怡球金属资源再生（中国）股份有限公司 第六届董事会第四次会议决议公告 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。 怡球金属资源再生（中国）股份有限公司（以下简称"公司"）第六届董事会 第四次会议于 2025 年 10 月 27 日以现场和通讯相结合的会议方式召开并进行表 决。会议通知已于 2025 年 10 月 16 日通过通讯的方式送达全体董事。本次董事 会会议应出席董事9人,实际出席董事9人。 公司高管人员列席本次会议,会议的召开符合《中华人民共和国公司法》和《公 司章程》的规定。本次会议由董事长黄崇胜先生主持，经与会董事认真审议通过了 如下决议： 股票代码：601388 股票简称：怡球资源 编号：2025-032 号 一、审议通过《关于公司 2025 年第三季度报告全文的议案》 审议结果：表决票9票，赞成票9票，反对票0票，弃权票0票。 该议案已经公司董事会审计委员会审议通过。 公告全文详见上海证券交易所网站（www.sse.com.cn）。 二、审议通过《关于修订公司部分管理制度的议案》 为进一步促进公司规范 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 2,013,872,398.17, an increase of 11.96% compared to the same period last year[3] - Total profit for the quarter was CNY 81,475,354.77, reflecting a significant increase of 918.86% year-on-year[3] - Net profit attributable to shareholders was CNY 68,117,646.17, up 679.57% compared to the previous year[3] - The basic earnings per share for the quarter was CNY 0.03, an increase of 757.50% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥5,594,783,397.62, an increase of 10.97% compared to ¥5,040,495,649.71 in the same period of 2024[16] - Operating profit for the first three quarters of 2025 was ¥126,623,656.79, compared to ¥98,106,393.88 in 2024, indicating a growth of 29.05%[16] - The net profit for the first three quarters of 2025 reached ¥97,515,400.08, an increase from ¥77,281,110.44 in the same period of 2024, representing a growth of approximately 26.2%[17] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.04, compared to ¥0.0351 in the same period of 2024, marking an increase of approximately 13.8%[17] Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,281,990,047.26, a 2.62% increase from the end of the previous year[4] - Current assets totaled ¥3,640,390,365.97 as of September 30, 2025, compared to ¥3,496,406,056.41 at the end of 2024, representing an increase of 4.12%[12] - Total assets amounted to ¥6,281,990,047.26 as of September 30, 2025, compared to ¥6,121,702,062.43 at the end of 2024, reflecting an increase of 2.62%[13] - Total liabilities decreased slightly to ¥1,703,151,133.18 as of September 30, 2025, from ¥1,739,532,542.53 at the end of 2024, a decline of 2.09%[13] - Shareholders' equity increased to ¥4,578,838,914.08 as of September 30, 2025, compared to ¥4,382,169,519.90 at the end of 2024, representing a growth of 4.48%[13] Cash Flow - The company reported a net cash flow from operating activities of CNY -985,999.37 year-to-date[3] - The net cash flow from operating activities for the first three quarters of 2025 was -¥985,999.37, a significant improvement from -¥495,963,611.06 in the same period of 2024[20] - The cash and cash equivalents at the end of the third quarter of 2025 stood at ¥630,931,494.26, compared to ¥590,986,261.39 at the end of the same period in 2024, reflecting an increase of approximately 6.8%[21] - The net cash flow from investing activities for the first three quarters of 2025 was ¥63,917,635.45, a recovery from -¥31,225,393.47 in 2024[21] - The company incurred a net cash outflow from financing activities of -¥107,273,530.97 in the first three quarters of 2025, contrasting with a net inflow of ¥422,251,301.87 in the same period of 2024[21] Expenses - The net profit after deducting non-recurring gains and losses was CNY 43,700,107.33, which represents a decrease of 6.53% year-on-year[3] - Total operating costs for the first three quarters of 2025 were ¥5,490,427,593.50, up from ¥4,944,093,966.82 in 2024, reflecting a year-over-year increase of 11.06%[16] - The total operating expenses for the first three quarters of 2025 were ¥5,571,269,866.54, slightly lower than ¥5,648,553,503.89 in 2024, indicating a decrease of about 1.4%[20] - Financial expenses for the first three quarters of 2025 were ¥39,201,034.16, a substantial increase from ¥1,739,282.56 in 2024, primarily due to higher interest expenses[16] Comprehensive Income - The company reported a total comprehensive income of ¥196,669,394.14 for the first three quarters of 2025, down from ¥242,383,268.53 in 2024, showing a decrease of about 18.9%[17] - The company reported other comprehensive income after tax of ¥99,153,994.06 for the first three quarters of 2025, down from ¥165,102,158.09 in 2024, reflecting a decrease of approximately 40%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,084[9] - Non-recurring gains and losses for the quarter totaled CNY 24,417,538.84, up from CNY 21,018,079.29 year-to-date[5] - Research and development expenses for the first three quarters of 2025 were significantly lower at ¥0 compared to ¥493,681.36 in the same period of 2024[16] - Inventory as of September 30, 2025, was ¥1,844,376,568.38, up from ¥1,633,087,734.15 at the end of 2024, marking a growth of 12.91%[12]

Core Insights - The company reported a third-quarter revenue of 2.014 billion, representing a year-on-year increase of 11.96% [1] - The net profit for the third quarter was 68.1176 million, showing a significant year-on-year growth of 679.57% [1] - For the first three quarters, the company achieved a revenue of 5.595 billion, which is an 11.00% increase compared to the same period last year [1] - The net profit for the first three quarters reached 97.5074 million, reflecting a year-on-year growth of 26.19% [1]

Core Insights - On October 22, Yiqiu Resources experienced a decline of 0.68% with a transaction volume of 111 million yuan [1] - The company reported a financing buy-in amount of 10.47 million yuan and a net financing buy of 1.33 million yuan on the same day [1] - As of October 22, the total margin balance for Yiqiu Resources was 181 million yuan, which is 2.80% of its circulating market value, indicating a low financing balance compared to the past year [1] Financing and Margin Data - On October 22, Yiqiu Resources had a financing buy-in of 10.47 million yuan, with a current financing balance of 181 million yuan [1] - The financing balance is below the 40th percentile level of the past year, indicating a relatively low position [1] - In terms of securities lending, there were no shares sold or repaid on October 22, with a lending balance of 0.00 shares, which is above the 70th percentile level of the past year, indicating a high position [1] Company Performance - As of June 30, Yiqiu Resources had 71,300 shareholders, a decrease of 1.78% from the previous period, while the average circulating shares per person increased by 1.82% to 30,859 shares [2] - For the first half of 2025, Yiqiu Resources achieved an operating income of 3.581 billion yuan, a year-on-year increase of 10.46%, but the net profit attributable to shareholders decreased by 57.11% to 29.39 million yuan [2] - Since its A-share listing, Yiqiu Resources has distributed a total of 6.92 billion yuan in dividends, with 1.17 billion yuan distributed over the past three years [2] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder of Yiqiu Resources, holding 16.69 million shares, an increase of 3.39 million shares from the previous period [2]

Core Viewpoint - Yiqiu Resources has shown a stock price increase of 20.33% year-to-date, with recent fluctuations indicating a slight decline in the short term, while maintaining a positive trend over the longer term [2] Company Overview - Yiqiu Resources, established on March 15, 2001, and listed on April 23, 2012, is located at 388 Hutaixin Road, Taicang, Jiangsu Province. The company primarily engages in the production and sale of aluminum alloy ingots (recycled aluminum) [2] - The company's main business revenue composition is 99.68% from waste resource recycling and comprehensive utilization, with the remaining 0.32% from other sources [2] Financial Performance - For the first half of 2025, Yiqiu Resources achieved an operating income of 3.581 billion yuan, representing a year-on-year growth of 10.46%. However, the net profit attributable to shareholders decreased by 57.11% to 29.39 million yuan [2] - Since its A-share listing, Yiqiu Resources has distributed a total of 6.92 billion yuan in dividends, with 1.17 billion yuan distributed over the past three years [3] Stock Market Activity - As of October 21, Yiqiu Resources' stock price was 2.96 yuan per share, with a market capitalization of 6.516 billion yuan. The stock experienced a trading volume of 25.8266 million yuan and a turnover rate of 0.40% [1] - The stock has seen a net inflow of main funds amounting to 1.6931 million yuan, with large orders accounting for 17.18% of total purchases [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Yiqiu Resources was 71,300, a decrease of 1.78% from the previous period. The average circulating shares per person increased by 1.82% to 30,859 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.6938 million shares, an increase of 3.3866 million shares compared to the previous period [3]

Investment Rating - The report maintains a positive outlook on the aluminum recycling industry, driven by resource supply security and dual carbon goals, indicating a favorable investment environment for recycled aluminum [1]. Core Insights - The recycled aluminum industry is becoming a significant growth area in China's aluminum supply, with an expected production of approximately 10.5 million tons in 2024, accounting for about 19% of total aluminum supply. The target is to exceed 15 million tons by 2027, reflecting a CAGR of 13% from 2024 to 2027 [2][11]. - The demand for resource supply security is increasing, with recycled aluminum seen as a key solution to reduce reliance on imported bauxite, which had a dependency rate of over 77.6% in the first eight months of 2025. The domestic supply of recycled aluminum is primarily sourced from social waste aluminum, which is expected to exceed 80% in 2024 [2][4]. - The dual carbon constraints and the establishment of a carbon market are accelerating the visibility of the green premium associated with recycled aluminum. The carbon emissions from producing one ton of electrolytic aluminum are approximately 11.2 tons, while recycled aluminum only emits 0.23 tons, making it a significantly lower carbon option [2][4]. - The potential of urban mining is substantial, with accelerated development of recycling systems. Policies are being implemented to support small recycling enterprises, and a national recycling platform is being established to enhance the recycling infrastructure [2][5]. Summary by Sections 1. Recycled Aluminum as a Key Supply Source - Recycled aluminum, derived from waste aluminum through melting and refining, is a crucial component of the aluminum supply chain, with a short industrial chain and high recovery value [2][11]. - The industry is expected to grow significantly, with a target of 15 million tons by 2027, supported by government policies promoting high-quality development in the aluminum sector [2][11]. 2. Resource Supply Security and Dual Carbon Goals - The increasing demand for resource supply security positions recycled aluminum as a critical strategy to mitigate reliance on foreign bauxite, especially as domestic bauxite reserves are limited [2][4]. - The green value of recycled aluminum is becoming more apparent, with the anticipated tightening of carbon quotas in the national carbon market expected to drive up carbon prices and enhance the green premium for recycled products [2][4]. 3. Urban Mining Potential and Recycling System Development - The recycling system is being rapidly developed, with policies favoring small recycling enterprises and the establishment of a national recycling platform to improve the efficiency of aluminum recovery [2][5]. - The peak of automobile scrappage is expected to occur around 2026, which will significantly increase the supply of waste aluminum, alleviating raw material bottlenecks [2][5]. 4. Investment Recommendations - The report suggests focusing on companies with high raw material security, advanced recycling technologies, and the ability to produce high-premium products, such as Ming Tai Aluminum, Shunbo Alloy, Yiqiu Resources, Lizhong Group, and Yongmaotai [2][3].

Core Viewpoint - The financial performance of Yiqiu Resources shows mixed results, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability despite operational growth [2]. Financing Summary - On October 15, Yiqiu Resources experienced a financing buy-in of 12.81 million yuan, with a net financing outflow of -5.02 million yuan, reflecting a higher financing balance of 187 million yuan, which constitutes 2.80% of its market capitalization [1]. - The financing balance is above the 50th percentile level over the past year, indicating a relatively high level of financing activity [1]. - No short selling activity was recorded on October 15, with a short selling balance of 0, placing it above the 70th percentile level over the past year [1]. Financial Performance Summary - For the period from January to June 2025, Yiqiu Resources reported a revenue of 3.581 billion yuan, representing a year-on-year growth of 10.46% [2]. - The net profit attributable to shareholders was 29.39 million yuan, which reflects a significant year-on-year decrease of 57.11% [2]. - Cumulatively, the company has distributed 6.92 billion yuan in dividends since its A-share listing, with 1.17 billion yuan distributed over the last three years [2]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Yiqiu Resources was 71,300, a decrease of 1.78% from the previous period, while the average number of circulating shares per shareholder increased by 1.82% to 30,859 shares [2]. - Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 16.69 million shares, an increase of 3.39 million shares compared to the previous period [2].

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with production figures showing a notable increase in recent years, indicating a positive market outlook for the sector [1]. Industry Summary - As of August 2025, China's aluminum alloy production reached 1.64 million tons, reflecting a year-on-year growth of 15.2% [1]. - Cumulatively, from January to August 2025, the total aluminum alloy production in China amounted to 12.324 million tons, with a cumulative growth rate of 15.3% [1]. - The data indicates a robust upward trend in production, suggesting strong demand and potential investment opportunities within the industry [1]. Company Summary - Key listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), and Ming Tai Aluminum (601677), among others [1]. - These companies are positioned to benefit from the growing market dynamics and increasing production capacities in the aluminum alloy industry [1].

Group 1: Research Basic Information - The research object is Yichiu Resources, belonging to the non - ferrous metals industry, with a reception time of September 23, 2025. The listed company's reception staff includes General Manager Liu Kaimin, Board Secretary Gao Yulan, Financial Officer Huang Qinli, and Independent Director Huang Junwang [17] Group 2: Detailed Research Institutions - The reception objects include investors and others [20] Group 3: Main Content - The application fields of the company's aluminum alloy ingot products are expanding with the development of emerging industries, covering new energy vehicles, medical devices, high - voltage power grids, and humanoid robots in addition to traditional sectors [24] - The company maintains a steady and continuous expansion pace. It acquired the assets of Girard Company in 2020 and two auto - dismantling plants in the first half of 2025, and will continue to promote business expansion and resource integration in the future [24] - The profit models of the US M company include recycling and reselling waste household appliances and metals for price differences, dismantling and reselling auto parts, and classifying and selling disassembled auto raw materials [25] - The US subsidiary's recycled waste metals are mainly iron, but also contain some copper and platinum - group precious metals from scrap - car catalytic converters [25] - The company's subsidiary M company disassembles about 25,000 whole vehicles annually, and the non - whole vehicle volume is about 2 - 3 times that of whole vehicles [25] - The company's business model is production based on sales, which can naturally hedge most price risks [26] - The company will gradually release the new 650,000 - ton production capacity in Malaysia according to market demand and price factors [26] - The company has been researching the domestic waste - aluminum recycling network. It will combine the experience of its US subsidiary M company and domestic waste - market conditions to enter the upstream when the time is right [27]

Group 1 - The stock of Yiqiu Resources (601388) reached the daily limit, with a turnover rate of 11.74% and a transaction amount of 814 million yuan, showing a fluctuation of 13.99% [1] - The net inflow of funds for the stock was 193 million yuan, with a significant single net inflow of 209 million yuan, while large single funds experienced a net outflow of 16.19 million yuan [1] - The stock's margin trading balance as of September 16 was 236 million yuan, with a financing balance of 236 million yuan and a securities lending balance of 592 yuan, indicating a recent increase in financing balance by 44.86 million yuan, or 23.51% [1] Group 2 - For the first half of the year, the company reported operating revenue of 3.581 billion yuan, representing a year-on-year growth of 10.46%, while net profit was 29.39 million yuan, reflecting a year-on-year decline of 57.11% [2] - The top five buying and selling brokerage firms accounted for a total transaction amount of 165 million yuan, with a buying transaction amount of 97.79 million yuan and a selling transaction amount of 67.07 million yuan, resulting in a net buying of 30.72 million yuan [2] - The largest buying and selling brokerage was the Shanghai Stock Connect, with a buying amount of 28.79 million yuan and a selling amount of 16.95 million yuan, leading to a net buying of 11.84 million yuan [2]