证券代码：600392 证券简称：盛和资源 公告编号：临 2025-031 盛和资源控股股份有限公司 关于 2024 年年度报告的更正公告 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。 盛和资源控股股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在上海证 券交易所网站（http://www.sse.com.cn）披露了公司《2024 年年度报告》。经公司事 后检查，现需要对《2024 年年度报告》的部分内容进行更正。本次更正不涉及对公司 财务报表的调整，不会对公司 2024 年年度的经营业绩造成影响。 一、对 2024 年年度报告的更正情况 （一）对 2024 年年度报告中"第十节 财务报告：七、32 短期借款（1）短期借 款分类"中质押借款和信用借款期末余额数据，进行更正： 更正前： 单位：元币种：人民币 项目 期末余额 期初余额 质押借款 318,928,942.81 1,860,067,229.06 抵押借款 30,010,645.85 保证借款 834,589,121.40 374,191,6 ...

Core Points - The company is holding a shareholders' meeting on June 9, 2025, at 14:00 in Chengdu, Sichuan [2][3] - The meeting will include a combination of on-site and online voting methods [2][3] - Key agenda items include amendments to the company's articles of association and the cancellation of the supervisory board [4][5] Meeting Procedures - Attendees must adhere to the rules set forth to maintain order and efficiency during the meeting [1][2] - The meeting will start with the host announcing the commencement and introducing the participants [3] - Voting will be conducted through a named ballot system, with results compiled and reported by legal and monitoring personnel [2][3] Proposed Resolutions - Resolution 1: Amendment to the articles of association to abolish the supervisory board, transferring its powers to the audit committee of the board [4][5] - Resolution 2: Amendment to the rules governing shareholder meetings [4] - Resolution 3: Amendment to the rules governing board meetings [4] Voting and Decision-Making - Shareholders must submit any new proposals in writing at least 10 days before the meeting [1] - Each shareholder's speaking time is limited to five minutes, and they may speak no more than twice [1][2] - The results of the voting will be announced after both on-site and online votes are counted [3]

证券代码：600392 证券简称：盛和资源 公告编号：临 2025-031 盛和资源控股股份有限公司 关于 2024 年年度报告的更正公告 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。 盛和资源控股股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在上海证 券交易所网站（http://www.sse.com.cn）披露了公司《2024 年年度报告》。经公司事 后检查，现需要对《2024 年年度报告》的部分内容进行更正。本次更正不涉及对公司 财务报表的调整，不会对公司 2024 年年度的经营业绩造成影响。 一、对 2024 年年度报告的更正情况 （一）对 2024 年年度报告中"第十节 财务报告：七、32 短期借款（1）短期借 款分类"中质押借款和信用借款期末余额数据，进行更正： 更正前： 单位：元币种：人民币 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 质押借款 | 318,928,942.81 | 1,860,067,229.06 | | 抵押借款 | | 3 ...

盛和资源控股股份有限公司 2025 年第二次临时股东大会 会议资料 2、为保证股东大会的严肃性和正常秩序，切实维护与会股东（股东代理人）的合法 权益，除出席会议的股东（股东代理人）、公司董事、监事、董事会秘书、高级管理人员、 公司聘任律师、会计师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 600392 盛和资源控股股份有限公司 2025 年第二次临时股东大会会议资料 参 会 须 知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，根据《公司法》、 《证券法》、《公司章程》和中国证券监督管理委员会《上市公司股东大会规则》的有关 规定，特制定如下参会须知，望出席股东大会的全体人员严格遵守： 1、为能及时统计出席会议的股东（股东代理人）所代表的持股总数，务请登记出席 股东大会的各位股东准时出席会议。 4、股东大会召开期间，股东可以发言。股东要求发言时可先举手示意，经大会主持 人许可后，方可发言或提出问题。股东要求发言时不得打断会议报告人的报告或其他股 东的发言，也不得提出与本次股东大会议案无关的问题。每位股东发言时间不宜超过五 分钟，同一股东发言不得超过两次。大会表决时，将不进行发言。 5 ...

Financial Performance - The company's operating revenue for 2024 was CNY 11,371,025,717.40, a decrease of 36.39% compared to CNY 17,877,446,725.09 in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 207,196,451.93, down 37.73% from CNY 332,737,733.12 in 2023[22]. - The net cash flow from operating activities decreased by 81.47% to CNY 72,423,318.92 in 2024 from CNY 390,856,768.17 in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 198,260,907.70, a decrease of 26.49% from CNY 269,717,576.02 in 2023[22]. - The company's basic earnings per share for 2024 is CNY 0.1182, a decrease of 37.72% compared to CNY 0.1898 in 2023, primarily due to declining prices of rare earth and zirconium-titanium products, leading to reduced revenue and total profit[23]. - The weighted average return on equity for 2024 is 2.28%, down from 3.56% in 2023, indicating a decline in profitability[23]. - The company reported a significant drop in cash flow from operating activities, with a net cash flow of CNY 72,423,318.92, down 81.47% from the previous year[45][47]. - The company reported a net profit attributable to shareholders was CNY 20,719.65 million, down 37.73% year-on-year, primarily due to a significant decline in the market prices of key rare earth products[44][45]. Assets and Liabilities - The total assets at the end of 2024 were CNY 15,502,252,333.27, an increase of 1.15% from CNY 15,325,764,939.65 at the end of 2023[22]. - The total liabilities increased by 5.21% to CNY 5,853,453,527.67 at the end of 2024 from CNY 5,563,366,034.19 at the end of 2023[22]. - The company's net assets attributable to shareholders at the end of 2024 were CNY 8,733,639,307.82, a decrease of 3.16% from CNY 9,018,779,388.72 at the end of 2023[22]. - The company's total equity remained stable with a share capital of CNY 1,752,826,570.00, unchanged from the previous year[22]. Dividends - The proposed cash dividend for 2024 is CNY 1.00 per 10 shares, totaling CNY 175,282,657.00, which represents 101.52% of the net profit attributable to shareholders[6]. - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares, totaling RMB 87,641,328.50 for the 2023 fiscal year[128]. - For the 2024 mid-year dividend, the company will distribute RMB 0.20 per 10 shares, amounting to RMB 35,056,531.40[129]. - Over the last three fiscal years, the cumulative cash dividend paid was RMB 473,263,173.90, with an average cash dividend payout ratio of 66.55%[134]. Research and Development - Research and development expenses surged by 468% to CNY 6,202,903.10, reflecting increased investment in innovation[45][47]. - The total R&D expenditure amounted to 396,025,454.08 CNY, representing 3.48% of total revenue[56]. - The company has accumulated over 410 patents by the end of 2024, with 54 new patents added during the year, including 30 invention patents, supporting high-quality development[33]. - The company is investing 200 million yuan in R&D for new technologies aimed at enhancing product efficiency and sustainability[105]. Market and Operations - The company acquired 65% equity in Jiacheng Mining (Shanghai) Co., Ltd. and 100% equity in African Resources Company, with a combined heavy mineral resource of over 27 million tons, enhancing its zirconium-titanium resource base[31]. - The first production line of the Tanzania Fungoni project is expected to be operational by the end of 2024, with an annual processing capacity of 100,000 tons of heavy minerals by September 2025[31]. - The company continues to expand its international cooperation and project collaborations, enhancing its market presence and operational capabilities[31]. - The company has established long-term supply agreements with various partners, enhancing its raw material security for rare earth processing[42]. - The company is focusing on developing overseas rare earth and zirconium-titanium resource projects to enhance its market competitiveness[87]. Environmental Responsibility - The company has invested approximately 41.23 million yuan in environmental protection during the reporting period[141]. - The company is committed to pollution prevention and has implemented necessary environmental protection facilities to comply with regulations[89]. - The company has reported a total carbon dioxide equivalent reduction of 4,290 tons through various carbon reduction measures, including the use of photovoltaic power generation expected to produce approximately 4.3068 million kWh in 2024[188]. - The company has been recognized as a "Provincial Green Factory" and a "National A-Level Environmental Protection Enterprise" in 2024[178]. - The company has implemented a third-party maintenance program for its wastewater and waste gas treatment facilities, ensuring they remain in good operational condition[185]. Governance and Compliance - The company emphasizes the importance of risk management and internal controls to enhance profitability and return to investors[91]. - The company is committed to improving governance and compliance with regulatory requirements[96]. - The company has established a governance structure in compliance with relevant laws and regulations[96]. - The company has made commitments to ensure independence in operations, finance, and assets following its major asset restructuring in 2012[97]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[198]. Employee and Management - The total number of employees in the company and its main subsidiaries is 2,514, with 1,724 in production, 84 in sales, 378 in technology, 68 in finance, and 260 in administration[125]. - The company has established a competitive salary management system that links compensation to performance, aiming to attract and retain talent[126]. - The total compensation for board members during the reporting period amounted to 1,151.85 million yuan[103]. - The company has appointed several new executives, including a new financial director and deputy general managers, to enhance operational efficiency[103]. Strategic Initiatives - The company plans to achieve an annual revenue of 15 billion yuan in 2025, with the goal being subject to market demand fluctuations[87]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[106]. - The company plans to enter the European market in 2025, targeting a revenue contribution of 200 million yuan from this region[105]. - The company is focusing on the development of new products and technologies to stay competitive in the market[103].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a 1.26% increase in the week from May 19 to May 23, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected in the short term [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, while SHFE zinc fell by 1.27% to 22,215 yuan per ton. Zinc inventories decreased week-on-week [39]. - **Tin**: LME tin price decreased by 0.46% to $32,665 per ton, with mixed inventory changes observed [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a cooling Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [4][51].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is advancing its global resource layout by acquiring Peak Rare Earths Limited, which holds a significant stake in the Ngualla rare earth mine project in Tanzania, one of the largest and highest-grade rare earth deposits globally [1][2][4]. - The Ngualla project is expected to commence production in Q3 2027, following a final investment decision anticipated in Q1 2025 [2][15]. - The company is well-positioned to benefit from rising rare earth prices and increasing production capacity, with projected net profits of 607 million, 655 million, and 763 million yuan for 2025, 2026, and 2027, respectively [4][5]. Summary by Sections 1. Event: Acquisition of Peak Rare Earths Limited - The company announced its intention to acquire 100% of Peak Rare Earths Limited to expedite the development of the Ngualla rare earth mine project [1][9]. 2. Ngualla Rare Earth Mine Overview - The Ngualla mine, located in Tanzania, has a resource estimate of 214.4 million tons with an average grade of 2.15%, translating to approximately 461,000 tons of rare earth oxides (REO) [2][10]. - The mine's reserves are estimated at 18.5 million tons with an average grade of 4.8%, equating to about 88,700 tons of REO [2][12]. 3. Mine Efficiency Analysis - Post-acquisition, the company will hold 100% of Peak and 84% of the Ngualla project, with a total capital expenditure estimated at $287 million [3][23]. - The mine is projected to have an operational lifespan of 24 years, with an average annual production of 16,200 tons of REO and total operating costs of $76.7 million per year [3][27]. 4. Global Resource Layout - The company has diversified its resource portfolio, including other mining projects in Tanzania and partnerships with various international mining companies [30][32]. 5. Profit Forecast and Investment Recommendations - The company expects revenues of 12.9 billion, 14.8 billion, and 16.1 billion yuan for 2025, 2026, and 2027, respectively, with a corresponding increase in net profits [4][5][44]. - The report highlights a robust financial outlook, with a projected PE ratio of 35, 33, and 28 for the years 2025 to 2027 [4][49].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is advancing its global resource layout by acquiring Peak Rare Earths Limited, which holds a significant stake in the Ngualla rare earth mine project in Tanzania, one of the largest and highest-grade rare earth deposits globally [1][2][4]. - The Ngualla project is expected to commence production in Q3 2027, following a final investment decision anticipated in Q1 2025 [2][15]. - The company is well-positioned to benefit from rising rare earth prices and increasing production capacity, with projected net profits of 607 million, 655 million, and 763 million yuan for 2025, 2026, and 2027, respectively [4][5]. Summary by Sections 1. Event: Acquisition of Peak Rare Earths Limited - The company announced its intention to acquire 100% of Peak Rare Earths Limited to expedite the development of the Ngualla rare earth mine project [1][9]. 2. Ngualla Rare Earth Mine Overview - The Ngualla mine, located in Tanzania, has a resource estimate of 214.4 million tons with an average grade of 2.15%, translating to approximately 461,000 tons of rare earth oxides (REO) [2][10]. - The mine's total reserves are estimated at 18.5 million tons with an average grade of 4.8%, equating to about 88,700 tons of REO [2][12]. 3. Mine Efficiency Analysis - Post-acquisition, the company will hold 100% of Peak and 84% of the Ngualla project, with a total capital expenditure estimated at $287 million [3][23]. - The mine is projected to have an operational lifespan of 24 years, with an average annual production of 16,200 tons of REO and total operating costs of $76.7 million per year [3][27]. 4. Global Resource Layout - The company has diversified its resource portfolio, including acquisitions in Tanzania and stakes in various mining companies globally, enhancing its rare earth business [30][32]. 5. Profit Forecast and Investment Recommendations - The company is expected to see revenue growth from its rare earth and zircon-titanium businesses, with projected revenues of 12.9 billion, 14.8 billion, and 16.1 billion yuan for 2025, 2026, and 2027, respectively [5][44]. - The report highlights a stable cost structure and anticipates a recovery in rare earth prices, supporting the company's profitability outlook [4][44].

A股小金属板块多股走低，宜安科技跌近7%，天宫股份跌超2%，厦门钨业、盛和资源等跟跌。 ...

Core Viewpoint - The rare earth industry is experiencing a significant recovery, leading to improved performance for rare earth listed companies, including Shenghe Resources, which plans to acquire 100% of Peak Rare Earths Limited for over 700 million RMB [1][2]. Company Summary - Shenghe Resources' subsidiary, Ganzhou Chenguang Rare Earth New Materials Co., Ltd., intends to acquire Peak Rare Earths Limited for 1.58 billion AUD, approximately 742.6 million RMB [2]. - Peak Rare Earths Limited has not generated revenue in 2023 and 2024, with total losses exceeding 100 million RMB over the two years [2]. - The acquisition aims to expedite the development of the Ngualla rare earth project in Tanzania, which has a reserve of 18.5 million tons and an average grade of 4.8% [4]. Financial Performance - Shenghe Resources reported a significant recovery in Q1 2023, with revenue of 2.992 billion RMB, a year-on-year increase of 3.66%, and a net profit of 168 million RMB, up 178.09% [5]. - Despite the recovery, the company's revenue and profit are expected to decline in 2024, with projected revenue of 11.371 billion RMB, down 36.39%, and a net profit of 207 million RMB, down 37.73% [5]. Industry Outlook - Analysts suggest that the rare earth industry, particularly medium and heavy rare earths, is entering a bull market cycle, with expectations of explosive growth in the performance of rare earth listed companies over the next two to five years [6]. - The price of rare earth products has shown an upward trend, with the price of praseodymium and neodymium oxide increasing by 11.3% from January to March 2025 [5]. Stock Performance - Following the acquisition announcement, Shenghe Resources' stock price surged, reaching a high of 13.12 RMB per share, with a monthly increase of 24.01% [7]. - The company previously experienced significant stock price fluctuations, with net profits of 1.076 billion RMB and 1.593 billion RMB in 2021 and 2022, respectively, reflecting substantial growth [7][8].