证券代码：603612 证券简称：索通发展 公告编号：2025-028 索通发展股份有限公司 特此公告。 索通发展股份有限公司董事会 2025 年 5 月 13 日 1 网上集体接待日活动的公告 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法律责任。 为进一步加强与广大投资者的沟通交流，帮助投资者全面了解企业发展状况， 索通发展股份有限公司（以下简称"公司"）将参加由山东证监局、山东上市公 司协会与深圳市全景网络有限公司联合举办的"2025年山东辖区上市公司投资者 网上集体接待日活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录全景网"投资者关系互 动平台"（http://ir.p5w.net），或关注微信公众号（名称：全景财经），或 下载全景路演APP，参与本次互动交流。活动时间为2025年5月15日（星期四） 15：00-16:30。届时，公司高管将通过网络在线交流的形式与投资者就公司治理 及社会责任、发展战略、经营成果、投资者保护等投资者关心的问题与事项，在 信息披露允许的范围内进行充分沟通与交流。欢 ...

索通发展发布20 24年年报和2025年一季报公司2024 年实现营收137.5 亿元，同比-10.19%；实现归母净 利润2.72亿元，同比+137.69%。单25Q1 公司实现营收37.42 亿元，较24Q1同比+20.5%，较24Q4 环 比-2.31%；实现归母净利润2.44 亿元，同比+675.67%，环比+338.04%。 投资建议 我们预计公司2025-2027 年归母净利润分别为9.3/11.5/14.7 亿元（前值为2025-2026 年分别为7.8/12.6 亿 元），对应PE 分别为9/7/6 倍，维持"买入"评级。 风险提示 项目建设不及预期；原材料成本大幅波动；海外经营风险等 石油焦及预焙阳极价格回升，公司业绩拐点已现2024 年索通创新二期34 万吨和陇西索通30 万吨预焙阳 极项目达产，公司预焙阳极产/销量分别为326.45/331.69 万吨，较2023 年同比分别+10.25%/+11.35%。 公司24 年收入减少主要是受石油焦价格下行带动预焙阳极售价下降影响，2024 年山东预焙阳极售价 3703.93 元/吨，同比-20.85%，而2025 年以来石油焦及预焙阳极价格回 ...

索通发展股份有限公司 2024 年年度股东会会议资料 目录 索通发展股份有限公司 一、2024 年年度股东会参会须知 二、2024 年年度股东会基本情况及会议议程 2024 年年度股东会 会议资料 2025 年 5 月 1 索通发展股份有限公司 2024 年年度股东会会议资料 三、2024 年年度股东会会议议案及听取事项 （1）关于《2024 年年度报告》全文及摘要的议案； （2）关于《2024 年度董事会工作报告》的议案； （3）关于《2024 年度监事会工作报告》的议案； （4）关于 2024 年度利润分配方案的议案； （5）关于 2024 年度董事薪酬的议案； （6）关于 2024 年度监事薪酬的议案； （7）关于 2025 年度融资计划及相关授权的议案； （8）关于 2025 年度新增对外担保额度及相关授权的议案； （9）关于 2025 年度对外捐赠计划的议案； （11）关于续聘立信会计师事务所（特殊普通合伙）为公司外部审计机构的 议案； 听取《索通发展股份有限公司 2024 年度独立董事述职报告》。 二、股东及股东代表应于会议开始前十分钟入场；中途入场者，应经过会议 工作人员的许可。 三、会议按照召 ...

Core Viewpoint - The company has provided guarantees for its subsidiaries to support their financing needs, with a total guarantee amount of RMB 9,500 million for three subsidiaries [2][5][15]. Summary by Sections Guarantee Overview - The company has provided guarantees for its subsidiaries, including RMB 20 million for Su Tong Qili Carbon Materials Co., Ltd., RMB 20 million for Yunnan Su Tong Yun Aluminum Carbon Materials Co., Ltd., and RMB 55 million for Longxi Su Tong Carbon Materials Co., Ltd. [2][5] - The total approved guarantee limit is RMB 10 billion, which can be used repeatedly within the validity period of the shareholders' meeting resolution [5]. Financial Data of Guaranteed Subsidiaries - Su Tong Qili has a registered capital of RMB 26.4 million and was established on December 22, 2016 [8]. - Yunnan Su Tong Yun Aluminum has a registered capital of RMB 72 million and was established on May 16, 2018 [9]. - Longxi Su Tong has a registered capital of RMB 28 million and was established on November 30, 2021 [10]. Necessity and Reasonableness of Guarantees - The guarantees are intended to meet the production and operational needs of the subsidiaries, ensuring their stable development [15]. - The company maintains control over the management and finances of the subsidiaries, and the risk associated with the guarantees is considered manageable [15][16]. Board of Directors' Opinion - The board believes that the guarantee amounts are in line with the company's operational needs and overall development strategy, and will not adversely affect the company's operations [16]. Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 1,161,861.57 million, which is 224.70% of the company's audited net assets for 2024 [4][17]. - The actual guarantee balance is RMB 796,676.57 million, representing 154.07% of the company's audited net assets for 2024 [4][17]. No Overdue Guarantees - The company has no overdue external guarantees as of the announcement date [18].

Core Viewpoint - The company, SiTong Development, has reported a significant recovery in its performance within the prebaked anode industry, with a net profit of 244 million yuan in Q1 2025, nearing the total profit for the entire year of 2024, indicating a positive trend in the industry cycle [1][2]. Group 1: Financial Performance - In Q1 2025, the average domestic price of prebaked anodes was 5,179 yuan per ton, reflecting a year-on-year increase of 13% and a quarter-on-quarter increase of 19% [2]. - The comprehensive gross profit margin for Q1 2025 was 17.03%, an increase of 7.8 percentage points compared to the 9.2% gross profit margin for the entire year of 2024 [2]. - The company achieved a production volume of 3.2645 million tons of prebaked anodes in 2024, a year-on-year growth of 10.25%, and a sales volume of 3.3169 million tons, up 11.35% year-on-year [3]. Group 2: Strategic Initiatives - The company is expanding its production capacity through joint ventures with downstream customers, ensuring stable client relationships and meeting high demand [3]. - New projects are underway, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, with plans to start construction by the end of 2025 [4]. - The company is also accelerating overseas joint venture projects to enhance its global footprint [4]. Group 3: Growth Outlook - Multiple securities firms have expressed optimism regarding the company's growth logic, highlighting its competitive advantages in the prebaked anode sector and the potential for rapid capacity expansion [5]. - Profit forecasts for the company have been raised significantly, with expected net profits of 1.097 billion yuan and 1.282 billion yuan for 2025 and 2026, respectively, reflecting increases of 71% and 63% from previous estimates [5].

证券代码：603612 证券简称：索通发展 公告编号：2025-027 索通发展股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于2025年4月30日（星期三）至5月9日（星期五）16:00前登录上 证路演中心网站首页点击"提问预征集"栏目进行提问，也可将需要了解的有关 情况和问题预先通过电子邮件的形式发送至索通发展股份有限公司（以下简称"公 司"）投资者邮箱sunstone@sun-stone.com。公司将在信息披露允许的范围内，于说 明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 4 月 23 日发布《2024 年年度报告》《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-026 索通发展股份有限公司 关于 2025 年 4 月份提供担保的公告 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法律责任。 重要内容提示： 被担保人名称：索通齐力炭材料有限公司（以下简称"索通齐力"）、 云南索通云铝炭材料有限公司（以下简称"索通云铝"）、陇西索通炭材料有限 公司（以下简称"陇西索通"），以上公司均为索通发展股份有限公司（以下简 称"公司"）的控股子公司。 本次担保金额及已实际为其提供的担保余额：本次公司为索通齐力、索 通云铝、陇西索通提供的担保金额分别为人民币 2,000 万元、人民币 2,000 万元、 人民币 5,500 万元。截至本公告披露日，公司及子公司已实际为上述公司提供的 担保余额分别为人民币 61,806.50 万元（不含本次）、人民币 184,042.28 万元（不 含本次）、人民币 62,031.00 万元（不含本次）。 特别风险提示：截至本公告披露日，公司已批准的担保额度内尚未使用 额度与担保实际发生余额之和为 1,161,86 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a significant increase in profits due to the rapid price rise of prebaked anodes, with a net profit of 272 million yuan in 2024, compared to a loss of 723 million yuan in 2023. The first quarter of 2025 showed a net profit of 244 million yuan, marking a 676% year-on-year increase [1][2]. - The production and sales of prebaked anodes reached new highs in 2024, with production at 3.2645 million tons (up 10.25% year-on-year) and sales at 3.3169 million tons (up 11.35% year-on-year). Exports surged by 34.3% [2]. - The price of prebaked anodes stabilized in 2024 and began to rise sharply in 2025, with an average price of 5,039.5 yuan per ton in 2024 (down 20.2% year-on-year) and 5,848.4 yuan per ton in Q1 2025 (up 13.9% year-on-year) [2]. - The company's gross profit margin improved significantly, reaching 17.03% in Q1 2025, up from 8.94% in Q4 2024 [2]. Production Capacity and Expansion - The company achieved a total prebaked anode production capacity of 3.46 million tons in 2024, with ongoing expansion projects expected to increase capacity to approximately 5 million tons by the end of 2025 [3]. - New projects include a 600,000-ton project in Guangxi and a 320,000-ton project in Jiangsu, both aiming for completion by the end of 2025 [3]. Financial Projections - The company forecasts net profits of 1.069 billion yuan, 1.143 billion yuan, and 1.426 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 7.9, 7.4, and 6.0 [3].

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has shown a recovery in profitability, with a return to profit in 2024 and a significant increase in revenue and net profit in Q1 2025 [1][2]. - The price of prebaked anodes has increased, contributing to improved profitability in early 2025, with a notable rise in gross margin [2][4]. - The company is expanding its production capacity, with several projects underway aimed at increasing output in the coming years [3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 137.5 billion yuan, a decrease of 10% year-on-year, but achieved a net profit of 2.7 billion yuan, marking a return to profitability [1]. - For Q1 2025, revenue reached 37.4 billion yuan, a year-on-year increase of 20.5%, with a net profit of 2.4 billion yuan [1]. Price Trends and Margins - The average price of prebaked anodes decreased throughout 2024 but showed signs of stabilization, leading to a gross margin of 9.8%, an increase of 8.4 percentage points year-on-year [2]. - In Q1 2025, the average price of prebaked anodes rose to 5,179 yuan per ton, a 14% year-on-year increase, contributing to a gross margin of 17.03% [2]. Production Capacity Expansion - The company plans to advance several projects, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, aiming for completion by mid-2026 [3]. - The target for prebaked anode sales in 2025 is set at 3.5 million tons, with a production goal of 3.4 million tons [3]. Profit Forecast and Valuation - The forecasted net profit for 2025 and 2026 is 10.97 billion yuan and 12.82 billion yuan, respectively, reflecting significant growth compared to previous estimates [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 8, 7, and 6, respectively, indicating a favorable valuation relative to earnings growth [4].