Core Viewpoint - The company has indicated that its MIM materials include MIM17-4PH, MIM304, and MIM316L, with an existing production capacity of approximately 500 tons per year, which is expected to increase after the completion of a new facility [1] Group 1 - The company currently produces three types of MIM materials: MIM17-4PH, MIM304, and MIM316L [1] - The existing production capacity is around 500 tons per year [1] - The new facility is anticipated to enhance production capacity [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Core Viewpoint - Company is expanding its 3D printing base in Shandong due to the surging market demand and strategic alignment with its core business direction [2][3]. Group 1: Expansion and Market Demand - The expansion of the 3D printing base is driven by a significant increase in market demand, with current orders at the subsidiary, Youyan Additive, already booked for two months ahead [2]. - The planned production capacity after expansion will reach 4,000 tons, with an estimated demand for aluminum alloy powder in the domestic 3D printing market projected to grow to 5,000 tons over the next seven years [3]. - The company has conducted detailed market research indicating that the current demand for aluminum alloy powder is approximately 500 tons, primarily for military applications, with expectations for growth in civilian sectors due to decreasing costs [3]. Group 2: Product Structure and Clientele - The product structure of the 3D printing segment consists of 40% aluminum alloy powder, 20% high-temperature alloy powder, and 40% other powders, including titanium, copper, and stainless steel powders [4]. - The primary customers for the 3D printing segment are in the aerospace sector, with ongoing efforts to engage with clients in commercial aerospace, mold manufacturing, and consumer electronics [5][6]. Group 3: Production and Development - The expansion project is expected to complete its foundational construction by October next year, with equipment installation phased according to market demand, aiming for full capacity utilization by 2032 [12]. - The company is also focusing on developing high-value products in its copper powder segment while maintaining its leading market share [13]. Group 4: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 796 million yuan, a year-on-year increase of 20.34%, and a net profit attributable to shareholders of 10.34 million yuan, up 5.71% year-on-year [15].

Core Viewpoint - The company plans to invest 200 million yuan to establish a metal powder material production base in Binzhou, Shandong, with an annual production capacity of 4,580 tons, addressing operational challenges and capitalizing on market demand growth in sectors like aerospace and new energy [3][6][8]. Group 1: Capacity Expansion - The project will have an 18-month construction period, covering 60 acres, with over 20,000 square meters of new production facilities and the addition of 200 new equipment units [4]. - The company aims to resolve operational issues such as insufficient production equipment and limited space, which have hindered capacity expansion and increased management costs [5]. Group 2: Market Demand - The investment is likely driven by anticipated growth in demand for metal 3D printing in various sectors, including aerospace, low-altitude economy, new energy, and high-end industrial molds [6][8]. - The project is expected to enhance production efficiency and capabilities through facility upgrades and automation, which will lower labor costs and safety risks [8]. Group 3: Business Synergy - The expansion will support the industrialization and scaling of the additive manufacturing and special powder materials segment, which previously lacked sufficient support for large-scale development [9]. Group 4: Shareholding Structure Adjustment - The investment will lead to a significant adjustment in the shareholding structure, increasing the company's stake in Youyan Additive from 60% to 80%, while the previous shareholder, Kangpu Xiwai, will exit completely [10][11]. Group 5: Technical Strength - Youyan Additive has a solid technical foundation, being one of the earliest entities in China to research and industrialize atomization powdering technology, and has received national awards for its achievements [12][14]. Group 6: Financial Data - Financial projections indicate that Youyan Additive expects revenue of 105 million yuan and a net profit of 10.16 million yuan for 2024, with a net profit margin of approximately 9.7% [15][17]. Group 7: Regional Business Logic - The choice of Binzhou for the project is strategic, as Shandong is a manufacturing powerhouse with a well-established supply chain for metal materials, offering advantages in raw material supply and cost efficiency compared to Beijing [18].

Core Viewpoint - The A-share market has seen a significant rise in military stocks, with multiple companies reaching their daily limit up, indicating strong investor interest and potential growth in the defense sector [1][2]. Group 1: Stock Performance - Companies such as Youyan Powder Materials, Changchun Yidong, Xuguang Electronics, and Julisi have all hit the daily limit up, showcasing a robust performance in the military sector [1]. - Notable stock increases include: - Youyan Powder Materials: up 10.10%, market cap of 4.146 billion [2] - Changchun Yidong: up 10.02%, market cap of 3.544 billion [2] - Xuguang Electronics: up 9.99%, market cap of 11.5 billion [2] - Julisi: up 9.99%, market cap of 7.718 billion [2] - Other companies like Jialiqi and Jingpin Special Equipment also saw increases exceeding 9% [1]. Group 2: Market Context - There are reports of discussions between some countries and China regarding weapon procurement plans, including the J-10 fighter jet, which may further stimulate the military stock market [2]. - The Ministry of Defense has expressed a cautious and responsible attitude towards military exports, indicating a willingness to share China's defense technology with friendly nations [2].

Group 1 - The non-ferrous metal sector opened with significant gains, with Jingyi Co., Ltd. rising over 7% [1] - Other stocks such as Yuyuan Powder Materials, Electric Alloy, Northern Copper Industry, and Yunnan Copper also experienced increases [1] - The market reaction is influenced by Trump's announcement that copper tariffs will reach 50% [1]

证券代码：688456 证券简称：有研粉材 公告编号：2025-032 有研粉末新材料股份有限公司 关于投资新建增材制造金属粉体材料产业基地项目的进展 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资标的名称：增材制造金属粉体材料产业基地建设项目。 投资规模及金额：本项目规划新建总产能为 4580 吨/年，投资总金额 2 亿元人民币，有研粉末新材料股份有限公司（以下简称有研粉材或公司）控股子 公司有研增材技术有限公司（以下简称有研增材）新设的全资子公司有研增材技 术（山东）有限公司（以下简称有研增材山东）将根据项目进展情况按需投入。 项目建设周期：18 个月，最终以实际开展情况为准。 此次投资金额未达到提交股东会审议标准，公司董事会已通过项目可行 性研究报告。 本次投资不构成关联交易，亦不构成重大资产重组。 相关风险提示： 1.公司通过外购设备快速扩张产能，虽能提升规模效应，但需直面市场竞争 和新增产能消化风险，且公司部分产品的下游客户以军工企业为主，认证周期长， 客户集中度高，公司需承担更大的回 ...

Group 1 - The legal opinion letter confirms that the procedures for convening and holding the shareholders' meeting of Youyan Powder New Materials Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [2][6][7] - The law firm verified the qualifications of the attendees and the convenor of the meeting, confirming that they met the legal requirements [4][5][7] - The voting procedures and results of the shareholders' meeting were conducted in accordance with legal and regulatory standards, with a significant majority of votes in favor of the proposals [6][7] Group 2 - The meeting was held on July 7, 2025, with a total of 55 shareholders present, representing 41,412,345 shares, which is 39.9502% of the total voting shares [4][5] - The voting results showed that 41,388,845 shares were in favor of the proposals, accounting for 99.9433% of the votes cast, with minimal opposition [6][7] - The law firm has agreed to publish the legal opinion letter as part of the meeting announcement materials [2][3]

证券代码：688456 证券简称：有研粉材 公告编号：2025-031 有研粉末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 （一） 股东会召开的时间：2025 年 7 月 7 日 （二） 股东会召开的地点：北京市西城区新街口外大街 2 号有研大厦 D 座 1703 会议室 （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 | 55 | | --- | --- | | 普通股股东人数 | 55 | | 2、出席会议的股东所持有的表决权数量 | 41,412,345 | | 普通股股东所持有表决权数量 | 41,412,345 | | 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 | 39.9502 | | 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（%） | 39.9502 | ...

1. 公司 2023 年年度股东大会审议通过的《公司章程》； 2. 公司董事会于 2025 年 6 月 20 日作出的《有研粉末新材料股份有限公司 第三届董事会第三次临时会议决议》； 3. 公司 2025 年 6 月 21 日刊登于上海证券交易所网站的《有研粉末新材料 股份有限公司关于召开 2025 年第二次临时股东会的通知》（以下简称《股东会通 知》）； 4. 公司本次股东会股权登记日的股东名册； 5. 出席现场会议的股东的到会登记记录及凭证资料； 北京市金杜律师事务所 关于有研粉末新材料股份有限公司 2025 年第二次临时股东会的法律意见书 致：有研粉末新材料股份有限公司 北京市金杜律师事务所（以下简称本所）接受有研粉末新材料股份有限公司 （以下简称公司）委托，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》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和现行 有 ...