Company Overview - Huayang New Materials latest stock price is 7.03 yuan, up by 0.10 yuan from the previous trading day [1] - The stock reached a high of 7.08 yuan and a low of 6.76 yuan during the trading session, with a trading volume of 309,900 hands and a total market capitalization of 3.616 billion yuan [1] Business Operations - Huayang New Materials is engaged in the research and production of new materials, operating in sectors such as minor metals and biodegradable plastics [1] - The company is registered in Shanxi Province and has a background in central state-owned enterprise reform [1] Market Activity - On July 30, Huayang New Materials experienced a rapid rebound, with a price of 6.91 yuan at 9:38 AM, showing an increase of over 2% within five minutes [1] - The net inflow of main funds on that day was 10.3021 million yuan, accounting for 0.28% of the circulating market value [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The platinum market faces a structural shortage, with supply contraction in South Africa, stable demand from automotive exhaust catalysts, and incremental demand from the hydrogen energy industry and jewelry sector. The global platinum market's core contradiction lies in the high dependence on South Africa for supply (accounting for over 70% of production in 2024), but reduced capital expenditure and low recycling have led to a continuous supply contraction (CAGR of -1% from 2015 - 2025). On the demand side, automotive exhaust catalysts (accounting for 43% in 2024) provide a rigid foundation, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. The hydrogen energy industry and gold substitution (high gold prices driving platinum jewelry consumption) offer elastic growth [3]. - The influx of risk - averse funds and continuous supply disruptions have led to a continuous increase in platinum prices. Geopolitical conflicts have strengthened the financial attribute of platinum, attracting risk - averse funds. Supply disruptions have also played a catalytic role. In Q1 2025, platinum mine supply decreased by 13% year - on - year (-117,000 ounces) due to factors such as heavy rainfall and floods in South African mining areas, low smelting capacity utilization in South Africa and Zimbabwe, and mine restructuring in North America. The high gold - platinum ratio in history indicates an undervaluation of platinum's value, which may attract value investment. However, the recent continuous rise in platinum prices still depends on market consensus. If the consensus is strengthened, the value center has room for continuous upward movement, and platinum's value fluctuations largely depend on market sentiment [3]. - Investment advice: On the supply side, short - term production cuts in South Africa cause supply fluctuations, and inventory is currently at a low level. In the long - term, low capital expenditure leads to supply contraction, and high supply concentration poses certain risks. On the demand side, traditional industrial demand is relatively stable, and the rapid growth of plug - in hybrid vehicles still requires PGM catalysts. High gold prices promote platinum substitution in the jewelry field. It is recommended to focus on the "resources + technology" line and pay attention to relevant companies [3]. 3. Summary According to the Table of Contents 3.1 Platinum Metal Properties and Industrial Chain Structure - Platinum group metals include platinum, palladium, rhodium, etc., with high melting points, high strength, excellent thermoelectric stability, high - temperature oxidation resistance, and corrosion resistance. Platinum and palladium have strong gas adsorption capacity and excellent catalytic properties, and are widely used in automotive exhaust catalysts, jewelry, electronic components, and chemical catalysts [8]. 3.2 Supply - Demand Contradictions Are Prominent, and Structural Shortage Intensifies Supply - Platinum ore supply is relatively concentrated, with South Africa accounting for about 70% of production. In 2024, global platinum ore production was 170 tons, with South Africa producing 120 tons, accounting for 70.6% of the global total. In terms of reserves, South Africa accounted for 88.73% of the global platinum - group metal reserves in 2023. Due to reduced capital expenditure in platinum ore projects and low recycling enthusiasm in the past decade, the total platinum supply is expected to fall below 7 million ounces in 2025, with a CAGR of -1% from 2015 - 2025 [13]. Demand - Platinum has obvious industrial attributes, and automotive exhaust purification demand accounts for about 40%. In 2024, the demand for platinum in automotive exhaust purification accounted for 43%. The hydrogen energy industry may become a future trend, and the growth of hybrid vehicle demand will also bring benefits. Although the demand for platinum in the automotive field is expected to remain high in the long - term, economic prospects are still uncertain [19]. - Jewelry demand has a small base but considerable elastic space. High gold prices have affected gold jewelry demand, and platinum jewelry is expected to fill the gap. The gold - platinum ratio exceeded 3 in February 2025 and回调 to about 2.46 as of July 1. According to WPIC, the year - end inventory is expected to drop sharply, leading to a tightening of market supply, and platinum may become a hedging product [24]. 3.3 Influx of Risk - Averse Funds + Continuous Supply Disruptions, Platinum Prices Rise Continuously - Platinum prices have shown a strong upward trend recently, with an increase of about 34% in the past two months, reaching a high level in the past 10 years. Future price trends still need to pay attention to the impact of economic data on precious metal prices [28]. - Supply disruptions and the gold substitution effect have led to the recent rise in platinum prices. On the supply side, South Africa, which supplies about 70% of platinum production, has been affected by bad weather, restricting mining and refining operations, and recycling metal supply is also at a low level. On the demand side, in addition to the basic demand for platinum as an automotive exhaust catalyst, the substitution effect of platinum jewelry for gold jewelry is obvious, and investment demand and the hedging attribute of platinum have attracted investors. The hydrogen energy concept also gives platinum a certain bullish attribute [31]. - The gold - platinum ratio is at a historical high, and the future price center still depends on market consensus. Gold and platinum prices diverged about a decade ago, with gold's financial attribute becoming prominent while platinum focused on industrial attributes. Around 2013, platinum prices recovered due to supply contraction, increased industrial and investment demand, and a shift in market sentiment. Currently, the gold - platinum ratio is at a historical high, and platinum is undervalued. Whether it can attract value investment depends on market consensus, and platinum's value fluctuations largely depend on market sentiment [38]. 3.4 Core Targets: Guiyan Platinum Industry, Haotong Technology, Huayang New Materials Guiyan Platinum Industry - The company focuses on the manufacturing of precious metal new materials and has established a complete industrial chain system. It has built a precious metal resource recycling industry, carried out full - life - cycle management of precious metals, and established a precious metal supply service platform. It has formed a closed - loop industrial chain from precious metal supply, product processing to waste recycling [48]. - The company has strong R & D capabilities and independent innovation. Relying on the research and development foundation of the State Key Laboratory of New Technologies for Comprehensive Utilization of Rare and Precious Metals and the Kunming Institute of Precious Metals, it has continuously made breakthroughs in high - end materials such as precious metal precursor materials, catalytic materials, and electronic pastes. In 2024, the production of precious metal precursor products increased by more than 20% year - on - year, and the profit of precious metal electronic pastes increased by more than 30% year - on - year [48]. Haotong Technology - The company's three major business segments develop synergistically, and its full - chain service has created core competitiveness. It focuses on the precious metal recycling field, and its business includes precious metal recycling, new materials mainly composed of precious metals, and trade. It has formed a closed - loop from raw material supply to new material manufacturing and recycling, meeting customers' cyclical needs [51]. - The company has leading core technologies. Its independently developed platinum dissolution solution enrichment technology and other technologies are at the international leading level, and its sponge platinum products have a high reputation in the industry. It has advantages in environmental protection, safety, and cost, providing customers with more competitive prices [51]. Huayang New Materials - The company is supported by state - owned enterprise resources and has a full - industrial - chain layout. As a provincial - level state - owned enterprise in Shanxi, it has natural advantages in order acquisition, policy support, and resource approval. Its subsidiary, Huashengfeng Company, is the first domestic precious metal recycling and processing enterprise for producing platinum catalytic nets for nitric acid production. The company also has an industrial chain advantage in "PBAT - modified materials - products" [57]. - As of July 17, 2025, the PE - TTM of Guiyan Platinum Industry, Huayang New Materials, and Haotong Technology were 20, - 62, and 35 times respectively, and the PB were 1.66, 23.88, and 2.81 times respectively. With the rise in platinum prices, relevant companies are expected to improve their performance and digest valuations. According to institutional consensus forecasts, Guiyan Platinum Industry's net profit attributable to the parent company in 2025, 2026, and 2027 will be 696 million yuan, 826 million yuan, and 955 million yuan respectively, corresponding to PE of 16.9, 14.2, and 12.3 times at the current stock price [58].

Group 1 - The metal recycling sector has experienced a short-term surge, with companies such as Nanmin Group (001360) and Huahong Technology (002645) reaching the daily limit increase [1] - Jinyuan Co., Ltd. (000546) previously hit the limit, while other companies like Huaxin Environmental Protection (301265), Huayang New Materials (600281), Haotong Technology (301026), Kaili New Materials, and Hunan Silver (002716) also saw price increases [1] - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

Core Viewpoint - Huayang New Materials is expected to achieve a net profit attributable to shareholders of 70 million to 90 million yuan in the first half of 2025, indicating a potential turnaround from previous losses [1] Financial Performance - In the first half of 2023 and 2024, Huayang New Materials reported net losses of 91.66 million yuan and 49.43 million yuan respectively [1] - The total net losses for the years 2023 and 2024 were 200 million yuan and 186 million yuan respectively [1] - Despite the expected improvement in net profit, the company's non-recurring net profit is still projected to be negative, estimated between -56 million yuan and -40 million yuan [1] Business Operations - The improvement in performance is attributed to the recovery of precious metals business and the transfer of land use rights to Taiyuan Chemical Industry Group, resulting in a net gain of 119 million yuan from asset disposal and a land transfer subsidy of 5 million yuan from the Taiyuan Municipal Finance Bureau [1] - Huayang New Materials has undergone significant personnel changes in early 2024, including the resignation of the former chairman and the appointment of a new chairman [6] - The company has focused on enhancing management in the precious metals recovery industry and is adopting a flexible production model in the biodegradable materials sector to improve product functionality and market share [7] Strategic Direction - Huayang New Materials has gradually divested its chemical assets, leaving it with precious metals recovery and power distribution businesses as of 2021 [4] - The company is targeting the new materials sector, particularly biodegradable plastics, although the transition requires substantial upfront investment in research and development [4]

Group 1 - The non-ferrous metal sector is experiencing a strong upward trend, with stocks such as Wolong New Energy (600173) and Huayang New Materials (600281) hitting the daily limit [1] - Hunan Silver (002716) has seen an increase of over 4%, while Guangsheng Nonferrous (600259), Dongfang Zirconium (002167), and Xingye Silver Tin (000426) have also risen [1] - There is a disclosure of dark pool fund flows, indicating signals for early detection of major investors' stock accumulation [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of 70 million to 90 million yuan for the first half of 2025, indicating a turnaround from previous losses [1][2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -56 million and -40 million yuan [1] - The precious metals business benefited from a recovery in market conditions, leading to a reversal of inventory impairment [1] Group 2 - The company plans to transfer part of its land use rights to Taiyuan Chemical Industry Group, recognizing a net gain from asset disposal of 119.3383 million yuan [1] - The company received the first batch of land transfer subsidy funds from the Taiyuan Municipal Finance Bureau, confirming asset disposal income [1] - The previous year's net profit attributable to shareholders was -49.4303 million yuan, with a loss per share of -0.0961 yuan [2]

Shanxi Huayang New Materials Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a H1 2025 net profit attributable to shareholders between **RMB 70 million and RMB 90 million**, while non-recurring adjusted net profit is expected to remain a loss H1 2025 Performance Forecast | Indicator | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | RMB 70 million to RMB 90 million | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | RMB -56 million to RMB -40 million | - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Comparison](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) Compared to the prior year, the company achieved significant performance improvement, turning losses into profits, with last year's net profit attributable to shareholders at **RMB -49.43 million** and non-recurring adjusted net profit at **RMB -49.53 million** H1 Performance Comparison | Indicator | 2025 H1 Forecast | 2024 H1 Actual | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (RMB million) | 70 to 90 | -49.43 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items, RMB million) | -56 to -40 | -49.53 | | Earnings Per Share (RMB) | N/A | -0.0961 | [Analysis of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The turnaround to profitability is primarily due to approximately **RMB 124 million** in non-recurring gains from land use rights transfer and government subsidies, while core business performance is mixed, with positive impacts from precious metals and negative impacts from new biodegradable materials - The company's turnaround to profitability primarily relies on non-recurring gains, totaling approximately **RMB 124 million**, including[9](index=9&type=chunk) - Net gain from asset disposal of **RMB 119.34 million** from transferring partial land use rights[9](index=9&type=chunk) - Asset disposal gain of **RMB 5 million** from land transfer subsidies received from Taiyuan Municipal Finance Bureau[9](index=9&type=chunk) - Core business performance is mixed[9](index=9&type=chunk) - **Positive**: Precious metals business benefited from market recovery, leading to a reversal of inventory impairment provisions[9](index=9&type=chunk) - **Negative**: Biodegradable new materials business suffered from low capacity utilization and insufficient operating rates due to production based on sales, with high fixed costs dragging down performance[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states this performance forecast is a preliminary, unaudited financial department estimate, yet confirms no significant uncertainties affecting its accuracy - This performance forecast is a preliminary calculation by the company's finance department and has not been audited[10](index=10&type=chunk) - The company confirms there are no significant uncertainties affecting the accuracy of this performance forecast[11](index=11&type=chunk) [Other Explanations](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company states that the H1 2025 forecast data is preliminary, and final accurate financial data will be based on the officially disclosed H1 2025 semi-annual report, advising investors to be aware of investment risks - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[12](index=12&type=chunk)

Summary of Key Points Core Viewpoint - Huayang New Materials (600281) expects to achieve a net profit attributable to shareholders of the listed company between 70 million to 90 million yuan for the first half of 2025, while the net profit after deducting non-recurring gains and losses is projected to be between -56 million to -40 million yuan [1] Financial Performance - The company anticipates a significant range in net profit for the first half of 2025, indicating potential volatility in earnings [1] - The projected net profit attributable to shareholders is between 70 million to 90 million yuan, reflecting a positive outlook [1] - The expected net profit after non-recurring items shows a loss range of -56 million to -40 million yuan, suggesting challenges in core operations [1] Asset Management - The company has transferred part of its land use rights to Taiyuan Chemical Industry Group Co., Ltd., confirming a net gain from asset disposal of 119 million yuan [1] - Additionally, the company received the first batch of land transfer subsidy funds from the Taiyuan Municipal Finance Bureau, recognizing an asset disposal gain of 5 million yuan [1]

Core Viewpoint - The article discusses the significant price increase of platinum in 2025, which has risen by 45.28% year-to-date, surpassing the performance of gold during the same period [4][3]. Group 1: Platinum Market Dynamics - Platinum prices have surged, with the Shanghai Gold Exchange reporting a price of 324.09 yuan per gram as of June 30, 2025, reflecting a substantial increase compared to the beginning of the year [5]. - The rise in platinum prices has led some jewelry brands to shift focus from gold to platinum, as consumer interest in gold jewelry has waned due to high inventory costs and reduced demand [8]. - The World Platinum Investment Council noted that over 10 new independent platinum jewelry showrooms have opened in Shenzhen's Shui Bei area, indicating a tripling in number [9]. Group 2: Demand and Consumption Patterns - Despite the rising prices, jewelry accounts for only 18% of platinum's total demand, and there are significant consumer challenges associated with platinum jewelry, such as difficulty in purity identification and limited recycling options [13][14]. - The cultural significance of gold in wedding ceremonies remains strong, with gold accounting for 58% of consumption in this context, while platinum lacks a comparable cultural foothold [15]. - Global platinum jewelry demand is projected to decline slightly, with estimates of 135 million ounces in 2024 and further down to 132.5 million ounces in 2025 [16]. Group 3: Supply and Industrial Demand - The volatility in platinum prices reflects a severe imbalance in supply and demand, influenced by factors such as South African supply uncertainties and the growth of the hydrogen industry [18][21]. - Historically, platinum prices peaked between 2000 and 2008 due to industrial demand, particularly from the automotive sector, but have since faced declines due to changes in production and market dynamics [19][20]. Group 4: Investment Opportunities - Companies involved in platinum recycling, such as Haotong Technology, have seen significant revenue growth, with a 129.46% year-on-year increase in Q1 2025 [23]. - The price increase has widened the profit margins for recycling and processing companies, suggesting potential for further profit growth as demand for platinum rises [25]. - The A-share market has reacted positively to these developments, with stocks of companies in the platinum industry, such as Guoyan Platinum and Haotong Technology, reaching near two-year highs [26]. Group 5: Risks for Retailers - Jewelry retailers face both opportunities and risks, as platinum jewelry typically offers higher margins compared to gold [28]. - However, there is a risk of overstocking if retailers misjudge market demand, which could lead to significant inventory devaluation if prices decline [28].

证券代码：600281 证券简称：华阳新材 公告编号：临 2025-039 山西华阳新材料股份有限公司 关于公司相关方收到中国证券监督管理委员会 行政处罚事先告知书的公告 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。 一、《行政处罚事先告知书》的主要内容 "阳煤化工股份有限公司（以下简称阳煤化工或上市公司）、华阳新材料科技集团 有限公司（以下简称华阳集团或控股股东）涉嫌信息披露违法违规一案，已由我局调查 完毕，我局依法拟对你们作出行政处罚。现将我局拟对你们作出行政处罚所依据的违法 事实、理由、依据及你们享有的相关权利予以告知。 经查明，你们涉嫌违法的事实如下： 2021 年 4 月至 6 月期间，华阳集团持有阳煤化工 24.19%的股权，为阳煤化工控股股 东。2021 年 4 月 16 日和 2021 年 6 月 30 日，在未经阳煤化工同意的情况下，华阳集团通 过直接划转方式，将阳煤化工账户资金 1,126,449,959.33 元划转至华阳集团账户，占阳 煤化工最近一期经审计净资产的 17.74%，构成控股股东非经营性资 ...