未经许可，不得转载或者引用。 投资要点 人形机器人轻量化大势所趋，原材料+工艺设计为核心。 轻量化可解决人形机器人续航不足、灵活度较低、散热能力差等多项问题，主要路径可分为结 构优化、零部件性能提升、原材料替换三大类。其中，从特斯拉Optimus角度出发，原材料替 换或为短期主流，其主要将传统铝合金、不锈钢等替换为镁合金、高性能工程塑料（PEEK、 PPS）等。 镁合金电磁屏蔽&散热效率更高，降本增效明显。 镁合金优势明显：1）镁合金减重效果优于铝合金，当前镁铝原材料价格比持续维持低位，镁 合金成本优势凸显；2）半固态工艺解决镁合金耐腐蚀性问题，且人形机器人零部件体积重量 远低于汽车，设备壁垒更低；3）工业机器人已有应用，产品&工艺具有一定可迁移性。 工程塑料密度极低，机械强度、韧性与稳定性优异，轻量化趋势下的塑料革命打开市场 增量空间。 我们重点关注了PEEK/PPS/PPA的应用， 主要原因为：1）PEEK：可应用于关节轴承、减速器 齿轮等，国产替代趋势明显，市场稳步增长，下游聚焦高价值应用；2）PPS：可应用与电机端 盖、传感器外壳等，工业化技术成熟，产能自给率逐年提升；3）PPA：可应用于结构支架、连 ...

轻量化应用推荐标的：科达利(002850.SZ)，建议关注：肇民科技(301000.SZ)、恒勃股份(301225.SZ)， PEEK建议关注：中研股份(688716.SH)、新瀚新材(301076.SZ)、中欣氟材(002915.SZ)， PA尼龙建议关 注：南山智尚(300918.SZ)，镁合金推荐标的：旭升集团(603305.SH)，建议关注：宝武镁业 (002182.SZ)。 智通财经APP获悉，东吴证券发布研报称，材料轻量化是当前的主流路径，轻量化可以解决当前人形机 器人行业的几大痛点—续航、散热、零部件性能不达标、灵活度不足等。人形机器人若要实现良好的商 业化，需要以材料为辅，应用为重。该行预计镁合金、PEEK和PA尼龙等材料将因其优异特质受到青 睐。 金属材料—镁合金：成熟应用，经济性凸显。镁合金是优质的轻质合金，具备比强度高、延展性好、抗 电磁干扰能力强等有点，在汽车轻量化中已成熟应用。价格端，截至5月镁价处于低位，镁铝价格比仅 0.87(价格比=1.29，镁铝成本基本一致)，在轻量化的同时实现降本。应用端，宝武镁业和埃斯顿联合推 出镁合金工业机器人"ER4-550-MI"，实现减重11%，能 ...

Group 1 - The core point of the article is that Baowu Metal plans to increase its stake in Baowu Magnesium Industry, acquiring 49.5896 million shares at a price of 11.94 yuan per share, totaling approximately 5.92 billion yuan, which will raise its ownership from 21.53% to 26.53% [1] - Baowu Magnesium Industry, formerly known as Yunhai Metal, has undergone significant ownership changes, with Baowu Metal becoming the controlling shareholder after a capital increase in August 2023 [2][3] - Baowu Metal aims to strengthen its control over Baowu Magnesium Industry, positioning it as a platform for light metal industry under China Baowu [3] Group 2 - Baowu Magnesium Industry has a leading global market share in magnesium and strontium products, with a production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy [3] - The company has significant mineral resources, including 88.6425 million tons of limestone reserves and 1.3197813 billion tons held by its subsidiaries [3] - However, the company's performance has been declining due to falling magnesium prices, with projected revenues of 7.652 billion yuan and 8.983 billion yuan for 2023 and 2024, respectively, reflecting a year-on-year decrease of 15.96% and an increase of 17.39% [4] - Net profits are expected to drop significantly, with 3.06 billion yuan and 1.6 billion yuan for 2023 and 2024, showing a decrease of 49.82% and 47.91% year-on-year [4] - The first quarter of 2023 saw revenues of 2.033 billion yuan, a year-on-year increase of 9.08%, but net profit decreased by 53.58% [4]

Core Viewpoint - The report outlines the financial advisory opinion of China International Capital Corporation regarding the equity change of Baowu Magnesium Industry Technology Co., Ltd, confirming compliance with relevant laws and regulations, and the accuracy of disclosed information [1][2][3]. Group 1: Financial Advisory and Compliance - The financial advisor, China International Capital Corporation, has been appointed by Baosteel Metal Co., Ltd to provide advisory services for the equity change [1]. - The advisory opinion is based on thorough investigation and adherence to industry standards, ensuring that the equity change complies with the Company Law, Securities Law, and relevant disclosure regulations [2][3]. - The financial advisor asserts that the disclosed information is true, accurate, and complete, with no misleading statements or significant omissions [2][3]. Group 2: Company Information - Baosteel Metal Co., Ltd is located at 3962 Yunchuan Road, Baoshan District, Shanghai, with a registered capital of 555,499,008.4 RMB [5][6]. - The controlling shareholder of Baosteel Metal is China Baowu Steel Group Corporation, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [6][7]. - The company engages in various activities including the sale of metal materials, import and export of goods, and technology services [5][6]. Group 3: Equity Change Details - Baosteel Metal plans to acquire 49,589,578 shares of Baowu Magnesium Industry, representing 5% of the total share capital [4][5]. - The acquisition includes shares held by Mei Xiaoming (40,795,963 shares, 4.11%) and Zhu Yuehai (8,793,615 shares) [4]. - The report confirms that the equity change has been disclosed in accordance with the Securities Law and relevant guidelines [5][6].

Summary of Key Points Core Viewpoint - The announcement details the transfer of shares in Baowu Magnesium Industry Co., Ltd., where Baosteel Metal Co., Ltd. will acquire a total of 49,589,578 shares from shareholders Mei Xiaoming and Zhu Yuehai, increasing its stake to 26.53% of the total share capital, while ensuring that the controlling shareholder and actual controller remain unchanged [1][2][13]. Group 1: Share Transfer Details - Baosteel Metal will acquire 49,589,578 shares, representing 5% of the total share capital, at a price of 11.94 yuan per share, totaling approximately 592.1 million yuan [2][5]. - Post-transfer, Baosteel Metal will hold 263,088,395 shares (26.53%), Mei Xiaoming will hold 122,387,890 shares (12.34%), and Zhu Yuehai will hold 323,188 shares (0.03%) [2][13]. Group 2: Impact on Company Control - The share transfer will not result in a change of the controlling shareholder or actual controller of the company, maintaining the current governance structure [1][12]. - Baosteel Metal's increased stake is expected to enhance its control over Baowu Magnesium, allowing for better integration and synergy within the light metal industry segment [13]. Group 3: Compliance and Regulatory Aspects - The share transfer is subject to compliance confirmation from the Shenzhen Stock Exchange and requires registration with the China Securities Depository and Clearing Corporation [1][12]. - The transaction adheres to relevant laws and regulations, ensuring that it does not violate any existing commitments by the parties involved [12][14].

Core Points - The report details the equity changes of Baowu Magnesium Technology Co., Ltd, indicating an increase in shares held by Baosteel Metal Co., Ltd [1][2] - The report is prepared in accordance with relevant Chinese laws and regulations, ensuring compliance and accuracy [2][3] - The equity change involves Baosteel Metal acquiring 49,589,578 shares, representing 5% of the total share capital of Baowu Magnesium [5] Group 1: Company Overview - Baowu Magnesium Technology Co., Ltd is listed on the Shenzhen Stock Exchange under the stock code 002182.SZ [1] - The information disclosure obligor is Baosteel Metal Co., Ltd, a wholly state-owned enterprise [6] - Baosteel Metal's registered capital is approximately 555.5 million RMB [6] Group 2: Shareholding Structure - As of the report date, Baosteel Metal is controlled by China Baowu Steel Group Co., Ltd, with the actual controller being the State-owned Assets Supervision and Administration Commission [6] - The report outlines the shareholding structure, indicating that Baosteel Metal directly holds shares in several core enterprises [6][7] Group 3: Regulatory Compliance - The equity change requires compliance confirmation from the Shenzhen Stock Exchange and registration with the China Securities Depository and Clearing Corporation [2] - The report emphasizes that the information disclosure obligor has obtained necessary authorizations and approvals for the equity change [2][3]

"随着汽车轻量化的稳步推进，公司汽车类产品业务持续增长，镁合金中大部件需求逐年增加，公司布 局深加工业务，保证中大件汽车零部件的供给，实现产品结构调整和业务转型升级，提高资源利用效 率，进行产业结构优化。"宝武镁业此前表示，在稳定镁合金基础材料供应的基础上，公司着力拓展镁 合金汽车压铸件等下游深加工业务。未来，公司将继续聚焦轻量化镁合金材料领域，加大科技创新力 度，加快提升核心竞争力。 宝武镁业在最新公告中表示，通过本次权益变动，宝钢金属将进一步巩固对宝武镁业的控制权，将更深 入地发挥产业优势及协同效应，推动轻金属产业板块加快发展，进一步夯实其作为中国宝武轻量化解决 方案供应商、中国宝武新材料主力军的战略定位。 本次权益变动实施后，宝武镁业将作为中国宝武的轻金属产业平台。宝钢金属将按照有利于上市公司可 持续发展、有利于全体股东利益的原则，拓展上市公司业务，优化上市公司业务结构，提升上市公司价 值和品牌影响力。 宝武镁业拥有完整的产品研发与制造能力，镁、锶等主要产品的市场份额全球领先。近年来，公司凭借 原材料领域的深厚积累，积极向下游轻量化零部件领域拓展，形成了"白云石开采-原镁冶炼-镁合金熔 炼-镁合金加工- ...

中国国际金融股份有限公司 关于宝武镁业科技股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问：中国国际金融股份有限公司 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二五年六月 | 目 | 录 2 | | --- | --- | | 声 | 明 4 | | 释 | 义 6 | | 第一节 | 对《详式权益变动报告书》内容的核查 7 | | 第二节 | 对信息披露义务人基本情况的核查 8 | | | 一、对信息披露义务人基本情况的核查 8 | | | 二、对信息披露义务人的股权及其控制关系的核查 9 | | | 三、对信息披露义务人的主要业务及最近三年财务状况的核查 24 | | | 四、对信息披露义务人最近五年是否受过处罚、涉及的诉讼、仲裁事项及诚 | | | 信记录的核查 25 | | | 五、对信息披露义务人董事、监事和高级管理人员的基本情况的核查 26 | | | 六、对信息披露义务人及其控股股东、实际控制人在境内、境外其他上市公 | | | 司中拥有权益的股份达到或超过该公司已发行股份 5%的情况的核查 27 | | | 七、对信息披露义务人持股 5%以上的 ...

智通财经6月25日电，宝武镁业(002182.SZ)公告称，公司股东宝钢金属与梅小明、朱岳海签署了《股份 转让协议》，宝钢金属拟协议受让梅小明、朱岳海合计持有的宝武镁业49,589,578股股份（占上市公司 总股本5%），转让价格为11.94元/股，总价款共计5.92亿元。转让完成后，宝钢金属将持有公司26.53% 股份，梅小明持有12.34%股份，朱岳海持有0.03%股份。本次权益变动不会导致公司控股股东、实际控 制人变化。 宝武镁业：宝钢金属拟协议受让5%公司股份 ...

宝武镁业科技股份有限公司 详式权益变动报告书 宝武镁业科技股份有限公司 详式权益变动报告书 上市公司名称：宝武镁业科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：宝武镁业 股票代码：002182.SZ 信息披露义务人：宝钢金属有限公司 住所：上海市宝山区蕴川路3962号 通讯地址：上海市宝山区同济路333号5号楼 股份变动性质：股份增加 签署日期：二〇二五年六月 宝武镁业科技股份有限公司 详式权益变动报告书 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 | 信息披露义务人声明 1 | | | --- | --- | | 目 录 2 | | | 释 义 3 | | | 第一节 | 信息披露义务人介绍 4 | | 第二节 | 本次权益变动的目的及决策程序 35 | | 第三节 | 本次权益变动的方式 37 | | 第四节 | 本次权益变动资金来源 45 | | 第五节 | 后续计划 46 | | 第六节 | 本次权益变动对上市公司的影响分析 48 | | 第七节 | 与上市公司之间的重大交易 52 | | 第八节 | 前 6 个月内买卖上市公司股份的情况 53 ...