Financial Performance - The company's operating revenue for Q1 2025 was ¥5,817,432,101.24, a decrease of 5.53% compared to ¥6,158,063,562.01 in the same period last year[4] - Net profit attributable to shareholders decreased by 31.18% to ¥596,933,995.28 from ¥867,321,520.82 year-on-year[4] - The basic earnings per share fell by 29.17% to ¥0.17 from ¥0.24 in the previous year[4] - Net profit for Q1 2025 was CNY 725,126,251.31, compared to CNY 933,800,325.27 in Q1 2024, indicating a decline of 22.3%[21] - Operating profit for Q1 2025 was CNY 1,018,083,019.48, down from CNY 1,255,901,912.00 in Q1 2024, a decrease of 19%[21] - Operating revenue for Q1 2025 was CNY 2,878,696,626.83, a decrease of 14.2% compared to CNY 3,354,929,592.92 in Q1 2024[29] - Net profit for Q1 2025 was CNY 385,661,441.98, down 47% from CNY 727,824,164.41 in Q1 2024[30] - Operating profit for Q1 2025 was CNY 524,461,432.18, a decline of 46.0% compared to CNY 972,576,471.21 in Q1 2024[29] Research and Development - Research and development expenses increased by 133.86%, indicating a significant rise in investment in R&D projects[9] - Research and development expenses increased significantly to CNY 170,804,952.06 in Q1 2025, compared to CNY 73,037,117.70 in Q1 2024, representing a growth of 133.5%[20] - Research and development expenses increased to CNY 118,494,268.83, up 68.7% from CNY 70,253,820.25 in the same period last year[29] Cash Flow and Assets - The net cash flow from operating activities improved by 19.40%, reaching -¥343,742,489.50 compared to -¥426,478,657.08 in the previous year[4] - Cash flow from operating activities for Q1 2025 was negative at -343,742,489.50 RMB, an improvement from -426,478,657.08 RMB in Q1 2024[23] - Total current assets decreased to 14,316,485,736.60 RMB as of March 31, 2025, down from 15,118,628,732.13 RMB at the end of 2024[26] - The company's cash and cash equivalents at the end of Q1 2025 were 9,560,519,007.75 RMB, down from 14,092,253,532.09 RMB at the end of Q1 2024[24] - Total cash and cash equivalents at the end of Q1 2025 were CNY 5,419,253,630.28, a decrease from CNY 9,642,950,368.37 at the end of Q1 2024[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥81,657,898,592.90, an increase of 0.85% from ¥80,971,454,001.07 at the end of the previous year[5] - Total assets as of the end of the reporting period were CNY 81,657,898,592.90, up from CNY 80,971,454,001.07, an increase of 0.85%[18] - Total liabilities decreased slightly to CNY 42,867,505,945.61 from CNY 43,143,989,402.41, a reduction of 0.64%[18] - Total liabilities decreased to 26,674,170,289.51 RMB as of March 31, 2025, compared to 27,524,661,484.95 RMB at the end of 2024[27] - The company's total assets amounted to 52,576,344,911.84 RMB as of March 31, 2025, a slight decrease from 52,940,482,614.90 RMB at the end of 2024[27] Shareholder Information - The total number of common shareholders at the end of the reporting period was 115,347[11] - Huayang New Materials Technology Group Co., Ltd. holds 2,003,021,367 shares, accounting for 55.52% of total shares, with 275,559,560 shares pledged[12] - The company's total share capital is 3,607,500,000 shares, with Huayang New Materials pledging 7.64% of total shares[12] Financial Expenses - The company reported a significant increase in non-operating expenses, up 361.41%, mainly due to increased carbon emission rights expenses and fines[9] - The company reported a credit impairment loss of CNY 858,000.00 in Q1 2025, a significant decrease from CNY 111,172,636.07 in Q1 2024[21] - The company reported a significant increase in financial expenses, with interest expenses at CNY 109,861,638.16, compared to CNY 109,057,130.80 in the previous year[29]

Group 1 - The core viewpoint of the article highlights Shanxi Huayang Group's transformation through technological innovation, showcasing a shift from traditional manual operations to intelligent systems for safer and more efficient production [2] - Huayang Group continuously explores technological innovation and transformation, turning advanced concepts into practical productivity, thus injecting new momentum into high-quality development [3] - The implementation of intelligent inspection robots and a 2540-meter-long belt conveyor at Huayang No. 1 Mine demonstrates significant improvements in safety, energy conservation, and efficiency [3] Group 2 - The "pipe instead of roadway" technology at Huayang No. 2 Mine has effectively reduced construction needs and alleviated tight connections within the mine, achieving an average gas concentration of 0.20% [4] - The company aims to achieve a "zero excess" target for gas concentration through enhanced equipment management and pipeline maintenance [4] - Huayang Group is integrating artificial intelligence into various mining processes, enhancing the overall intelligence level of coal mining operations [5] Group 3 - The company is committed to building a comprehensive intelligent control system that optimizes production scheduling and improves disaster warning capabilities [5] - There is a focus on developing high-skilled talent to support the intelligent construction of coal mines, addressing talent bottlenecks through collaboration with educational institutions [6] - The collective efforts of Huayang employees aim to contribute to the modernization of Shanxi, reflecting the company's commitment to high-quality development [6]

Industry Overview - Manganese is a crucial strategic mineral resource, with China categorizing it as a scarce mineral. The country has a high dependence on imports, with 80%-90% of its manganese supply sourced from abroad, making it the largest manganese importer globally [2][3] - China's manganese ore production has been declining due to low ore grades, high impurities, and stringent mining regulations. The import volume and net import volume have consistently remained above 27 million tons, with projections for 2024 showing a decrease to approximately 29.29 million tons and 29.02 million tons, representing year-on-year declines of 6.28% and 7.14% respectively [2][3] Industry Chain - The manganese industry chain consists of three segments: upstream (exploration and mining), midstream (smelting and processing), and downstream (application in various industries). Key players in the upstream include companies like Western Gold, WISCO, and Southern Manganese, while midstream players include Tianyuan Manganese and Southern Manganese [4] - The downstream applications of manganese products span across steel, batteries, chemicals, construction, real estate, transportation, new energy vehicles, aerospace, and pharmaceuticals [4] Global Manganese Resources - Global manganese metal reserves are approximately 1.5 billion tons, with South Africa, Australia, China, and Brazil accounting for over 85% of total reserves. South Africa holds the largest share at around 32%, while China ranks third with about 15% [5] - High-grade manganese resources, with manganese content above 35%, are primarily found in South Africa, Gabon, Australia, and Brazil, while China mainly has low-grade resources with manganese content generally below 30% [5] Domestic Manganese Resources - China's manganese ore resources are predominantly composed of carbonate manganese ore, which constitutes about 55.8% of the total reserves. The distribution of manganese resources is uneven, with the highest concentration in Guangxi, accounting for 43.24% of the national reserves, followed by Guizhou at 17.83% [9] Market Report - The report titled "China Manganese Industry Market Operation Status and Future Strategic Analysis" provides a comprehensive analysis of the manganese industry's development environment, operational status, import and export dynamics, and competitive landscape, projecting trends for 2025 [11][13]

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2025-012 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | | 山西华阳集团新能股份有限公司 关于受让三维华邦持有阳煤财务公司6.9%股权 的补充说明 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。 山西华阳集团新能股份有限公司（以下简称"华阳股份"或"公司"）于 2024 年 4 月 2 日在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒 体上披露了《关于受让三维华邦持有的阳煤财务公司 6.9%股权暨关联交易的 公告》（公告编号：2025-010）。现将此交易事项的必要性进一步 ...

证券代码：600348 证券简称：华阳股份 公告编号：2025-011 债券代码：240807 债券简称：华阳 YK01 债券代码：240929 债券简称：华阳 YK02 债券代码：241770 债券简称：24 华阳 Y1 债券代码：241771 债券简称：24 华阳 Y2 债券代码：241972 债券简称：24 华阳 Y4 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： 为保障煤矿、选煤厂项目顺利推进，七元公司拟向中国建设银行股份有限 公司阳泉龙信支行（以下简称"建行龙信支行"）申请 12.9 亿元银行授信额 度，期限不超过 13 年，利率不高于 LPR5Y 下浮 88BP（即利率不高于 2.72%）。 华阳股份拟为本次贷款提供连带责任保证，保证期间为主合同项下债务履行期 限届满日后三年止。 公司于 2025 年 3 月 31 日召开第八届董事会第十五次会议审议通过《关于 为七元公司向建行申请项目贷款提供担保的议案》。根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—规范运作 ...

| 证券代码：600348 | 证券简称：华阳股份 | | | 公告编号：2025-011 | | --- | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | | YK01 | | | 债券代码：240929 | 债券简称：华阳 | | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 | Y4 | | 山西华阳集团新能股份有限公司 关于为七元公司向建行申请项目贷款提供担保 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。 重要内容提示： 一、担保情况概述 为保障煤矿、选煤厂项目顺利推进，七元公司拟向中国建设银行股份有限 公司阳泉龙信支行（以下简称"建行龙信支行"）申请 12.9 亿元银行授信额 度，期限不超过 13 年，利率不高于 LPR5Y 下浮 88BP（即利率不高于 2.72%）。 华阳 ...

证券代码：600348 证券简称：华阳股份 公告编号：2025-009 债券代码：240807 债券简称：华阳 YK01 债券代码：240929 债券简称：华阳 YK02 债券代码：241770 债券简称：24 华阳 Y1 债券代码：241771 债券简称：24 华阳 Y2 债券代码：241972 债券简称：24 华阳 Y4 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （二）本次董事会会议的通知和材料于2025年3月24日以电子邮件和书面 方式发出。 （三）本次董事会会议于2025年4月1日（星期二）上午9:30在山西华阳集 团新能股份有限公司会议室以现场方式召开。 （四）本次董事会会议应出席董事9名，实际出席董事9名。 山西华阳集团新能股份有限公司 第八届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 表决结果：9 票同意，0 票反对，0 票弃权，审议通过本议案。 （五）公司董事长王永革先生主持本次会议，公司监事、高管列席 ...

山西华阳集团新能股份有限公司第八届董事会独立董事专门会议 2025 年第二次会议资料 山西华阳集团新能股份有限公司 山西华阳集团新能股份有限公司第八届董事会独立董事专门会议 2025 年第二次会议资料 （此页无正文，为山西华阳集团新能股份有限公司第八届董事会独立董事专 门会议2025年第二次会议审核意见之签字盖章页） 出席会议独立董事（或授权委托独立董事）签字： 刘志远 潘青锋 姚婧然 第八届董事会独立董事专门会议 2025年第二次会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第5 号——交易与关联交易》和《公司章程》《公司关联交易决策制度》等相关 规定,我们作为山西华阳集团新能股份有限公司(以下称"公司")的独立董事, 对公司第八届董事会独立董事专门会议2025年第二次会议审议的《关于受让 三维华邦持有的阳煤财务公司6.9%股权暨关联交易的议案》所涉及的事项进 行认真核查，发表如下审核意见： 根据《公司法》、上海证券交易所《股票上市规则》和《上市公司自律监 管指引第5号——交易与关联交易》等相关法律法规的规定， ...

山西华阳集团新能股份有限公司 董事、监事和高级管理人员所持本公司股份 及其变动管理制度 第一章 总则 第一条 为加强对山西华阳集团新能股份有限公司(以下简称"公司"或"本 公司"）董事、监事和高级管理人员所持公司股份及其变动情况的管理，保护投 资者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证监会《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理 规则》《上海证券交易所上市公司自律监管指引第 8 号——股份变动管理》《上 海证券交易所自律监管指引第 15 号——股东及董事、监事、高级管理人员减持 股份》等法律法规及《公司章程》的相关规定，制定本制度。 第二条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名 下和利用他人账户持有的所有本公司股份，包括其配偶、父母、子女持有的及利 用他人账户持有的本公司股份。 公司董事、监事和高级管理人员从事融资融券交易的，其所持本公司股份还 包括记载在其信用账户内的本公司股份。 第三条 公司董事、监事和高级管理人员应当遵守相关法律法规以及证券交 易所规则中关于股份变动的限制性规定。公司董事、监事和高级管理人员就其所 持股份变动相 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2025-011 | | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | | 山西华阳集团新能股份有限公司 关于为七元公司向建行申请项目贷款提供担保 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。 重要内容提示： 一、担保情况概述 为保障煤矿、选煤厂项目顺利推进，七元公司拟向中国建设银行股份有限 公司阳泉龙信支行（以下简称"建行龙信支行"）申请 12.9 亿元银行授信额 度，期限不超过 13 年，利率不高于 LPR5Y 下浮 88BP（即利率不高于 2.72%）。 华阳股份拟为本次贷款提供连带责任保证，保 ...