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].

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]

东方证券研报指出，贵研铂业持续投资聚焦核心业务，创新驱动提升经营质量。随着管理层更新，公司 持续投资建设新材料制造项目，此前已陆续公告建设贵金属绿色新材料产业园、上海稀贵金属创新平 台、上海佘山贵金属新材料产业基地，6月公告建设的工业催化剂项目，是公司新材料制造板块毛利率 最高的细分领域之一，有助于公司进一步聚焦高毛利的贵金属制造业务。随着公告的产业项目投资建设 完成，公司工业催化剂产能将显著提升，中长期来看有望更好地承接全球化工产业转移下国内需求的增 长，实现高毛利产品的销售增长。根据可比公司2025年PE估值水平，给予公司21X估值，对应目标价 18.48元，维持"买入"评级。 ...