公司点评 | 华菱钢铁 Q3 业绩表现平稳，顺应钢铁行业发展趋势 华菱钢铁（000932.SH）2025Q3 点评 事件：公司公告 2025 年三季报，前三季度实现营收 945.98 亿元，同比下降 14.96%；归母净利润为 25.10 亿元，同比增长 41.72%；扣非后归母净利润 为 22.93 亿元，同比增长 53.64%。 Q3 业绩表现平稳，原材料价格上涨侵蚀利润。根据公司三季报内容，Q3 单 季度实现营收 318.04 亿元，同比下降 10.59%；归母净利润为 7.62 亿元， 同比增长 73.22%；扣非后归母净利润为 7.72 亿元，同比增长 134.06%。盈 利能力方面，Q3 单季度毛利率为 9.81%，同比提升 2.96 个百分点；净利率 为 3.31%，同比提升 1.14 个百分点；ROE 为 1.38%，同比提升 0.55 个百 分点。根据公司公告的投资者关系活动记录表内容： 1）公司层面，Q3 生产经营保持稳定，产销量环比二季度波动不大。Q3 单 季度利润总额环比二季度下降 30.06%，主要是 Q3 铁矿石、炼焦煤等原燃 料材料价格再次抬头，而下游需求和钢材价格未有明显起色， ...

证券日报网讯华菱钢铁（000932）10月30日发布公告，在公司回答调研者提问时表示，第三季度公司内 部生产经营保持稳定，利润总额环比下降30.06%，主要是第三季度以来铁矿石、炼焦煤等原燃料材料 价格再次抬头，而下游需求和钢材价格未有明显起色，市场因素导致供销两头剪刀差缩小。同时，公司 下属五大生产基地专业化分工、差异化发展，三季度各钢材大类品种之间钢价表现也有所差异，其中华 菱湘钢下游宽厚板和工业线棒下游需求相对稳定，钢材价格能够一定程度向产业链下游传导原燃料上涨 的成本压力，业绩环比波动幅度相对较小，阳春新钢表现也相对稳定；但薄板领域三季度处于传统销售 淡季，无缝钢管领域国内外下游需求支撑也较弱，面对原燃料价格的强势上涨，该两大品种销售价格表 现较弱，从而华菱涟钢、华菱衡钢的业绩环比波动幅度也相对较大。 ...

Core Viewpoint - Hualing Steel's operating performance has improved, with a significant increase in net profit despite a decline in revenue [1][2]. Financial Performance - In the first half of 2025, Hualing Steel achieved operating revenue of approximately 631 billion yuan, a year-on-year decrease of about 17% [1]. - The net profit attributable to shareholders exceeded 17 billion yuan, showing a year-on-year increase of over 30% [1][2]. - The company reported a negative financial expense of 16.1 million yuan for the first time in nearly 20 years, indicating improved financial health [1][7]. Market Conditions - The steel industry faced challenges due to geopolitical conflicts and economic policies, leading to a decline in global steel production and consumption [3]. - National crude steel production in the first half of 2025 was 515 million tons, down 3% year-on-year, while apparent consumption fell by 5.6% [3]. Strategic Initiatives - Hualing Steel is focusing on a transformation strategy emphasizing "high-end, green, intelligent, and service-oriented" development [1][4]. - The company has accelerated product iteration and optimization, with key product steel sales accounting for 68.5% of total sales, an increase of 3.9 percentage points year-on-year [1][6]. Research and Development - The company invested 2.842 billion yuan in R&D in the first half of 2025, continuing its commitment to innovation [1][6]. - Hualing Steel received 233 new patent authorizations, including 51 invention patents, and achieved a record number of metallurgical science and technology awards [6]. Cost Management - The company has implemented cost reduction measures, lowering procurement costs by approximately 250 million yuan in the first half of 2025 [7]. - As of June 30, 2025, the company's asset-liability ratio was 55.62%, a decrease of 0.40 percentage points from the beginning of the year [7]. Investor Sentiment - Capital markets have shown confidence in Hualing Steel, with significant increases in shareholdings from institutional investors [7].