证券代码：600366 证券简称：宁波韵升 编号：2025-044 宁波韵升股份有限公司 2025 年半年度业绩预增公告 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： 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 宁波韵升股份有限公司（以下简称"公司"）预计 2025 年半年度实现归 属于母公司所有者的净利润为 9,000 万元到 13,500 万元，与上年同期相比增长 133.55%到 250.33%。 公司预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益 后的净利润 8,000 万元到 12,000 万元，与上年同期相比增长 100.62%到 200.94%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润 9,000 万元到 13,500 万元，与上年同期（法定披露数据）相比，将增加 5146.45 万 ...

Core Viewpoint - China's dominance in the rare earth industry is underscored by Japan's 20-year stockpiling of rare earth materials, which has not led to independence but rather highlighted China's irreplaceable position in the supply chain [1][3]. Industry Insights - Japan's stockpiling of rare earths has not translated into self-sufficiency due to the lack of advanced processing capabilities, with 95% of global rare earth separation and processing capacity held by China [3][5]. - The technical gap in rare earth separation and purification has been built over decades, with Chinese institutions like the Baotou Rare Earth Research Institute and the Shanghai Institute of Organic Chemistry accumulating significant expertise [5][7]. - The complexity of downstream processing, such as the production of rare earth permanent magnets, presents further challenges for Japan, which struggles to match China's optimized processes and experience [5][7]. Competitive Landscape - Chinese companies like Minmetals Rare Earth and Guangdong Zhujiang Rare Earth have established strong profit margins, with an average gross margin exceeding 45% in 2024, indicating a highly profitable sector [7][9]. - Major global companies, including Tesla and Siemens, rely heavily on Chinese suppliers for rare earth components, demonstrating the critical role of Chinese technology and production capabilities in the global market [5][7]. Future Outlook - China's technological lead in rare earths is expected to widen, driven by advancements in recycling technologies and increasing demand from emerging sectors such as renewable energy and artificial intelligence [9]. - The long-term accumulation of technical advantages and a complete industrial chain in China makes it unlikely for other countries to disrupt this dominance in the near future [9].

Core Viewpoint - The Shanghai Composite Index has surpassed the 3500-point mark, with all three major indices closing higher, indicating a positive market sentiment and performance [1]. Group 1: Banking Sector Performance - The four major banks (Industrial, Agricultural, China, and Construction Bank) have reached historical highs, contributing significantly to the market's upward movement [4][3]. - As of the market close, Industrial Bank's stock rose by 2.93%, with a total market capitalization of 2.88 trillion yuan, maintaining its position as the largest in A-shares [7]. - The recent rally in bank stocks is attributed to three main factors: the attractiveness of bank dividends in a low-interest-rate environment, increased capital inflows due to public fund adjustments, and accelerated conversion of bank convertible bonds [7]. Group 2: Securities Sector Strength - Securities stocks have also shown strong performance, with notable gains in companies like Zhongyin Securities, which hit the daily limit, and others such as Hongta Securities and Northeast Securities [9]. - Hongta Securities has projected a net profit increase of 45% to 55% for the first half of 2025, indicating robust growth potential in the sector [12]. Group 3: Rare Earth Sector Surge - The rare earth sector has experienced significant gains, with Northern Rare Earth hitting the daily limit and reporting an expected net profit increase of 1882.54% to 2014.71% for the first half of 2025 [13][17]. - Northern Rare Earth's market capitalization has reached 976 billion yuan, reflecting its leading position in the rare earth permanent magnet industry [14]. Group 4: ST Huatuo's Volatility - ST Huatuo, known as the "game king" of A-shares, faced volatility due to financial discrepancies in its annual report, leading to a significant drop in stock price after initially surpassing a market cap of 1 trillion yuan [20]. - The stock has seen a cumulative increase of 317.49% since July 25, 2024, but recent performance raises concerns about its sustainability given the high valuation compared to its earnings [23].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 6.85%, with a half-day trading volume of 172 million yuan [3] - Over the past week, the average daily trading volume of the Rare Earth ETF reached 182 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 43.99 million yuan in the past two weeks, also ranking first among comparable funds [3] - The fund's shares increased by 21.7 million units in the past month, achieving significant growth and ranking first among comparable funds [3] - The latest net inflow of funds into the Rare Earth ETF is 35.42 million yuan, with a total of 64.51 million yuan net inflow over the last five trading days [3] - As of July 9, the net value of the Rare Earth ETF has risen by 39.87% over the past year, ranking 503 out of 2907 index equity funds, placing it in the top 17.30% [3] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [3] Group 2: Industry Outlook and Company Performance - Northern Rare Earth announced a semi-annual performance forecast, expecting a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - The Ministry of Commerce of China emphasized the importance of maintaining global supply chain stability and has approved a certain number of compliant applications for rare earth exports, indicating a recovery in export demand [4] - Emerging fields such as humanoid robots are expected to open up growth opportunities for the rare earth industry, with a positive outlook for the industry's recovery in the short to medium term [4] - As of June 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4]

证券代码：600366 证券简称：宁波韵升 公告编号：2025-043 宁波韵升股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.05元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/11 | － | 2025/7/14 | 2025/7/14 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）本次差异化分红方案 公司拟向实施权益分派的股权登记日可参与分配的股东，每 10股派发现金红利人民币 0.5 ...

北京国枫律师事务所 关于宁波韵升股份有限公司 差异化分红事项的 法律意见书 国枫律证字[2025]AN088-1 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话(Tel): 010－66090088/88004488 传真(Fax): 010－66090016 北京国枫律师事务所 关于宁波韵升股份有限公司 差异化分红事项的 法律意见书 国枫律证字[2025]AN088-1 号 致:宁波韵升股份有限公司 根据本所与宁波韵升股份有限公司（以下简称"公司"）签署的律师服务 协议,本所接受公司的委托,担任公司本次差异化分红相关事宜(以下简称"本 次差异化分红")的专项法律顾问,对公司本次差异化分红发表专项核查意见。 根据《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》"）、《上海证券交易所上市公司 自律监管指引第7号—回购股份》（以下简称"《回购股份监管指引》"）等相 关法律、法规及规范性文件的规定,本所律师就公司本次差异化分红相关事项 出具本专项核查 ...

Group 1 - The A-share rare earth permanent magnet sector experienced a short-term surge, with Zhongke Magnetic Industry rising over 11% [1] - Other companies such as Ningbo Yunsheng and Huicheng Environmental Protection both increased by over 6% [1] - Additional stocks including Benlang New Materials, Jiuling Technology, Galaxy Magnetic Materials, and Yujing Co., Ltd. also saw gains [1]

二、回购股份的进展情况 证券代码：600366 证券简称：宁波韵升 公告编号：2025-042 宁波韵升股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/7/16 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 16 日~2025 7 | 7 | 月 | 年 | 月 | 15 日 | | 预计回购金额 | 7,500万元~15,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,379.99万股 | | | | | | | 累计已回购股数占总股本比例 | 1.2413% | | | | | | | 累计已回购 ...

Core Viewpoint - Ningbo Yunsheng has successfully launched new production capacity for high-performance neodymium-iron-boron permanent magnet materials, with a focus on meeting the growing market demand in sectors such as electric vehicles and wind power generation [1][2]. Production Capacity - The company has established an annual production capacity of 21,000 tons of high-performance neodymium-iron-boron materials as of April 2025, which will increase to 26,000 tons with the addition of 5,000 tons from the new project [2]. - The new production project is part of a fundraising initiative that raised 1.045 billion yuan in 2022, aimed at expanding production capacity [1]. Market Applications - Neodymium-iron-boron materials are widely used in various green and energy-saving applications, including electric vehicles, consumer electronics, urban rail transit, industrial robots, and wind power generation [2]. - The company aims to enhance its market share and strengthen its profitability in these sectors through the new production capacity [1]. Financial Performance - In 2024, the company reported a revenue of 5.041 billion yuan, a decrease of 6.11% year-on-year, but achieved a net profit of 95.08 million yuan, a significant recovery from a loss of 227 million yuan in 2023 [3]. - In the first quarter of 2025, the company recorded a revenue of 1.122 billion yuan, a year-on-year increase of 9.36%, and a net profit of 37.22 million yuan, marking a substantial turnaround from the previous year's loss [3][4]. Business Segmentation - The sales revenue from neodymium-iron-boron materials for electric vehicle applications reached 574 million yuan in the first quarter of 2025, an increase of 43.14% year-on-year, capturing approximately 25.3% of the domestic market for main drive motors in new energy passenger vehicles [4]. - Conversely, sales in the consumer electronics sector decreased by 18.09% to 154 million yuan, and sales for industrial and other applications fell by 15.32% to 304 million yuan [4].

Group 1 - The rare earth permanent magnet sector is experiencing significant upward movement, with Ningbo Yunsheng (600366) approaching the daily limit increase [1] - Keheng Co., Ltd. (300340) has seen a rise of over 10%, indicating strong market interest [1] - Other companies such as YS Tech (301622), Zhongke Magnetic Industry (301141), Galaxy Magnet (300127), and Jinli Permanent Magnet (300748) are also witnessing notable stock price increases [1] Group 2 - There is a noticeable influx of dark pool funds into these stocks, suggesting increased investor confidence and potential for further price appreciation [1]