上市公司名称：永兴特种材料科技股份有限公司 永兴特种材料科技股份有限公司 简式权益变动报告书 信息披露义务人：浙江久立特材科技股份有限公司 住所：浙江省湖州市双林镇镇西 通讯地址：浙江省湖州市吴兴区中兴大道1899号 一、本报告书是根据《中华人民共和国证券法》(以下简称《证券法》)、《上市 公司收购管理办法》(以下简称《收购管理办法》)、《公开发行证券的公司信息披露 内容与格式准则第15号—权益变动报告书》（以下简称《准则15号》）及相关法律、 法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》、《收购管理办法》、《准则15号》的规定，本报告书已全 面披露信息披露义务人在永兴特种材料科技股份有限公司中拥有权益的股份变动情 况；截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有通 过任何其他方式增加或减少其在永兴特种材料科技股份有限公司中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的信息 外，信息披露义务人没有委托或授权任何其他人提供未在本报告书中列载的信息和对 本报告做出任何解释或者说明。 股份变动性质：股 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-028 号 永兴特种材料科技股份有限公司 关于持股5%以上股东股份减持计划实施完毕暨 权益变动至5%以下的公告 公司股东浙江久立特材科技股份有限公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 特别提示： 1、本次权益变动系永兴特种材料科技股份有限公司（以下简称"公司"）股东浙 江久立特材科技股份有限公司（以下简称"久立特材"）减持公司股份，不触及要约收 购。 2、本次权益变动后，久立特材持有公司股份 26,954,977 股，占公司总股本的 4.99998%，占剔除公司回购专用证券账户股份后总股本的 5.10782%，不再是公司持股 5%以上股东。 3、本次权益变动不会对公司治理结构、股权结构及未来持续经营产生重大影响， 也不会导致公司控制权发生变更。 4、截至本公告日，公司总股本为 539,101,540 股，剔除公司回购专用证券账户股 份后总股本为 527,719,792 股。 公司于 2025 年 2 月 7 日在巨潮资讯网（www ...

关于董事股份减持计划实施完毕的公告 董事郑卓群女士保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 2 月 7 日在巨 潮资讯网（www.cninfo.com.cn）披露了《关于董事减持公司股份的预披露公告》（公 告编号：2025-003 号），董事郑卓群女士计划在减持公司股份的预披露公告披露之日 起 15 个交易日后的 3 个月内以集中竞价方式减持其所持有的公司股份不超过 39,000 股（即不超过剔除公司回购专用证券账户股份后总股本的 0.0074%）。 公司于 2025 年 5 月 29 日收到董事郑卓群女士《股份减持计划实施完毕告知函》， 获悉其股份减持计划已实施完毕，现将有关情况公告如下： 一、股东减持情况 证券代码：002756 证券简称：永兴材料 公告编号：2025-029 号 永兴特种材料科技股份有限公司 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数（万股） 占总股本 比例（%） 股数（万股） 占总股本 比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company demonstrates strong operational stability and cost advantages, showcasing significant profit resilience during cyclical pressures. In Q1 2025, the company achieved a gross margin of 16.84%, with a net profit margin of 10.93% [5][4]. - The company's revenue for Q1 2025 was 1.789 billion, a year-on-year decrease of 22.24% and a quarter-on-quarter decrease of 2.95%. The net profit attributable to the parent company was 191 million, reflecting a year-on-year decline of 59.12% but a quarter-on-quarter increase of 163.79% [2][4]. - The company has a healthy balance sheet with cash and cash equivalents of 5.458 billion as of the end of Q1 2025, and it has almost no long-term debt, which contributed to financial income of 32.91 million in Q1 2025 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.789 billion, a decrease of 22.24% year-on-year and a decrease of 2.95% quarter-on-quarter. The net profit attributable to the parent company was 191 million, down 59.12% year-on-year but up 163.79% quarter-on-quarter. The net profit excluding non-recurring items was 182 million, down 41.02% year-on-year and up 50.77% quarter-on-quarter [2][4][5]. Market Conditions - The lithium price saw a quarter-on-quarter decline in Q1 2025, with the average price of battery-grade lithium carbonate at 75,800 per ton (including tax), down 0.5% [5]. - The company faced a slight decrease in lithium salt sales due to the suspension of a production line for technical upgrades at the beginning of the year [5]. Strategic Positioning - The company is positioned on the left side of the cost curve in the lithium industry and continues to pursue cost reduction and efficiency improvements. The expansion of production capacity and the implementation of the technical upgrade project for battery-grade lithium carbonate are expected to enhance profitability [10]. - The overall supply-demand dynamics in the lithium industry are improving, with the excess supply starting to narrow, which may stabilize lithium prices [10].

上海市通力律师事务所 关于永兴特种材料科技股份有限公司 2025年员工持股计划相关事宜的法律意见书 致: 永兴特种材料科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受永兴特种材料科技股份有限公司(以下 简称"公司"或"永兴材料")的委托, 指派陈鹏律师、徐青律师(以下简称"本所律师") 作为公司的特聘专项法律顾问, 根据《中华人民共和国公司法》《中华人民共和国证券法》 《关于上市公司实施员工持股计划试点的指导意见》(以下简称"《指导意见》")、《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》(以下简称"《第 1 号自律监管指引》")和有权立法机构、监管机构已公开颁布、生效且现行有效之有关法律、 法规和规范性文件(以下简称"法律、法规和规范性文件", 为本法律意见书之目的, 本法律 意见书所述的"法律、法规和规范性文件"不包括香港特别行政区、澳门特别行政区以及 台湾地区的法律、法规和规范性文件), 就永兴材料实施2025年员工持股计划(以下简称"本 次员工持股计划")相关事宜出具本法律意见书。 为出具本法律意见书, 本所律师已经严格履行法定职责, 遵循了勤勉尽责和诚实信用 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-027 号 永兴特种材料科技股份有限公司 职工代表大会决议公告 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。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日召开 了三届五次职工代表大会，就公司拟实施的 2025 年员工持股计划（以下简称"本次员 工持股计划"）征求公司职工代表意见。本次会议的召集、召开符合《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》"）、《永兴特种材料科技股份有限公司章程》（以下简称"《公司章程》"） 等法律、行政法规、规范性文件的有关规定。经与会职工代表充分讨论，形成如下决议： 一、审议通过《关于公司<2025 年员工持股计划（草案）>及其摘要的议案》 公司《2025 年员工持股计划（草案）》及其摘要的内容符合《公司法》《证券法》 《关于上市公司实施员工持股计划试点的指导意见》《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》等有关法律法规、规范性文件和《公司章 ...

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the lithium industry is expected to see significant production increases from key players such as Ganfeng Lithium, Tianqi Lithium, and others from 2024 to 2026, driven by various projects coming online [3][4] - Ganfeng Lithium is projected to have the highest production capacity in 2025 and 2026, with major contributions from the Goulamina project and several salt lake projects [3] - The report emphasizes the rapid growth in production rates for companies like Yahua Group and Sichuan Energy Power, indicating a robust expansion in the lithium sector [3] Summary by Relevant Sections Production Forecast - Ganfeng Lithium: Expected production of 8.6 million tons LCE in 2025, growing to 11.4 million tons LCE by 2026, with a CAGR of 49% [4] - Tianqi Lithium: Projected to produce 9.3 million tons LCE in 2025, increasing to 10.4 million tons LCE by 2026, with a CAGR of 8% [4] - Yahua Group: Anticipated to ramp up production significantly from 0.5 million tons LCE in 2024 to 3.3 million tons LCE by 2026, reflecting a CAGR of 145% [4] - Other companies like Zhongjin Lingnan and Xizang Mining are also expected to see substantial increases in production, contributing to the overall growth of the industry [3][4]

Summary of the Conference Call for Yongxing Materials Company Overview - Yongxing Materials has established a dual business model focusing on stainless steel and lithium carbonate, with a lithium carbonate production capacity of 30,000 tons and stainless steel capacity of 350,000 tons as of 2022 [2][3] - The company was founded in 2000, initially focusing on stainless steel, and transitioned into the lithium battery sector in 2017 [3] Key Financial Performance - In 2022, the company reported a net profit of 6.3 billion yuan, primarily benefiting from rising lithium carbonate prices [2][5] - However, due to changes in supply-demand dynamics, net profit is expected to decline to 1.04 billion yuan in 2024 [2][5] - The gross profit structure for 2024 is projected to be approximately 700 million yuan from both stainless steel and lithium carbonate, with stainless steel gross margins stable between 9% and 13% [6] Business Segments Stainless Steel - Yongxing Materials is a leading player in the stainless steel long products sector, targeting the mid-to-high-end market with stable annual production and sales of around 300,000 tons [7] - The company aims to enhance profitability through cost reduction and efficiency improvements, with gross profit per ton expected to remain above 2,500 yuan in 2024 [7] Lithium Carbonate - The lithium carbonate business is significantly impacted by price fluctuations, with production costs expected to decrease to 47,000 yuan per ton by 2024 [8][9] - The company anticipates a lithium carbonate sales price of approximately 60,000 yuan per ton in 2025, with profits from this segment projected at 250 million yuan [2][16] Market Dynamics - The lithium market is facing an oversupply, with an expected surplus of 150,000 tons in 2025, accounting for 10% of demand [2][14] - The industry is entering a phase of reduced capital expenditure following a peak in 2022-2023, which may stabilize prices in the long term [10] Challenges and Trends - The lithium industry has seen a significant price drop from highs in 2021-2022, with current prices around 64,000 yuan, leading to many companies operating at a loss [10][14] - The expected increase in lithium supply from various global sources, including Africa and Argentina, will further impact market dynamics [11][12] Shareholder Structure - The actual controller of the company is Chairman Gao Xingjiang, who holds a 36% stake, while Jiuli Special Materials holds 7% [2][4] - An employee stock ownership plan has been introduced, with performance targets including sales of 310,000 tons of special steel and 25,000 tons of lithium carbonate [4] Conclusion - Yongxing Materials is positioned in a challenging market environment, with stable stainless steel operations but significant risks in the lithium carbonate segment due to price volatility and oversupply concerns [2][10][14]

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][5]. Core Insights - The report highlights a return to weak realities from strong expectations in the cobalt and lithium markets, with prices rebounding before retreating [14][15]. - The easing of US-China trade relations is expected to buffer the downward trend in lithium prices, although the overall market remains cautious [14][15]. - Cobalt market dynamics are characterized by a tightening supply and a cautious outlook from industry players, with many adopting a wait-and-see approach [16]. Summary by Sections 1. Cycle Assessment - The lithium sector is experiencing a slight price decline, with the Wuxi 2507 contract down 1.57% to 62,600 CNY/ton, and the Guangxi 2507 contract down 1.94% to 61,800 CNY/ton [14]. - Lithium concentrate prices have decreased to 712 USD/ton, down 13 USD/ton from the previous period [14]. - Recommended stocks for overweight positions include Zhongmin Resources, Yahua Group, Cangge Mining, Ganfeng Lithium, Keda Manufacturing, and Tibet Mining [14]. 2. Company and Industry Dynamics Tracking - The report notes significant developments in the industry, including a major discovery at the Tamarack copper-nickel project in Minnesota [19]. - The International Cobalt Institute predicts a shift to a cobalt shortage by the early 2030s, driven by demand growth outpacing supply [19]. - Salt Lake Co. has signed a project cooperation letter indicating a potential investment of around 300 million USD in Highfield Resources [19]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - Domestic production of lithium carbonate and lithium hydroxide saw a month-on-month decline in April [20]. - Lithium carbonate production decreased by 7% month-on-month but increased by 40% year-on-year [22]. - Cobalt sulfate production increased by 11% month-on-month and 48% year-on-year [23]. - The average price of battery-grade lithium carbonate fell by 2.15% to a range of 66,100-64,600 CNY/ton [57]. 4. Listed Company Profit Forecasts - Ganfeng Lithium is projected to have a PE ratio of 86.06 for 2025, while Tianqi Lithium is rated cautiously with a PE of 58.30 for 2025 [94]. - Huayou Cobalt is rated for an overweight position with a PE of 11.79 for 2025 [94].