Financial Performance - In 2024, the company achieved operating revenue of 7.573 billion CNY, with a new contract amount of 8.11 billion CNY and a net profit attributable to shareholders of 372 million CNY [1] - The operating cash flow reached 770 million CNY, and the asset-liability ratio remained stable at 42.68% [1] Tungsten and Molybdenum Industry - The tungsten and molybdenum sector generated significant revenue despite facing pressure from downstream industries, achieving an operating income of 1.022 billion CNY and a net profit of 202.29 million CNY [2] - The company participated in 13 national-level research innovation projects and obtained 8 new invention patents [2] Rare Earth Permanent Magnet Materials - The rare earth permanent magnet materials sector reported operating revenue of 1.716 billion CNY and a net profit of 88.21 million CNY, showing a decline due to raw material price fluctuations [3] - The production volume reached 6,000 tons, with a steady increase in market share [3] Controlled Nuclear Fusion Industry - The company is the first in China to produce fusion tungsten-copper filters, achieving a closed-loop production process [4] - It has received high recognition from international clients, supplying multiple batches of tungsten-copper products for projects like ITER [4] 2025 Development Plan - The company aims to complete the "14th Five-Year Plan" strategic goals and tasks, focusing on sustainable high-quality development [5] - Key areas of focus include high-end medical equipment, semiconductor applications, and the development of strategic emerging industries [5] Technological Advancements - The company plans to enhance its participation in national-level R&D platforms and strengthen its technological foresight [6] - It aims to improve smart manufacturing capabilities and promote green development initiatives [7]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The company's core industries are showing steady progress, with a focus on enhancing quality and efficiency in key sectors, particularly in high-performance materials and rare earth permanent magnets [2][4]. - The company is actively pursuing technological innovations to counteract the pressures from certain downstream industries, aiming for revenue growth and stable profitability [2]. - The company is building a "second growth curve" by investing in strategic emerging industries such as special powders and materials for controlled nuclear fusion, which are expected to inject new momentum into its development [4]. Financial Performance - In 2024, the company is projected to achieve revenue of 75.73 billion yuan, a year-over-year decrease of 7.5%, while the net profit attributable to the parent company is expected to be 3.72 billion yuan, reflecting a year-over-year increase of 49.26% [1]. - The fourth quarter of 2024 is anticipated to see revenue of 17.2 billion yuan, down 19.74% year-over-year and 10.96% quarter-over-quarter, with a net profit of 0.32 billion yuan, down 40.22% year-over-year and 45.70% quarter-over-quarter [1]. - The company’s EBITDA for 2024 is estimated at 1.18 billion yuan, with a projected net profit of 372.4 million yuan for the same year [11]. Industry Position - The company maintains a stable market share in the rare earth permanent magnet sector, with ongoing investments in high-performance materials and smart manufacturing [2]. - The company has successfully completed the acceptance of a 5,000-ton high-end rare earth permanent magnet product project, further solidifying its market position [2]. - The company is also expanding its presence in the controlled nuclear fusion sector, focusing on enhancing product technology and international collaboration [3]. Future Outlook - The company’s profit forecast for 2025-2027 has been adjusted, with expected net profits of 3.20 billion yuan, 3.47 billion yuan, and 3.92 billion yuan respectively, reflecting a cautious outlook amid industry competition and raw material price fluctuations [4]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 39.35, 36.33, and 32.17 respectively, indicating a positive long-term growth potential [4].

Core Viewpoint - Company is actively involved in various sectors including new energy vehicles, nuclear power, and medical equipment, showcasing its diverse product applications and ongoing projects [2][3]. Group 1: Company Operations - Company reported a stock price of 13.33 yuan as of April 3, 2025, with a decrease of 1.41% and a trading volume of 527,300 shares, amounting to a total transaction value of 712 million yuan [1]. - Company has a production capacity of 12,000 tons for rare earth permanent magnets, with specific allocations of approximately 3,000 tons in Beijing, 6,000 tons in AnTai North (including Ningbo branch), and 3,000 tons in AnTai Aike [2]. - Company is the sole supplier for core components in controlled nuclear fusion, providing specialized tungsten-copper parts for fusion devices, indicating a strong position in future energy solutions [3]. Group 2: Product Applications - Company’s products are utilized in various fields such as power distribution, electric vehicles, and medical devices, with a focus on high-performance materials like amorphous alloys and rare earth magnets [2][3]. - In the medical sector, company’s tungsten alloy products are widely used in radiation therapy and medical imaging equipment, highlighting its commitment to healthcare applications [3]. - Company is exploring opportunities in robotics, with its high-performance neodymium-iron-boron magnets being key components for motors in robotic applications [3]. Group 3: Financial and Market Insights - As of March 27, 2024, the number of shareholders was reported to be 83,925, reflecting the company's commitment to shareholder engagement and transparency [2]. - Company has a profit distribution plan that has been approved by the board, with cumulative dividends expected to reach 419 million yuan over the past three years, emphasizing its focus on shareholder value [2]. - On the trading day, the net outflow of main funds was 33.8 million yuan, accounting for 4.75% of the total transaction value, indicating market sentiment towards the company [4].

Financial Performance - In 2024, the company achieved operating revenue of 7.573 billion CNY, with a new contract amount of 8.11 billion CNY and a net profit attributable to shareholders of 372 million CNY [1] - The operating cash flow was 770 million CNY, and the asset-liability ratio stood at 42.68% [1] Strategic Development - The company implemented an innovation-driven strategy, launching key investment projects such as the 10,000-ton amorphous strip project and the 2,000-ton high-end special powder project [2] - A total of 51 new patents were granted, including 1 international invention patent, and the company participated in the formulation of 20 national and industry standards [2] Core Competencies - The company leverages advanced technologies in powder metallurgy, rapid solidification, and additive manufacturing to provide customized solutions in high-end applications [3][4] - It has established a robust technical innovation system with 5 national and 20 provincial-level innovation platforms, supported by a core team of 35 PhDs and over 305 master's degree holders [4] Industry Position - The company has built a large-scale industrial cluster in the metal new materials sector, leading in product technology and capacity across multiple subfields [5] - It has received recognition as a national-level "single champion enterprise" and has multiple subsidiaries acknowledged as specialized and innovative small giants [5] Sector-Specific Performance - In the refractory tungsten and molybdenum sector, the company reported revenue of 2.022 billion CNY, with a net profit of 91.16 million CNY, while participating in 13 national-level research projects [6][7] - The rare earth permanent magnet materials sector generated revenue of 1.716 billion CNY, with a net profit of 88.21 million CNY, despite facing challenges from raw material price fluctuations [8] Future Outlook - The company aims to strengthen its market position in high-end medical equipment, semiconductors, and aerospace, while also focusing on new energy vehicles and consumer electronics [11] - It plans to enhance its technological capabilities and expand its international cooperation in the field of controlled nuclear fusion, with global investment in fusion reaching 7.1 billion USD in 2024 [10][11]

Group 1: An Tai Technology - In 2024, An Tai Technology aims to achieve operating revenue of 7.573 billion yuan and a net profit of 372 million yuan despite a complex economic environment [1] - The company focuses on strategic leadership and technological innovation, optimizing its industrial structure and advancing key projects such as the 10,000-ton amorphous strip project and the 2,000-ton high-end special powder project [1] - The rare earth permanent magnet materials business has a production capacity of 12,000 tons, with a steadily increasing market share [1] - The new contract amount for amorphous nanocrystalline materials reached 1.17 billion yuan, a growth of 33%, with a future focus on the laminated iron core transformer market [1] - An Tai Technology possesses leading technology in the controlled nuclear fusion field and has provided multiple batches of products for the international thermonuclear fusion ITER project [1] Group 2: Jinbei Electric - In 2024, Jinbei Electric expects stable growth, achieving operating revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit of 637 million yuan, up 7.74% [2] - The electromagnetic wire industry center saw revenue growth of 31.65%, contributing over 40% to the company's total profit [2] - The cable industry center adjusted its direct sales focus, resulting in an 8.80% revenue increase [2] - The downstream structure has significantly changed, with revenue from clean energy applications and smart grid applications accounting for 39% of total revenue, surpassing green building applications at 33% for the first time [2] - The sales volume of flat electromagnetic wires reached 84,500 tons, a year-on-year increase of 19.74%, with sales for new energy vehicles growing by over 60% [2] - The company is undertaking multiple capacity expansion and efficiency improvement projects domestically [2] Group 3: Dongxing Fund - Dongxing Fund, established in 2020, has an asset management scale of 45.341 billion yuan, ranking 87th out of 210 [2] - The fund's non-monetary public fund asset management scale is 28.286 billion yuan, ranking 94th out of 210 [2] - The fund manages 50 public funds, ranking 101st out of 210, with 10 public fund managers, ranking 109th out of 210 [2] - The best-performing public fund product in the past year is Dongxing Future Value Mixed A, with a latest unit net value of 1.2 and a growth of 24.82% in the past year [2]

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 7.573 billion CNY, with a net profit of 372 million CNY and a cash flow from operations of 770 million CNY [1] - The new contract amount reached 8.11 billion CNY, indicating a strong demand for the company's services [1] - The asset-liability ratio stood at 42.68%, reflecting stable capital structure and improved operational quality [2] Group 2: Strategic Development and Innovation - The company has implemented a strategic management system that promotes in-depth industry research and optimization of business units, enhancing sustainable high-quality development [3] - Key investment projects include the 10,000-ton amorphous strip project and the 2,000-ton high-end special powder project, aimed at meeting high-end market demands [3] - The company has identified 8 key technology areas and 106 technology directions for future innovation, resulting in 51 new patents granted in the year [3] Group 3: Rare Earth Permanent Magnet Materials - The company’s NdFeB permanent magnet materials achieved operating revenue of 1.716 billion CNY, with a net profit of 88.21 million CNY, despite a decline due to raw material price fluctuations [4] - The production capacity for high-end rare earth permanent magnet products reached 10,000 tons, with a total capacity exceeding 12,000 tons [4] - The company has established collaborations with universities and research institutes to drive product innovation in emerging fields [4] Group 4: Amorphous and Nanocrystalline Materials - In 2024, the amorphous materials segment signed contracts worth 1.17 billion CNY, marking a 33% year-on-year increase, with operating revenue of 974 million CNY [5] - The production volume of amorphous products exceeded 30,000 tons, reflecting a 65% increase [6] - The company is investing in a new 10,000-ton amorphous strip project to meet market demands for energy-efficient transformers [6] Group 5: Nuclear Fusion Technology - The company is the first in China to produce fusion tungsten-copper filters, with a complete technology chain from raw materials to component delivery [7] - Global investment in nuclear fusion reached 7.1 billion USD in 2024, with a 9 billion USD increase from 2023 [7] - The company aims to enhance its core technologies in fusion products and expand international cooperation for future commercialization [8]

Summary of AnTai Technology Conference Call Company Overview - **Company**: AnTai Technology - **Year**: 2024 Key Points Financial Performance - **Revenue Decline**: AnTai Technology's revenue decreased year-on-year in 2024, primarily due to metal price factors and the transfer of AnTai Environment's equity, resulting in a revenue reduction of approximately 300 to 400 million yuan for the year [3][4] - **Net Profit Growth**: Despite the revenue decline, the company's regular business net profit increased significantly by 50%, including 140 million yuan from equity transfer income. After excluding non-recurring gains and losses, the net profit attributable to shareholders rose from 220 million yuan to approximately 232 million yuan, reflecting operational effectiveness [3][4] Market Dynamics - **Market Share Shift**: The overseas market share decreased from 35% to 27% due to the impact of US-China trade relations, while the domestic market share increased to 73%. The company plans to focus on the domestic market for the next five years, promoting domestic substitution and increasing overseas base construction to mitigate tariff impacts [5] Segment Performance - **Stone Segment Impact**: The stone segment experienced a nearly 30% decline in revenue due to significant price drops, despite stable sales volume around 6,000 tons. New capacity of 3,000 tons was delayed until December, failing to contribute to production [8][9] - **Aerospace Materials Growth**: The aerospace materials and nano-crystal segments saw rapid growth, with new contracts worth approximately 1.17 billion yuan, achieving nearly 1 billion yuan in revenue, a 33% increase. Revenue recognition was about 970 million yuan, with profits of 50 million yuan, reflecting growth of 31% and 56% [3][15] Strategic Initiatives - **Smart Manufacturing Investments**: AnTai Technology increased investments in smart manufacturing, being selected for the Ministry of Industry and Information Technology's smart factory list and obtaining a 3A-level certification. This initiative aims to reduce costs, decrease labor, and improve precision and efficiency, positioning the company as an industry benchmark [10] - **R&D and Collaboration**: The company enhanced collaboration with research institutions, including Tsinghua University, to adapt to high-end rare earth material development and meet customer demands for lightweight and high conversion rate products [11] Future Outlook - **2025 Capacity Projections**: The company anticipates reaching a production capacity of 12,000 tons in 2025, with ongoing efforts to expand downstream customer bases [9] - **Strategic Adjustments**: AnTai Technology is confident about future growth, planning to optimize operational strategies, enhance cash flow management, and increase R&D investments to drive sustainable development [7][28] Industry Position - **Competitive Advantage**: AnTai Technology maintains a leading position in the industry with comprehensive production capabilities from raw materials to components. The company is the only domestic entity capable of producing a complete set of products without copper [23] Challenges and Opportunities - **Low Profit Margins**: The profit margin for rare earth materials is relatively low, around 10%, primarily due to squeezed profit margins in nano-gold powder. However, the company sees potential for growth in high-performance magnetic materials and plans to enhance production capabilities [19][20] Long-term Strategy - **"2+3+4" Industrial Structure**: The company aims to implement a "2+3+4" industrial structure, focusing on two leading enterprises, three key enterprises, and four incubating industries to enhance competitiveness and achieve substantial revenue and profit growth over the next five years [28][30] Conclusion AnTai Technology is navigating a challenging market environment with strategic adjustments aimed at enhancing domestic market presence, investing in smart manufacturing, and focusing on high-margin products. The company's long-term vision includes optimizing its industrial structure and improving operational quality to ensure sustainable growth and shareholder value.

证券代码：000969 证券简称：安泰科技 公告编号：2025-009 安泰科技股份有限公司 关于 2024 年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 释义： 除非另有说明，以下简称在本公告中含义如下： 安泰科技、公司、本公司：安泰科技股份有限公司 为真实反映公司的财务状况及经营成果，根据企业会计准则、中国证监会《关 于进一步提高上市公司财务信息披露质量的通知》《深圳证券交易所股票上市规 则》等关于资产减值准备有关事项的规定，2025 年 3 月 26 日公司召开第九届董 事会第三次会议和第九届监事会第三次会议，审议通过《公司关于 2024 年度计 提资产减值准备的议案》，本次计提资产减值准备事项无需提交股东大会审议。 现将公司 2024 年度计提资产减值的相关情况公告如下： 一、计提资产减值准备情况概述 公司依照企业会计准则及公司会计政策，对 2024 年末应收款项、存货、长 期股权投资、固定资产、在建工程、无形资产、商誉等资产进行了全面清查。对 应收款项根据金融工具准则采用预期信用损失法计提了坏账准备；对存货按照成 本与可 ...

股票代码：000969 环境、社会及治理 (ESG) 报告 2024 2024 年度 Environmental, Social and Governance (ESG) Report 2024 安泰科技股份有限公司 科技精英、材料专家、创新典范、产业先锋 目 录 CONTENTS | 报告编制说明 | /01 | | --- | --- | | 报告简介 | /01 | | 报告范围 | /01 | | 数据说明 | /01 | | 编制依据 | /01 | | 称谓说明 | /02 | | 报告发布 | /02 | | 读者回应 | /02 | 董事长致辞 /03 | 走进安泰科技 | | --- | | 公司概况 | /05 | | --- | --- | | 业务概览 | /07 | | 发展历程 | /09 | | 安泰科技 2020-2024 年经济绩效 | /11 | | 安泰科技 2024 年主要荣誉 | /12 | 议题重要性评估 /14 | 双重重要性分析 | /14 | | --- | --- | | 尽职调查与利益相关方沟通 | /16 | | 议题重要性分析结论 | /17 | ES ...

安泰科技股份有限公司 2024 年度监事会工作报告 2024 年，公司监事会严格按照《公司法》《证券法》等法律法规以及《公 司章程》《监事会议事规则》等要求，本着对公司及全体股东负责的精神，认真 履行法律、法规赋予的职责，积极有效地开展工作，对公司依法运作情况以及公 司董事、高管人员履行职责的合法、合规性进行了监督，维护公司利益和全体股 东权益。 一、监事会概述 公司监事会由 5 名监事组成，其中股东代表监事 2 名，职工代表监事 3 名， 监事会设监事会主席 1 人。报告期内，第八届监事会任期已届满，根据《公司法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司章程》等有关规定，公司进行监事会换 届选举。2024 年 10 月 9 日，公司召开 2024 年第二次临时股东大会审议通过《安 泰科技股份有限公司关于选举第九届监事会股东代表监事的议案》，会议选举金 戈女士、傅喻女士为公司第九届监事会股东代表监事，与公司职工代表大会主席 团联席会议选举产生的 3 名职工代表监事路明正先生、杜桂涛先生、高小淇女士 共同组成公司第九届监事会，任期三年。 二 ...