Core Viewpoint - The Chinese precious metals materials industry is experiencing significant growth driven by various national and provincial policies aimed at promoting sustainable development, resource recycling, and the advancement of strategic emerging industries [1][3][11]. Policy Overview - Since the "14th Five-Year Plan," multiple policies have been implemented to enhance the development of strategic emerging industries, including precious metals materials, which are crucial for sectors like automotive, environmental protection, and biomedicine [3][11]. - The government emphasizes the importance of recycling precious metals, particularly in the context of green and low-carbon development, as outlined in the "Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Replacement" released in March 2024 [3][4]. National Policy Summary - A series of national policies have been introduced to support the precious metals materials industry, focusing on improving the supply chain for key materials and promoting the recycling of precious metals [3][4]. - Key policies include: - The "Standard Enhancement Action Plan" aims to optimize standards across various industries by 2027 [4]. - The "Guidance on Coordinating Energy Conservation, Carbon Reduction, and Recycling" targets a recycling volume of 450 million tons of major renewable resources by 2025 [4]. - The "14th Five-Year Plan for the Precious Metals Industry" outlines goals for increasing gold resource exploration and production [4][5]. Provincial Policy Highlights - Various provinces have established specific policies to promote the development of the precious metals materials industry: - Fujian focuses on high-purity rare metals and advanced materials [14]. - Gansu aims to leverage its platinum group metal resources to develop hydrogen energy-related materials [14]. - Guangdong and Henan have set ambitious targets for gold and silver resource development by 2025 [14][17]. - The policies across provinces emphasize the importance of recycling and resource utilization, with several regions targeting the establishment of recycling markets for precious metals [14][17]. Industry Development Goals - The precious metals materials industry is set to benefit from a robust policy framework that encourages innovation, recycling, and sustainable practices [11][17]. - By 2025, significant advancements are expected in the recycling and utilization of precious metals, with provinces like Yunnan targeting a production capacity of over 30 tons of platinum group metals [17].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance aligns with expectations, but profitability is under pressure due to solidification challenges and a decline in technical services. However, new product launches are anticipated to contribute positively in the future [1][7] - The company reported a total revenue of 1.687 billion yuan for 2024, reflecting a year-on-year decrease of 5.5%. The net profit attributable to the parent company is projected to be 0.92 billion yuan, down 18.6% year-on-year [7] - The fourth quarter of 2024 saw a recovery in terminal demand, with revenue increasing by 22.25% year-on-year and 64.35% quarter-on-quarter, indicating a potential turnaround [7] Financial Data Summary - Total revenue for 2023 is reported at 1.785 billion yuan, with a year-on-year decline of 5.2%. The projected revenues for 2024, 2025, and 2026 are 1.687 billion yuan, 1.971 billion yuan, and 2.099 billion yuan respectively [5][9] - The net profit for 2023 is 113 million yuan, with projections of 92 million yuan for 2024, 150 million yuan for 2025, and 215 million yuan for 2026, reflecting a significant decrease in profitability [5][9] - The company's gross margin is expected to improve from 11.6% in 2024 to 16.3% by 2026, while the return on equity (ROE) is projected to rise from 8.5% in 2024 to 14.9% in 2026 [5][9]

Financial Performance - The total operating revenue for 2024 was CNY 168,655.96 million, a decrease of 5.53% compared to the previous year[4] - The net profit attributable to the parent company was CNY 9,224.85 million, down 18.27% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 8,452.46 million, a decrease of 21.76% compared to the previous year[4] - The basic earnings per share decreased to CNY 0.70, down 18.60% from CNY 0.86 in the previous year[4] Assets and Equity - The total assets increased by 33.89% to CNY 205,181.09 million at the end of the reporting period[5] - The equity attributable to the parent company increased by 2.52% to CNY 101,337.25 million[5] Revenue Decline Factors - The decline in revenue was primarily due to a decrease in the market price of precious metal raw materials, which fell by 20.51%-24.61%[7] - The company experienced a decrease in high-margin technical service revenue, contributing to the decline in net profit[7] Operating Costs - The increase in operating costs was attributed to the completion and operation of several projects, leading to higher depreciation and personnel costs[7] Investment and Inventory - The company is currently in the investment construction phase for its subsidiaries, leading to increased investment and inventory levels[7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Viewpoints - The Minamata Convention has created a significant market for mercury-free catalysts in the PVC industry, with China being one of the first signatories and actively complying with the convention's requirements [1][2][3] - The demand for mercury-free catalysts in China is expected to exceed 10,000 tons, with a potential market size of approximately 2.028 billion yuan over the next five years [4][5] - The company has adjusted its net profit forecasts for 2024-2026 to 105.23 million yuan, 182.30 million yuan, and 244.49 million yuan respectively, reflecting a stable competitive landscape in the mercury-free catalyst industry [4][5] Summary by Sections 1. Minamata Convention Background and Progress - The Minamata Convention, effective since August 16, 2017, aims to control mercury emissions and has over 140 signatory countries [1][2][3] - The convention includes measures to ban new mercury mines and gradually eliminate the use of mercury in various products and processes [2][3][4] 2. Mercury-Free PVC Industry - The PVC industry in China, which relies heavily on mercury-containing catalysts, is undergoing a transition to mercury-free production methods to comply with the Minamata Convention [3][4] - The electric acetylene method, which accounts for about 75% of PVC production in China, is expected to shift towards mercury-free technologies [3][4] 3. Demand for Mercury-Free Catalysts - The annual demand for mercury-free catalysts in the PVC production process is projected to be around 10,000 tons, with a total replacement market estimated at 2.028 billion yuan [4][5] - The competitive landscape for mercury-free catalysts is stable, with only a few companies, including the report's subject company, actively participating in the market [4][5] 4. Financial Data and Forecasts - The company's revenue for 2022 was 1,882.20 million yuan, with a projected decline in 2023 to 1,785.30 million yuan, followed by a recovery in 2024 [5] - The adjusted net profit forecasts for 2024-2026 are 105.23 million yuan, 182.30 million yuan, and 244.49 million yuan respectively, indicating a positive growth trajectory [4][5]

国浩律师(西安)事务所 关于西安凯立新材料股份有限公司 本法律意见书仅供公司 2025年第一次临时股东大会之目的使用,本所及经 办律师同意本法律意见书随同公司本次股东大会决议及其他信息披露资料一并 公告。 为出具本法律意见书,本所经办律师审查了公司提供的以下文件: 1.《西安凯立新材料股份有限公司章程》(以下简称"《公司章程》"); 2025年第一次临时股东大会的 法律意见书 致:西安凯立新材料股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民 共和国公司法》(以下简称"《公司法》")及中国证券监督管理委员会《上市 公司股东大会规则》(以下简称"《股东大会规则》")等法律、行政法规和规 范性文件的规定,国浩律师(西安)事务所(以下简称"本所"或"国浩")接 受西安凯立新材料股份有限公司(以下简称"公司"或"凯立新材")的委托, 指派律师出席公司 2025年第一次临时股东大会(以下简称"本次股东大会"), 并对本次股东大会的相关事项进行见证,依法出具本法律意见书。 国浩及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定 ...

西安凯立新材料股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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 （一） 股东大会召开的时间：2025 年 1 月 22 日 （二） 股东大会召开的地点：西安经济技术开发区高铁新城尚林路 4288 号凯立 新材综合办公楼 证券代码：688269 证券简称：凯立新材 公告编号：2025-004 （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。 本次股东大会由公司董事会召集，董事长张之翔先生主持。本次会议采取现 场投票和网络投票相结合的方式表决。公司聘请了国浩律师（西安）事务所陈思 怡律师、王阳光律师对本次股东大会进行见证。本次会议的召开符合《公司法》 及《公司章程》的相关规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 9 人，出席 9 人； 2、 公司在任监事 3 人，出席 3 人； 3、 公司董事会秘书王世红女士出席本次会议，公司高管列席本次会议。 二、 议案 ...

二〇二五年一月 中国西安 1 西安凯立新材料股份有限公司 2025 年第一次临时股东大会 目录 | 目录 2 | | --- | | 西安凯立新材料股份有限公司 3 | | 2025 年第一次临时股东大会会议须知 3 | | 西安凯立新材料股份有限公司 5 | | 2025 年第一次临时股东大会会议议程 5 | | 议案一 7 | | 关于预计公司 2025 年度日常性关联交易的议案 7 | 西安凯立新材料股份有限公司 2025 年第一次临时股东大会 证券代码：688269 证券简称：凯立新材 西安凯立新材料股份有限公司 2025 年第一次临时股东大会会议资料 2 西安凯立新材料股份有限公司 2025 年第一次临时股东大会 西安凯立新材料股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》以及《西安凯立新材料股份有限公司章程》《西安凯 立新材料股份有限公司股东大会议事规则》等相关规定，西安凯立新材料股份有 限公司（以下简称"公司"）特制定本次股 ...

西安凯立新材料股份有限公司 证券代码：688269 证券简称：凯立新材 公告编号：2025-003 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/1/16 | 2025/1/17 | 2025/1/17 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 12 月 2 日的 2024 年第三次临时股东大会审 议通过。 二、 分配方案 1. 发放年度：2024 年第三季度 重要内容提示： 每股现金红利 0.2 元（含税） 相关日期 2024 年第三季度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 除公司自行发放对象外，公司其余股东的现金红利委托中国结算上海分公司 通过其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券 交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发 放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国 结算上海分公司保管，待办理指定交易后再 ...

西安凯立新材料股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况、发展理念， 公司计划于 2024 年 12 月 20 日 上午 09:00-10:00 举行 2024 年第三 季度业绩说明会，此次活动将采用线上文字互动的方式举行，投资者 可登录上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）参与线上互动交流。 会议召开时间：2024 年 12 月 20 日(星期五) 上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心线上文字互动 一、 说明会类型 本次投资者说明会以线上文字互动形式召开，公司将针对 2024 年第三季度的经营成果及财务指标的具体情况与投资者进行互动交 流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 证券代码：688269 证券简称：凯立新材 公告编号： 2024-047 西安凯立新材料 ...

本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 证券代码：688269 证券简称：凯立新材 公告编号：2024-046 西安凯立新材料股份有限公司 2024 年第三次临时股东大会决议公告 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 （一） 股东大会召开的时间：2024 年 12 月 2 日 （二） 股东大会召开的地点：西安经济技术开发区高铁新城尚林路 4288 号凯立 新材综合办公楼 （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： （四） 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 | 115 | | --- | --- | | 普通股股东人数 | 115 | | 2、出席会议的股东所持有的表决权数量 | 55,546,726 | | 普通股股东所持有表决权数量 | 55,546,726 | | 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 | 42.498 ...