Core Viewpoint - Baowu Magnesium Industry (002182) is undergoing a significant share transfer, which will strengthen Baosteel Metal's control over the company and enhance its strategic positioning in the lightweight materials sector [1][3]. Group 1: Share Transfer Details - Baosteel Metal plans to acquire a total of 49.5896 million shares from Mei Xiaoming and Zhu Yuehai, representing 5% of the total share capital of Baowu Magnesium [1]. - The share transfer price is set at 11.94 yuan per share, totaling approximately 592 million yuan [1]. - Post-transfer, Baosteel Metal will hold 263 million shares, accounting for 26.53% of the total share capital, maintaining its status as the controlling shareholder [1]. Group 2: Company Overview and Business Segments - Baowu Magnesium Industry possesses comprehensive product research and manufacturing capabilities, leading the global market share in magnesium and strontium products [1]. - The company has developed a complete magnesium industry chain, including raw material mining, magnesium smelting, magnesium alloy processing, and recycling [1]. - The business is segmented into four main areas: magnesium materials, magnesium products, aluminum products, and mineral products [1]. Group 3: Product Development and Market Focus - The company operates six die-casting bases nationwide, equipped with over 200 die-casting units and nearly 1,000 processing centers [2]. - Key product areas include automotive components, electric bicycle parts, robotic components, and magnesium construction templates, with a focus on lightweight solutions [2]. - The demand for magnesium alloy components in the automotive sector is steadily increasing, prompting the company to enhance its deep processing capabilities [2]. Group 4: Strategic Goals and Future Outlook - Following the share transfer, Baowu Magnesium aims to leverage its position as a lightweight materials supplier and enhance its brand influence [3]. - The company is committed to expanding its business and optimizing its structure to improve overall value and sustainability [3]. - Future efforts will focus on technological innovation and strengthening core competitiveness in the lightweight magnesium alloy materials sector [2].

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 ...

Core Viewpoint - Baowu Magnesium Industry announced that Baosteel Metal intends to acquire 5% of the company's shares through a share transfer agreement with Mei Xiaoming and Zhu Yuehai, totaling 49,589,578 shares at a price of 11.94 yuan per share, amounting to a total of 592 million yuan [1] Group 1 - Baosteel Metal will hold 26.53% of Baowu Magnesium Industry after the share transfer [1] - Mei Xiaoming will retain 12.34% of the shares, while Zhu Yuehai will hold 0.03% [1] - The equity change will not result in a change of the company's controlling shareholder or actual controller [1]

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 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2025-25 宝武镁业科技股份有限公司 关于公司股东协议转让部分股份暨权益变动 的提示性公告 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。 特别提示： 本次协议转让不会导致公司控股股东、实际控制人发生变化； 本次股份转让事宜尚需取得深圳证券交易所的合规性确认，并在中国证 券登记结算有限责任公司深圳分公司办理股份过户登记手续，存在不确定性， 请投资者注意投资风险。 一、股份转让的具体情况 2025年6月25日，公司收到宝钢金属、梅小明先生、朱岳海先生通知，获悉 宝钢金属与梅小明先生、朱岳海先生签署了《股份转让协议》，宝钢金属拟协 议受让梅小明先生、朱岳海先生合计持有的宝武镁业49,589,578股股份（占上市 公司总股本5%），其中包含梅小明先生持有的40,795,963股无限售股份（占上 市公司总股本4.11%），朱岳海先生持有的上市公司8,793,615股股份（占上市公 司总股本0.89%）。本次股份协议转让的价格为11.94元/股，股份转让总价款共 计人民币592,099,561.32元。 上述股份 ...

宝武镁业科技股份有限公司 简式权益变动报告书 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 宝武镁业科技股份有限公司 简式权益变动报告书 信息披露义务人：梅小明 股票代码：002182.SZ 住所：江苏省南京市******** 通讯地址：江苏省南京市溧水经济开发区秀山东路 9 号 权益变动性质：减少 签署日期：2025 年 6 月 25 日 宝武镁业科技股份有限公司 简式权益变动报告书 信息披露义务人声明 一、本信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司收购管理办法》《公开发行证券公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在宝武镁业科技股份有限公司（以下简称"宝 武镁业"或"上市公司"）中拥有权益的股份变动情况。 本报告书中，除非文义另有所指，下列词语或简称具有如下含义： | 上市公司、宝武镁业 | 指 | 宝武镁业科技股份有限公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Viewpoints - The company is positioned to benefit from the increasing demand for magnesium alloys in the automotive lightweighting sector, which is expected to experience significant growth [2][31]. - The magnesium-aluminum price ratio has dropped significantly, enhancing the cost-effectiveness of magnesium [1][11]. - The company has a comprehensive industrial chain covering mining, refining, and processing, which provides a competitive advantage [3][42]. Summary by Sections Magnesium Industry - Magnesium is a strategically important metal with a fully self-sufficient supply chain in China, unlike aluminum and iron, which have high external dependency rates [1][24]. - The magnesium-aluminum price ratio fell below 1 in March 2024 and has remained low, indicating a favorable cost position for magnesium [1][11]. - The automotive sector is the largest demand area for magnesium alloys, accounting for 70% of consumption, driven by the need for lightweight materials [27][31]. Company Overview - The company has significant resources, including extensive dolomite reserves and multiple magnesium production bases, which support its growth potential [3][42]. - Current projects aim to increase production capacity to 500,000 tons of raw magnesium and magnesium alloys [3][42]. - The company is expanding its product offerings in various applications, including automotive components, which are expected to see increased adoption [49]. Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 214 million, 478 million, and 639 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.22, 0.48, and 0.64 yuan [4][54]. - The price-to-earnings ratio (PE) is expected to decrease from 52 in 2025 to 18 in 2027, indicating potential for growth [4][54].

Investment Rating - The report initiates coverage with a "Buy" rating for Baowu Magnesium Industry [3][45]. Core Viewpoints - The improvement in the corrosion resistance of magnesium alloys is crucial for their application in the automotive sector, with a potential market growth of 5 times due to enhanced economic viability as magnesium prices decline [1][2]. - Baowu Magnesium has launched corrosion-resistant magnesium alloy components, indicating progress in applications requiring high corrosion resistance, such as electric motor housings [1][26]. - The company has a comprehensive layout in the magnesium alloy manufacturing sector, with significant reserves and production capacities planned for the future [1][29]. Summary by Sections 1. Magnesium Alloy Corrosion Resistance - Enhancing corrosion resistance is key to unlocking the market for automotive magnesium alloy components [10]. - Magnesium alloys have shown better weight reduction compared to aluminum alloys, making them economically viable as magnesium prices have decreased [12][13]. - The current application of magnesium alloys in vehicles is limited, with potential usage significantly higher than current levels [18][19]. 2. Baowu Magnesium's Capabilities - Baowu Magnesium has successfully developed a magnesium alloy electric drive assembly that meets industry corrosion resistance requirements [26]. - The company has invested in R&D and established various innovation platforms to enhance product development [28]. 3. Industry Layout and Production Capacity - Baowu Magnesium has a well-structured layout in magnesium resources, production, and customer development, ensuring a competitive edge in the market [29]. - The company holds substantial magnesium ore reserves, with a total of 175,359.38 million tons available for extraction [32]. - Planned production capacities include 50,000 tons of raw magnesium and 60,000 tons of magnesium alloys by the end of 2024 [34][41]. 4. Profitability and Valuation Forecast - The forecasted EPS for Baowu Magnesium for 2025, 2026, and 2027 are 0.241, 0.374, and 0.606 respectively, with dynamic PE ratios indicating a favorable investment outlook [2][45]. - The company is positioned to benefit from the anticipated growth in the automotive magnesium alloy market due to improvements in corrosion resistance [45].

Production Capacity and Output - In 2024, global primary magnesium production reached 1.12 million tons, a year-on-year increase of 12% [1] - China's primary magnesium capacity was 1.4875 million tons, up 9.29% year-on-year, with a production of 1.0258 million tons, marking a 24.73% increase [1] - Magnesium alloy production in China was 396,800 tons, reflecting a 14.95% growth [1] - China accounts for approximately 85% of global primary magnesium production capacity [1] Production Methods - The company primarily uses the silicon thermal reduction method, which has a simpler process and lower investment compared to the electrolysis method [1][2] - The electrolysis method, while more complex and costly, is being improved by domestic manufacturers to reduce production costs [1][2] Resource Reserves - Subsidiaries hold significant white marble ore reserves: 88.6425 million tons and 578.95 million tons, while a joint venture holds 1.3197813 billion tons [3] - Gansu Mining has approximately 3 million tons of quartzite ore reserves [3] - These resources enhance the stability of raw material supply for primary magnesium and magnesium alloy production [3] Downstream Processing Expansion - The company operates six die-casting bases nationwide, equipped with over 200 die-casting units and nearly 1,000 processing centers [4] - Focus areas for magnesium alloy deep processing products include automotive parts, electric bicycle components, robotic parts, and magnesium construction templates [4] - Specific automotive applications include steering components, dashboard supports, and door panels [4] Future Development Strategy - The company emphasizes research and innovation, positioning technological advancement and new product development as core strategies [5][6] - It has developed a complete set of magnesium reduction and magnesium alloy production equipment and processes, leading the industry in energy-saving and consumption reduction [6] - The company aims to enhance its core competitiveness in lightweight magnesium alloy materials, focusing on technological innovation and expanding downstream processing businesses [6]

Company Overview - Baowu Magnesium Industry Technology Co., Ltd. was established in 1993 and listed on the Shenzhen Stock Exchange in 2007, evolving into a high-tech enterprise integrating mining, non-ferrous metal smelting, and recycling processing [1] - The company specializes in the production and deep processing of magnesium and aluminum alloy materials, with key products including magnesium alloys, magnesium alloy die-castings, aluminum alloys, and metal strontium [1] - The complete industry chain from mining to recycling enhances product cost structure and risk resilience, ensuring stable product supply to customers [1] Export and Market Dynamics - The U.S. has imposed anti-dumping measures on Chinese magnesium products since the 1990s, leading to a cessation of exports from the company to the U.S. for many years [2] - The company is not directly affected by U.S. tariffs on magnesium products [2] Automotive Applications - The penetration rate of magnesium materials in automotive components is expected to increase, particularly for parts like instrument panel brackets, seat brackets, and display screen backplates, as the cost-performance ratio improves [2] - In 2024, the company anticipates over 20% growth in steering wheel, CCB, and seat products compared to 2023, bolstered by strategic collaborations with leading industry players [4] Robotics Sector - Magnesium alloys offer significant advantages in the robotics industry, including reduced weight, improved speed, enhanced thermal conductivity, and effective electromagnetic shielding, leading to increased operational efficiency [3]