包钢股份发布2025年关联交易执行情况及2026年日常关联交易预测，关联销售大幅增长引投资者关注

内蒙古包钢钢联股份有限公司（600010.SH）于2026年4月17日披露了2025年度关联交易执行情况及2026年度日常关联交易预测公告。此次公告内容详实，涉及公司主要原材料采购、产品销售、基建服务、融资租赁及金融服务等多个领域，对公司经营成本、收入与利润构成重要影响，具备高度信息披露及投资参考价值。

一、2025年度关联交易执行情况及2026年度预测

• 2025年实际关联采购总额达到2,231,792.59万元，略低于预计的2,237,673.00万元；2026年预计采购总额上升至2,310,005.00万元。
• 2025年实际关联销售总额为1,719,724.34万元，低于预计的2,274,034.00万元，但2026年预计将大幅提升至2,632,601.00万元，增幅显著，显示公司对集团及关联方销售预期大幅提升，或对收入和业绩有积极推动。
• 部分采购项目如能源动力、燃料、废钢等实际发生金额与预计金额存在较大差异，部分销售项目，如钢铁产品销售模式调整，导致实际与预计金额出现较大出入。

主要采购与销售详情（单位：万元）：

二、租赁及金融服务关联交易

• 2026年公司预计出租资产租金收入为15,710.00万元，预计承租费用为47,800.00万元，租赁负债利息支出预计为3,000.00万元。
• 公司2025年末向包钢集团财务有限责任公司贷款余额为145,810.00万元，贷款利息支出4,061.87万元，2026年预计贷款利息支付4,000万元，存款利息收入为1,000万元。

三、关联方信息与控制结构

• 包头钢铁（集团）有限责任公司为公司控股股东，持股55.60%，最终控制人为内蒙古自治区国资委。
• 公司与控股股东及其下属企业之间存在大量采购、销售、服务、租赁、金融等日常关联交易，相关协议均以市场化、公允为定价基础，并且公司保留向第三方采购、销售的权利。

四、关联交易定价政策及协议执行情况

• 所有关联交易均遵循公开、公正、公平原则，优先参照国家定价、市场价格，无市场价时以合理成本加合理利润定价。
• 多项关联协议自2006年起签署并多次修订，涵盖原辅材料供应、综合服务、土地及资产租赁、金融服务、稀土精矿供应等，保障公司生产经营的稳定性和灵活性。

五、董事会与独立董事意见及合规情况

• 2026年4月13日独立董事会议及4月16日董事会会议均全票通过了2025年度关联交易执行及2026年度预测议案，关联董事回避表决。
• 独立董事认为定价公允、未损害公司及中小股东利益，交易规模符合生产经营实际。
• 公司承诺2025、2026年度不会向持股75%以下子公司、联营公司、关联方或无关联第三方提供财务资助。

六、投资者需重点关注事项（潜在股价影响因素）

• 2026年度关联销售预计大幅增长，尤其是对包钢集团国际贸易有限公司及集团下属公司的销售增长显著，若实际业绩兑现，可能推动公司营收与净利润显著提升，对公司估值形成支撑。
• 公司与控股股东及关联方的高度业务往来，保障了原材料供应稳定和市场销售渠道畅通，但也可能因关联方经营波动带来业绩不确定性，投资者需密切关注后续实际交易执行情况。
• 公司资金流动性充足，金融服务协定期限、额度、定价均符合监管要求，有效降低了财务成本和资金风险。
• 定价政策及协议执行细则的持续调整，确保交易价格市场化，有利于防范利益输送及损害中小股东利益的情形。

七、结论

包钢股份此次披露的2025年度关联交易执行及2026年度日常关联交易预测，显示公司生产经营与控股股东及关联企业高度协同。2026年关联销售大幅提升的预期，若能实现，将显著拉动公司业绩增长，构成潜在利好。投资者应重点关注后续实际交易的执行及公司与关联方之间定价政策的落实情况，以把握公司业绩波动带来的投资机会与风险。

免责声明：本文资讯基于公司公告及公开信息整理，仅供投资者参考，不构成投资建议。投资有风险，决策请审慎。

English Version:

Baogang Shares Releases 2025 Related Transactions and 2026 Forecasts, Substantial Related Sales Growth May Affect Share Price

Inner Mongolia Baotou Steel Union Co., Ltd. (600010.SH) announced its 2025 related party transaction execution and 2026 daily related transaction forecasts on April 17, 2026. The report covers primary material procurement, product sales, infrastructure services, financial leasing, and financial services, forming a crucial part of the company’s cost, income, and profit structure. The information is highly relevant for investors.

I. 2025 Execution and 2026 Forecasts of Related Party Transactions

• In 2025, actual related procurement totaled RMB 22.32 billion (lower than the estimated RMB 22.38 billion); for 2026, procurement is forecasted to rise to RMB 23.10 billion.
• In 2025, actual related sales amounted to RMB 17.20 billion, lower than the expected RMB 22.74 billion, but the 2026 forecast jumps to RMB 26.33 billion—a significant increase, indicating strong expectations for sales to group and related parties, which may positively impact revenue and performance.
• Some procurement items (e.g., energy, fuel, scrap steel) showed large differences between forecast and actual, as did some sales items (notably steel sales due to changes in sales models).

Key Procurement and Sales Details (RMB 10,000):

II. Leasing and Financial Services Related Transactions

• In 2026, forecasted rental income from leasing assets is RMB 157.10 million; expected lease expense is RMB 478.00 million; interest expense on lease liabilities is anticipated at RMB 30.00 million.
• By the end of 2025, loans from Baogang Group Finance stood at RMB 1.46 billion, with interest expenses of RMB 40.62 million. For 2026, interest payable is estimated at RMB 40 million, while deposit interest income is expected at RMB 10 million.

III. Related Parties and Control Structure

• Baotou Iron & Steel (Group) Co., Ltd. is the controlling shareholder (55.60%), ultimately controlled by the Inner Mongolia State-owned Assets Supervision and Administration Commission.
• The company has substantial routine procurement, sales, service, leasing, and financial transactions with its controlling shareholder and affiliates, all based on market pricing, with the company retaining third-party choice rights.

IV. Pricing Policy and Agreement Implementation

• All related transactions follow open, fair, and just principles, with a preference for national pricing, market prices, or reasonable cost plus profit if neither is available.
• Since 2006, the company has signed and updated multiple related party agreements covering materials, services, land and asset leasing, financial services, and rare earth supply, ensuring operational stability and flexibility.

V. Board and Independent Director Opinions, Compliance

• Both independent directors and the board unanimously approved the 2025 execution and 2026 forecast proposals, with related directors abstaining.
• Independent directors believe pricing is fair and does not harm company or minority shareholder interests.
• The company promises not to provide financial assistance to subsidiaries with less than 75% ownership, associates, related, or unrelated third parties in 2025 and 2026.

VI. Key Takeaways for Investors (Potential Price-sensitive Information)

• Forecasted related sales in 2026 will see a notable increase, especially sales to Baogang Group International Trade and group affiliates. Should these materialize, they may significantly boost the company’s revenue and net profit, potentially affecting the stock price.
• Extensive business dealings with controlling shareholders and affiliates ensure raw material supply and sales channels but may also expose the company to performance volatility tied to affiliate operations. Investors should track actual transaction execution closely.
• The company has robust liquidity, and its financial service agreements are compliant with regulatory requirements, reducing financial costs and risks.
• Ongoing adjustments to pricing policies and contract implementation reduce the risk of benefit transfers and protect minority shareholder interests.

VII. Conclusion

Baogang Shares’ disclosure of 2025 related party transaction execution and 2026 forecasts shows high operational integration with its controlling shareholder and affiliates. The anticipated large increase in related sales for 2026, if realized, could drive strong earnings growth and serve as a potential share price catalyst. Investors should watch for actual performance against these forecasts and the continued enforcement of fair pricing policies.

Disclaimer: This information is based on company disclosures and public sources, provided for investor reference only and does not constitute investment advice. Investing involves risk; please make decisions prudently.

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