证券研究报告|半年报点评 gszqdatemark 2025 08 27 年 月 日 季度业绩同比高增，销售毛利率已逐步改善。公司 2025Q2 实现归母净利 1.07 亿元，同比增加 545.47%，环比减少 58.75%，实现扣非归母净利 1.03 亿元， 同比增加 1165.16%，环比减少 57.80%；据中钢协统计，2025 年上半年重点 统计钢铁企业利润总额 592 亿元，同比增长 63.26%，统计局数据显示上半年 黑色金属冶炼和压延加工业利润总额 462.8 亿元，同比增长 1,369.2%，公司 业绩与行业盈利同步显著改善。公司 2024Q3-2025Q2 逐季销售毛利率分别为 -0.24%、4.31%、6.56%、4.90%，逐季销售净利率分别为-3.97%、-0.34%、 2.71%、1.32%，随着行业供给端反内卷政策不断加码，叠加消费驱动的需求 改善趋势、公司双基地协同推动资源高效配置以及高端化转型有序推进，后续 行业盈利及公司销售毛利有望持续好转。 钢材产销量大幅增长，高端重点产品占比提升。2025 年上半年公司完成钢材 产量 668.19 万吨，同比增长 14.15%；完成销量 ...

Group 1 - The Autonomous Region's Finance Department has allocated 489 million yuan for industrial projects this year, promoting the cultivation of emerging industries, industrial optimization, and the accelerated construction of major industrial projects [1] - From January to April, the total industrial output value of the region increased by 7.6% year-on-year, which is 1.5 percentage points higher than the same period last year; the industrial added value rose by 8%, 0.3 percentage points higher than last year, and exceeded the national average by 1.6 percentage points [1] - The Finance Department has coordinated 66 million yuan in special funds for industrial revitalization, selecting 36 emerging industry projects for key cultivation, aiming to enhance the integrated development level of leading enterprises in key areas [1] Group 2 - The Finance Department has allocated 70.05 million yuan to support 19 advanced manufacturing cluster projects, which are expected to drive over 1 billion yuan in annual investment [2] - Major projects are considered the "ballast" for industrial investment, with 71.7 million yuan allocated to support two significant industrial projects, which are expected to drive over 1.65 billion yuan in annual investment [2] - The focus on major industrial projects aims to stimulate investment from upstream and downstream enterprises, further enhancing the growth momentum of industrial investment [2]