从中证稀土产业指数持仓样本的行业来看，原材料占比67.47%、工业占比26.17%、信息技术占比 6.36%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 跟踪稀土产业的公募基金包括：嘉实中证稀土产业ETF联接A、嘉实中证稀土产业ETF联接C、华泰柏瑞 中证稀土产业ETF联接A、华泰柏瑞中证稀土产业ETF联接C、富国中证稀土产业ETF、易方达中证稀土 产业ETF、嘉实中证稀土产业ETF、华泰柏瑞中证稀土产业ETF。 从指数持仓来看，中证稀土产业指数十大权重分别为：北方稀土（16.39%）、中国稀土（6.66%）、卧 龙电驱（5.15%）、厦门钨业（4.52%）、包钢股份（4.52%）、格林美（4.5%）、中国铝业 （4.37%）、领益智造（4.03%）、盛和资源（3 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 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。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"）分别于 2024 年 12 月 6 日和 2024 年 12 月 23 日召开第六届董事会第九次会议和 2024 年第五次临时股东大 会，审议通过了《关于公司及子公司 2025 年度担保事项的议案》。为保证公司 及其子公司的正常生产经营活动，2025 年度公司（含控股子公司）拟为公司及子 公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 3,500,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公司（含 控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对新成立 的子公司分配担保额度。具体内容详见公司于 2024 年 12 月 7 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于 ...

| 证券代码：002600 | 证券简称：领益智造 公告编号：2025-033 | | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | 广东领益智造股份有限公司 关于实际控制人、董事长提议回购公司股份的提示性公告 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。 广东领益智造股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公 司实际控制人、董事长曾芳勤女士出具的《关于提议广东领益智造股份有限公司 回购公司股份的函》，现将具体情况公告如下： 2、回购股份的用途：可用于减少公司注册资本、股权激励或者员工持股计 划等，具体用途由公司董事会依据相关法律法规确定； 一、提议人的基本情况及提议时间 1、提议人：公司实际控制人、董事长曾芳勤女士； 2、截至本公告日，曾芳勤女士直接持有公司股份 144,536,846 股，占目前公 司总股本的 2.06%；通过领胜投资（江苏）有限公司间接持有 4,139,524,021 股， 占目前公司总股本的59.07%。曾芳勤女士直接和间接合计持有公司4,284,060,867 股，占目前 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 44.211 billion, representing a year-on-year growth of 29.56% [2][4] - The net profit attributable to shareholders was CNY 1.753 billion, with operating cash flow of CNY 4.021 billion [4] - AI terminal hardware-related business revenue reached approximately CNY 40.731 billion, growing by 32.75% year-on-year [5][7] Business Transformation and Strategy - The company successfully transitioned from a product manufacturing expert to a solution provider, becoming a global leader in AI terminal hardware manufacturing [2] - For 2025, the strategic focus is on "strategic determination and solid foundation," emphasizing innovation and international development [2][16] - The company aims to enhance its core competitiveness by creating an integrated smart manufacturing platform that combines lean, digital, automated, and green practices [3][16] Market Expansion and Product Development - The company is expanding its overseas market presence and enhancing profitability, with 58 production and service locations globally [13] - In the AI terminal sector, significant progress was made in areas such as AI glasses, XR wearables, and thermal management solutions [5][6][9] - The imaging display business saw a revenue increase of 103.32%, reaching CNY 11.270 billion in 2024 [5] Robotics and Automation - The company has been actively investing in automation and robotics, particularly in humanoid robots, with over 400 patents accumulated [9][10] - The product layout includes core technologies for servo motors, reducers, and controllers, aiming to become a manufacturer of complete robotic systems [10][12] Industry Outlook - The AI terminal market is expected to focus more on application scenarios, solutions, and service integration, with new terminal forms emerging rapidly [14] - The integration of AI technology in consumer electronics is anticipated to drive innovation and a new wave of product upgrades [6][14]

Overview of the Transaction - The company plans to issue convertible bonds and pay cash to acquire a 66.46% stake in Jiangsu Kedastern Automotive Technology Co., Ltd. from eight specific investors, making Jiangsu Kedastern a subsidiary of the company [3][5]. Fundraising Details - The company intends to raise funds through a private placement of shares to no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price for the convertible bonds [4]. - The funds raised will be used for cash payments in the transaction, tax fees, personnel placement costs, and other merger-related expenses, as well as for Jiangsu Kedastern's ongoing projects and working capital [4]. Progress of the Transaction - As of December 6, 2024, the company held board and supervisory meetings to approve the transaction proposal, with further announcements made on January 4, January 25, and March 4, 2025, regarding the progress of the transaction [6][7]. - The company is actively advancing the transaction, with ongoing audits, evaluations, and profit forecasts being conducted [7].

Financial Performance - In 2024, the company achieved a revenue of CNY 44.211 billion, representing a year-on-year growth of 29.56% [6] - The net profit attributable to shareholders was CNY 1.753 billion, with a significant increase in operating cash flow to CNY 4.021 billion [6][7] - The AI terminal business generated revenue of approximately CNY 40.731 billion, growing by 32.75% year-on-year [8] - The fourth quarter of 2024 saw a record revenue of CNY 12.727 billion, up 34.28% year-on-year, with a net profit of CNY 348 million, marking a 92.20% increase [6][7] Business Segments - The imaging display segment achieved revenue of CNY 11.270 billion, a remarkable growth of 103.32% [9] - The thermal management business reported revenue of CNY 4.107 billion, reflecting a 9.20% increase from CNY 3.761 billion in 2023 [11] - The company is actively involved in the robotics sector, with over 400 patents accumulated and a focus on humanoid robots [15][16] International Expansion - The company operates 58 production and service locations globally, with 8 assembly bases in countries including Turkey, Brazil, India, and the USA [18] - The overseas business is expected to enhance profitability and establish a dual-cycle business model [18] Investor Relations and Returns - In 2024, the company plans to distribute cash dividends totaling CNY 140 million, which accounts for 11.41% of the net profit [21] - Over the three years from 2022 to 2024, the cumulative amount for dividends and share buybacks reached CNY 1.727 billion, representing 31.98% of the net profit [21] Manufacturing and Efficiency - The company implemented lean production initiatives, aiming for a yield target of 98%, with 80% of materials achieving a yield of 98.8% or higher [23] - Revenue per employee increased from CNY 471,700 to CNY 518,400, indicating improved operational efficiency [23]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a record high revenue in Q4 2024, with total revenue of 44.21 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders was 1.75 billion yuan, a decrease of 14.50% [6] - The AI terminal, automotive, and low-altitude economy sectors significantly contributed to revenue growth, with AI terminal revenue reaching 40.73 billion yuan, up 32.75% year-on-year [6] - The company aims to become a leading manufacturer of humanoid robots, entering mass production in 2025, leveraging its core technologies in servo motors and motion controllers [6] - The company is positioned as a one-stop solution provider in the foldable screen market, supplying key components to major clients like Huawei and Xiaomi [6] - The company has become a core supplier for AMD in the server sector, providing cooling and power management solutions [6] - The long-term outlook remains positive, with projected net profits of 2.78 billion yuan for 2025 and 3.41 billion yuan for 2026, with a price-to-earnings ratio of 21 and 17 respectively [6] Financial Data and Profit Forecast - Total revenue is forecasted to grow from 34.12 billion yuan in 2023 to 63.95 billion yuan in 2027, with a compound annual growth rate of approximately 11.3% [5][8] - The net profit attributable to shareholders is expected to increase from 2.05 billion yuan in 2023 to 3.94 billion yuan in 2027, reflecting a significant growth trajectory [5][8] - The company's gross margin is projected to stabilize around 19% by 2027, indicating a focus on maintaining profitability amidst revenue growth [5]

| 证券代码：002600 | 证券简称：领益智造 公告编号：2025-032 | | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | 广东领益智造股份有限公司 关于发行可转换公司债券及支付现金购买资产并募集配套 资金事项的进展公告 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、广东领益智造股份有限公司（以下简称"公司"）于 2024 年 12 月 7 日披 露的《发行可转换公司债券及支付现金购买资产并募集配套资金预案》及其摘要 中已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，公 司将根据相关事项的进展情况，及时履行信息披露义务，提请广大投资者关注后 续进展公告并注意投资风险。 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外，公司尚 未发现可能导致公司董事会或者交易对方撤销、中止本次重组方案或者对本次重 组方案作出实质性变更的相关事项，本次交易工作正在有序进行中。 二、本次交易进展情况 2024 年 12 月 6 日，公司召开第六届董事会第九次会议和第六届监事会第八 次会议，审议 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady revenue growth in 2024, but profitability has declined. New growth drivers include humanoid robots, AI/AR glasses, foldable screens, and server cooling solutions, supporting the "Buy" rating [3][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of RMB 44.211 billion, a year-on-year increase of 29.6%. However, the net profit attributable to the parent company decreased by 14.5% to RMB 1.753 billion. The gross margin was 15.8%, down 4.2 percentage points year-on-year [7][8] - The company expects earnings per share (EPS) of RMB 0.34, RMB 0.47, and RMB 0.56 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.6x, 19.3x, and 16.1x [5][7] Revenue Breakdown - The AI terminal segment generated revenue of RMB 40.73 billion in 2024, up 32.8% year-on-year, but the gross margin fell by 4.4 percentage points to 17.4%. Key growth areas include sensors and related modules, as well as imaging display products, both exceeding 100% growth [8] - The automotive and low-altitude economy sectors contributed RMB 2.12 billion in revenue, a 52.9% increase year-on-year. However, the clean energy business saw a 25% decline in revenue to RMB 1.17 billion due to a significant reduction in customer orders [8] Growth Drivers - The company is making progress in humanoid robots, AI/AR glasses, foldable screens, and server-related businesses. For instance, the humanoid robot segment is expected to enter mass production in 2025, with a gross margin of approximately 60% [8] - The AI/AR glasses and XR wearable devices are anticipated to grow rapidly with the upcoming release of new products in 2025. The foldable screen products have already seen significant shipments, and the server business has begun to penetrate customer supply chains [8]

Core Viewpoint - The announcement details the change of the designated sponsor representatives for Guangdong Lingyi Technology Co., Ltd.'s upcoming convertible bond issuance, ensuring continuity in oversight by Guotai Junan Securities Co., Ltd. [1][2] Group 1: Company Announcement - Guangdong Lingyi Technology Co., Ltd. received a letter from Guotai Junan Securities regarding the change of its continuous supervision sponsor representatives [1] - The original representatives, Xing Yongzhe and Zhang Guiyang, were replaced by Li Huiqi due to Xing's job change, while Zhang remains as a representative [1][2] - The continuous supervision period for the convertible bond issuance is from December 6, 2024, to December 31, 2025 [1] Group 2: Acknowledgment and Background - The company expressed gratitude for the contributions made by Xing Yongzhe during his tenure as a sponsor representative [2] - Li Huiqi's background includes a Master's degree in Finance and experience in various IPO and bond issuance projects, indicating her capability in the role [4]