Core Viewpoint - CITIC Special Steel is positioned as a leader in the special steel industry, focusing on high-quality materials for major national projects and aiming to transition from "catching up" to "leading" in the sector [5][12]. Group 1: Company Overview - CITIC Special Steel is the largest special steel enterprise globally, producing approximately 20 million tons of special steel annually, with products ranging from precision steel wires to large cast billets [5]. - The company provides critical materials for significant national projects, including the Long March series rockets, Fuxing high-speed trains, and the C919 domestic aircraft [5]. - The company has established a comprehensive product matrix covering six major business segments, including high-end bearing steel and automotive steel [8]. Group 2: Technological Innovation - CITIC Special Steel emphasizes technological innovation, with an average annual R&D investment of over 3% of revenue, significantly exceeding the industry average [8]. - The company has obtained a total of 1,851 authorized patents, including 50 international patents, reflecting its commitment to turning technology into practical value [8]. - The company has developed advanced products such as ultra-thin diamond wires and high-performance steel for deep-sea oil fields, showcasing its innovation capabilities [8]. Group 3: Green Transformation - CITIC Special Steel has adopted a "dual-driven" model for green transformation, focusing on both reducing carbon emissions and innovating products that support downstream industries in reducing emissions [9]. - The company has implemented significant energy-saving technologies, such as smart combustion technology, which has improved natural gas combustion efficiency by 26.8% and reduced nitrogen oxide emissions by 80% [9]. - The company has developed a carbon management platform that is the first in China to receive EU CBAM and PCF certification, enhancing its competitiveness in international markets [9]. Group 4: Digital Transformation - CITIC Special Steel's subsidiary, Xingcheng Special Steel, has been recognized as the first "lighthouse factory" in the global special steel industry, implementing over 40 Industry 4.0 technology use cases [10]. - The company has integrated AI and industrial mechanisms to significantly enhance production efficiency, improving size qualification rates and machine output by 15% [10]. - The application of multi-modal simulation technology has transformed the operation of blast furnaces, allowing for precise control and transparency in production processes [10]. Group 5: Financial Performance - In the first three quarters of 2025, CITIC Special Steel achieved revenue of 81.206 billion yuan, a slight decrease of 2.75% year-on-year, while net profit attributable to shareholders increased by 12.88% to 4.33 billion yuan [12]. - The company has demonstrated strong resilience amid industry fluctuations, becoming the most profitable listed company in Hubei during this period [12]. Group 6: Future Outlook - The company aims to lead the special steel industry by focusing on high-end manufacturing, new energy, and marine engineering, with a shift in demand from "incremental" to "quality enhancement" [12]. - CITIC Special Steel is actively pursuing advancements in materials for wind energy, hydrogen storage, and high-end equipment, addressing critical material needs in these sectors [12]. - The company has set clear goals for innovation, green initiatives, and governance, aiming for industry-leading carbon neutrality and enhanced ESG management [13].

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