一、股东会审议通过权益分派方案的情况 1、宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）2024 年年度权益分派方案已获2025年5月22日召开的2024年度股东会审议通过，2024 年度利润分配方案为：以2024年末总股本991,791,553股为基数，向全体股东每10 股派发现金股利0.5元（含税），不送红股，不以公积金转增股本。 公司总股本 991,791,553 股，以此计算合计拟派发现金红利 49,589,577.65 元 (含税)，占公司当年合并报表归属于上市公司股东的净利润比例为 31.07%。如在 本预案披露之日起至实施权益分派股权登记日期间，公司总股本由于可转债转 股、股份回购、股权激励行权、再融资新增股份上市等原因发生变动，按照"现 金分红总额不变"的原则相应调整。 证券代码：002182 证券简称：宝武镁业 公告编号：2025-24 宝武镁业科技股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 3、本次实施分派方案与股东会审议通过的分派方案一致。 4、本次分派方案的实施距股东会审议通 ...

北京大成(上海)律师事务所 关于宝武镁业科技股份有限公司 2024年度股东会的法律意见书 致:宝武镁业科技股份有限公司 北京大成(上海)律师事务所(简称"本所")接受宝武镁业科技股份有限 公司(简称"公司")委托,委派本所律师出席公司于 2025年5月22日召开的 2024 年度股东会(简称"本次股东会"),并根据《中华人民共和国证券法》 (简称"《证券法》")、《中华人民共和国公司法》(简称"《公司法》") 及中国证券监督管理委员会发布的《上市公司股东会规则》(简称"《股东会规 则》")等法律、行政法规及规范性文件和《宝武镁业科技股份有限公司章程》 (简称"《公司章程》")的规定,就本次股东会相关事项出具本法律意见书。 为出具本法律意见书,本所律师审查了公司提供的有关本次股东会的相关文 件。在审查有关文件的过程中,公司向本所律师保证并承诺,公司向本所提供的 文件是真实、准确、完整的,有关副本材料或复印件与原件一致,公司已向本所 律师披露一切足以影响本法律意见书出具的事实和文件,且无任何隐瞒、遗漏之 处。 在本法律意见书中,本所律师仅就本次股东会的召集程序及召集人资格、召 开程序、出席会议人员的资格、会议的表 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2025-23 宝武镁业科技股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 重要提示： ● 本次股东会召开期间无增加、否决或变更议案的情况； ● 本次股东会以现场表决与网络表决相结合的方式召开。 一、会议召开情况 1、会议召集人：宝武镁业科技股份有限公司董事会 2、会议主持人：董事长梅小明先生 3、会议召开方式及召开时间 （1）现场会议时间：2025年5月22日（星期四）下午14:00 （2）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5月22日（星期四）上午9:15－9:25，9:30－11:30，下午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5月22日（星期四）上午9:15 至下午15:00期间的任意时间。 4、会议地点：宝武镁业科技股份有限公司会议室。 5、会议的召集、召开与表决程序符合《公司法》《深圳证券交易所股票上市规 则》及《公司章程》等法律、法规及规范性文件的规定。 二、会议出 ...

Group 1: Company Overview and Market Position - The company currently has an annual production capacity of 100,000 tons of primary magnesium and 200,000 tons of magnesium alloy [8][23] - The company is recognized as a global leader in the magnesium industry, with a market value of approximately 12 billion RMB [18][51] - The company is actively expanding its production capacity, with plans to reach 500,000 tons in the future [17][42] Group 2: Product Applications and Market Potential - Magnesium alloy products are currently used in the automotive, aerospace, and military sectors, but their market penetration is still relatively low [2][5] - The company sees significant growth potential in the application of magnesium alloys in robotics and low-altitude vehicles [1][2] - The company is collaborating with major automotive manufacturers such as Geely and BYD to enhance the use of magnesium alloys in their vehicles [16][43] Group 3: Financial Performance and Projections - The company anticipates a steady increase in revenue over the next three years due to new project launches [2][5] - The company's original magnesium production cost is competitive within the industry, contributing to profitability despite market fluctuations [4][76] - The company has a plan to manage its capital structure effectively to control its debt-to-asset ratio [42][76] Group 4: Technological Innovations and Developments - The company has successfully developed a new type of "stainless" magnesium alloy with high strength and corrosion resistance [4][13] - The magnesium-based solid hydrogen storage technology has completed scale trials and is being integrated with specific application scenarios [14][39] - The company is focusing on technological advancements in magnesium alloy production to reduce costs and improve efficiency [42][76] Group 5: Challenges and Strategic Responses - The company faces challenges related to environmental regulations impacting production, particularly in regions like Shanxi [1][2] - The company is implementing measures to avoid competition with its parent company, Baowu Steel Group, through asset restructuring [24][25] - The company is actively managing market risks associated with price volatility in magnesium and its derivatives [27][76]

Core Viewpoint - The company held an online performance briefing for the 2024 fiscal year, achieving a high interaction rate with investors, answering 87 out of 88 questions posed during the session, indicating strong investor engagement and transparency [1]. Group 1: Business Operations and Growth - The company is focusing on expanding its magnesium alloy deep processing business, particularly in automotive parts, electric bicycle components, and construction templates, with significant growth expected in these areas [2]. - The company has outlined specific measures to address market competition, including upgrading magnesium smelting technology, optimizing the industrial chain layout, and promoting magnesium application technology innovation [5][6]. - The company currently has a production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, with plans to increase capacity to 500,000 tons [43][46]. Group 2: Market Position and Strategy - The company is positioned as a core platform for the magnesium industry under Baowu Steel Group, with a commitment to avoid competition with its subsidiaries through asset restructuring and other legal means [3][4]. - The company is actively participating in international exhibitions and industry conferences to showcase its technological capabilities and expand its international customer base [5]. - The company is leveraging the current low magnesium prices to promote its products, enhancing the attractiveness of magnesium applications in various sectors [7]. Group 3: Financial Management and Investor Relations - The company has emphasized the importance of market value management, taking various measures to communicate its investment value to the market and protect the interests of minority shareholders [12][20]. - The company has not yet established a specific stock repurchase plan, despite ongoing discussions about its market value and stock price performance [17][27]. - The company reported a nearly 30% increase in accounts receivable, primarily due to rising revenues, indicating a positive sales trend [39].

Production and Export Overview - In 2024, global primary magnesium production reached 1.12 million tons, a year-on-year increase of 12% [1] - China's primary magnesium production capacity was 1.4875 million tons, up 9.29% year-on-year; production was 1.0258 million tons, increasing by 24.73% [1] - Magnesium alloy production reached 396,800 tons, reflecting a growth of 14.95% [1] - China exported 459,800 tons of various magnesium products in 2024, a 13.62% increase from 2023's 404,700 tons [1] Financial Performance - The company reported a revenue of ¥8,982,563,028.12 in 2024, marking a 17.39% increase compared to the previous year [2] - Net profit attributable to shareholders was ¥159,628,962.00, a decline of 47.91% year-on-year, primarily due to falling magnesium prices [2] Product Development in Automotive Sector - The company saw over 20% growth in steering wheel products, CCB products, and seat products in 2024 compared to 2023 [3] - Strengthened strategic cooperation with leading industry players, resulting in multiple new product reserves [3] Market Dynamics - The current lower magnesium prices compared to aluminum present a favorable opportunity for the magnesium industry [4] - This price dynamic is expected to enhance the adoption of magnesium in large automotive components, integrated die-casting, robotics, and construction templates [4] Resource Reserves - Subsidiaries hold significant white marble ore resources: 88.6425 million tons and 578.95 million tons respectively [5] - A joint venture holds 1.3197813 million tons of white marble ore resources [5] - Additional quartzite resources include 1.6889 million tons and 1.26 million tons [5] - These resources ensure stable raw material supply for primary magnesium and magnesium alloy production, supporting the entire industry chain [5]

Core Viewpoint - The report highlights that Baowu Magnesium Industry (002182) is facing performance pressure due to declining magnesium prices, despite a focus on deep processing products and an increase in revenue from these segments [1][2]. Financial Performance Summary - In 2024, the company achieved operating revenue of 8.983 billion yuan, a year-on-year increase of 17.39%, but the net profit attributable to shareholders was 160 million yuan, down 47.91% year-on-year [2]. - For Q1 2025, the company reported operating revenue of 2.033 billion yuan, a year-on-year increase of 9.08% but a quarter-on-quarter decrease of 22.88%, with a net profit of 28.18 million yuan, down 53.58% year-on-year [2]. Magnesium Price Trends - Magnesium prices have continued to decline, with the average price for magnesium ingots in 2024 at 18,300 yuan per ton, a decrease of 17.73% year-on-year [2]. - In Q1 2025, magnesium ingot prices fell below 16,000 yuan per ton, leading to cash flow issues for some magnesium alloy companies and prompting production cuts [2]. Deep Processing Product Development - The company has increased the proportion of deep processing products in its overall business, with magnesium-aluminum deep processing accounting for 45.3% of operating revenue in 2024, up from 37.7% in 2023 [2]. - The report emphasizes the strategic significance of magnesium alloys in various industries, including automotive, construction, robotics, and aerospace, as the company continues to expand its production capacity [2]. Investment Outlook - Despite the ongoing pressure from low magnesium prices, the company is expected to benefit from lower raw material costs and the increasing penetration of magnesium-aluminum alloy deep processing products into downstream applications [2]. - The forecast for revenue from 2025 to 2027 is 9.7 billion yuan, 11.8 billion yuan, and 13.8 billion yuan, respectively, with net profits projected to be 200 million yuan, 370 million yuan, and 630 million yuan [2].

Core Insights - The company has achieved stable growth in production and sales, with a significant increase in the sales volume of non-ferrous metal smelting and rolling processing for 2024, reaching 449,500 tons, a year-on-year increase of 23.54% [1] - Revenue for 2024 reached 8.983 billion yuan, a year-on-year growth of 17.39%, driven by capacity expansion and process upgrades [1] - The company's gross profit margin has slightly decreased, with the main business gross profit margin at 11.61%, down 1.75 percentage points [1][2] Production and Capacity - The company currently has a production capacity of 100,000 tons of primary magnesium and 200,000 tons of magnesium alloy [1] - Subsidiaries have expanded their production capacity, with new projects adding 50,000 tons of primary magnesium and 100,000 tons of magnesium alloy [1] - The company holds significant white marble ore resources, with reserves of 88.6425 million tons and 578.95 million tons in its subsidiaries [1] Financial Performance - The net profit attributable to shareholders for 2024 was 160 million yuan, a decrease of 47.91% year-on-year [2] - The first quarter of 2025 saw a further decline in net profit to 28.18 million yuan, down 53.58% [2] - The operating cash flow has decreased, with a net cash inflow of 11 million yuan, down 339 million yuan year-on-year [3] Cost and Expenses - The gross profit margin for magnesium alloy products was 11.48%, down 6.6 percentage points, while aluminum alloy products saw a gross profit margin of 11.23%, up 4.94 percentage points [1] - The expense ratio for 2024 was 8.91%, an increase of 0.5 percentage points, driven by higher sales, management, and R&D costs [2] Debt and Investment - The company's asset-liability ratio increased to 54.50%, up 7.10 percentage points, due to increased construction projects and long-term borrowings [3] - Investment cash flow showed a net outflow of 1.784 billion yuan, a decrease of 615 million yuan year-on-year, primarily due to reduced long-term equity investment expenditures [3] Future Outlook - The company is optimistic about future magnesium die-casting orders and expects performance recovery with improved demand [3] - Projected net profits for 2025-2027 are estimated at 273 million, 363 million, and 443 million yuan, respectively [3]

华泰联合证券有限责任公司 关于宝武镁业科技股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公 司"）向特定对象发行股票持续督导阶段的保荐人，对宝武镁业 2024 年有关情况 进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：宝武镁业 | | | | --- | --- | --- | --- | | 保荐代表人姓名：王坤 | 联系电话：025-83388070 | | | | 保荐代表人姓名：徐文 | 联系电话：025-83388070 | | | | 现场检查人员姓名：王坤 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 4 月 21 日至 4 月 23 日 | | | | | 一、现场检查事项 | 现场检查意见 | | | | （一）公司治理 | 是 | 否 | 不适 | | | | | 用 | | 现场检查手 ...

| 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 保荐总结报告书 华泰联合证券有限责任公司 关于宝武镁业科技股份有限公司向特定对象发行股票 之保荐总结报告书 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 江苏省南京市建邺区江东中路 228 号华泰证券广场 1 号楼 4 层 | | 法定代表人 | 江禹 | ...