证券代码：300748 证券简称：金力永磁 公告编号：2025-073 一、会议召开情况 1、会议通知情况： 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 10 月 9 日在中国证监会指定的创业板上市公司信息披露媒体上发布了《关于召开 2025 年第二次临时股东会的通知》（公告编号：2025-066）。 2、会议召开时间： 江西金力永磁科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 本次股东会未出现否决议案的情形。 （1）现场会议时间：2025 年 10 月 27 日（星期一）下午 14:30 （2）网络投票时间：2025 年 10 月 27 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 10 月 27 日上午 09:15—09:25，09:30—11:30 和下午 13:00—15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为2025年10月27日9:15—15:00的任意时间。 3、会议召开地点：江西省赣州市章贡区金东北路 88 号 ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 北京市竞天公诚律师事务所 关于江西金力永磁科技股份有限公司 2025 年第二次临时股东会的 法律意见书 北京市竞天公诚律师事务所 关于江西金力永磁科技股份有限公司 2025 年第二次临时股东会的 法律意见书 致：江西金力永磁科技股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受江西金力永磁科技股 份有限公司（以下简称"公司"）的委托，指派本所律师对公司 2025 年第二次临 时股东会（以下简称"本次股东会"）的合法性进行见证并出具《北京市竞天公 诚律师事务所关于江西金力永磁科技股份有限公司 2025 年第二次临时股东会的 法律意见书》（以下简称"本法律意见书"）。 本所及本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行） ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown significant improvement in profitability, with a year-on-year increase in net profit of 161.8% for the first three quarters of 2025, reaching 515 million yuan [1][2]. - The company is benefiting from a robust order backlog and is expected to maintain full production in Q4 2025, with inventory levels at a historically high level of 2.85 billion yuan [3]. - The establishment of new business divisions, such as the rubber soft magnetic division, is anticipated to create new growth points for the company [3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.37 billion yuan, a 7.2% increase year-on-year, with a gross margin of 19.5% [1]. - The quarterly breakdown shows revenues of 1.75 billion yuan in Q1 and Q2, and 1.87 billion yuan in Q3, with Q3 gross margin significantly increasing to 25.3% from 17% in Q2 [1][2]. - The company’s net profit for Q3 was 210 million yuan, reflecting a 172.7% increase compared to the previous quarter [1][2]. Market Dynamics - The prices of rare earth metals have seen fluctuations, with praseodymium-neodymium prices rising by 25% to 660,000 yuan per ton in Q3 2025 [2]. - The company has successfully released new production capacity, with sales of electric vehicles and automotive parts increasing by 23%, and air conditioning product sales rising by 18% [2]. Future Outlook - The company is projected to achieve net profits of 720 million yuan, 910 million yuan, and 1.13 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 76, 60, and 48 [4][5]. - The report anticipates continued benefits from inventory gains, with profit margins expected to remain high [3].

Core Viewpoint - The company achieved a significant increase in net profit attributable to shareholders, with a 162% year-on-year growth in the first three quarters of 2025, reaching a net profit of 515 million yuan [1] - Revenue for the same period was 5.373 billion yuan, reflecting a year-on-year increase of 7.16% [1] Financial Performance - In Q3 2025, the company reported revenue of 1.866 billion yuan, a year-on-year increase of 12.91% and a quarter-on-quarter increase of 6.4% [1] - The net profit attributable to shareholders for Q3 was 211 million yuan, showing a year-on-year growth of 172.65% and a quarter-on-quarter growth of 46.5% [1] - The company’s gross margin for the first three quarters of 2025 was 19.49%, up 9.46 percentage points year-on-year, while the net margin was 9.59%, up 5.76 percentage points year-on-year [2] Research and Development - R&D expenses for the first three quarters of 2025 reached 316 million yuan, a year-on-year increase of 37.31%, with the R&D expense ratio rising from 3.09% in the same period of 2024 to 5.88% [2] - The company is focusing on new materials and fields to support its growth strategy [2] Business Growth - The core business showed robust growth, with sales in the new energy vehicle and auto parts sector reaching 2.615 billion yuan, corresponding to a 23.46% year-on-year increase in product sales [3] - The energy-efficient variable frequency air conditioning sector generated sales of 1.446 billion yuan, with product sales increasing by 18.48% year-on-year [3] - The company is expanding its production capacity, aiming to establish 40,000 tons of high-performance rare earth permanent magnet material capacity and humanoid robot magnetic component production lines by 2025 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Insights - The company achieved a significant year-on-year increase in net profit of 162% for the first three quarters of 2025, with revenue reaching 5.373 billion yuan, up 7.16% [1][8]. - The gross margin improved to 19.49%, an increase of 9.46 percentage points year-on-year, while the net margin rose to 9.59%, up 5.76 percentage points [2][9]. - The core business showed robust growth, particularly in the new energy vehicle sector, which generated 2.615 billion yuan in sales, reflecting a 23.46% increase in product sales [3][16]. - The company is expanding its production capacity, aiming for 40,000 tons of high-performance rare earth permanent magnet materials by 2025 and 60,000 tons by 2027 [3][16]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.373 billion yuan, a 7.16% increase year-on-year, and a net profit of 515 million yuan, up 161.81% [1][8]. - In Q3 alone, revenue was 1.866 billion yuan, a 12.91% increase year-on-year, with net profit reaching 211 million yuan, up 172.65% [1][8]. Profitability and R&D - The company’s gross margin for the first three quarters of 2025 was 19.49%, with a notable gross margin exceeding 25% in Q3 [2][9]. - R&D expenses reached 316 million yuan, a 37.31% increase year-on-year, with the R&D expense ratio rising from 3.09% to 5.88% [2][9]. Business Growth and Expansion - The core business maintained strong growth, with the new energy vehicle sector achieving sales of 2.615 billion yuan and the energy-efficient variable frequency air conditioning sector generating 1.446 billion yuan [3][16]. - The company has initiated a rubber soft magnetic division to enhance its product offerings and is progressing with capacity expansion plans [3][16]. Future Projections - Revenue projections for 2025-2027 are 10.449 billion yuan, 11.795 billion yuan, and 13.608 billion yuan, with expected growth rates of 54.49%, 12.88%, and 15.37% respectively [4][24]. - The forecasted net profit for the same period is 747 million yuan, 979 million yuan, and 1.274 billion yuan, with growth rates of 156.53%, 31.17%, and 30.17% [4][24].

Group 1: Hong Kong Stocks - Yuewen Group (00772) rose over 4% as the company launched four major initiatives to develop its comic-drama ecosystem and actively promote IP commercialization [1] - ASMPT (00522) increased by over 7% after Morgan Stanley reported a recovery in mainstream semiconductor demand and continuous growth in the advanced packaging market, estimating that ASMPT's third-quarter order shipment ratio will remain above 1 [1] - Sands China (01928) rose over 1% as Citigroup expects its EBITDA recovery to continue in Q4 this year and into next year [1] - Jinli Permanent Magnet (06680) saw an increase of over 5% due to significant improvement in profitability and the strategic importance of rare earth resources [1] - AVIC Aircraft (02357) rose over 4% as its Zihuo future aircraft concept model was showcased at the Airshow, with business spanning the aviation industry chain [1] - Minmetals Resources (01208) increased by over 2% with a reported 11% year-on-year growth in total copper production in Q3, and institutions are optimistic about the performance of the Las Bambas mine [1] - Semiconductor stocks led the gains, with Huahong Semiconductor (01347) up over 10%, Shanghai Fudan (01385) up over 4%, SMIC (00981) up over 5%, and Jingmen Semiconductor (02878) up over 6%. Galaxy Securities noted that semiconductor equipment is a critical support sector in the tech war [1] - Horizon Robotics-W (09660) rose over 3% as it gained favor from domestic and international car manufacturers, with HSD already designated by multiple automakers [1][2] Group 2: US Stocks - Tesla (TSLA.US) rose 2.28% with Q3 2025 revenue at $28.095 billion, a 12% year-on-year increase, exceeding analyst expectations [3] - IBM (IBM.US) fell 0.87% as its Q3 hybrid cloud division revenue growth slowed and fell short of expectations [3] - Micron Technology (MU.US) increased by 4.15% as it officially samples the 192GB SOCAMM2 to customers, actively expanding low-power memory applications in AI data centers [3] - NIO (NIO.US) rose 0.73% with over 10,000 deliveries last week, including a record high of over 3,500 for the L90 model [3] - Hesai (HSAI.US) increased by 3.95% after announcing a strategic partnership with Guanghetong to jointly release a multi-modal perception and control solution based on lidar and dual-vision technology [3] - Baidu (BIDU.US) rose 2.95% as it partnered with Swiss Post's subsidiary PostBus to launch autonomous taxi road tests in Switzerland in December [3] - Futu Holdings (FUTU.US) increased by 3.65% after CICC raised its target price by 6% to $230, maintaining an "outperform" rating [3] - Alibaba (BABA.US) rose 3.64% as its Quark AI glasses are set to launch for pre-sale on the 24th [4] - Southwest Airlines (LUV.US) fell 6.25% despite a 1.1% year-on-year revenue increase to $6.95 billion in Q3, exceeding market expectations [4] - Intel (INTC.US) rose 3.36% with Q3 revenue at $13.65 billion, a 2.8% year-on-year increase [5]

Group 1 - The stock of Jinli Permanent Magnet (06680.HK) has increased by nearly 6%, currently up by 5.74% at HKD 23.58 [1] - The trading volume reached HKD 177 million [1]

Group 1 - The core viewpoint of the article highlights the positive outlook for the rare earth industry, driven by government policies and increasing demand in various sectors such as electric vehicles and consumer electronics [1] - Citic Securities reports that the Ministry of Commerce, in conjunction with the General Administration of Customs, has implemented multiple export control policies, emphasizing the strategic nature of rare earth resources [1] - The supply of rare earths is expected to remain rigid due to constraints and declining imports, while demand is supported by a gradual recovery in exports, providing strong support for rare earth prices [1] Group 2 - Kinglong Permanent Magnet (金力永磁) reported a revenue of 5.373 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.16% [1] - The net profit attributable to shareholders for the same period reached 515 million yuan, showing a significant year-on-year growth of 161.81% [1] - The company's gross profit margin improved to 19.49%, an increase of 9.46 percentage points year-on-year, with the gross profit margin for Q3 2025 estimated at 25.3%, reflecting an 8.2% quarter-on-quarter increase [1]

Core Viewpoint - The stock of Jinli Permanent Magnet (金力永磁) has seen a significant increase, attributed to favorable policies and strong demand in the rare earth sector, which is expected to support price stability and growth in the industry [1] Industry Summary - The Ministry of Commerce, in collaboration with the General Administration of Customs, has issued multiple export control policies, highlighting the strategic importance of rare earth resources [1] - The combination of regulatory constraints and a decline in imports is expected to strengthen the rigid supply of rare earths, while recovering exports will provide robust support for rare earth prices [1] - Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioning, and wind power is anticipated to continue rising, with emerging fields like robotics, low-altitude economy, and industrial motors expected to open up long-term growth opportunities [1] - The rare earth industry is poised for a turning point in its supply-demand dynamics, leading to a strategic recommendation for investment in the rare earth industry chain [1] Company Summary - Jinli Permanent Magnet reported a revenue of 5.373 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 7.16% [1] - The net profit attributable to shareholders reached 515 million yuan, marking a substantial year-on-year growth of 161.81% [1] - The company's gross margin for the first three quarters of 2025 was 19.49%, an increase of 9.46 percentage points compared to the previous year, with the gross margin for Q3 2025 estimated at 25.3%, up 8.2% quarter-on-quarter [1] - The improvement in gross margin is attributed to several factors, including increased sales driven by strong order volumes, a higher proportion of high-margin overseas revenue, and strategic adjustments in rare earth raw material inventory in response to significant price increases [1]

Group 1 - The core viewpoint of the news is the performance and market position of Jiangxi Jinli Permanent Magnet Technology Co., Ltd., which saw a stock price increase of 5.1% to 39.81 CNY per share, with a total market capitalization of 54.479 billion CNY [1] - The company specializes in the research, production, and sales of high-performance neodymium iron boron permanent magnet materials, with 91.98% of its revenue coming from neodymium iron boron magnets and 8.02% from other sources [1] - The trading volume for the stock reached 1.003 billion CNY, with a turnover rate of 2.27% [1] Group 2 - The fund "Lubo Mai Resource Select Stock Initiation A" holds a significant position in Jinli Permanent Magnet, with 21,000 shares representing 3.01% of the fund's net value, making it the tenth largest holding [2] - The fund has achieved a year-to-date return of 69.45%, ranking 103 out of 4,218 in its category, and a one-year return of 54.65%, ranking 236 out of 3,875 [2] - The fund manager, Huang Daoli, has a tenure of 1 year and 36 days, with the best fund return during this period being 53% and the worst being 51.71% [3]