南京钢铁股份有限公司2026年第一季度财报深度解读

主要财务亮点

• 营业收入：公司实现营业收入144.14亿元，同比微增0.42%。
• 利润总额：利润总额为6.84亿元，同比增长4.06%。
• 归属于上市公司股东的净利润：5.97亿元，同比增长3.23%。
• 扣非净利润：归属于上市公司股东的扣除非经常性损益的净利润为4.31亿元，同比下降13.62%，显示主营业务盈利能力略有下滑。
• 经营活动现金流：经营活动产生的现金流量净额为7.15亿元，同比下降5.57%。
• 基本每股收益：为0.0969元，同比增长3.30%。
• 加权平均净资产收益率：2.13%，同比减少0.07个百分点。
• 总资产：701.42亿元，比上年度末增长0.28%。
• 归属于上市公司股东的所有者权益：282.28亿元，比上年度末增长1.85%。

非经常性损益及影响

• 报告期内非经常性损益合计为1.66亿元。主要来源包括：
  • 政府补助：3180万元。
  • 金融资产公允价值变动收益：1.74亿元，主要来自天工科技股份上市后公允价值变动收益（公司持有10529万股，限售期12个月）。该项收益归属于上市公司股东的净利润增加1.4亿元。
  • 资产处置损失：-553万元。
  • 营业外收入与支出：-261万元。
  • 所得税影响额：3106万元。
  • 少数股东权益影响额：19万元。
• 该部分收益属于一次性事件，未来是否能够持续仍需关注。

行业及公司经营情况

• 2026年第一季度中国经济表现良好，GDP同比增长5.0%。
• 全国钢铁产量有所下滑，钢材价格同比下降，原燃料价格分化。
• 公司钢材产量227.01万吨，同比增长6.83%；钢材销量226.81万吨，同比增长7%；钢材综合平均销售价格3856.8元/吨，同比下降5.48%。
• 印尼金瑞、金祥新能源公司焦炭销量同比大幅增长，分别达47.88%和25.91%。

股东结构及变动

• 报告期末普通股股东总数为59,397。
• 控股股东为南京南钢钢铁联合有限公司，持股比例57.13%。
• 公司实际控制人仍为中国中信集团有限公司。
• 2026年3月，中信集团下属公司发生股权结构变更：中信股份向中信泰富购买长越投资、盈联钢铁100%股权，中信泰富不再间接持有公司股权，但控股股东和实际控制人未发生变化。公司经营稳定，承诺延续。
• 湖北新冶钢、南京南钢钢铁联合、南京钢铁联合同属中信集团子公司，存在关联关系，为一致行动人。

资产负债表、利润表及现金流量表主要数据

• 流动资产：合计270.23亿元，货币资金48.42亿元。
• 流动负债：合计347.14亿元，短期借款175.93亿元。
• 非流动负债：合计56.19亿元，长期借款33.34亿元。
• 所有者权益：归属于母公司所有者权益282.28亿元，少数股东权益15.80亿元。
• 营业总成本：139.74亿元，营业成本126.99亿元。
• 研发费用：5.87亿元。
• 财务费用：8352万元（利息费用1.65亿元，利息收入6596万元）。
• 现金流：经营活动净流入7.15亿元，投资活动净流出16.39亿元，筹资活动净流出11.05亿元，期末现金及现金等价物余额41.27亿元。

投资者需重点关注事项（可能影响股价）

• 股权结构变动：中信集团旗下公司股权结构调整完成，虽不影响控股股东和实际控制人，但此举可能为未来资本运作或整合铺路，建议投资者关注后续公告。
• 非经常性损益影响：天工科技股份上市后公允价值变动带来一次性净利润增长，未来持续性存疑，需关注公司主营业务盈利能力的恢复与提升。
• 主营业务盈利能力：扣非净利润同比大幅下降，钢材销售价格下滑，行业整体压力较大。若钢材价格持续低迷，公司利润或将受到影响。
• 现金流及负债：投资、筹资活动净流出较大，现金流压力值得关注。短期借款规模较高，偿债能力风险需投资者进一步关注。
• 海外业务增长：印尼金瑞、金祥新能源焦炭销量大幅提升，海外业务成为新的增长点。

结论

南京钢铁股份有限公司2026年第一季度财报整体表现稳健，但主营业务盈利能力出现下滑迹象。公司非经常性收益拉动净利润增长，股权结构调整虽不影响控制权，但或有深远影响。钢材价格下滑及现金流压力需密切关注。海外业务增长为公司带来新的亮点。投资者需关注后续行业发展、公司资本运作及主营业务盈利能力变化，财报中信息具有一定的价格敏感性，值得投资者重点关注。

免责声明：本文仅为财务数据解读及分析，不构成任何投资建议。投资者应根据自身情况和风险偏好独立作出决策。

Nanjing Steel Co., Ltd. Q1 2026 Financial Report – Investor Deep Dive

Key Financial Highlights

• Operating Revenue: RMB 14.414 billion, up 0.42% year-on-year.
• Total Profit: RMB 684 million, up 4.06% YoY.
• Net Profit attributable to shareholders: RMB 597 million, up 3.23% YoY.
• Net profit after non-recurring items: RMB 431 million, down 13.62% YoY – indicating core business profitability declined.
• Net cash flow from operations: RMB 715 million, down 5.57% YoY.
• Basic EPS: RMB 0.0969, up 3.3% YoY.
• Weighted average ROE: 2.13%, down 0.07 percentage points YoY.
• Total assets: RMB 70.142 billion, up 0.28% from last year end.
• Shareholder equity: RMB 28.228 billion, up 1.85% from last year end.

Non-Recurring Gains/Losses and Impact

• Non-recurring gains totaled RMB 166 million, mainly from:
  • Government subsidies: RMB 31.8 million.
  • Financial asset fair value changes: RMB 174 million, mainly from Tiangong Technology shares held (10.53 million shares, restricted for 12 months after listing), resulting in RMB 140 million boost to net profit attributable to shareholders.
  • Asset disposal loss: RMB -5.53 million.
  • Other non-operating income/expense: RMB -2.61 million.
  • Tax impact: RMB 31.06 million.
  • Minority interest impact: RMB 0.19 million.
• This gain is one-off and its sustainability is uncertain.

Industry & Business Performance

• China’s Q1 GDP grew 5.0% YoY.
• National steel production dropped, steel prices declined, and raw material prices diverged.
• Steel output: 2.27 million tons, up 6.83%. Steel sales: 2.27 million tons, up 7%. Average steel sales price: RMB 3,856.8/ton, down 5.48%.
• Indonesian subsidiaries Jinrui and Jinxiang saw coke sales surging 47.88% and 25.91% respectively.

Shareholding Structure & Changes

• Total ordinary shareholders: 59,397.
• Controlling shareholder: Nanjing Nanjing Steel United Co., Ltd. (57.13% ownership).
• Ultimate controller remains CITIC Group.
• In March 2026, CITIC Group completed an internal equity transfer – CITIC Ltd. acquired 100% stakes in Changyue and Yinglian Steel from CITIC Pacific. CITIC Pacific no longer indirectly holds shares in the company. Control remains unchanged but this may signal future capital moves.
• Three major shareholders are subsidiaries of CITIC Group, thus acting in concert.

Balance Sheet, Income Statement & Cash Flow Highlights

• Current assets: RMB 27.02 billion, with RMB 4.84 billion in cash.
• Current liabilities: RMB 34.71 billion, with RMB 17.59 billion in short-term borrowings.
• Non-current liabilities: RMB 5.62 billion, including RMB 3.33 billion long-term borrowings.
• Shareholder equity: RMB 28.23 billion (parent), RMB 1.58 billion (minority).
• Total costs: RMB 13.97 billion, with RMB 12.7 billion as operating costs.
• R&D expenses: RMB 586 million.
• Financial expenses: RMB 83.5 million (interest expense RMB 165 million, interest income RMB 66 million).
• Cash flow: Operating net inflow RMB 715 million, investing net outflow RMB 1.64 billion, financing net outflow RMB 1.1 billion, ending cash RMB 4.13 billion.

Investor Focus (Potential Price Sensitivity)

• Shareholding structure change: CITIC Group’s internal restructuring does not affect control but may signal future capital moves or integration. Investors should monitor subsequent announcements.
• Non-recurring profit impact: One-off gain from Tiangong Technology shares boosts profit, but core business profitability is declining. Sustainability is uncertain; future profit depends on operational recovery.
• Core business profitability: Non-recurring net profit dropped sharply, steel sales price falling, industry under pressure. If steel prices remain weak, profit may be impacted.
• Cash flow & debt: High short-term borrowing, large investing/financing outflows – cash flow pressure is noteworthy. Debt risk needs attention.
• Overseas business growth: Indonesian subsidiaries’ coke sales surged, overseas business is a new growth driver.

Conclusion

Nanjing Steel’s Q1 2026 financials are solid overall, but core business profitability has weakened. One-off gains boosted net profit, while internal shareholding restructuring could have long-term implications. Falling steel prices and cash flow risks are major concerns. Overseas business is a highlight. Investors should watch for future industry trends, capital moves, and profitability recovery. Information in this report is price sensitive and warrants investor attention.

Disclaimer: This article provides financial analysis and interpretation only and does not constitute investment advice. Please make independent decisions based on your risk tolerance and circumstances.

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