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 2025 年第二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年第二次临时股东大会的通知于2025年8月20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； 6、会议的召集、召开符合《公司法》《深圳证券交易所股票上市规则》 ...

Group 1 - The company, Yahua Group, reported that as of August 29, the number of shareholders is approximately 137,000 [2]

Group 1 - The company, Yahua Group, responded to investor inquiries on September 3, indicating that information related to its production and operations can be found in the "2025 Semi-Annual Report" to be disclosed on August 20, 2025 [2]

Summary of Yahua Group Conference Call Company Overview - Yahua Group is a leading player in the domestic civil explosives industry with an industrial explosive production capacity exceeding 260,000 tons and a market share of over 53% in Sichuan [2][4] - The company is actively expanding into markets in Tibet and Yunnan, with the Yaxia Hydropower Station project expected to significantly enhance long-term performance [2][4] Core Business and Development - The core businesses of Yahua Group include civil blasting and lithium mining [4] - The company has lithium mining rights with a capacity corresponding to approximately 25,000 tons of lithium carbonate equivalent from the Lijiagou lithium mine and 350,000 tons/year from the Kamativi mine in Zimbabwe, with major benefits expected from the Kamativi mine in the next two years [2][21] - Yahua Group has a significant capacity in lithium hydroxide production, having already produced 100,000 tons and planning to increase by another 70,000 tons, aiming for a total of 170,000 tons [2][22] Market Dynamics - The lithium carbonate price has bottomed out but may test lower levels again in 2026; however, the long-term outlook suggests a potential price increase due to supply constraints and demand growth [2][19] - The civil explosives industry is under strict regulation, with limited new capacity and increasing demand from mining operations, providing support for the civil blasting business [2][15] Financial Performance - The civil blasting business has shown stable profitability, with a year-on-year growth of 12.21% in 2023, contributing nearly 90% to gross profit [8] - The lithium business has faced challenges due to cyclical price declines, but as prices stabilize and recover, the contribution from lithium is expected to increase significantly [8][24] Cost Management - Yahua Group manages raw material costs in the civil blasting business through local procurement and framework agreements, maintaining lower gross margins compared to industry averages [3][12] Customer Base and Stability - The company’s downstream customers are primarily located in Europe, the United States, Japan, and South Korea, including major firms like Tesla, Panasonic, LG, and CATL, which ensures revenue stability through long-term contracts [2][23] Future Outlook - The company is well-positioned for growth in the next three years, with both civil blasting and new energy sectors showing potential for improvement and significant growth through mergers, acquisitions, and cost reduction strategies [24][25]

Core Viewpoint - Yahua Group (002497) is actively advancing the exploration of high-quality lithium resources both domestically and internationally, adhering to principles of multi-dimensional verification, comprehensive research, and prudent decision-making [1] Group 1 - The company is currently engaged in the assessment of lithium resources [1] - Yahua Group emphasizes a careful and thorough approach to its exploration activities [1] - Specific details regarding these activities will be disclosed through the company's official information channels [1]

Group 1 - The core viewpoint of the news is that Yahua Group has shown a positive stock performance with a year-to-date increase of 21.01% and a market capitalization of 16.263 billion yuan as of August 29 [1] - As of August 8, Yahua Group's main business revenue composition includes lithium products at 51.54%, civil explosives and blasting services at 42.81%, and transportation services at 5.66% [2] - The company has experienced a net inflow of main funds amounting to 15.7171 million yuan, with significant buying and selling activities observed [1] Group 2 - Yahua Group's total shareholder count increased by 6.37% to 167,000 as of August 8, with an average of 6,338 circulating shares per person, which decreased by 5.99% [2] - The company has distributed a total of 1.24 billion yuan in dividends since its A-share listing, with 622 million yuan distributed in the last three years [3] - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall New Energy Industry Fund, with notable increases in their holdings [3]

Core Viewpoint - The lithium mining industry is experiencing a challenging period due to falling lithium prices, but recent supply constraints and a potential recovery in prices may lead to improved financial performance for mining companies in the near future [2][6][10]. Group 1: Industry Performance - Lithium carbonate prices dropped below 60,000 yuan/ton in the first half of 2025, leading to disappointing financial results for many lithium mining companies, with some still facing losses [2][3]. - Major lithium mining companies like Zhongmin Resources reported a revenue of 3.267 billion yuan, a year-on-year increase of 34.89%, but a net profit decline of 81.16% [3]. - Rongjie Co. and Yongxing Materials also faced significant profit declines, with net profits down 48.54% and 47.84% respectively, despite some revenue growth [4]. Group 2: Supply and Demand Dynamics - The supply-demand imbalance characterized by strong supply and weak demand has led to a prolonged decline in lithium carbonate prices, with some companies expressing concerns about operating at a loss [6][10]. - Recent production halts, including those by CATL and other companies, have raised expectations for supply constraints, contributing to a rebound in lithium carbonate prices, which recently surpassed 80,000 yuan/ton [7][10]. - The suspension of CATL's Yichun mine, which has an annual capacity of 100,000 tons of lithium carbonate equivalent, is expected to impact domestic supply and support price recovery [7]. Group 3: Future Outlook - The anticipated supply contraction and industry initiatives to curb excessive competition are expected to support lithium prices and improve the financial health of mining companies [8][10]. - Companies like Ganfeng Lithium are focusing on increasing their resource self-sufficiency, with projections indicating a self-sufficiency rate exceeding 50% [11]. - The cost advantages of salt lake lithium resources are expected to be enhanced as prices recover, benefiting companies with low-cost operations [11].

Group 1 - The core viewpoint of the news is that Yahua Group's stock has shown significant fluctuations, with a year-to-date increase of 23.24% and a recent drop of 8.76% over the past 20 days [1] - As of August 8, Yahua Group's main business revenue composition includes lithium products at 51.54%, civil explosives and blasting services at 42.81%, and transportation services at 5.66% [2] - The company has a total market capitalization of 165.62 billion yuan, with a trading volume of 3.79 billion yuan on August 25 [1] Group 2 - Yahua Group's net profit for the first half of 2025 was 1.36 billion yuan, representing a year-on-year increase of 32.87%, while operating revenue decreased by 13.04% to 34.23 billion yuan [2] - The company has distributed a total of 12.40 billion yuan in dividends since its A-share listing, with 6.22 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall New Energy Industry Fund, indicating a shift in institutional holdings [3]

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.423 billion yuan, a year-on-year decrease of 13.04%, while the net profit attributable to shareholders was 136 million yuan, an increase of 32.87% [1] - In Q2 2025, the company reported revenue of 1.886 billion yuan, a year-on-year decrease of 9.50% and a quarter-on-quarter increase of 22.70%. The net profit attributable to shareholders was 53 million yuan, a year-on-year decrease of 38.90% and a quarter-on-quarter decrease of 35.36% [1] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 580 million yuan, 870 million yuan, and 1.202 billion yuan respectively, with corresponding EPS of 0.50 yuan, 0.75 yuan, and 1.04 yuan [1] Group 2: Business Segments - The company's civil explosives business generated revenue of 1.465 billion yuan in H1 2025, with a year-on-year increase of 3.7% and a net profit of 253 million yuan, up 2.4% year-on-year [2] - The company holds a market share of nearly 5% in industrial explosives and over 11% in electronic detonators, with significant production bases in Inner Mongolia, Shanxi, and Sichuan [2] - The lithium business reported revenue of 1.764 billion yuan in H1 2025, but incurred a net loss of 127 million yuan due to low lithium prices [3] Group 3: Market Outlook - The company is optimistic about long-term growth potential, driven by the recovery of lithium prices, increased self-sufficiency in lithium concentrate, and ongoing expansion in overseas markets for civil explosives [1][2] - The company is expected to produce 280,000 tons of lithium concentrate in 2025 and 350,000 tons in 2026, enhancing its self-supply capabilities [3] - The company has made strategic acquisitions in overseas markets, including New Zealand, Australia, and Zimbabwe, which are anticipated to contribute to future revenue growth [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a decline in performance due to falling lithium prices, but long-term growth potential remains strong. The forecast for net profit from 2025 to 2027 has been adjusted downward, with expected net profits of 5.80 billion, 8.70 billion, and 12.02 billion respectively. The current stock price corresponds to a PE ratio of 27.8, 18.5, and 13.4 for the years 2025 to 2027 [5][6] Financial Performance Summary - In H1 2025, the company achieved revenue of 34.23 billion, a year-on-year decrease of 13.04%. The net profit attributable to shareholders was 1.36 billion, an increase of 32.87% year-on-year. In Q2 2025, revenue was 18.86 billion, down 9.50% year-on-year but up 22.70% quarter-on-quarter. The net profit for Q2 was 0.53 billion, down 38.90% year-on-year and 35.36% quarter-on-quarter [5][6] Business Segments Lithium Business - The lithium segment reported revenue of 17.64 billion in H1 2025, with a net loss of 1.27 billion due to low lithium prices. The company expects to produce 280,000 tons of lithium concentrate in 2025 and 350,000 tons in 2026, which will enhance self-sufficiency in lithium supply [7] Explosives Business - The explosives segment generated revenue of 14.65 billion in H1 2025, with a net profit of 2.53 billion, reflecting a year-on-year increase of 2.4%. The company holds a significant market share in the domestic explosives market and is expanding into overseas markets, which is expected to contribute to long-term growth [6][7]