股票代码：600459 股票简称：贵研铂业 编号：临2025-038 云南省贵金属新材料控股集团股份有限公司 关于股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： ? 回购注销原因：根据《公司限制性股票激励计划（草案）》相关规定以及公司2021 年第四次临时股东大会的授权，鉴于限制性股票授予的激励对象中14名因正常调动、退休 或离职，不再具备激励对象资格。公司对上述14名原激励对象持有的已获授但尚未解除限 售的限制性股票进行回购注销。 ? 本次注销股份的有关情况： 回购股份数量（股） 注销股份数量（股） 注销日期 一、本次限制性股票回购注销的决策与信息披露 三、回购注销限制性股票后公司股份结构变动情况 会议审议通过《关于回购注销 2021 年限制性股票激励计划部分限制性股票的预案》，同 意对退休、离职的 14 名激励对象已获授但尚未解除限售的共计 487,920 股限制性股票进 行回购注销，监事会对上述事项进行了审核并发表了核查意见。 限制性股票激励计划部分限制性股票的议 ...

股票代码：600459 股票简称：贵研铂业 编号：临2025-038 云南省贵金属新材料控股集团股份有限公司 关于股权激励限制性股票回购注销实施公告 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 4 月 23 日，公司召开第八届董事会第十二次会议、第八届监事会第十一次 会议审议通过《关于回购注销 2021 年限制性股票激励计划部分限制性股票的预案》，同 意对退休、离职的 14 名激励对象已获授但尚未解除限售的共计 487,920 股限制性股票进 行回购注销，监事会对上述事项进行了审核并发表了核查意见。 2、2025 年 5 月 15 日，公司 2024 年年度股东大会审议通过了《关于回购注销 2021 年 限制性股票激励计划部分限制性股票的议案》。 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。 重要内容提示： 回购注销原因：根据《公司限制性股票激励计划（草案）》相关规定以及公司2021 年第四次临时股东大会的授权，鉴于限制性股票授予的激励对象中14名因正常调动、退休 或离职，不再具备激励对象资格。公司对 ...

北京德恒（昆明）律师事务所 关于云南省贵金属新材料控股集团股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 关于云南省贵金属新材料控股集团股份有限公司 2021 年 北京德恒（昆明）律师事务所 限制性股票激励计划回购注销部分限制性股票的法律意见 释 义 本法律意见中，除非文义另有所指，下列词语具有下述含义： | 贵研铂业、公司 | 指 | 云南省贵金属新材料控股集团股份有限公司，贵研铂 | | --- | --- | --- | | | | 业股份有限公司为曾用名 | | 本次激励计划 | 指 | 云南省贵金属新材料控股集团股份有限公司 2021 年 | | | | 限制性股票激励计划 | | 《激励计划（草 | 指 | 《贵研铂业股份有限公司 年限制性股票激励计 2021 | | 案）》 | | 划（草案）》 | | 本次回购注销 | 指 | ...

Summary of Key Points - On August 5, the financing buy-in amount for Guiyan Platinum Industry was 0.24 billion, ranking 704th in the two markets [1] - The financing repayment amount on the same day was 0.23 billion, resulting in a net buy-in of 1.4096 million [1] - Over the last three trading days (August 1-5), the financing buy-in amounts for Guiyan Platinum Industry were 0.11 billion, 0.27 billion, and 0.24 billion respectively [1] - In terms of securities lending, on the same day, 0.03 thousand shares were sold short, while 0.35 thousand shares were net bought [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

Core Viewpoint - The report from Dongfang Securities highlights Guiyan Platinum's ongoing investment focus on core business and innovation-driven improvements in operational quality [1] Investment and Projects - The company is continuously investing in new material manufacturing projects, including the establishment of a precious metal green material industrial park, a Shanghai rare precious metal innovation platform, and a Shanghai Sheshan precious metal new material industrial base [1] - In June, the announcement of an industrial catalyst project, which is one of the highest gross margin segments in the new material manufacturing sector, will help the company further concentrate on high-margin precious metal manufacturing [1] Capacity and Market Outlook - As the announced industrial projects are completed, the company's industrial catalyst production capacity is expected to significantly increase, which is anticipated to better meet the growth in domestic demand resulting from the global chemical industry transfer [1] - This is expected to lead to sales growth of high-margin products in the medium to long term [1] Valuation and Rating - Based on comparable companies' 2025 PE valuation levels, the company is given a 21X valuation, corresponding to a target price of 18.48 yuan, maintaining a "buy" rating [1]

Group 1 - As of July 31, 2025, the stock price of Guoyan Platinum Industry closed at 15.11 yuan, down 0.71 yuan or 4.49% from the previous trading day, with a trading volume of 217,107 hands and a transaction amount of 331 million yuan [1] - Guoyan Platinum Industry primarily engages in precious metal trading and product business, established in 2000 and listed on the Shanghai Stock Exchange in 2003, with operations in small metals and new materials [1] - On the evening of July 30, Guoyan Platinum Industry announced that its wholly-owned subsidiary, Guoyan Electronic Materials (Yunnan) Co., Ltd., has attracted Shanghai Yishang Electronic Technology Co., Ltd. as an intended investor for its capital increase project, with an investment of approximately 125 million yuan for a 49% stake post-increase [1] Group 2 - On July 31, Guoyan Platinum Industry experienced a net outflow of main funds amounting to 37.6553 million yuan, accounting for 0.33% of its circulating market value [2]

Core Viewpoint - The Guangzhou Futures Exchange (GFE) is seeking public opinion on the upcoming launch of platinum and palladium futures and options contracts, addressing the urgent hedging needs of industry players due to significant price volatility in recent years [1][2][6]. Group 1: Futures and Options Launch - GFE has announced the public consultation for platinum and palladium futures and options contracts, with a deadline for feedback set for August 7, 2025 [5]. - Platinum and palladium futures will have no alternative delivery products and will implement a brand delivery system, requiring delivery products to be registered brands published by the exchange [4][11]. - The trading codes for platinum and palladium futures are "PT" and "PD," respectively, with a contract size of 1000 grams per lot and a minimum price fluctuation of 0.05 yuan per gram [13]. Group 2: Market Context and Demand - Platinum and palladium are crucial raw materials in the new energy sector, particularly in fiberglass and hydrogen energy applications, and are considered scarce resources globally [6]. - The demand for hedging in the industry has become urgent due to significant fluctuations in the spot prices of platinum and palladium in recent years [6]. - GFE has previously launched futures for industrial silicon, polysilicon, and lithium carbonate, indicating a focus on supporting green and low-carbon development [7][10]. Group 3: Delivery and Trading Rules - The delivery method for platinum and palladium futures will follow established practices in the futures market, including physical delivery and various delivery options [13]. - The quality standards for delivery will be based on national and international standards, with specific indicators for purity and impurity levels [13]. - The holding limits for positions will vary based on the trading volume, with specific limits set for both platinum and palladium contracts [14].

贵研铂业（600459）(SH600459，股价15.11元，市值114.88亿元)为全资子公司引入战投有了新进展。 7月30日晚间，贵研铂业发公告称，公司全资子公司贵研电子材料(云南)有限公司(以下简称贵研电子)增 资扩股项目在挂牌期间征集到上海怡上电子科技有限公司(以下简称怡上电子)这唯一一家意向投资方。 《每日经济新闻》记者注意到，怡上电子成立于2019年12月，自成立以来，一共投资过两家企业，且其 中一家已经注销。此外，记者尝试拨打怡上电子2024年年报登记的座机号，发现该座机号已"暂停服 务"。对此，贵研铂业董秘办相关人士表示，对于投资方都做过尽调，"引进战投会带来相应的一些业务 资源，包括技术、现金出资等"。 标的公司设立不足3年 公开资料显示，贵研铂业成立于2000年，位于云南省昆明市，主营贵金属贸易和产品，于2003年在上交 所上市。 《每日经济新闻》记者注意到，贵研电子是贵研铂业于2022年年底投资1.1亿元设立的全资子公司。 彼时，贵研铂业在公告中表示，设立贵研电子的目的是"培育电子元器件行业具有竞争力的表面金属化 材料供应企业，进一步提升贵金属浆料核心竞争力、影响力和话语权"。 贵研铂业 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.48 CNY, based on a 21X valuation of the estimated EPS for 2025-2027 [3][5]. Core Insights - The company is focusing on continuous investment in core businesses and innovation to enhance operational quality. The precious metals business includes manufacturing, recycling, and trading, with a significant portion of revenue coming from recycling and trading, which has lower profitability [8]. - The new materials manufacturing segment is expected to contribute significantly to profitability, with a projected 30% of revenue contributing to 56% of gross profit in 2024. The company is investing in high-margin projects, including a catalyst production line, to further enhance profitability [8]. - The global shift in the chemical industry is anticipated to benefit the company's catalyst business, as production capacity is expected to increase significantly, allowing the company to capture growing domestic demand for high-margin products [8]. Financial Summary - Revenue is projected to grow from 45,086 million CNY in 2023 to 65,789 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [4]. - Net profit attributable to the parent company is expected to increase from 468 million CNY in 2023 to 825 million CNY in 2027, reflecting a CAGR of about 8.2% [4]. - The EPS is forecasted to rise from 0.62 CNY in 2023 to 1.08 CNY in 2027, indicating a steady growth trajectory [4].