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。 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《关于继续使用部分闲置募集资金进行现金管理的议案》，同意公 司在保证募投项目资金需求和有效控制投资风险的情况下，继续使用不超过 5 亿元暂时闲置 募集资金进行现金管理，投资期限不超过 12 个月，该额度自董事会审议通过的投资期限内可 循环滚动使用。（具体内容详见公司于 2024 年 4 月 26 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）上披露的《关于继续使用部分 闲置募集资金进行现金管理的公告》）。 证券代码：002497 证券简称：雅化集团 公告编号：2025-09 3 （一）理财产品一 1、产品名称：（四川）对公结构性存款 202504951； 2、投资及收益币种：人民币； 3、产品类型：保本浮动收益型； 4、产品规模：3,000 万元； 5、产品 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical products industry or the specific company being analyzed [1]. Core Insights - The company has established a dual main business structure focusing on civil explosives and lithium industries, with over 70 wholly-owned and controlled subsidiaries across various regions including China and several countries like New Zealand and Zimbabwe [17][18]. - The lithium segment has seen significant development, with the company entering the lithium industry in 2013 and currently owning two lithium mines, ensuring a stable supply of lithium resources through various agreements [17][18]. - The civil explosives segment boasts a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, positioning the company as a leading player in the industry [17]. Summary by Sections 1. Company Overview - The company was founded in 1952 and has expanded through acquisitions in the civil explosives and lithium sectors, with operations in multiple countries [17]. 2. Lithium Industry Overview - The company has two lithium mines: the Sichuan Lijiagou and the high-quality Kamativi lithium mine in Zimbabwe, with production bases for lithium salt products [17][18]. - The company is expanding its lithium salt production capacity, with a projected total capacity of nearly 130,000 tons after the completion of new production lines [18]. 3. Civil Explosives Overview - The company has a comprehensive range of products in the civil explosives sector, actively participating in industry consolidation to maintain its competitive edge [17][18]. 4. Lithium Resource Layout - The company has secured lithium resources through various channels, including partnerships and long-term agreements with major clients like TESLA and LGES, ensuring a stable demand for its lithium products [19]. 5. Overseas Business Development - The company has developed a robust overseas business model, particularly in the civil explosives sector, leveraging its cost advantages and regional presence in Africa and Australia [19].

证券代码：002497 证券简称：雅化集团 四川雅化实业集团股份有限公司投资者关系活动记录表 编号：20250312 投资者关 系活动类 别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（请文字说明其他活动内容） 参与单位 名称及人 员姓名 Macquarie Capital：员夏辉 Perpetual:Liam Farlow Alphinity:Stephane Andre Tyndall:Jason Kim Arrow Capital:Anthony Skotniki Drummond Knight Asset Management:Kenneth Wong 中金公司：严蓓娜、李唐懿 华福证券：周丹露 天弘基金：余然 时间 2025 年 3 月 12 日 地点 四川雅化实业集团股份有限公司会议室 上市公司 接待人员 姓名 董事会秘书：郑璐 证券事务代表：张龙艳 一、公司基本情况介绍 公司自 1952 年成立以来先后收购多家民爆及锂业公司，公司旗下现有 70 余家 全资和控股子公司，产业分布在中国四川、内蒙、山西、吉林等地，以及新西兰、 澳大利亚、津巴布韦等国家。公司 ...

Core Viewpoint - The lithium industry is entering a clearing phase, with potential for price increases due to production cuts and supply-demand improvements [2][3]. Group 1: Market Trends - Historical data shows that during the last lithium cycle, stock prices generally trended upward despite fluctuations, with Ganfeng Lithium's stock rising by 162.3% over a 15-month clearing period [2]. - As of January 2024, six Australian mines have announced production cuts or delays, indicating a potential for further reductions in 2025, which could enhance the supply-demand balance [2]. Group 2: Valuation Methods - The lithium sector lacks a clear valuation anchor, with companies experiencing extreme fluctuations in price-to-earnings (PE) ratios, sometimes exceeding hundreds of times during upswings and dropping below 10 times after peaks [3]. - Alternative valuation methods, such as the replacement cost method, may provide a more accurate reflection of asset values, especially given the volatility of lithium prices [3]. Group 3: Replacement Cost Calculation - The replacement cost method assesses the total cost required to acquire or construct a new asset under current conditions, including intangible assets like mining rights and fixed assets such as lithium refining and mining facilities [4]. - The calculation of replacement costs involves determining the value of lithium resources per ton and applying it to the resource quantities of various lithium mines, as well as estimating the investment costs for refining and mining operations [4]. Group 4: Current Valuation Status - Based on replacement cost calculations, companies like Ganfeng Lithium, Tianqi Lithium, Shengxin Lithium, and Yahua Group are already trading below their replacement costs, indicating potential undervaluation [5]. - Other companies, while having lower replacement costs than their current market values, may still be undervalued due to uncalculated non-lithium business assets [5].

证券代码：002497 证券简称：雅化集团 公告编号：2025-08 四川雅化实业集团股份有限公司 关于 2025 年员工持股计划实施进展的公告 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、2025 年员工持股计划概述 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》。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。 1 2025 年 3 月 3 日，公司 2025 年员工持股计划专用证券账户已在中国证券登记结算 有限责任公司完成证券账户的开立工作，账户信息如下： 证券账户名 ...

Group 1: Lithium Industry Overview - The company entered the lithium industry in 2013 through a stake in Guoli Company, focusing on lithium mining, resource procurement, R&D, production, and sales [1] - The company owns two lithium mines: Sichuan Lijiagou and the high-quality Kamativi lithium mine in Zimbabwe, along with three production bases for lithium salt products [1] - The company has signed long-term sales agreements with major resource companies like Pilbara, DMCC, and Atlas, ensuring a stable supply of lithium resources [1] Group 2: Explosives Industry Overview - The company has an explosive production capacity of over 260,000 tons and nearly 90 million industrial detonators, placing it among the industry leaders [2] - The company aims to participate in industry consolidation and expand its scale in response to policy requirements [2] - The company is extending its explosives industry chain and enhancing service capabilities in various regions, including Sichuan, Xinjiang, and Tibet [2] Group 3: Lithium Resource Layout - The company acquired the Kamativi lithium mine in Zimbabwe in 2022, with plans to reach an annual processing capacity of 2.3 million tons by 2025 [3] - The company aims to further expand its processing capacity to 3.3 million tons per year, increasing its self-sufficiency in lithium resources [3] - The company is securing lithium resources through various channels domestically and internationally, including partnerships in Australia, Africa, and Brazil [3] Group 4: Lithium Salt Customer Base - Major customers include leading companies such as Tesla, Panasonic, LGES, LGC, SK ON, and CATL, establishing strong partnerships for future expansion [4] - A significant portion of the company's sales comes from overseas customers, which supports the pricing of lithium salt products [4] Group 5: Overseas Mining Services Strategy - The company plans to develop an overseas mining services segment to create new growth points, leveraging its presence in Zimbabwe and Australia [5][6] - The board approved the establishment of the "Yahua Overseas Mining Services Business Unit" to enhance its international competitiveness in the explosives industry [6] Group 6: Q4 Performance Improvement - In Q4 2024, the company saw increased sales of lithium salt products and stable orders from key customers, leading to improved operational performance [6] - Enhanced management of production processes and cost reduction contributed to the positive performance in Q4 [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company operates in dual main industries: lithium and civil explosives, with significant potential for future profit growth driven by the gradual ramp-up of lithium salt production capacity and improved self-sufficiency in lithium concentrate [5][6]. - The company is expected to benefit from the optimization of the supply structure in the civil explosives industry, with demand growth anticipated from the western development strategy and overseas expansion [5][6]. - The projected net profits for 2024-2026 are estimated at 304 million, 927 million, and 1.561 billion yuan, respectively, with corresponding EPS of 0.26, 0.80, and 1.35 yuan, indicating a strong upward profit elasticity [5][8]. Summary by Sections 1. Dual Main Business Model - The company has established a dual main business model integrating lithium and civil explosives, with a history dating back to 1952 as a state-owned enterprise focused on civil explosives [15]. - The civil explosives segment has seen stable growth, while the lithium segment has significant profit elasticity potential due to rising lithium salt production and market demand [20][28]. 2. Civil Explosives Industry - The company is a leading player in the domestic civil explosives industry, with production capacities for explosives and detonators among the highest in the sector [6][19]. - The civil explosives market is expected to benefit from increased investment in mining and infrastructure, with a focus on the western regions of China and overseas markets [40][59]. 3. Lithium Industry - The company has a comprehensive lithium salt production capacity of 103,000 tons per year, with additional planned capacity expected to bring total capacity to 173,000 tons per year [18][19]. - The lithium price is anticipated to stabilize, with the company benefiting from improved self-sufficiency in lithium mining and reduced costs [7][28]. 4. Financial Projections - The company’s revenue and profit forecasts indicate a recovery trajectory, with significant growth expected in the coming years as lithium production ramps up and civil explosives demand increases [5][8]. - The financial summary shows a projected revenue decline in 2023, followed by a rebound in subsequent years, reflecting the cyclical nature of the lithium market [8][20].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company operates in dual main industries: lithium and civil explosives, with significant potential for future profit growth driven by the gradual ramp-up of lithium salt production capacity and improved self-sufficiency in lithium concentrate [5][6]. - The company is expected to benefit from the optimization of the supply structure in the civil explosives industry, with demand growth anticipated from the western development strategy and overseas expansion [5][6]. - Forecasted net profits for 2024-2026 are projected at 304 million, 927 million, and 1.561 billion yuan, respectively, with corresponding EPS of 0.26, 0.80, and 1.35 yuan, indicating a strong upward profit elasticity [5][8]. Summary by Sections 1. Dual Main Business Model - The company has established a dual main business model integrating lithium and civil explosives, with a history dating back to 1952 [15]. - The civil explosives segment has seen stable growth, while the lithium segment has significant profit elasticity potential [20][29]. - The company has initiated an employee stock ownership plan, reflecting confidence in future performance growth [36][39]. 2. Civil Explosives Industry - The company is a leading player in the domestic civil explosives industry, with overseas market expansion expected to contribute to long-term growth [6][41]. - The supply side of the industry is strictly regulated, limiting new capacity, while demand is recovering due to increased investment in mining [47][50]. - The company has a strong production capacity in explosives, with significant market share and ongoing international expansion efforts [19][41]. 3. Lithium Industry - The company has a comprehensive lithium salt production capacity of 103,000 tons per year, with additional planned capacity [18][19]. - The lithium price is expected to stabilize, with diminishing negative impacts from previous price declines, enhancing profit potential [7][29]. - The company is positioned to benefit from increased self-sufficiency in lithium mining, which will lower production costs and improve profitability [7][29]. 4. Financial Forecast and Valuation - The company’s revenue and profit forecasts indicate a recovery trajectory, with significant growth expected in the coming years [8][11]. - The financial metrics show a substantial drop in revenue in 2023, primarily due to falling lithium prices, but a rebound is anticipated as production capacity increases [20][29]. - The report highlights the company's competitive positioning and potential for future earnings growth, supported by its strategic initiatives and market conditions [5][8].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][6]. Core Views - The company operates with a dual business model focusing on civil explosives and lithium, providing both stability and growth potential. The civil explosives business has shown steady growth, while the lithium segment offers significant growth elasticity [3][4][5]. Summary by Sections Company Overview - The company started with civil explosives and has expanded into the lithium industry through acquisitions. It has two major self-owned lithium mines and a lithium salt production capacity of 73,000 tons. The civil explosives business has a CAGR of 12.3% from 2010 to 2023, while the lithium business has a CAGR of 116% from 2014 to 2023 [3][4][15]. Lithium Business - The company has a rich supply of lithium ore, ensuring resource availability for lithium salt production. It holds stakes in several lithium mines, including a 27.9% stake in the Li Jiagou spodumene mine and a 60% stake in the Kamativi mine in Zimbabwe. The Kamativi project is expected to produce 350,000 tons of lithium concentrate annually by late 2024, increasing the company's self-sufficiency in lithium to 60% [4][87][90]. Civil Explosives Business - The company has a market share of over 5% in industrial explosives and over 10% in electronic detonators. It operates 20 production sites in China and has expanded internationally through acquisitions. The civil explosives business has shown stable growth, contributing to the company's long-term cash flow [4][29][68]. Financial Forecast and Investment Advice - The company is projected to achieve a revenue CAGR of 30% from 2024 to 2026, with net profit CAGR expected to be 106%. The estimated net profits for 2024, 2025, and 2026 are 320 million, 990 million, and 1.37 billion yuan, respectively. The report highlights the company's valuation attractiveness, with projected P/E ratios of 45, 15, and 11 for the same period [5][10][12].

Tel：86 28 86119970 Fax：86 28 86119827 E-mail：grandallcd@grandall.com.cn http://www. grandall.com.cn 四川省成都市天府二街 269 号 无国界 26 号楼 9 层 邮编：610095 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street, Hi-Tech Zone,Chendu,China 国浩律师（成都）事务所 关于四川雅化实业集团股份有限公司 2025 年第一次临时股东大会之 法 律 意 见 书 （2025）国浩（蓉）律见字第 2582 号 致：四川雅化实业集团股份有限公司 国浩律师（成都）事务所（以下简称"本所"）接受四川雅化实业集团股份有 限公司（以下简称"公司"）委托，指派陈杰、张悦荷律师出席公司 2025 年第一 次临时股东大会（以下简称"本次会议"），并根据《中华人民共和国证券法》（以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《 ...