Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Summary of Lithium Industry Conference Call Industry Overview - The lithium industry has shown clear bottom signals, with carbonate prices dropping from 80,000 to 60,000 yuan, and stock prices demonstrating resilience against commodity price fluctuations. This situation mirrors the 2019 trend where stock prices rebounded ahead of commodity prices [2][4] - The supply increment for lithium has been revised down to 163,000 tons, leading to a balance between supply and demand. The demand for new energy vehicles and energy storage has exceeded expectations, with domestic new energy vehicle sales increasing by 44% year-on-year in the first half of the year, and energy storage bidding capacity increasing by 200% [1][12] Key Points on Supply and Demand - The cash cost of Australian lithium mines is concentrated between 560-600 USD, making it difficult to break through this level. The extraction costs from South American salt lakes are underestimated, with actual costs significantly higher than research costs [1][10] - The market for cathode materials has experienced significant destocking, particularly for lithium iron phosphate, which saw a production increase of 88% year-on-year from January to May [1][13] - The anticipated surplus for 2025 is around 100,000 tons, which is less than 8% of total demand, indicating a reasonable safety stock level [1][14] Price and Market Dynamics - The lithium carbonate price is expected to face challenges in exceeding 80,000 yuan, with a potential rebound of 20% to 30% in stock prices over the next six months [4][17] - The market is currently experiencing tight balance conditions, with potential unexpected increments in supply from July to August [3][15] - The recent price drop has not significantly affected stock prices, indicating a potential for gains when commodity prices rebound [3][17] Investment Recommendations - Recommended stocks for investment include Zhongkuang, Cangge, Yahua, and Yongxing, which have solid fundamentals and other business supports, making them attractive options during the current market phase [5][18] - The focus should be on companies with a strong safety net and solid fundamentals, as their market values reflect current profitable operations while their lithium business acts as a call option [5][17] Future Outlook - The demand for lithium is expected to remain strong, driven by the performance of new energy vehicles and energy storage, with significant growth in battery production and low inventory levels [11][14] - The overall sentiment in the market suggests that once the negative factors are priced in, a rebound in lithium prices is likely, supported by the balance between supply and demand [12][15]

Group 1: Company Overview - Sichuan Yahua Industrial Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and equipment [2][3] - The company has achieved full automation in production lines, enhancing efficiency and product quality, with standards exceeding national benchmarks [3] Group 2: Market Position - Yahua is a top player in the lithium salt market, recognized as a core supplier for major global automotive and battery manufacturers [3] - In the civil explosives sector, Yahua is one of China's leading companies, actively pursuing industry consolidation and expanding its mining service business [3] Group 3: Customer Structure - The company primarily relies on long-term agreements with key clients, including international firms like TESLA and LGES, and domestic companies such as CATL and Zhongtai [4] - As of 2024, revenue from top clients accounts for 90% of total sales, with a significant portion of orders coming from international customers [4] Group 4: Lithium Resource Assurance - Yahua has established a diversified lithium resource supply chain, combining self-controlled and purchased mines [5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually, with products being shipped back to China for production [5] Group 5: Market Response Strategies - The company is actively expanding its domestic and international lithium salt customer base while optimizing its customer structure [6] - Yahua is increasing its supply of self-owned lithium concentrate and enhancing procurement management for purchased lithium concentrates to optimize costs [6] - Efforts are being made to improve operational efficiency across various departments, including production, finance, and procurement [6]

四川雅化实业集团股份有限公司 2024年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、根据《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， 四川雅化实业集团股份有限公司（以下简称"公司"）通过回购专用证券账户持有的本公 司股份 9,249,800 股，不参与本次权益分派。因此，本次权益分派以公司股权登记日的总 股本剔除已回购股份后的 1,143,312,720 股为基数，向全体股东每 10 股派发现金红利 0.4 元（含税），不送红股，不以公积金转增股本。 2、因公司回购专用证券账户中股份不参与 2024 年度利润分配，公司本次实际现金 分红总金额（元）=（本次权益分派股权登记日 2025 年 6 月 26 日的总股本-公司已回购 股份）÷10×0.4，即（1,152,562,520-9,249,800）÷10×0.4= 45,732,508.80 元。因公司回 购股份不参与分红，本次权益分派实施后，根据股票市值不变原则，实施权益分派前后 公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因 ...

长江商报消息 ●长江商报记者 江楚雅 雅化集团（002497.SZ）加速整合锂业务。 6月17日晚间，雅化集团公告，将以全资子公司四川雅化锂业科技有限公司为平台，更名为"雅化锂业集 团"，并将5家涉及锂业务的子公司股权无偿划转至该集团。此举旨在统筹锂产业资源，提升协同效率， 降低业务成本，推动锂产业高质量发展。 随着2024年锂价中枢筑底回升，以及公司产能的逐步释放，盈利能力显著回升。2024年，公司归母净利 润为2.57亿元，同比增长539.36%；扣非归母净利润为1.64亿元，同比增长176.55%。2025年一季度延续 增长趋势，公司净利润同比增长452.32%至8246.44万元。 拟组建雅化锂业集团 资料显示，2014年，雅化集团通过收购国理公司、兴晟锂业，大踏步进入锂业领域，并形成民爆与锂盐 双主业驱动运行格局。 自2022年起，公司便明确提出"加快发展布局锂产业"的目标，通过自主矿山开发、多渠道资源保供、产 能扩建等举措，逐步构建起覆盖锂矿勘探、采选、锂盐加工、市场销售的完整产业链。此次组建"雅化 锂业集团"，正是这一战略的落地。 6月17日晚间，雅化集团公告，将以全资子公司四川雅化锂业科技有限 ...

Group 1 - The core point of the article is that Sichuan Yahua Industrial Group Co., Ltd. plans to establish a new subsidiary named "Yahua Lithium Industry Group" to consolidate its lithium business and enhance operational efficiency [1] - The restructuring aims to integrate resources across five subsidiaries involved in lithium, focusing on high-quality development and reducing costs in the lithium industry [1] - The company has established itself as a major producer of lithium salt products, particularly battery-grade lithium hydroxide, and has gained recognition from leading global automotive and battery manufacturers [1] Group 2 - By the end of this year, Yahua Group's lithium salt production capacity is expected to reach nearly 130,000 tons, supported by a diversified lithium resource assurance system [2] - The company has developed a stable lithium resource supply chain through self-controlled and externally sourced lithium, including projects in Zimbabwe and partnerships with various international suppliers [2] - The demand for lithium is expected to grow due to the rapid development of electric vehicles and energy storage, although the industry faces challenges such as increased competition and price volatility [2]

证券代码：002497 证券简称：雅化集团 公告编号：2025-33 四川雅化实业集团股份有限公司 关于组建"雅化锂业集团"整合锂业务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次股权整合事项概述 2025 年 1 月 16 日，四川雅化实业集团股份有限公司（以下简称"集团"、"股份 公司"或"公司"）召开第六届董事会第五次会议，审议通过了《关于打造"雅化海 外矿服业务板块"及组建"雅化锂业集团"的议案》，同意组建"雅化锂业集团"，整 合锂业务板块。组建"雅化锂业集团"旨在统筹整合集团锂产业各项资源，充分发挥 各公司业务优势，更加聚焦锂产业发展，提高集团资源协同效率，降低业务链成本， 促进雅化锂产业快速高质量发展。 为促进该项工作顺利实施，2025 年 6 月 17 日，公司召开第六届董事会第七次会 议，审议通过了《关于整合锂业务公司股权并划转至雅化锂业集团的议案》，同意以 公司全资子公司四川雅化锂业科技有限公司为平台，拟更名为"雅化锂业集团"（具 体名称以工商登记为准，以下简称"雅化锂业集团"），并将涉及锂业务的 5 家子公司 股权一并无偿 ...

四川雅化实业集团股份有限公司 关于调整公司组织机构的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 公司本次组织机构调整是结合公司发展变化，对公司内部管理机构进行的调 整和优化，以提高公司运营质量和效率。 证券代码：002497 证券简称：雅化集团 公告编号：2025-34 2025 年 6 月 17 日，四川雅化实业集团股份有限公司（以下简称"公司"） 召开第六届董事会第七次会议，审议通过了《关于调整公司组织机构的议案》， 同意对公司部分组织机构进行调整。 为适应集团化管控需要，将雅锂建设项目部更名为工程建设部，原技术中心 和锂业生产运行中心合并并更名为安全技术中心，分设人力资源部，原安全技术 部、民爆市场部及爆破事业部划至雅化民爆集团。调整后公司的职能部门分别为 董事会办公室、总部办公室、人力资源部、财务中心、安全技术中心、信息中心、 物资供应中心、审计监察部、企业文化部、矿山事业部、工程建设部。 特此公告。 四川雅化实业集团股份有限公司董事会 2025 年 6 月 17 日 ...

本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 证券代码：002497 证券简称：雅化集团 公告编号：2025-32 四川雅化实业集团股份有限公司 第六届监事会第六次会议决议公告 四川雅化实业集团股份有限公司（以下简称"雅化集团"或"公司"）第六届监事会第六 次会议于 2025 年 6 月 13 日以书面送达的方式发出会议通知，并于 2025 年 6 月 17 日在公司会 议室以现场结合通讯方式召开。会议应出席监事三名，实际出席会议的监事三人，会议由监事 会主席胡强先生主持。本次会议的召集与召开符合《中华人民共和国公司法》和《公司章程》 等有关规定，会议召开合法有效。 二、监事会会议审议情况 本次会议审议通过了《关于整合锂业务公司股权并划转至雅化锂业集团的议案》并作出如 下决议： 监事会认为：公司本次对锂业务公司进行股权整合，有利于增强锂产业发展动力，促进锂 业务独立运营、快速发展、做强做大。本次股权整合是在公司合并报表范围内进行，不会导致 公司合并报表范围发生变动，不会对公司的财务状况和经营成果造成不利影响，也不存在损害 公司及全体股 ...

第六届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 四川雅化实业集团股份有限公司（以下简称"雅化集团"或"公司"）董事会于 2025 年 6 月 13 日以专人送达、微信等方式向全体董事发出了关于召开第六届董事会第七次会 议的通知。本次会议于 2025 年 6 月 17 日在本公司会议室以现场的形式召开。会议应到 董事九名，实到九名，三名监事列席了会议。会议由董事长郑戎女士主持，会议对通知所 列议案进行了审议。 证券代码：002497 证券简称：雅化集团 公告编号：2025-31 四川雅化实业集团股份有限公司 表决结果：九票同意、零票反对、零票弃权。 具体内容详见公司于同日在《证券时报》《上海证券报》《中国证券报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）发布的《关于组建雅化锂业集团整合锂业务的公告》。 （二）关于调整公司组织机构的议案 董事会同意，为适应集团化管控需要，对公司部分组织机构进行调整，以提高公司 运营质量和效率。 表决结果：九票同意、零票反对、零票弃权。 会议的召集、召开程 ...