Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, aiming to enhance cash asset returns and maximize shareholder value, with a maximum amount of RMB 50 million allocated for this purpose [1][9]. Investment Overview - **Investment Purpose**: The objective is to improve the efficiency of raised fund utilization and increase company returns while ensuring that the investment does not affect the construction of projects funded by the raised capital [3]. - **Investment Amount**: The cash management amount is set at RMB 12 million [4]. - **Source of Funds**: The funds for this cash management initiative will come from temporarily idle raised funds [4]. Fundraising Details - The company successfully raised a total of RMB 1,013.52 million through its initial public offering, with a net amount of RMB 931.92 million after deducting issuance costs [5][7]. - The raised funds have been deposited into a designated special account, and a verification report has been issued confirming the funds' arrival [5]. Investment Projects - The company plans to invest in structured deposits as part of its cash management strategy, with an investment amount of RMB 12 million [6]. Approval Process - The board of directors and the supervisory board approved the cash management proposal on March 17, 2025, allowing the use of idle funds for cash management within a 12-month period [9]. Impact on the Company - The cash management initiative is designed to not affect the implementation of fundraising projects or the safety of the raised funds, while also improving the efficiency of idle funds and generating investment returns [11].

证券代码：603271 证券简称：永杰新材 公告编号：2026-008 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法律责任。 重要内容提示： 永杰新材料股份有限公司（以下简称"公司"）第五届董事会第十次会议、 第五届监事会第八次会议审议通过了《关于使用部分暂时闲置募集资金进行现金 管理的议案》，同意公司在保证不影响募集资金投资项目建设和公司正常经营的 情况下，使用最高不超过人民币 50,000 万元（含本数）的暂时闲置募集资金进 行现金管理，增加公司现金资产收益，实现股东利益最大化。具体内容详见公司 于 2025 年 3 月 18 日披露于上海证券交易所网站（www.sse.com.cn）的《关于使 用部分暂时闲置募集资金进行现金管理的公告》（2025-005）。本次投资额度在 董事会授权额度内，无需提交股东会审议。 特别风险提示 尽管公司选择低风险保本型投资品种的现金管理产品，但金融市场受宏观经 济的影响较大，公司将根据经济形势以及金融市场的变化适时适量的介入，但不 排除该项投资受到市场波动的影响。敬请广大投资者注意防范投资风险。 ...

Core Viewpoint - The company Yongjie New Materials plans to acquire two aluminum processing companies for approximately 1.80 billion USD (12.8 billion RMB) in cash, without setting any performance guarantees for the transaction [1][2]. Group 1: Transaction Details - The acquisition involves 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, both of which are in the aluminum rolling processing industry [1]. - The total transaction price is set at about 12.8 billion RMB, which will be paid entirely in cash [1]. - As of Q3 2025, the company's cash and cash equivalents amount to 6.78 billion RMB, with trading financial assets of 2.5 billion RMB, totaling less than 9.5 billion RMB [1]. Group 2: Financial Performance of Target Companies - Aokening Qinhuangdao is projected to incur a net loss of 94.35 million RMB in 2024 but is expected to turn a profit of 8.37 million RMB in 2025 [1]. - Aokening Kunshan is forecasted to achieve a net profit of 88.66 million RMB in 2024 and 87.49 million RMB in 2025, indicating stable performance [1]. Group 3: Risks and Concerns - The transaction does not include performance compensation clauses, which the company attributes to market-based negotiations and industry practices [2]. - Potential risks include the sustainability of Aokening Qinhuangdao's turnaround and the impact of aluminum price fluctuations on profit margins, as aluminum ingots account for over 70% of raw material costs [2][3]. - The lack of performance guarantees raises concerns about the adequacy of the cash payment if the target companies do not perform as expected [3].

Core Viewpoint - Yongjie New Materials plans to acquire two aluminum processing companies for approximately 1.80 billion USD (12.80 billion RMB) in cash, without setting any performance guarantees, raising concerns about the financial implications and risks associated with the acquisition [1][2][5]. Group 1: Acquisition Details - The acquisition involves 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, both of which are in the aluminum processing industry [1][5]. - The total consideration for the transaction is approximately 12.8 billion RMB, which will be paid entirely in cash [1][5]. - As of the end of Q3 2025, the company's cash and cash equivalents amount to 6.78 billion RMB, with trading financial assets of 2.5 billion RMB, totaling less than 9.5 billion RMB, indicating significant financial pressure [1][5]. Group 2: Financial Performance of Target Companies - Aokening Qinhuangdao is projected to incur a net loss of 94.35 million RMB in 2024 but is expected to turn a profit of 8.37 million RMB in 2025 [1][6]. - Aokening Kunshan is expected to achieve a net profit of 88.66 million RMB in 2024 and 87.49 million RMB in 2025, showing stable performance [1][6]. Group 3: Risks and Concerns - The transaction does not include performance compensation clauses, which the company attributes to market-based negotiations and compliance with industry practices [2][6]. - Potential risks include the sustainability of Aokening Qinhuangdao's turnaround, as its 2024 losses are linked to high fees paid to the group and capacity constraints [2][6]. - The cost structure of the target companies is heavily influenced by aluminum ingot prices, which account for over 70% of raw material costs, posing a risk of inventory write-downs if aluminum prices fluctuate [2][6].

Group 1 - The industrial metal sector increased by 2.62% on January 29, with Yiqiu Resources leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Notable gainers in the industrial metal sector included Yiqiu Resources, which rose by 10.08% to a closing price of 4.37, and Tongling Nonferrous Metals, which increased by 10.06% to 9.19 [1] Group 2 - The industrial metal sector experienced a net outflow of 7.772 billion yuan from institutional investors, while retail investors saw a net inflow of 6.846 billion yuan [2] - The top losers in the industrial metal sector included Yian Technology, which fell by 6.03% to a closing price of 16.82, and Guocheng Mining, which decreased by 5.63% to 29.14 [2] Group 3 - Major stocks with significant net inflows included Ding Sheng New Materials, which had a net inflow of 138 million yuan, and Yiqiu Resources with a net inflow of 128 million yuan [3] - Conversely, stocks like Yunnan Copper experienced a net outflow of 226 million yuan from speculative funds [3]

Core Insights - The air conditioning aluminum foil industry is experiencing fluctuations in production due to varying market demands and external factors such as the pandemic and extreme weather conditions [2][15]. Industry Overview - Air conditioning aluminum foil is a specialized material used in the heat exchangers of air conditioners, known for its excellent thermal conductivity, corrosion resistance, and structural support [3][16]. - The industry is divided into non-coated and coated aluminum foils, with the latter gaining traction in recent years due to its enhanced functionality and efficiency [3][17]. Production Trends - China's aluminum foil production saw a significant decline in 2022, dropping to 860,000 tons, a 14% decrease year-on-year, primarily due to the pandemic's impact on market consumption [2][15]. - In 2023, production began to recover, driven by increased demand during extreme summer temperatures, with an expected rise to 1,060,000 tons in 2024, reflecting a 1.9% year-on-year increase [2][15]. - However, forecasts for 2025 indicate a potential decrease in production to 1,020,000 tons, a reduction of approximately 40,000 tons or 3.8% from 2024, attributed to rising inventory levels in the air conditioning market [2][15]. Industry Chain - The upstream of the air conditioning aluminum foil industry includes raw materials such as bauxite, alumina, electrolytic aluminum, and recycled aluminum, while the midstream focuses on the production of aluminum foil [5][19]. - Electrolytic aluminum is the primary raw material for aluminum foil production, with its high purity and ductility making it suitable for various applications [20]. Market Demand - The demand for air conditioning aluminum foil is increasing alongside the growth of the air conditioning industry, driven by rising living standards and policies promoting the replacement of old units [22]. - China's air conditioning production is projected to reach 26,598,440 units in 2024, with a slight increase of 1.6% year-on-year in the first eleven months of 2025, although there are signs of oversupply in the market [22].

Core Viewpoint - Yongjie New Materials experienced a stock price increase of 1.68% on January 27, with a trading volume of 641 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On January 27, Yongjie New Materials had a financing buy-in amount of 48.47 million yuan and a financing repayment of 34.46 million yuan, resulting in a net financing buy of 14.01 million yuan [1]. - The total financing and securities balance for Yongjie New Materials reached 115 million yuan, which constitutes 6.08% of its circulating market value [1]. - In terms of securities lending, the company had no shares repaid on January 27, with 100 shares sold short, amounting to 4,793 yuan at the closing price [1]. - The remaining securities lending volume was 8,000 shares, with a total balance of 383,400 yuan [1]. Company Profile - Yongjie New Materials Co., Ltd. is located at 1288 Jiangdong 2nd Road, Qiantang District, Hangzhou, Zhejiang Province, and was established on August 29, 2003, with its listing date set for March 11, 2025 [1]. - The company's main business involves the research, production, and sales of aluminum plates, strips, and foils, with revenue composition as follows: aluminum plates and strips at 85.36%, aluminum foils at 13.11%, and others at 1.53% [1]. Financial Performance - For the period from January to September 2025, Yongjie New Materials achieved a revenue of 7.02 billion yuan, reflecting a year-on-year growth of 20.01% [1]. - The net profit attributable to the parent company was 309 million yuan, representing a year-on-year increase of 30.99% [1]. - As of September 30, the number of shareholders for Yongjie New Materials was 19,400, a decrease of 30.77% from the previous period, while the average circulating shares per person increased by 47.41% to 2,033 shares [1]. Dividend Information - Since its A-share listing, Yongjie New Materials has distributed a total of 99.34 million yuan in dividends [2].

Core Viewpoint - Yongjie New Materials (603271) experienced a 1.68% increase in stock price with a turnover rate of 33.78% and a total transaction volume of 641 million yuan, indicating significant trading activity and interest in the stock [2][5]. Trading Activity - The stock was listed on the Shanghai Stock Exchange due to its high turnover rate, with institutional investors net selling 32.03 million yuan [6]. - The top five trading departments had a combined transaction volume of 190 million yuan, with a net selling amount of 57.81 million yuan [6]. Fund Flow - The stock saw a net inflow of 16.61 million yuan from major funds, including a net inflow of 13.72 million yuan from large orders [3][6]. - Over the past five days, the net inflow of major funds totaled 22.83 million yuan [3]. Margin Trading Data - As of January 26, the margin trading balance for the stock was 101 million yuan, with a financing balance of 101 million yuan and a securities lending balance of 372,400 yuan [3][6]. - The financing balance decreased by 15.03 million yuan over the past five days, representing a decline of 12.99% [3][6]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 7.02 billion yuan, reflecting a year-on-year growth of 20.01%, and a net profit of 309 million yuan, up 30.99% year-on-year [3][6].

Group 1 - The industrial metal sector saw a slight increase of 0.01% on January 27, with silver leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up by 0.18%, while the Shenzhen Component Index closed at 14329.91, up by 0.09% [1] - Notable gainers in the industrial metal sector included Silver Holdings, which rose by 9.99% to a closing price of 12.55, and Yuguang Gold & Lead, which increased by 9.98% to 20.49 [1] Group 2 - The industrial metal sector experienced a net outflow of 6.521 billion yuan from major funds, while retail investors contributed a net inflow of 6.339 billion yuan [2] - The top losers included Guocheng Mining, which fell by 8.20% to 29.68, and Zhongse Co., which decreased by 6.51% to 8.18 [2] - The trading volume for Guocheng Mining was 464,500 shares, with a transaction value of 1.382 billion yuan [2] Group 3 - Major net inflows were observed in Huafeng Aluminum with 70.51 million yuan, while retail investors showed a significant outflow of 65.41 million yuan [3] - The net inflow for Yongjie New Materials was 46.07 million yuan from major funds, but retail investors had a net outflow of 66.60 million yuan [3] - The overall trend indicates a mixed sentiment among different investor types within the industrial metal sector [3]

Core Viewpoint - Yongjie New Materials (永杰新材) has signed a strategic cooperation agreement with Oconic, leading to a significant increase in its stock price by 10.01% to 47.14 yuan per share [1] Group 1: Strategic Cooperation Agreement - The strategic cooperation agreement was signed on January 23, 2026, and serves as a guiding document for both parties, without involving specific monetary amounts [1] - The agreement does not require approval from the company's board or shareholders and will not impact the company's operating performance for the current year [1] Group 2: Major Asset Purchase Plan - Yongjie New Materials plans to acquire 100% equity of Oconic Qinhuangdao and 95% equity of Oconic Kunshan through cash payments [1] - The preliminary total price for the transaction is approximately 90.9 million USD for Oconic Kunshan and 88.9 million USD for Oconic Qinhuangdao, with the amounts converted to RMB based on the exchange rate on the delivery date [1] Group 3: Financial Performance of Target Companies - For the year 2024, Oconic Qinhuangdao is projected to have revenues of 334.26 million yuan and a net loss of 9.43 million yuan, while in 2025, revenues are expected to rise to 415.58 million yuan with a net profit of 0.84 million yuan [2] - Oconic Kunshan is expected to generate revenues of 126.42 million yuan in 2024 and 134.05 million yuan in 2025, with net profits of 8.87 million yuan and 8.75 million yuan respectively [3] Group 4: Financial Indicators of Yongjie New Materials - As of December 31, 2025, Yongjie New Materials is projected to have net assets of 66.24 million yuan, with revenues of 134.05 million yuan and net profits of 8.75 million yuan [4] - The company went public on March 11, 2025, issuing 49.2 million shares at a price of 20.60 yuan per share, raising a total of 101.35 million yuan [4] - The net amount raised after deducting issuance costs was 93.19 million yuan, which is significantly lower than the original plan of 208.86 million yuan [4][5]