Group 1: Company Overview and Products - Yunnan Ge Industry focuses on materials-grade germanium products, including germanium ingots and germanium dioxide, as well as deep-processed products like solar germanium wafers and infrared germanium products [2][3] - The main applications of the company's products span infrared optoelectronics, solar cells, fiber optics communication, LEDs, and high-power lasers [3] Group 2: Supply Chain and Raw Materials - The company does not produce raw materials like arsenic, gallium, phosphorus, and indium; all necessary raw materials for semiconductor production are sourced externally [4] - The downstream customers for compound semiconductor materials primarily include epitaxy manufacturers or device manufacturers with epitaxy capabilities [6] Group 3: Market Demand and Applications - The highest usage of germanium metal is in infrared optics, followed by fiber optics communication and photovoltaics [7] - The demand for solar germanium wafers is expected to grow significantly due to the increasing need for commercial satellites, particularly low-orbit communication satellites [11] Group 4: Production Capacity and Future Projects - Current production capacity for solar germanium wafers is 300,000 pieces per year (4 inches) and 200,000 pieces per year (6 inches), with plans to expand to 1.25 million pieces by the end of 2025 [10] - The company has initiated several key projects, including advanced germanium materials and high-quality gallium arsenide wafer construction projects, to enhance production capabilities [13] Group 5: Strategic Direction and Resource Management - The company aims to enhance its competitiveness by increasing the sales and proportion of deep-processed products while continuing to develop compound semiconductor materials [13] - There is an ongoing effort to seek resource reserves through acquisitions and integrations, with plans to disclose specific matters as they arise [13]

一、前期公告情况 2025 年 10 月 30 日，云南临沧鑫圆锗业股份有限公司（以下简称"公司"） 第八届董事会第三十次会议审议通过《关于控股子公司向孙公司增资的议案》， 同意控股子公司云南鑫耀半导体材料有限公司（以下简称"鑫耀公司"）以 10,000 万元自有资金对孙公司云南中科鑫圆晶体材料有限公司（以下简称"中科鑫圆"） 进行增资。 详细内容请见公司于 2025 年 10 月 31 日在《证券时报》《中国证券报》《上 海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上刊登的 《云南临沧鑫圆锗业股份有限公司关于控股子公司向孙公司增资的公告》。 二、进展情况 证券代码：002428 证券简称：云南锗业 公告编号：2025-063 云南临沧鑫圆锗业股份有限公司 关于控股子公司向孙公司增资的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 电子器件制造；光电子器件销售；电子专用材料研发；电子专用材料制造；电子 专用材料销售；货物进出口；技术进出口（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 本次变更后，中 ...

Core Viewpoint - Yunnan Ge Industry's stock price has shown significant volatility, with a year-to-date increase of 41.34%, but a recent decline over the past five trading days of 7.97% [1] Group 1: Company Overview - Yunnan Lincang Xinyuan Ge Industry Co., Ltd. was established on August 19, 1998, and listed on June 8, 2010. The company specializes in germanium ore mining, refining, and deep processing, with main products including zone-melt germanium ingots and infrared-grade germanium single crystals [2] - The company's revenue composition includes material-grade germanium products (29.26%), photovoltaic-grade germanium products (23.34%), optical fiber-grade germanium products (21.98%), infrared-grade germanium products (12.45%), compound semiconductor materials (10.54%), and others (2.44%) [2] Group 2: Financial Performance - For the period from January to September 2025, Yunnan Ge Industry achieved operating revenue of 799 million yuan, representing a year-on-year growth of 58.89%. However, the net profit attributable to shareholders decreased by 38.43% to 18.15 million yuan [2] - The company has distributed a total of 179 million yuan in dividends since its A-share listing, with 32.66 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Yunnan Ge Industry reached 100,400, an increase of 9.89% from the previous period. The average circulating shares per person decreased by 9.00% to 6,505 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 16.43 million shares, an increase of 10.59 million shares from the previous period [3]

Core Viewpoint - Yunnan Germanium announced on November 12 that it currently has a production capacity of 60 tons/year for germanium tetrachloride used in optical fibers and plans to produce 35 tons by 2025, with no current plans for capacity expansion [1] Group 1: Production Capacity - The company has a current production capacity of 60 tons/year for optical fiber-grade germanium tetrachloride [1] - The planned production for 2025 is 35 tons of optical fiber-grade germanium tetrachloride [1] - There are no plans for expanding the production capacity of optical fiber-grade germanium tetrachloride at this time [1] Group 2: Advanced Germanium Materials Project - The "Advanced Germanium Materials Construction Project" includes high-purity germanium tetrachloride, which serves as a semi-finished product in the supply chain [1] - High-purity germanium tetrachloride can be processed into optical fiber-grade germanium tetrachloride or further refined into zone-melted germanium ingots through hydrolysis and zone melting processes [1]

Group 1 - Yunnan Ge Industry's stock price increased by 2.59% on November 11, reaching 27.34 CNY per share, with a trading volume of 406 million CNY and a market capitalization of 17.856 billion CNY [1] - The company has seen a year-to-date stock price increase of 44.89%, with a 5-day increase of 5.52%, a 20-day decrease of 5.07%, and a 60-day increase of 20.92% [1] - Yunnan Ge Industry has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on November 7, where it recorded a net buy of -194 million CNY [1] Group 2 - Yunnan Lincang Xinyuan Ge Industry Co., Ltd. was established on August 19, 1998, and listed on June 8, 2010, focusing on germanium mining, refining, and deep processing [2] - The company's main products include zone-melt germanium ingots, infrared-grade germanium single crystals, and germanium lenses, primarily used in infrared optics and solar cells [2] - The revenue composition of Yunnan Ge Industry includes material-grade germanium products (29.26%), photovoltaic-grade germanium products (23.34%), optical fiber-grade germanium products (21.98%), infrared-grade germanium products (12.45%), compound semiconductor materials (10.54%), and others (2.44%) [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Yunnan Ge Industry include Hong Kong Central Clearing Limited, which holds 16.4279 million shares, an increase of 10.5921 million shares from the previous period [3] - Southern CSI 1000 ETF is the fifth-largest circulating shareholder with 4.7786 million shares, a decrease of 49,500 shares from the previous period [3] - Huaxia CSI 1000 ETF ranks as the eighth-largest circulating shareholder with 2.8394 million shares, a decrease of 5,500 shares from the previous period [3]

Group 1 - Company plans to raise no more than 3.6 billion yuan through a private placement to fund seven projects, including a 500,000 kW green power project in Inner Mongolia [1] - Company has received acceptance for a clinical trial application for its self-developed drug for metastatic pancreatic ductal adenocarcinoma [1] - Company intends to establish a joint venture to implement a high-quality gallium arsenide chip construction project with a total investment of 272 million yuan [2] Group 2 - Company reported a revenue of 142 million yuan from pig sales in October, with a total sales volume of 162,800 pigs [3] - Company signed an annual procurement contract to supply 870,000 tons of electrolyte products from 2026 to 2028 [5] - Company plans to reduce its shareholding by up to 3% through various trading methods [7] Group 3 - Company intends to purchase 100 hydrogen fuel cell vehicles for a total price of 78.32 million yuan [9] - Company plans to acquire a 51% stake in a semiconductor equipment company for 510 million yuan [10] - Company has regained eligibility to participate in military procurement activities after being removed from the banned list [12] Group 4 - Company plans to establish a joint venture with state-owned funds for rural development with a total registered capital of 2.87 billion yuan [14] - Company reported a revenue of 1.918 billion yuan from pig sales in October, with a significant year-on-year increase [16][17] - Company plans to distribute a cash dividend of 0.01 yuan per share, totaling 7.9801 million yuan [18] Group 5 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange [19] - Company received approval for its convertible bond issuance application [20] - Company plans to establish a wholly-owned subsidiary with an investment of 70 million yuan focused on innovative medical research [22] Group 6 - Company reported a 33.87% year-on-year increase in sales volume for October [26] - Company has received a product designation from a leading new energy vehicle brand, with an expected total revenue of approximately 470 million yuan [28] - Company has initiated a key Phase III clinical trial for an innovative eye drop treatment for moderate to severe dry eye syndrome [30] Group 7 - Company reported a total automobile sales volume of 170,700 units in October, a year-on-year decrease of 8.1% [30] - Company plans to invest 16 million USD in establishing a production base in Vietnam [33] - Company has received a warning letter from the regulatory authority due to a breach of commitment by its controlling shareholder [52]

Summary of Key Points Core Viewpoint - On November 7, a total of 44 stocks were involved with institutional investors, with 25 showing net buying and 19 showing net selling. Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - **Duo Fluorine**: Net buying amount of 438.34 million yuan, with a price increase of 10.01% [1][2] - **Hua Sheng Lithium**: Net buying amount of 246.40 million yuan, with a price increase of 19.16% [1][2] - **Shengxin Lithium Energy**: Net buying amount of 219.00 million yuan, with a price increase of 9.99% [1][2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - **Jingquan Hua**: Net selling amount of 136.46 million yuan, with a price increase of 5.89% [1][4] - **Yunnan Zheye**: Net selling amount of 121.86 million yuan, with a price decrease of 7.45% [1][4] - **Wanrun New Energy**: Net selling amount of 100.81 million yuan, with a price increase of 15.28% [1][4]

Core Insights - On November 7, a total of 44 stocks appeared on the trading leaderboard, with 25 showing net institutional buying and 19 showing net selling [2] - The top three stocks with the highest net institutional buying were Duofuduo, Huasheng Lithium, and Shengxin Lithium Energy, with net buying amounts of 438 million, 246 million, and 219 million respectively [2][3] - The top three stocks with the highest net institutional selling were Jingquan Hua, Yunnan Zhiye, and Wanrun New Energy, with net selling amounts of 136 million, 122 million, and 101 million respectively [2][4] Institutional Buying Summary - Duofuduo: 10.01% increase, net buying of 438.34 million [3] - Huasheng Lithium: 19.16% increase, net buying of 246.40 million [3] - Shengxin Lithium Energy: 9.99% increase, net buying of 218.99 million [3] - Tianhua New Energy: 15.32% increase, net buying of 212.99 million [3] - Dazhong Mining: 8.86% increase, net buying of 154.28 million [3] Institutional Selling Summary - Jingquan Hua: net selling of 136 million [4] - Yunnan Zhiye: net selling of 122 million [4] - Wanrun New Energy: net selling of 101 million [4] - Zhengtai Electric: net selling of 68.42 million [4] - Delijia: net selling of 75.78 million [4]

Core Points - Yunnan Germanium's stock price dropped by 7.45% with a trading volume of 1.626 billion yuan and a turnover rate of 9.16% on the day [2] - Institutional investors net sold 122 million yuan, while the Shenzhen Stock Connect saw a net sell of 87.4 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange for a deviation of -7.15% in daily decline [2] Trading Activity - The top five trading departments had a total transaction of 483 million yuan, with buying amounting to 144 million yuan and selling at 338 million yuan, resulting in a net sell of 194 million yuan [2] - Four institutional special seats were involved in trading, with a total buying amount of 41.56 million yuan and selling amount of 163 million yuan, leading to a net sell of 122 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling department, with a buying amount of 587.1 million yuan and selling amount of 1.461 billion yuan, resulting in a net sell of 87.4 million yuan [2] Fund Flow - The stock experienced a net outflow of 179 million yuan in main funds, with a significant outflow of 105 million yuan from large orders and 73.54 million yuan from big orders [2] - Over the past five days, the main funds have seen a net outflow of 254 million yuan [2] Margin Trading Data - As of November 6, the margin trading balance for Yunnan Germanium was 1.515 billion yuan, with a financing balance of 1.504 billion yuan and a securities lending balance of 10.87 million yuan [3] - In the last five days, the financing balance increased by 32.81 million yuan, representing a growth of 2.23%, while the securities lending balance increased by 1.609 million yuan, a rise of 17.37% [3]

Group 1 - Yunnan Zhenye experienced a decline of 7.45% today, with a trading volume of 1.626 billion yuan and a turnover rate of 9.16% [1] - The post-market data shows that the Shenzhen Stock Connect special seat bought 58.71 million yuan and sold 146 million yuan, indicating significant trading activity [1] - Four institutional special seats net sold 122 million yuan, reflecting a bearish sentiment among institutional investors [1]