Group 1: Market Trends - The implementation of algorithmic trading regulations began on July 7, 2025, with detailed provisions for reporting, trading behavior, information systems, and high-frequency trading management [7] - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.40% and the Shenzhen Component Index increasing by 1.54% [7] - The total trading volume in A-shares reached 7.21 trillion yuan, with an average daily trading volume of 1.44 trillion yuan, reflecting a week-on-week decrease of 3.05% [7] Group 2: Company Analysis - Kaili New Materials (688269.SH) - Kaili New Materials announced a cash dividend of 0.3 yuan per share, totaling 39.21 million yuan, as part of its commitment to shareholder returns [8] - In Q1 2025, the company achieved revenue of 626 million yuan, a year-on-year increase of 105.25%, and a net profit of 22 million yuan, up 90.48% year-on-year [11] - The company is expected to maintain high growth rates in core product sales, with projected revenues of 2.037 billion yuan, 2.487 billion yuan, and 2.918 billion yuan for 2025 to 2027, reflecting year-on-year growth rates of 20.8%, 22.1%, and 17.3% respectively [9] Group 3: Investment Recommendations - The report maintains a "Buy-B" rating for Kaili New Materials, with projected earnings per share (EPS) of 1.22 yuan, 1.73 yuan, and 2.21 yuan for 2025 to 2027, corresponding to price-to-earnings (PE) ratios of 26.8, 18.9, and 14.8 [9] - The company is expected to benefit from rising palladium prices, which have increased by 23.28% from their lowest point earlier in the year, potentially enhancing sales prices and profitability [11] - The company plans to distribute a total cash dividend of 0.5 yuan per share for the 2024 fiscal year, amounting to 65.35 million yuan, indicating a strong commitment to shareholder returns [11]

Investment Rating - The report maintains a "Buy-B" rating for Kaili New Materials (688269.SH) [1] Core Views - The company has demonstrated a strong commitment to shareholder returns through stable dividends, with a total cash dividend of 0.5 yuan per share for the 2024 fiscal year, amounting to 65.35 million yuan [4] - In Q1 2025, the company achieved a record revenue of 626 million yuan, representing a year-on-year growth of 105.25%, and a net profit of 22 million yuan, up 90.48% year-on-year [4] - The company is expected to maintain high growth in sales of core products, supported by sufficient production capacity of 3,000 tons from its Tongchuan facility, which is gradually coming online [4] - The price of palladium, a key raw material for the company's catalyst sales, has shown a recovery trend, which is anticipated to enhance the company's sales prices and profitability [5] Financial Performance and Forecast - The company is projected to achieve revenues of 2.037 billion yuan, 2.487 billion yuan, and 2.918 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.8%, 22.1%, and 17.3% [6] - The net profit forecast for the same years is 159 million yuan, 226 million yuan, and 289 million yuan, with growth rates of 72.1%, 42.1%, and 27.5% [6] - The earnings per share (EPS) are expected to be 1.22 yuan, 1.73 yuan, and 2.21 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26.8, 18.9, and 14.8 [6] Market Data - As of July 8, 2025, the closing price of the stock is 32.70 yuan, with a year-to-date high of 35.75 yuan and a low of 20.86 yuan [2] - The circulating A-shares amount to 131 million, with a total market capitalization of 4.274 billion yuan [2]

Industry Overview - The precious metal materials industry chain consists of precious metal supply, processing and manufacturing, downstream applications, and resource recycling [1] - Precious metals are obtained through exploration, mining, and smelting, including gold, silver, palladium, rhodium, iridium, ruthenium, osmium, and platinum [1] - Precious metals are used in various fields such as automotive, electronics, new energy, petrochemicals, biomedicine, and environmental protection [1] Downstream Applications - The unique properties of precious metal materials lead to their extensive use in traditional industries like automotive and chemicals, as well as emerging sectors such as new energy and information technology [3] - The demand for precious metal materials is driven by the development of regulations in non-road mobile machinery and shipping emissions, as well as advancements in hydrogen fuel cell vehicles [3] Industry Chain Analysis - Key players in the precious metal supply include mining companies and recycling firms, with notable companies like Zijin Mining, Shandong Gold, and Yuyuan Platinum [6] - Major manufacturers of precious metal materials include Guiyan Platinum and Kairui New Materials, with significant production from companies like Suzhou Solid and Juhua Materials [6] Company Performance - In terms of revenue, Zijin Mining is projected to exceed 100 billion yuan in 2024, while Shandong Gold and Hengbang shares are expected to surpass 50 billion yuan [8] - Guiyan Platinum achieved a revenue of 24.43 billion yuan in the first half of 2024, leading in production volume with over 2000 tons of various precious metal materials [8] - Other companies like Juhua Materials and Youyan New Materials also reported significant revenues, with Juhua Materials at 6.73 billion yuan and Youyan New Materials at 8.12 billion yuan [9][10]

Meeting Overview - The shareholders' meeting of Xi'an Kaili New Materials Co., Ltd. was held on June 16, 2025, at the company's office in Xi'an Economic and Technological Development Zone [1] - A total of 67 ordinary shareholders attended the meeting, holding 52,242,527 voting rights, which represents 39.9701% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 52,205,890 votes in favor (99.9298%), 25,994 against (0.0497%), and 10,643 abstentions (0.0205%) [2] - Proposal 2: 52,220,456 votes in favor (99.9577%), 18,574 against (0.0355%), and 3,497 abstentions (0.0068%) [2] - Proposal 3: 52,154,795 votes in favor (99.8320%), 84,235 against (0.1612%), and 3,497 abstentions (0.0068%) [2] Legal Compliance - The meeting was conducted in accordance with the Company Law, Securities Law, and the company's articles of association, with the presence of legal representatives confirming the legality and validity of the meeting procedures and voting results [2]

Group 1 - The company announced the resignation of its Chief Financial Officer and Board Secretary, Ms. Wang Shihong, due to work-related reasons, and she will continue to serve as the Secretary of the Discipline Inspection Commission [1][3] - Ms. Wang held 890,888 shares of the company, representing 0.68% of the total share capital, and will comply with relevant regulations regarding share reduction [1][3] - The company expressed gratitude for Ms. Wang's contributions during her tenure [1] Group 2 - To ensure the smooth operation of the board and information disclosure, the company appointed Mr. Zeng Lihui as the new Chief Financial Officer, Board Secretary, and Deputy General Manager [3][4] - Mr. Zeng will complete the necessary training for the position of Board Secretary before officially assuming the role [3][4] - As of June 16, 2025, Mr. Zeng held 789,220 shares of the company and met all qualifications to serve as a senior management member [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company has shown a recovery with consecutive quarters of revenue and profit growth, indicating a potential exit from a low economic cycle [2][5]. - The new catalyst products have achieved breakthroughs, expanding the company's market space in the basic chemical sector [4]. - The company is expected to launch its hydrogenated nitrile butadiene rubber (HNBR) project in the second half of 2025, which will enhance its market offerings [5]. Financial Performance - In 2024, the company reported a revenue of 1.687 billion yuan, a decrease of 5.5% year-on-year, and a net profit of 93 million yuan, down 17.95% year-on-year [1]. - The fourth quarter of 2024 saw a revenue increase of 22% year-on-year and a net profit increase of 88.3% year-on-year [1][2]. - The first quarter of 2025 achieved a revenue of 626 million yuan, a 105.3% increase year-on-year, and a net profit of 22 million yuan, up 90.5% year-on-year [1][2]. Sales and Market Performance - The company reported a historical high in catalyst sales, with total sales reaching 597 tons, a year-on-year increase of 60.21% [3]. - Sales in the pharmaceutical sector increased by 71.79%, while sales in the new chemical materials sector surged by 173.82% [3]. Product Development - The company has focused on innovation, leading to the successful launch of new catalyst products, including various types for basic chemicals and environmental applications [4]. - The HNBR project is anticipated to broaden the application scenarios and market space for HNBR, providing domestic supply for downstream industries [5]. Financial Projections - The company forecasts net profits of 191 million yuan, 242 million yuan, and 321 million yuan for 2025, 2026, and 2027, respectively, indicating a strong recovery trajectory [5].

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： 每股现金红利0.3元（含税） 相关日期 证券代码：688269 证券简称：凯立新材 公告编号：2025-024 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/25 | 2025/6/26 | 2025/6/26 | 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2025 年 5 月 12 日的2024年年度股东大会审议通过。 二、 分配方案 西安凯立新材料股份有限公司2024年年度权益分派实施公告 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本130,704,000股为基数，每股派发现 金红利0.3元（含税），共计派发现金红利39,211,200.00元（含税）。 是否涉及差异化 ...

Core Viewpoint - The company announced its annual profit distribution plan for 2024, which includes a cash dividend of 0.3 yuan per share, totaling 39,211,200 yuan for all shareholders [1] Distribution Plan - The profit distribution plan was approved at the company's annual shareholders' meeting on May 12, 2025 [1] - The total share capital before the distribution is 130,704,000 shares, with a cash dividend of 0.3 yuan per share (including tax) [1] Relevant Dates - The announcement includes key dates such as the record date, ex-dividend date, and cash dividend payment date, although specific dates are not provided in the document [1] Implementation Method - Cash dividends for shareholders will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with specific instructions for those who have completed designated transactions [1] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, while those holding for one year or less will have tax calculated upon transfer [2][3] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.27 yuan per share [4] - Hong Kong investors will also receive a net cash dividend of 0.27 yuan per share after a 10% tax withholding [5] - Other institutional investors will receive a gross cash dividend of 0.3 yuan per share, responsible for their own tax payments [5]

重要内容提示： 一、高级管理人员提前离任的基本情况 西安凯立新材料股份有限公司（以下简称"公司"）于近日收到财务总监、 董事会秘书王世红女士的书面辞职报告。王世红女士因工作原因，申请辞去公司 财务总监、董事会秘书职务；辞职后，王世红女士将担任公司纪委书记。截至本 公告披露日，王世红女士持有公司股份 890,888 股，占公司总股本比例为 0.68%。 王世红女士将继续遵守《上海证券交易所科创板股票上市规则》《上海证券交易 所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等 相关法律法规的规定及其在公司首次公开发行股票时所作的相关承诺。王世红女 士在任职期间恪尽职守、勤勉尽责，公司董事会对其在任职期间为公司所做出的 贡献表示衷心感谢！ 证券代码：688269 证券简称：凯立新材 公告编号：2025-022 西安凯立新材料股份有限公司 关于公司高级管理人员变更的公告 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。 提名委员会认为，截至 2025 年 6 月 16 日，曾利辉先生持有公司股份 789,220 ...

证券代码：688269 证券简称：凯立新材 公告编号：2025-023 西安凯立新材料股份有限公司 2025年第二次临时股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 67 | | --- | --- | | 普通股股东人数 | 67 | | 2、出席会议的股东所持有的表决权数量 | 52,242,527 | | 普通股股东所持有表决权数量 | 52,242,527 | | 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 | 39.9701 | | 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（%） | 39.9701 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 （一） 股东会召开的时间：2025 年 6 月 16 日 （二） 股东会召开的地点：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 ...