证券代码：300748 证券简称：金力永磁 公告编号：2025-022 江西金力永磁科技股份有限公司 基于对公司未来发展前景的信心和对公司价值的认可，为维护广大投资者的 利益，增强投资者信心，促进公司股票价格合理回归内在价值，综合考虑公司经 营情况、财务状况和发展战略，公司拟使用不低于人民币 10,000 万元（含）、 不超过人民币 20,000 万元（含）的自有资金或自筹资金（股票回购专项贷款等） 以集中竞价交易方式回购公司部分 A 股社会公众股股份，本次回购股份将全部 用于注销并减少注册资本，回购期限为自公司股东大会审议通过本次回购方案之 日起 12 个月内。 表决结果：赞成票 9 票；反对票 0 票；弃权票 0 票。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日 以电话、邮件、书面方式通知各位董事，公司第四届董事会第六次会议于 2025 年 4 月 25 日（星期五）以通讯表决方式召开。会议由董事长蔡报贵先生召集并 主持，会议应出席董事 9 名，实际出席董事 9 名。会 ...

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

Financial Performance - In 2024, the company achieved a revenue of RMB 6,763.3 million, a year-on-year increase of 1.13%, while net profit attributable to the parent company was RMB 291.0 million, a decrease of 48.37%[7]. - The company reported a revenue of RMB 1.2 billion for the fiscal year ending December 31, 2023, representing a year-over-year increase of 15%[36]. - The company has set a revenue guidance of RMB 1.5 billion for the fiscal year 2024, which reflects an expected growth of 25% compared to 2023[36]. - The company reported a gross margin of 35% for the year, an improvement from 30% in the previous year[36]. - The net profit attributable to the parent company's owners for 2024 was RMB 291.0 million, a decrease of 48.37% from RMB 563.7 million in 2023[37]. - The gross profit for 2024 was RMB 752.6 million, representing a decrease of 29.98% compared to RMB 1,074.9 million in 2023[37]. - The company's annual profit margin decreased from 8.48% in 2023 to 4.35% in 2024[125]. - The net cash flow from operating activities was RMB 507.9 million, down 66.53% from RMB 1,517.8 million in 2023[38]. - The net cash flow from financing activities for the year ending December 31, 2024, was RMB 916 million, primarily from bank loans of RMB 908.8 million and H-share issuance proceeds of RMB 197.5 million[129]. Production and Capacity - The company's production capacity utilization rate exceeded 90%, with high-performance magnetic material sales volume increasing by approximately 40% year-on-year, reaching a historical high[10]. - The company produced approximately 29,300 tons of high-performance magnetic materials in 2024, representing a year-on-year increase of 39.48%[69]. - The sales volume of high-performance magnetic materials reached about 20,900 tons in 2024, marking a year-on-year growth of 37.88%[69]. - The company aims to achieve an annual production capacity of 60,000 tons of high-performance rare earth permanent magnet materials by 2027, with a focus on advanced humanoid robot magnetic components[137]. - The company has achieved an actual production capacity of 32,000 tons of high-performance rare earth permanent magnet materials, with a utilization rate exceeding 90%[93]. - By the end of 2024, the company is expected to have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025[93]. Market and Sales - In the new energy vehicle sector, sales revenue from magnetic steel products amounted to RMB 3,313.7 million, with a sales volume growth of 38.62%, enabling the assembly of approximately 5.5 million new energy passenger vehicles[20]. - The company’s sales revenue in the 3C sector reached RMB 213.4 million, with a year-on-year growth of 104.54%[21]. - The company’s sales revenue from energy-saving variable frequency air conditioning magnetic steel products was RMB 1,540.4 million, with a sales volume growth of 61.81%[20]. - The company aims to enhance its market share in sectors such as new energy vehicles, energy-efficient variable frequency air conditioning, wind power generation, and industrial robots[142]. - The company is focusing on high-performance rare earth permanent magnet materials, which are expected to see a compound annual growth rate (CAGR) of over 60%[28]. Research and Development - The company is investing RMB 200 million in R&D for new permanent magnet materials, aiming to enhance product performance and reduce production costs[36]. - The company’s R&D expenditure in 2024 was RMB 321 million, accounting for 4.74% of total revenue[90]. - The company is actively developing humanoid robot magnetic components, with initial small-scale production already underway[85]. - The company plans to increase R&D investment in humanoid robot magnetic components to meet the growing market demand[144]. - The company is leveraging advanced technologies such as crystal boundary penetration technology to improve its product performance[28]. Environmental, Social, and Governance (ESG) - The company’s ESG score improved significantly to 56 points in 2024, reflecting its commitment to sustainable development[8]. - The company is committed to ESG (Environmental, Social, and Governance) initiatives as part of its long-term strategy[28]. - The company has received the ISO 14064 carbon inspection certificate and improved its S&P Global ESG Score to 56, reflecting significant progress in sustainable development[104]. - The company has committed RMB 3,134 million to environmental protection and health safety expenditures during the reporting period[100]. - The company’s green electricity usage accounted for 26% of its total electricity consumption in 2024, with solar power projects generating 4.8 million kWh, reducing carbon emissions by 2,812 tons[98]. Corporate Governance - The company maintains high standards of corporate governance, continuously improving its governance structure and internal management systems[167]. - The board of directors consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, with independent directors making up at least one-third of the board[1]. - The company emphasizes the importance of internal control systems and has implemented measures to enhance internal audit supervision and compliance training[181]. - The company has established a high-level corporate governance framework, adhering to the applicable code provisions of the corporate governance code[182]. - The company ensures equal rights for all shareholders during general meetings, adhering to legal and regulatory requirements[168]. Shareholder Information - The top shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.21% of the shares, with 387,100,160 shares pledged[152]. - The company has a total of 20,171,400 H-shares held by Jiangxi Ruide Venture Capital Co., Ltd., which represents 8.86% of the H-share equity[154]. - The beneficial ownership of A-shares by Jiangxi Ruide Venture Capital Co., Ltd. is 387,100,160, accounting for 33.82% of the relevant equity[154]. - The company has no other corporate shareholders holding 10% or more of the shares, excluding the Hong Kong Central Clearing and Settlement System[162]. - The company’s major shareholders have signed a concerted action agreement, indicating a unified approach to shareholding[155].

Group 1 - The core viewpoint indicates that despite a projected decline in rare earth material prices in 2024, the company is expected to see an increase in sales volume of high-performance rare earth permanent magnet materials by 37.88% to 20,900 tons, although profit growth may not match revenue growth due to raw material cost fluctuations and intensified industry competition [1][2] - The average price of metal praseodymium and neodymium is expected to drop to 490,000 yuan per ton in 2024, a decrease of approximately 25% from the average of 650,000 yuan per ton in 2023 [1] - The company's gross profit margin is projected to decrease to 11.13% in 2024 from 16.07% in 2023, reflecting a reduction of 4.94 percentage points [1] Group 2 - The company is expected to produce 21,600 tons of neodymium-iron-boron magnetic steel products in 2024, representing a year-on-year increase of 42.40%, driven by the commissioning of ongoing projects [2] - By the end of 2024, the company will have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025 [2] - The price of rare earth materials has shown signs of stabilization since Q2 2024, with a projected 11% increase in metal praseodymium and neodymium prices by the end of March 2025, indicating a gradual recovery in business profitability [2]

Financial Performance - For the fiscal year ending December 31, 2024, the company achieved a revenue of RMB 6,763.3 million, representing a year-on-year growth of 1.13%[10] - The net profit attributable to the parent company was RMB 291.0 million, a decrease of 48.37% compared to the previous year[10] - The company generated a net cash flow from operating activities of RMB 507.9 million[10] - The gross profit margin decreased to 11.13% in 2024 from 16.07% in 2023, indicating a decline in profitability[46] - The basic and diluted earnings per share dropped by 47.62% to RMB 0.22 from RMB 0.42 in the previous year[40] - The net cash flow from operating activities was RMB 507.9 million, a significant decline of 66.53% from RMB 1,517.8 million in 2023[41] - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-over-year increase of 15%[34] - The company’s revenue for 2024 was RMB 6,763.3 million, representing a year-on-year growth of 1.13%, while net profit attributable to shareholders decreased by 48.37% to RMB 291.0 million[87] Production Capacity and Utilization - The company's production capacity utilization rate exceeded 90%, with high-performance magnetic material sales volume increasing by approximately 40% year-on-year, reaching a historical high[10] - The company plans to achieve a production capacity of 38,000 tons per year for high-performance rare earth permanent magnetic materials by the end of 2024[27] - By 2025, the company aims to establish a production capacity of 40,000 tons for high-performance rare earth permanent magnetic materials and advanced humanoid robot magnetic components[27] - The company aims to achieve a total production capacity of 60,000 tons of high-performance rare earth permanent magnet materials in the future[12] - The company produced approximately 29,300 tons of high-performance magnetic materials in 2024, representing a year-on-year increase of 39.48%[72] - The sales volume of high-performance magnetic materials reached about 20,900 tons in 2024, marking a year-on-year growth of 37.88%[72] Market Position and Sales Performance - The company has established a leading market position in key downstream sectors, including new energy vehicles and energy-efficient variable frequency air conditioning[10] - The sales revenue of the company's new energy vehicle drive motor magnetic steel products reached RMB 3,313.7 million, with a year-on-year sales volume growth of 38.62%[23] - The sales revenue from wind power magnetic steel products was RMB 497.0 million, with a year-on-year sales volume growth of 2.03%[23] - The sales revenue from energy-saving variable frequency air conditioning magnetic steel products reached RMB 1,540.4 million, with a year-on-year sales volume growth of 61.81%[23] - In 2024, the revenue from the robotics and industrial servo motor sector reached RMB 196.2 million, with a year-on-year sales volume growth of 5.17%[24] - The revenue from the 3C sector in 2024 was RMB 213.4 million, with a year-on-year sales volume growth of 104.54%[24] Research and Development - The company is focusing on R&D investments, with a budget increase of 10% for the upcoming fiscal year to support innovation[34] - New product development includes a next-generation Nd-Fe-B magnet, expected to enhance performance by 25%[34] - The company has a strong R&D capability, with over 90% of its high-performance rare earth permanent magnet materials produced using boundary diffusion technology in 2024[79] - The humanoid robot magnetic component business is expected to be a significant growth point, with initial small batch deliveries already made in 2024[95] - The company aims to reduce the proportion of heavy rare earths in high-performance neodymium-iron-boron permanent magnetic materials and enhance automation levels as part of its R&D efforts[142] Sustainability and ESG Initiatives - The company’s ESG score improved significantly to 56 points, reflecting its commitment to sustainable development[11] - The company has recycled 2,575 tons of rare earth raw materials, accounting for 30.4% of the total raw materials used in 2024[11] - The company is committed to sustainable development and aims to reduce carbon emissions through various initiatives, including the construction of photovoltaic power stations and increasing the proportion of green electricity[144] - The company contributed to a reduction of approximately 62.06 million tons of carbon emissions through its sales of magnetic steel products in various sectors[100] - The company invested approximately RMB 31.34 million in environmental protection and health safety during the reporting period[103] Strategic Partnerships and Market Expansion - The company has established long-term strategic partnerships with major rare earth suppliers, with 63.62% of its annual procurement amount coming from Northern Rare Earth Group and China Rare Earth Group in 2024[78] - The company is actively expanding into new application areas such as low-altitude aircraft and rail transportation[24] - The company plans to expand its market presence in Southeast Asia, targeting a 30% growth in that region by 2025[34] - The company has initiated a strategic partnership with a leading automotive manufacturer to supply rare earth materials for electric vehicles, aiming for a revenue contribution of RMB 300 million in 2024[34] Corporate Governance and Shareholding Structure - The company maintains high standards of corporate governance and complies with relevant laws and regulations[170] - The total number of shares held by the major shareholders reflects a concentrated ownership structure, with the top three shareholders controlling a significant portion of the equity[158] - The company has a significant presence in the market with multiple shareholders, including state-owned and private entities, indicating a diverse ownership structure[158] - The company has established a high-level management performance evaluation system based on responsibility, incentive, performance, and competition principles[183] - The company has confirmed that all directors and supervisors complied with the management regulations during the reporting period[176]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.8 per 10 shares for the first half of 2024, amounting to approximately RMB 107 million, which represents about 90% of the net profit attributable to the parent company for that period[6]. - Since its listing in 2018, the company has distributed a total cash dividend of approximately RMB 952 million, accounting for over 40% of the cumulative net profit attributable to the parent company[6]. - The company proposed an interim dividend of RMB 0.8 per share (tax included) for the six months ended June 30, 2024[36]. - The company plans to distribute a cash dividend of RMB 0.8 per share, totaling approximately RMB 107 million, which accounts for about 90% of the net profit for the first half of 2024[62]. - The declared and paid final dividend was RMB 0.26 per share, totaling RMB 347,677,000 for the six months ended June 30, 2024, compared to RMB 218,163,000 for the same period in 2023[186]. Financial Performance - For the six months ended June 30, 2024, the company reported operating revenue of RMB 3,361.5 million, a decrease of RMB 68.5 million or 2.00% compared to RMB 3,430.0 million for the same period in 2023[36]. - The net profit attributable to the owners of the parent company for the reporting period was RMB 119.7 million, representing a decrease of approximately 64.02% from RMB 332.6 million for the six months ended June 30, 2023[36]. - The gross profit for the reporting period was RMB 291.2 million, a decrease of RMB 248.0 million or 46.00% compared to the previous year[35]. - Basic and diluted earnings per share for the reporting period were RMB 0.09, down 64.00% from RMB 0.25 in the same period last year[35]. - The net cash flow from operating activities for the reporting period was RMB 330.8 million, down 57.55% from RMB 779.2 million for the same period in 2023[36]. - The company reported a profit attributable to ordinary shareholders of RMB 119,677 thousand for the six months ended June 30, 2024, down from RMB 332,603 thousand in the same period of 2023[184]. - The company's total assets as of June 30, 2024, were RMB 11,372,910 thousand, a decrease from RMB 11,825,956 thousand at the end of 2023[156]. - The company's cash and cash equivalents were RMB 2,930,136 thousand, down from RMB 3,156,726 thousand, indicating a decrease of 7.2%[156]. - The company reported a net loss of RMB 201,000 from the sale of assets with a net book value of RMB 8,543,000 for the six months ended June 30, 2024[187]. Market Position and Product Utilization - The company's products are utilized by eight out of the top ten global variable frequency air conditioning compressor manufacturers, and five out of the top ten wind turbine manufacturers[7]. - The sales volume of the company's new energy vehicle drive motor magnetic steel products can equip approximately 2.45 million new energy passenger vehicles[7]. - The sales volume of the company's energy-saving variable frequency air conditioning magnetic steel products can equip approximately 46.37 million variable frequency air conditioning compressors[7]. - The sales volume of the company's wind power magnetic steel products can equip wind turbines with a total installed capacity of approximately 5.73 GW[7]. - The company has consistently maintained a leading position in the industry, with a focus on high-performance rare earth permanent magnet materials[7]. Research and Development - The company aims to expand its market presence and enhance its product offerings through ongoing research and development initiatives[7]. - The company is focusing on the development of rare earth permanent magnet materials, which have seen significant advancements since the 1960s[32]. - R&D expenses for the first half of 2024 amounted to RMB 153 million, accounting for 4.55% of operating revenue[56]. - The production of high-performance rare earth permanent magnet materials using grain boundary diffusion technology increased by 52% year-on-year, representing 88% of the total product output[68]. - The company is actively involved in the research and development of magnetic components for humanoid robots, aligning with global market trends[49]. Market Trends and Projections - The global consumption of high-performance rare earth permanent magnet materials increased from 47,500 tons in 2018 to 102,500 tons in 2023, with a compound annual growth rate (CAGR) of approximately 16.6%[39]. - The consumption of rare earth permanent magnet materials in the global new energy vehicle market rose from 6,400 tons in 2018 to 43,200 tons in 2023, achieving a CAGR of about 46.5%[41]. - The global energy-efficient variable frequency air conditioning market's consumption of rare earth permanent magnet materials grew from 6,300 tons in 2018 to 12,900 tons in 2023, with a CAGR of approximately 15.4%[42]. - The global wind power market's consumption of rare earth permanent magnet materials increased from 6,700 tons in 2018 to 12,800 tons in 2023, reflecting a CAGR of about 13.8%[43]. - The global consumption of high-performance rare earth permanent magnet materials is projected to reach 227,100 tons by 2028, with a CAGR of 17.2% from 2023 to 2028[39]. Strategic Initiatives - The company is planning to issue up to 26,895,424 new H shares as part of its capital raising strategy[29]. - The company has formed strategic partnerships with major rare earth suppliers, ensuring a stable supply chain and mitigating the impact of price fluctuations[55]. - The company is actively pursuing market expansion strategies and exploring new technologies in the rare earth sector[32]. - The company plans to build a production capacity of 40,000 tons of high-performance rare earth permanent magnetic materials by 2025, with a current capacity utilization rate exceeding 90%[54]. - The company is committed to ESG initiatives, focusing on reducing carbon emissions and supporting global carbon neutrality goals through various measures, including the construction of photovoltaic power stations[97]. Shareholder and Governance Structure - Major shareholders include Cai Baogui, Hu Zhibin, and Li Xinnong, each holding significant stakes in the company, with Cai Baogui controlling approximately 36.85% of the A shares[109]. - The company has a significant ownership structure with multiple layers of control among its major shareholders, impacting governance and decision-making[112]. - The company has adopted a restricted stock incentive plan to motivate qualified management and employees[32]. - The new board includes a strategic committee led by the newly appointed chairman, with a focus on enhancing corporate governance and strategic direction[107]. - The company continues to focus on enhancing its corporate governance structure and shareholder engagement strategies[107]. Risks and Challenges - The company faces risks from fluctuations in rare earth material prices, which have shown significant volatility in the first half of 2024, potentially impacting revenue and profit growth[142]. - The company is expanding its overseas market presence, which exposes it to geopolitical and economic risks, as well as currency exchange rate fluctuations affecting sales revenue[144]. - The company has a significant amount of accounts receivable, which could impact cash flow if collection efforts are unsuccessful; however, it has implemented strict management measures to mitigate this risk[146]. - The company is actively monitoring national policies and market dynamics in key application areas like new energy vehicles and energy-saving technologies to adapt to potential economic slowdowns[143].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.8 per share (before tax), totaling approximately RMB 107 million, which represents about 90% of the net profit attributable to the parent company for the first half of 2024[5]. - Since its listing in 2018, the company has distributed a cumulative cash dividend of approximately RMB 952 million, accounting for over 40% of the cumulative net profit attributable to the parent company[5]. - The company proposed an interim dividend of RMB 0.8 per 10 shares (tax included) for the six months ended June 30, 2024[35]. - The company plans to propose a 10% withholding tax on cash dividends distributed to non-resident corporate shareholders listed in the H-share register, in accordance with the Corporate Income Tax Law of the People's Republic of China[99]. - For individual investors through the Shanghai-Hong Kong Stock Connect, the company will withhold income tax at a rate of 20% on dividends received from H-shares[100]. Financial Performance - For the six months ended June 30, 2024, the company reported operating revenue of RMB 3,361.5 million, a decrease of RMB 68.5 million or 2.00% compared to RMB 3,430.0 million for the same period in 2023[34]. - The net profit attributable to the owners of the parent company for the same period was RMB 119.7 million, representing a decrease of approximately 64.02% from RMB 332.6 million in the previous year[34]. - The net cash flow from operating activities was RMB 330.8 million, down 57.55% from RMB 779.2 million for the six months ended June 30, 2023[34]. - The basic and diluted earnings per share for the reporting period were RMB 0.09, a decrease of 64.00% from RMB 0.25 in the previous year[34]. - The gross profit for the reporting period was RMB 291.2 million, a decline of RMB 248.0 million or 46.00% compared to the previous year[34]. Market Position and Expansion - The company maintains a leading position in the industry, with eight of the top ten global variable frequency air conditioning compressor manufacturers as customers[6]. - The company has plans for market expansion and potential mergers and acquisitions to strengthen its market presence[2]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to enhance its competitive position[32]. - The company is actively expanding into robotics and industrial servo motors, becoming a key supplier of high-performance magnetic steel in these sectors[62]. Research and Development - The company is committed to continuous research and development of new products and technologies to enhance its market competitiveness[2]. - In the first half of 2024, the company's R&D expenses amounted to RMB 153 million, accounting for 4.55% of operating revenue[55]. - The company plans to enhance its R&D efforts to improve production technology and expand its product range, focusing on high-performance magnetic materials and components[95]. Rare Earth Materials Market - The global consumption of high-performance rare earth permanent magnet materials increased from 47,500 tons in 2018 to 102,500 tons in 2023, with a compound annual growth rate (CAGR) of approximately 16.6%[38]. - The consumption of rare earth permanent magnet materials in the global new energy vehicle market rose from 6,400 tons in 2018 to 43,200 tons in 2023, achieving a CAGR of about 46.5%[40]. - The global energy-efficient variable frequency air conditioning market's consumption of rare earth permanent magnet materials increased from 6,300 tons in 2018 to 12,900 tons in 2023, with a CAGR of approximately 15.4%[41]. - The global wind power market's consumption of rare earth permanent magnet materials grew from 6,700 tons in 2018 to 12,800 tons in 2023, with a CAGR of about 13.8%[42]. Operational Efficiency and Cost Management - The management is committed to improving operational efficiency and cost management in response to the declining revenue and profit margins[32]. - The company continues to focus on the development of rare earth permanent magnet materials, which are critical for various industrial applications[32]. - The company has formed strategic partnerships with major rare earth suppliers, mitigating the impact of price fluctuations on operational performance[54]. Shareholder Structure and Governance - The company has a total of 1,345,236,723 shares issued, including 200,745,600 H shares and 1,144,491,123 A shares, with 8,015,784 A shares being treasury shares[111]. - The major shareholders hold approximately 36.85% of the A shares and 10.05% of the H shares, indicating significant control over the company[108]. - The company has established various committees, including a strategy committee and an audit committee, with specific members appointed to lead these committees[106]. - The company has no changes in the information of directors, supervisors, and senior management that require disclosure during the reporting period[106]. Risks and Challenges - The company faces risks from fluctuations in rare earth material prices, which have shown significant volatility in the first half of 2024, potentially impacting revenue and profit growth[141]. - The company is actively monitoring national policies and market dynamics in key application areas, including new energy vehicles and energy-saving technologies, to adapt to potential economic slowdowns[142]. - The company has a significant amount of accounts receivable, which poses a risk to cash flow if collection efforts are unsuccessful; however, management has implemented measures to assess customer creditworthiness and monitor receivables[145]. Capital Raising and Investments - The company plans to issue up to 26,895,424 H-shares at a price of HKD 8.19 per share, pending shareholder approval[13]. - The company has agreed to acquire 19.647 million shares of Hastings at a subscription price of AUD 0.36 per share, totaling approximately AUD 7.07 million, which will increase its stake to 9.8%[148]. - The company has reallocated funds originally intended for potential acquisitions to the new project of building a production line for 1 million magnetic components annually in Mexico[137]. Employee and Incentive Plans - The company established an equity incentive plan, granting a total of 8,252,000 restricted shares to 221 participants, recognizing their contributions[194]. - The total number of shares reserved for future grants includes 418,000 shares of the second type, equivalent to 1,070,080 A-shares after the capital increase in July 2023[194]. - The company aims to attract and retain talent through the restricted stock incentive plan, aligning interests with shareholders[122].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,536,247,143.43, a decrease of 6.93% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 101,692,621.31, down 42.93% year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 24,559,682.72, reflecting an 80.12% decline compared to the previous year[5] - Basic earnings per share were CNY 0.08, down 38.46% year-on-year[5] - The gross profit margin for Q1 2024 was 10.04%, down 5.2 percentage points from 15.24% in Q1 2023[18] - Net profit for the current period is 102,193,377.63, a decline of approximately 42.6% from 178,834,120.15 in the previous period[29] - Total comprehensive income for the period was 99,449,603.81, a decrease from 179,303,787.94 in the previous period[31] - Net income attributable to the parent company was 98,983,270.08, down from 178,648,427.43 year-over-year[31] - Basic and diluted earnings per share both decreased to 0.08 from 0.13 in the previous period[31] Cash Flow - The net cash flow from operating activities was CNY -615,182,046.97, a significant decrease of 247.50% from the previous year[5] - Cash inflow from operating activities was 1,348,795,410.16, compared to 1,808,687,864.61 in the prior period[32] - Cash outflow for purchasing goods and services was 1,763,519,572.34, an increase from 1,256,102,745.05 in the previous period[36] - Net cash flow from investing activities was -248,411,162.25, worsening from -96,278,102.47 year-over-year[38] - Net cash flow from financing activities was 55,280,366.64, compared to -46,165,642.62 in the previous period[40] - The ending cash and cash equivalents balance was 2,347,082,156.47, down from 3,663,252,232.84 in the previous period[40] Assets and Liabilities - Total assets at the end of the reporting period were CNY 11,604,351,019.75, a decrease of 1.87% from the end of the previous year[5] - Current liabilities decreased to 3,486,980,426.86, down 12.5% from 3,983,494,757.01 at the beginning of the period[23] - Total liabilities decreased to 4,456,129,241.83, a reduction of approximately 6.9% from 4,788,802,036.18[24] - Non-current assets total 3,179,791,521.99, an increase of about 6.4% from 2,989,690,019.09 at the beginning of the period[24] - The company’s cash and cash equivalents are not explicitly stated but are implied to be part of the total assets of 11,604,351,019.75, down from 11,825,954,292.65[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 52,730[11] - The largest shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.79% of shares, totaling 387,100,160 shares[12] - The second-largest shareholder, HKSCC Nominees Limited, holds 14.93% of shares, totaling 200,745,600 shares[12] Operational Insights - The company maintained a capacity utilization rate exceeding 90% as new production capacity was gradually released[17] - The company is actively expanding into emerging fields such as humanoid robots and enhancing its ESG initiatives[17] - The company has sufficient orders on hand, with new projects gradually being implemented[17] - The company is focusing on the development of magnetic components for humanoid robots in collaboration with world-renowned clients[17] - The company is implementing a sales-driven procurement strategy for rare earth materials, which has affected the gross profit margin due to cost fluctuations[19] Other Financial Metrics - The company reported a significant increase in accounts receivable financing by 145.39% to CNY 521,416,288.55[8] - Employee compensation payable decreased by 41.42% from CNY 78,342,080.46 to CNY 45,896,600.06 due to the issuance of last year's provisions during the reporting period[9] - Other payables decreased by 32.77% from CNY 274,267,454.76 to CNY 184,386,682.50 primarily due to year-end bonuses and payments for engineering projects[9] - Long-term borrowings increased by 32.11% from CNY 544,211,924.24 to CNY 718,978,165.84 due to increased project loans during the reporting period[9] - Financial expenses showed a significant decrease of 295.31%, changing from CNY 7,479,234.28 to -CNY 14,607,448.87, mainly due to increased foreign exchange gains[10] - Other income increased by 51.55% from CNY 58,729,750.24 to CNY 89,002,222.59, primarily due to an increase in government subsidies during the reporting period[10] - Research and development expenses increased to 74,588,597.44, up from 71,827,115.07, indicating a focus on innovation[28] - The company reported a significant increase in deferred tax assets to 2,324,333.88 from 560,601.41, suggesting improved tax planning strategies[24] Audit Status - The company did not consolidate any net profit from merged entities during the current period[31] - The company has not yet audited the first quarter report for 2024[41]

Financial Performance - The company's operating revenue for 2023 was RMB 6,687.9 million, a decrease of 6.7% compared to the previous year[5]. - The net profit attributable to the parent company for 2023 was RMB 563.7 million, a decrease of 19.8% year-on-year[5]. - The cash flow from operating activities for 2023 was RMB 101.8 million, representing a significant increase of 389.5% compared to the previous year[17]. - The gross margin for the year improved to 35%, up from 30% in the previous year, reflecting better cost management[24]. - The company's operating revenue for the year ended December 31, 2023, was RMB 6,687.9 million, a decrease of 6.7% compared to RMB 7,165.2 million for the year ended December 31, 2022[32]. - The net profit attributable to the owners of the parent company for the year was RMB 563.7 million, down 19.8% from RMB 702.7 million in the previous year[33]. - The net cash flow from operating activities increased significantly to RMB 1,517.8 million, a rise of 389.4% compared to RMB 310.1 million in 2022[33]. - The gross profit margin for 2023 was 16.07%, slightly down from 16.18% in 2022[40]. - The company's revenue for the reporting period was RMB 6,687.9 million, a decrease of RMB 477.3 million or 6.7% compared to RMB 7,165.2 million in 2022[112]. - The net profit attributable to the parent company was RMB 563.7 million, down RMB 139.0 million or 19.8% from RMB 702.7 million in 2022, primarily due to a significant decrease in foreign exchange gains and increased R&D expenses[112]. Production and Capacity - In 2023, the sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons, an increase of 25.6% year-on-year[5]. - The annual production capacity of high-performance rare earth permanent magnet materials has reached 23,000 tons, with an annual capacity utilization rate exceeding 90%[6]. - The company plans to gradually increase the annual production capacity of high-performance rare earth permanent magnet materials to 40,000 tons by 2025[6]. - The total production of high-performance rare earth permanent magnet materials reached 15,154 tons in 2023, an increase of 18.52% year-on-year[67]. - The company produced 13,226 tons of high-performance rare earth permanent magnet materials using grain boundary diffusion technology, a 32.72% increase year-on-year, accounting for 87.28% of total production[67]. - The company has reported a 15% increase in production capacity, now reaching 10,000 tons of rare earth magnets annually[25]. - The company plans to establish a production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with current capacity utilization exceeding 90%[71]. - The company is investing in a new production line in Mexico with an annual capacity of 1 million sets of magnetic components, enhancing its competitiveness in humanoid robots and new energy vehicles[71]. Market and Product Development - The company’s products have been adopted by five of the top ten global wind turbine manufacturers in 2023[20]. - The sales volume of the company's new energy vehicle drive motor magnetic steel products can equip approximately 3.9 GW of wind power generation capacity, reducing carbon emissions by about 645 million tons per year[20]. - New product development includes the launch of a high-performance neodymium-iron-boron permanent magnet, which is expected to enhance market competitiveness[25]. - The company is actively pursuing market expansion, with plans to enter two new international markets by the end of 2024[24]. - Revenue from the new energy vehicle and automotive parts segment accounted for 49.5% of total revenue in 2023, compared to 47.5% in 2022[37]. - Revenue from the new energy vehicle and automotive parts segment was RMB 3,303.2 million, accounting for 57.3% of total revenue, up from 47.5% in 2022[114]. - The company is recognized as a leading supplier of magnetic steel for drive motors in the global new energy vehicle industry, with major manufacturers utilizing its products[67]. - The company aims to maintain its leading position in the fields of new energy vehicles, energy-saving variable frequency air conditioning, and wind power generation, while actively exploring markets in humanoid robots, 3C, and rail transportation[103]. Research and Development - The company has invested RMB 200 million in R&D for new technologies, focusing on improving the efficiency of rare earth materials[25]. - The company's R&D expenses amounted to RMB 354 million in 2023, representing 5.29% of its operating revenue[69]. - The company is committed to enhancing its R&D efforts to improve production technology and expand its product range, focusing on high-performance magnetic materials and components[104]. - The company has established long-term strategic partnerships with major rare earth suppliers, allowing for better management of raw material costs and supply stability[73]. - The company holds 115 authorized and pending patents in regions including Europe, the United States, and Japan as of December 31, 2023[87]. Environmental, Social, and Governance (ESG) - The company has established an ESG committee in 2023 to enhance its ESG strategy and performance, achieving a leading level in global industry ESG ratings[6]. - The company aims to expand its global business footprint while adhering to low-carbon development principles and fulfilling sustainable development responsibilities[7]. - The company emphasizes ESG initiatives, aiming to reduce carbon emissions and support carbon neutrality through various sustainable practices[75]. - The company achieved a carbon emission reduction of approximately 34.02 million tons through the sales of its magnetic products in various sectors, including new energy vehicles[94]. - The company has invested approximately RMB 24.89 million in environmental protection and health safety during the reporting period[97]. - The company has completed a photovoltaic power station project with a total installed capacity of approximately 2.6 MW in Ganzhou, and is constructing a "green sponge factory" in Ningbo[105]. - The company is committed to sustainable development and aims to reduce carbon emissions through various initiatives, including the construction of photovoltaic power stations and collaboration with leading new energy companies[105]. Shareholder and Corporate Governance - The company has distributed cash dividends exceeding RMB 600 million since its listing, with the 2023 dividend plan proposing a distribution of RMB 26 per 10 shares, totaling approximately RMB 347.6 million, which is over 60% of the net profit attributable to the parent company[93]. - The company is committed to maintaining high standards of corporate governance and improving its internal management and control systems[153]. - The company ensures that all shareholders enjoy equal status and rights during the general meetings[154]. - The company has a significant concentration of ownership, with major shareholders holding 387,100,160 A-shares, which is part of a controlled corporation[160]. - The company maintains independence from its controlling shareholders in terms of business, assets, and finances, ensuring autonomous operational capabilities[162]. - The company has established a comprehensive performance evaluation system for senior management, guided by principles of responsibility, incentive, performance, and competition[165]. - The company has implemented a robust internal control system to ensure effective governance and risk management[164]. - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, ensuring strong independence[173].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance was impacted by a decline in neodymium iron boron prices, but its core technology provides strong competitiveness and resilience [3] - Future recovery in electric vehicles and wind power, along with potential demand from robotics, positions the company as a leading beneficiary in the industry [3] - Despite short-term cost disturbances, the company's growth trend remains intact [3] Financial Performance - 2023 revenue was RMB 6.69 billion, a year-on-year decrease of 6.7% [3] - Net profit attributable to shareholders was RMB 564 million, a year-on-year decrease of 19.8% [3] - Q4 net profit attributable to shareholders was RMB 70 million, a year-on-year increase of 338%, but a quarter-on-quarter decrease of 57% [3] - Q4 production of magnetic materials was approximately 4,200 tons, a year-on-year increase of 27%, but a quarter-on-quarter decrease of 3% [3] - Q4 operating costs and various expenses totaled RMB 1.56 billion, a quarter-on-quarter increase of 8% (approximately RMB 110 million) [3] Technological and Operational Highlights - The company's grain boundary diffusion technology is leading in the industry, with 85% of products utilizing this technology in 2023 [3] - The company has strong partnerships with leading clients across various downstream sectors, ensuring robust order and performance capabilities [3] - New projects in Baotou, Ganzhou, and Ningbo are expected to gradually commence production in 2024, contributing to future performance growth [3] - The company has shifted its focus from a waste magnet recycling project in Mexico to a new project producing 1 million sets of magnetic components annually, aiming to enhance added value and benefit from overseas demand in new energy vehicles and humanoid robots [3] Market and Industry Outlook - Wind power: With single consumption at a low level, demand recovery is expected as wind power installations increase [3] - Electric vehicles: The trend towards multiple motors is expected to increase the use of magnetic materials per vehicle [3] - Humanoid robots: The value of magnetic components per robot is high, and with expected order increases in 2024-2025, the company's performance is likely to see significant growth [3] Financial Summary - 2023 revenue: RMB 6,688 million, a year-on-year decrease of 7% [4] - 2023 net profit: RMB 564 million, a year-on-year decrease of 20% [4] - 2023 PE ratio: 16.3 [4] - 2023 PB ratio: 1.3 [4] Market Data - Current stock price: HKD 6.85 [5] - 52-week price range: HKD 6.48-23.00 [6] - Current market capitalization: HKD 9,212 million [6]