2025年，中国钢铁行业上演了充满张力的"冰与火之歌"。在需求连续第五年下滑、市场供强需弱的背景 下，行业整体利润却迎来爆发式反弹。国家统计局数据显示，2025年黑色金属冶炼和压延加工业实现利 润总额1098.3亿元，同比增长高达299.2%。然而，A股上市钢企的悲欢并不相通。 《每日经济新闻》记者梳理发现，截至1月30日晚间，多家A股钢铁类上市公司披露业绩预告：一方 面，首钢股份、山东钢铁凭借产品结构优化和降本增效，业绩强势扭亏或实现大增；另一方面，尽管原 材料成本大幅下移助推全行业减亏，但鞍钢股份、重庆钢铁等老牌巨头依然未能爬出亏损泥潭。 值得注意的是，业绩分化的背后，不仅是企业经营策略的较量，更是中国钢铁行业从建筑用钢主导向制 造业用钢主导的历史性跨越。当房地产红利退潮，高端化转型已不再是选择题，而是关乎企业生死的必 答题。 谁在寒冬中突围？ 2025年的钢铁市场，原材料价格的显著下行成为企业减亏的最强助攻。据中国钢铁工业协会披露，进口 粉矿、炼焦煤、冶金焦采购成本同比分别下降8%、27%和24%，均为近3年最大降幅。 这股成本端的"暖风"，吹暖了部分头部钢企的财务报表。在已经披露业绩预告的企业中，山东 ...

Group 1 - As of January 31, 2025, 23 steel companies in the A-share market have disclosed performance forecasts, with approximately 78% expecting improved year-on-year results, including profit growth, turnaround from losses, or reduced losses [1] - Benxi Steel Plate Co., Ltd. forecasts a net loss of 3.83 billion yuan for 2025, a reduction in losses by 239.7 million yuan year-on-year [1] - Anshan Iron and Steel Co., Ltd. anticipates a net loss of about 4.08 billion yuan for 2025, with a year-on-year reduction in losses of approximately 42.75% [1] - Five companies, including Liuzhou Steel Co., Ltd., expect to turn losses into profits in 2025, while five others, including Jiangsu Shagang Co., Ltd., forecast varying degrees of profit growth [1] Group 2 - The core drivers for the steel industry's transition from losses to profits in 2025 include cost advantages, supply discipline, and unexpected export growth, indicating a shift from a deep adjustment phase to a recovery phase [2] - The significant improvement in the overall operating conditions and profitability of the steel industry is attributed to multiple factors, including structural growth in steel demand driven by manufacturing upgrades, effective control of ineffective supply, and stable or declining raw material prices [2] - The ongoing supply-side structural reforms and implementation of industry regulations are promoting the exit of backward production capacity and facilitating the industry's transition to high-quality development [2] Group 3 - In 2025, China's crude steel production is projected to be 961 million tons, a year-on-year decrease of 4.4%, while steel output is expected to reach 1.446 billion tons, a year-on-year increase of 3.1% [3] - China's steel exports are expected to reach a record high of 119 million tons in 2025, reflecting a year-on-year increase of 7.5% [3] - The steel industry's development model is undergoing profound changes, characterized by "reduction in quantity and optimization of stock" as the industry moves towards a more sustainable growth model [3] Group 4 - Lingyuan Iron and Steel Co., Ltd. emphasizes a focus on "reducing quantity and improving quality," aiming for intensive production and efficiency [4] - Benxi Steel Plate Co., Ltd. is committed to an efficiency-centered development approach, enhancing production efficiency and optimizing marketing channels to improve market competitiveness [4] - The industry is expected to transition towards high-end, green, and intelligent production, with accelerated exit of backward capacity and increased application of low-carbon technologies [4]

Core Viewpoint - In 2025, despite a continuous decline in demand for the fifth consecutive year, the overall profit of China's steel industry experienced a significant rebound, with profits reaching 109.83 billion yuan, a year-on-year increase of 299.2% [1] Group 1: Industry Performance - The steel industry is witnessing a divergence in performance among A-share listed companies, with some like Shougang Co. and Shandong Steel turning losses into profits due to product optimization and cost reduction, while others like Ansteel and Chongqing Steel remain in the loss zone [1][3] - The significant drop in raw material costs, including an 8% decrease in imported iron ore and a 27% drop in coking coal, has aided some leading steel companies in reducing losses [2] - The shift from construction steel to manufacturing steel marks a historic transition in the industry, driven by the retreat of real estate profits and the necessity for high-end transformation [1][5] Group 2: Company-Specific Insights - Shandong Steel is projected to achieve a net profit of approximately 100 million yuan in 2025, a turnaround from a loss of 2.891 billion yuan the previous year, aided by deep collaboration with China Baowu and cost-saving measures [2] - Shougang Co. expects a net profit between 920 million and 1.06 billion yuan, reflecting a significant growth of 95.29% to 125.01% year-on-year, driven by a high-end and differentiated product strategy [3] - Ansteel anticipates a loss of around 4.077 billion yuan, a reduction of 42.75% from the previous year's loss, while Chongqing Steel expects a loss between 2.5 billion and 2.8 billion yuan, indicating ongoing challenges despite some improvements [4] Group 3: Market Dynamics - The demand structure in the steel industry has fundamentally reversed, with the proportion of steel used in construction dropping from 53% in 2020 to 36% in 2025, while manufacturing steel usage rose from 42% to 53% [6] - The export of steel reached 119 million tons in 2025, a year-on-year increase of 7.5%, although the average export price fell by 8.1% to 694 USD per ton, indicating a competitive "volume for price" scenario [7] - The industry faces a challenging market environment, with domestic steel demand declining for five consecutive years and a strong supply-demand imbalance [7][8]

Core Viewpoint - The People's Bank of China Liaoning Branch is focused on enhancing financial services for the real economy, particularly through the development of the bond market and improving the accessibility of financial products for enterprises, thereby driving high-quality economic growth in Liaoning province. Group 1: Bond Financing and Policy Promotion - The bank has intensified policy promotion efforts, conducting activities themed "Debt Financing Tools Activate Liaoning's New Productive Forces" to educate 150 major state-owned and leading private enterprises about new policies in the interbank bond market [1] - In 2025, non-financial corporate debt financing tools issued in the province reached 66.173 billion yuan, a year-on-year increase of 20.6%, with an average interest rate dropping to 2.21%, saving enterprises over 318 million yuan in interest costs [1] Group 2: Counter Bond Business Expansion - A monitoring mechanism for counter bond business has been established, promoting awareness and understanding of counter bond products through various channels [2] - The number of participating institutions in the interbank market's counter bond business increased from 1 to 6, with 3,298 bank outlets covering all 14 cities in the province, resulting in 25,710 transactions and a transaction amount of 11.413 billion yuan, a year-on-year growth of 198.5% [2] Group 3: Support for the Bill Market - The bill market is leveraged for low-cost financing and high liquidity, with efforts to enhance information disclosure and credit management to ensure efficient market operation [3] - In 2025, the cumulative acceptance amount of bills in Liaoning reached 626.793 billion yuan, a year-on-year increase of 1.6%, while the cumulative bill discount amount was 567.988 billion yuan, up 15.14% [3] Group 4: Technology Innovation Bond Market - The establishment of a "Technology Board" for bonds aims to support local technological innovation and private enterprises, with 145 key enterprises already included in the bond issuance reserve [7] - The bank has implemented a mechanism to promote debt financing tools and conducted various policy interpretation and training activities, resulting in successful issuance of technology innovation bonds totaling 8.8 billion yuan, including the first technology innovation bond in Northeast China [7]

Core Viewpoint - The company, Ansteel Co., Ltd. (000898.SZ), expects a net profit loss of approximately 4.077 billion yuan for the year 2025, indicating a challenging market environment despite some improvements in the steel industry [1] Company Summary - The projected net profit loss for 2025 is around 4.077 billion yuan, with a net profit loss of approximately 4.228 billion yuan after excluding non-recurring gains and losses [1] - The company anticipates a year-on-year reduction in losses by about 3.045 billion yuan, representing a decrease in loss margin of approximately 42.75% [1] - The company is focusing on value creation and comprehensive operational management, enhancing market development, improving operational efficiency, and optimizing procurement strategies to strengthen its market competitiveness [1] Industry Summary - The steel industry is expected to show some improvement in 2025 compared to the previous year; however, the overall market remains characterized by strong supply and weak demand [1] - The company is undertaking major renovations of its main production lines to enhance competitiveness in the market [1]

Core Viewpoint - Ansteel Corporation (00347) anticipates a reduction in net loss attributable to shareholders for the 12 months ending December 31, 2025, compared to the same period in 2024, with a projected loss of approximately RMB 4.077 billion, representing a decrease of about RMB 3.045 billion or 42.75% [1] Financial Performance - The net loss attributable to shareholders is expected to be around RMB 4.077 billion, a reduction of approximately RMB 3.045 billion year-on-year, equating to a decrease of about 42.75% [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, is projected to be approximately RMB 4.228 billion, narrowing by about 41.29% compared to the previous year [1] - The basic loss per share is estimated to be around RMB 0.435 [1] Industry Context - The steel industry is expected to show some improvement in 2025 compared to the previous year, although the overall market remains characterized by strong supply and weak demand [1] - In response to market pressures, the company is focusing on value creation and comprehensive operational management, enhancing market development and product differentiation, improving operational efficiency, and optimizing procurement strategies [1] - The company has undertaken major modifications to key production lines to enhance market competitiveness, indicating an overall positive trend in operational conditions [1]

智通财经APP讯，鞍钢股份(00347)发布公告，预期本公司(连同其子公司统称为"本集团")于截至2025年 12月31日止12个月归属于本公司股东的净亏损相比2024年同期将取得下降。归属于本公司股东的净亏损 为人民币40.77亿元左右，同比减亏人民币30.45亿元左右，减亏幅度约42.75%;归属于本公司股东的扣除 非经常性损益后的净亏损42.28亿元左右，比上年同期收窄约41.29%;基本每股亏损0.435元左右。 公告称，亏损减少的原因为2025年，钢铁行业形势较上年有一定好转，但市场整体供强需弱态势局面尚 未根本改善。面对市场压力，本公司持续推进"聚焦价值创造、全面算账经营"工作，加大市场开拓和调 品力度，提升运营效率、深挖能源潜力，优化采购半径、着力系统降本，并先后安排主要产线大修改 造，提升市场竞争力，经营形势整体向好。 ...

Core Viewpoint - The steel industry is expected to improve in 2025 compared to the previous year, but the overall market remains characterized by strong supply and weak demand [1] Company Summary - Company is focusing on value creation and comprehensive operational accounting to address market pressures [1] - Efforts include enhancing market development, adjusting product mix, improving operational efficiency, tapping into energy potential, optimizing procurement radius, and implementing systematic cost reductions [1] - Major production lines have undergone significant renovations to enhance market competitiveness, leading to an overall improvement in operational conditions [1] - The net loss attributable to shareholders is projected to be approximately RMB 4.077 billion in 2025, representing a reduction in loss of about RMB 3.045 billion, or a decrease of approximately 42.75% year-on-year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （股份編號：0347） 盈 利 預 告－虧 損 減 少 本公告乃由本公司根據深圳證券交易所股票上市規則的規定及香港 聯合交易所有限公司證券上市規則第13.09(2)條及香港法例第571章《證 券及期貨條例》第XIVA部有關披露義務的規定，在深圳及香港同步刊登。 董 事 會 謹 此 公 告，預 期 本 公 司 於 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 十二個月歸屬於本公司股東的淨虧損相比二零二四年同期將錄得下降。 股 東 及 有 意 投 資 者 在 買 賣 本 公 司 股 份 時 務 須 謹 慎 行 事。 鞍鋼股份有限公司 – 1 – 1 估計虧損減少 | | | | | | | | | | | | | 截至十二月三十一日止 | | | | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - Ansteel Co., Ltd. (000898) expects a net loss of approximately 4.077 billion yuan for the year 2025, which is an improvement from a loss of 7.122 billion yuan in the previous year, representing a year-on-year reduction in losses of about 42.75% [1] Group 1: Financial Performance - The projected net loss for 2025 is around 4.077 billion yuan, compared to a loss of 7.122 billion yuan in the previous year [1] - The company is expected to reduce its losses by approximately 42.75% year-on-year [1] Group 2: Industry Outlook - The steel industry is anticipated to improve in 2025, although the fundamental issue of strong supply and weak demand has not been fundamentally resolved [1] Group 3: Company Strategy - The company is focusing on value creation and operational efficiency by enhancing market development and adjusting product structure [1] - Initiatives include deepening energy potential, optimizing procurement to reduce costs, and implementing major modifications to production lines [1] - Overall, the company's operational situation is expected to improve [1]