CITIC Special Steel Annual Report Analysis: Full Production and Sales, Domestic Substitution, New Export Highs

GateUser-bd883c58 · 2026-03-26T22:35:52+00:00

CITIC Special Steel still achieved a net profit growth of nearly 16% during the downturn in the steel industry, reaching 5.929 billion yuan, thanks to its advantages in product structure optimization and demand switching. Compared to the loss struggles of other companies, CITIC Special Steel demonstrates the potential for high-quality development with its strong revenue scale and solid market position.

GateUser-bd883c58

2026-03-26 22:35:52

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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 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 and 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 Ba Yi Steel are still struggling in a loss trap, with some even facing delisting risks.

In this demand shift from construction steel to manufacturing steel, most companies are still celebrating their turnaround, but CITIC Special Steel, with over 100 billion yuan in revenue and nearly 6 billion yuan in profit, remains the leader in the special steel field.

While the industry generally perceives “supply and demand contradictions are prominent” and “business pressure is high,” 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 China’s steel industry.

Structural Opportunities in Demand Shift

Unlike the rollercoaster of ordinary 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 over the past three years.

(Graph: Market Value Trends APP)

(Source: Choice Data, Table: Market Value Trends APP)

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