港股稀土永磁股持续走强，金力永磁(06680.HK)涨超13%，中国稀土(00769.HK)涨超1%。 ...

Summary of Key Points Core Viewpoint - The June stock recommendations from 42 brokerage firms show a significant increase in the number of recommended stocks, with the pharmaceutical and biotechnology sector returning to the top of the industry recommendation rankings after three years, indicating a renewed market interest in cyclical industries [1][3]. Stock Recommendations - A total of 332 stocks received 457 recommendations, with 42 stocks from the ChiNext gaining 53 recommendations, 45 stocks from the STAR Market receiving 59 recommendations, and 43 Hong Kong stocks getting 62 recommendations, marking an increase of 6 and 7 stocks respectively compared to the previous month [1]. - Six stocks received recommendations from five brokerage firms: China Merchants Bank, Yara International, Smoore International, SF Holding, Qingdao Beer, and Haida Group [1]. - Six stocks received recommendations from four brokerage firms: Zijin Mining, China Mobile, Zhenhua Heavy Industries, Tencent Holdings, Hangzhou Bank, and Dongpeng Beverage [1]. Industry Rankings - The pharmaceutical and biotechnology sector achieved a recommendation rate of 10.2%, reclaiming the top position, while the electronics sector fell to second place with a recommendation rate of 9.3% [3]. - The food and beverage sector ranked third with a recommendation rate of 6.58%, and the machinery equipment sector ranked fourth with a rate of 6.35% [3]. - The coal industry saw a significant increase in recommendation rate by 59.6%, while the transportation sector increased by 52.1%, indicating a positive outlook for these industries [3]. Declining Industry Interest - The retail trade sector experienced a notable decline in recommendation rate by 43.17%, attributed to renewed trade tensions and previous excessive price increases [4]. - The defense and military industry saw a decrease of 34.77%, mainly due to the easing of the Russia-Ukraine situation [4]. - The automotive sector's recommendation rate dropped by 30.99%, reflecting concerns over industry competition [4]. Performance of Brokerage Recommendations - In May, 30 out of 45 brokerage firms reported positive returns, with the top performers being Guoyuan Securities (6.28%) and Caitong Securities (5.93%) [5][6]. - As of May 30, 36 out of 45 brokerage firms had positive returns for the year, with 16 firms achieving returns close to or exceeding 10% [6]. Market Outlook - Analysts suggest that June will see continued improvement in returns and win rates, with a focus on large-cap growth stocks, although the market is expected to remain volatile [7]. - The market sentiment has been affected by fluctuating U.S. tariff policies and slow progress in U.S.-China trade negotiations, which are key factors influencing market risk appetite [7].

Group 1 - The company has entered into an agreement to sell tungsten bars for a total consideration of HKD 150 million, which will be settled through the issuance of 400 million shares at an issue price of HKD 0.375 per share [1] - Tungsten is a critical rare metal widely used in advanced industries such as semiconductors, aerospace, and renewable energy, with increasing demand for high-purity tungsten products [1] - The board believes that the market demand for tungsten will continue to grow strongly in the near future, and the sale of tungsten will diversify the company's mineral portfolio and enhance its resilience in the evolving global supply chain [1] Group 2 - The acquisition is seen as a good opportunity to expand the company's business activities into adjacent markets, leveraging the existing rare earth business [2] - The board believes that the acquisition will diversify the company's revenue sources and strengthen its supply chain, thereby improving overall performance [2] - The structure of the acquisition aligns the interests of the seller and the company, paving the way for potential strategic cooperation and improved operational efficiency through shared resources and customer networks [2]

Group 1: Export Control Measures - The National Export Control Work Coordination Mechanism Office has initiated a special action to combat the smuggling and illegal export of strategic minerals, which is crucial for national security and development interests [1] - Since the implementation of export controls on strategic minerals such as gallium, germanium, antimony, tungsten, and rare earths, there has been an increase in smuggling attempts by foreign entities and domestic illegal personnel [1] - The Ministry of Commerce and the General Administration of Customs announced export control measures on seven types of medium and heavy rare earths, which are seen as a counteraction to the tariffs imposed by the Trump administration [1][2] Group 2: Market Impact and Trends - The domestic supply of rare earths is increasingly reliant on quota allocation, with a reduction in mining and smelting quotas potentially tightening supply expectations and benefiting price increases in the industry [2] - Rare earths are critical strategic resources with applications in various sectors, including industrial manufacturing and defense, and the global supply is predominantly sourced from China [2] - Analysts predict that the restriction on exports will lead to a shortage in overseas markets, resulting in a potential increase in rare earth prices in the short term [2] Group 3: Company Performance - In Q1, listed companies in the rare earth industry reported significant revenue growth, with China Rare Earth achieving a revenue of 728 million yuan, a year-on-year increase of 141.32%, and a net profit of 72.62 million yuan, reversing a loss from the previous year [3] - Northern Rare Earth also showed impressive performance with a revenue of 9.287 billion yuan, a 61.19% increase year-on-year, and a net profit of 431 million yuan, marking a staggering 727.30% increase [3] Group 4: Industry Dynamics - MP Materials, a US-based rare earth company, has halted its export of rare earth concentrates to China due to trade conflicts, highlighting the challenges in establishing a complete domestic supply chain [4] - The supply chain for rare earths is expected to tighten, with a projected halt in US rare earth concentrate exports to China by 2025, while demand for humanoid robots is anticipated to surge [4] - Current rare earth prices are at a cyclical low, with expectations for price increases as supply dynamics shift [4] Group 5: Related Stocks - Kinglong Permanent Magnet (06680) is projected to produce 21,600 tons of neodymium-iron-boron magnets in 2024, a 42.40% increase, benefiting from new projects [5] - China Rare Earth (00769) reported a revenue of 757 million HKD for the year ending December 31, 2024, a 10.29% increase, despite a loss reduction of 47.68% [5] - China Aluminum (02600) is a leading player in the aluminum industry and holds a 23.94% stake in China Rare Earth [6]

4月4日，中国商务部会同海关总署发布关于对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实 施出口管制措施的公告，并于发布之日起正式实施。此举被视为对特朗普政府对中国加征所谓"对等关 税"的反击。 稀土是17种金属元素的统称，是重要的战略资源，也是不可再生资源，被誉为现代工业的"维生素"，广 泛应用于工业制造、航空航天、国防军工等领域。中国限制出口的7种元素被归类为更为罕见的中重稀 土，且全球大部分的中重稀土供应都来自中国。 据《日经亚洲》(Nikkei Asia)报道，自中国4月4日宣布对7类中重稀土相关物项实施出口管制后，稀土金 属价格在数周内达到了创纪录的高位。截至5月1日，欧洲镝价已自4月初以来上涨两倍，达到每公斤850 美元(约6180.6元人民币)。铽价则从每公斤965美元(约7016.9元人民币)上涨至3000美元(约21814.1元人民 币)。 北方稀土和广晟有色一季度业绩表现也是惊人。北方稀土一季度实现营收92.87亿元，同比增长61.19%; 归母净利润4.31亿元，同比激增727.30%;扣非净利润4.35亿元，同比增幅高达11622.98%。广晟有色一季 度实现营收15.06亿元，同 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HK$756 million, a 9% increase from HK$686 million in 2023[14] - Net loss attributable to owners of the company for 2024 was HK$105 million, an improvement from a net loss of HK$201 million in 2023[16] - The revenue for refractory products in 2024 was HK$354 million, showing a significant increase from HK$303 million in 2023[15] - Revenue from the rare earth segment increased by approximately 37% to about HK$645,370,000, contributing approximately 85% of the Group's total revenue[34] - Revenue from the refractory segment decreased by approximately 49% to about HK$111,287,000, accounting for approximately 15% of the Group's total revenue[34] - The overall gross loss margin for the Group was approximately 7%, with a net loss narrowing to approximately HK$107,146,000, and loss per share was approximately HK4.48 cents[34] - The sales volume of rare earth products decreased by 9% to approximately 430 tonnes, with average selling prices declining due to market conditions[40] - The refractory materials segment sold approximately 15,760 tonnes, representing a year-on-year decrease of 28%, with segment loss approximately HK$43,455,000[46] Market Conditions - The company faced challenges due to intensified market competition and price volatility in the rare earth industry, alongside stricter environmental regulations impacting supply stability[25] - The global economic recovery remains uncertain, with geopolitical tensions affecting the stability of supply chains in the rare earth sector[25] - The company continues to adapt to international trade frictions and geopolitical factors that disrupt the market flow of rare earth materials[25] - The demand for rare earth materials is expected to increase, particularly in high-tech industries, under the "Carbon Peak and Carbon Neutrality" initiative[53] Operational Strategy - The company is focused on optimizing its operational structure and enhancing product quality to improve overall performance in a challenging market environment[26] - The Group aims to actively seize upstream development opportunities and strengthen market segment development while preparing to provide high-quality products in the future[84] - Looking ahead, the Group aims to enhance product quality and technology, establish long-term customer relationships, and promote innovative business development[60] Financial Position - Net assets as of December 31, 2024, decreased to HK$1,895 million from HK$2,044 million in 2023, reflecting a decline of 7.3%[18] - As of December 31, 2024, the Group held cash and bank deposits totaling approximately HK$965,953,000, a decrease of HK$333,496,000 from HK$1,299,449,000 at the end of 2023[61] - The net current assets as of December 31, 2024, were approximately HK$1,730,138,000, down from HK$1,823,383,000 at the end of the previous year[62] - The total liabilities to total assets ratio remained stable at approximately 5%[62] Corporate Governance - The Board believes that good corporate governance standards are essential for safeguarding shareholder interests and enhancing corporate value[118] - The Company has adopted its own code of corporate governance based on the principles of the Corporate Governance Code, and has complied with it throughout the year ended December 31, 2024[119] - The Board currently comprises seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring a strong independent element[126] - The Company has established an independence assessment mechanism for the Board to ensure strong independent elements and effective independent judgment[154] Human Resources - The Group employed approximately 220 employees as of December 31, 2024, with total staff costs, including directors' emoluments, amounting to approximately HK$19,318,000, a decrease from the same period in 2023[72] - The Group continues to provide on-the-job training and study opportunities to employees to maintain professional competence[72] - The Company emphasizes effective communication with employees to share corporate values and address inappropriate practices[112] Board Composition and Diversity - As of December 31, 2024, the gender ratio in the Board is 14% female and 86% male, with overall workforce gender ratio at 28% female and 72% male[172][174] - The Company aims to maintain a balanced diversity perspective on the Board relevant to business growth[168] - The Board has not set measurable objectives for diversity but considers the current composition sufficiently diverse[169] Risk Management - The Company emphasizes risk control and business development planning through its board of directors[94] - The Audit Committee assists the Board in reviewing the relationship with the auditor, financial information, and internal control procedures[194] - The Audit Committee's role includes overseeing risk management systems and financial reporting matters[194]

中 國 稀 土 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 已 審 核 綜 合 全 年 業 績 連 同 二 零 二 三 年 度 同 期 的 比 較 數 字 如 下： 綜合損益表 | | | | | 二零二四年 二零二三年 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 附 註 千港元 千港元 | | | | | 收 入 | | | | 2 756,657 686,073 | | | | | 銷售成本 | | | | (809,646) (837,388) | | | | | 毛 損 | | | | (52,989) (151,315) | | | | | 其他收入 | | | | 2,007 2,862 | | | | | 銷售及分銷費用 | | | | (4,922) (9,823) | | | | | 管理費用 | | | | (31,50 ...

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 293,821,000, a decrease of 21.9% compared to HKD 375,822,000 in the same period of 2023[4] - The gross loss for the period was HKD 43,175,000, improving from a gross loss of HKD 91,762,000 in the previous year, indicating a reduction of 53.1%[4] - The operating loss decreased to HKD 61,689,000 from HKD 135,266,000, representing a 54.4% improvement year-over-year[4] - The net loss for the period was HKD 62,590,000, significantly lower than the net loss of HKD 135,533,000 in the same period last year, marking a 53.8% reduction[4] - The total comprehensive loss for the period was HKD 76,480,000, compared to HKD 201,181,000 in the previous year, reflecting a 62.0% decrease[5] Assets and Equity - As of June 30, 2024, total assets amounted to HKD 1,878,643,000, slightly down from HKD 1,932,301,000 at the end of 2023[6] - The company's equity attributable to owners was HKD 1,990,004,000, down from HKD 2,064,374,000 at the end of 2023, a decrease of 3.6%[6] - The company reported cash and cash equivalents of HKD 1,048,853,000, a decrease from HKD 1,299,449,000 at the end of 2023[6] Revenue Breakdown - The revenue from rare earth products was HKD 237,721,000, down from HKD 271,214,000, representing a decline of 12.3%[16] - The revenue from refractory materials was HKD 56,100,000, a decrease from HKD 104,608,000 in the same period last year, reflecting a decline of 46.4%[16] - The rare earth segment's revenue decreased by approximately 12% to about HKD 237,721,000, accounting for approximately 81% of total revenue[29] - The refractory segment's revenue decreased by approximately 46% to about HKD 56,100,000, accounting for approximately 19% of total revenue[29] Cash Flow and Expenses - Operating cash flow used was HKD 243,843,000, slightly higher than HKD 238,601,000 in the same period last year[11] - The company incurred finance costs of approximately HKD 23,000,000 for the six months ended June 30, 2024, down from HKD 33,000,000 in the previous year[17] - The company’s cash flow from investing activities was HKD 1,193,000, compared to HKD 1,580,000 in the previous year, indicating a decrease in cash generated from investments[11] Strategic Outlook - The company plans to focus on market expansion and new product development to enhance future performance[4] - The management expressed optimism about future growth despite current challenges in the market[4] - The company aims to enhance production efficiency and product quality in response to market challenges and to seize new opportunities post-industry recovery[29] - The company is optimistic about the long-term demand for rare earth materials driven by sectors such as new energy vehicles and energy-saving motors[30] Stock Options and Shareholding - The company granted 100,000,000 stock options to five existing employees and five newly hired employees on November 30, 2022, with an exercise price of HKD 0.51 per share[41] - As of June 30, 2024, the total number of stock options granted under the new plan was 67,264,305 shares, with no options granted in the six months ending June 30, 2024[41] - The number of stock options canceled or lapsed during the period was 87,500,000 due to the expiration of options[41] - As of June 30, 2024, the company had a total of 707,179,200 shares held by YY Holdings Limited, representing approximately 30.20% of the issued share capital[48] - The company’s major shareholder, YYT (PTC) Limited, is deemed to hold the entire issued share capital of YY Holdings Limited, which includes the 707,179,200 shares[48] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the group's financial information[51] - The company has adopted a securities trading code that complies with the listing rules, confirming all directors adhered to it during the six months ending June 30, 2024[52] - The company maintained sufficient public float as required by the listing rules throughout the review period[53] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[54]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 293,821,000, a decrease of 21.9% compared to HKD 375,822,000 for the same period in 2023[4] - The gross loss for the period was HKD 43,175,000, improving from a gross loss of HKD 91,762,000 in the previous year, indicating a significant reduction in losses[4] - The operating loss narrowed to HKD 61,689,000 from HKD 135,266,000 year-on-year, reflecting improved operational efficiency[4] - The net loss attributable to the owners of the company was HKD 60,328,000, compared to HKD 129,390,000 in the same period last year, marking a 53.4% reduction[4] - The total comprehensive loss for the period was HKD 76,480,000, down from HKD 201,181,000 in the previous year, showing a substantial improvement[5] - The company reported a basic and diluted loss per share of HKD 2.58, an improvement from HKD 5.53 in the previous year[4] - The company reported a total comprehensive loss of HKD 62,590,000 for the period, compared to a loss of HKD 135,533,000 in the same period last year, showing a significant reduction in losses[15] - The total loss for the period was HKD 60,328,000, compared to a loss of HKD 52,590,000 in the previous year[15] Revenue Breakdown - The revenue from rare earth products was HKD 237,721,000, down from HKD 271,214,000 in the previous year, representing a decline of 12.3%[16] - The revenue from refractory materials was HKD 56,100,000, a decrease of 33.8% from HKD 84,870,000 in the same period last year[16] - The rare earth segment's revenue decreased by approximately 12% to about HKD 237,721,000, accounting for approximately 81% of total revenue[29] - The refractory segment's revenue decreased by approximately 46% to about HKD 56,100,000, accounting for approximately 19% of total revenue[29] Cash and Liquidity - Cash and cash equivalents stood at HKD 1,048,853,000, down from HKD 1,299,449,000, indicating a decrease in liquidity[6] - The cash and cash equivalents at the end of the period were HKD 1,048,853,000, down from HKD 1,177,470,000 at the end of June 2023[11] - The company experienced a net cash decrease of HKD 242,866,000 during the period, compared to HKD 237,355,000 in the previous year[11] - As of June 30, 2024, the company held cash and bank deposits totaling approximately HKD 1,048,853,000, a decrease of HKD 250,596,000 from the end of 2023, but still sufficient for future development needs[36] Assets and Equity - As of June 30, 2024, total assets amounted to HKD 1,878,643,000, slightly down from HKD 1,932,301,000 at the end of 2023[6] - The company's equity attributable to owners decreased to HKD 1,990,004,000 from HKD 2,064,374,000, reflecting a decline in shareholder value[6] - The company’s accounts receivable increased to HKD 459,999,000 as of June 30, 2024, compared to HKD 418,613,000 as of December 31, 2023[25] Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[4] - The company aims to enhance production efficiency and product quality in response to economic developments and market opportunities[29] - The company is optimistic about the long-term demand for rare earth materials driven by sectors such as new energy vehicles and energy-saving motors[30] - The company is actively seeking strategic partnerships, including a framework agreement with Northern Rare Earth (Group) High-Tech Co., Ltd., to enhance cooperation opportunities[35] Corporate Governance - The company has adopted its own corporate governance code in accordance with the corporate governance code outlined in the listing rules[50] - The audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the group's financial information[51] - The company has adopted a securities trading code that complies with the listing rules, confirming all directors adhered to it during the six months ending June 30, 2024[52] - The company maintained sufficient public float as required by the listing rules throughout the review period[53] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[54] Stock Options and Shareholding - The company granted 100,000,000 stock options to five existing employees and five newly hired employees on November 30, 2022, with an exercise price of HKD 0.51 per share[41] - As of June 30, 2024, the total number of stock options granted under the new plan was 67,264,305 shares, with no options granted in the six months ending June 30, 2024[41] - The number of stock options canceled or lapsed during the period was 87,500,000 due to the expiration of options[41] - As of June 30, 2024, the company’s major shareholder, YY Holdings Limited, holds 707,179,200 shares, representing approximately 30.20% of the issued share capital[48] - The company’s director, Qian Yuanying, holds 707,179,200 shares through a trust, and Qian Quanlong, another director, holds 728,179,200 shares, representing 31.10% of the issued share capital[43] Dividends - The company did not declare or distribute any interim dividends for the six months ended June 30, 2024[22] - The board has proposed not to declare an interim dividend for the six months ending June 30, 2024[38]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 293,821,000, a decrease of 21.9% compared to HKD 375,822,000 for the same period in 2023[1] - Gross loss for the period was HKD 43,175,000, improved from a gross loss of HKD 91,762,000 in the previous year[1] - Operating loss decreased to HKD 61,689,000 from HKD 135,266,000 year-over-year, indicating a significant reduction in operational losses[1] - The total comprehensive loss for the period was HKD 76,480,000, down from HKD 201,181,000 in the same period last year[3] - Basic and diluted loss per share was HKD 2.58, compared to HKD 5.53 for the same period in 2023[1] - The net loss narrowed to approximately HKD 62,590,000 for the period[19] - Basic loss per share was approximately HKD 0.0258, compared to HKD 0.0553 for the same period in 2023[19] Revenue Breakdown - Revenue from the Rare Earth segment was HKD 237,721,000, down from HKD 271,214,000, while the Refractory segment generated HKD 56,100,000, down from HKD 104,608,000[7] - Revenue from the rare earth segment decreased by approximately 12% to about HKD 237,721,000, accounting for approximately 81% of total revenue[19] - Revenue from the refractory segment decreased by approximately 46% to about HKD 56,100,000, accounting for approximately 19% of total revenue[19] - The rare earth segment recorded sales of approximately HKD 271,214,000, a decrease of 12% year-on-year, with a segment loss of about HKD 37,155,000, reduced by 66% compared to the previous year[21] - The refractory materials segment sold approximately 6,200 tons, a year-on-year decline of about 40%, with sales revenue of approximately HKD 56,100,000, down about 46%[22] Asset and Liability Management - Total assets decreased to HKD 1,878,643,000 from HKD 1,932,301,000 as of December 31, 2023[4] - The net asset value decreased to HKD 1,967,676,000 from HKD 2,044,156,000[4] - Accounts receivable increased to HKD 459,999,000 as of June 30, 2024, compared to HKD 418,613,000 at the end of 2023[16] - The net value of current assets was approximately HKD 1,764,132,000, down from HKD 1,823,383,000 at the end of the previous year, with a total liabilities to total assets ratio of about 6%[27] - The group maintained a cash and bank deposit balance of approximately HKD 1,048,853,000 as of June 30, 2024, despite a decrease of HKD 250,596,000 from the end of 2023[26] - The group did not incur any borrowings during the reporting period and maintained an unused financing limit of approximately HKD 164,348,000[27] Strategic Initiatives - The company aims to enhance production efficiency and product quality in response to market challenges and opportunities[19] - The group plans to strengthen its product quality and technology upgrades while actively seeking high-quality emerging customers to enhance market competitiveness[25] - The company has established a strategic cooperation framework agreement with Northern Rare Earth (Group) High-Tech Co., Ltd. to explore substantial cooperation opportunities[25] Corporate Governance - The company has adopted its own corporate governance practices in accordance with the corporate governance code outlined in the listing rules, and has complied with these practices during the reporting period[32] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial results for the six months ended June 30, 2024, and confirmed that the financial information is prepared in accordance with applicable accounting standards[33] - All directors have confirmed compliance with the trading code for securities transactions during the six months ended June 30, 2024[34] - The interim results announcement has been published on the Hong Kong Stock Exchange website and the company's website, containing all information required by the listing rules[35] - The board of directors includes three executive directors and three independent non-executive directors as of the announcement date[36] Dividend Policy - The company did not declare or distribute any dividends for the six months ended June 30, 2024[13] - The board recommended not to declare an interim dividend for the six months ended June 30, 2024[29] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[31]