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 ...

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]