Core Insights - The company reported a revenue of 1.718 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 17.79% [1] - The net profit attributable to the parent company was 86.77 million yuan, down 49.14% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 79.68 million yuan, a decrease of 49.89% compared to the previous year [1] - The basic earnings per share stood at 0.15 yuan [1]

Financial Performance - The company's operating revenue for the third quarter was ¥597,351,095.31, representing a year-on-year increase of 6.97%[4] - The total profit for the third quarter decreased by 65.01% to ¥11,658,643.15, while the profit for the year-to-date period decreased by 51.80% to ¥92,976,396.17[4] - The net profit attributable to shareholders for the third quarter was ¥11,275,254.35, down 63.24% year-on-year, and for the year-to-date period, it was ¥86,772,709.08, down 49.14%[4] - The basic earnings per share for the third quarter was ¥0.02, a decrease of 60.00%, and for the year-to-date period, it was ¥0.15, down 50.00%[5] - The total profit for the first three quarters of 2025 was ¥92,976,396.17, down 51.8% from ¥192,881,004.24 in 2024[20] - Net profit for the first three quarters of 2025 was ¥86,772,709.08, down 49.0% from ¥170,598,615.88 in the first three quarters of 2024[21] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥258,602,519.74, down 12.76%[4] - The net cash flow from operating activities for the first three quarters of 2025 was ¥258,602,519.74, a decrease of 12.8% compared to ¥296,430,396.58 in 2024[23] - The company reported a net cash outflow from investing activities of ¥251,529,938.82 in 2025, compared to a net inflow of ¥25,838,712.87 in 2024[23] - The company received cash inflows from investment activities totaling ¥1,616,684,797.20 in 2025, compared to ¥459,776,112.20 in 2024, reflecting a strategic shift in investment approach[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,185,031,920.32, an increase of 3.43% compared to the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥2,742,202,097.88, a decrease from ¥2,786,466,401.70 as of December 31, 2024[16] - Total liabilities as of September 30, 2025, are ¥1,550,959,699.03, compared to ¥1,444,884,004.54 at the end of 2024[17] - Total assets as of September 30, 2025, are ¥4,185,031,920.32, up from ¥4,046,256,554.64 at the end of 2024[18] - The company's total equity increased to ¥2,634,072,221.29 from ¥2,601,372,550.10[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 24,257[12] - The largest shareholder, Zhu Guoliang, holds 90,527,531 shares, representing 16.13% of total shares[12] Expenses and Financial Management - Research and development expenses increased to ¥47,215,465.63 in 2025, up 60.9% from ¥29,316,641.51 in 2024[20] - The company incurred financial expenses of ¥-4,062,808.97 in 2025, compared to ¥7,629,309.05 in 2024, indicating a significant improvement in financial management[20] Product Pricing and Profit Margins - The decline in total profit was primarily attributed to a decrease in product prices and gross profit margins[9]

Core Viewpoint - The company reported a decline in net profit for the third quarter of 2025, primarily due to falling product prices and a decrease in gross margin [1] Financial Performance - The revenue for the third quarter was 597 million yuan, representing a year-on-year increase of 6.97% [1] - The net profit for the third quarter was 11.2753 million yuan, showing a year-on-year decrease of 63.24% [1] - For the first three quarters, the net profit amounted to 86.7727 million yuan, which is a year-on-year decline of 49.14% [1] Factors Affecting Performance - The decline in performance is attributed to a decrease in product prices and a reduction in gross margin [1]

Group 1 - The stock price of Wujin Stainless Steel has dropped by 5.03% on October 28, reaching 10.58 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 4.48%, resulting in a total market capitalization of 5.936 billion CNY [1] - Wujin Stainless Steel has experienced a continuous decline for three consecutive days, with a cumulative drop of 1.5% during this period [1] - The company, established on March 30, 2001, and listed on December 19, 2016, specializes in the research, production, and sales of industrial stainless steel pipes and fittings, with main business revenue composition being 75.33% from seamless pipes, 21.60% from welded pipes, and 3.07% from fittings and others [1] Group 2 - According to data from the top ten holdings of funds, Hongde Fund has one fund heavily invested in Wujin Stainless Steel, specifically the Hongde Huixiang Mixed A Fund (011781), which held 49,800 shares in the third quarter, accounting for 0.28% of the fund's net value, ranking as the sixth largest holding [2] - The estimated floating loss for the fund today is approximately 27,900 CNY, with a floating loss of 8,466 CNY during the three-day decline [2] - The Hongde Huixiang Mixed A Fund was established on September 6, 2021, with a current scale of 47.1574 million CNY, yielding 9.17% this year, ranking 6,092 out of 8,155 in its category, and 12.09% over the past year, ranking 5,369 out of 8,029 [2]

Group 1 - The company has issued a total of 3.1 million convertible bonds with a total value of 31 million yuan, which began trading on August 3, 2023 [2] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with a tiered interest rate starting at 0.30% in the first year and reaching 2.00% in the sixth year [2] - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan per share due to annual profit distribution [2][3] Group 2 - The company has established redemption terms for the convertible bonds, including a mandatory redemption at 110% of the face value after maturity and conditional redemption during the conversion period [4][5] - Conditional redemption can occur if the company's stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [5][6] - As of October 10, 2025, the company's stock price has met the condition for potential redemption, with the price exceeding 10.31 yuan per share [8]

Core Points - The company announced that its stock price has been above 130% of the current conversion price of "Wujin Convertible Bonds" for 10 trading days from October 10 to October 27, 2025 [1] - If the stock price continues to meet the specified conditions for 5 out of the next 18 trading days, it will trigger the redemption clause of the "Wujin Convertible Bonds" [1]

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 关于"武进转债"预计满足赎回条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意江苏武进不锈股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]1353 号）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 100 元，发行总额 31,000 万元。 经上海证券交易所《自律监管决定书》（[2023]168 号）同意，公司 31,000 万元可转换公司债券于 2023 年 8 月 3 日起在上海证券交易所挂牌交易，债券简 称"武进转债"，债券代码"113671"。 根据《江苏武进不锈股份有限公司向不特定对象发行可转换公司债券募集说 明书》的约定，"武进转债"存续 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][3][3]. Core Views - The revision of the capacity replacement plan by the Ministry of Industry and Information Technology is expected to improve the supply-demand dynamics in the steel industry marginally. The new draft includes stricter compliance requirements for capacity replacement, which may lead to a more regulated market [3][3]. - The report notes a decrease in steel profits, with specific margins for rebar, hot-rolled, and cold-rolled steel declining by 7, 17, and 23 yuan per ton, respectively, while electric arc furnace steel margins increased by 1 yuan per ton [1][1][1]. - Steel production increased to 8.65 million tons, with a notable rise in rebar production, while total inventory decreased by 260,100 tons, indicating a tightening market [2][2][2]. Summary by Sections Price Trends - As of October 24, 2025, the price of 20mm HRB400 rebar in Shanghai was 3,190 yuan per ton, down 20 yuan from the previous week. Hot-rolled steel increased by 20 yuan to 3,300 yuan per ton, while cold-rolled steel rose by 10 yuan to 3,780 yuan per ton [1][12][13]. Production and Inventory - The total production of the five major steel products reached 8.65 million tons, an increase of 83,700 tons week-on-week. The total inventory of these products decreased by 260,100 tons to 1,098.5 million tons [2][2][2]. Investment Recommendations - The report recommends focusing on companies within the steel sector, particularly those that are expected to benefit from the revised capacity replacement regulations. Specific companies highlighted include Hualing Steel, Baosteel, Nanjing Steel, and others across various segments [3][3][3].

Market Overview - On October 23, the steel sector rose by 0.32% compared to the previous trading day, with Nanjing Steel leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Nanjing Steel (600282) closed at 5.26, up 2.14% with a trading volume of 340,700 shares and a turnover of 177 million yuan [1] - Anyang Iron & Steel (600569) closed at 2.44, up 1.67% with a trading volume of 373,700 shares [1] - New Century Steel (000778) closed at 4.00, up 1.27% with a trading volume of 563,300 shares [1] - Hebei Steel (000709) closed at 2.59, up 1.17% with a trading volume of 1,917,500 shares [1] - Ansteel (000898) closed at 2.77, up 1.09% with a trading volume of 367,000 shares [1] Fund Flow Analysis - The steel sector experienced a net outflow of 417 million yuan from institutional investors, while retail investors saw a net inflow of 382 million yuan [2] - The top stocks with significant fund flow include: - Wujin Stainless Steel (603878) with a net inflow of 12.92 million yuan from institutional investors [3] - Youfa Group (601686) with a net inflow of 12.74 million yuan from institutional investors [3] - Chongqing Steel (601005) with a net inflow of 11.07 million yuan from institutional investors [3]

Core Points - The stock price of Wujin Stainless Steel has increased by 96.24% this year, but it has seen a slight decline of 0.63% in the last five trading days [2] - The company has experienced significant trading activity, with a net inflow of main funds amounting to 69,000 yuan and large orders showing a slight net outflow [1] - Wujin Stainless Steel's main business includes the research, production, and sales of industrial stainless steel pipes and fittings, with a revenue composition of 75.33% from seamless pipes, 21.60% from welded pipes, and 3.07% from fittings and others [2] Financial Performance - For the first half of 2025, Wujin Stainless Steel reported an operating income of 1.121 billion yuan, a year-on-year decrease of 26.82%, and a net profit attributable to shareholders of 75.4975 million yuan, down 46.05% year-on-year [2] - The company has distributed a total of 1.14 billion yuan in dividends since its A-share listing, with 500 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, the number of shareholders for Wujin Stainless Steel was 17,900, a decrease of 3.48% from the previous period, while the average circulating shares per person increased by 3.60% to 31,381 shares [2]