[Company Profile and Key Financial Indicators](index=7&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators [Company Overview](index=7&type=section&id=Company%20Overview) Xi'an Kaili New Materials Co., Ltd. (Kaili New Materials, 688269) is a new materials company led by Zeng Yongkang, registered and operating in Xi'an Economic and Technological Development Zone, Shaanxi Province - Company's Chinese name is Xi'an Kaili New Materials Co., Ltd., stock code **688269**, listed on the STAR Market of Shanghai Stock Exchange[13](index=13&type=chunk)[16](index=16&type=chunk) - Mr. Zeng Yongkang has been appointed as the legal representative of the company[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **1.014 billion yuan**, a **24.86%** increase, and net profit attributable to parent of **61.2 million yuan**, up **30.83%**, driven by increased catalyst sales and optimized business structure, though net cash flow from operating activities significantly decreased to **-91.18 million yuan** due to increased receivables and raw material purchases Key Accounting Data (yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,014,440,234.28 | 812,448,045.42 | 24.86 | | **Net Profit Attributable to Shareholders of Listed Company** | 61,195,291.25 | 46,776,124.61 | 30.83 | | **Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses** | 63,294,359.78 | 42,552,326.99 | 48.74 | | **Net Cash Flow from Operating Activities** | -91,179,720.04 | 35,190,791.64 | -359.10 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.47 | 0.36 | 30.56 | | **Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share)** | 0.48 | 0.33 | 45.45 | | **Weighted Average Return on Net Assets (%)** | 5.86 | 4.62 | Increased by 1.24 percentage points | | **R&D Investment as Percentage of Operating Revenue (%)** | 2.34 | 2.72 | Decreased by 0.38 percentage points | - Operating revenue growth primarily due to a **122.33% year-on-year increase** in overall catalyst product sales, with sales in the pharmaceutical and basic chemical sectors growing by **49.26%** and **185.54%** respectively[19](index=19&type=chunk) - Net cash flow from operating activities significantly decreased by **359.10%**, mainly due to increased accounts receivable from expanded sales and higher raw material procurement expenses to meet production orders[22](index=22&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion of the company's industry position, operational performance, core competencies, and key risk factors [Industry and Main Business](index=10&type=section&id=Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company, a leading precious metal catalyst enterprise in fine chemicals, expanded into basic chemicals and environmental new energy, achieving significant sales growth of **49.26%** in pharmaceuticals, **185.54%** in basic chemicals, and **1497.06%** in environmental new energy - The company is a leader and technology pioneer in precious metal catalysts within the fine chemical sector, with business synergistically developing around "catalyst preparation and catalytic application technology", forming three major business segments: R&D and production, technology development, and recycling and reprocessing[27](index=27&type=chunk) - During the reporting period, the company achieved significant sales growth across all major business areas: - **Pharmaceutical Sector**: Sales increased by **49.26%** year-on-year, primarily due to increased demand from core customers and enhanced market share[29](index=29&type=chunk) - **Basic Chemical Sector**: Sales increased by **185.54%** year-on-year, mainly benefiting from a **113.22%** increase in PVC mercury-free catalyst sales and new product promotion[30](index=30&type=chunk) - **Environmental New Energy Sector**: Sales surged by **1497.06%** year-on-year, primarily due to significant progress in hydrogen energy catalysts and establishing partnerships with leading water electrolysis hydrogen production enterprises[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company made significant progress in strategy, R&D, marketing, and production, forming a "three locations, four zones" synergistic development pattern, advancing R&D digitalization, expanding market reach, and enhancing operational efficiency through automation - **Strategic Layout**: The company has formed a "Caotan, Jingwei, Tongchuan, Binzhou" three locations, four zones synergistic development pattern. The main construction of the Binzhou Kaitai Hydrogenated Nitrile Butadiene Rubber industrialization project has been completed and entered the commissioning phase[35](index=35&type=chunk) - **Technology R&D**: In H1 2025, **23 new invention patent applications** were filed, with a cumulative total of **191 authorized patents**. The company strengthened R&D digitalization, utilizing AI simulation and prediction to guide catalyst R&D[36](index=36&type=chunk)[37](index=37&type=chunk) - **Market Marketing**: While consolidating its leading position in fine chemicals, sales in the basic chemical sector increased by **185.54%** year-on-year. The company is also accelerating its global layout, actively collaborating with overseas customers[38](index=38&type=chunk)[39](index=39&type=chunk) - **Production Operations**: Multiple automated demonstration production lines were established, and the automation upgrade of the PVC mercury-free catalyst carbon carrier treatment production line was completed, enhancing operational efficiency[39](index=39&type=chunk)[40](index=40&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies span six areas: institutional mechanisms, technology R&D, products, talent, brand and customer base, and service advantages, with continuous R&D investment, **23.75 million yuan** in expensed R&D in H1, and **173** cumulative invention patents, focusing on cutting-edge projects to address "bottleneck" issues and achieve import substitution - Company's core competencies include: 1. **Institutional Mechanism Advantage**: State-controlled background with core employee stock ownership[43](index=43&type=chunk) 2. **Technology and R&D Advantage**: Synergistic development of catalyst and catalytic application technology, possessing national-level research platforms[44](index=44&type=chunk) 3. **Product Advantage**: Comprehensive product range with excellent performance, covering fine chemicals, basic chemicals, energy, and environmental protection[46](index=46&type=chunk) 4. **Talent Advantage**: Stable and professional core management and technical team[47](index=47&type=chunk) 5. **Brand and Customer Advantage**: Nearly a thousand users, including a hundred listed companies, with high brand recognition[49](index=49&type=chunk) 6. **Service Advantage**: Provides integrated full-process services from R&D and production to recycling[49](index=49&type=chunk) - New progress in core technologies, including the activation of advanced scientific research systems introducing AI simulation and prediction, development of new platinum-carbon and ruthenium-based catalysts, breakthroughs in precious metal valence state control technology, and collaboration with Dalian Institute of Chemical Physics, Chinese Academy of Sciences on single-atom catalysts[50](index=50&type=chunk) R&D Investment | R&D Investment | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 23,753,649.66 | 22,120,503.73 | 7.38 | | **Total R&D Investment** | 23,753,649.66 | 22,120,503.73 | 7.38 | | **Total R&D Investment as Percentage of Operating Revenue (%)** | 2.34 | 2.72 | Decreased by 0.38 percentage points | - As of the end of the reporting period, the company has cumulatively obtained **173 invention patents** and **16 utility model patents**. During the reporting period, **23 new invention patent applications** were filed, and **4 were granted**[54](index=54&type=chunk)[55](index=55&type=chunk) [Risk Factors](index=26&type=section&id=Risk%20Factors) The company faces core risks from rapid technological iteration and competitive gaps, operational risks from volatile precious metal prices and high capital occupation, and financial risks including accounts receivable impairment and gross margin fluctuations, alongside industry-specific precious metal resource scarcity and macroeconomic policy changes - **Core Competitiveness Risk**: The industry experiences rapid technological upgrades and iterations; if the company fails to continuously maintain technological advancement, it may face risks of declining competitiveness[69](index=69&type=chunk)[70](index=70&type=chunk) - **Operational Risk**: Platinum group precious metals, as primary raw materials, are subject to significant price fluctuations and high costs, accounting for over **90%** of production costs, posing challenges to the company's cost and inventory management. Downstream pharmaceutical customers are affected by policies like "4+7" volume-based procurement, which may demand cost reductions or new process development, placing higher requirements on the company's products[71](index=71&type=chunk)[72](index=72&type=chunk) - **Financial Risk**: At the end of the reporting period, the book value of accounts receivable increased, intensifying working capital occupation and bad debt risks. Concurrently, changes in business structure and raw material costs may lead to gross margin fluctuations[74](index=74&type=chunk) - **Industry Risk**: China's platinum group metal resources are scarce, primarily relying on imports; if international political factors affect supply, it will significantly impact the company's production and operations[75](index=75&type=chunk) [Analysis of Key Operating Performance](index=29&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, operating revenue and cost increased by **24.86%** and **22.58%** respectively, while financial expenses surged by **238.97%** due to increased short-term borrowings for raw material procurement; accounts receivable and financing receivables grew significantly, reflecting expanded sales and enhanced collection management, with Tongchuan Kaili contributing significantly to profit Key Operating Data (yuan) | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,014,440,234.28 | 812,448,045.42 | 24.86 | | **Operating Cost** | 892,657,605.31 | 728,200,539.69 | 22.58 | | **Financial Expenses** | 6,970,526.86 | 2,056,372.86 | 238.97 | | **Net Cash Flow from Operating Activities** | -91,179,720.04 | 35,190,791.64 | -359.10 | - Financial expenses increased by **238.97%** year-on-year, primarily due to increased short-term borrowings for raw material procurement during the reporting period, leading to higher interest expenses[79](index=79&type=chunk) Assets/Liabilities Items (yuan) | Asset/Liability Item | Current Period End | Prior Period End | Change (%) | | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 227,181,414.79 | 155,833,042.87 | 45.79 | | **Accounts Receivable Financing** | 105,160,602.64 | 56,777,284.20 | 85.22 | | **Long-term Borrowings** | 150,250,215.91 | 115,000,000.00 | 30.65 | - As of the end of the reporting period, the company's total restricted assets amounted to **405 million yuan**, mainly comprising fixed assets, intangible assets, and construction in progress pledged for borrowings[84](index=84&type=chunk)[85](index=85&type=chunk) [Corporate Governance, Environment, and Society](index=36&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's board, senior management, and core technical personnel [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&type=section&id=Changes%20in%20Company%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company experienced several senior personnel changes, including Mr. Zhang Zhixiang's retirement as Chairman, succeeded by Mr. Zeng Yongkang, and Ms. Wang Shihong's resignation as CFO and Board Secretary, succeeded by Mr. Zeng Lihui, with no changes in core technical personnel - Mr. Zhang Zhixiang resigned as Chairman due to retirement but continues to serve as a core technical personnel[93](index=93&type=chunk) - Mr. Zeng Yongkang was elected as the new Chairman and became the company's legal representative[93](index=93&type=chunk) - Mr. Zeng Lihui was appointed as Deputy General Manager, Chief Financial Officer, and Board Secretary[93](index=93&type=chunk)[94](index=94&type=chunk) [Significant Matters](index=38&type=section&id=Significant%20Matters) This section outlines the fulfillment of commitments, significant related party transactions, and major contracts and their performance [Fulfillment of Commitments](index=38&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly adhered to all commitments made during the initial public offering, including share lock-up, holding intentions, avoidance of horizontal competition, and standardization of related party transactions, with no violations - Commitments made by the company's controlling shareholder Northwest Institute, directors, senior management, and core technical personnel, such as share lock-up, were timely and strictly fulfilled during or continuing into the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Significant Related Party Transactions](index=59&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related party transactions, including sales of products and services totaling **23.65 million yuan** to Xi'an Taijin New Energy Technology Co., Ltd. and **4.15 million yuan** to Western Metal Materials Co., Ltd., all within the estimated amounts Related Party Transaction Categories | Related Party Transaction Category | Related Party | Estimated Amount (million yuan) | Actual Amount During Reporting Period (million yuan) | | :--- | :--- | :--- | :--- | | **Sales of Products, Goods, and Services to Related Parties** | Xi'an Taijin New Energy Technology Co., Ltd. and its controlled companies | 6,000.00 | 2,365.39 | | | Western Metal Materials Co., Ltd. and its controlled companies | 4,000.00 | 414.91 | | | Northwest Institute for Non-ferrous Metal Research, the company's controlling shareholder, and its controlled companies | 500.00 | 230.14 | | **Acceptance of Services from Related Parties** | Northwest Institute for Non-ferrous Metal Research, the company's controlling shareholder, and its controlled companies | 285.00 | 133.64 | [Significant Contracts and Their Fulfillment](index=61&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company provided joint liability guarantees totaling up to **400 million yuan** for its wholly-owned subsidiary Tongchuan Kaili, with a remaining guarantee balance of **81.75 million yuan** at period-end, representing **8.11%** of net assets, all within approved limits and without overdue external guarantees - The company provided two guarantees for its wholly-owned subsidiary Tongchuan Kaili, totaling **130 million yuan**, for working capital and fixed asset borrowings[130](index=130&type=chunk) - At the end of the reporting period, the total guarantee balance for subsidiaries was **81.75 million yuan**, representing **8.11%** of the company's net assets[130](index=130&type=chunk) [Share Changes and Shareholder Information](index=65&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's shareholder structure and key shareholder information [Shareholder Information](index=65&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **5,848** common shareholders, with the top ten shareholder structure remaining stable, and controlling shareholder Northwest Institute for Non-ferrous Metal Research holding **25.71%**, alongside core management and institutional investors like social security and pension funds - As of the end of the reporting period, the company had a total of **5,848** common shareholders[136](index=136&type=chunk) Shareholder Information | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Northwest Institute for Non-ferrous Metal Research | 33,600,000 | 25.71 | | Zhang Zhixiang | 5,506,632 | 4.21 | | Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Portfolio | 3,390,598 | 2.59 | | Basic Pension Insurance Fund 16032 Portfolio | 1,996,684 | 1.53 | | Wang Pengbao | 1,755,800 | 1.34 | [Financial Report](index=70&type=section&id=Financial%20Report) This section presents the company's consolidated financial statements and selected notes, providing a detailed view of its financial position and performance [Consolidated Financial Statements](index=70&type=section&id=Consolidated%20Financial%20Statements) As of June 30, 2025, the company's total assets were **2.164 billion yuan**, up **5.50%** from the beginning of the period, with total liabilities of **1.114 billion yuan**, operating revenue of **1.014 billion yuan**, and net profit of **61.13 million yuan**, while operating cash flow was a net outflow of **91.18 million yuan** and financing cash flow a net inflow of **83.54 million yuan** Balance Sheet Items (yuan) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 2,164,106,653.29 | 2,051,340,758.70 | | **Total Liabilities** | 1,114,456,952.16 | 999,321,050.54 | | **Total Equity Attributable to Parent Company Owners** | 1,007,544,973.82 | 1,013,485,099.31 | Income Statement Items (yuan) | Income Statement Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Total Operating Revenue** | 1,014,440,234.28 | 812,448,045.42 | | **Total Operating Cost** | 949,209,029.82 | 774,611,538.17 | | **Total Profit** | 69,075,853.22 | 51,426,288.86 | | **Net Profit** | 61,125,409.71 | 46,747,372.85 | Cash Flow Statement Items (yuan) | Cash Flow Statement Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -91,179,720.04 | 35,190,791.64 | | **Net Cash Flow from Investing Activities** | -77,892,281.49 | -204,531,931.44 | | **Net Cash Flow from Financing Activities** | 83,535,800.37 | 139,032,604.15 | [Notes to Financial Statements (Excerpt)](index=117&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Financial statement notes detail account composition and changes, including **230 million yuan** in cash and equivalents (with **12.1 million yuan** restricted), **227 million yuan** in accounts receivable (up **45.79%**), **338 million yuan** in inventory, and operating revenue primarily from catalyst sales, with **23.75 million yuan** in expensed R&D - Cash and equivalents at period-end totaled **230 million yuan**, of which **12.1 million yuan** was restricted as bank guarantee deposits[286](index=286&type=chunk) - Accounts receivable at period-end had a book balance of **240 million yuan**, with a book value of **227 million yuan** after deducting **12.47 million yuan** for bad debt provisions[295](index=295&type=chunk)[298](index=298&type=chunk) Operating Revenue Composition (yuan) | Operating Revenue Composition | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | **Main Business** | 941,830,136.94 | 822,391,027.08 | | Of which: Catalyst Sales | 873,814,904.71 | 792,148,143.05 | | Catalyst Processing | 67,676,536.82 | 30,160,369.20 | | **Other Business** | 72,610,097.34 | 70,266,578.23 | | **Total** | 1,014,440,234.28 | 892,657,605.31 | - Total R&D expenses during the reporting period were **23,753,649.66 yuan**, primarily comprising employee compensation (**10.78 million yuan**) and material costs (**6.52 million yuan**), all expensed[419](index=419&type=chunk)[446](index=446&type=chunk)

格隆汇8月14日丨凯立新材(688269.SH)公布，董事会于近日收到张之翔先生的书面辞职报告。张之翔先 生由于到龄退休，申请辞去公司董事长、董事、董事会下设专门委员会委员职务，并不再担任公司法定 代表人。上述辞呈自送达公司董事会之日生效，张之翔先生将继续认定为公司核心技术人员，继续支持 公司研发工作。 公司于2025年8月13日召开了2025年第一次职工代表大会，审议通过了《关于公司选举职工代表董事的 议案》，选举高武先生担任公司职工代表董事；召开了第四届董事会第八次会议，审议通过了《关于选 举董事长的议案》《关于调整董事会专门委员会委员的议案》，选举曾永康先生为公司董事长，并相应 调整专门委员会委员。上述人员任期与本届董事会任期一致。 ...

格隆汇8月14日丨凯立新材(688269.SH)公布半年度报告，营业收入10.14亿元，同比增长24.86%，归属 于上市公司股东的净利润6119.5万元，同比增长30.83%，归属于上市公司股东的扣除非经常性损益的净 利润6329万元，同比增长48.74%。 ...

格隆汇8月14日丨凯立新材(688269.SH)公布，截至目前，基于市场环境、宏观环境、合作方等多方面因 素影响，凯立铂翠未来经营状况不确定性上升。凯立铂翠未实际开展经营活动，股东均未实缴出资。为 进一步优化资源，提高资产运营效率，降低管理成本，经与各股东友好协商，拟注销凯立铂翠。 ...

公司于2025年8月13日召开了2025年第一次职工代表大会，审议通过了《关于公司选举职工代表董事的 议案》，选举高武先生担任公司职工代表董事；召开了第四届董事会第八次会议，审议通过了《关于选 举董事长的议案》《关于调整董事会专门委员会委员的议案》，选举曾永康先生为公司董事长，并相应 调整专门委员会委员。上述人员任期与本届董事会任期一致。 格隆汇8月14日丨凯立新材(688269.SH)公布，董事会于近日收到张之翔先生的书面辞职报告。张之翔先 生由于到龄退休，申请辞去公司董事长、董事、董事会下设专门委员会委员职务，并不再担任公司法定 代表人。上述辞呈自送达公司董事会之日生效，张之翔先生将继续认定为公司核心技术人员，继续支持 公司研发工作。 ...

Group 1 - The core viewpoint is that Kaili New Materials (688269.SH) has announced an increase in uncertainty regarding the future operating conditions of Kaili Platinum, influenced by various factors such as market environment, macroeconomic conditions, and partners [1] - Kaili Platinum has not commenced any actual business activities, and shareholders have not contributed their capital [1] - To optimize resources, improve asset operation efficiency, and reduce management costs, the company plans to deregister Kaili Platinum after friendly consultations with all shareholders [1]

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Insights - The National Development and Reform Commission has revised the "Fixed Asset Investment Project Energy Review and Carbon Emission Evaluation Measures," which will take effect on September 1, 2025, incorporating carbon emission evaluations into the energy review system [1][13] - The basic chemical sector has shown a week-on-week increase of 2.44%, outperforming the CSI 300 index by 1.2 percentage points, ranking 11th among all sectors [4][16] - Key products such as liquid nitrogen and liquid oxygen have seen significant price increases of 10% and 9.1% respectively, while other products like liquid methionine and various PVC types have experienced price declines [2][29] Summary by Sections Key News Tracking - The revision of energy review measures includes dynamic adjustments to review authority and improved management regulations [1][13] - The domestic market for oxalic acid is experiencing strong performance due to increased demand from Myanmar and stable supply from major manufacturers [3] Product Price Monitoring - Among the 345 tracked chemical products, 51 have seen price increases, while 113 have decreased, and 181 remained stable [26] - The top five products with price increases include liquid nitrogen (+10%), liquid oxygen (+9.1%), and oxalic acid (+6.2%) [29] Sector Performance - The basic chemical sector's PB ratio is 2.21, while the overall A-share market's PB is 1.59, indicating a higher valuation for the sector [24] - The PE ratio for the basic chemical sector stands at 26.71, compared to 16.32 for the overall A-share market [24] Focused Sub-industry Insights - The report highlights potential investment opportunities in sub-industries such as MDI, amino acids, and pesticides, with specific companies recommended for investment [5] - The report emphasizes the importance of supply-demand dynamics and the potential for recovery in certain sub-industries like organic silicon and spandex [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002453 | 华软科技 | 6.22 | 10.09% | 29.86万 | | 1.81亿 | | 688189 | 久日新材 | 25.30 | 7.48% | 16.98万 | | 4.32 Z | | 300637 | 扬帆新材 | 12.39 | 5.90% | 26.95万 | | 3.27亿 | | 688157 | 松井股份 | 35.47 | 5.19% | 7.72万 | | 2.75亿 | | 688269 | 凯立新材 | 36.40 | 4.87% | 6.22万 | | 2.27亿 | | 600873 | 梅化生物 | 11.65 | 3.65% | 46.56万 | | 5.40亿 | | 301077 | 星华新材 | 22.14 | 3.55% | 7.32万 | | 1.60亿 | | 688625 | 呈和科技 | 32.26 | 3.17% | 3.73万 | | 1.20亿 | | 6 ...

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