中国北方稀土（集团）高科技股份有限公司 2024 年度股东大会会议资料 二〇二五年五月十九日 大 会 议 程 会议召集人：公司董事会 会议召开方式：现场投票与网络投票相结合 现场会议时间：2025 年 5 月 19 日（星期一）14:00 网络投票时间：2025 年 5 月 19 日（星期一） 公司提供上海证券交易所股东大会网络投票系统为投 资者提供网络投票便利。通过交易系统投票平台的投票时间 为 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为 9:15-15:00。 现场会议地点：公司办公楼三楼多功能会议室 议 程 内 容 四、审议议案 一、主持人宣布现场会议开始 二、董事会秘书宣读会议有效性 三、推选现场投票监票人、记票人 （一）审议《2024 年度报告及摘要》； （二）审议《2024 年度董事会工作报告》； （三）审议《2024 年度监事会工作报告》； （四）审议《2024 年度财务决算报告》； （五）审议《2025 年度财务预算报告》； （六）审议《关于 2024 年度利润分配的议案》； （七）审议《关于 2024 年度日常关联交易执行及 2025 ...

Core Insights - The competition over rare earth materials, particularly permanent magnets, is becoming a critical factor in global technology industries, with China leveraging its dominance in this sector [1][5] - Rare earth permanent magnets are essential for advanced technologies such as humanoid robots and solid-state batteries, making them a strategic asset in international relations [1][3] Industry Overview - Rare earth permanent magnets are crucial for various applications, enhancing efficiency and reducing energy consumption in technologies like robotics and renewable energy [3] - The U.S. military relies heavily on rare earth permanent magnets, with over 60% of the F-35 fighter jet's radar and guidance systems composed of these materials [4] China's Strategic Position - China controls approximately 70% of global rare earth refining and separation capacity and 90% of heavy rare earth supply, positioning itself as a strategic player in the industry [5] - Starting in 2024, China will implement a rare earth export licensing system, restricting supplies for non-military uses, which could significantly impact global supply chains [5] Key Players in the Rare Earth Market - Mindong Electric: Demonstrates a strong position with technological barriers and resource reserves, achieving a 162.02% increase in net profit in Q1 2025, with a gross margin of 48% in its rare earth permanent magnet business [6] - Northern Rare Earth: The largest rare earth company globally, controlling 60% of domestic light rare earth reserves and achieving a 735.7% increase in net profit in Q1 2025, with a focus on a full industry chain [7] - A third company has seen a staggering 14,698% increase in net profit in Q1 2025, with significant orders from major clients like Tesla and Apple, indicating strong future growth potential [8]

Core Viewpoint - The price of rare earth metals has surged, leading to a significant increase in the stock price of Northern Rare Earth (600111.SH), which rose by 5.5% on May 6, 2025, following China's announcement of export controls on seven categories of medium and heavy rare earth items [1][3]. Company Performance - Northern Rare Earth reported a record high in production and sales volume in Q1 2025, achieving a net profit of 431 million yuan, a year-on-year increase of 727.3%, and a non-recurring net profit of 435 million yuan, with an astonishing growth rate of 11623% [4][5]. - The company's revenue for Q1 2025 reached 9.287 billion yuan, reflecting a year-on-year growth of 61.19% [4]. Market Dynamics - The rare earth market has shown increased activity due to a slowdown in upstream raw material supply and stimulus policies for downstream consumption, resulting in rising prices for key rare earth products [3][4]. - As of May 1, 2025, the price of dysprosium in Europe has doubled to 850 USD/kg, while terbium prices surged from 965 USD/kg to 3000 USD/kg, marking an increase of over 210% [2]. Industry Position - Northern Rare Earth holds nearly 70% of the total allocation for mining and separation indicators in the national rare earth industry, benefiting from its exclusive mining rights to the world's largest iron and rare earth coexisting mine, Baiyun Obo [5]. - The company has seen substantial growth in sales volumes across various rare earth products, including a 57.61% increase in rare earth oxides and a 52.95% increase in rare earth salts in Q1 2025 [5].

Core Viewpoint - The rapid development of the humanoid robot industry is driving a significant increase in demand for rare earth permanent magnet materials, highlighting investment opportunities in this sector [1][5]. Industry Overview - The rare earth permanent magnet concept index surged by 6.23% on May 6, indicating a strong market sentiment [1]. - Analysts suggest that the current period represents a resonance of fundamentals and sentiment in the rare earth sector, with prices expected to rise [1][5]. - The humanoid robot market is projected to experience explosive growth, providing substantial incremental space for the rare earth permanent magnet industry [1][5]. Market Dynamics - The price of dysprosium has doubled to $850 per kilogram since early April, while terbium prices have surged over 210% to $3,000 per kilogram [1]. - The demand for rare earth materials is critical in humanoid robots, particularly in servo motors, where neodymium-iron-boron magnets play a key role [1]. Company Performance - Several rare earth companies reported significant sales increases in Q1 2025, with North Rare Earth achieving a revenue of 9.287 billion yuan, a 61.19% year-on-year increase, and a net profit growth of 727.3% [3]. - Shenghe Resources reported a revenue of 2.992 billion yuan, up 3.66%, with net profit increasing by 178.09% [3]. - China Rare Earth's revenue reached 728 million yuan, a 141.32% increase, with net profit growing by 125.15% [3]. Investment Opportunities - Analysts emphasize the strategic investment opportunities in the rare earth sector, particularly for companies with high technical barriers and flexible production capacities [1][5]. - The introduction of Tesla's humanoid robot Optimus is expected to create a substantial demand for neodymium-iron-boron materials, potentially leading to a new rare earth permanent magnet market [2][4].

"需求端，传统领域如家电和消费电子受益以旧换新政策，需求得到有力支撑；同时，新能源汽车领域维持高景 气度，进一步推动了稀土需求的增长。此外，从远期来看，人形机器人产业的发展有望为稀土市场打开新的成长空 间。因此，稀土的需求预期将保持较高的增速。"申万宏源有色金属团队告诉《国际金融报》记者，当前稀土板块处 于"价格底部+政策催化+需求预期改善"三重驱动节点，且中美博弈背景下，稀土战略价值凸显，板块估值具备上修空 间。 五一假期后的首个交易日，A股士气高涨，截至午盘，4839只个股飘红。 稀土磁材是人形机器人核心原材料之一，今日人形机器人概念也大涨，截至午盘涨2.8%。 | թ | 代码 | 名称 | ● | 米幅% ↑ | 最新 | 成交额 | 周涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 0 | 861546 | 人形机器人 | 1 | 1257.51 | 2.80 | 2.80 | 34.25 | | 1 | 300918 | 南山智尚 | 1 | 19.98 | 24.92 | 9.49 7 | 19.98 | | 2 | 30131 ...

截至5月6日收盘，稀土永磁概念上涨5.45%，位居概念板块涨幅第2，板块内，58股上涨，九菱科技30% 涨停，华阳新材、京运通、盛和资源等涨停，大地熊、西磁科技、奔朗新材等涨幅居前，分别上涨 18.86%、16.45%、12.40%。跌幅居前的有惠城环保、卧龙地产、中炬高新等，分别下跌3.53%、 2.14%、0.16%。 资金面上看，今日稀土永磁概念板块获主力资金净流入19.04亿元，其中，36股获主力资金净流入，8股 主力资金净流入超亿元，净流入资金居首的是盛和资源，今日主力资金净流入3.63亿元，净流入资金居 前的还有北方稀土、包钢股份、天和磁材等，主力资金分别净流入2.97亿元、2.56亿元、2.49亿元。 资金流入比率方面，盛和资源、华阳新材、天和磁材等流入比率居前，主力资金净流入率分别为 32.13%、24.93%、21.69%。（数据宝） 稀土永磁概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | ...

Core Insights - The article emphasizes the importance of technological innovation in China's rare earth industry, highlighting government support for research and development in various applications and processes [1][4][8]. Summary by Sections Technological Innovation Directions - The Chinese government encourages technological innovation in the rare earth sector, focusing on basic research, cutting-edge technology, and key industrial technology development [1]. - In 2024, the China Rare Earth Society and the China Rare Earth Industry Association will award 8 first prizes and 24 second prizes for outstanding projects in rare earth science and technology [1]. - Award-winning projects include efficient catalysts for ultra-low emissions in automotive exhaust, applications of rare earth upconversion luminescent nanomaterials in cancer treatment, and low-temperature high-performance magnetic refrigeration materials [1]. Industry Technology Transformation - The government is accelerating technological upgrades in rare earth enterprises, with specific measures to improve mining, refining, and metal production processes [4][6]. - Key measures include adopting efficient green mining technologies, advanced refining techniques to reduce waste, and eliminating outdated production capacities [6]. Policy Planning for Technological Innovation - The rare earth industry is crucial for strategic emerging industries, with China being the world's leading producer and exporter [4]. - The Ministry of Industry and Information Technology's "14th Five-Year Plan" emphasizes enhancing technological innovation capabilities, promoting green transformation, and integrating domestic and international resources [4][7]. Integration with New Energy - The rapid development of new technologies like 5G and artificial intelligence is driving the digital transformation of the rare earth industry [8]. - Key applications of new technologies in the rare earth sector include high-performance magnetic materials for wind power and hydrogen storage materials for energy applications [9]. R&D Dynamics of Representative Companies - Northern Rare Earth is involved in key national R&D projects focusing on intelligent preparation technologies and has established a carbon emission accounting platform [11]. - China Rare Earth is enhancing its core business through various R&D initiatives, including high-value utilization of rare earth elements and new energy materials [11]. - Other companies like Baotou Steel and Xiamen Tungsten are also advancing their R&D efforts in high-performance magnetic materials and rare earth recovery technologies [11].

5月首个交易日，A股迎来"开门红"。三大指数高开高走，截至收盘，沪指涨1.13%报3316点，深证成指涨1.84%，创业板指涨 1.97%，北证指数涨3.21%。全天成交1.36万亿元，较前一交易日增量1714亿元；场内超4900股飘红。 稀土永磁板块表现亮眼。截至收盘，Wind稀土永磁指数大涨6.23%，板块满屏飘红，盛和资源、广晟有色、天和磁材涨停。 | 000970.SZ | 中科三环 | 5.24% | 35949.33 | 113.66% | | --- | --- | --- | --- | --- | | 301622.SZ | 英思特 | 5.04% | 25976.75 | 109.05% | | 600980.SH | 北矿科技 | 4.98% | 8612.70 | 5.67% | | 300340.SZ | 科恒股份 | 4.86% | 6330.18 | 117.15% | | 600330.SH | 天通股份 | 4.31% | 15235.71 | 8.18% | | 000795.SZ | 英洛华 | 4.20% | 53537.05 | 4.01% | | 600549.SH ...

Core Viewpoint - The rare earth sector is experiencing significant growth due to China's recent export controls on certain rare earth elements, leading to record-high prices for key metals like dysprosium and terbium [1][3][4]. Group 1: Market Performance - The rare earth permanent magnet sector saw a strong opening on the first trading day after the holiday, with stocks like Shenghe Resources and Jiuling Technology hitting their daily limits [1][3]. - Prices for dysprosium have doubled since early April, reaching $850 per kilogram, while terbium prices surged from $965 to $3000 per kilogram, marking significant monthly increases [1][3]. Group 2: Fundamental Improvements - The first quarter of 2025 showed a substantial improvement in the fundamentals of rare earth companies, with China Rare Earth reporting a 141.32% year-on-year increase in revenue to 728 million yuan and a net profit turnaround [4]. - Northern Rare Earth expects a net profit increase of 716.49% to 735.70% year-on-year for the same period, driven by rising prices and improved market activity [4]. Group 3: Future Outlook - Analysts suggest that the rare earth market is at a cyclical low, with supply constraints and increasing demand from sectors like humanoid robotics, which could create a new market for rare earth permanent magnets [4]. - China's dominance in the rare earth supply chain, controlling approximately 70% of rare earth mines and 90% of refining and separation capacity, positions it strongly against external tariff pressures [4].

机构指出，当前稀土板块攻守兼备，建议积极关注。 国泰海通证券指出，供需两端强催化共振，稀土磁材板块反转有望加速。国内两新政策预期仍持续发 酵，而稀土磁材作为人形机器人核心原材料之一，需求预期有望继续提振。 中信建投认为，稀土磁材用量将远超新能源汽车需求，远景空间非常广阔。当前稀土板块攻守兼备，建 议积极关注。 | 代码 | 名称 | 涨幅 | 现价 | | --- | --- | --- | --- | | 873305 | 九菱科技 | +23.05% | 41.32 | | 836961 | 西薩科技 | +14.32% | 38.57 | | 688077 | 大地熊 | +12.00% | 24.83 | | 836807 | 奔朗新材 | +10.64% | 11.33 | | 600281 | 华阳新材 | +10.12% | 4.68 | | 806109 | 京运通 | +10.08% | 2.62 | | 600392 | 盛和资源 | +10.02% | 11.64 | | 603072 大和砂材 | | +10.00% | 53.03 | | 600259 广晟有色 | | +9.00% ...