CITIC Special Steel Annual Report Interpretation: Full Production and Sales, Domestic Substitution, Export Reaches New High

GateUser-bd883c58 · 2026-03-23T17:57:16+00:00

China Minmetals Special Steel achieved a net profit growth of 15.67% during the industry adjustment period, with revenue slightly declining to 107.373 billion. Leveraging its strong market positioning and structural opportunities, the special steel sector demonstrated excellent performance, solidifying its leading position.

GateUser-bd883c58

2026-03-23 17:57:16

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Ask AI · How does CITIC Special Steel achieve nearly 16% net profit growth against the trend?

2026 Operating Goals: Total sales of 19.1 million tons, with 2.4 million tons exported.

Author | Guantao

Editor | Xiao Bai

On the evening of March 16, CITIC Special Steel (000708.SZ) officially announced its 2025 performance. In an iron and steel industry still undergoing deep adjustments of “reducing volume and optimizing stock,” CITIC Special Steel achieved a total revenue of 107.373 billion yuan and a net profit of 5.929 billion yuan for the year. Revenue slightly decreased, but net profit increased by 15.67% year-on-year.

If we look at the broader steel sector, we see a “contrast of extremes.”

On one hand, companies like Shougang Corporation and Shandong Iron & Steel have successfully turned losses into profits or achieved significant growth through product structure optimization and cost reduction and efficiency improvements; on the other hand, established steel companies like Ansteel and Baoyi Steel are still struggling in a loss quagmire, with some even facing delisting risks.

In this demand shift from construction steel to manufacturing steel, most companies are still celebrating turning losses into profits, while CITIC Special Steel, with over 100 billion yuan in revenue and nearly 6 billion yuan in profit, firmly holds the top position in the special steel field.

While the industry generally perceives “supply and demand contradictions are prominent” and “business operations are under pressure,” why can CITIC Special Steel achieve both quantity and quality growth? Where does its nearly 6 billion yuan net profit come from? Perhaps this is the best window into observing the path of high-quality development in the domestic steel industry.

Structural Opportunities Under Demand Shift

Unlike the rollercoaster of mainstream steel, the past two years have been somewhat better for the special steel industry. Take CITIC Special Steel as an example: since its revenue first exceeded 100 billion yuan in 2023, its overall revenue has remained around 110 billion yuan for the past three years.

(Graph: Market Value Fengyun APP)

(Source: Choice Data, table: Market Value Fengyun APP)

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