Company Summary - Yunnan Zhenye (SZ 002428, closing price: 29.95 yuan) announced on August 30 that its shareholder has partially lifted and continued to pledge shares [1] - The announcement states that the controlling shareholder, Lincang Feixiang Smelting Co., Ltd. (referred to as "Feixiang"), and its concerted action party, Yunnan Dongxing Industrial Group Co., Ltd. (referred to as "Dongxing Group"), have notified the company about the share pledge activities [1] Share Pledge Details - As of the announcement date, Dongxing Group has pledged a total of 16 million shares, accounting for 38.95% of its held shares [1] - Feixiang has pledged a total of 36 million shares, accounting for 40.19% of its held shares [1]

Group 1 - Yunnan Ge Industry (002428) announced that shareholders Lincang Feixiang Smelting Co., Ltd. and Yunnan Dongxing Industrial Group Co., Ltd. pledged a total of 23.5 million shares, accounting for 3.6% of the total share capital [1] - The details of the pledges include 7.5 million shares to CITIC Bank, 10 million shares to CITIC Bank, 3 million shares to Bank of China, and 3 million shares to Huaxia Bank, all starting from August 28, 2025 [1] - As of the announcement date, Lincang Feixiang Smelting Co., Ltd. has pledged a total of 36 million shares, representing 40.19% of its total holdings, while Yunnan Dongxing Industrial Group Co., Ltd. has pledged 16 million shares, representing 38.95% of its total holdings [1] Group 2 - Yunnan Ge Industry reported a main revenue of 529 million yuan for the first half of 2025, an increase of 52.1% year-on-year, and a net profit attributable to shareholders of 22.15 million yuan, up 339.6% year-on-year [3] - The company’s second quarter revenue was 289 million yuan, reflecting a year-on-year increase of 33.07%, with a net profit of 11.95 million yuan, up 430.92% year-on-year [3] - The company operates in the mining, smelting, and processing of germanium, with a debt ratio of 56.52% and a gross profit margin of 23.98% [3]

证券代码：002428 证券简称：云南锗业 公告编号：2025-048 云南临沧鑫圆锗业股份有限公司 关于股东部分股份解除质押并继续质押的公告 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。 一、股东股份解除质押的基本情况 2024 年 3 月 25 日、2024 年 9 月 12 日，临沧飞翔、东兴集团分别将其持有 的 1,300 万股、1,400 万股公司股份质押给中信银行股份有限公司昆明分行（以 下简称"中信银行"），为公司及子公司向中信银行申请的综合授信提供担保。 详细内容请见公司分别于 2024 年 3 月 27 日、2024 年 9 月 14 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 控股股东部分股权解除质押并继续质押的公告》《云南临沧鑫圆锗业股份有限公 司关于股东部分股份质押的公告》。 截至目前，公司及子公司已全额归还了上述贷款，上述担保已履行完毕。中 信银行于 2025 年 ...

Group 1: Stock Performance - Yunnan Germanium's stock price reached a historical high, increasing by 4.37% to 30.35 yuan, with a trading volume of 63.71 million shares and a transaction amount of 1.886 billion yuan, resulting in a turnover rate of 9.76% [2] - The latest total market capitalization of Yunnan Germanium in A-shares is 19.822 billion yuan, with a circulating market capitalization of 19.820 billion yuan [2] - The overall increase in the non-ferrous metals industry is 2.17%, with 105 stocks rising, including Guangsheng Nonferrous, China Rare Earth, and Shenghe Resources, which increased by 10.00%, 10.00%, and 7.39% respectively [2] Group 2: Financial Data - For the first half of the year, the company achieved an operating income of 529 million yuan, a year-on-year increase of 52.10%, and a net profit of 22.15 million yuan, a year-on-year increase of 339.60% [3] - The basic earnings per share are 0.0340 yuan, with a weighted average return on net assets of 1.51% [3] Group 3: Shareholder Information - As of August 20, the number of shareholders was 103,148, a decrease of 8,396 from the previous period, representing a decline of 7.53% [2]

Market Performance - The optical fiber concept index rose by 4.26%, ranking 6th among concept sectors, with 69 stocks increasing in value [1] - Notable gainers included Tianfu Communication, which hit a 20% limit up, along with Changfei Fiber, Xingwang Yuda, and Teifa Information, all reaching their daily limit [1] - The top gainers in the sector were Changxin Bochuang, Guangku Technology, and Yunzhu Technology, with increases of 18.84%, 12.21%, and 11.37% respectively [1] Fund Flow - The optical fiber sector saw a net inflow of 2.909 billion yuan, with 36 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow [1] - Tianfu Communication led the net inflow with 700 million yuan, followed by Hengtong Optic-Electric, Teifa Information, and Yunnan Zhiye with net inflows of 615 million yuan, 477 million yuan, and 287 million yuan respectively [1] - The top stocks by net inflow ratio included Xingwang Yuda, Changfei Fiber, and Teifa Information, with ratios of 28.93%, 28.85%, and 25.21% respectively [2] Stock Performance - Tianfu Communication had a daily increase of 20% with a turnover rate of 8.58% and a net inflow of 700.39 million yuan [2] - Hengtong Optic-Electric increased by 8.52% with a turnover rate of 10.09% and a net inflow of 615.30 million yuan [2] - Teifa Information rose by 9.96% with a turnover rate of 17.95% and a net inflow of 477.33 million yuan [2] Additional Insights - The optical fiber sector's performance was part of a broader trend, with other sectors like copper cable high-speed connections and co-packaged optics also showing significant gains [1] - The overall market sentiment appears positive, as indicated by the substantial net inflows into the optical fiber sector, suggesting strong investor interest [1][2]

Core Viewpoint - Yunnan Zhenye (002428) announced on August 27 that the introduction of Guangxi Yusheng Zhenye High-tech Co., Ltd. as a shareholder will enhance the cooperation between its subsidiary Xinyao and upstream resource suppliers, thereby strengthening the stability of its supply chain [1] Group 1 - Guangxi Yusheng Zhenye High-tech Co., Ltd. is an upstream mining production enterprise that supplies essential raw materials such as germanium and indium to Xinyao [1] - The partnership with Guangxi Yusheng is expected to enrich Xinyao's raw material supply channels [1] - Strengthening the cooperation with upstream resources will assist Xinyao in building a more stable supply chain [1]

Core Viewpoint - Yunnan Zheye provided insights on the significance of substrates (chips) in semiconductor manufacturing, particularly highlighting the advantages of indium phosphide (InP) wafers in various high-tech applications [1] Group 1: Company Insights - Yunnan Zheye responded to investor inquiries regarding the definition and importance of substrates in the semiconductor industry [1] - The company emphasized that substrates are essential for growing epitaxial layers and must possess specific electrical, optical, and mechanical properties [1] Group 2: Industry Applications - Indium phosphide wafers are recognized for their high saturation electron drift velocity, strong radiation resistance, good thermal conductivity, high photoelectric conversion efficiency, and wide bandgap [1] - These properties make InP wafers widely applicable in fields such as optical communication, optoelectronic devices, high-frequency millimeter-wave devices, optoelectronic integrated circuits, integrated lasers, and photodetectors [1]

New Stock Offerings - Shenke Co., Ltd. (002633) has an offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has an offer period from August 12, 2025, to September 10, 2025[1] - ST Gaohong (000851) has an announcement on August 26, 2025[1] Market Volatility - Great Wall Military Industry (601606) reported severe abnormal fluctuations on August 14, 2025[1] - Dongxin Co., Ltd. (688110) had an announcement on August 16, 2025, regarding market conditions[1] - Changfei Optical Fiber (601869) has an announcement dated August 27, 2025, related to market performance[1] Company Announcements - ST Dehao (002005) has an announcement on August 27, 2025, regarding its market status[1] - China Satellite (600118) announced updates on August 27, 2025[1] - ST Yizhong (603389) has an announcement dated August 26, 2025, regarding its market activities[1]

Core Viewpoint - Yunnan Zheye's subsidiary produces photovoltaic products, specifically germanium monocrystals for solar cells, which are primarily used in high-efficiency solar germanium batteries for applications in space vehicles like satellites [1] Group 1: Company Overview - The subsidiary's project for germanium crystal production for space solar batteries is an expansion and enhancement of existing production lines [1] - The products have been supplied in bulk to downstream customers for several years, indicating a stable market presence [1] Group 2: Product Characteristics - Solar germanium batteries are noted for their high photoelectric conversion efficiency and stable performance [1] - These batteries are predominantly utilized in specialized fields such as space exploration [1]

Core Viewpoint - Yunnan Zhenye stated that the operating costs of its various products are influenced by multiple factors including raw material costs, direct labor costs, power fees, auxiliary material costs, and manufacturing expenses [1] Group 1 - The company provides detailed analysis of operating cost changes in its annual reports, specifically in the "Management Discussion and Analysis" section [1] - The current main task of the company is to continuously improve its existing industries and solidify its core business [1] - Any new industry investments will be disclosed in accordance with regulations [1]