Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Core Viewpoint - Sichuan Yahua Industrial Group held an online performance briefing on September 12, 2025, addressing investor inquiries regarding the company's strategic initiatives and financial performance [1] Group 1: Solid-State Battery Development - The company is advancing its solid-state battery initiatives, having established a lithium salt production R&D center and a plan for lithium sulfide synthesis process [1] - Collaboration with universities is ongoing to develop lithium sulfide and sulfide solid electrolytes, with sample production expected to be completed within the year and pilot line construction starting in 2026 [1] - A joint laboratory with Sichuan University aims to complete pilot line construction by 2027, with sample production and customer testing anticipated to be finalized this year [1] Group 2: Lithium Resource Exploration - The company is actively exploring high-quality lithium resources both domestically and internationally, adhering to a cautious decision-making process [1] - The company plans to disclose information regarding its share buyback plan in due course [1] Group 3: Market Position and Financial Performance - The company reported an increase in gross margin compared to the same period last year, with expectations for further improvement as self-sourced mineral ratios increase [1] - The company anticipates fluctuations in the lithium cycle over the next 2-3 years, but strong demand from the electric vehicle and energy storage markets is expected to create opportunities [1] - The company emphasizes that shareholder reductions are due to personal financial needs and do not reflect a negative outlook on the company's investment value [1] Group 4: Business Progress - Exploration work for the Kamativi lithium mine is ongoing, while updates on the company's civil explosives business remain unspecified [1] - The company has secured lithium resources such as Lijiagou and KMC and plans to continue expanding its lithium resource development [1]

Group 1: Solid-State Battery Development - The company is actively promoting the research and industrialization of lithium sulfide, a key raw material for solid-state batteries, with plans to complete sample production and customer delivery by the end of the year [2][4][6] - A pilot production line for lithium sulfide is expected to start construction in 2026, with a goal to complete it by 2027 [3][4][6] - The company is collaborating with universities and enterprises to accelerate the research and industrialization process of lithium sulfide and sulfide solid electrolytes [2][4][6] Group 2: Market and Resource Strategy - The company is conducting thorough investigations of high-quality lithium resources both domestically and internationally, adhering to a cautious decision-making process [2][4] - The self-sufficiency rate of lithium resources is expected to improve as the company continues to develop its existing lithium resources [7] - The company acknowledges the potential fluctuations in the lithium market over the next 2-3 years but anticipates growth driven by the demand from electric vehicles and energy storage systems [6] Group 3: Financial Performance and Investor Relations - The company's gross margin has improved compared to the previous year, and further increases are expected as the proportion of self-sourced minerals rises [5] - The company emphasizes that stock price fluctuations are influenced by various macroeconomic factors and market sentiments, and it remains focused on enhancing operational management to deliver better returns to investors [6][7] - Shareholder reductions are attributed to personal financial needs rather than a lack of confidence in the company's future [6][7]

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 [1][2] - The company has achieved full automation, intelligent production, and information management in its production lines, enhancing efficiency and product quality [1] - Yahua is recognized as a core supplier for major global automotive and battery manufacturers, establishing a strong market position [2] Group 2: Market Position and Business Development - The company ranks fourth in the Chinese civil explosives industry, with electronic detonator sales leading the industry for several consecutive years [2] - Yahua has developed stable sales channels and maintains good relationships with large end-users, exporting products to countries such as Myanmar, Nepal, Mongolia, and Laos [2] - The company has diversified its lithium resource supply through self-controlled and purchased mines, ensuring a stable resource guarantee [4] Group 3: Customer Structure and Revenue - In the first half of 2025, revenue from top lithium business clients accounted for 91% of total revenue, with significant contributions from both domestic and international clients [3] - Major international clients include TESLA, LGES, and Panasonic, while domestic clients include CATL and Zhonghua [3] Group 4: Industry Trends and Company Strategy - The company is closely monitoring industry supply and demand changes, aiming for sustainable profitability while adjusting lithium salt production based on market conditions [5] - The recent "anti-involution" policy encourages companies to avoid cutthroat competition and focus on collaboration, capacity planning, and green production practices [5] Group 5: Risk Management - In the first half of 2025, the company utilized lithium carbonate futures for hedging against price volatility, aiming to mitigate risks associated with market fluctuations [7]

证券代码：002497 证券简称：雅化集团 公告编号：2025-50 四川雅化实业集团股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及 半年度报告业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，四川雅化实业集团股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四 川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现将相关事 项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五） 14:00-17:00。届时公司高管将在线就公司 2025 年半年度业绩、公司治理、发展战略、 经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 特此公告。 四川雅化实业集团股份有限公司董事会 2025 年 9 月 8 日 ...

证券日报网讯 9月4日晚间，雅化集团发布公告称，公司2025年第二次临时股东大会于2025年9月4日召 开，审议通过了《关于调整期货期权和外汇套期保值业务交易额度及可行性分析的议案》等多项议案。 （编辑 姚尧） ...

证券代码：002497 证券简称：雅化集团 公告编号：2025-49 四川雅化实业集团股份有限公司 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： 《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）现场会议召开时间：2025年9月4日（星期四）下午14:30； （2）网络投票时间：2025年9月4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9月4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9月4日9:15~15:00的任意时间； 等有关规定，会议合法、有效。 （二）会议出席情况 出席本次股东大会的股东及代理人共 821 人，代表股份 240,792,306 股，占公司有表决 权股份总数 1,143,312,720 股（公司股权登记日总股份扣除公司回购股份 9,249,800 股）的 有表决权股份总数 1,143,312,700 股 ...

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications, and voting results of the second extraordinary general meeting of Sichuan Yahua Industrial Group Co., Ltd. held on September 4, 2025 [1][14]. Group 1: Meeting Procedures - The meeting was convened by the company's sixth board of directors and publicly announced on August 20, 2025, detailing the time, location, and agenda [2][3]. - The meeting was conducted through a combination of on-site and online voting, with the on-site meeting held in Chengdu [3]. Group 2: Qualifications of Participants - The meeting was convened by the board of directors, meeting the qualifications set by relevant laws and regulations [4]. - A total of 821 shareholders participated, representing 240,792,306 shares, which is 21.0609% of the total voting shares [4]. Group 3: Voting Procedures and Results - All agenda items were reviewed and voted on in accordance with legal and regulatory requirements, with the results as follows: - The proposal to adjust trading limits for futures, options, and foreign exchange hedging was approved with 238,790,584 votes in favor, representing 99.8552% of the valid votes [5]. - The proposal to amend the company's articles of association was approved with 238,817,778 votes in favor, representing 99.8499% of the valid votes [6]. - The proposal to revise the employee stock ownership plan was approved with 234,078,888 votes in favor, representing 99.9005% of the valid votes [12]. - The voting results for small investors were also overwhelmingly in favor, with significant percentages of approval across various proposals [5][6][12].

Core Viewpoint - Yahua Group held its second extraordinary general meeting of shareholders on September 4, 2025, where multiple important proposals were reviewed and approved [1]. Group 1: Meeting Details - The meeting was conducted using a combination of on-site and online voting, with a total of 821 shareholders and proxies present, representing 240,792,306 shares, which is 21.0609% of the total voting shares [1]. - The on-site voting accounted for 137,615,587 shares (12.0366%), while online voting represented 103,176,719 shares (9.0244%) [1]. - A total of 815 minority shareholders participated, representing 118,926,166 shares (10.4019%) [1]. Group 2: Proposal Results - The proposal to adjust the trading limits and feasibility analysis for futures, options, and foreign exchange hedging business received 238,790,584 votes in favor (99.1687%) [2]. - The amendment to the Articles of Association was approved with 238,817,778 votes in favor (99.1800%) [3]. - The revision of the Rules of Procedure for Shareholders' Meetings was supported by 234,543,388 votes (97.4049%) [3]. - The amendment to the Rules of Procedure for Board Meetings was approved with 234,556,188 votes in favor (97.4102%) [3]. - The proposal to revise the Management Control Measures for Fundraising was supported by 234,536,588 votes (97.4020%) [3]. - The amendment to the Related Party Transaction Management Control System received 234,655,488 votes in favor (97.4514%) [3]. - The proposal to revise the Selection System for Accounting Firms was approved with 234,641,188 votes (97.4455%) [3]. - The amendment to the Employee Stock Ownership Management Measures for subsidiaries was supported by 234,078,888 votes (97.2119%) [4]. - The adjustment of performance assessment indicators for the 2025 Employee Stock Ownership Plan received 115,132,357 votes in favor (96.8099%) [5]. Group 3: Legal Validity - The meeting's convening, procedures, qualifications of the conveners and attendees, voting procedures, and results were deemed legal and valid by Beijing Zhonglun (Chengdu) Law Firm [6].

北京中伦（成都）律师事务所 二〇二五年九月 北京中伦（成都）律师事务所 关于四川雅化实业集团股份有限公司 关于四川雅化实业集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 2025 年第二次临时股东大会的 法律意见书 致：四川雅化实业集团股份有限公司（以下简称"贵公司"） 北京中伦（成都）律师事务所（以下简称"本所"）接受贵公司的委托，指 派律师出席并见证贵公司2025年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《律师事务所从事证券法 律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所 证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"）、 《上市公司股东会规则》等相关法律、行政法规、规章、规范性文件及《四川雅 化实业集团股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次 会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决 结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所 ...