Hunan Valin Steel 华菱钢铁
6 significant filings since 29 May 2026: 2 on major holder buying, 1 on acquisition or disposal and 1 on change of interest, and 2 other kinds. The latest, on 22 Aug 2026: 关于子公司华菱衡钢向关联方购买资产的关联交易公告. On 10 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 82.84% to 88.56% from the same period a year earlier.
自 29 May 2026 起有 6 份重大公告：major holder buying 2 份、acquisition or disposal 1 份、change of interest 1 份，另有 2 类。最新一份（22 Aug 2026）：关于子公司华菱衡钢向关联方购买资产的关联交易公告。10 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 82.84% 至 88.56%。
As of 25 Sep 2026 截至2026年9月25日
Hunan Valin Steel 华菱钢铁 is a steel producer listed on the Shenzhen Stock Exchange. The company reported higher net profit and cash flow in 2025 despite lower revenue. Profit quality was strong, with operating cash flow at 1.70x net profit. However, the first half of 2026 shows a sharp decline, with profit down over 80% year-on-year. The share price has fallen significantly, down 42.2% in one year. The company's current liabilities exceed current assets, indicating short-term liquidity pressure. While the controlling shareholder remains stable, the sharp profit drop and weak liquidity position raise financial risks. The latest performance signals a material downturn in operating results.
华菱钢铁是在深圳证券交易所上市的钢铁生产企业。尽管2025年营业收入下降，公司归母净利润和经营现金流均实现增长。盈利质量良好，经营现金流为净利润的1.70倍。但2026年上半年业绩大幅下滑，归母净利润同比减少超过80%。股价显著下跌，一年内跌幅达42.2%。公司流动负债超过流动资产，短期偿债压力显现。控股股东保持稳定，但盈利急剧下滑与流动性偏弱构成财务风险。最新业绩表明经营状况出现明显下行。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | Current liabilities exceed current assets. 流动负债超过流动资产。 | The current ratio is 0.93, below 1, meaning the company has more short-term obligations than liquid assets. This could strain its ability to meet near-term payments. 流动比率为0.93，低于1，表明公司短期债务高于流动资产，可能影响其偿付近期债务的能力。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | Profit is expected to fall more than 50% year-on-year. 预计净利润同比下滑超过50%。 | The pre-announcement shows a 89% to 83% drop in attributable net profit for the first half of 2026. Such a sharp decline signals weakening profitability. 业绩预告显示2026年上半年归母净利润同比下降89%至83%，大幅下滑反映盈利能力显著减弱。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | Share price has fallen 40% or more in one year. 股价一年内下跌40%或以上。 | The share price dropped from RMB5.97 to RMB3.45, a decline of 42.2%. This price movement is reported in the facts. 股价从5.97元降至3.45元，跌幅达42.2%。该价格变动为事实披露内容。 |
- Attributable net profit for the period to 30 Sep 2026 in the third-quarter report
截至2026年9月30日第三季度报告中的归母净利润 - Operating cash flow per share for the first nine months of 2026
2026年前三季度每股经营现金流 - Current ratio as of 30 Sep 2026 in the third-quarter report
2026年9月30日第三季度报告中的流动比率 - Revenue trend for the first nine months of 2026
2026年前三季度营业收入变动趋势 - Any update on the controlling shareholder's holdings
控股股东持股情况的变动 - Disclosure of receivable days and inventory days in the third-quarter report
第三季度报告中应收账款周转天数和存货周转天数的披露
- Company: Hunan Valin Steel 华菱钢铁, Shenzhen Stock Exchange 000932; industry Ordinary Steel; listed 3 Aug 1999.
公司：华菱钢铁，深圳证券交易所 000932；行业：普钢；上市日期：1999年8月3日。 - Close on 24 Sep 2026 RMB3.45; close on 24 Sep 2025 RMB6.24, RMB5.97 in today's terms; one-year change, adjusted for distributions and share changes -42.2%.
2026年9月24日收盘价3.45元；2025年9月24日收盘价6.24元（前复权5.97元）；一年涨跌幅（复权）-42.2%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB3.40 to RMB6.49.
52周区间（前复权）3.40元至6.49元。 - Market capitalisation RMB23.64bn; P/E TTM 21.7; price to book 0.43x.
总市值236.42亿元；市盈率（TTM）21.7；市净率0.43倍。 - Revenue 2025 RMB121.74bn; 2024 RMB144.68bn; change -15.9%.
营业收入2025年1,217.41亿元；2024年1,446.85亿元；同比-15.9%。 - Attributable net profit 2025 RMB2.61bn; 2024 RMB2.03bn; change +28.5%.
归属于母公司股东的净利润2025年26.11亿元；2024年20.32亿元；同比+28.5%。 - Net profit excluding non-recurring items, 2025 change +76.8%.
2025年扣除非经常性损益后的净利润同比+76.8%。 - Basic EPS 2025 RMB0.38; 2024 RMB0.29.
基本每股收益2025年0.38元；2024年0.29元。 - Operating cash flow per share 2025 RMB0.95; 2024 RMB0.84; operating cash flow to net profit 1.70x.
每股经营现金流2025年0.95元；2024年0.84元；经营现金流与净利润之比1.70倍。 - 2025 gross margin 9.7%; net margin 3.2%; ROE 4.8%.
2025年毛利率9.7%；净利率3.2%；净资产收益率4.8%。 - At 30 Jun 2026: liabilities to assets 57.4%; current ratio 0.93; quick ratio 0.78; receivable days 12; inventory days 39.
截至2026年6月30日：资产负债率57.4%；流动比率0.93；速动比率0.78；应收账款周转天数12；存货周转天数39。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB61.20bn, change -3.0%; attributable net profit RMB225.3m, change -87.1%; operating cash flow per share RMB0.33.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入612.03亿元，同比-3.0%；归母净利润2.25亿元，同比-87.1%；每股经营现金流0.33元。 - Pre-announcement of 10 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -89% to -83%.
2026年7月10日发布的截至2026年6月30日业绩预告：归母净利润同比-89%至-83%。 - Ownership: controlling shareholder 湖南钢铁集团有限公司; actual controller 湖南省人民政府国有资产监督管理委员会; largest holder at 30 Jun 2026: 湖南钢铁集团有限公司, 34.05%.
股权：控股股东：湖南钢铁集团有限公司；实际控制人：湖南省人民政府国有资产监督管理委员会；2026年6月30日第一大股东：湖南钢铁集团有限公司，持股34.05%。 - Latest distribution: ex-date 26 Jun 2026, cash RMB0.16 per share.
最近一次分配：除权除息日2026年6月26日，每股现金0.16元。 - Aurelian Grade C, score 57.9 of 100, graded within a peer group of 23 companies in its industry; no rank among peers is given.
金源评级C，得分57.9（满分100），于行业同业23家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。