Group 1 - The core point of the announcement is the completion of a share reduction plan by a major shareholder of Anhui Zhongyuan New Materials Co., Ltd. [1] - The shareholder, Shanghai Kehui Equity Investment Center (Limited Partnership), held 14,230,772 shares, representing 4.49% of the company's total share capital before the reduction [2] - As of February 13, 2026, the shareholder reduced its holdings by 842,500 shares, which is 0.2658% of the total share capital, completing the reduction plan [3] Group 2 - The reduction plan was disclosed on November 11, 2025, and the plan's time frame has now expired [3][6] - The actual reduction adhered to relevant laws and regulations, and the execution of the plan was consistent with prior disclosures [6] - There were no violations of the reduction plan or other commitments, and the plan was not terminated early [6]

Group 1 - The company Zhongyuan New Materials announced on February 13 that as of February 13, 2026, Kehui Investment has reduced its shareholding by 842,500 shares, accounting for 0.2658% of the company's total share capital, and the reduction plan has been completed [1][1][1] - The company experienced a dramatic shift in net profit, increasing ninefold before suddenly reporting a loss exceeding 200 million yuan, raising questions about the chairman's decision to inject 50 million yuan to cover the deficit [1][1][1] - There is uncertainty regarding the whereabouts of a 5 billion yuan trust investment, leading to confusion among shareholders [1][1][1]

证券代码：603527 证券简称：众源新材 公告编号：2026-006 本次减持计划实施前，安徽众源新材料股份有限公司（以下简称"公司"或 "本公司"）股东上海科惠股权投资中心（有限合伙）（以下简称"科惠投资"）， 持有本公司股份 14,230,772 股，占公司总股本的 4.49%。该股份为首次公开发 行前持有的股份以及以资本公积转增股本取得的股份。 减持计划的实施结果情况 公司于 2025 年 11 月 11 日披露了《众源新材股东减持股份计划公告》（公告 编号：2025-051）。截至 2026 年 2 月 13 日，科惠投资通过集中竞价交易方式减 持公司股份数量为 842,500 股，占公司总股本的 0.2658%，上述减持计划时间已 届满，本次减持计划实施完毕。 | 股东名称 | 上海科惠股权投资中心（有限合伙） | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：特定股东 | | | | ...

Company Performance - The company announced a significant decrease in net profit for the fiscal year 2025, expected to be between 52 million to 71 million yuan, representing a year-on-year decline of 44.22% to 59.15% [2] - The decline in performance is attributed to the incomplete scale effect of new project investments, rising depreciation costs, and intensified industry competition [2] Financial Situation - On February 6, 2026, the company's stock price increased by 2.09% to 10.77 yuan per share, but there was a net outflow of 2.9825 million yuan in principal funds [3] - Year-to-date, the stock price has decreased by 2.89%, with a 5-day decline of 5.11% [3] - The capital flow indicates a divergence in short-term market sentiment, potentially related to sector rotation or individual stock valuation adjustments [3] Industry Policy Context - The company's main business involves materials such as copper strips and aluminum foils, with a focus on solid-state batteries and new energy vehicles [4] - The lithium battery materials industry is moving towards high-end and low-carbon development, with policy drivers like the EU's "New Battery Law" potentially impacting supply chain standards [4] - Although the company’s subsidiary products can be applied to lithium battery collectors, it has explicitly stated that it does not engage in the composite collector field [4] - The progress of new project launches and the commercialization of technologies, such as solid-state battery materials, are areas to watch [4]

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Views - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend in copper prices in 2026 due to ongoing supply-demand tightness [1][4] - The TC spot price continues to hit historical lows, indicating tight procurement of copper concentrate [1][3] - The report recommends specific companies for investment: Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4] Supply and Demand Summary - **Supply**: - As of February 6, 2026, domestic copper concentrate inventory at major ports is 638,000 tons, down 5.2% from the previous week [2][46] - The TC spot price is at -51.23 USD/ton, a decrease of 0.9 USD/ton from January 30, 2026, marking a low since September 2007 [3][57] - **Demand**: - Cable manufacturing utilization rate increased by 0.7 percentage points to 60.15% as of February 5, 2026 [4][70] - Air conditioning production is projected to decline by 31.6% in February, 6.5% in March, and increase by 4.0% in April 2026 [4][87] Inventory Summary - Domestic copper social inventory increased by 4.0% week-on-week, while LME copper inventory rose by 4.9% [2][24] - Global inventory across major exchanges reached 1,021,000 tons, up 3.6% from January 30, 2026 [2][24] Price Trends - As of February 6, 2026, SHFE copper closed at 100,100 CNY/ton, down 3.45% from January 30, 2026, while LME copper closed at 13,060 USD/ton, down 0.08% [1][17]

Group 1 - The company expects a significant decline in net profit for the fiscal year 2025, projecting a net profit attributable to shareholders of between 52 million to 71 million yuan, a decrease of 44.22% to 59.15% compared to the previous year [2][5] - The company anticipates a net profit excluding non-recurring gains and losses to be between -66 million to -85 million yuan, representing a decrease of 176.38% to 198.37% year-on-year [2][5] - The performance forecast is based on preliminary calculations and has not been audited by a registered accountant [3][6] Group 2 - The performance forecast period is from January 1, 2025, to December 31, 2025 [4] - In the previous fiscal year 2024, the company reported a total profit of 141.68 million yuan and a net profit attributable to shareholders of 127.29 million yuan [7] - The basic earnings per share for 2024 were 0.40 yuan [8] Group 3 - The main reasons for the expected decline in performance include the inability of new projects from subsidiaries to achieve scale production, leading to increased fixed costs and depreciation [9] - The intensified market competition has resulted in a downward trend in product processing fees, negatively impacting profits [10] - The company has increased its R&D investment to ensure long-term development, which has led to a short-term rise in related expenses affecting profits [11]

Core Viewpoint - The company, Zhongyuan New Materials (603527.SH), has announced a significant decrease in its expected net profit for the year 2025, projecting a profit of between 52 million to 71 million yuan, which represents a decline of 44.22% to 59.15% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is projected to be between 52 million to 71 million yuan, a decrease of 56.29 million to 75.29 million yuan from the previous year [1] - The year-on-year decline in profit is estimated to be between 44.22% to 59.15% [1] Group 2: Reasons for Performance Decline - The decline in performance is primarily attributed to the lack of scale production from new projects in subsidiaries, leading to increased fixed costs such as depreciation [1] - Increased competition in the industry has resulted in a downward trend in product processing fees, negatively impacting profits [1] - The company has increased its R&D investment to ensure long-term development, which has led to a short-term rise in related expenses affecting profits [1]

Core Viewpoint - Zhongyuan New Materials (603527.SH) has announced a profit warning for the fiscal year 2025, projecting a net profit attributable to shareholders of the parent company between 52 million to 71 million yuan, representing a decrease of 56.29 million to 75.29 million yuan compared to the previous year, which translates to a year-on-year decline of 44.22% to 59.15% [1] Group 1 - The primary reason for the profit warning is that the company's subsidiaries and new projects have not yet achieved large-scale production, leading to an inability to fully realize benefits, while depreciation and fixed costs have significantly increased after capitalizing on investments, impacting profits [1] - The company is facing intensified market competition, resulting in a downward trend in product processing fees, which has also negatively affected profitability [1] - To ensure long-term development, the company has increased its R&D investment this year, leading to a short-term rise in related expenses that has impacted profits [1]

Core Viewpoint - The company, Zhongyuan New Materials (603527.SH), expects a significant decline in net profit for the year 2025, projecting a decrease of 44.22% to 59.15% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 52 million to 71 million yuan for 2025, a decrease of 56.29 million to 75.29 million yuan year-on-year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -66 million and -85 million yuan, representing a year-on-year decrease of 176.38% to 198.37% [1] Reasons for Performance Decline - The primary reasons for the expected performance decline include: - The holding subsidiary and new projects have not yet achieved scale production, leading to unfulfilled benefits and increased fixed costs such as depreciation after capital investment [1] - Intensified market competition has resulted in a downward trend in product processing fees, negatively impacting profits [1] - Increased R&D investment aimed at ensuring long-term development has led to higher short-term expenses, affecting profitability [1]

Core Viewpoint - The company, Zhongyuan New Materials (603527.SH), expects a significant decline in net profit for the year 2025, projecting a decrease of 44.22% to 59.15% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 52 million to 71 million yuan for 2025, a decrease of 56.29 million to 75.29 million yuan year-on-year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -66 million to -85 million yuan, representing a decline of 152 million to 171 million yuan compared to the previous year, which translates to a decrease of 176.38% to 198.37% [1] Reasons for Performance Decline - The primary reasons for the expected performance decline include: 1. The holding subsidiary and new projects have not yet achieved large-scale production, leading to unfulfilled benefits and increased fixed costs such as depreciation after capital investment [1] 2. Increased competition in the industry has resulted in a downward trend in product processing fees, negatively impacting profits [1] 3. The company has increased R&D investment to ensure long-term development, resulting in higher short-term expenses that affect profits [1]