四川雅化实业集团股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1 | 关于四川雅化实业集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说 明 XYZH/2025CDAA8B0133 四川雅化实业集团股份有限公司 四川雅化实业集团股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了四川雅化实业集团股份有限公司（以下 简称雅化集团）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表、2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股 东权益变动表以及财务报表附注，并于 2025 年 4 月 28 日出具了 XYZH/2025CDAA8B0136 号无保留意见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》（证监会公告[2022]26 号），以及深圳证券交易所相关披露的 要求，雅化集团编制了本专 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,536,810,796.36, a decrease of 17.03% compared to ¥1,852,261,462.25 in the same period last year[5] - Net profit attributable to shareholders increased by 452.32% to ¥82,464,357.86 from ¥14,930,491.80 year-on-year[5] - The net profit after deducting non-recurring gains and losses surged by 786.72% to ¥68,604,316.94 from ¥7,736,844.18 in the previous year[5] - Basic and diluted earnings per share rose by 450.00% to ¥0.0715 from ¥0.013 in the same quarter last year[5] - The net profit for Q1 2025 was ¥58,214,600.00, a substantial increase of 741.42% compared to the previous year[12] - Net profit increased significantly to ¥58,214,648.70 from ¥6,918,610.57, marking an increase of approximately 740%[30] - Earnings per share rose to ¥0.0715 from ¥0.013, reflecting a substantial improvement in profitability[30] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 180.61% to -¥543,253,527.15, compared to ¥673,952,519.82 in the previous year[5] - The net cash flow from operating activities was -543,253,527.15, compared to 673,952,519.82 in the previous period, indicating a significant decline[32] - Cash outflow for operating activities totaled 1,907,814,423.45, significantly higher than 817,985,712.97 in the previous period, indicating increased operational expenses[32] - The ending balance of cash and cash equivalents was 1,650,166,094.28, down from 3,666,505,333.93, reflecting a decrease in liquidity[33] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,069,859,918.99, a slight increase of 0.09% from ¥14,057,649,304.08 at the end of the previous year[5] - The company's total assets amounted to approximately RMB 14.07 billion, showing a slight increase from RMB 14.06 billion at the beginning of the period[23] - The company's current assets totaled approximately RMB 7.53 billion, a decrease from RMB 7.59 billion at the beginning of the period, primarily due to changes in cash and cash equivalents[24] - The total liabilities decreased to ¥3,164,250,971.62 from ¥3,260,277,892.31, a reduction of approximately 3%[28] - Total equity increased to ¥10,905,608,947.37 from ¥10,797,371,411.77, showing an increase of about 1%[28] Investments and Shareholder Information - The company plans to raise up to RMB 1.5 billion through a private placement for the construction of a 50,000-ton battery-grade lithium hydroxide and 11,000-ton lithium chloride project[18] - The company has received approval from the China Securities Regulatory Commission for a private placement of up to 28.7 million new shares[18] - The actual number of shares issued in the private placement was 107,066,381 shares, raising approximately RMB 1.5 billion[18] - Major shareholder Zheng Rong holds 10.20% of shares, totaling 117,519,340 shares[15] - The top ten shareholders include China Life Insurance Company with 1.35% of shares, totaling 15,546,339 shares[15] - The company has a total of 29,379,835 unrestricted shares held by major shareholder Zheng Rong[16] - The company is focused on enhancing its market position through strategic investments in lithium-related projects[18] Research and Development - Research and development expenses increased to ¥15,114,083.86 from ¥11,878,500.18, an increase of approximately 27%[29] Tax and Other Income - The company experienced a 380.67% increase in taxes and surcharges, amounting to an additional ¥25,440,800.00, due to increased sales from its subsidiary[10] - The company reported an investment income of ¥11,605,880.74 compared to a loss of ¥8,586,992.79 in the previous period[29] - Other comprehensive income after tax increased to ¥15,695,480.30 from ¥8,944,664.15, reflecting a growth of approximately 75%[30] Share Repurchase Plans - As of October 31, 2022, the company repurchased 10,000,054 shares at a total cost of approximately RMB 264.29 million, representing 0.87% of the total share capital, with a maximum price of RMB 26.95 per share[20] - The company plans to repurchase shares in 2024 with a total fund of no less than RMB 100 million and no more than RMB 200 million, focusing on enhancing investor confidence and maintaining shareholder interests[22] Inventory and Receivables - The company's inventory increased to approximately RMB 1.84 billion from RMB 1.65 billion, indicating a growth of about 12%[25] - The company’s accounts receivable rose to approximately RMB 1.08 billion from RMB 938.94 million, indicating an increase of about 15%[25]

Financial Performance - The company's revenue for 2024 was CNY 7,715,676,240.38, a decrease of 35.14% compared to CNY 11,895,256,904.92 in 2023[22]. - Net profit attributable to shareholders increased significantly to CNY 257,114,987.03, up 539.36% from CNY 40,214,723.47 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 163,981,420.38, a 176.55% increase from a loss of CNY 214,207,963.02 in 2023[22]. - Operating cash flow net amount reached CNY 943,716,955.53, reflecting a 13.60% increase from CNY 830,758,171.23 in 2023[22]. - Basic earnings per share rose to CNY 0.2231, a 539.26% increase compared to CNY 0.0349 in the previous year[22]. - The total operating revenue for 2024 is CNY 7,715,676,240.3, representing a decrease of 35.14% compared to CNY 11,895,256,904 in 2023[115]. - The lithium business revenue decreased by 50.40% to CNY 4,116,052,844.8, accounting for 53.35% of total revenue in 2024[115]. - The civil explosives business revenue decreased by 3.95% to CNY 3,262,639,458.0, representing 42.29% of total revenue[115]. - The transportation business revenue increased by 68.13% to CNY 336,983,937.54, accounting for 4.37% of total revenue[115]. Dividend and Shareholder Information - The profit distribution plan approved by the board is to distribute a cash dividend of 0.4 yuan (including tax) for every 10 shares based on a total of 1,152,562,520 shares[3]. - The company ensures the accuracy and completeness of the annual report, with all board members present for the meeting[3]. - The annual report is set to be released on April 28, 2025, detailing the company's financial performance for 2024[1]. Asset and Liability Management - Total assets at the end of 2024 were CNY 14,057,649,304.08, a decrease of 3.78% from CNY 14,609,154,982.39 at the end of 2023[22]. - The company's net assets attributable to shareholders increased slightly to CNY 10,424,373,011.51, up 0.83% from CNY 10,339,070,204.04 in 2023[22]. - The company maintains a low debt-to-asset ratio, ensuring sustainable development[112]. Industry Trends and Market Conditions - The company has seen a significant increase in the lithium industry due to supportive government policies, with a focus on enhancing innovation and global collaboration[32]. - The government plans to increase subsidies for the scrapping of old vehicles, raising the subsidy for scrapping old electric vehicles to 20,000 yuan[32]. - The company anticipates a 25% increase in energy equipment investment by 2027 compared to 2023, driven by new policies[32]. - The lithium industry is currently in a downward cycle with oversupply, leading to continuous pressure on lithium carbonate prices and widespread losses among companies[175]. - The company faces risks from macroeconomic instability and industry cyclicality, impacting its global expansion strategy and profitability in the lithium sector[186]. Production and Sales Performance - The company reported a quarterly revenue of CNY 1,852,261,462.25 in Q1, CNY 2,083,562,912.89 in Q2, CNY 1,988,620,484.57 in Q3, and CNY 1,791,231,380.67 in Q4[26]. - The company reported a net profit of 93,133,566.65 in 2024, a decrease of 63.4% compared to 254,422,686.49 in 2023[29]. - The company recorded a gain from the disposal of non-current assets of 7,934,585.77 in 2024, compared to a loss of 1,269,985.88 in 2023[28]. - The effective hedging business generated a profit of 48,115,274.87 in 2024, a substantial increase from 6,505,280.24 in 2023[28]. - In 2024, the company's lithium product sales reached 48,036 tons, representing a year-on-year increase of 63.40%[91]. - The company achieved a revenue of 7.716 billion yuan, a year-on-year decrease of 35.14%, while net profit attributable to shareholders rose to 257 million yuan, an increase of 539.36%[95]. Research and Development - The company obtained 65 patent authorizations, including 13 invention patents and 52 utility model patents, bringing the total to 693 patents by the end of 2024[99]. - Research and development expenses decreased by 52.42% from ¥153,653,077.39 in 2023 to ¥73,103,493.55 in 2024 due to the completion of certain R&D projects[138]. - The number of R&D personnel increased by 1.30% to 781 in 2024 from 771 in 2023[141]. - The company aims to achieve a lithium recovery rate of ≥90% from waste liquid in its lithium battery material recovery process[doc id='139']. Safety and Compliance - The company has established a comprehensive safety management system, ensuring effective implementation of safety responsibilities across all levels[123]. - The safety management framework includes a core safety management system and various safety regulations to enhance operational safety[123]. - The company has not experienced any major safety incidents during the reporting period, maintaining a stable safety situation[126]. - Safety management is a priority, with the company implementing strict safety protocols and investing in smart manufacturing to reduce risks associated with hazardous materials[192]. Strategic Initiatives - The company is actively participating in the development of new energy vehicles, with policies encouraging the establishment of R&D centers overseas to enhance innovation capabilities[32]. - The company plans to actively participate in industry mergers and acquisitions to expand its scale and maintain its competitive position in the civil explosives market[177]. - The company aims to enhance human resource management, focusing on talent development and optimizing HR systems to improve efficiency[183]. - A digital transformation initiative will be implemented to strengthen information management and enhance cybersecurity measures[184].

Summary of Conference Call Notes Company Overview - The company operates in two main business segments: civil explosives (民报) and lithium research (理研) [1][2] - The civil explosives market is currently stable, with no new production capacity being added, leading to stable prices and demand growth from mining and overseas expansion [1][2] - The company has ongoing acquisition plans domestically and is set to begin operations at its Zimbabwe mine in 2023, indicating strong growth potential for 2024 and 2025 [1][2] Civil Explosives Segment - The civil explosives segment has shown consistent revenue growth from approximately 1.2 billion CNY in 2016 to around 3.4 billion CNY in 2023 [4] - The company has integrated its civil explosives businesses under the Yahua Civil Explosives Group, enhancing management efficiency [3] - The company holds production licenses for 260,000 tons of explosives and 8.777 million detonators, with plans for further capacity expansion [3][4] - The civil explosives market is characterized by strict regulatory controls, limiting new entrants and stabilizing supply [10][11] - The demand for civil explosives is primarily driven by the mining industry, which accounts for over 70% of the demand [13] - The company has a strong market presence in Sichuan, holding over 50% market share in the local explosives market [18] Lithium Research Segment - The lithium segment is expected to have greater revenue elasticity compared to civil explosives, with a projected capacity of 173,000 tons by 2025 [22] - The company has established long-term contracts with major clients like Tesla, which helps stabilize revenue despite market fluctuations [23] - The lithium segment's revenue was impacted by inventory losses in 2023 and 2024, but these losses have been accounted for, allowing for potential profit recovery [28] - The company is working on expanding its lithium mining operations in Zimbabwe, which is expected to contribute significantly to revenue in the coming years [20][25] Financial Performance - The company anticipates a profit of approximately 300 million CNY for 2024, with civil explosives contributing around 600 million CNY [5][30] - The company has maintained a stable debt-to-asset ratio of around 20%, with a slight increase in management expenses due to expansion efforts [7] - The company has set ambitious profit growth targets for 2025, aiming for a 300% increase compared to 2024 [9] Industry Dynamics - The civil explosives industry is undergoing consolidation, with government policies encouraging mergers and acquisitions to reduce the number of producers [12] - The lithium market is experiencing price fluctuations, but the company expects demand to remain strong due to the growth of the renewable energy sector [28] Risks and Considerations - The company faces risks related to macroeconomic fluctuations, which could impact demand for both civil explosives and lithium products [31] - Price volatility in raw materials, particularly in the lithium segment, poses a risk to profitability [31] - Safety and environmental regulations are critical factors that the company must navigate to maintain operational compliance [31] Conclusion - The company is well-positioned for growth in both the civil explosives and lithium segments, with strong market fundamentals and strategic expansion plans [31] - Continued focus on acquisitions and operational efficiency will be key to achieving projected financial targets in the coming years [31]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

证券代码：002497 证券简称：雅化集团 公告编号：2025-12 四川雅化实业集团股份有限公司 关于继续使用部分闲置募集资金进行现金管理的进展公告 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。 2 | 序 | 受托 | | | 金额 | | | | | | 是否 | 投资收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 银行 | | 产品名称 | （万 | 起息日期 | | | 到期日期 | | 到期 | （元） | | | | | | 元） | | | | | | | | | 26 | 中国 | （四川）对公结构 | | 3,000 | 2025 年 | 4 | 月 3 | 2025 4 | 年 | 否 | —— | | | 银行 | 性存款 202505827 | | | 日 | | | 月 24 | 日 | | | 公司董事会于 2024 年 4 月 25 日召开的第五届董事会第三十五次会议和第五届监事会第 三十二次会议审议通过了 ...

Group 1: Company Overview - Yaan Lithium Industry was established in 2017, specializing in the production and sales of lithium hydroxide, lithium carbonate, and sodium sulfate [2] - The company has an existing lithium salt production capacity of 80,000 tons, including 50,000 tons of lithium hydroxide and 30,000 tons of lithium carbonate [2] - Yaan Lithium Industry is a national demonstration enterprise for lithium hydroxide manufacturing and a vice-chairman unit of the Lithium Industry Branch of the China Nonferrous Metals Industry Association [2] Group 2: Production Capacity and Expansion - The total lithium salt production capacity of the company is 99,000 tons, with 63,000 tons of lithium hydroxide and 36,000 tons of lithium carbonate [3] - The company is advancing the construction of a new production line expected to add 30,000 tons of lithium hydroxide capacity by the end of 2025, bringing total capacity to nearly 130,000 tons [3] Group 3: Resource Security - The company has established a resource security model combining self-sourced and externally purchased lithium [4] - It controls 68% of the Kamativi lithium mine in Zimbabwe, with an annual processing capacity of 2.3 million tons of lithium ore, equating to approximately 350,000 tons of lithium concentrate [4] - Plans are in place to expand the processing capacity to 3.3 million tons per year to enhance self-sourced lithium resources [5] Group 4: Customer Base and Market Position - The company has a strong customer base, including long-term agreements with major clients such as TESLA, LGES, and CATL [6] - A significant portion of the company's overseas customer orders contributes to its market presence [6] Group 5: Future Growth in Explosives Business - The company aims to participate in mergers and acquisitions to expand its scale in the explosives industry [7] - Plans to extend the explosives industry chain and enhance mining service capabilities in key regions of China and abroad [7] - The company is promoting electronic detonators to increase market share, maintaining a leading position in the industry for several consecutive years [7]

Group 1: Company Overview - Sichuan Yahua Industrial Group Co., Ltd. operates in two main industries: lithium and civil explosives [2][3] - The company entered the lithium industry in 2013 and currently owns two lithium mines: Li Jiagou in Sichuan and Kamativi in Zimbabwe [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators [3] Group 2: Lithium Production Capacity - Current lithium hydroxide production capacity is 63,000 tons, and lithium carbonate capacity is 36,000 tons [4] - A new lithium hydroxide production line with a capacity of 30,000 tons is expected to be completed in 2025, bringing total lithium salt capacity to nearly 130,000 tons [4] Group 3: Customer Contracts and Market Position - The company has established long-term contracts with major clients such as TESLA, LGES, and CATL, which supports the pricing of lithium products [5] - A significant portion of the company's orders comes from overseas clients, providing price stability for lithium products [5] Group 4: Resource Security and Expansion - The Kamativi lithium mine is projected to reach an annual processing capacity of 2.3 million tons by 2025, reducing reliance on external mineral purchases [7] - The company aims to expand its mining capacity to 3.3 million tons per year to enhance its resource base for sustainable growth [7] Group 5: International Business Development - Since acquiring New Zealand's Red Bull Company in 2013, the company has developed a strong international presence in the mining service sector [8] - Future plans include expanding civil explosives operations in Africa and Australia to drive growth in overseas mining services [8] Group 6: Risk Management Strategies - In 2024, the company utilized lithium carbonate futures for hedging against price volatility, aiming to mitigate risks associated with market fluctuations [9] - Ongoing plans to engage in hedging activities will continue to protect against potential impacts from raw material price volatility [9]

证券代码：002497 证券简称：雅化集团 公告编号：2025-11 四川雅化实业集团股份有限公司 关于 2025 年员工持股计划非交易过户完成的公告 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。 本员工持股计划实际参与人数为 57 人，实际出资总额为 6,440.0348 万元，以"份" 四川雅化实业集团股份有限公司（以下简称"公司"）分别于 2025 年 1 月 16 日、 2025 年 2 月 13 日召开第六届董事会第五次会议和第六届监事会第四次会议、2025 年第 一次临时股东大会，审议通过了《关于审议公司<2025 年员工持股计划（草案）>及其摘 要的议案》《关于审议公司<2025 年员工持股计划管理办法>的议案》和《关于提请股东大 会授权董事会办理公司 2025 年员工持股计划相关事宜的议案》，同意公司实施 2025 年员 工持股计划（以下简称"本员工持股计划"）。具体内容详见公司分别于 2025 年 1 月 17 日和 2025 年 2 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 一、本员工持股计划股票来源 ...

证券代码：002497 证券简称：雅化集团 公告编号：2025-10 四川雅化实业集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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、持有人会议召开情况 四川雅化实业集团股份有限公司（以下简称"公司"）2025 年员工持股计划（以下简 称"员工持股计划"或"本员工持股计划"）第一次持有人会议于 2025 年 3 月 17 日以通 讯方式召开，会议由公司董事会授权董事会秘书郑璐女士召集和主持，本次会议应出席 持有人 57 人，实际出席持有人 57 人，代表 2025 年员工持股计划份额中 6,440.0348 万 份，占公司 2025 年员工持股计划总份额的 100%。本次会议的召集、召开和表决程序符 合公司《2025 年员工持股计划（草案）》和《2025 年员工持股计划管理办法》的相关规 定。参与本员工持股计划的董事及高级管理人员自愿放弃其在持有人会议的提案权、表 决权，并承诺不担任本员工持股计划管理委员会的任何职务。上述董事及高级管理人员 代表员工持股计划份额 1,932 万份，未参与本次会 ...