盛和资源控股股份有限公司 2025年中期权益分派实施公告 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： 证券代码：600392 证券简称：盛和资源 公告编号：2025-061 每股分配比例 A 股每股现金红利0.05元（含税） 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 | 2025/11/12 | － | 2025/11/13 | 2025/11/13 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案经于公司2025 年 9 月 15 日召开的2025年第三次临时股东会 审议通过。 二、分配方案 1.发放年度：2025年中期 2.分派对象： 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.分配方案： 四、分配实施办法 1.实施办法 除自行发放对象外，无限 ...

Core Insights - The report indicates a significant decline in China's rare earth imports and a contrasting increase in exports for September 2025, highlighting shifts in market dynamics [1] Import and Export Data - In September 2025, China's rare earth imports totaled 0.69 million tons, representing a year-on-year decrease of 36.5%. The import value was $14.1 million, down 9.2% compared to the previous year [1] - In the same month, China's rare earth exports amounted to 0.4 million tons, showing a year-on-year decrease of 4.3%. However, the export value surged to $6 million, reflecting a significant increase of 97.1% year-on-year [1]

Group 1 - The rare earth index experienced a decline of 2.95% during intraday trading, with major constituent stocks also showing a downward trend [1] - Institutional and large-cap funds exhibited a net outflow during this period [1] - Key constituent stocks such as Baotou Steel, Northern Rare Earth, Huahong Technology, China Rare Earth, and Shenghe Resources saw significant declines, with respective drops of 4.64%, 4.20%, 3.79%, 2.83%, and 2.71% [1]

Core Viewpoint - The stock of Shenghe Resources has experienced a decline recently despite a significant year-to-date increase, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Shenghe Resources reported a revenue of 10.456 billion yuan, representing a year-on-year growth of 26.87% [2]. - The net profit attributable to shareholders reached 788 million yuan, showing a remarkable year-on-year increase of 748.07% [2]. Stock Performance - As of November 5, the stock price of Shenghe Resources was 22.05 yuan per share, with a year-to-date increase of 116.60% [1]. - Over the last five trading days, the stock has decreased by 6.37%, and over the last 20 days, it has declined by 4.34% [1]. Shareholder Information - As of October 20, the number of shareholders for Shenghe Resources was 239,900, an increase of 2.89% from the previous period [2]. - The average number of circulating shares per shareholder was 7,306, which decreased by 2.81% [2]. Dividend Distribution - Since its A-share listing, Shenghe Resources has distributed a total of 9.51 billion yuan in dividends, with 4.73 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 35.4767 million shares, an increase of 12.0087 million shares from the previous period [3]. - The Southern CSI 500 ETF was the seventh-largest circulating shareholder, holding 20.4321 million shares, a decrease of 353,500 shares [3].

Group 1 - The core point of the news is that Shenghe Resources has experienced a decline in stock price, dropping 0.66% to 22.51 CNY per share, with a total market capitalization of 39.456 billion CNY and a cumulative drop of 6.52% over the last three days [1] - Shenghe Resources is primarily engaged in rare earth smelting, separation, deep processing, and trading, as well as zirconium-titanium mining and processing [1] - The company is located in Chengdu, Sichuan Province, and was established on July 1, 1998, with its listing date on May 29, 2003 [1] Group 2 - According to data from the top ten holdings of funds, Qianhai Kaiyuan Fund has a significant position in Shenghe Resources, with its fund increasing holdings by 4.6513 million shares to a total of 7.8228 million shares, representing 7.86% of the fund's net value [2] - The fund, Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A (003304), has seen a year-to-date return of 68.03% and a one-year return of 46.97%, ranking 341 out of 8150 and 1266 out of 8043 respectively [2] - The fund manager, Wu Guoqing, has been in position for 10 years and 44 days, with the fund's total asset scale at 7.718 billion CNY and a best return of 388.62% during his tenure [2]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with significant growth in the rare earth ETF, driven by rising prices and increased demand expectations due to delayed export control measures [1][3][4]. Group 1: Market Performance - As of November 4, 2025, the China Rare Earth Industry Index decreased by 0.71%, with mixed performance among constituent stocks [1]. - Baotou Steel (包钢股份) led the gains with an increase of 4.14%, while Shengxin Lithium Energy (盛新锂能) experienced the largest decline [1][6]. - The rare earth ETF managed by Harvest (嘉实) saw a trading volume of 62.65 million yuan, with a significant growth of 5.327 billion yuan in the last three months, ranking first among comparable funds [3]. Group 2: Fund Performance - The rare earth ETF has seen an increase of 866 million shares in the past month, also ranking first among comparable funds [3]. - Over the past 18 trading days, the ETF attracted a total of 1.675 billion yuan in inflows [3]. - As of November 3, 2025, the net value of the rare earth ETF has increased by 86.47% over the past two years, placing it in the top 4.41% of index equity funds [3]. Group 3: Price Trends and Forecasts - According to Guojin Securities, the price of praseodymium and neodymium oxide rose by 6.08% week-on-week, driven by increased demand expectations and delayed export control measures [4]. - The overall sentiment in the rare earth sector is bullish, with expectations of a supply-demand resonance due to external export pressures and ongoing supply reforms [4]. - Guosheng Securities highlights the broad market potential for rare earth recycling and magnetic materials, anticipating rapid growth in related companies' performance as rare earth prices recover [4]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.61% of the index, with Northern Rare Earth (北方稀土) holding the largest weight at 17.20% [3][6].

Core Insights - The A-share listed companies in Chengdu have reported strong performance for the third quarter of 2025, with 91 out of 122 companies profitable, representing a profitability rate of 74.6% [1][3] - Total operating revenue for these companies reached 4340.55 billion, with a net profit totaling 411.75 billion [1][3] - Chengdu Bank led in net profit with 94.93 billion, while Olin Bio achieved the highest year-on-year net profit growth rate at 1079.36% [1][3] Financial Performance - Among the 122 Chengdu A-share listed companies, 58 reported positive year-on-year net profit growth, accounting for nearly 48% [3] - Twelve companies reported net profits exceeding 10 billion, including Chengdu Bank, New Yisheng, and Sichuan Road and Bridge [3] - The net profit growth rates for several companies were remarkable, with Olin Bio at 1079.36% and Zhimingda at 995.37% [3][4] Sector Performance - The economic data from Chengdu shows a GDP of 18226.9 billion for the first three quarters, growing by 5.8% year-on-year, indicating a stable growth environment for listed companies [4] - Various sectors, including electronics, non-ferrous metals, and biomedicine, showed strong performance, particularly driven by downstream demand [4] - New Yisheng reported significant growth in the artificial intelligence sector, with a revenue increase of 221.70% and a net profit increase of 284.37% [4][5] Company Highlights - New Yisheng's revenue for the first three quarters reached 165.05 billion, with a third-quarter revenue of 60.68 billion, reflecting a year-on-year growth of 152.53% [4][5] - Olin Bio achieved a revenue of 5.07 billion, with a net profit of 4747.98 million, marking a year-on-year growth of 1079.36% [5] - Zhimingda, focusing on high-reliability embedded computing, reported a revenue of 5.12 billion, with a net profit turnaround [5]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment opportunities in this sector [2][17]. Core Insights - The non-ferrous metals industry has shown a significant increase, with a 3.70% rise over the past two weeks, outperforming the CSI 300 index by 1.72 percentage points, ranking 4th among 31 industries [3][13]. - The energy metals sector has experienced a notable increase of 8.72%, while precious metals have seen a decline of 9.37% [19][22]. - The report highlights the impact of macroeconomic factors, such as the Federal Reserve's interest rate cuts, which have contributed to the upward trend in metal prices [51][67]. Market Review - As of October 30, 2025, the non-ferrous metals industry has risen by 79.55% year-to-date, leading the market performance among all sectors [13][19]. - The industrial metals segment is benefiting from a global easing cycle, with copper and aluminum prices gradually recovering [68]. - Precious metals, particularly gold and silver, have shown volatility, influenced by changes in investor sentiment and central bank purchasing trends [37][67]. Price Analysis - Key prices as of October 30, 2025: - LME Copper: $10,930/ton - LME Aluminum: $2,870/ton - LME Lead: $2,022/ton - LME Zinc: $3,044.50/ton - LME Nickel: $15,250/ton - LME Tin: $35,720/ton [26][68]. - For precious metals: - COMEX Gold: $4,038.30/oz (up $145.7 since early October) - COMEX Silver: $48.73/oz (up $1.31 since early October) [37][67]. Sector Performance - The report suggests focusing on specific companies within the industry: - Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector [70]. - Xiamen Tungsten (600549) in the small metals sector [68][70]. - The energy metals sector, particularly lithium carbonate, is highlighted for its potential growth due to advancements in energy storage and solid-state battery technologies [69].

Core Viewpoint - Shenghe Resources reported significant growth in its Q3 2025 financial results, with a revenue of 10.456 billion yuan, a year-on-year increase of 26.87%, and a net profit of 788 million yuan, a remarkable increase of 748.07% [1][2] Financial Performance - For the first three quarters of 2025, Shenghe Resources achieved a total revenue of 10.456 billion yuan, reflecting a year-on-year growth of 26.87%, while net profit reached 788 million yuan, marking a staggering increase of 748.07% [1][2] - In Q3 alone, the company experienced a revenue growth of 52.59% year-on-year and a net profit growth of 154.48%, second only to the first quarter's growth of 178.09% [2][3] - The increase in revenue and profit is attributed to rising prices of rare earth products, capacity release, and effective cost control, leading to a significant improvement in gross profit margins [1][2] Market Dynamics - The price of major rare earth products has seen substantial increases, with the price of rare earth concentrate rising to 26,205 yuan per ton, a 37.13% increase from the previous quarter [2] - The sales volume of rare earth oxides increased by 9.5%, while the sales volume of rare metals surged by 37.71% [3] Strategic Developments - Shenghe Resources is enhancing its global resource matrix by acquiring the Australian Peak company, which includes the development rights to the world-class Ngualla rare earth mine [4][5] - The Ngualla mine is noted for its large scale, high grade, and low cost, with a total rare earth reserve of 18.5 million tons and an average grade of 4.8% [5] Capacity Expansion - The company is also upgrading its Tanzanian Fungoni project to increase production capacity to 150,000 tons per year, with completion expected by the end of the year [5] - The production of rare earth oxides and metals has been steadily increasing, with production growth rates of 18.74% and 19.82% respectively in Q3 [3] Investor Interest - The strong performance of Shenghe Resources has attracted attention from public fund managers, with significant increases in holdings in the company by various ETFs [6]

Core Viewpoint - The rare earth index experienced a significant adjustment on October 31, with notable declines in several component stocks [1] Company Performance - China Rare Earth saw a decline of 4.57% [1] - Guangsheng Nonferrous dropped by 4.37% [1] - Northern Rare Earth decreased by 4.13% [1] - Huahong Technology fell by 3.88% [1] - Shenghe Resources declined by 3.20% [1]