证券代码：600392 证券简称：盛和资源 公告编号：临 2025-056 盛和资源控股股份有限公司 关于为控股子公司提供担保的进展公告 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、完整性承担个别及连带责任。 重要内容提示： 被担保人名称：乐山盛和稀土有限公司（以下简称"乐山盛和"）为盛和资源 下属全资子公司。 本次担保是否有反担保：乐山盛和提供反担保。 对外担保逾期的累计数量：无 2025 年 9 月，公司为乐山盛和提供的融资担保金额为 15,000.00 万元。截至 2025 年 9 月 30 日，公司及下属控股子公司相互提供 担保发生情况及累计融资担保余额如下： 序 号 担保方 被担保方 被担保方与 公司的关系 金融机构 2025 年 9 月担保金 额（万元） 累计担保余 额（万元） 累计担保余 额占公司最 近一期经审 计净资产的 比例（%） 担保方式 担保 期限 是否 有反 担保 被担保方 最近一期 资产负债 率（%） 1 盛和资源 乐山盛和 全资子公司 乐山农商银行五通桥支行 15,000.00 1.55 连带责任保证 三年 是 26 ...

[2025 Q1-Q3 Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts significant growth in net profit attributable to shareholders and non-recurring net profit for the first three quarters of 2025, exceeding 50% year-over-year [Performance Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[3](index=3&type=chunk) [Core Financial Metrics Forecast](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) Shenghe Resources expects net profit attributable to shareholders for the first three quarters of 2025 to be between CNY 740 million and CNY 820 million, and net profit attributable to shareholders (excluding non-recurring items) to be between CNY 726.5 million and CNY 806.5 million, both showing significant growth with net profit increasing over 50% year-over-year 2025 Q1-Q3 Performance Forecast Key Metrics | Metric | Estimated Amount (CNY 10,000) | Year-over-Year Growth (CNY 10,000) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 74,000 - 82,000 | 64,713.04 - 72,713.04 | 696.82% - 782.96% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 72,650 - 80,650 | 64,290.44 - 72,290.44 | 769.06% - 864.76% | - The performance forecast applies to situations where profitability is achieved and net profit increases by **over 50% year-over-year**[2](index=2&type=chunk) [Audit Status](index=1&type=section&id=(III)%20Current%20Period%20Performance%20Forecast%20Unaudited%20by%20Certified%20Public%20Accountants) The performance forecast data for this period has not been audited by certified public accountants - This performance forecast has not been audited by certified public accountants[5](index=5&type=chunk) [Prior Period Performance Review](index=2&type=section&id=II.%20Prior%20Period%20Performance%20Overview) This section reviews the company's key financial performance indicators for the first three quarters of the previous year [Profit Indicators](index=2&type=section&id=(I)%20Total%20Profit%3A%20CNY%20163.4925%20Million%3B%20Net%20Profit%20Attributable%20to%20Shareholders%3A%20CNY%2092.8696%20Million%3B%20Net%20Profit%20Attributable%20to%20Shareholders%20(Excluding%20Non-recurring%20Items)%3A%20CNY%2083.5956%20Million) In the first three quarters of 2024, the company achieved a total profit of CNY 163.4925 million, net profit attributable to shareholders of CNY 92.8696 million, and net profit attributable to shareholders (excluding non-recurring items) of CNY 83.5956 million 2024 Q1-Q3 Profit Indicators | Metric | Amount (CNY 10,000) | | :--- | :--- | | Total Profit | 16,349.25 | | Net Profit Attributable to Shareholders | 9,286.96 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 8,359.56 | [Earnings Per Share](index=2&type=section&id=(II)%20Earnings%20Per%20Share%3A%20CNY%200.053) In the first three quarters of 2024, the company's basic earnings per share was CNY 0.053 - Basic earnings per share for the first three quarters of 2024 was **CNY 0.053**[7](index=7&type=chunk) [Analysis of Significant Performance Growth](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period's%20Forecasted%20Performance%20Increase) The company's significant performance growth is primarily attributed to favorable market demand and year-over-year price increases for key rare earth products, alongside optimized production, marketing, and strengthened management and cost control - Overall market demand for key rare earth products improved, leading to **year-over-year price increases**[8](index=8&type=chunk) - The company capitalized on market opportunities, optimizing product production and marketing[8](index=8&type=chunk) - Strengthened management empowerment and cost control[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states that there are no significant uncertainties affecting the accuracy of this performance forecast - The company confirms no significant uncertainties affect the accuracy of this performance forecast[9](index=9&type=chunk) [Important Notes](index=2&type=section&id=V.%20Other%20Explanations) The forecast data is based on preliminary financial department calculations, with final accurate data subject to the company's officially disclosed 2025 Third Quarter Report, advising investors to be aware of investment risks - Forecast data represents preliminary calculations by the company's financial department[10](index=10&type=chunk) - Final accurate financial data will be based on the company's officially disclosed 2025 Third Quarter Report[10](index=10&type=chunk) - Investors are reminded to be aware of investment risks[10](index=10&type=chunk)

Core Viewpoint - The company expects significant growth in net profit for the first three quarters of 2025, driven by favorable market conditions and effective management strategies [1] Financial Performance - The company anticipates a net profit attributable to shareholders ranging from 740 million to 820 million yuan for the first three quarters of 2025, representing an increase of 647 million to 727 million yuan compared to the same period last year, which is a year-on-year increase of 696.82% to 782.96% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be between 727 million and 807 million yuan, reflecting an increase of 643 million to 722 million yuan year-on-year, translating to a growth of 769.06% to 864.76% [1] Market Conditions - The overall market demand for rare earth products has improved, and product prices have increased year-on-year due to changes in market supply and demand dynamics [1] - The company has capitalized on market opportunities by optimizing production and marketing strategies, enhancing management capabilities, and controlling costs, leading to substantial growth in operational performance compared to the previous year [1]

Core Viewpoint - The company expects a significant increase in net profit for the first three quarters of 2025, driven by favorable market conditions for rare earth products and price increases [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders ranging from 740 million to 820 million yuan, representing a year-on-year growth of 696.82% to 782.96% [1] - The substantial growth in operating performance is attributed to changes in market supply and demand dynamics [1] Group 2: Market Conditions - There is a positive outlook for the demand for rare earth products, which has contributed to the increase in prices compared to the previous year [1] - The company has effectively seized market opportunities by optimizing production and marketing strategies [1] Group 3: Management Strategies - The company has strengthened management capabilities and cost control measures to enhance operational efficiency [1]

Core Viewpoint - The company expects significant growth in net profit for the first three quarters of 2025, driven by favorable market conditions and effective management strategies [1] Financial Performance - The projected net profit attributable to shareholders for the first three quarters of 2025 is between 740 million to 820 million yuan, representing an increase of 647 million to 727 million yuan compared to the same period last year, which is a year-on-year increase of 696.82% to 782.96% [1] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 726 million to 806 million yuan, with an increase of 643 million to 723 million yuan year-on-year, translating to a growth of 769.06% to 864.76% [1] Market Conditions - The overall market demand for major rare earth products has improved, and product prices have increased year-on-year due to changes in market supply and demand dynamics [1] - The company has capitalized on market opportunities by optimizing production and marketing strategies, enhancing management capabilities, and controlling costs, leading to substantial growth in operating performance compared to the previous year [1]

Core Viewpoint - Shenghe Resources (600392) expects a significant increase in net profit for the first three quarters of 2025, projecting a range of 740 million to 820 million yuan, representing a year-on-year increase of 696.82% to 782.96% [1] Group 1 - The company's net profit forecast indicates strong financial performance driven by favorable market conditions [1] - The demand for rare earth products has improved overall, influenced by changes in market supply and demand dynamics [1] - Product prices for rare earths have increased year-on-year, contributing to the anticipated profit growth [1]

Core Viewpoint - The rare earth sector has become a market focus amid escalating China-U.S. trade tensions and increased export controls on rare earths, with significant inflows into the rare earth ETF (516780) leading to record trading volumes and net inflows [1][2]. Group 1: Market Activity - On October 13, 2025, the rare earth ETF (516780) recorded a trading volume of 1.209 billion yuan, an increase of over 140% compared to the previous period, marking a new single-day trading record [1]. - The ETF saw a net inflow of 761 million yuan on the same day, setting a new record for single-day net inflows since its inception [1]. - The total size of the rare earth ETF (516780) reached 4.545 billion yuan, also a historical high, indicating strong liquidity and scale advantages [1]. Group 2: Regulatory Environment - On October 9, 2025, the Ministry of Commerce announced new export control measures on certain rare earth items, expanding the scope of controls to include technologies and equipment related to rare earth recycling, covering the entire industry chain [1][2]. - The new regulations are expected to strengthen supply rigidity in the rare earth sector, particularly in the context of ongoing U.S.-China competition [2]. Group 3: Industry Outlook - China remains the only country with the capability to produce a full range of rare earth products, holding significant advantages in both reserves and production [2]. - The industry is expected to maintain a tight supply-demand balance, supported by increasing demand driven by AI and other technologies, which may bolster product prices [2]. - The rare earth ETF (516780) closely tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, with leading constituents being Northern Rare Earth, Wolong Electric Drive, Lingyi iTech, China Rare Earth, and Shenghe Resources [2].

Group 1: ETF Performance and Liquidity - The rare earth ETF managed by Jiashi has a turnover rate of 4.05% and a transaction volume of 369 million yuan [3] - The latest scale of the Jiashi rare earth ETF reached 8.907 billion yuan, marking a new high since its establishment and ranking first among comparable funds [3] - In the past two weeks, the Jiashi rare earth ETF saw a significant increase of 248 million shares [3] - The latest net inflow of funds into the Jiashi rare earth ETF is 613 million yuan [3] - As of October 13, the Jiashi rare earth ETF has achieved a net value increase of 106.16% over the past year, ranking 4th out of 3066 index equity funds, placing it in the top 0.13% [3] - Since its inception, the Jiashi rare earth ETF recorded a highest monthly return of 41.25%, with the longest consecutive monthly increase lasting 4 months and a maximum increase of 83.89% [3] Group 2: Industry Insights and Demand Trends - The demand for rare earth elements is expected to benefit from the growth of industries such as new energy vehicles, wind power, and energy-saving motors, aligning with low-carbon and environmental policies [4] - The traditional peak demand season has arrived, and the supply-demand dynamics are likely to remain favorable, with rare earth prices expected to steadily improve [4] - It is anticipated that the performance of the rare earth industry chain will improve quarter by quarter in the third and fourth quarters of this year, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Key Stocks in the Rare Earth Sector - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - Notable stock performances include Northern Rare Earth with a 2.72% increase and China Aluminum with a 4.08% increase [6]

Core Insights - The small metals sector experienced a significant increase of 6.26% on October 13, with Guangsheng Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Small Metals Sector Performance - Guangsheng Nonferrous (600259) closed at 64.85, up 10.01% with a trading volume of 349,700 shares and a transaction value of 2.2 billion [1] - China Rare Earth (000831) also rose by 10.01% to close at 60.14, with a trading volume of 1,169,200 shares and a transaction value of 6.813 billion [1] - Northern Rare Earth (600111) increased by 10.00% to 57.73, with a trading volume of 3,802,600 shares and a transaction value of 21.456 billion [1] - Other notable performers include Dongfang Silver Industry (000962) up 10.00% to 27.62 and Shenghe Resources (600392) up 8.81% to 26.07 [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.189 billion from main funds, while retail funds experienced a net outflow of 510 million [2][3] - Notable net inflows from main funds include Northern Rare Earth with 724 million and China Rare Earth with 208 million [3] - Retail funds showed significant outflows from several companies, including Northern Rare Earth and China Rare Earth, indicating a shift in investor sentiment [3]

Group 1: Rare Earth Industry - The strategic value of rare earths is highlighted as an irreplaceable "countermeasure" in geopolitical conflicts, especially in the context of U.S.-China trade tensions [6][7]. - China's recent strict export controls on rare earths, including a ban on core technology exports, have raised expectations that controlling or halting rare earth exports to the U.S. could be a significant retaliatory measure [8][9]. - The global supply of rare earths is dominated by China, which accounts for over 60% of production and 85% of refining capacity, creating a significant barrier for other countries attempting to establish their own supply chains [14][15]. - The demand for rare earths is driven by the global energy revolution and technological advancements, particularly in electric vehicles, wind energy, and military applications [12][13]. - Recent price surges in rare earth materials, such as dysprosium and praseodymium, have led to significant increases in orders for leading companies in the sector, reflecting a clear price increase logic [19][20]. - The performance of companies in the rare earth sector, such as Northern Rare Earth and Shenghe Resources, has shown substantial profit growth, with Northern Rare Earth projecting a net profit increase of 272.54%-287.34% year-on-year [21][22]. Group 2: Gold Market - Gold has emerged as a key focus in the market, reaching historical highs due to its status as a safe-haven asset amid rising geopolitical tensions and market volatility [27][28]. - Factors supporting the rise in gold prices include expectations of interest rate cuts by the Federal Reserve and a global trend towards "de-dollarization," leading to increased central bank purchases of gold [28][30]. - The Gold ETF (518680) has shown strong performance, with a net asset growth of 52.07% over the past year, making it the top-performing gold ETF in the market [30][32]. - The low management and custody fees of the Gold ETF, along with its T+0 trading capability, make it an attractive option for investors seeking to hedge against market uncertainties [32]. - The combination of rare earths and gold represents a dual strategy for investors, with rare earths focusing on growth opportunities and gold providing stability and protection against market fluctuations [33].