证券代码：002756 证券简称：永兴材料 公告编号：2025-043 号 永兴特种材料科技股份有限公司 第七届董事会第一次临时会议决议公告 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。 1 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日以书 面送达及电子邮件等方式向公司全体董事、高级管理人员发出了召开公司第七届董事 会第一次临时会议的通知。会议于 2025 年 10 月 28 日以通讯表决方式召开，会议应出 席董事 9 名，实际出席董事 9 名。公司高级管理人员列席了本次董事会。本次会议的 召开符合《公司法》和《公司章程》的有关规定，会议决议合法、有效。会议由董事 长高兴江先生主持，经与会董事充分讨论，审议通过了如下议案： 一、关于《2025 年第三季度报告》的议案 公司《2025 年第三季度报告》与本决议公告同日刊登于《证券时报》《上海证券 报》和巨潮资讯网（http://www.cninfo.com.cn），供投资者查阅。 江久立特材科技股份有限公司亦按照股权比例为合金公司提供了同等比例担保，担保 风险处于公司可控 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-044 号 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 2025 年第三季度报告 3.第三季度财务会计报告是否经过审计 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 否 1 永兴特种材料科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 □适用 不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常 2 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Market Overview - On October 24, the energy metals sector rose by 0.89%, with Yongxing Materials leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Yongxing Materials (002756) closed at 40.48, with a gain of 4.12% and a trading volume of 232,800 shares, totaling a transaction value of 946 million [1] - BQX New Materials (605376) closed at 56.29, up 3.93%, with a trading volume of 62,700 shares and a transaction value of 351 million [1] - Rongjie Co., Ltd. (002192) closed at 43.58, gaining 3.71%, with a trading volume of 261,000 shares and a transaction value of 1.15 billion [1] - Other notable performers include Tengyuan Diamond (301219) up 2.10%, and Tianqi Lithium (002466) up 1.25% [1] Fund Flow Analysis - The energy metals sector experienced a net outflow of 651 million from institutional investors, while retail investors saw a net inflow of 572 million [2] - The main fund inflows and outflows for specific stocks include: - Tianqi Lithium (002466) had a net outflow of 50.27 million from institutional investors but a net inflow of 69.73 million from retail investors [3] - Yongxing Materials (002756) saw a net inflow of 44.79 million from institutional investors and a net outflow of 56.14 million from retail investors [3] - Rongjie Co., Ltd. (002192) had a significant net outflow of 81.34 million from institutional investors but a net inflow of 84.83 million from retail investors [3]

Core Insights - Yongxing Materials experienced a stock price increase of 1.21% on October 22, with a trading volume of 382 million yuan [1] - The company reported a financing net purchase of 13.73 million yuan on the same day, indicating strong investor interest [1] Financing Overview - On October 22, Yongxing Materials had a financing buy amount of 36.71 million yuan and a financing repayment of 22.99 million yuan, resulting in a net financing purchase of 13.73 million yuan [1] - The total financing and securities balance reached 503 million yuan, with the financing balance at 495 million yuan, accounting for 2.43% of the circulating market value [1] - The financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] Securities Lending Overview - On October 22, Yongxing Materials repaid 200 shares in securities lending and sold 900 shares, with a selling amount of 34,000 yuan based on the closing price [1] - The securities lending balance stood at 8.36 million yuan, with a remaining quantity of 22.13 million shares, exceeding the 90th percentile level over the past year, indicating a high level of short interest [1] Company Profile - Yongxing Special Materials Technology Co., Ltd. was established on July 19, 2000, and listed on May 15, 2015 [1] - The company specializes in the research, production, and sales of special metal materials, including stainless steel and special alloy materials [1] - The revenue composition includes: bars (47.71%), wires (24.66%), lithium carbonate (20.10%), and others (7.53%) [1] Financial Performance - For the first half of 2025, Yongxing Materials reported a revenue of 3.693 billion yuan, a year-on-year decrease of 17.78% [2] - The net profit attributable to shareholders was 401 million yuan, reflecting a year-on-year decrease of 47.84% [2] - Since its A-share listing, the company has distributed a total of 5.662 billion yuan in dividends, with 4.362 billion yuan distributed in the last three years [2] Shareholder Structure - As of June 30, 2025, Yongxing Materials had 53,700 shareholders, a decrease of 3.06% from the previous period [2] - The average circulating shares per person increased by 3.17% to 7,232 shares [2] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 5.4031 million shares, an increase of 2.6028 million shares from the previous period [2]

Core Viewpoint - Yongxing Materials has shown a positive stock performance with a 2.09% increase on October 22, 2023, reaching a price of 38.10 CNY per share, with a total market capitalization of 20.54 billion CNY [1]. Financial Performance - For the first half of 2025, Yongxing Materials reported a revenue of 3.693 billion CNY, a year-on-year decrease of 17.78%, and a net profit attributable to shareholders of 401 million CNY, down 47.84% compared to the previous year [2]. - The company has distributed a total of 5.662 billion CNY in dividends since its A-share listing, with 4.362 billion CNY distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yongxing Materials was 53,700, a decrease of 3.06% from the previous period, with an average of 7,232 circulating shares per shareholder, which increased by 3.17% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 5.4031 million shares (an increase of 2.6028 million shares), and Southern CSI 500 ETF, holding 4.8105 million shares (an increase of 635,600 shares) [3]. Stock Performance - Year-to-date, Yongxing Materials' stock price has increased by 3.15%, with a 1.37% rise over the last five trading days, a 10.16% increase over the last 20 days, and a 7.28% increase over the last 60 days [1].

Group 1 - New stock Danaher Bio will be available for subscription today with a subscription code of 920009 and an issue price of 17.1 yuan [1] - The China Solid-State Battery Conference will be held from October 22-24 in Hefei, with participation from companies like CATL, Weilan New Energy, and Guoxuan High-Tech [1] - The 2025 Greater Bay Area International Embodied Intelligent Robot Industry Conference and Exhibition will also take place from October 22-24 [1] Group 2 - Tesla and IBM are scheduled to release their financial reports after the US market closes on October 22 [1] - Ten listed companies will experience stock unlocks, with Ousheng Electric unlocking 188.63 million shares (73.99% of total shares) and Saiwei Microelectronics unlocking 26.16 million shares (30.37% of total shares) [1][1] - Several companies have announced dividend distributions, with notable payouts including Xinjie Electric (10 shares for 5.90 yuan) and Jiuqi Co. (10 shares for 4.00 yuan) [1] Group 3 - Hupu Co. is implementing a share issuance plan, with a scale of 65.99 million shares and raising funds of 415.14 million yuan at an issuance price of 6.39 yuan, with the listing date set for October 22, 2025 [1]

Core Insights - The steel industry is experiencing a gradual recovery in demand, with a notable increase in apparent consumption and a decrease in inventory levels, indicating a potential stabilization in the market [1][3] - Despite the positive demand trends, profitability in the steel sector has declined, with significant drops in gross margins for key products, suggesting ongoing cost pressures [2] - The supply side is expected to continue its contraction, supported by government policies aimed at reducing production and promoting a balance between supply and demand [3] Demand and Supply Analysis - Apparent consumption of the five major steel products reached 8.7541 million tons, up by 1.2398 million tons week-on-week, with construction materials and sheet products also showing increases [1] - Total steel production was 8.5695 million tons, down by 0.0636 million tons, while total inventory decreased to 15.8226 million tons, down by 0.1846 million tons, maintaining a low level [1] - The operating rate of blast furnaces remained stable at 84.27%, while electric furnace operating rates increased slightly, indicating a mixed response in production capabilities [1] Profitability Trends - The average gross profit for rebar fell to 111.6 CNY per ton, down by 34.3 CNY per ton, and for hot-rolled coils, it dropped to 21.6 CNY per ton, down by 67.6 CNY per ton [2] - The profitability rate for 247 steel companies decreased to 55.41%, down by 0.87% week-on-week, reflecting the challenges faced by the industry [2] Future Outlook - The demand from the real estate sector is expected to weaken, but stable growth is anticipated in infrastructure and manufacturing, which may support overall steel demand [3] - The government has introduced policies to control production, aiming to phase out inefficient capacities and support advanced enterprises, which may lead to a quicker recovery in the steel industry's fundamentals [3] Investment Recommendations - Companies with leading technology and product structures, such as Baosteel (600019.SH) and Hualing Steel (000932.SZ), are recommended for their competitive advantages [5] - Low-valuation, high-dividend steel companies like CITIC Special Steel (000708.SZ) and Yongjin Shares (603995.SH) are also highlighted as attractive investment opportunities [5] - The report suggests a positive outlook for upstream resource companies, recommending firms like Hebei Steel Resources (000923.SZ) and Erdos (600295.SH) due to their long-term advantages [5]

Core Viewpoint - Yongxing Materials has shown a positive stock performance with a recent increase of 2.13%, reflecting a total market capitalization of 20.664 billion yuan and a notable trading volume of 60.4727 million yuan [1] Financial Performance - For the first half of 2025, Yongxing Materials reported a revenue of 3.693 billion yuan, representing a year-on-year decrease of 17.78% [2] - The net profit attributable to shareholders for the same period was 401 million yuan, down 47.84% year-on-year [2] Stock and Shareholder Information - As of June 30, 2025, the number of shareholders for Yongxing Materials was 53,700, a decrease of 3.06% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.17% to 7,232 shares [2] - Since its A-share listing, Yongxing Materials has distributed a total of 5.662 billion yuan in dividends, with 4.362 billion yuan distributed over the last three years [3] Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 5.4031 million shares, an increase of 2.6028 million shares from the previous period [3] - Southern CSI 500 ETF ranked as the seventh-largest circulating shareholder with 4.8105 million shares, up by 635,600 shares compared to the previous period [3] Business Overview - Yongxing Materials specializes in the research, production, and sales of special metal materials, including stainless steel and special alloy materials [1] - The company's revenue composition includes 47.71% from bars, 24.66% from wires, and 20.10% from lithium carbonate, with other sources contributing 7.53% [1] - The company operates within the non-ferrous metals sector, specifically in energy metals and lithium [1]