Group 1 - The core point of the article is that Western Materials (SZ 002149) held its 21st meeting of the 8th board of directors on November 17, 2025, via telecommunication to discuss the appointment of an auditing agency for significant asset restructuring [1] - For the first half of 2025, the company's revenue composition is entirely from the rare metal rolling processing industry, accounting for 100.0% [1] - As of the report date, the market capitalization of Western Materials is 8.3 billion yuan [2]

证券代码：002149 证券简称：西部材料 公告编号：2025-048 西部金属材料股份有限公司 关于召开 2025 年第四次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 04 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 04 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投票的 具体时间为 2025 年 12 月 04 日 9:15 至 15:00 的任意时间。 8、会议地点：陕西省西安市经开区泾渭工业园西金路西段 15 号西部材料公司泾渭工 业 ...

证券代码：002149 证券简称：西部材料 公告编号：2025-047 西部金属材料股份有限公司 第八届董事会第二十一次会议决议公告 按照中国证监会《上市公司重大资产重组管理办法》的有关规定，本次控股子公司 重组事项不构成本公司重大资产重组。 关联董事李建峰、郑树军回避了表决。 表决结果：7 票同意，0 票反对，0 票弃权。 二、审议通过《关于聘请控股子公司重大资产重组事宜审计机构的议案》。 菲尔特拟筹划重大资产重组事项。由于重大资产重组事项涉及本公司持有的菲尔特 股权，本公司拟聘请中审众环会计师事务所（特殊普通合伙）为本次交易的审计机构。 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。 西部金属材料股份有限公司（以下简称"公司"）第八届董事会第二十一次会议的会 议通知于 2025 年 11 月 14 日以电子邮件等形式送达公司全体董事，会议于 2025 年 11 月 17 日以通讯表决方式召开，应参加董事 9 人，实际参加董事 9 人。会议的召开符合 《公司法》等法律法规和《公司章程》的规定。会议审议通过了以下议案： 一、审议通过《关于控股子公司〈重大资产重 ...

西部金属材料股份有限公司章程 第一章 总则 第一条 为维护西部金属材料股份有限公司（以下简称公司）、股东、职工和债权人的 合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司章程指引》和其他有关规 定，制定本章程。 第二条 公司根据《中国共产党章程》规定，设立中国共产党的组织，开展党的活动， 建立党的工作机构，配齐配强党组织工作人员，保障党组织的工作经费。 第三条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司于 2000 年 12 月 25 日经陕西省人民政府陕政函〔2000〕313 号《关于设立西研稀有 金属新材料股份有限公司》批准（注：公司设立时名称为西研稀有金属新材料股份有限公司， 后变更为现在的名称），以发起设立方式设立；2000 年 12 月 28 日在陕西省工商行政管理局 注册登记。公司统一社会信用代码为 91610000719796070K。 第四条 公司于 2007 年 7 月 16 日经中国证券监督管理委员会核准，首次向社会公众发 行人民币普通股 2300 万股，于 2007 年 8 ...

一、工商变更登记及《公司章程》备案相关情况。 公司变更后的《营业执照》基本信息如下： 8. 经营范围：一般项目：金属材料制造；金属结构制造；有色金属合金制造；有 色金属铸造；有色金属压延加工；真空镀膜加工；金属切削加工服务；合成材料制造（不 含危险化学品）；专用化学产品制造（不含危险化学品）；金属材料销售；金属结构销 1. 名称：西部金属材料股份有限公司 2. 统一社会信用代码：91610000719796070K 3. 类型：股份有限公司（上市） 4. 法定代表人：杨延安 5. 注册资本：肆亿捌仟捌佰贰拾壹万肆仟贰佰柒拾肆元人民币 6. 成立日期：2000 年 12 月 28 日 7. 住所：陕西省西安市经开区泾渭工业园西金路西段 15 号 证券代码：002149 证券简称：西部材料 公告编号：2025-046 西部金属材料股份有限公司 关于完成工商变更登记、公司章程备案的公告 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。 西部金属材料股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日和 2025 年 9 月 25 日分别召开了第八届董事会第 ...

Investment Rating - The industry investment rating is "Overweight" [44] Core Insights - The demand for titanium materials in aerospace and naval applications is expected to approach 49,000 tons by 2027, driven by military aircraft recovery, advanced fighter jets entering service, and the delivery of domestic large aircraft [3][24] - The production capacity of high-performance low-cost titanium alloys still needs improvement, as current domestic products lag behind international standards due to equipment and process limitations [4][33] - Beneficiary companies include Baotai Co., Western Superconducting Technologies, Western Materials, and Jintian Titanium Industry [5] Summary by Sections 1. Titanium Material Demand - In 2024, China's titanium material consumption is projected to be 151,000 tons, with aerospace accounting for 21.3% and the shipbuilding sector growing rapidly, with a 32% year-on-year increase [19][28] - The titanium material usage in the aerospace sector is expected to grow steadily, with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2027 [24][26] - The shipbuilding sector's titanium material consumption is expected to reach nearly 9,500 tons by 2027, driven by the development of deep-sea economy and large-scale naval equipment [28][30] 2. High-Performance Titanium Alloys - High-temperature titanium alloys are anticipated to become a new growth area in aerospace, with increasing demand for materials that can withstand extreme conditions [11][12] - The domestic production of high-performance titanium alloys is still in the early stages, with significant potential for development in underwater vehicles and other applications [16][19] 3. Beneficiary Companies - Baotai Co. is the largest specialized rare metal production and research base in China, with a production of 16,633 tons in the first half of 2025 [40] - Western Superconducting Technologies is advancing the development of new titanium alloys and low-cost preparation technologies, with a production of 8,134 tons in 2024 [40] - Western Materials has achieved breakthroughs in key technologies for aerospace applications, with a sales volume of 6,767 tons in 2024 [40] - Jintian Titanium Industry is focused on high-end titanium and titanium alloy materials, with ongoing expansion projects to increase production capacity [40]

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

Group 1 - The core viewpoint of the article is that Western Materials (002149.SZ) reported its third-quarter results, showing a slight increase in revenue but a significant decline in net profit [1] Group 2 - For the first three quarters, the company's operating income reached 2.283 billion yuan, representing a year-on-year growth of 2.82% [1] - The net profit attributable to shareholders of the listed company was 69.25 million yuan, a year-on-year decrease of 49.76% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 48.96 million yuan, down 50.80% year-on-year [1]

第八届董事会第二十次会议决议公告 证券代码：002149 证券简称：西部材料 公告编号：2025-044 西部金属材料股份有限公司 表决结果：9 票同意，0 票反对，0 票弃权。 该议案已经董事会审计委员会 2025 年第四次会议审议通过。 特此公告。 西部金属材料股份有限公司 董事会 2025 年 10 月 31 日 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。 西部金属材料股份有限公司（以下简称"公司"）第八届董事会第二十次会议的会议 通知于 2025 年 10 月 27 日以电子邮件等形式送达公司全体董事，会议于 2025 年 10 月 30 日以通讯表决方式召开，应参加董事 9 人，实际参加董事 9 人。会议的召开符合《公 司法》等法律法规和《公司章程》的规定。会议审议通过了以下议案： 一、审议通过《2025 年第三季度报告》。 《2025 年第三季度报告》（2025-045）刊载于《证券时报》《中国证券报》及巨潮 资讯网 www.cninfo.com.cn。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥744,025,359.88, representing a 10.07% increase year-over-year[5] - Net profit attributable to shareholders decreased by 80.85% to ¥8,089,797.11, while the net profit after deducting non-recurring gains and losses fell by 93.27% to ¥1,000,396.69[5] - The total profit for the period was ¥73,239,197.70, down 58.52% from the previous year, primarily due to a decrease in product prices[9] - Net profit for the current period was CNY 80,280,493.88, a decrease of 51.4% from CNY 164,973,134.53 in the previous period[19] - Earnings per share (EPS) for the current period was CNY 0.1419, down from CNY 0.2823 in the previous period[20] - The company reported a total comprehensive income of CNY 97,724,118.09, down from CNY 174,856,583.07 in the previous period, a decrease of 44.1%[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥7,259,788,007.10, reflecting a 5.69% increase compared to the end of the previous year[5] - Total liabilities increased to CNY 3,798,397,145.09, compared to CNY 3,341,338,620.87 in the previous period, reflecting a growth of 13.72%[17] - Total equity decreased to CNY 3,461,390,862.01 from CNY 3,527,644,807.76, indicating a decline of 1.88%[17] - Current assets total 4,520,813,967.98 CNY, up from 4,226,257,301.20 CNY[16] - Short-term borrowings increased to 1,510,154,088.58 CNY from 1,124,144,810.36 CNY[16] Cash Flow - The cash flow from operating activities showed a net outflow of ¥33,620,724.91, a significant decline of 120.94% compared to the previous year[9] - Cash inflow from operating activities was CNY 1,377,184,114.40, slightly up from CNY 1,365,544,014.69 in the previous period[21] - Cash flow from operating activities showed a net outflow of ¥33,620,724.91, compared to a net inflow of ¥160,576,688.10 in the previous period, indicating a significant decline in operational cash generation[22] - The company reported a net cash outflow from financing activities of -¥219,377,600.35, compared to -¥166,596,686.12 in the previous period, indicating increased financial pressure[22] - The ending cash and cash equivalents balance decreased to ¥390,054,881.88 from ¥530,125,077.30, showing a decline in liquidity[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 60,687[11] - The largest shareholder, Northwest Nonferrous Metal Research Institute, holds 24.68% of shares, totaling 120,468,988 shares[11] Investment and Expenses - The company reported a 48.92% increase in investment income, amounting to ¥20,382,584.85, due to improved earnings from equity method investments[9] - Research and development expenses increased to CNY 157,957,888.27, up from CNY 148,306,181.59, reflecting a growth of 6.8%[19] - The company received ¥4,500,000.00 in investment income, down from ¥5,120,000.00, indicating a decline in investment performance[22] Financing Activities - The company plans to raise 146.70 million CNY through a directed issuance of shares, increasing its stake in a subsidiary to 64.51%[13] - The number of shares for the directed issuance is 14.71 million, with 12.47 million CNY funded from the company's own resources[13] - The company paid ¥1,613,064,763.40 in debt repayments, significantly higher than the previous period's ¥962,937,968.96, highlighting increased debt servicing obligations[22] Other Information - The company has not reported any changes in the participation of major shareholders in margin financing or securities lending activities[12] - The company did not undergo an audit for the third quarter financial report, which may affect stakeholder confidence in the reported figures[24]