财务分析☆ ◇000898 鞍钢股份 更新日期：2026-08-29◇ 通达信沪深京F10
★本栏包括【1.主要财务指标】【2.偿债能力指标】【3.营运能力指标】【4.盈利能力指标】
【5.成长能力指标】【6.指标变动说明】【7.资产负债表摘要】【8.利润表摘要】
【9.现金流量表摘要】【10.环比分析】
【1.主要财务指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│财务指标 │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│审计意见 │ 未经审计│ 无保留意见│ 无保留意见│ 无保留意见│ 无保留意见│ 无保留意见│
│归母净利(未调整:万) │ -204700.00│ -406800.00│ -712200.00│ -325700.00│ 15600.00│ 692500.00│
│归母净利(调整后:万) │ ---│ ---│ -712200.00│ -325500.00│ 10800.00│ 696400.00│
│净利润增长率(%) │ -83.59│ 42.88│ -118.80│ -3115.74│ -97.76│ 250.10│
│扣非净利润(万) │ -216600.00│ -421800.00│ -720200.00│ -331500.00│ 1100.00│ 694100.00│
│营业总收(未调整:万) │ 4590700.00│ 9605200.00│ 10510100.00│ 11350200.00│ 13107200.00│ 13667400.00│
│营业总收(调整后:万) │ ---│ ---│ 10510100.00│ 11557100.00│ 13107200.00│ 13612000.00│
│总营收同比增长率(%) │ -5.58│ -8.61│ -9.06│ -13.40│ -3.71│ 35.45│
│加权净资产收益率(%) │ -4.69│ -8.90│ -13.91│ -5.78│ 0.26│ 12.26│
│资产负债比率(%) │ 55.83│ 53.17│ 51.61│ 42.90│ 39.34│ 38.28│
│净利润现金含量(%) │ -81.68│ -43.95│ 11.05│ -48.48│ 3935.26│ 185.50│
│基本每股收益(元) │ -0.2180│ -0.4340│ -0.7590│ -0.3470│ 0.0110│ 0.7400│
│每股收益-扣除(元) │ -0.2312│ -0.4500│ -0.7680│ -0.3530│ 0.0010│ 0.7380│
│每股收益-摊薄(元) │ -0.2185│ -0.4342│ -0.7590│ -0.3471│ 0.0166│ 0.7363│
│每股资本公积金(元) │ 3.6093│ 3.6455│ 3.6150│ 3.6075│ 3.6030│ 3.5730│
│每股未分配利润(元) │ -0.6811│ -0.4685│ -0.0342│ 0.7243│ 1.0903│ 1.2949│
│每股净资产(元) │ 4.4440│ 4.6835│ 5.0814│ 5.8296│ 6.1831│ 6.3439│
│每股经营现金流量(元)│ 0.1785│ 0.1908│ -0.0839│ 0.1683│ 0.6529│ 1.3658│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│财务指标 │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│审计意见 │ 未经审计│ 未经审计│ 无保留意见│ 未经审计│ 未经审计│ 未经审计│
│归母净利(未调整:万) │ -204700.00│ -145700.00│ -406800.00│ -204000.00│ -114400.00│ -55400.00│
│归母净利(调整后:万) │ ---│ ---│ ---│ ---│ -111500.00│ -55400.00│
│净利润增长率(%) │ -83.59│ -163.00│ 42.88│ 59.87│ 57.46│ 66.55│
│扣非净利润(万) │ -216600.00│ -146700.00│ -421800.00│ -216900.00│ -123100.00│ -58700.00│
│营业总收(未调整:万) │ 4590700.00│ 2202100.00│ 9605200.00│ 7309200.00│ 4859900.00│ 2507900.00│
│营业总收(调整后:万) │ ---│ ---│ ---│ ---│ 4861800.00│ 2507900.00│
│总营收同比增长率(%) │ -5.58│ -12.19│ -8.61│ -7.78│ -12.35│ -9.89│
│加权净资产收益率(%) │ -4.69│ -3.38│ -8.90│ -4.37│ -2.43│ -1.17│
│资产负债比率(%) │ 55.83│ 53.89│ 53.17│ 52.00│ 51.59│ 52.08│
│净利润现金含量(%) │ -81.68│ -32.05│ -43.95│ -96.47│ -35.40│ -68.77│
│基本每股收益(元) │ -0.2180│ -0.1560│ -0.4340│ -0.2180│ -0.1190│ -0.0590│
│每股收益-扣除(元) │ -0.2312│ -0.1566│ -0.4500│ -0.2315│ -0.1310│ -0.0627│
│每股收益-摊薄(元) │ -0.2185│ -0.1555│ -0.4342│ -0.2177│ -0.1221│ -0.0591│
│每股资本公积金(元) │ 3.6093│ 3.6455│ 3.6455│ 3.6209│ 3.6191│ 3.6191│
│每股未分配利润(元) │ -0.6811│ -0.6240│ -0.4685│ -0.2520│ -0.1564│ -0.0934│
│每股净资产(元) │ 4.4440│ 4.5307│ 4.6835│ 4.8816│ 4.9749│ 5.0334│
│每股经营现金流量(元)│ 0.1785│ 0.0498│ 0.1908│ 0.2101│ 0.0432│ 0.0407│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【2.偿债能力指标】
┌───────────┬─────┬──────┬──────┬──────┬──────┬──────┐
│偿债能力指标 │2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├───────────┼─────┼──────┼──────┼──────┼──────┼──────┤
│流动比率 │ 0.57│ 0.56│ 0.72│ 0.77│ 0.81│ 1.06│
│速动比率 │ 0.33│ 0.29│ 0.34│ 0.30│ 0.43│ 0.44│
│资产负债比率(%) │ 55.83│ 53.17│ 51.61│ 42.90│ 39.34│ 38.28│
│产权比率 │ 1.31│ 1.16│ 1.09│ 0.76│ 0.66│ 0.63│
│现金流比率(短期债务)% │ 0.04│ 0.04│ -0.02│ 0.04│ 0.17│ 0.42│
└───────────┴─────┴──────┴──────┴──────┴──────┴──────┘
┌───────────┬─────┬──────┬──────┬──────┬──────┬──────┐
│偿债能力指标 │2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├───────────┼─────┼──────┼──────┼──────┼──────┼──────┤
│流动比率 │ 0.57│ 0.56│ 0.56│ 0.57│ 0.59│ 0.61│
│速动比率 │ 0.33│ 0.30│ 0.29│ 0.31│ 0.28│ 0.29│
│资产负债比率(%) │ 55.83│ 53.89│ 53.17│ 52.00│ 51.59│ 52.08│
│产权比率 │ 1.31│ 1.20│ 1.16│ 1.11│ 1.09│ 1.11│
│现金流比率(短期债务)% │ 0.04│ 0.01│ 0.04│ 0.04│ 0.01│ 0.01│
└───────────┴─────┴──────┴──────┴──────┴──────┴──────┘
【3.营运能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│营运能力指标 │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│应收账款周转率 │ 13.32│ 31.83│ 44.33│ 50.10│ 55.40│ 60.99│
│存货周转率 │ 4.08│ 7.27│ 6.94│ 7.57│ 7.85│ 8.34│
│流动资产周转率 │ 1.81│ 3.64│ 3.78│ 4.03│ 4.24│ 4.93│
│固定资产周转率 │ 0.83│ 1.79│ 2.09│ 2.37│ 2.74│ 2.78│
│总资产周转率 │ 0.47│ 0.98│ 1.06│ 1.17│ 1.34│ 1.47│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│营运能力指标 │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│应收账款周转率 │ 13.32│ 6.60│ 31.83│ 25.19│ 17.16│ 8.82│
│存货周转率 │ 4.08│ 1.98│ 7.27│ 5.42│ 3.37│ 1.69│
│流动资产周转率 │ 1.81│ 0.92│ 3.64│ 2.70│ 1.77│ 0.89│
│固定资产周转率 │ 0.83│ 0.40│ 1.79│ 1.40│ 0.93│ 0.48│
│总资产周转率 │ 0.47│ 0.23│ 0.98│ 0.74│ 0.49│ 0.25│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【4.盈利能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│盈利能力指标(%) │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│净资产收益率 │ -4.92│ -9.27│ -14.94│ -5.95│ 0.27│ 11.61│
│销售毛利率 │ -1.80│ -1.25│ -3.54│ -0.47│ 2.33│ 9.69│
│营业利润率 │ -4.17│ -4.06│ -6.62│ -3.66│ -0.17│ 6.57│
│销售净利率 │ -4.31│ -4.16│ -6.75│ -2.84│ 0.14│ 5.09│
│总资产净利率 │ -2.04│ -4.06│ -7.16│ -3.32│ 0.19│ 7.50│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│盈利能力指标(%) │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│净资产收益率 │ -4.92│ -3.43│ -9.27│ -4.46│ -2.45│ -1.17│
│销售毛利率 │ -1.80│ -3.17│ -1.25│ 0.14│ 0.65│ 0.53│
│营业利润率 │ -4.17│ -6.30│ -4.06│ -2.64│ -2.23│ -2.13│
│销售净利率 │ -4.31│ -6.48│ -4.16│ -2.72│ -2.29│ -2.16│
│总资产净利率 │ -2.04│ -1.50│ -4.06│ -2.00│ -1.12│ -0.54│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【5.成长能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│成长能力指标(%) │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业收入增长率 │ -5.58│ -8.61│ -9.06│ -13.40│ -3.71│ 35.45│
│营业利润增长率 │ -84.57│ 43.95│ -68.15│ -1803.21│ -102.42│ 262.01│
│净利润增长率 │ -83.59│ 42.88│ -118.80│ -3115.74│ -97.76│ 250.10│
│净资产增长率 │ -6.77│ -7.97│ -12.93│ -5.69│ -4.23│ 11.81│
│总资产增长率 │ 0.31│ -4.51│ 3.15│ 0.02│ -1.74│ 10.77│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│成长能力指标(%) │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业收入增长率 │ -5.58│ -12.19│ -8.61│ -7.78│ -12.35│ -9.89│
│营业利润增长率 │ -84.57│ -159.93│ 43.95│ 60.65│ 57.40│ 66.81│
│净利润增长率 │ -83.59│ -163.00│ 42.88│ 59.87│ 57.46│ 66.55│
│净资产增长率 │ -6.77│ -3.26│ -7.97│ -4.08│ -2.24│ -1.09│
│总资产增长率 │ 0.31│ -1.58│ -4.51│ -3.07│ -2.14│ -0.06│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【6.指标变动说明】
截止日期:2026-03-31
┌──────┬────────┬──────┬────────┬──────┐
│变动科目 │变动原因 │本期数值(万)│ 上期/期初数(万)│ 变动幅度(%)│
├──────┼────────┼──────┼────────┼──────┤
│经营活动产生│一是净利润同比降│ 46700.00│ 38100.00│ 22.57│
│的现金流量净│低影响经营性现金│ │ │ │
│额 │流同比减少人民币│ │ │ │
│ │886百万元；二是 │ │ │ │
│ │存货变动影响经营│ │ │ │
│ │性现金流同比增加│ │ │ │
│ │人民币962百万元 │ │ │ │
│投资活动产生│一是定期存款净支│ -94700.00│ -157300.00│ 39.80│
│的现金流量净│出同比减少人民币│ │ │ │
│额 │480百万元；二是 │ │ │ │
│ │投资支付的现金同│ │ │ │
│ │比减少人民币113 │ │ │ │
│ │百万元 │ │ │ │
│筹资活动产生│银行借款净增加额│ 76800.00│ -4100.00│ 1973.17│
│的现金流量净│同比增加影响 │ │ │ │
│额 │ │ │ │ │
│现金及现金等│一是经营活动产生│ 28800.00│ -123300.00│ 123.36│
│价物净增加额│的现金流量净额同│ │ │ │
│ │比增加人民币86百│ │ │ │
│ │万元；二是投资活│ │ │ │
│ │动产生的现金流量│ │ │ │
│ │净额同比增加人民│ │ │ │
│ │币626百万元；三 │ │ │ │
│ │是筹资活动产生的│ │ │ │
│ │现金流量净额同比│ │ │ │
│ │增加人民币809百 │ │ │ │
│ │万元 │ │ │ │
│其他收益 │增值税加计抵减同│ 16500.00│ 4500.00│ 266.67│
│ │比增加影响 │ │ │ │
│投资收益 │合营联营企业投资│ 4700.00│ 8600.00│ -45.35│
│ │收益同比减少影响│ │ │ │
│公允价值变动│衍生金融工具等公│ 1700.00│ 200.00│ 750.00│
│收益 │允价值变动影响 │ │ │ │
│信用减值损失│已计提减值的其他│ 100.00│ ---│ ---│
│ │应收款部分收回，│ │ │ │
│ │坏账准备转回影响│ │ │ │
│资产减值损失│存货跌价准备计提│ -14400.00│ -1200.00│ -1100.00│
│ │金额同比增加影响│ │ │ │
│营业利润 │一是钢铁行业整体│ -138800.00│ -53400.00│ -159.93│
│ │下行影响，钢材销│ │ │ │
│ │售价格同比下降幅│ │ │ │
│ │度大于原燃材料价│ │ │ │
│ │格下降幅度，购销│ │ │ │
│ │剪刀差同比缩小；│ │ │ │
│ │二是部分产线检修│ │ │ │
│ │，报告期钢材产量│ │ │ │
│ │和销量同比减少影│ │ │ │
│ │响 │ │ │ │
│营业外收入 │固定资产报废利得│ 400.00│ 600.00│ -33.33│
│ │同比减少影响 │ │ │ │
│营业外支出 │固定资产报废损失│ 1300.00│ 200.00│ 550.00│
│ │同比增加影响 │ │ │ │
│利润总额 │一是钢铁行业整体│ -139700.00│ -53000.00│ -163.58│
│ │下行影响，钢材销│ │ │ │
│ │售价格同比下降幅│ │ │ │
│ │度大于原燃材料价│ │ │ │
│ │格下降幅度，购销│ │ │ │
│ │剪刀差同比缩小；│ │ │ │
│ │二是部分产线检修│ │ │ │
│ │，报告期钢材产量│ │ │ │
│ │和销量同比减少影│ │ │ │
│ │响 │ │ │ │
│所得税费用 │内部未实现损益确│ 3000.00│ 1100.00│ 172.73│
│ │认递延所得税同比│ │ │ │
│ │增加影响 │ │ │ │
│净利润 │一是钢铁行业整体│ -142700.00│ -54100.00│ -163.77│
│ │下行影响，钢材销│ │ │ │
│ │售价格同比下降幅│ │ │ │
│ │度大于原燃材料价│ │ │ │
│ │格下降幅度，购销│ │ │ │
│ │剪刀差同比缩小；│ │ │ │
│ │二是部分产线检修│ │ │ │
│ │，报告期钢材产量│ │ │ │
│ │和销量同比减少影│ │ │ │
│ │响 │ │ │ │
│归属于母公司│一是钢铁行业整体│ -145700.00│ -55400.00│ -163.00│
│所有者的净利│下行影响，钢材销│ │ │ │
│润 │售价格同比下降幅│ │ │ │
│ │度大于原燃材料价│ │ │ │
│ │格下降幅度，购销│ │ │ │
│ │剪刀差同比缩小；│ │ │ │
│ │二是部分产线检修│ │ │ │
│ │，报告期钢材产量│ │ │ │
│ │和销量同比减少影│ │ │ │
│ │响 │ │ │ │
│应收票据 │票据贴现额及到期│ 20500.00│ 31500.00│ -34.92│
│ │兑付额高于收票金│ │ │ │
│ │额，消化了部分存│ │ │ │
│ │量票据影响 │ │ │ │
│其他非流动资│预付工程款比上年│ 16800.00│ 25600.00│ -34.38│
│产 │末减少影响 │ │ │ │
│衍生金融负债│持仓期货合约浮动│ ---│ 100.00│ -100.00│
│ │盈亏影响 │ │ │ │
│应付职工薪酬│计提工资及附加影│ 15400.00│ 11200.00│ 37.50│
│ │响 │ │ │ │
│一年内到期的│偿还一年内到期的│ 8600.00│ 61900.00│ -86.11│
│非流动负债 │长期借款影响 │ │ │ │
│递延所得税负│内部未实现损益确│ 1000.00│ 100.00│ 900.00│
│债 │认递延所得税负债│ │ │ │
│ │增加影响 │ │ │ │
│未分配利润 │报告期公司经营亏│ -584600.00│ -438900.00│ -33.20│
│ │损影响 │ │ │ │
└──────┴────────┴──────┴────────┴──────┘
截止日期:2025-12-31
┌──────┬────────┬──────┬────────┬──────┐
│变动科目 │变动原因 │本期数值(万)│ 上期/期初数(万)│ 变动幅度(%)│
├──────┼────────┼──────┼────────┼──────┤
│销售费用 │--- │ 53400.00│ 56000.00│ -4.64│
│管理费用 │--- │ 109600.00│ 133900.00│ -18.15│
│财务费用 │--- │ 30500.00│ 26600.00│ 14.66│
│研发费用 │--- │ 47800.00│ 46800.00│ 2.14│
│所得税费用 │本年确认的递延所│ 9900.00│ 5900.00│ 67.80│
│ │得税费用同比增加│ │ │ │
│ │影响 │ │ │ │
│经营活动现金│--- │ 10269500.00│ 9615900.00│ 6.80│
│流入小计 │ │ │ │ │
│经营活动现金│--- │ 10090700.00│ 9694600.00│ 4.09│
│流出小计 │ │ │ │ │
│经营活动产生│净利润同比增加 │ 178800.00│ -78700.00│ 327.19│
│的现金流量净│ │ │ │ │
│额 │ │ │ │ │
│投资活动现金│--- │ 355700.00│ 72700.00│ 389.27│
│流入小计 │ │ │ │ │
│投资活动现金│--- │ 745600.00│ 445400.00│ 67.40│
│流出小计 │ │ │ │ │
│投资活动产生│固定资产投资支出│ -389900.00│ -372700.00│ -4.61│
│的现金流量净│同比增加 │ │ │ │
│额 │ │ │ │ │
│筹资活动现金│--- │ 2148300.00│ 1951100.00│ 10.11│
│流入小计 │ │ │ │ │
│筹资活动现金│--- │ 2001200.00│ 1377200.00│ 45.31│
│流出小计 │ │ │ │ │
│筹资活动产生│有息负债净增加规│ 147100.00│ 573900.00│ -74.37│
│的现金流量净│模同比降低 │ │ │ │
│额 │ │ │ │ │
│现金及现金等│一是受净利润同比│ -64000.00│ 122500.00│ -152.24│
│价物净增加额│增加影响经营活动│ │ │ │
│ │产生的现金流量净│ │ │ │
│ │额同比增加人民币│ │ │ │
│ │2,575百万元；二 │ │ │ │
│ │是受固定资产投资│ │ │ │
│ │支出增加影响投资│ │ │ │
│ │活动产生的现金流│ │ │ │
│ │量净额同比减少人│ │ │ │
│ │民币172百万元； │ │ │ │
│ │三是有息负债净增│ │ │ │
│ │加规模同比降低影│ │ │ │
│ │响 │ │ │ │
│货币资金 │--- │ 391300.00│ 454400.00│ -13.89│
│应收款项 │--- │ 308300.00│ 295200.00│ 4.44│
│存货 │--- │ 1199300.00│ 1476900.00│ -18.80│
│长期股权投资│--- │ 421100.00│ 384000.00│ 9.66│
│固定资产 │--- │ 5527200.00│ 5184200.00│ 6.62│
│在建工程 │--- │ 237300.00│ 580200.00│ -59.10│
│使用权资产 │--- │ 10500.00│ 12300.00│ -14.63│
│短期借款 │--- │ 807000.00│ 117400.00│ 587.39│
│合同负债 │--- │ 473800.00│ 455700.00│ 3.97│
│长期借款 │--- │ 612100.00│ 1099100.00│ -44.31│
│租赁负债 │--- │ 3600.00│ 12500.00│ -71.20│
│营业收入 │--- │ 9605200.00│ 10510100.00│ -8.61│
│营业成本 │--- │ 9725500.00│ 10882500.00│ -10.63│
│利润总额 │2025年，钢铁市场│ -389400.00│ -703500.00│ 44.65│
│ │整体供强需弱态势│ │ │ │
│ │尚未根本改善。面│ │ │ │
│ │对市场压力，本集│ │ │ │
│ │团持续推进“聚焦│ │ │ │
│ │价值创造、全面算│ │ │ │
│ │账经营”工作。加│ │ │ │
│ │大市场开拓和调品│ │ │ │
│ │力度，提升运营效│ │ │ │
│ │率、深挖能源潜力│ │ │ │
│ │，优化采购半径、│ │ │ │
│ │着力系统降本 │ │ │ │
│归属于上市公│2025年，钢铁市场│ -406800.00│ -712200.00│ 42.88│
│司股东的净利│整体供强需弱态势│ │ │ │
│润 │尚未根本改善。面│ │ │ │
│ │对市场压力，本集│ │ │ │
│ │团持续推进“聚焦│ │ │ │
│ │价值创造、全面算│ │ │ │
│ │账经营”工作。加│ │ │ │
│ │大市场开拓和调品│ │ │ │
│ │力度，提升运营效│ │ │ │
│ │率、深挖能源潜力│ │ │ │
│ │，优化采购半径、│ │ │ │
│ │着力系统降本 │ │ │ │
└──────┴────────┴──────┴────────┴──────┘
【7.资产负债表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│资产负债指标(万元) │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│货币资金 │ 517500.00│ 391300.00│ 454400.00│ 322100.00│ 509300.00│ 537600.00│
│存货 │ 1092800.00│ 1199300.00│ 1476900.00│ 1656500.00│ 1357500.00│ 1896900.00│
│应收票据及应收账款 │ 398900.00│ 339800.00│ 300700.00│ 177400.00│ 301100.00│ 191400.00│
│合同资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│预付款项 │ 292200.00│ 248200.00│ 318900.00│ 296700.00│ 511300.00│ 294900.00│
│其他应收款 │ 9100.00│ 9500.00│ 6600.00│ 6800.00│ 2700.00│ 6200.00│
│流动资产合计 │ 2567100.00│ 2449200.00│ 2825000.00│ 2711900.00│ 2923200.00│ 3242300.00│
│可出售金融资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│长期股权投资 │ 401500.00│ 421100.00│ 384000.00│ 348600.00│ 316900.00│ 307100.00│
│固定资产净额 │ 5469300.00│ 5527200.00│ 5184200.00│ 4869200.00│ 4698500.00│ 4789500.00│
│在建工程 │ 211800.00│ 237300.00│ 580200.00│ 688700.00│ 673200.00│ 464400.00│
│无形资产 │ 617400.00│ 635200.00│ 671000.00│ 682000.00│ 655300.00│ 608500.00│
│商誉 │ ---│ ---│ ---│ ---│ ---│ ---│
│非流动资产合计 │ 7169600.00│ 7155500.00│ 7232800.00│ 6989500.00│ 6770300.00│ 6510300.00│
│资产总计 │ 9736700.00│ 9604700.00│ 10057800.00│ 9701400.00│ 9693500.00│ 9752600.00│
│应付票据及应付账款 │ 2689900.00│ 2522600.00│ 2623800.00│ 2448400.00│ 2059700.00│ 1799300.00│
│预收款项 │ ---│ ---│ ---│ ---│ ---│ ---│
│合同负债 │ 435600.00│ 473800.00│ 455700.00│ 518600.00│ 639300.00│ 863100.00│
│流动负债 │ 4498500.00│ 4362200.00│ 3943900.00│ 3518800.00│ 3615400.00│ 3055000.00│
│长期借款 │ 642300.00│ 612100.00│ 1099100.00│ 519900.00│ 60000.00│ 365000.00│
│长期应付款 │ 32100.00│ 32100.00│ 36700.00│ 13500.00│ 11900.00│ 48000.00│
│非流动负债 │ 937400.00│ 744300.00│ 1246800.00│ 643500.00│ 198400.00│ 678400.00│
│负债合计 │ 5435900.00│ 5106500.00│ 5190700.00│ 4162300.00│ 3813800.00│ 3733400.00│
│实收资本 │ 936900.00│ 936900.00│ 938300.00│ 938400.00│ 940300.00│ 940500.00│
│资本公积金 │ 3381600.00│ 3415500.00│ 3392000.00│ 3385300.00│ 3387900.00│ 3360400.00│
│盈余公积 │ 449900.00│ 445700.00│ 445700.00│ 445700.00│ 445700.00│ 445200.00│
│未分配利润 │ -638100.00│ -438900.00│ -32100.00│ 679700.00│ 1025200.00│ 1217900.00│
│少数股东权益 │ 137200.00│ 110200.00│ 99200.00│ 68700.00│ 65700.00│ 52600.00│
│归属母公司权益 │ 4163600.00│ 4388000.00│ 4767900.00│ 5470400.00│ 5814000.00│ 5966600.00│
│股东权益合计 │ 4300800.00│ 4498200.00│ 4867100.00│ 5539100.00│ 5879700.00│ 6019200.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│资产负债指标(万元) │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│货币资金 │ 517500.00│ 420300.00│ 391300.00│ 364900.00│ 313400.00│ 331100.00│
│存货 │ 1092800.00│ 1095600.00│ 1199300.00│ 1216900.00│ 1385300.00│ 1469400.00│
│应收票据及应收账款 │ 398900.00│ 379200.00│ 339800.00│ 322300.00│ 294600.00│ 289200.00│
│合同资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│预付款项 │ 292200.00│ 254200.00│ 248200.00│ 334400.00│ 279400.00│ 344800.00│
│其他应收款 │ 9100.00│ 9200.00│ 9500.00│ 11000.00│ 10400.00│ 8100.00│
│流动资产合计 │ 2567100.00│ 2362700.00│ 2449200.00│ 2593500.00│ 2660000.00│ 2820100.00│
│可出售金融资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│长期股权投资 │ 401500.00│ 428000.00│ 421100.00│ 400400.00│ 380400.00│ 402300.00│
│固定资产净额 │ 5469300.00│ 5492400.00│ 5527200.00│ 5248700.00│ 5271400.00│ 5165900.00│
│在建工程 │ 211800.00│ 219900.00│ 237300.00│ 469600.00│ 480600.00│ 587800.00│
│无形资产 │ 617400.00│ 625700.00│ 635200.00│ 641900.00│ 653100.00│ 663200.00│
│商誉 │ ---│ ---│ ---│ ---│ ---│ ---│
│非流动资产合计 │ 7169600.00│ 7090700.00│ 7155500.00│ 7155800.00│ 7182100.00│ 7231500.00│
│资产总计 │ 9736700.00│ 9453400.00│ 9604700.00│ 9749300.00│ 9842100.00│ 10051600.00│
│应付票据及应付账款 │ 2689900.00│ 2495600.00│ 2522600.00│ 2481000.00│ 2451300.00│ 2645500.00│
│预收款项 │ ---│ ---│ ---│ ---│ ---│ ---│
│合同负债 │ 435600.00│ 484100.00│ 473800.00│ 505900.00│ 491700.00│ 488900.00│
│流动负债 │ 4498500.00│ 4193300.00│ 4362200.00│ 4512300.00│ 4543600.00│ 4636600.00│
│长期借款 │ 642300.00│ 769300.00│ 612100.00│ 394400.00│ 388000.00│ 449300.00│
│长期应付款 │ 32100.00│ 32100.00│ 32100.00│ 50800.00│ 36700.00│ 36700.00│
│非流动负债 │ 937400.00│ 901600.00│ 744300.00│ 557800.00│ 534000.00│ 598300.00│
│负债合计 │ 5435900.00│ 5094900.00│ 5106500.00│ 5070100.00│ 5077600.00│ 5234900.00│
│实收资本 │ 936900.00│ 936900.00│ 936900.00│ 936900.00│ 936900.00│ 936900.00│
│资本公积金 │ 3381600.00│ 3415500.00│ 3415500.00│ 3392400.00│ 3390700.00│ 3390700.00│
│盈余公积 │ 449900.00│ 445700.00│ 445700.00│ 445700.00│ 445700.00│ 445700.00│
│未分配利润 │ -638100.00│ -584600.00│ -438900.00│ -236100.00│ -146500.00│ -87500.00│
│少数股东权益 │ 137200.00│ 113700.00│ 110200.00│ 105600.00│ 103500.00│ 100800.00│
│归属母公司权益 │ 4163600.00│ 4244800.00│ 4388000.00│ 4573600.00│ 4661000.00│ 4715900.00│
│股东权益合计 │ 4300800.00│ 4358500.00│ 4498200.00│ 4679200.00│ 4764500.00│ 4816700.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【8.利润表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│利润表指标(万元) │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业总收入 │ 4590700.00│ 9605200.00│ 10510100.00│ 11350200.00│ 13107200.00│ 13667400.00│
│营业总成本 │ 4832800.00│ 10062200.00│ 11230800.00│ 11795000.00│ 13221700.00│ 12765000.00│
│营业税金及附加 │ 43300.00│ 95400.00│ 85000.00│ 84600.00│ 108300.00│ 103100.00│
│销售费用 │ 21400.00│ 53400.00│ 56000.00│ 62800.00│ 60000.00│ 59600.00│
│财务费用 │ 23500.00│ 30500.00│ 26600.00│ 25800.00│ 48700.00│ 49000.00│
│管理费用 │ 49100.00│ 109600.00│ 133900.00│ 168900.00│ 129800.00│ 145900.00│
│资产减值损失 │ -21900.00│ -34800.00│ -68000.00│ -13100.00│ 33700.00│ -30600.00│
│公允价值变动净收益 │ 3900.00│ 5300.00│ 7100.00│ 4500.00│ 18500.00│ -6500.00│
│投资收益 │ 23300.00│ 50300.00│ 55600.00│ 31700.00│ 23700.00│ 33100.00│
│营业利润 │ -191400.00│ -389700.00│ -695300.00│ -414900.00│ -21800.00│ 898500.00│
│营业外收入 │ 800.00│ 4400.00│ 3800.00│ 5400.00│ 5900.00│ 5800.00│
│营业外支出 │ 1800.00│ 4100.00│ 12000.00│ 4700.00│ 11000.00│ 12300.00│
│利润总额 │ -192400.00│ -389400.00│ -703500.00│ -414200.00│ -26900.00│ 892000.00│
│所得税 │ 5500.00│ 9900.00│ 5900.00│ -91900.00│ -45500.00│ 196100.00│
│净利润 │ -197900.00│ -399300.00│ -709400.00│ -322300.00│ 18600.00│ 695900.00│
│归属母公司净利润 │ -204700.00│ -406800.00│ -712200.00│ -325700.00│ 15600.00│ 692500.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│利润表指标(万元) │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业总收入 │ 4590700.00│ 2202100.00│ 9605200.00│ 7309200.00│ 4859900.00│ 2507900.00│
│营业总成本 │ 4832800.00│ 2349500.00│ 10062200.00│ 7562900.00│ 4995600.00│ 2573400.00│
│营业税金及附加 │ 43300.00│ 21300.00│ 95400.00│ 74500.00│ 52700.00│ 22800.00│
│销售费用 │ 21400.00│ 9900.00│ 53400.00│ 35500.00│ 23100.00│ 11100.00│
│财务费用 │ 23500.00│ 10700.00│ 30500.00│ 25300.00│ 17000.00│ 8800.00│
│管理费用 │ 49100.00│ 24600.00│ 109600.00│ 92400.00│ 48600.00│ 24300.00│
│资产减值损失 │ -21900.00│ -14400.00│ -34800.00│ -14200.00│ -8100.00│ -1200.00│
│公允价值变动净收益 │ 3900.00│ 1700.00│ 5300.00│ 5500.00│ -1200.00│ 200.00│
│投资收益 │ 23300.00│ 4700.00│ 50300.00│ 39800.00│ 21800.00│ 8600.00│
│营业利润 │ -191400.00│ -138800.00│ -389700.00│ -193100.00│ -108600.00│ -53400.00│
│营业外收入 │ 800.00│ 400.00│ 4400.00│ 2600.00│ 2100.00│ 600.00│
│营业外支出 │ 1800.00│ 1300.00│ 4100.00│ 1400.00│ 400.00│ 200.00│
│利润总额 │ -192400.00│ -139700.00│ -389400.00│ -191900.00│ -106900.00│ -53000.00│
│所得税 │ 5500.00│ 3000.00│ 9900.00│ 6600.00│ 4500.00│ 1100.00│
│净利润 │ -197900.00│ -142700.00│ -399300.00│ -198500.00│ -111400.00│ -54100.00│
│归属母公司净利润 │ -204700.00│ -145700.00│ -406800.00│ -204000.00│ -114400.00│ -55400.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【9.现金流量表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│现金流量指标(万元) │ 2026-06-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│经营活动现金流入 │ 5046800.00│ 10269500.00│ 9615900.00│ 11517700.00│ 13319300.00│ 14365600.00│
│经营活动现金流出 │ 4879600.00│ 10090700.00│ 9694600.00│ 11359800.00│ 12705400.00│ 13081000.00│
│经营活动现金流量净额│ 167200.00│ 178800.00│ -78700.00│ 157900.00│ 613900.00│ 1284600.00│
│投资活动现金流入 │ 120900.00│ 355700.00│ 72700.00│ 32700.00│ 40900.00│ 50100.00│
│投资活动现金流出 │ 366800.00│ 745600.00│ 445400.00│ 327700.00│ 437800.00│ 467200.00│
│投资活动现金流量净额│ -245900.00│ -389900.00│ -372700.00│ -295000.00│ -396900.00│ -417100.00│
│筹资活动现金流入 │ 1604600.00│ 2148300.00│ 1951100.00│ 1019400.00│ 317400.00│ 502700.00│
│筹资活动现金流出 │ 1405300.00│ 2001200.00│ 1377200.00│ 1072800.00│ 564900.00│ 1365500.00│
│筹资活动现金流量净额│ 199300.00│ 147100.00│ 573900.00│ -53400.00│ -247500.00│ -862800.00│
│汇率变动对现金的影响│ ---│ ---│ ---│ 3300.00│ ---│ ---│
│现金及等价物净增加额│ 120600.00│ -64000.00│ 122500.00│ -187200.00│ -30500.00│ 4700.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│现金流量指标(万元) │ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│ 2025-03-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│经营活动现金流入 │ 5046800.00│ 2453700.00│ 10269500.00│ 7680400.00│ 4970100.00│ 2428900.00│
│经营活动现金流出 │ 4879600.00│ 2407000.00│ 10090700.00│ 7483600.00│ 4929600.00│ 2390800.00│
│经营活动现金流量净额│ 167200.00│ 46700.00│ 178800.00│ 196800.00│ 40500.00│ 38100.00│
│投资活动现金流入 │ 120900.00│ 36300.00│ 355700.00│ 235300.00│ 146900.00│ 41400.00│
│投资活动现金流出 │ 366800.00│ 131000.00│ 745600.00│ 456400.00│ 340500.00│ 198700.00│
│投资活动现金流量净额│ -245900.00│ -94700.00│ -389900.00│ -221100.00│ -193600.00│ -157300.00│
│筹资活动现金流入 │ 1604600.00│ 702500.00│ 2148300.00│ 1652600.00│ 1275400.00│ 1119200.00│
│筹资活动现金流出 │ 1405300.00│ 625700.00│ 2001200.00│ 1717800.00│ 1263300.00│ 1123300.00│
│筹资活动现金流量净额│ 199300.00│ 76800.00│ 147100.00│ -65200.00│ 12100.00│ -4100.00│
│汇率变动对现金的影响│ ---│ ---│ ---│ ---│ ---│ ---│
│现金及等价物净增加额│ 120600.00│ 28800.00│ -64000.00│ -89500.00│ -141000.00│ -123300.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【10.环比分析】
┌──────┬───────┬───────┬───────┬───────┐
│2025年度 │主营收入(万元)│ 占年度比重(%)│ 净利润(万元)│ 占年度比重(%)│
├──────┼───────┼───────┼───────┼───────┤
│一季报 │ 2507900.00│ 26.11│ -55400.00│ 13.62│
│二季报 │ 2352000.00│ 24.49│ -59000.00│ 14.50│
│三季报 │ 2449300.00│ 25.50│ -89600.00│ 22.03│
│四季报 │ 2296000.00│ 23.90│ -202800.00│ 49.85│
└──────┴───────┴───────┴───────┴───────┘
┌──────┬───────┬───────┬───────┬───────┐
│2024年度 │主营收入(万元)│ 占年度比重(%)│ 净利润(万元)│ 占年度比重(%)│
├──────┼───────┼───────┼───────┼───────┤
│一季报 │ 2734300.00│ 26.02│ -165700.00│ 23.27│
│二季报 │ 2810600.00│ 26.74│ -103200.00│ 14.49│
│三季报 │ 2381200.00│ 22.66│ -239500.00│ 33.63│
│四季报 │ 2584000.00│ 24.59│ -203800.00│ 28.62│
└──────┴───────┴───────┴───────┴───────┘
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