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》"）、《 ...

证券代码：002497 证券简称：雅化集团 公告编号：2025-07 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决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 3、公司召开2025年第一次临时股东大会的通知于2025年1月17日刊登在《证券时报》 《中国证券报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年2月13日（星期四）下午14:30； （2）网络投票时间：2025年2月13日。其中，通过深圳证券交易所交易系统进行网络 投票的具体时间为2025年2月13日上午9:15～9:25，9:30~11:30,下午13:00～15:00；通过深圳 证券交易所互联网投票系统进行网络投票的具体时间为2025年2月13日9:15~15:00的任意 时间； 2、现场会议召开地点：集团二十三楼会议室； 3、会议召 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is recognized as one of the leading players in lithium hydroxide production, with significant growth potential driven by lithium ore increments [5][7]. - The dual business model of civil explosives and lithium production positions the company favorably in the market, with expected performance elasticity from lithium ore increments in 2025 [7][8]. Summary by Relevant Sections Market Performance - The closing price is reported at 13.20 yuan, with a market capitalization of approximately 15,213.83 million yuan [3]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 7,247 million yuan, 8,644 million yuan, and 11,141 million yuan, respectively, with year-on-year growth rates of -39.07%, 19.27%, and 28.88% [6]. - The net profit attributable to shareholders is forecasted to be 305 million yuan, 996 million yuan, and 1,222 million yuan for the same period, with growth rates of 658.05%, 226.62%, and 22.74% [6][8]. - The price-to-earnings ratio (P/E) is projected to be 49.91, 15.28, and 12.45 for 2024, 2025, and 2026, respectively [6][8]. Investment Logic - The lithium salt business is expected to benefit from a narrowing surplus of lithium carbonate in 2025, with prices anticipated to stabilize around 80,000 yuan per ton [10][34]. - The company has established strong relationships with key customers, including Tesla, and is entering a new phase of capacity expansion [39][41]. - The company’s lithium production capacity is set to increase significantly, with plans for the Yaan Phase III project to initially produce 30,000 tons and eventually expand to 170,000 tons [10][42]. Business Overview - The company has a stable shareholding structure, with the actual controller holding 10.20% of the shares, and operates in both civil explosives and lithium salt sectors [19][20]. - The civil explosives business has shown stable growth, contributing significantly to the company's revenue, while the lithium salt business is expected to recover as lithium prices stabilize [23][24]. Resource Layout - The company holds approximately 900,000 tons of lithium carbonate equivalent (LCE) in resource rights, with significant contributions expected from the Li Jiagou lithium mine and Kamativi polymetallic mine [48][50]. - The Kamativi mine is projected to reach an annual processing scale of 2.3 million tons, corresponding to a lithium concentrate production capacity of 350,000 tons [51]. Market Demand - The demand for lithium carbonate is driven by the growth of the electric vehicle and energy storage markets, with global sales of electric vehicles increasing significantly from 1.99 million units in 2018 to 13.67 million units in 2023 [31][32]. - The report anticipates a substantial increase in new energy storage installations, further boosting lithium demand [32][34].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 280-330 million yuan in 2024, representing a year-on-year increase of 596-721%. The fourth quarter net profit is projected to be 130-180 million yuan, with a year-on-year increase of 116-123% and a quarter-on-quarter increase of 140-237% [7] - The lithium salt business is expected to turn profitable in Q4, with a projected sales volume of 45,000-50,000 tons for 2024, reflecting a growth of approximately 60%. The company anticipates a sales volume of 70,000-80,000 tons in 2025, also showing a 60% increase [7] - The company plans to enhance its resource self-sufficiency rate to nearly 30% by 2025, with the second phase of its Kamatiwi lithium mine project expected to contribute significantly [7] - The civil explosives business is projected to contribute over 500 million yuan in profit for 2024, with an expected increase of 20-30% in 2025 [7] - An employee stock ownership plan has been announced, with ambitious profit and sales growth targets set for 2025 and 2026 [7] - Due to a general downward trend in lithium prices, the profit forecast for 2024-2025 has been adjusted, with expected net profits of 305 million yuan, 935 million yuan, and 1.261 billion yuan for 2024, 2025, and 2026 respectively [7] Financial Summary - Total revenue for 2024 is projected to be 6.863 billion yuan, a decrease of 42.31% year-on-year, while net profit is expected to be 304.94 million yuan, reflecting a significant increase of 658.28% [1][8] - The earnings per share (EPS) for 2024 is estimated at 0.26 yuan, with a price-to-earnings (P/E) ratio of 50.08 [1][8] - The company’s total assets are expected to reach 15.271 billion yuan by 2025, with a debt-to-asset ratio of 21.51% [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit for 2024 is expected to be between 280 million to 330 million yuan, representing a year-on-year increase of 596.26% to 720.60% [1] - The significant growth in net profit is primarily driven by a substantial increase in lithium salt sales, supported by stable orders from high-quality customers and improved operational efficiency [1][2] - The company has established its own lithium mine in Africa, which will significantly enhance its self-sufficiency and reduce reliance on external sources [2] - An employee stock ownership plan has been introduced with ambitious performance targets for 2025 and 2026, aiming for a net profit of no less than 300% and 400% of 2024's net profit, respectively [2] Summary by Sections Financial Performance - The company reported a net profit of 4.538 billion yuan in 2022, which dropped to 40 million yuan in 2023, but is projected to recover to 315 million yuan in 2024, with further increases to 958 million yuan in 2025 and 1.241 billion yuan in 2026 [4][9] - Revenue is expected to decline from 14.457 billion yuan in 2022 to 7.576 billion yuan in 2024, before rebounding to 8.273 billion yuan in 2025 and 10.568 billion yuan in 2026 [4][9] Earnings Forecast - The report forecasts earnings per share (EPS) of 0.27 yuan for 2024, increasing to 0.83 yuan in 2025 and 1.08 yuan in 2026 [4][11] - The price-to-earnings (P/E) ratio is projected to be 48 times in 2024, decreasing to 16 times in 2025 and 12 times in 2026 [4][11] Operational Strategy - The company plans to expand its lithium ore processing capacity to 2.3 million tons per year in 2025, with further expansion to 3.3 million tons per year [2] - The company is actively participating in mergers and acquisitions within the civil explosives industry to enhance its operational scale and regional presence [3]