云南省贵金属新材料控股集团股份有限公司 关于子公司完成工商变更登记的公告 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个别及连带责任。 公司第八届董事会第十一次会议审议通过了《关于贵研电子材料（云南）有限公司 增资扩股并引入战略投资者的议案》，同意公司全资子公司贵研电子材料（云南）有限 公司（简称"贵研电子公司"）在云南省产权交易所公开挂牌进行增资扩股引入战略投 资者。截至挂牌公告期满，贵研电子公司征集到一名意向投资方--上海怡上电子科技有 限公司（简称"怡上电子"）。公司按照产权交易有关规定和程序，与怡上电子签署了 《贵研电子材料（云南）有限公司增资协议》。本次挂牌的成交价格为 12,472.60 万元， 交易完成后，公司持有贵研电子公司的股权由 100%降至 51%。具体内容详见公司分别于 2025 年 3 月 11 日、7 月 31 日在《中国证券报》《上海证券报》及上海证券交易所网站 （www.sse.com.cn）上披露的相关公告。 近日，贵研电子公司已按协议约定完成了工商变更登记及《公司章程》备案手续， 取得由昆明市市场监 ...

Group 1 - The core viewpoint is that gold-related stocks are experiencing increased activity, with silver and non-ferrous metals showing a consecutive rise [1] - Silver stocks, including Hunan Silver, China Ruilin, Western Gold, Shengda Resources, and Guiyan Platinum, are all seeing gains [1]

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

Core Insights - The company reported a total revenue of 29.554 billion yuan for the first half of 2025, representing a year-on-year increase of 20.91% [1] - The net profit attributable to shareholders was 325 million yuan, showing a slight increase of 2.3% compared to the previous year [1] - The company's accounts receivable were notably high, with accounts receivable amounting to 362.76% of the net profit [1] Financial Performance - Total revenue for Q2 2025 reached 16.427 billion yuan, up 17.34% year-on-year [1] - Q2 net profit attributable to shareholders was 121 million yuan, a decrease of 1.27% year-on-year [1] - Gross margin decreased to 2.19%, down 26.19% year-on-year, while net margin fell to 1.18%, down 15.7% [1] - Total operating expenses (selling, administrative, and financial) amounted to 257 million yuan, accounting for 0.87% of revenue, a decrease of 7.21% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) increased to 0.43 yuan, a rise of 2.38% year-on-year [1] - The company's cash flow per share improved significantly to 1.44 yuan, up 197.59% year-on-year [1] - The company's net asset value per share was reported at 9.76 yuan, an increase of 8.22% year-on-year [1] Debt and Cash Flow Analysis - The company’s cash assets are considered healthy, with cash and cash equivalents amounting to 4.862 billion yuan, a significant increase of 137.08% year-on-year [1] - Interest-bearing liabilities rose to 4.976 billion yuan, reflecting a 16.72% increase [1] - The debt-to-asset ratio for interest-bearing liabilities reached 25.16% [3] Investment Sentiment - Analysts expect the company's performance for 2025 to reach 670 million yuan, with an average EPS forecast of 0.88 yuan [3] - Several funds have recently increased their holdings in the company, indicating positive sentiment among institutional investors [4]

Core Insights - The company reported a revenue of 29.554 billion yuan for the first half of 2025, representing a year-on-year growth of 20.91% [1] - The net profit attributable to shareholders of the listed company was 325 million yuan, showing a year-on-year increase of 2.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, with a year-on-year growth of 0.47% [1] - The basic earnings per share were 0.43 yuan [1]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the first half of 2025, representing a year-on-year growth of 15%[1] - The company's operating revenue for the first half of the year reached ¥29.55 billion, representing a 20.91% increase compared to ¥24.44 billion in the same period last year[23] - The net profit attributable to shareholders was ¥324.78 million, up 2.30% from ¥317.50 million year-on-year[23] - The total profit amounted to ¥404,904,790.23, reflecting a 4.06% increase from ¥389,112,229.76 year-on-year[35] - The net profit reached ¥347,566,691.90, up 1.93% from ¥340,992,918.26 in the previous year[35] - The company reported a net profit margin improvement, with net profit for the first half of 2025 expected to be higher than the previous year, although specific figures were not disclosed[133] - The total profit for the first half of 2025 was CNY 146,464,790.94, compared to CNY 163,820,768.84 in the first half of 2024, indicating a decrease of 10.6%[138] Market Expansion and Strategy - The company has set a future outlook with a revenue target of RMB 2.5 billion for the full year 2025, indicating a projected growth rate of 10%[1] - The company is expanding its market presence, with plans to enter two new international markets by Q4 2025, aiming for a 5% market share in each[1] - The company aims to expand its applications in five strategic areas: national defense, environmental protection, new energy chemicals, life health, and next-generation information technology[30] - The company is focusing on the precious metals industry and three main business segments, aiming to enhance the quality of industrial development in 2024[71] - The company is advancing its digital transformation with 21 digital system construction projects and has launched a safety and environmental health management system[38] Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on sustainable materials and processes[1] - The company has established a new research and development platform for precious metal materials, enhancing its innovation capabilities and database[36] - Research and development expenses increased to CNY 18,570,756.76 in the first half of 2025, up from CNY 14,718,183.92 in the same period of 2024, reflecting a growth of 26.5%[137] Financial Health and Ratios - The company has maintained a strong balance sheet, with a current ratio of 2.5, indicating good short-term financial health[1] - The company's cash and cash equivalents increased by 68.40% to ¥4.86 billion from ¥2.89 billion at the end of the previous year[49] - The total assets increased by 36.10% to ¥19.80 billion from ¥14.54 billion at the end of the previous year[23] - The company's total liabilities increased to CNY 11.29 billion from CNY 6.32 billion, reflecting a growth of approximately 78.5%[126] Shareholder Returns and Dividends - The board has approved a profit distribution plan, with a proposed dividend payout ratio of 30% of net profits for the first half of 2025[1] - The company has maintained a dividend payout ratio consistently above 30%[41] - The company achieved a cash dividend distribution of 145 million yuan in 2023, representing 30.87% of the net profit attributable to the parent company, and plans to distribute 2.4 yuan per 10 shares in 2024, accounting for 31.51% of the 2024 net profit[73] Risks and Challenges - The management highlighted potential risks, including fluctuations in raw material prices, which could impact profit margins by up to 3%[1] - The company faces market risks due to its reliance on downstream industries that are sensitive to macroeconomic conditions[68] - The company has a risk related to fluctuations in precious metal prices, which can impact its operational and financial stability[67] Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by the controlling shareholder or related parties during the reporting period[96] - There were no significant litigation or arbitration matters during the reporting period[99] - The company has strictly adhered to relevant laws and regulations regarding guarantees provided to subsidiaries, with no overdue debts incurred[101] Social Responsibility and Community Engagement - The company invested a total of 299,000 RMB in poverty alleviation and rural revitalization projects, benefiting 365 individuals across 81 households[85] - The company plans to invest a total of 1,560,000 RMB in poverty alleviation efforts throughout 2025, focusing on food security and preventing large-scale poverty[85] - The company distributed a total of 178,180 yuan in dividends to 295 poverty-stricken households as part of the profit-sharing program[90] Talent Development - The company added 9 young PhDs and 35 master's and dual-first-class undergraduates to its talent pool, enhancing its human resources[39] - The company is focusing on talent development and innovation to support high-quality growth in the precious metals industry[44] Acquisitions and Investments - A strategic acquisition of a smaller competitor is in progress, which is anticipated to enhance the company's production capacity by 25%[1] - The company completed the acquisition of Guoyan Chemical, aiming to improve management and operational efficiency[37] - The company acquired a 25% stake in Guoyan Gongcai Company for CNY 195.85 million, making it a wholly-owned subsidiary[58]

5、成立日期：2015 年 6 月 30 日 证券简称：贵研铂业 证券代码：600459 公告编号：临 2025-039 云南省贵金属新材料控股集团股份有限公司 关于子公司完成工商变更登记的公告 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个别及连带责任。 公司第八届董事会第十次会议审议通过了《关于公司收购兰州新联环保科技有限公 司持有的公司控股子公司贵研工业催化剂（云南）有限公司 25%股权的议案》，同意公 司收购兰州新联环保科技有限公司持有的公司控股子公司贵研工业催化剂（云南）有限 公司 25%股权。根据北京亚超资产评估有限公司出具的资产评估报告，本次股权交易对 应的交易价格为 1,958.51 万元。具体内容详见公司分别于 2024 年 12 月 20 日、2025 年 6 月 12 日在《中国证券报》《上海证券报》及上海证券交易所网站（www.sse.com.cn） 上披露的相关公告。 根据《股权转让协议》之约定，交易双方已经完成了本次股权交割相关事宜。贵研 工催公司已履行完毕工商登记相关手续，取得由易门县市场监督管理局换发的 ...

Group 1 - The core point of the article highlights the financing activities of Guiyan Platinum Industry, indicating a net sell-off in recent trading days [1] - On August 27, Guiyan Platinum Industry had a financing buy amount of 0.48 billion yuan, ranking 739th in the two markets, with a financing repayment amount of 0.53 billion yuan, resulting in a net sell of 4.7998 million yuan [1] - Over the last three trading days (August 25-27), Guiyan Platinum Industry recorded financing buys of 0.53 billion yuan, 0.41 billion yuan, and 0.48 billion yuan respectively [1] Group 2 - On August 27, the company had a short selling activity with 0.19 thousand shares sold short and a net sell of 0.15 thousand shares [1]

Core Points - Company announced the repurchase and cancellation of restricted stock options for 14 individuals who no longer qualify as incentive targets due to normal transfers, retirement, or resignation [2] - The total number of shares to be canceled is 487,920 shares, with the cancellation date set for August 21, 2025 [2] Summary by Category Company Actions - The company is executing a stock repurchase and cancellation as part of its restricted stock incentive plan [2] - The action affects 14 former incentive targets who are no longer eligible [2] Stock Details - A total of 487,920 shares will be repurchased and canceled [2] - The cancellation is scheduled for August 21, 2025 [2]

Core Viewpoint - The legal opinion from Beijing DeHeng Law Offices confirms the legality and compliance of Yunnan Provincial Precious Metals New Materials Holding Group Co., Ltd.'s repurchase and cancellation of part of the restricted stock under the 2021 incentive plan, ensuring all necessary procedures and approvals have been followed [2][9][12]. Summary by Sections Legal Basis and Procedures - The legal opinion is based on the review of relevant laws, regulations, and the company's compliance with the 2021 incentive plan [2][3]. - The company has completed necessary procedures, including the approval of the incentive plan draft and the authorization from the shareholders' meeting [3][4]. Repurchase Details - The company plans to repurchase and cancel a total of 487,920 shares of restricted stock from 14 incentive objects due to reasons such as retirement and resignation [10][12]. - The repurchase price for the shares is set at 10.77 yuan per share, adjusted from the original price of 11.51 yuan due to a previous stock distribution [11][12]. Impact on Incentive Plan - Following the repurchase, the number of incentive objects will decrease from 395 to 381, and the total number of unvested restricted stocks will adjust accordingly [12]. - The repurchase will not affect the control of the company or its compliance with listing conditions [12]. Conclusion - The legal opinion concludes that the repurchase and cancellation of restricted stocks are in accordance with the Company Law and relevant regulations, and all necessary approvals have been obtained [9][12].