Core Viewpoint - China Rare Earth Group reported a significant decline in 2024 annual performance, but showed a recovery in Q1 2025 with a notable increase in revenue and profit [1][2][4]. Group 1: 2024 Annual Performance - The company reported a total revenue of 3.027 billion yuan in 2024, a decrease of 24.09% year-on-year [2]. - The net profit attributable to shareholders was -287 million yuan, down 168.69% compared to the previous year [2]. - Basic earnings per share were -0.2704 yuan, reflecting a decline of 163.94% year-on-year [2]. - The losses were primarily attributed to increased inventory write-downs as per accounting standards [2]. Group 2: Q1 2025 Performance - In Q1 2025, the company achieved a revenue of 728 million yuan, marking a year-on-year increase of 141.32% [1]. - The net profit attributable to shareholders was 72.618 million yuan, a turnaround from a net loss of 289 million yuan in the same period last year [1]. Group 3: Market Trends and Price Changes - The rare earth market experienced a general decline in prices throughout 2024, with significant drops in both light and heavy rare earth products [2][3]. - For instance, the price of praseodymium oxide fell from approximately 460,000 yuan/ton to 416,000 yuan/ton, a decrease of 9.57% [2]. - Heavy rare earth prices also saw substantial declines, with terbium oxide dropping by 26.45% and dysprosium oxide by 36.86% [3]. Group 4: Industry Outlook - The rare earth industry showed signs of recovery in early 2025, with companies like Northern Rare Earth and Guangsheng Nonferrous Metals reporting significant profit increases [4]. - Analysts predict that the demand for rare earth materials will rise due to the expected increase in global electric vehicle sales and advancements in robotics [4]. - The integration of the rare earth industry is progressing, with a focus on optimizing resource allocation and enhancing industry structure [5].

转自：前瞻产业研究院 行业主要上市公司：北方稀土(600111);中国稀土(000831);广晟有色(600259);厦门钨业(600549);中科三环 (000970);英洛华(000795)等 本文核心数据：全球稀土储量;全球稀土产量 全球主要大型稀土矿床及矿石类型 经过半个多世纪的超强度开采，中国稀土储量下降明显。除中国外，美国、澳大利亚、俄罗斯、巴西、加拿 大、印度等国的稀土资源也较为丰富。近年来，在越南也发现了大型稀土矿床。非洲大陆也蕴藏着丰富的稀 土资源。目前，全球大约有30多个国家和地方发现了稀土资源或从事稀土生产，主要稀土资源国中有一批大 型或以超大型稀土矿床。 全球稀土储量下滑，中国为最大稀土资源国 据美国地质调查局(USGS)数据，2024，全球已探明稀土资源储量0.9亿吨，已连续两年出现较大的下滑。 全球稀土资源部分不均，高度集中在中国、越南、巴西和俄罗斯四大国家。根据最新美国地质调查局 (USGS)数据显示，截至2024年末，全球已探明稀土资源储量9000万吨，其中，中国稀土资源储量4400万 吨，是世界最大稀土资源国;巴西稀土储量位列第二，为2100万吨;其次是印度和澳大利亚，稀土资 ...

Group 1 - MP Materials announced the cessation of rare earth concentrate shipments to China, driven by both commercial interests and geopolitical competition [1][2] - China imports approximately 4% of its total supply of praseodymium and neodymium oxide from the US, and the halt in shipments may lead to a temporary supply contraction [2][3] - The cessation of shipments is expected to drive up rare earth prices, with the rare earth magnetic materials sector likely to experience a reversal [1][3] Group 2 - Supply-side constraints are expected to strengthen due to stricter regulatory measures and potential market exits of smaller enterprises, alongside the impact of MP's shipment halt [3] - Demand for rare earth magnetic materials is anticipated to remain robust, supported by new domestic policies and their critical role in humanoid robots [3]

证券代码：600259 证券简称：广晟有色 公告编号：2025-028 广晟有色金属股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 04 月 22 日 (二)股东大会召开的地点：广州市番禺区汉溪大道东 386 号广晟万博城 A 塔写字 楼 37 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 240 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 138,642,534 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 41.2091 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事长杨杰先生主持。会议的召集、召开和表决方式符合《公司 法》《公司章程》及《股东会议事规则》的相关 ...

法律意见书 广东连越律师事务所 关于广晟有色金属股份有限公司 2024 年年度股东会的法律意见书 致：广晟有色金属股份有限公司 广东连越律师事务所（以下简称"本所"）接受广晟有色金属股份有限公司（以下简 称"广晟有色"或"公司"）的委托，指派陆丽梅律师、曾琼（以下简称"本所律师"）出席 并见证了公司 2024 年年度股东会（以下简称"本次年度股东会"），并依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）及《广晟有色金 属股份有限公司章程》（以下简称"《公司章程》"）的规定，对本次股东会的召集、召 开程序、出席人员资格、召集人资格、表决程序、表决结果等事宜进行了审查，现发表 本法律意见书如下： 一、本次股东会的召集、召开程序 （ 一 ） 公 司 董 事 会 已 于 2025 年 3 月 29 日 在 上 海 证 券 交 易 所 网 站 （https://www.sse.com.cn）上刊登了《广晟有色金属股份有限公司关于召开 2024 年年度股 东会的通知》（以下简称"《年度股东会通知》"），《年 ...

广晟有色金属股份有限公司 2024 年年度股东会 会议资料 会议时间：二Ｏ二五年四月二十二日下午 14:30 会议地点：广州市番禺区汉溪大道东 386 号广晟万博城 A 塔写字楼 37 楼董事会会议室 广晟有色金属股份有限公司 2024 年年度股东会 议案一： 广晟有色金属股份有限公司 2024 年度董事会工作报告 各位股东、股东代表： 2024年是公司加入中国稀土集团的元年，是公司成立以来 极不平凡、极为重要的一年，面对国内外复杂严峻的环境和形 势、稀土主要产品价格大幅下滑等市场困难，公司持续全面深 化改革、高效推进融合聚合、扎实推进攻坚行动，在生产经 营、增储上产、重点项目、科技创新上开展了大量艰苦细致的 工作，整体呈现出"务实奋进、蓄势积能、稳健向好"的发展 态势。 一、2024年公司整体经营情况 2024年稀土行业面临严峻挑战，稀土指数最大跌幅达23%， 镨钕、镝、铽市场均价同比下降26%、21%、37%,致使公司跌价 损失大、利润锐减。报告期内，公司实现营业收入125.96亿 元，归母净利润-2.99亿元。 二、董事会日常工作情况 2024年，公司董事会充分发挥"定战略、作决策、防风 险"作用，持续 ...

证券简称：广晟有色 证券代码：600259 公告编号：临2025-027 在聘任新的财务负责人之前，公司董事会指定暂由总裁张喜刚先 生代行财务负责人职责。公司董事会将尽快按照相关规定聘任新的财 务负责人，并及时履行信息披露义务。 特此公告。 广晟有色金属股份有限公司董事会 二○二五年四月十六日 广晟有色金属股份有限公司 关于高级管理人员辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 近日，广晟有色金属股份有限公司（以下简称"公司"）董事会 收到公司高级管理人员赵学超先生提交的书面辞职报告。赵学超先生 因工作调整原因向董事会申请辞去公司副总裁、财务负责人及控股子 公司相关任职职务。根据《公司法》《公司章程》等规定，其辞职报 告自送达董事会之日起生效。辞去上述职务后，赵学超先生将不再担 任公司及子公司任何职务。 赵学超先生在任职期间，恪尽职守、勤勉尽责，为公司高质量可 持续发展做出重要贡献，公司及董事会对其表示衷心的感谢！ ...

本报告导读： 2024 年公司业绩转亏主要来自稀土跌价导致的减值损失，已基本消化完毕，随着稀土价格回暖，公司 新丰左坑产能释放，未来公司业绩有望回归增长轨道。 风险提示：稀土价格大幅波动，公司扩产不及预期。 维持"增持" 评级，上调目标价至42.15 元。综合考虑稀土跌价幅度较大与公司业绩传导，下调预测2025- 2026 年公司EPS 至0.71/1.40元(原1.00/1.41 元)，新增2027 年EPS 预测2.12 元。考虑公司全产业链业务布 局以及所处行业地位，选取稀土资源、冶炼和磁材公司作为可比公司，综合可比公司平均估值，给予公 司2026 年30x 估值，对应目标价42.15 元，维持公司"增持"评级。 稀土跌价消化，业绩逐步企稳。2024 年公司实现营收126 亿元，同比-39%，归母净利润-3.0 亿元，同比 转亏，扣非归母净利-3.1 亿元，同比转亏。其中Q4 归母净利-0.2 亿元，扣非归母净利-0.3 亿元，业绩符 合预期。分板块看，2024 年公司归母净利润-3.0 亿元，其中铜矿权益+1.8 亿，稀土矿+0.3 亿，冶炼分 离-1.9 亿，磁材-0.8 亿，贸易-0.5 亿，钨矿 ...

Core Insights - The report highlights a positive outlook for the rare earth industry, driven by a recovery in market conditions and increased sales profits, with a projected net profit for Guangsheng Nonferrous of 40 to 50 million yuan in Q1 2025, marking a significant turnaround from losses in the previous year [3] - The agricultural chemicals sector is also showing signs of recovery, with Limin Co. forecasting a net profit of 100 to 120 million yuan in Q1 2025, a substantial increase from a loss of 8.49 million yuan in the same period last year, attributed to rising product prices and a favorable market environment [3] - Tiande Yu expects a revenue increase of 60.52% year-on-year, with net profit reaching approximately 70.57 million yuan in Q1 2025, driven by the expansion of new products and markets, particularly in display driver chips and electronic price tag chips [4] Industry Analysis - The home appliance export sector faces significant challenges due to the recent implementation of a 10% minimum baseline tariff and additional tariffs that could raise the average tariff rate to around 80% for Chinese white goods exported to the U.S., creating a substantial impact on trade dynamics [6][7] - Companies with diversified production capacities and lower exposure to the U.S. market, such as TCL and Hisense, are better positioned to withstand tariff pressures due to localized production strategies [7] - Smaller enterprises that rely heavily on exports to the U.S. and lack overseas operations are likely to face severe cost pressures and may struggle to remain competitive, potentially leading to reduced orders and financial difficulties [8]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 40 million to 50 million yuan in the first quarter of 2025, marking a turnaround from a loss in the same period last year, with an increase of 34395.37 million to 35395.37 million yuan compared to the previous year [1][2]. Performance Forecast - The performance forecast period is from January 1, 2025, to March 31, 2025 [1]. - The company anticipates a net profit attributable to shareholders of 44.535 million to 54.535 million yuan after deducting non-recurring gains and losses, representing an increase of 34944.80 million to 35944.80 million yuan year-on-year [2]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was -30395.37 million yuan, and the net profit after deducting non-recurring gains and losses was -30491.30 million yuan [2]. Earnings Per Share - The earnings per share for the previous year was -0.90 yuan [3]. Reasons for Performance Improvement - The improvement in performance for the first quarter of 2025 is attributed to the stabilization and recovery of the rare earth market, increased production efforts, strict cost control, enhanced market analysis, and collaborative marketing efforts, leading to increased sales profits and a reduction in inventory impairment provisions compared to the previous year [4]. - The company’s equity investment in the Dabaoshan company has also contributed to increased profits, with the investment income recognized under the equity method rising [5].