南钢股份2025年度日常关联交易执行情况详细解读
南钢股份2025年度日常关联交易执行情况详细解读
一、公告核心要点
- 2025年度日常关联交易实际发生总金额为512,230.12万元，较预计金额651,100万元减少138,869.88万元，降幅为21.33%。
- 日常关联交易总额已超过公司经审计净资产的5%，须提交2025年年度股东大会审议。
- 主要关联交易包括：购买原材料、燃料及动力，销售产品及商品，资产租赁，提供和接受劳务，及在关联方财务公司存贷款等。
- 公司与中信集团旗下多家企业发生大额往来，对公司业绩和资金流有较大影响。
- 部分交易类别实际发生金额与预计金额差异较大，部分项目实际未开展业务。
二、详细数据拆解
| 关联交易类别 |
2025年预计金额（万元） |
2025年实际发生金额（万元） |
差额（万元） |
差额占净资产比例 |
主要原因 |
| 向关联人购买原材料 |
210,800 |
121,659.01 |
-89,140.99 |
3.04% |
采购结构调整/部分未开展 |
| 向关联人购买燃料及动力 |
60,000 |
70,799.66 |
+10,799.66 |
0.37% |
实际需求上升 |
| 向关联人销售产品/提供服务 |
323,500 |
274,768.93 |
-48,731.07 |
1.66% |
部分业务未开展 |
| 接受关联人服务/商品 |
54,000 |
42,304.54 |
-11,695.46 |
0.40% |
实际需求低于预期 |
| 租入资产 |
2,351 |
2,397.98 |
+46.98 |
0.00% |
实际需求略增 |
| 租出资产 |
449 |
300.00 |
-149.00 |
0.01% |
租赁业务减少 |
合计：2025年日常关联交易预计金额651,100万元，实际发生金额512,230.12万元，差额138,869.88万元，占净资产4.74%。
三、涉及重要关联方及其背景
- 本次交易主要涉及南钢联合、中信股份、中信特钢、扬州泰富、中信重工、中信金属、中信金属香港、中信宁波能源、中信寰球、中信银行、中信财务公司、南钢嘉华、福斯罗、中荷环保、凯勒南京、宿迁金鑫、江苏复星商社等。
- 绝大多数关联方实际控制人为中国中信集团有限公司，部分为公司控股股东或参股公司。
- 关联方多为钢铁、金属贸易、金融、建材、环保等领域大型企业，财务状况整体稳健，履约能力强。
四、对公司业绩及独立性的影响
- 2025年，公司向关联方销售商品及提供劳务、出租资产的日常关联交易总额占当年营业收入的4.74%；向关联方购买原材料、燃料及动力、接受劳务和租赁土地的日常关联交易总额占营业成本的4.76%。
- 重要提示：公司表示上述关联交易必要且持续，但比重不大，不会对公司独立性产生影响，公司主营业务不会因此对关联方形成依赖。
- 公司强调，所有关联交易均按市场原则、政府定价或参考可比第三方价格执行，未损害公司及中小股东利益。
五、潜在对股价的影响及股东须知事项
- 关联交易总额显著高于净资产5%的红线，需提交2025年年度股东大会审议。关联方须回避表决，普通投资者可充分表达意见。
- 部分关联交易实际发生金额远低于预期，如与中信金属香港的铁矿石及代理费业务、五洲新春的钢材业务、以及中信股份及其下属公司的商品/服务交易，显示公司采购与销售结构有较大调整，或部分业务未能落地。
- 公司在中信财务公司和中信银行有大额存贷款和授信，显示公司与中信集团金融合作密切，资金流动性较强。
- 部分控股/参股公司如凯勒南京、南钢嘉华、中荷环保等，2024-2025年财务数据部分亏损，需关注其后续经营风险。
六、投资者关注要点
- 关注2025年年度股东大会对关联交易议案的表决结果。
- 关注公司采购结构及销售终端调整可能对业绩及现金流的影响。
- 关注主要关联方经营情况及其对南钢股份的业务协同、风险传导。
- 密切关注公司与中信集团关系变化及金融业务合作状况。
免责声明
本新闻稿基于南京钢铁股份有限公司公开披露的公告内容，旨在为投资者提供详尽信息，但不构成任何投资建议。投资者据此操作须自行承担风险，建议结合公司其它公开信息及市场情况进行综合判断。
English Version
Detailed Review of Nanjing Iron & Steel Co., Ltd. 2025 Related Party Transactions Execution
Key Highlights
- The actual amount of related party transactions in 2025 was RMB 5.12 billion, 21.33% less than the estimated RMB 6.51 billion.
- The total amount of related transactions exceeded 5% of the company’s latest audited net assets, and must be submitted to the 2025 annual shareholders’ meeting for approval.
- Main transactions: purchase of raw materials, fuels & power, product sales, asset leasing, provision/receipt of services, deposits/loans in related finance companies, etc.
- Extensive business with CITIC Group’s subsidiaries, which significantly impacts company operations and liquidity.
- Some transaction categories show large discrepancies between estimated and actual amounts, some businesses not executed at all.
Transaction Data Details
| Type |
Estimated (mn RMB) |
Actual (mn RMB) |
Difference (mn RMB) |
Difference/Net Asset |
Reason |
| Purchase Raw Materials |
2,108 |
1,216.59 |
-891.41 |
3.04% |
Procurement structure adjustment/partial non-performance |
| Purchase Fuel & Power |
600 |
707.99 |
+107.99 |
0.37% |
Higher actual demand |
| Sales/Service to Related Parties |
3,235 |
2,747.69 |
-487.31 |
1.66% |
Some business not executed |
| Accept Service/Goods |
540 |
423.05 |
-116.95 |
0.40% |
Lower actual demand |
| Lease-in Asset |
23.51 |
23.98 |
+0.47 |
0.00% |
Slightly higher demand |
| Lease-out Asset |
4.49 |
3.00 |
-1.49 |
0.01% |
Less leasing business |
Total: Estimated RMB 6.51 billion, actual RMB 5.12 billion, difference RMB 1.39 billion, about 4.74% of net assets.
Major Related Parties
- Mainly: Nanjing Steel United, CITIC Limited, CITIC Special Steel, Yangzhou Taifu, CITIC Heavy Industries, CITIC Metal, CITIC Metal HK, CITIC Ningbo Energy, CITIC Global, CITIC Bank, CITIC Finance Co., Nanjing NISCO Jiahua, Vossloh, Sino-Dutch Environmental, Keller Nanjing, Suqian Jinxin, Jiangsu Fosun Trading, etc.
- Most are controlled by CITIC Group; some are direct/indirect subsidiaries or associates.
- Most are large and financially stable, with solid performance and fulfillment capabilities.
Impact on Performance & Independence
- Sales/service/leasing to related parties accounted for 4.74% of annual revenue; purchase/procurement/land lease etc. accounted for 4.76% of annual cost.
- Important: Company claims such related transactions are necessary and ongoing, but not large enough to affect independence or make the company reliant on related parties.
- All transactions are conducted at market price, government-guided price, or comparable third-party price, safeguarding all shareholders’ interests.
Potential Price-sensitive Issues & Shareholder Notes
- Total related transaction amount exceeds the 5% net asset threshold, so must be approved by the 2025 AGM; related parties will abstain from voting, giving minority shareholders more say.
- Some business, such as with CITIC Metal HK or Wuzhou Xinchun, was not carried out as planned, reflecting operational or structural changes.
- Significant funds deposited and borrowed with CITIC Finance and CITIC Bank, showing close financial ties and strong liquidity.
- Some subsidiaries/associates (e.g., Keller Nanjing, NISCO Jiahua, Sino-Dutch) posted losses, which may pose future operational risks.
Investor Watchpoints
- Watch for the AGM result on related party transactions.
- Monitor changes in procurement/sales structure and their impact on performance and cash flow.
- Track related parties’ business performance and their effect on NISCO’s risk and synergies.
- Pay attention to the company’s relationship with CITIC Group, especially in finance and major business arrangements.
Disclaimer
This article is based solely on the public disclosure of Nanjing Iron & Steel Co., Ltd. and is for information only. It does not constitute investment advice. Investors must make their own decisions and assume their own risks.
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