证券代码：688190 证券简称：云路股份 公告编号：2025-044 青岛云路先进材料技术股份有限公司 2025年第二次临时股东大会决议公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 61 | | --- | --- | | 普通股股东人数 | 61 | | 2、出席会议的股东所持有的表决权数量 | 70,242,716 | | 普通股股东所持有表决权数量 | 70,242,716 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 58.5355 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 58.5355 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2025 年 9 月 1 ...

青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 五次会议于 2025 年 9 月 19 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于制定<2025-2027 年度任期经营业绩责任书><2025 年度 经营业绩责任书>的议案》 监事会认为：公司制定的《2025-2027 年度任期经营业绩责任书》《2025 年度经营业绩责任书》综合考虑了当前全球经济环境、行业态势及公司经营情况 等因素，能够全面、科学地评价高管人员的业绩贡献，调动高级管理人员的积极 性和创造性。 证券代码：688190 证券简称：云路股份 公告编号：2025-042 青岛云路先进材料技术股份有限公司 第三届监事会第五次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 特此 ...

青岛云路先进材料技术股份有限公司 第三届董事会第六次会议决议公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 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个 别及连带责任。 证券代码：688190 证券简称：云路股份 公告编号：2025-041 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届董事会第 六次会议于 2025 年 9 月 19 日上午 9 点在公司会议室以现场方式结合通讯方式召 开。本次会议应到董事 11 名，实到董事 10 名（李晓雨先生因被采取留置措施缺 席本次会议），会议由副董事长雷日赣主持。本次会议的召集和召开符合《中华 人民共和国公司法》（以下简称"《公司法》"）及《青岛云路先进材料技术股 份有限公司章程》（以下简称"《公司章程》"）的有关规定。 一、审议通过《关于聘任公司内审机构负责人的议案》 公司董事会同意聘任邱晓宁女士为公司内审机构负责人，任期自本次董事会 审议通过之日起，至第三届董事会任期届满之日止。 表决结果：10 票同意，0 票反对，0 票弃权。 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn） ...

Group 1 - The core point of the article is that Yunlu Co., Ltd. announced that as of September 17, 2025, the share buyback plan has passed the halfway mark, but certain individuals have not yet executed their share purchases due to funding arrangements and other factors [2] - The share buyback plan has not been fully implemented, and the involved parties will continue to follow the buyback plan during the implementation period [2]

证券代码：688190 证券简称：云路股份 公告编号：2025-040 青岛云路先进材料技术股份有限公司 关于董事、高级管理人员增持公司股份进展 暨增持时间过半的公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 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： 基于对公司未来持续稳定发展的信心以及对公司股票长期投资价值的 认可，青岛云路先进材料技术股份有限公司（以下简称"公司"）董事 兼副总经理庞靖先生，副总经理曾远华先生，副总经理李庆华先生， 副总经理、财务总监兼董事会秘书石岩女士计划自 2025 年 6 月 18 日 起 6 个月内，使用其自有资金或自筹资金，通过上海证券交易所交易 系统允许的方式（包括但不限于集中竞价和大宗交易等）增持公司股 份。本次各增持主体拟增持金额不低于人民币 100 万元（含）且不超 过 300 万元（含），各主体合计拟增持金额不低于人民币 400 万元（含） 且不超过 1,200 万元（含）。本次增持计划的具体内容详见公司 2025 年 6 月 18 日披露于上海证券交易所网站（www.sse.com.cn） ...

Core Viewpoint - Yunlu Co., Ltd. has shown a mixed performance in terms of stock trading and financial results, with a slight increase in stock price but a net outflow in financing activities [1][2]. Financing Activities - On September 15, Yunlu Co., Ltd. experienced a stock price increase of 2.52%, with a trading volume of 140 million yuan [1]. - The financing buy-in amount for the day was 11.21 million yuan, while the financing repayment was 12.96 million yuan, resulting in a net financing outflow of 1.75 million yuan [1]. - As of September 15, the total financing and securities balance for Yunlu Co., Ltd. was 85.29 million yuan, with the financing balance at 83.45 million yuan, accounting for 0.59% of the circulating market value, which is below the 50th percentile level over the past year [1]. Securities Lending - On the same day, Yunlu Co., Ltd. had a securities lending repayment of 400 shares and a securities lending sell-out of 400 shares, with a sell-out amount of 47,100 yuan based on the closing price [1]. - The remaining securities lending volume was 15,600 shares, with a securities lending balance of 1.84 million yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Company Overview - Yunlu Co., Ltd. is located in Jimo City, Qingdao, Shandong Province, and was established on December 21, 2015, with its listing date on November 26, 2021 [1]. - The company's main business involves the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the main business includes 74.71% from amorphous alloy thin strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Financial Performance - As of June 30, the number of shareholders for Yunlu Co., Ltd. was 4,883, a decrease of 12.66% from the previous period, while the average circulating shares per person increased by 14.50% to 24,575 shares [2]. - For the first half of 2025, Yunlu Co., Ltd. achieved an operating income of 986 million yuan, representing a year-on-year growth of 8.28%, and a net profit attributable to the parent company of 169 million yuan, with a year-on-year increase of 1.51% [2]. Dividend Distribution - Since its A-share listing, Yunlu Co., Ltd. has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Yunlu Co., Ltd., Invesco Great Wall New Energy Industry Stock A (011328) ranked as the sixth largest shareholder, holding 2.3541 million shares, an increase of 442,300 shares from the previous period [3]. - Invesco Great Wall Long-term Growth Mixed A (011058) ranked as the tenth largest circulating shareholder, holding 878,300 shares, marking its entry as a new shareholder [3].

青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688190 证券简称：云路股份 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会 会议资料 二零二五年九月 1 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会会议资料 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会材料目录 | 2025 | 年第二次临时股东大会会议须知 | | 3 | | --- | --- | --- | --- | | 2025 | 年第二次临时股东大会会议议程 | | 5 | | 2025 | 年第二次临时股东大会会议议案 | | 7 | 2 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权 利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司和其 他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许 可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确 定先后时，由主持人指定发言 ...

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has seen a stock price increase of 5.11%, reaching 116.66 CNY per share, with a total market capitalization of 13.999 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main business revenue composition being: 74.71% from amorphous alloy thin strips and products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and products, and 1.77% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The China Merchants SSE STAR 50 ETF Linked A (023739) has a total scale of 211 million CNY and has achieved a return of 33.88% since its inception on April 8, 2025 [2]

Core Insights - The rare metals theme index (930632) has shown a strong increase of 1.92% as of September 12, 2025, with notable gains in constituent stocks such as Yunlu Co., Ltd. (688190) up 6.05% and Dongfang Tantalum Industry (000962) up 5.82% [1] - The rare metals ETF (561800) has seen a weekly increase of 6.45%, ranking first among comparable funds [1] - Over the past year, the rare metals ETF has achieved a net value increase of 85.48%, with a maximum single-month return of 24.02% since its inception [4] Industry Analysis - The supply increase of lithium spodumene is effectively compensating for the shortfall in lithium mica, leading to a marginal growth in domestic production and a return of lithium prices to fundamentals [4] - The cobalt sector is experiencing structural price increases, with a potential short-term benefit from improving demand as the peak demand season approaches [4] - The rare earth industry is undergoing significant supply-side reforms, with a notable increase in magnetic material exports, which rose by 75% month-on-month and 6% year-on-year [4] - The rare earth sector is expected to continue evolving with both valuation and performance improvements due to price increases, supply reforms, and strategic attributes of the sector [4] Key Stocks - As of August 29, 2025, the top ten weighted stocks in the rare metals theme index account for 57.58% of the index, including Northern Rare Earth (600111) and Luoyang Molybdenum (603993) [5] - The top stocks by weight include Salt Lake Co. (000792) at 8.52% and Northern Rare Earth (600111) at 8.49% [7] - The rare metals ETF (561800) serves as an effective investment tool for investors looking to gain exposure to the rare metals industry [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 990 million yuan for the first half of 2025, representing a year-on-year increase of 8.3%. The net profit attributable to the parent company was 170 million yuan, up 1.5% year-on-year, while the net profit excluding non-recurring items was also 170 million yuan, reflecting a 5.3% increase year-on-year. In Q2 2025, the revenue reached 560 million yuan, showing a significant year-on-year growth of 20.7%, although the net profit attributable to the parent company decreased by 0.8% to 90 million yuan [3][8]. Summary by Sections Financial Performance - For H1 2025, the company's gross profit margin was 29.33%, a decrease of 0.92 percentage points year-on-year. In Q2 2025, the gross profit margin was 28.85%, down 1.40 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [8]. - The company's total fixed assets reached 540 million yuan by the end of Q2 2025, an increase of 50 million yuan from Q1 2025 and 170 million yuan from Q2 2024 [8]. - The company reported a negative operating cash flow of 35 million yuan for H1 2025, with Q2 2025 showing a positive cash flow of 82 million yuan, although this was a 45.2% decrease year-on-year [8]. Operational Insights - The company is experiencing continuous capacity expansion, with an increasing penetration rate of amorphous transformers in the distribution sector. It has also achieved mass production of 300mm wide amorphous strip materials, which supports applications in high-power distribution transformers and electric vehicle drive motors [8]. - The company expects a net profit attributable to the parent company of 420 million yuan for 2025, corresponding to a price-to-earnings ratio of approximately 31 times [8].