖勇声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告"管理层讨论与分析"中描述了可能存在的相关 ...

Investment Rating - The report maintains a "Buy" rating for Shougang Co., Ltd. with a target price of 4.76 CNY [5][12]. Core Views - The company's net profit attributable to shareholders is expected to grow significantly in the first half of 2025, driven by a decline in raw material prices and ongoing product structure optimization [3][12]. - The report anticipates a gradual decrease in depreciation and amortization expenses, which will further enhance profitability [12]. - The overall industry supply-demand dynamics are expected to improve, leading to a recovery in profitability for the company [12]. Financial Summary - Total revenue for 2023 is projected at 113.76 billion CNY, with a decline of 3.7% year-on-year. However, net profit attributable to shareholders is expected to drop by 41% to 664 million CNY in 2023, before rebounding to 1.52 billion CNY in 2025, representing a growth of 223.1% [4][13]. - Earnings per share (EPS) is forecasted to increase from 0.09 CNY in 2023 to 0.20 CNY in 2025 [4][13]. - The return on equity (ROE) is expected to rise from 1.3% in 2023 to 3.0% in 2025 [4][13]. Product Structure Optimization - The company is focusing on enhancing its product mix, with electrical steel, automotive sheets, and tinplate being the three strategic products that offer higher added value. The total output of these products is expected to reach 7.07 million tons in 2024, a year-on-year increase of 10.9% [12]. - The company plans to develop medium-thick plates as its fourth strategic product, which is anticipated to become a new profit growth driver [12]. Industry Outlook - The report highlights a potential stabilization in steel demand as the negative impact from the real estate sector diminishes. The government is also implementing measures to control crude steel production, which may lead to long-term profitability recovery in the industry [12].

Core Viewpoint - The steel industry in China has experienced a reduction in production and a reasonable recovery in profits in the first half of the year, supported by national policy adjustments and industry self-discipline [1][2]. Economic Performance - In the first half of the year, the total revenue of key steel enterprises was 29,985 billion yuan, a decrease of 5.79% year-on-year, while total profits reached 592 billion yuan, an increase of 63.26% year-on-year, with an average profit margin of 1.97%, up by 0.83 percentage points [2]. - The industry faced challenges of strong supply and weak demand but managed to maintain a balance in supply and demand, leading to improved economic efficiency and environmental standards [2]. Production and Consumption - National crude steel production was 515 million tons, a year-on-year decrease of 3.0%, aligning with national industrial control policies [3]. - Apparent crude steel consumption was 452 million tons, down 5.6% year-on-year [3]. Inventory Levels - The average month-end steel inventory for key steel enterprises was 18.91 million tons, the lowest level in nearly four years [4]. Structural Opportunities - Despite overall reductions, the steel industry presents structural development opportunities, particularly in high-end manufacturing materials and green low-carbon materials [5]. - Companies like Shougang Group and Baosteel are achieving budget targets through technological innovation and maintaining profitability in strategic products [5]. Green Development Initiatives - The steel industry is focusing on green and low-carbon development, with energy-saving and environmental protection investments accounting for 28.9% of total investments, an increase of 4.3 percentage points year-on-year [6]. - By June 30, 193 steel enterprises had completed or partially completed ultra-low emission transformations [6]. Digital Transformation - The industry is accelerating its digital transformation, with companies like Shougang and Nanjing Steel implementing AI applications in production and operations [9]. - Challenges remain in high-quality data collection and the need for skilled professionals who understand both industrial and IT technologies [9]. Future Outlook - The steel industry is in a deep adjustment period, with strong supply capabilities and weakened demand being the main contradictions [10]. - The Ministry of Industry and Information Technology has issued new guidelines to enhance industry standards and promote structural adjustments [10]. - The industry is expected to benefit from policies aimed at expanding domestic demand, which will provide a favorable environment for development [11].

Core Viewpoint - The article discusses a recent explosion at the U.S. Steel plant in Pennsylvania, highlighting the incident's impact on the company and its recent acquisition by Nippon Steel [2][11]. Group 1: Incident Details - An explosion occurred at the U.S. Steel plant in Clayton, Pennsylvania, on August 11, resulting in two fatalities and dozens of injuries [2][5][8]. - The Clayton plant is the largest coking facility in North America, employing thousands of workers [2][8]. - Emergency services were deployed, and the incident was classified as a "mass casualty event" [7][8]. Group 2: Company Background and Acquisition - Nippon Steel recently completed its acquisition of U.S. Steel, with the deal valued at approximately $14.189 billion, translating to a steel acquisition price of about $616.9 per ton [11][12]. - U.S. Steel has a crude steel production capacity of 23 million tons per year, contributing to Nippon Steel's global capacity of 86 million tons [11]. - The acquisition process involved multiple approvals, including from the U.S. government, which will hold a "Golden Share" to protect domestic production and employment [11][12]. Group 3: Financial and Operational Insights - Prior to delisting, U.S. Steel had a market capitalization of $12.417 billion (approximately 89.2 billion RMB) [2][12]. - The company operates eight blast furnaces in the U.S. and has significant iron ore resources, with an annual production capacity of 23 million tons [12]. - The U.S. market is the largest for steel demand among developed countries, with direct demand projected at 89 million tons for the fiscal year 2024 [12].