Group 1 - The core viewpoint of the articles highlights the recovery of Zhongke Sanhuan's performance in the rare earth magnetic materials industry, with a significant rebound in results and a proposed dividend payout ratio of 200.46% for the annual profit distribution, attracting high attention from institutions [1] - Zhongke Sanhuan has maintained a consistent cash dividend policy since its listing, with a total of 24 dividends distributed by the end of 2024, and a share repurchase amounting to 108 million yuan in 2024, leading to a total cash dividend and share repurchase of 132 million yuan, the highest since its listing [1] - The company possesses a sintered NdFeB production capacity of 25,000 tons and is increasing its investment in R&D to enhance automation and intelligence in production processes, which effectively ensures delivery cycles for various application market products [1] Group 2 - The rapid advancement of AI technology is expected to accelerate the mass production of humanoid robots, potentially opening long-term growth opportunities for the demand for rare earth permanent magnetic materials [2] - Zhongke Sanhuan has been applying its products in the robotics field for several years, primarily in industrial robots, and is closely monitoring the development of humanoid robots, which are still in the R&D stage [2] - The successful development and market introduction of humanoid robots could positively impact the NdFeB permanent magnetic materials industry and Zhongke Sanhuan, as the company aims to seize potential market opportunities through active communication with relevant customers [2]

Core Viewpoint - The company is experiencing a performance turnaround, with expectations for improved financial results in 2025 due to a recovery in the rare earth materials industry and strategic positioning in the market [2][4]. Group 1: Financial Performance - In the 2024 annual report, the company reported revenue of 6.751 billion and a net profit attributable to shareholders of 12.0078 million, both showing a year-on-year decline [2]. - The company plans to distribute cash dividends of 24.0714 million, resulting in a dividend payout ratio of 200.46%, despite a low net profit [3]. - The fourth quarter of 2024 saw a year-on-year increase in net profit of 4.33%, indicating a potential bottoming out of performance after seven consecutive quarters of decline [2]. Group 2: Market Outlook - The rare earth price index was 183.65 as of March 12, reflecting a 12.15% increase since the end of 2024, suggesting a potential recovery in the market [4]. - The Ministry of Industry and Information Technology's new regulations are expected to enhance the concentration and pricing power within the rare earth industry, supporting price stabilization [4]. - The company is well-positioned to benefit from the anticipated recovery in the rare earth magnetic materials sector, with projections for net profits of 233 million, 400 million, and 591 million for 2025-2027 [2]. Group 3: Strategic Initiatives - The company has maintained a consistent cash dividend policy since its listing, with a total of 24 dividends distributed by the end of 2024 [3]. - The company is increasing its production capacity and efficiency through automation and smart manufacturing, which will support its ability to meet diverse market demands [5]. - The company is actively engaging in the robotics sector, which is expected to drive demand for neodymium-iron-boron permanent magnets as humanoid robots move closer to commercialization [6].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a revenue of 6.751 billion RMB in 2024, a year-over-year decrease of 19.23%, and a net profit attributable to shareholders of 12.01 million RMB, down 95.64% year-over-year. The fourth quarter revenue was 1.769 billion RMB, showing a year-over-year decline of 8.86% but a quarter-over-quarter increase of 4.52% [1][2]. - The decline in performance is attributed to a significant drop in both volume and price, alongside asset impairment provisions. However, there is an expectation for a recovery in the rare earth magnetic materials industry in 2025, which supports the "Buy" rating [1][3]. Summary by Sections Financial Performance - In 2024, the company produced and sold 10,636.85 tons and 10,088.44 tons of magnetic materials, respectively, representing year-over-year decreases of 6.97% and 10.91%. The sales revenue from magnetic materials fell by 20.74%, with a gross margin decline to 10.69%, down 2.02 percentage points year-over-year. The company recognized an asset impairment loss of 140 million RMB due to falling rare earth prices, impacting overall performance [2][3]. Industry Outlook - The rare earth industry is anticipated to reach a turning point in 2025, with potential recovery in the rare earth magnetic materials supply chain. The company has a production capacity of 25,000 tons for sintered NdFeB and 1,500 tons for bonded NdFeB. If market conditions improve, the company is positioned for rapid capacity expansion [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 0.19 RMB, 0.33 RMB, and 0.49 RMB, respectively. The price-to-book (PB) ratio for 2025 is set at 2.68, with a target price of 14.72 RMB, reflecting an increase from the previous target of 12.92 RMB due to improved comparable valuation levels [4][7].

| 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 方正证券：甘嘉尧；鼎锋资管：李湧；海富通基金：于晨阳；荷荷北京：唐巍；瑞信 | | 人员姓名 | 致远：何家龙；上海混沌投资：黎晓楠；上海于翼资管：朱鹤；同泰基金：杨伍；长 | | | 安基金：徐小勇；浙商证券资管：许运凯；正圆投资：牛艺瑾；中国人寿资管：赵文 | | | 龙；中信保诚基金：陈超俊 | | | 中信证券：张铭赫；长江证券：肖知雨；深圳前海行健资管：邓运盛；海南进化论私 | | | 募基金：肖建宇；中略投资：林跃煌；聚鸣投资：惠博闻；明河投资：张桥石；红杉 | | | 中国：闫慧辰；富敦投资：王宇轩；安中投资：沙正江；磐厚动量资管：胡建芳；毕 | | | 盛投资：孙鹏；富安达基金：杨红；银河基金：余修文；青鼎资产：卫强；禾永投资： | | | 马正南；工银瑞信：贾晓新；汇华理财：于宏杰；华夏久盈：桑永亮；深圳前海汇杰 | | | 达理资 ...

证券代码：000970 证券简称：中科三环 公告编号：2025-017 北京中科三环高技术股份有限公司 关于举办2024年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 投资者可于 2025 年 03 月 25 日 （ 星 期 二 ） 15:00-16:00 通过网址 https://eseb.cn/1mzTZHWa98Y 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2025 年 03 月 25 日前进行会前提问，公司将通过本次业绩说明 会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 北京中科三环高技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 13 日在巨潮资讯网上披露了《北京中科三环高技术股份有限公司 2024 年年度报 告全文》及《北京中科三环高技术股份有限公司 2024 年年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 03 月 25 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.c ...

Investment Rating - The report does not explicitly state an investment rating for the small metals industry or the specific company being analyzed [1]. Core Insights - The company produced 10,636.85 tons of magnetic materials in 2024, with sales reaching 10,088.44 tons [14]. - The current inventory of rare earth raw materials is maintained at approximately two months' worth of usage, with adjustments based on orders and market conditions [14]. - The pricing model for the company's products is based on cost-plus, considering raw material prices and market competition, with a typical adjustment cycle of two to three months [14]. - The company has been developing boundary diffusion technology for over a decade, which significantly reduces the use of heavy rare earths while maintaining performance [14]. - The company has expanded its product applications in high-abundance rare earth magnets beyond traditional uses to more demanding fields such as acoustic devices and industrial motors [15]. - The company has been involved in the robotics sector for years, primarily in industrial robots, and sees potential in humanoid robots as they move towards consumer markets [15]. Summary by Sections Company Production and Sales - In 2024, the company achieved a production volume of 10,636.85 tons and sales of 10,088.44 tons for its magnetic materials [14]. Inventory and Pricing - The company maintains a two-month inventory of rare earth materials and adjusts based on market conditions [14]. - The pricing strategy is cost-plus, with adjustments made every two to three months [14]. Technology and Product Development - The company has a strong focus on boundary diffusion technology, which enhances product performance while reducing costs [14]. - There is ongoing development in high-abundance rare earth magnets, expanding their application into more rigorous sectors [15]. Market Opportunities - The company is actively exploring opportunities in the robotics field, particularly with humanoid robots, which could positively impact the magnetic materials industry [15].

中科三环 20250313 摘要 Q&A 请简要介绍一下中科三环 2024 年度的主要经营情况。 2024 年度，中科三环面临了较大的变化和挑战。首先，公司管理层进行了较大 调整；其次，稀土原材料价格下行，行业竞争进一步加剧。在这种困难局面下， 公司坚持稳中求进的发展方针，不断优化经营管理，努力推动公司持续健康发 展。然而，这些挑战对公司造成了显著影响。特别是稀土原材料价格下跌和市 场竞争加剧，直接导致产品价格同比下降、毛利收窄、资产减值损失大幅增加， 同时部分应用领域的产品订单减少，使得公司的营业收入明显下降，归母净利 润大幅减少。具体而言，2024 年公司实现营业收入 67.51 亿元，同比下降 19.23%；归属于母公司股东的净利润为 1,200.78 万元，同比下降 95.64%。 中科三环 2024 年度产品的主要应用分类情况如何？ 2024 年度，中科三环的产品主要应用于以下几大类：汽车应用占比约 62%，其 中新能源汽车占 46%，传统汽车应用占 16%；消费类电子应用占比约 20%；工业 机器人和数控机床应用占比约 7%；计算机应用和节能家电应用各占比 3%；风力 发电机应用占比 2%；工业电 ...

| 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 中邮证券：李帅、华魏欣；中意资产：沈悦明；正圆投资：牛艺瑾；英大保险资管：卫 | | 及人员姓名 | 雯清；嘉实：谢泽林；长城财富：姜悦；华安基金：胥本涛；中信保诚：陈超俊；大家 | | | 资产：冯思宇；汇添富：杨扬；中银基金：赵建忠；长信基金：何增华 | | | 国泰君安证券：兰洋、肖洁；中银基金：张响东；工银瑞信基金：董明斌；东兴基金： | | | 周昊；景顺长城基金：李南西；润晖投资：蒋旸晶；中国人保：朱华；光大保德信基金： | | | 林晓凤；中融国际信托：赵晓媛；工银瑞信基金：董明斌；圆信永丰基金：胡春霞；中 | | | 再资管：赵勇；广东正圆私募基金：牛艺瑾；磐厚动量（上海）资管：胡建芳；中银三 | | | 星人寿保险：林相洁；和泰人寿保险：李镰超；瑞兆投资：Terry Yao；申万宏源证券资 | | | 管：陈旻；富安达基金：杨红；宁波 ...

证券代码：000970 证券简称：中科三环 公告编号：2025-015 北京中科三环高技术股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及其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。 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、股东大会的召集人：北京中科三环高技术股份有限公司（以下简称"公 司"或"本公司"）董事会。 2025 年 3 月 11 日，公司第九届董事会第八次会议审议通过了《关于召开 2024 年年度股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： 现场会议时间：2025年4月8日14：00； 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年4月8日9:15—9:25,9:30—11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统进行网络投票的时间为2025年4月8日9:15-15:00。 1 取逐项表决形式，关联股东 TRIDUS INTERNATIO ...

我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 北京中科三环高技术股份有限公司 募集资金存放与使用情况专项报告的 鉴证报告 信会师报字[2025]第 ZG10105 号 关于北京中科三环高技术股份有限公司2024年度募集资金 存放与使用情况 专项报告的鉴证报告 信会师报字[2025]第ZG10105号 北京中科三环高技术股份有限公司全体股东： 我们接受委托，对后附的北京中科三环高技术股份有限公司（以 下简称"中科三环"）2024年度募集资金存放与使用情况专项报告（以 下简称"募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 中科三环董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《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》以及《深 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记 ...