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]

Core Viewpoint - Western Materials (002149) reported disappointing financial results for the first half of 2025, with a decline in both revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.539 billion yuan, a decrease of 0.35% year-on-year [1]. - Net profit attributable to shareholders was 61.1646 million yuan, down 36.03% year-on-year [1]. - In Q2 2025, total revenue was 785 million yuan, a decline of 6.53% year-on-year, while net profit was 29.0062 million yuan, down 50.76% year-on-year [1]. - Gross margin was 17.66%, a decrease of 22.66% year-on-year, and net margin was 4.55%, down 43.88% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 142.1 million yuan, representing 900.78% of the latest annual net profit [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 105 million yuan, accounting for 6.83% of revenue, a decrease of 20.77% year-on-year [1]. - Earnings per share (EPS) was 0.13 yuan, down 36.01% year-on-year, while operating cash flow per share was -0.06 yuan, a decrease of 119.85% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) for the previous year was 4.28%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.63% over the past decade, with two years of losses since the company went public [3]. Debt and Cash Flow - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 27.8% of current liabilities [3]. - The interest-bearing debt ratio reached 22.36%, indicating a significant level of debt [3]. Fund Holdings - The largest fund holding Western Materials is the Guotou Ruijin National Security Mixed A fund, which increased its holdings to 17.3979 million shares [4]. - Other funds, such as the China Merchants Industry Selection Stock A fund, also increased their positions in the company [4].

证券代码：002149 证券简称：西部材料 公告编号：2025-032 二、2025 年半年度利润分配方案基本情况 中归属于母公司股东的净利润为 6,116.46 万元，截至 2025 年 6 月 30 日可供分配 利润为 35,751.66 万元；2025 年半年度母公司报表中净利润为 14,171.93 万元， 截至 2025 年 6 月 30 日母公司可供分配利润为 19,073.69 万元。公司股本基数为 《上 西部金属材料股份有限公司 关于 2025 年半年度利润分配方案的公告 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 8 月 25 日召开了 第八届董事会第十八次会议和第八届监事会第十七次会议，审议通过了《2025 年半年度利润分配方案》。现将具体情况公告如下： 一、审议程序 过了《2025 年半年度利润分配方案》，2025 年 8 月 25 日召开的公司第八届董事 会第八次独立董事专门会议审议通过了《2025 年半年度利润分配方案》； 七次会议审议通过了《2025 年半年度利润分配 ...

格隆汇8月26日丨西部材料(002149.SZ)公布2025年半年度报告，上半年公司实现营业收入15.39亿元，同 比下降0.35%；归属于上市公司股东的净利润6116.46万元，同比下降36.03%；归属于上市公司股东的扣 除非经常性损益的净利润4796.39万元，同比下降43.35%；基本每股收益0.1253元；拟向全体股东每10 股派发现金红利1元(含税)。 ...