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].

Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][5][20] Core Views - The company reported a revenue of 13.75 billion yuan for 2024, a year-on-year decrease of 10.19%, but achieved a net profit of 272 million yuan, marking a return to profitability [1][9] - The significant recovery in operating performance in Q1 2025 is attributed to the rapid rebound in prices of petroleum coke and prebaked anodes, which boosted the unit profit of prebaked anodes [1][9] - The company is expected to benefit from the domestic "North Aluminum South Move" strategy, leading to rapid capacity expansion and a gradual start in overseas market layout [3][20] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 18.594 billion, 20.513 billion, and 23.938 billion yuan, with year-on-year growth rates of 35.2%, 10.3%, and 16.7% respectively [3][20] - Net profit forecasts for the same period are 1.045 billion, 1.204 billion, and 1.446 billion yuan, with year-on-year growth rates of 283.5%, 15.2%, and 20.2% respectively [3][20] Production Capacity and Sales Data - In 2024, the company added 640,000 tons of prebaked anode capacity, bringing the total capacity to 3.46 million tons [2][11] - The total production of prebaked anodes in 2024 is expected to be 3.2645 million tons, a year-on-year increase of 10.25%, with sales of 3.3169 million tons, a year-on-year increase of 11.35% [2][11] Project Development - New project developments are progressing steadily, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, both expected to be operational by the end of 2025 [2][19] - The company is also making progress on a joint venture project with Emirates Global Aluminium (EGA) and has signed a sales framework agreement with three subsidiaries of Alcoa in the U.S. for the supply of approximately 240,000 tons of prebaked anodes in 2025 [2][19]

Summary of Conference Call Records Company Overview - **Company**: Suotong Development - **Industry**: Aluminum and Carbon Materials Key Points Financial Performance - In 2024, Suotong Development turned a profit, achieving a net profit of 346 million yuan in Q1 2025, with a net profit attributable to shareholders of 244 million yuan, representing a significant improvement year-on-year [1][2] - Revenue increased by 20.5% year-on-year, with a notable rise in gross margin due to higher prices for prebaked anodes and cathodes [1][2] Market Conditions - The fattening sheep market stabilized and rebounded in late 2024, while petroleum coke prices rose due to supply-demand mismatches, averaging 2,771 yuan per ton in March 2025, with a quarterly increase of approximately 36% [1][4] - The primary aluminum market reached record production levels, with a total output of 43 million tons in 2024, up 4.18% year-on-year [1][4] Import and Export Dynamics - Tariff policies have minimal impact on the company's exports, but may slightly increase petroleum coke prices. In 2024, the company imported approximately 13.4 million tons of petroleum coke, with about 3.87 million tons (30%) sourced from the U.S. [1][5] - The company expects to maintain a strong export growth rate, although specific predictions for growth rates remain uncertain [33] Production Capacity and Strategic Plans - The company plans to achieve a total production capacity of 5 million tons by 2025, with a focus on expanding its anode production capabilities [3][8] - New projects include a 100,000-ton calcined coke project in Hubei and collaborations with partners to develop additional production facilities [1][7] Inventory and Supply Chain Management - Inventory levels increased significantly, reflecting a strategic adjustment in raw material reserves due to rising prices [13][31] - The company experienced a 50% reduction in shipped goods, attributed to changes in settlement cycles and customer structures during the Spring Festival [14] Future Outlook - The company aims to increase prebaked anode sales to 3.5 million tons by 2025 and plans to invest more in R&D and digital transformation [1][7] - The profitability of the company's high-end anode products is expected to improve, with a focus on reducing carbon emissions and enhancing product quality [20][21] Industry Trends - The global aluminum production is projected to rise from over 70 million tons to 99 million tons, with significant investments in overseas projects [19][39] - The company is actively pursuing overseas expansion, particularly in the Middle East and Africa, to capitalize on growing demand [19][40] Challenges and Risks - The company faces challenges related to fluctuating petroleum coke prices and potential impacts from U.S. tariffs on imports [10][43] - The overall industry is experiencing a moderate level of overcapacity, with effective capacity lower than reported figures [27] Technological Advancements - The company is investing in digital transformation and new technologies, including AI and smart production systems, to enhance operational efficiency [37][38] Conclusion - Suotong Development is positioned for growth with a solid financial performance, strategic expansion plans, and a focus on innovation in the aluminum and carbon materials industry. The company is navigating market challenges while capitalizing on emerging opportunities in both domestic and international markets.