9月16日，贵研铂业盘中下跌2.01%，截至09:47，报17.03元/股，成交1.09亿元，换手率0.84%，总市值 129.40亿元。 资金流向方面，主力资金净流出507.20万元，特大单买入562.66万元，占比5.18%，卖出570.81万元，占 比5.25%；大单买入1972.27万元，占比18.15%，卖出2471.33万元，占比22.75%。 贵研铂业今年以来股价涨26.24%，近5个交易日跌1.96%，近20日涨8.33%，近60日涨16.72%。 资料显示，云南省贵金属新材料控股集团股份有限公司位于云南省昆明市高新技术产业开发区科技路 988号，成立日期2000年9月25日，上市日期2003年5月16日，公司主营业务涉及贵金属及贵金属材料的 研究、开发和生产经营。主营业务收入构成为：贵金属再生资源产品36.21%，贵金属供给服务产品 35.17%，贵金属特种功能材料16.05%，贵金属前驱体材料8.65%，机动车催化净化器3.01%，贵金属信 息功能材料0.59%，贵金属工业催化剂材料0.21%，其他0.10%。 贵研铂业所属申万行业为：有色金属-小金属-其他小金属。所属概念板块包括：稀缺资 ...

Core Viewpoint - Guoyan Platinum Industry's stock price has shown significant growth this year, with a 30.76% increase, indicating strong market performance and investor interest [1][2]. Company Overview - Guoyan Platinum Industry, established on September 25, 2000, and listed on May 16, 2003, is located in Kunming, Yunnan Province. The company specializes in the research, development, and production of precious metals and materials [1]. - The company's revenue composition includes: 36.21% from precious metal recycling products, 35.17% from precious metal supply services, 16.05% from special functional materials, 8.65% from precursor materials, 3.01% from automotive catalytic purifiers, 0.59% from information functional materials, 0.21% from industrial catalysts, and 0.10% from other sources [1]. Financial Performance - For the first half of 2025, Guoyan Platinum Industry reported a revenue of 29.554 billion yuan, representing a year-on-year growth of 20.91%. The net profit attributable to shareholders was 325 million yuan, reflecting a 2.30% increase compared to the previous year [2]. - The company has distributed a total of 1.072 billion yuan in dividends since its A-share listing, with 453 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 53,100, up by 6.26%. The average number of circulating shares per shareholder decreased by 5.89% to 14,205 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.7584 million shares, a decrease of 1.903 million shares from the previous period. Meanwhile, Southern CSI 1000 ETF increased its holdings by 1.4948 million shares to 4.9141 million shares [3].

Core Viewpoint - The precious metals sector is experiencing a significant rally, with silver leading the gains, indicating strong market interest and potential investment opportunities in this segment [1] Group 1: Market Performance - Silver is the leading performer in the precious metals sector, showing substantial price increases [1] - Companies such as Shengda Resources and Hunan Silver have reached their daily price limits, indicating strong investor demand [1] - Xinyi Silver and Tin has surged over 8%, reaching a new historical high, reflecting robust market momentum [1] Group 2: Company Movements - Other companies such as Yuguang Gold Lead, Zhuhai Group, Silver Industry, and Precious Metals Research Institute are also experiencing price increases, suggesting a broad-based rally across the sector [1]

Core Viewpoint - The small metal industry has shown varied financial performance among 23 representative listed companies, with notable differences in sales gross margin and net profit margin for the first half of 2025 [1] Financial Performance Summary - The majority of listed companies in the small metal industry reported sales gross margins below 20% for the first half of 2025, with Anning Co. leading at a gross margin of 60.13% [1] - Most companies exhibited net profit margins under 7%, with Guoyan Platinum, Baowu Magnesium, and Xianglu Tungsten showing particularly low net profit margins of 1.18%, 1.56%, and 1.97% respectively [1] - An anomaly was observed in Huayang New Materials, which had a sales gross margin of only 0.54% but a remarkably high net profit margin of 54% for the first half of 2025 [1] - Overall, the small metal industry achieved profitability in the first half of 2025, but Guoyan Platinum's net profit margin of 1.18% was the lowest among the companies analyzed [1]

Group 1 - The core viewpoint of the article highlights the inventory status analysis of 23 representative industrial metal companies based on their 2025 semi-annual financial reports [1] - Among the selected companies, Guiyan Platinum's inventory accounts for a significant portion of total assets, approximately 37.34% [1] - Huaxi Nonferrous's inventory scale showed the largest year-on-year increase, reaching 795 million yuan, which is a 51% growth [1] Group 2 - In 2024, the proportion of inventory to total assets increased for most listed companies, with several companies like Guiyan Platinum, Xianglu Tungsten, and Northern Rare Earth exceeding 30% [1] - The inventory turnover efficiency of most companies was below 180 days, while three companies, including Baotai Co., had turnover days exceeding 300 days, indicating lower efficiency [1]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Core Insights - The report analyzes the inventory status of 23 representative industrial metal companies based on their half-year financial disclosures for 2025, highlighting significant changes in inventory scale and turnover efficiency [1][2]. Inventory Scale Analysis - In the first half of 2025, most industrial metal companies experienced an increase in inventory scale, with Huaxi Nonferrous's inventory growing the most, reaching 795 million yuan, a year-on-year increase of 51% [1]. - In 2024, several companies had high inventory scales, with Guiyan Platinum's inventory at 7.391 billion yuan, up 44.24% year-on-year, and accounting for 37.34% of total assets [2][3]. - Other notable companies include: - Xianglu Tungsten's inventory at 781 million yuan, up 10.97%, with a 36.36% asset ratio [2][3]. - China Rare Earth's inventory at 2.025 billion yuan, up 28.61%, with a 36.14% asset ratio [2][3]. - Northern Rare Earth's inventory at 15.958 billion yuan, up 16.74%, with a 33.73% asset ratio [2][3]. - Guangsheng Nonferrous's inventory at 2.406 billion yuan, up 7.01%, with a 30.76% asset ratio [2][3]. Inventory Turnover Efficiency - Most companies reported inventory turnover days below 180 days, indicating efficient inventory management [3]. - However, three companies exhibited low turnover efficiency, with turnover days exceeding 300 days: - Baotai Co., with 312.34 days [3]. - Yunnan Geology, with 327.51 days [3]. - Jintian Titanium, with 330.15 days [3].

Core Insights - The small metals industry has shown varied performance in terms of profitability, with many companies reporting low gross and net profit margins in the first half of 2025 [1][3]. Group 1: Gross Profit Margin Analysis - Most small metal companies have a gross profit margin below 20%, with Anning Co. leading at 60.13%, while Guiyan Platinum and Huayang New Materials reported significantly lower margins of 2.19% and 0.54% respectively [1]. - Huayang New Materials presents an anomaly where its gross profit margin is only 0.54%, yet its net profit margin is remarkably high at 54.62%, indicating unusual financial dynamics [5][6]. Group 2: Net Profit Margin Analysis - The majority of small metal companies have a net profit margin below 7%, with Guiyan Platinum, Baowu Magnesium, and Xianglu Tungsten reporting particularly low margins of 1.18%, 1.56%, and 1.97% respectively [3][6]. - Despite the overall profitability in the small metals sector, Guiyan Platinum's net profit margin is the lowest at 1.18%, highlighting the challenges faced by companies in this industry [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：木 截至2025年8月31日，小金属上市公司已完成2025年上半年财报的披露，对此我们挑选了23家具有代表 性的上市公司进行业绩比对分析。在各项财务指标中，销售毛利率、销售净利率作为两项较为核心的盈 利能力考核指标，倍受市场投资者关注。 从销售毛利率的角度看，小金属行业多数上市公司的销售毛利率低于20%，2025年上半年，安宁股份销 售毛利率位列榜首，公司销售毛利率为60.13%。相比较之下，贵研铂业、华阳新材销售毛利率不足 3%，分别为2.19%、0.54%。 出品：新浪财经上市公司研究院 从销售净利率角度看，多数上市公司的销售净利率不足7%，贵研铂业、宝武镁业、翔鹭钨业三家上市 公司的销售净利率不足2%，分别为1.18%、1.56%、1.97%。 上市公司的销售毛利率往往高于销售净利率，然而，在我们统计的小金属上市公司中，我们发现了一个 异常。对于华阳新材而言，2025年上半年公司销售毛利率仅0.54%，销售净利率却高达54.62%，销售净 利率远超销售毛利率显现异常。这主要是因为，公司主营业务表现依旧承压，公司净利润回暖主要 ...

Core Viewpoint - The analysis focuses on the inventory status of 23 representative industrial metal companies as of the first half of 2025, highlighting significant changes in inventory scale and turnover efficiency. Inventory Scale Analysis - In the first half of 2025, most industrial metal companies experienced an increase in inventory scale, with Huaxi Nonferrous's inventory growing the most, reaching 795 million yuan, a year-on-year increase of 51% [1] - The inventory scale of Guiyan Platinum Industry was 7.391 billion yuan, up 44.24% year-on-year, with inventory accounting for 37.34% of total assets [2][3] - Other companies with notable inventory scales include: - Xianglu Tungsten Industry: 781 million yuan, up 10.97%, 36.36% of total assets [2][3] - China Rare Earth: 2.025 billion yuan, up 28.61%, 36.14% of total assets [2][3] - Northern Rare Earth: 15.958 billion yuan, up 16.74%, 33.73% of total assets [2][3] - Guangsheng Nonferrous: 2.406 billion yuan, up 7.01%, 30.76% of total assets [2][3] Inventory Turnover Efficiency - Most companies reported inventory turnover days below 180 days, indicating efficient inventory management [3] - Companies with low inventory turnover efficiency and turnover days exceeding 300 days include: - Baotai Co., Ltd.: 312.34 days [3] - Yunnan Geology: 327.51 days [3] - Jintian Titanium Industry: 330.15 days [3]