Core Points - The company is holding its second extraordinary general meeting of shareholders on September 10, 2025, to discuss several key proposals [1][2] - The meeting will include a combination of on-site and online voting for shareholders [1] - The agenda includes the cancellation of the supervisory board, changes to registered capital, amendments to company management systems, and adjustments to futures hedging business [1][2][4] Proposal Summaries - **Proposal 1: Cancellation of the Supervisory Board** The company plans to abolish the supervisory board in accordance with the new Company Law effective from July 1, 2024, transferring its responsibilities to the audit committee of the board [2][4] - **Proposal 2: Change of Registered Capital and Amendment of Articles of Association** The company will reduce its total shares from 515,380,649 to 512,290,649 and its registered capital from 515,380,649 yuan to 512,290,649 yuan due to the repurchase and cancellation of 3.09 million restricted stocks [3][4] - **Proposal 3: Revision of Management Systems** The company is revising parts of its internal management rules to enhance governance and protect the rights of shareholders, including amendments to the rules of board and shareholder meetings [4][5] - **Proposal 4: Adjustment of Futures Hedging Business** To mitigate risks from price fluctuations of lithium carbonate and raw materials, the company intends to increase the margin for futures hedging transactions, with a total investment not exceeding a specified amount in yuan [5]

锦州永杉锂业股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 9 月 锦州永杉锂业股份有限公司 2025 年第二次临时股东大会会议资料 目 录 | 2025 年第二次临时股东大会会议议程 | 2 | | --- | --- | | 议案一：关于取消监事会的议案 | 4 | | 议案二：关于变更注册资本并修改公司章程的议案 | 5 | | 议案三：关于修订公司部分管理制度的议案 | 6 | | 议案四：关于调整期货套期保值业务相关事项的议案 | 7 | 1 公司登记在册的所有股东或其代理人，均有权出席股东大会。股东应当持身 份证或其他能够表明其身份的有效证件或证明出席股东大会。代理人还应当提交 股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 锦州永杉锂业股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议议程 现场会议时间：2025 年 9 月 10 日 14：00 时。 现场会议地点：主会场辽宁省凌海市大有乡双庙农场公司会议室、分会场湖 南省长沙市望城区大泽湖·海归小镇研发中心 1 期 3B 栋 7 楼公司会议室 会议表决方式：现 ...

Group 1 - The core viewpoint of the article highlights the poor financial performance of Yongshan Lithium Industry in the first half of 2025, with a significant revenue drop of 28.6% to 2.392 billion yuan and a net loss attributable to shareholders of 144 million yuan, a year-on-year decline of 315.6% [1] - The company's main business segments, lithium salt products and molybdenum products, both underperformed, negatively impacting overall performance. The lithium salt business generated revenue of 617 million yuan, down 19.95% year-on-year, while the molybdenum business earned 1.774 billion yuan, also showing a decline [1] - From 2022 to the first half of 2025, the company reported revenues of 7.061 billion yuan, 7.505 billion yuan, 5.895 billion yuan, and 2.392 billion yuan, with respective changes of 81.58%, 6.29%, -21.45%, and -28.63% [1] Group 2 - The overall lithium carbonate market exhibited a volatile pattern in the first half of 2025, initially rising due to inventory digestion and seasonal demand expectations, but later stabilizing at lower levels [1] - The company's profitability has also declined, with the sales gross margin dropping from 8.89% in the first half of 2023 to 1.58% in the first half of 2025, and the net profit margin turning negative [1] - The operational efficiency of the company has worsened, with a significant decrease in inventory turnover rate and total asset turnover rate [2]

Market Overview - On August 28, the energy metals sector rose by 0.91% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Boqian New Materials (605376) closed at 49.14, up 5.00%, with a trading volume of 125,600 shares and a transaction value of 610 million yuan [1] - Other notable performers included: - Cangge Mining (000408) at 50.69, up 2.14% [1] - Huayou Cobalt (603799) at 46.57, up 1.55% [1] - Tengyuan Mining (301219) at 65.20, up 1.09% [1] - Sai Rui Aluminum (300618) at 40.45, up 0.92% [1] Capital Flow - The energy metals sector experienced a net outflow of 1.101 billion yuan from institutional investors, while retail investors saw a net inflow of 916 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Boqian New Materials saw a net inflow of 37.51 million yuan from institutional investors, but a net outflow of 73.68 million yuan from retail investors [3] - Other stocks with significant capital movements included: - Huayou Cobalt with a net inflow of 1.10 million yuan from institutional investors and a net inflow of 1.16 million yuan from retail investors [3] - Cangge Mining with a net outflow of 25.63 million yuan from institutional investors but a net inflow of 26.29 million yuan from retail investors [3]

Core Insights - Yongshan Lithium Industry reported a significant decline in revenue and net profit for the first half of 2025, with revenue dropping by 28.6% to 2.392 billion yuan and a net loss of 144 million yuan, a year-on-year decrease of 315.6% [1][3] - The company's two main business segments, molybdenum and lithium, both underperformed due to price pressures, negatively impacting overall performance [1][3] Revenue Performance - The lithium salt business revenue decreased by 19.95% to 617 million yuan, while the molybdenum business revenue fell by 31.23% to 1.774 billion yuan [3] - Revenue figures for the years 2022 to 2025 show a trend of fluctuating performance: 7.061 billion yuan in 2022, 7.505 billion yuan in 2023, 5.895 billion yuan in 2024, and 2.392 billion yuan in the first half of 2025, with respective year-on-year changes of 81.58%, 6.29%, -21.45%, and -28.63% [1] Profitability Analysis - The company's net profit figures indicate a troubling trend: 492 million yuan in 2022, a loss of 337 million yuan in 2023, a profit of 25.42 million yuan in 2024, and a loss of 144 million yuan in the first half of 2025, with year-on-year changes of 2605.67%, -168.52%, 107.54%, and -315.62% [1] - The gross profit margin has been declining, dropping from 8.89% in the first half of 2023 to 1.58% in the first half of 2025, while the net profit margin turned negative, falling from 1.99% in the first half of 2024 to -6.02% in the first half of 2025 [3] Operational Efficiency - The company's inventory turnover rate has significantly decreased, indicating reduced operational efficiency [5] - In the first half of 2025, Yongshan Lithium's inventory turnover rate was 4.34, with inventory turnover days extending to 41.47 days, reflecting a decline in turnover efficiency [7]

Market Overview - The energy metals sector experienced a decline of 2.93% on August 27, with Yongshan Lithium leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Yongshan Lithium closed at 9.97, down 3.95%, with a trading volume of 276,700 shares and a transaction value of 281 million yuan [1] - Cangge Mining closed at 49.63, down 3.69%, with a trading volume of 178,400 shares and a transaction value of 895.1 million yuan [1] - Xizang Mining closed at 21.61, down 3.57%, with a trading volume of 242,200 shares and a transaction value of 53.5 million yuan [1] - Shengxin Lithium Energy closed at 16.99, down 3.47%, with a trading volume of 378,100 shares and a transaction value of 662 million yuan [1] - Shengtun Mining closed at 7.94, down 3.29%, with a trading volume of 1,429,400 shares and a transaction value of 1.161 billion yuan [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 1.12 billion yuan from main funds, while retail funds had a net inflow of 745 million yuan [1] - Cangge Mining had a main fund net inflow of 11.78 million yuan, but a retail net outflow of 25.57 million yuan [2] - Yongshan Lithium experienced a main fund net outflow of 24.79 million yuan, with a retail net inflow of 19.14 million yuan [2] - Xizang Mining had a significant main fund net outflow of 89.09 million yuan, while retail funds saw a net inflow of 56.03 million yuan [2]

Core Viewpoint - Yongshan Lithium Industry (603399) reported disappointing financial results for the first half of 2025, with significant declines in revenue and profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 2.392 billion yuan, a decrease of 28.63% year-on-year [1] - Net profit attributable to shareholders was -144 million yuan, down 315.62% year-on-year [1] - In Q2 2025, total revenue was 1.297 billion yuan, a decline of 31.73% year-on-year [1] - Q2 net profit attributable to shareholders was -115 million yuan, a decrease of 2363.31% year-on-year [1] - Gross margin was 1.58%, down 60.63% year-on-year, while net margin was -6.54%, a drop of 376.49% [1] Key Financial Metrics - The company's receivables were notably high, with accounts receivable accounting for 854.71% of the latest annual net profit [1] - Total cash and cash equivalents decreased by 62.22% to 332 million yuan [1] - Interest-bearing liabilities increased by 33.09% to 919 million yuan [1] - The ratio of selling, administrative, and financial expenses to revenue rose by 68.94% to 2.91% [1] - Earnings per share were -0.28 yuan, a decrease of 315.38% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 45.93% due to raw material purchases in the lithium sector [3] - Trade receivables decreased by 37.03% due to a reduction in commercial acceptance bills received [5] - Prepayments increased by 185.08% due to higher raw material procurement prepayments [6] - Fixed assets increased by 72.5% due to the capitalization of the 45,000-ton lithium salt project phase II [8] - Short-term borrowings increased by 75.87% to meet operational needs [13] Operational Insights - The company’s return on invested capital (ROIC) was 2.21%, indicating weak capital returns [18] - The net profit margin was 0.54%, suggesting low added value in products or services [18] - The company has experienced four years of losses since its listing, indicating a generally weak financial history [18] Business Model - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers [19] Cash Flow and Debt Status - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 50.59% [20] - The interest-bearing asset-liability ratio has reached 27.8%, indicating potential debt concerns [20] - The accounts receivable to profit ratio is at 854.71%, highlighting significant credit risk [21]

Market Overview - On August 26, the energy metals sector declined by 0.54%, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Notable gainers included: - Zangge Mining (Code: 000408) with a closing price of 51.53, up 1.56% [1] - Shengxin Lithium Energy (Code: 002240) with a closing price of 17.60, up 0.98% [1] - Yongxing Materials (Code: 002756) with a closing price of 35.79, up 0.48% [1] - Notable decliners included: - Tengyuan Cobalt (Code: 301219) with a closing price of 66.38, down 3.52% [2] - BQian New Materials (Code: 605376) with a closing price of 48.21, down 2.98% [2] - Huayou Cobalt (Code: 603799) with a closing price of 47.17, down 2.01% [2] Capital Flow Analysis - The energy metals sector experienced a net outflow of 651 million yuan from institutional investors, while retail investors saw a net inflow of 276 million yuan [2][3] - Key stocks with significant capital flow include: - Tianqi Lithium (Code: 002466) with a net outflow of 31.30 million yuan from institutional investors [3] - Zangge Mining (Code: 000408) with a net inflow of 37.13 million yuan from retail investors [3] - Rongjie Co., Ltd. (Code: 002192) with a net outflow of 48.04 million yuan from institutional investors [3]

Core Insights - Yongshan Lithium Industry (603399.SH) released its semi-annual report for 2025 on August 26, 2025, highlighting key ownership changes among institutional investors [1] Institutional Ownership - As of August 25, 2025, three institutional investors disclosed holdings in Yongshan Lithium, totaling 223 million shares, which represents 43.60% of the company's total share capital [1] - The institutional investors include Pingtan Yongrong Zhisheng Investment Co., Ltd., Ningbo Jutai Investment Management Co., Ltd., and Shanghai Gangshi Equity Investment Co., Ltd. [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 0.51 percentage points [1]

Core Viewpoint - The company has proposed several amendments to its governance structure and operational strategies, including the cancellation of the supervisory board and adjustments to its futures hedging business to mitigate risks associated with price fluctuations in lithium carbonate and raw materials [7][10][16]. Group 1: Amendments to Governance Structure - The company plans to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors, which requires approval from the shareholders' meeting [7][8]. - The company has revised its articles of association to enhance governance and management practices, including the removal of the supervisory board section [10][11]. - The revised articles and management rules will be submitted for approval at the upcoming shareholders' meeting [3][11]. Group 2: Financial Reporting and Shareholder Meeting - The company approved its 2025 semi-annual report and summary during the board meeting, with all directors voting in favor [5][6]. - A second extraordinary shareholders' meeting is scheduled for September 10, 2025, to discuss the proposed governance changes and other matters [19][41]. Group 3: Futures Hedging Business Adjustments - The company intends to increase the margin for its futures hedging business to enhance its risk management capabilities, with a total margin not exceeding RMB 200 million and a maximum contract value of RMB 1 billion on any trading day [16][31]. - The adjustments aim to stabilize the company's operations against price volatility in lithium carbonate and its raw materials [31][32]. - The proposed changes to the futures hedging strategy will also be presented at the shareholders' meeting for approval [34][39].