新疆八一钢铁股份有限公司2025年度报告摘要深度解析

一、报告关键要点

• 公司2025年归属于上市公司股东的净资产为负值（-17.89亿元），触及退市风险警示规则，股票将被实施退市风险警示，简称将冠以“*ST”字样。
• 2025年公司母公司累计亏损达10.57亿元，本年可供分配利润为-53.23亿元，拟不进行利润分配和资本公积金转增股本。
• 全年营业收入187.48亿元，同比仅增长0.43%，但营业成本下降2.42%，累计亏损19.87亿元，同比减少亏损1.03亿元。
• 公司全年粗钢产量573万吨，占新疆粗钢总产量的42%，继续保持区域内产能规模最大、产品种类最多的行业链长企业地位。
• 第三季度实现归属于上市公司股东净利润正值（1.25亿元），但第四季度亏损大幅增加（-13.07亿元），导致全年净利润为负。
• 新疆八一钢铁集团有限公司为公司控股股东，持股比例达50.02%。
• 行业整体处于减量调结构阶段，钢铁行业利润率有所提升，但公司仍处于亏损状态。
• 公司持续推进低碳冶金技术和超低排放改造，具备绿色低碳转型初步优势。

二、对股东及投资者的重大影响

• 退市风险警示：公司2025年末净资产为负，将被实施退市风险警示（*ST），这一情形极为敏感，可能导致股价剧烈波动甚至被暂停上市。投资者需高度警惕，密切关注后续整改措施。
• 不分红、不转增股本：公司连续巨额亏损，按照章程规定，2025年度不进行利润分配及公积金转增股本，投资者无法获得现金分红及股本扩张。
• 行业和公司经营环境：钢铁行业整体盈利改善，但公司亏损仍然较大，反映出公司在市场、产品结构调整、成本控制等方面压力较大。
• 经营指标改善但未脱困：营业成本下降，亏损收窄，产品结构调整和绿色低碳冶金推进明显，但未能实现盈利，未来仍需重点关注公司转型与脱困进展。
• 股东结构及控股权：控股股东为新疆八一钢铁集团有限公司，持股比例高，其他股东持股分散，易受控股股东影响。
• 季度业绩波动剧烈：第三季度盈利但第四季度巨亏，显示经营波动性大，投资者需关注季节性及项目实施进展。

三、详细解读

本年度报告显示，新疆八一钢铁股份有限公司2025年面临严峻的经营挑战和资本市场重大风险。公司净资产出现负值，主管部门将对股票实施退市风险警示（*ST），这一重大事项对上市公司及其股东具有极强的价格敏感性，可能引发股价大幅下跌，甚至暂停上市。

公司2025年累计亏损达10.57亿元，本年度可供分配利润为-53.23亿元，按照公司章程规定，年度不进行现金分红及资本公积金转增股本，直接影响投资者回报。

虽然钢铁行业整体盈利改善，重点企业利润总额同比增长1.4倍，平均利润率提升至1.9%，但公司未能摆脱亏损困境。全年营业收入小幅增长至187.48亿元，营业成本下降至185.57亿元，亏损收窄至19.87亿元，同比减少亏损1.03亿元，但仍未实现盈利。

公司在新疆区域内保持粗钢产能最大、产品种类最多地位，全年粗钢产量达573万吨，占新疆总产量42%。产品结构调整和高毛利产品比重提升，绿色低碳冶金技术取得突破，率先完成超低排放改造并获得中国钢铁协会公示，低碳冶金工艺优势逐步形成。

股东结构方面，控股股东为新疆八一钢铁集团有限公司，持股比例50.02%。前十大股东中，国有法人和境内自然人持股分散，股权集中度较高，易受控股股东影响。

季度业绩波动显著，第三季度实现盈利（1.25亿元），但第四季度巨亏（-13.07亿元），全年净利润为-18.79亿元，显示公司经营波动性大，需关注季节性变化及重大项目进度。

行业政策方面，2025年工信部发布新规范条件，强化环保能耗要求，鼓励兼并重组及特色化发展，发布《钢铁行业稳增长工作方案》，推动高质量发展，优化产能结构，绿色低碳转型提速。

四、投资者需高度关注事项

• 公司股票将被实施退市风险警示（*ST），极可能影响股价及流动性。
• 年度不分红、不转增股本，投资回报受限。
• 全年巨亏，净资产为负，需关注公司后续整改、资本运作及脱困措施。
• 公司在产品结构调整、绿色低碳冶金技术领域具备一定优势，未来转型与盈利能力提升值得关注。
• 控股股东持股高，未来股权结构变化、资产重组等事项或影响公司走向。

免责声明

本文章仅供参考，不构成任何投资建议。投资者需结合自身风险承受能力，审慎决策。公司面临退市风险警示，股价波动加剧，投资需谨慎。市场、政策及公司经营情况存在高度不确定性，请关注后续公告及监管要求。

English Version

Xinjiang Bayi Iron & Steel Co., Ltd. 2025 Annual Report Summary – In-depth Investor Analysis

Key Points of the Report

• The company’s net assets attributable to shareholders at the end of 2025 are negative (-1.789 billion RMB), triggering delisting risk warning rules. The stock will be subject to delisting risk warning (“*ST” prefix).
• The parent company’s cumulative losses reach 1.056 billion RMB in 2025, distributable profit for the year is -5.32 billion RMB. No dividend or capital reserve transfer will be made.
• Annual revenue is 18.75 billion RMB, up only 0.43% YoY, but operating costs fell by 2.42%. Total loss narrowed to 1.987 billion RMB, down by 103 million RMB YoY.
• Annual crude steel output is 5.73 million tons, accounting for 42% of Xinjiang’s total crude steel output, maintaining its position as the largest in the region.
• The third quarter saw a positive net profit attributable to shareholders (125 million RMB), but the fourth quarter suffered a heavy loss (-1.307 billion RMB), resulting in a full-year net loss.
• Xinjiang Bayi Iron & Steel Group Co., Ltd. is the controlling shareholder, holding 50.02% of shares.
• The industry is in a long-cycle structural adjustment phase, overall profitability has improved, but the company remains in a loss-making state.
• The company continues to advance low-carbon metallurgy and ultra-low emission upgrades, with initial advantages in green transformation.

Significant Impact on Shareholders and Investors

• Delisting Risk Warning: Negative net assets trigger delisting risk (“*ST”), a highly price-sensitive event likely to cause sharp share price volatility or suspension of listing. Investors must closely monitor subsequent remedial measures.
• No Dividend, No Capital Reserve Transfer: Ongoing substantial losses mean no dividend or capital reserve transfer for 2025, affecting investor returns.
• Industry & Company Operating Environment: Sector profitability improves but the company still faces substantial losses, reflecting pressure in market, product structure, and cost control.
• Operating Indicators Improved but Not Out of Trouble: Operating cost reductions and loss narrowing, product structure adjustments, and green metallurgy progress are evident, but profitability has not been achieved. Future transformation and turnaround require attention.
• Shareholder Structure & Control: Controlling shareholder holds a high proportion, other shareholders are dispersed, and easily influenced by controlling party.
• Quarterly Performance Fluctuations: Third quarter profit, fourth quarter heavy loss, indicating volatility in operations. Investors should monitor seasonal and project implementation progress.

Detailed Analysis

The 2025 annual report reveals that Xinjiang Bayi Iron & Steel Co., Ltd. faces severe operational challenges and major capital market risks. Negative net assets mean the stock will be subject to delisting risk warning (“*ST”), a highly sensitive event likely to trigger sharp price declines or even suspension.

The parent company’s cumulative losses reach 1.056 billion RMB, distributable profit is -5.32 billion RMB. As per company rules, there will be no cash dividend or capital reserve transfer, directly affecting investor returns.

Although the steel sector overall saw profitability rise (key enterprises’ total profit up 1.4x, average profit margin 1.9%), the company remains in the red. Revenue grew slightly to 18.75 billion RMB, operating costs fell to 18.56 billion RMB, losses narrowed to 1.987 billion RMB, but the company is not profitable.

The company maintains its position as the largest crude steel producer in Xinjiang (5.73 million tons, 42% share). Product structure adjustment, higher-margin products, and breakthroughs in green/low-carbon metallurgy (ultra-low emission upgrade, Chinese Steel Association certification) are noted.

Shareholder structure: Controlling shareholder Xinjiang Bayi Iron & Steel Group Co., Ltd. holds 50.02%. Top 10 shareholders include state-owned entities and domestic individuals, shareholding is concentrated and easily influenced by the controlling party.

Quarterly results are volatile: third quarter profit, fourth quarter heavy loss, full-year net loss of 1.879 billion RMB, indicating operational volatility. Investors should monitor seasonal effects and major project progress.

Industry policy: 2025 saw new standards from MIIT, stricter environmental and energy requirements, encouragement for M&A and specialty development, and a “Steel Industry Steady Growth Plan” to improve quality, optimize capacity structure, accelerate green low-carbon transformation.

Investor Focus Points

• Stock will be subject to delisting risk warning (“*ST”), likely to impact price and liquidity.
• No dividend or capital reserve transfer for 2025, limiting investor returns.
• Large annual loss, negative net assets—watch for further restructuring, capital operations, and turnaround measures.
• Product structure adjustment and green metallurgy advantages—future transformation and profitability improvement deserve attention.
• High controlling shareholder stake—future changes in shareholding or asset restructuring may affect company direction.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should assess their own risk tolerance and make prudent decisions. The company faces delisting risk warning, share price volatility may increase, and investments should be made with caution. Market, policy, and company operations are highly uncertain—please follow subsequent announcements and regulatory requirements.

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