Group 1 - The company, Greeenmei (002340.SZ), announced a share buyback program, having repurchased a total of 20,358,500 shares, which represents 0.40% of its current total share capital [1] - The highest transaction price during the buyback was RMB 7.01 per share, while the lowest was RMB 5.85 per share [1] - The total amount spent on the share buyback reached RMB 137 million, excluding transaction fees [1]

证券代码：002340 证券简称：格林美 公告编号：2025-080 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，回购期间，公司应当在每个月的前三个交易日 内披露截至上月末的回购进展情况。现将公司本次回购股份进展情况公告如下： 格林美股份有限公司 关于回购公司股份的进展公告 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。 格林美股份有限公司（以下简称"公司"）基于对公司未来发展前景的信心 以及对公司价值的高度认可，分别于2025年1月19日召开第六届董事会第三十三 次会议和第六届监事会第二十八次会议、2025年2月13日召开2025年第二次临时 股东大会，审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资 金和股票回购专项贷款资金通过二级市场以集中竞价交易的方式回购公司部分 股份，本次回购股份用于实施股权激励或员工持股计划和依法注销减少注册资本， 其中，用于依法注销减少注册资本的股份数量不低于实际回购总量的50%，用于 实施股权激励或员工持股计划的股份数量不高于实际回购总量的50%。本次回购 的资 ...

Group 1 - The core viewpoint of the news is that Greenme (002340) has shown a slight increase in stock price and has reported positive financial performance for the first quarter of 2025, indicating growth in revenue and net profit [1][3] - As of July 29, 2025, Greenme's stock closed at 6.71 yuan, with a 0.3% increase, a turnover rate of 1.58%, and a trading volume of 804,200 hands, amounting to a transaction value of 538 million yuan [1] - The company's latest quarterly report shows total operating revenue of 9.496 billion yuan, a year-on-year increase of 13.67%, and a net profit attributable to shareholders of 511 million yuan, up 12.10% year-on-year [1] Group 2 - Greenme has a current liquidity ratio of 0.883, a quick ratio of 0.599, and a debt-to-asset ratio of 65.18%, indicating its financial health and leverage [1] - The company has made investments in 26 enterprises and participated in 24 bidding projects, showcasing its active engagement in the market [2] - Greenme holds 237 trademark registrations and 1,207 patents, along with 21 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Core Insights - The A-share rare earth permanent magnet sector has shown renewed activity, with significant market interest in related products, particularly the rare earth ETF (516780) which recorded a trading volume of 253 million yuan on July 28, marking seven consecutive trading days with over 200 million yuan in daily trading volume, indicating strong capital inflow [1] - The rare earth ETF has seen a net inflow of 127 million yuan over the past five trading days, with its total scale reaching 1.731 billion yuan as of July 28, the highest in nearly four years [1] - The price of praseodymium has increased, reflecting the strategic value of rare earth resources amid the global energy revolution and geopolitical tensions [1] Industry Analysis - A recent report from Founder Securities indicates that the rare earth magnetic materials sector is experiencing tightening supply expectations due to the ban on rare earth mining in Myanmar's Kachin region by the end of 2025 and the zero imports of rare earth metals by the U.S. in June, leading to a price surge for praseodymium and neodymium oxide, which has surpassed 500,000 yuan per ton [2] - The rare earth ETF (516780) closely tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, with the top five constituent stocks being Northern Rare Earth, China Rare Earth, China Aluminum, Greeenmei, and Lingyi Technology, all of which are competitive leaders in the industry [2] - The management of the rare earth ETF, Huatai-PB Fund, has over 18 years of ETF operation experience and has created several benchmark ETFs, with its total ETF scale exceeding 520 billion yuan as of July 28, placing it in the top tier of the industry [2] Market Outlook - With improving demand and expectations of tightening rare earth supply, prices in the rare earth industry are likely to be supported, presenting potential investment opportunities in the rare earth sector, particularly in the rare earth ETF (516780) and its linked funds [3]

Core Insights - The investment enthusiasm for ASEAN countries continues to rise in the first half of 2025, with small and medium-sized enterprises becoming the main force in overseas expansion [1][3] - The Guangdong Provincial Development and Reform Commission is organizing training sessions to help companies understand overseas investment conditions and policies, focusing on Indonesia and Vietnam [1][3] Group 1: Challenges and Strategies - Companies face challenges in overseas operations due to differences in language, culture, and legal systems, which can hinder successful integration [3][4] - Talent localization and cultural integration are identified as primary operational challenges for companies expanding abroad [4][5] - Companies like Shenzhen Zhaochi Co., Ltd. and Greeenme Co., Ltd. are implementing strategies to cultivate local talent and promote cultural exchange to enhance operational success [4][5] Group 2: High-Level Overseas Expansion - Achieving a "high-level" overseas expansion involves transitioning from simple product exports to deeper global integration, including cross-border supply chain connections and brand output [6] - Companies are encouraged to adapt local supply chains to reduce reliance on long-distance transportation, which can be costly and inefficient [6][7] - Collaborative approaches, such as forming alliances with local suppliers and integrating resources, are recommended to enhance risk resilience [6][7] Group 3: Support Services for Overseas Investment - Comprehensive service models are being developed to assist companies in navigating the complexities of overseas investment, including regulatory compliance and operational support [7][8] - The China Overseas Investment Comprehensive Service Center provides a full-cycle service, from pre-investment consultation to post-investment support, helping companies focus on market needs and their strengths [8] - Companies are advised to target specific sectors in emerging markets, such as renewable energy and digital economy, to maximize growth potential [8]

Summary of Puyang Refractories Conference Call Company and Industry Overview - **Company**: Puyang Refractories (濮耐股份) - **Industry**: Refractory materials and magnesium oxide production Key Points and Arguments 1. **Strategic Partnership with Greenme**: Puyang Refractories has entered a strategic cooperation with Greenme to lock in the price of active magnesium oxide for the next three years, with annual discussions to adjust prices based on market conditions [2][6][11] 2. **Cost Reduction**: Greenme's adoption of Puyang's magnesium oxide route has led to a cost reduction of 10% to 15%, translating to a decrease of approximately 7,000 to 10,000 RMB per ton of nickel metal [2][10] 3. **Production Capacity**: The theoretical supply limit for active magnesium oxide is 450,000 tons. Current production capacity in Qinghai and Tibet is 110,000 tons, with plans to increase to 170,000 tons by the end of 2025 and 300,000 tons by mid-2026 [2][8][17] 4. **Mining Reserves**: Puyang has confirmed mining reserves of 48 million tons, with potential future reserves exceeding 100 million tons. The company plans to negotiate with local governments to expand its mining licenses [16][32] 5. **Production Efficiency**: The efficiency of Puyang's active magnesium oxide is over 20 times higher than that of liquid alkali, with a 30% overall production efficiency improvement, significantly enhancing metal recovery rates [2][10] 6. **Logistics Optimization**: Adjustments in transportation methods from Tibet to Yibin or Wuhan ports are expected to save 200 to 500 RMB per ton in shipping costs compared to previous methods from Qinghai [3][21] 7. **Market Conditions**: The refractory materials industry is currently facing low profitability, with many companies experiencing revenue growth without profit. However, potential price recovery is anticipated in the latter half of 2025 and into 2026 [5][24][25] 8. **U.S. Operations**: The U.S. factory achieved profitability in Q2 2025, with expectations for significant contributions to overall company profits as order volumes increase [5][34] 9. **Future Pricing Strategy**: The pricing mechanism with Greenme is designed to remain stable for three years, with potential adjustments based on market conditions and the introduction of new customers [6][11][23] 10. **Competitive Advantages**: Puyang's core competitive advantages include unique mining resources, long-term expansion capabilities, and the potential for price increases as new customers are onboarded [32][35] Additional Important Insights - **Impact of Large Orders**: Large orders from clients like Greenme are expected to lower production costs through economies of scale and fixed cost dilution [18][19] - **Challenges in Africa**: Puyang has faced challenges in the African market due to logistics and political instability, prompting a reassessment of strategies in that region [28][29] - **Long-term Outlook**: The long-term outlook for Puyang Refractories is positive, with expectations for recovery in the refractory materials sector and continued growth in the active magnesium oxide business [35]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The demand for active magnesium oxide is expected to increase significantly, benefiting the domestic refractory materials sector amid the steel industry's "anti-involution" trend [4]. - The strategic agreement with Greenmeadow is projected to enhance the certainty of active magnesium oxide demand, with a forecasted net profit of 305 million, 547 million, and 759 million yuan for 2025, 2026, and 2027 respectively [4]. Summary by Sections Strategic Cooperation - The company has signed a supplementary agreement with Greenmeadow, expecting to supply 500,000 tons of low-cost core precipitant products by December 31, 2028 [1]. - The supply schedule for active magnesium oxide is estimated at 50,000 tons in 2025, 150,000 tons in 2026, and 150,000 tons in 2027 and 2028 [2]. Cost Reduction and Competitive Advantage - Active magnesium oxide can reduce the hydrometallurgical nickel smelting costs by 10%-15%, significantly improving the profitability and global competitiveness of Greenmeadow's nickel resource projects [3]. Industry Context - The domestic refractory materials business is expected to gradually recover as the steel industry improves profitability, following the central government's emphasis on regulating low-price competition and promoting the orderly exit of backward production capacity [4]. Financial Forecasts - The report projects revenues of 5.759 billion, 6.377 billion, and 6.943 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 305 million, 547 million, and 759 million yuan [5][11]. - The earnings per share (EPS) are forecasted to be 0.30, 0.54, and 0.75 yuan for 2025, 2026, and 2027 respectively [5][11].

证券代码：002340 证券简称：格林美 公告编号：2025-079 格林美股份有限公司 关于签署红土镍矿冶炼用低成本核心沉淀剂 战略合作框架协议之补充协议的公告 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。 特别提示： 1、本次签署的战略合作框架协议之补充协议为双方合作意愿和基本原则的框 架性约定，在具体实施过程中存在一定不确定性。公司董事会将积极关注该事项的 进展情况，并及时履行信息披露义务。敬请广大投资者谨慎决策，注意投资风险。 公司名称：濮阳濮耐高温材料（集团）股份有限公司 2、本战略合作框架协议之补充协议的签署不会对公司本年度财务状况及经营 业绩构成重大影响。 一、概述 基于格林美股份有限公司（以下简称"公司"）与濮阳濮耐高温材料（集团） 股份有限公司（以下简称"濮耐股份"）前期签署的战略合作框架协议，濮耐股份 将为公司开发一种适用于红土镍矿高压浸出 HPAL 工艺的高效沉淀剂产品并保障 供应，具体内容详见公司于 2025 年 1 月 14 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于签署战略合作框架协议的公告》 ...

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown significant growth, with a 2.67% increase on July 24, 2023, and a year-to-date rise of 9.56% [1] Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 8.88% over the past month and 9.74% over the last three months [1] - The index was established on December 31, 2011, with a base value of 1000.0 points [1] Group 2: Index Holdings - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.42%), Huichuan Technology (9.24%), BYD (8.84%), Changan Automobile (4.72%), Sanhua Intelligent Control (4.61%), Huayou Cobalt (4.39%), Yiwei Lithium Energy (4.32%), Ganfeng Lithium (3.3%), Tianqi Lithium (3.09%), and Gree Environmental (2.56%) [1] - The market distribution of the index holdings shows that 84.21% are listed on the Shenzhen Stock Exchange, 15.21% on the Shanghai Stock Exchange, and 0.58% on the Beijing Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index holdings includes: 58.48% in industrials, 22.92% in consumer discretionary, 17.46% in materials, and 1.14% in information technology [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]