四川雅化实业集团股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-150 | 审计报告 XYZH/2025CDAA8B0136 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： 一、 审计意见 我们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）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，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则 ...

四川雅化实业集团股份有限公司 2024 年度 募集资金年度存放与使用情况鉴证报告 | 索引 | | | 页码 | | --- | --- | --- | --- | | 鉴证报告 | | | 1-2 | | 关于募集资金 | 2024 | 年度存放与使用情况的专项报告 | 1-12 | 募集资金年度存放与使用情况鉴证报告 XYZH/2025CDAA8B0134 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： 我们对后附的四川雅化实业集团股份有限公司(以下简称雅化集团)关于募集资金 2024 年度存放与使用情况的专项报告（以下简称募集资金年度存放与使用情况专项报告） 执行了鉴证工作。 雅化集团管理层的责任是按照深圳证券交易所相关规定编制募集资金年度存放与使 用情况专项报告。这种责任包括设计、实施和维护与募集资金年度存放与使用情况专项报 告编制相关的内部控制，保证募集资金年度存放与使用情况专项报告的真实、准确和完整， 以及不存在由于舞弊或错误而导致的重大错报。我们的责任是在实施鉴证工作的基础上， 对募集资金年度存放与使用情况专项报告发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 ...

四川雅化实业集团股份有限公司 2024 年 12 月 31 日 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025CDAA8B0135 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： 信永中和会计师事务所(特殊普通合伙) 中国注册会计师：张雯燕 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 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 12 月 31 日财务报 告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是雅化集团董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制 ...

天风证券股份有限公司（以下简称"天风证券"或"保荐机构"）作为四川 雅化实业集团股份有限公司（以下简称"雅化集团"或"公司"） 公开发行可 转换公司债券以及 2020 年度非公开发行股票的保荐机构，根据《证券发行上市 保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》等相关规定，对雅化集团部分募集资金投资项目延期的情况进行了核查，具 体核查情况如下： 一、募集资金基本情况 经中国证监会《关于核准四川雅化实业集团股份有限公司非公开发行股票的 批复》（证监许可[2020]2777 号）核准，雅化集团于 2020 年 12 月 24 日向特定 对象非公开发行股票 107,066,381.00 股，每股面值人民币 1 元，募集资金总额为 人民币 150,000.00 万元。其中发行费用为 1,287.27 万元（不含税增值税），实际 募集资金净额为人民币 148,712.73 万元。上述资金于 2020 年 12 月 31 日到位， 经信永中 ...

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].

各位领导晚上好我是开源化工作的李思佳今天在这里主要是介绍一下我们近期非常看好的雅化集团的这个公司的基本情况我们也是在二月底刚刚发布了公司的首次覆盖报告 那另外对于公司的锂这个板块来看的话,随着公司它未来的2025年金马布韦那边矿山运回锂矿的一个自给率原料自给率的提升,以及公司23年和24年前三季度去陆续进行的 库存的简直具体,那未来的话随着这个简直的完成,进入一个随行就事的正常经营,以及这个自给率提升带来的利润提升,我们觉得公司里沿这边在2025年会有一个比较大的向上的利润弹性。 那后面我就来分别的介绍一下公司的情况。首先是第一部分,公司整体的一个情况介绍。现在的话,公司已经形成了理研和民报双主业去联动发展的一个业务模式。 从公司的历史来看公司是最早是以民报业务去起家的它的前身是四川雅安化工厂就最早就是来去生产这些民报产品的那在2003年到2012年期间公司也是陆续的去收购了绵阳实业三台化工以及内蒙科达包头资胜等一些其他的民报行业的公司在夯实了公司在四川这个大本营的 占有率的基础上,也是去陆续的布局了内蒙等一些其他地方的一些新的城市的布局。那到了2013年的时候,公司也是去作为中国民报行业的首次跨国并购,去在 ...

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 ...