募集资金管理办法 西部金属材料股份有限公司 募集资金管理办法 第一章 总则 第一条 为规范西部金属材料股份有限公司（以下简称"公司"）募集资金的使用和管理， 切实保护股东的合法权益，依照《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》"）、《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》等法律法规和《公司章程》的有关规定，结合公司实 际情况，特制定本办法。 第二条 本办法所称募集资金是指：公司通过发行股票或者其他具有股权性质的证券， 向投资者募集并用于特定用途的资金。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防范投资风险， 提高募集资金使用效益。 （一）公司应当将募集资金集中存放于专户中； （二）募集资金专户账号、该专户涉及的募集资金项目、存放金额； （三）公司一次或 12 个月内累计从专户中支取的金额超过 5000 万元人民币或者募集资 金净额的百分之二十的，公司及商业银行应当及时书面通知保荐人或者独立财务顾问； 公司的董事和高级管理人员应 ...

内幕信息知情人登记管理制度 西部金属材料股份有限公司 内幕信息知情人登记管理制度 第四条 公司董事、高级管理人员和公司各部门、各子公司都应做好内幕信 息的保密工作，应当按照公司相关制度规定的报告程序和信息披露职责履行内部 报告义务，积极配合公司做好内幕信息知情人登记备案工作，及时告知公司内幕 信息知情人情况以及相关内幕信息知情人的变更情况。 内幕信息知情人登记管理制度 第五条 公司董事、高级管理人员及其他内幕信息知情人不得泄露内幕信息， 不得利用内幕信息为本人、亲属或其他机构或个人谋利，不得利用内幕信息进行 内幕交易或配合他人操纵证券交易价格。 第二章 内幕信息及范围 第一章 总则 第一条 为加强西部金属材料股份有限公司（以下简称"公司"）内幕信息 管理，杜绝内幕交易行为，确保信息披露的真实、准确、完整、及时和公平，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》"）、《上市公司信息披露管理办法》《深圳 证券交易所股票上市规则》《上市公司监管指引第5号——上市公司内幕信息知 情人登记管理制度》等相关法律法规和《西部金属材料股份有限公司章程》（以 下简称 ...

证券代码：002149 证券简称：西部材料 公告编号：2025-036 西部金属材料股份有限公司 关于取消监事会、变更公司经营范围并修订《公司章程》及 制修订部分公司治理制度的公告 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 11 日召开 第八届董事会第十九次会议，审议通过《关于取消监事会并废止相关制度的议案》 《关于变更公司经营范围的议案》《关于修订〈公司章程〉的议案》《关于修订 〈股东大会议事规则〉等公司治理制度的议案》《关于修订〈董事会审计委员会 议事规则〉等公司治理制度的议案》《关于制定〈董事、高级管理人员离职管理 制度〉等公司治理制度的议案》，召开第八届监事会第十八次会议，审议通过了 《关于取消监事会并废止相关制度的议案》。现将有关情况公告如下： 一、取消监事会 为全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，根 据最新的《中华人民共和国公司法》（以下简称《公司法》）、《上市公司章程 指引》（以下简称《章程指引》）和《深圳证券交易所股票上市规则》（以下简 称《上 ...

证券代码：002149 证券简称：西部材料 公告编号：2025-035 西部金属材料股份有限公司 第八届监事会第十八次会议决议公告 本公司及监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。 为全面贯彻落实法律法规要求，确保公司治理与监管规定保持同步，根据《中华人 民共和国公司法》（以下简称《公司法》）、《上市公司章程指引》（以下简称《章程指引》） 和《深圳证券交易所股票上市规则》（以下简称《上市规则》）等相关法律法规及规范性 文件的规定，并结合公司实际情况，公司拟取消监事会，由董事会审计委员会行使《公 司法》规定的监事会的相关职权，公司《监事会议事规则》相应废止，公司各项规章制 度中涉及监事会、监事的规定也将相应修订。 在公司股东会审议通过取消监事会事项前，公司第八届监事会仍将严格按照《公司 法》《中华人民共和国证券法》等法律法规和规范性文件及现行《公司章程》的要求， 勤勉尽责履行监督职能，继续对公司经营、公司财务及公司董事、高级管理人员履职的 合法合规性进行监督，维护公司和全体股东的利益。 具体内容详见刊载于《证券时报》《中国证券报》及巨潮资讯网www.cninfo. ...

Core Insights - The State Council has announced a work plan to promote stable growth in the electric power equipment industry, specifically focusing on the approval and construction of coastal nuclear power projects [1] - Nuclear power concept stocks have seen an average price increase of 35.11% year-to-date, with some stocks doubling in value [1] - Shanghai Electric has recorded the highest price increase among nuclear power stocks, with a year-to-date rise of 147.62% [1] Company Performance - The following nuclear power concept stocks have been highlighted for their performance and social security fund holdings: - Shun'an Environment (盾安环境): Total market value of 13.638 billion, year-to-date increase of 18.41%, social security fund holding of 4.26% [2] - Jiuli Special Materials (久立特材): Total market value of 22.709 billion, year-to-date increase of 3.27%, social security fund holding of 3.35% [2] - Jiadian Co., Ltd. (佳电股份): Total market value of 8.236 billion, year-to-date increase of 6.02%, social security fund holding of 3.30% [2] - Western Superconducting Technologies (西部超导): Total market value of 39.357 billion, year-to-date increase of 43.40%, social security fund holding of 3.17% [2] - Other notable stocks include Libat (利柏特), Yongxing Materials (永兴材料), Jiangsu Shentong (江苏神通), and Western Materials (西部材料) with varying performance metrics [2]

Market Overview - The Shanghai Composite Index closed at 3875.31 points, up by 1.65%, with a total trading volume of 24645.93 billion yuan [1] - A total of 104 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] Notable Stocks - The stocks with the highest deviation rates from their annual moving averages include: - Xinxing Microelectronics (688593) with a deviation rate of 14.18%, closing at 19.98 yuan after a 20.00% increase [1] - Jingwei Technology (300120) with a deviation rate of 8.52%, closing at 10.00 yuan after a 9.41% increase [1] - Phoenix Optical (600071) with a deviation rate of 7.05%, closing at 23.07 yuan after a 10.01% increase [1] - Other notable stocks with smaller deviation rates include: - Hoshine Silicon Industry (300134) with a deviation rate of 6.43% [1] - Longqi Technology (603341) with a deviation rate of 6.41% [1] Trading Activity - The trading turnover rates for the top stocks are as follows: - Xinxing Microelectronics at 9.86% [1] - Jingwei Technology at 13.20% [1] - Phoenix Optical at 5.02% [1] - The overall trading activity reflects a robust interest in stocks that are performing well above their annual averages [1]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Core Insights - The industrial metals sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting better performance compared to the previous year [1] Performance Analysis of Companies Companies with Profit Growth - Eight companies, including Northern Rare Earth and Eastern Tantalum, reported both revenue and profit growth [2] - Notable turnarounds include China Rare Earth, which shifted from a net loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2][3] - Other companies that turned losses into profits include Yunnan Zinc Industry and Shenghe Resources, with significant improvements in net profit [2] Companies with Declining Performance - Four companies, including Western Materials and Baoti Group, reported declines in both revenue and profit [5] - Western Materials saw a revenue decrease of 0.35% to 1.539 billion yuan and a net profit drop of 36.03% to 61.16 million yuan [5][10] - Baoti Group's revenue fell by 20.45% to 2.967 billion yuan, with a net profit decline of 49% to 205 million yuan [10] Companies with Revenue Growth but Profit Decline - Companies like Zhongmin Resources and Xiamen Tungsten reported revenue growth but significant profit declines [7] - Zhongmin Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [8][9] Industry Trends - China Rare Earth led the industry with a revenue growth rate of 62.38%, while Guangsheng Nonferrous Metals experienced the lowest revenue growth, declining by 47.83% [8] - Northern Rare Earth achieved the highest profit growth rate, with a net profit increase of 1951.52% to 931 million yuan [8]

Core Viewpoint - Titanium alloy is recognized as a "future metal" and "strategic metal" due to its high strength, extreme temperature resistance, corrosion resistance, and biocompatibility, making it essential in aerospace, deep-sea engineering, and medical fields [1][2] Industry Overview - Titanium alloy is a high-performance metal material formed by adding various alloying elements to titanium, which exhibits unique allotropy characteristics [2][3] - The industry is supported by national policies such as the "14th Five-Year Plan for the Development of Raw Material Industry," promoting technological innovation and application [1][4] Industry Chain - China's titanium alloy industry has established a complete "upstream resources - midstream processing - downstream applications" system, with a self-sufficient supply chain [5][7] - The upstream focuses on titanium ore mining and sponge titanium smelting, while the midstream emphasizes alloy melting and processing [5][7] Development Policies - The titanium alloy industry is crucial for national defense modernization and high-tech breakthroughs, receiving systematic support from various government policies [4][5] Current Development Status - The production of titanium processing materials in China has shown steady growth, with an annual compound growth rate of 18% from 2019 to 2024 [9][10] - The market size for titanium alloys is projected to grow from 28.7 billion yuan in 2020 to 43.2 billion yuan in 2024, with a compound annual growth rate of 10.7% [10][11] Competitive Landscape - The industry exhibits a "high-end concentration, low-end dispersion, and emerging rise" competitive structure, with leading companies dominating high-end markets [11][12] - Small and medium-sized enterprises focus on niche markets such as medical implants and consumer electronics [11][12] Future Trends - The industry is accelerating towards high-end, intelligent, and green development, with significant growth in aerospace, deep-sea equipment, and medical implants [12][13] - Emerging applications in renewable energy and consumer electronics are driving market expansion, with a notable increase in demand for hydrogen storage tanks and titanium alloy components [13][14]

Financial Performance - The company reported a total revenue of 1.539 billion yuan for the first half of 2025, a decrease of 0.35% year-on-year [1] - The net profit attributable to shareholders was 61.1646 million yuan, down 36.03% compared to the previous year [1] - In Q2 2025, the revenue was 785 million yuan, reflecting a decline of 6.53% year-on-year, while the net profit for the same quarter was 29.0062 million yuan, a drop of 50.76% [1] - The gross margin was 17.66%, down 22.66% year-on-year, and the net margin was 4.55%, a decrease of 43.88% [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 900.78% of the latest annual net profit, indicating a significant amount of outstanding receivables [1] - The total of selling, administrative, and financial expenses was 105 million yuan, which is 6.83% of revenue, down 20.77% year-on-year [1] - Earnings per share (EPS) decreased to 0.13 yuan, down 36.01% from the previous year [1] - The company had a return on invested capital (ROIC) of 4.28% last year, indicating weak capital returns [4] Cash Flow and Debt Situation - The company reported a negative operating cash flow per share of -0.06 yuan, a decline of 119.85% year-on-year [1] - The cash and cash equivalents increased to 682 million yuan, up 8.96% year-on-year [1] - The interest-bearing debt decreased to 1.596 billion yuan, down 6.20% year-on-year [1] - The debt-to-asset ratio for interest-bearing liabilities reached 22.36% [4] Investment and Market Position - Analysts expect the company's performance for 2025 to be around 201 million yuan, with an average EPS forecast of 0.41 yuan [3] - The company has a history of weak financial performance, with two years of losses since its listing and a median ROIC of 4.63% over the past decade [4] - The company relies heavily on research and development for its business model, which requires careful examination of the underlying drivers [4] Fund Holdings - The largest fund holding the company's shares is the Guotou Ruijin National Security Mixed A fund, with 17.3979 million shares and a recent net value of 1.2494 [5] - Several funds have increased their holdings in the company, indicating potential investor interest [5]