证券代码：002756 证券简称：永兴材料 公告编号：2025-019 号 永兴特种材料科技股份有限公司 2024年度股东大会决议公告 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。 重要提示： 1、本次股东大会无临时增加、修改或否决议案的情形。 2、本次股东大会未涉及变更以往股东大会决议的情形。 （二）现场会议召开地点：浙江省湖州市霅水桥路 618 号永兴特种材料科技股份 有限公司一楼会议室。 （三）会议召集人：永兴特种材料科技股份有限公司董事会。 （四）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。本次 股东大会将通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络投票 平台，公司股东可以在网络投票时间内通过深圳证券交易所交易系统或互联网投票系 1 统对本次股东大会审议事项进行投票表决。公司股东只能选择现场投票、网络投票中 的一种表决方式。如同一股东账户通过以上两种方式重复表决的，以第一次投票结果 为准。 一、会议召开情况 （一）会议召开日期和时间： 1、现场会议时间为：2025 年 4 月 15 日 14:00 2、网络投票时间为 ...

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")的委托, 指派本所徐青律师、周奇律师(以下简称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范 性文件(以下统称"法律法规")及《永兴特种材料科技股份有限公司章程》(以下简称"公 司章程")的规定就公司 2024 年度股东大会(以下简称"本次股东大会")相关事宜出具法 律意见。 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 2024 年度股东大会的法律意见书 致: 永兴特种材料科技股份有限公司 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, ...

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]

Group 1: Business Performance and Market Position - The company maintains a leading position in the lithium carbonate industry through long-term stable partnerships with major lithium-ion battery and vehicle manufacturers, while its stainless steel business holds a market share among the top three in China [2][3] - The company’s lithium carbonate production capacity is 30,000 tons per year, with a current project aiming for an annual output of 10,000 tons of battery-grade lithium carbonate undergoing technical upgrades [9][10] Group 2: Cost Control and Competitive Strategy - The company has established an integrated supply chain from mining to deep processing of lithium carbonate, ensuring stable raw material costs and controllable production costs [3][4] - In response to the oversupply in the lithium market, the company plans to adjust sales strategies, enhance technological development, and strengthen cost management to improve product competitiveness [4][5] Group 3: Research and Development - In 2024, the company invested 334.19 million yuan in R&D, accounting for 4.14% of its revenue, focusing on developing new products to meet market demands and reduce production costs [6][10] - The company is actively researching environmentally friendly disposal methods for lithium slag, becoming the first in Jiangxi Province to classify its smelting slag as general industrial waste [6] Group 4: Future Plans and Market Expansion - The company aims to optimize its sales model in the lithium battery sector, focusing on a multi-win ecosystem and enhancing its supply chain to meet market needs [5][10] - Future capital expenditures will focus on increasing lithium salt production capacity and upgrading products in the special steel materials sector [9][10] Group 5: Shareholder Engagement and Market Management - The company has implemented a share repurchase plan, buying back 11.38 million shares for a total of 500 million yuan, and has established a market value management system [8][9] - The company plans to continue annual dividends to reward investors and share development results [9]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant decline in net profit for 2024, with a total net profit attributable to shareholders of 1.043 billion yuan, down 69.37% year-on-year. The non-recurring net profit was 894 million yuan, a decrease of 72.4% year-on-year [2][4]. - In Q4 2024, the net profit attributable to shareholders was 73 million yuan, down 79.51% year-on-year and 64.15% quarter-on-quarter. The non-recurring net profit for the same period was 120 million yuan, down 67.01% year-on-year and 28.88% quarter-on-quarter [2][4]. - Despite the sharp decline in lithium prices in 2024, the company's performance showed resilience, with lithium battery new energy business revenue reaching 2.415 billion yuan, accounting for 29.92% of total revenue, and a gross profit of 768 million yuan, representing 52.41% of total gross profit [9]. - The company achieved a lithium carbonate production of 26,000 tons, a decrease of 3.9% year-on-year, with a sales volume of 26,000 tons, down 3.2% year-on-year. The average selling price per ton was approximately 74,300 yuan, down 61% year-on-year [9]. - The company maintained a high dividend payout ratio, with total cash dividends expected to reach 528 million yuan, representing 51% of profits. The total amount of share buybacks was 351 million yuan, indicating strong confidence in long-term development [9]. Summary by Sections Financial Performance - The total revenue for 2024 was 8.074 billion yuan, with a gross profit of 1.465 billion yuan, representing a gross margin of 18% [15]. - The operating profit was 1.306 billion yuan, accounting for 16% of total revenue, with a net profit of 1.062 billion yuan [15]. Business Segments - The lithium battery new energy business generated revenue of 2.415 billion yuan, while the special steel new materials business achieved revenue of 5.658 billion yuan, accounting for 70.08% of total revenue [9]. - The company focused on optimizing the product structure of special steel, increasing the proportion of high-value-added products [9]. Market Position - The company is positioned as a high-quality lithium extraction enterprise with ongoing cost reduction and efficiency improvement initiatives, which are expected to enhance profitability in the future [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][11] Core Views - The company's 2024 performance slightly missed expectations, with asset disposals negatively impacting profits. The special steel business remains stable, and lithium carbonate cost control is excellent, with a gradual increase in production expected [3][11] - The target price has been adjusted to 41.80 yuan, down from the previous 55.75 yuan, based on a revised profit forecast due to ongoing weak lithium prices [2][11] Financial Summary - In 2024, the company achieved revenue of 8,074 million yuan, a decrease of 33.8% year-on-year, and a net profit attributable to shareholders of 1,043 million yuan, down 69.4% year-on-year. The fourth quarter saw revenue of 1,843 million yuan, a decline of 25.8%, and a net profit of 73 million yuan, down 79.5% year-on-year [5][11] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been revised to 1,125 million yuan and 1,398 million yuan, respectively, with an additional forecast for 2027 at 1,631 million yuan [11] - The company plans to distribute cash dividends totaling 528 million yuan in 2024, with a payout ratio exceeding 50%, alongside a share buyback of 350 million yuan, representing 84.23% of the net profit for the period [11] Business Operations - The special steel segment reported production and sales of 305,000 tons and 303,000 tons, respectively, both down approximately 2% year-on-year. The company is actively pursuing ultra-low emission upgrades, with clean transportation and unorganized emissions passing audits [11] - In the lithium segment, the total sales volume for lithium carbonate in 2024 is projected at 26,000 tons, with a unit production cost of approximately 47,000 yuan per ton, significantly lower than the 53,000 yuan per ton in 2023 [11] - The company is expanding its mining capacity, with the Huashan porcelain stone mine expansion ongoing, expected to increase raw ore capacity to 9 million tons per year [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][19]. Core Views - The company is expected to experience a significant decline in net profit for 2024, with a projected year-on-year decrease of 69% [2]. - The company's revenue for 2024 is forecasted to be 8.074 billion yuan, representing a 33.76% decline compared to the previous year [2]. - The report highlights the company's cost control measures and production expansion as key factors for future growth potential [5]. Financial Performance Summary - In 2024, the company is projected to achieve a net profit of 1.043 billion yuan, down 69.37% year-on-year, with a non-recurring net profit of 0.894 billion yuan, a decrease of 72.4% [2][5]. - The company's lithium salt sales volume is expected to be approximately 26,000 tons in 2024, a slight decrease of 3.23% year-on-year [3]. - The average price of battery-grade lithium carbonate is anticipated to drop by 65.56% year-on-year to 90,500 yuan per ton in 2024 [3]. - The gross margin for lithium salt products is projected to be 36.65%, down 35 percentage points year-on-year, but still relatively high compared to other lithium companies [3]. Production and Expansion - The company is steadily expanding its resource production capacity, with its subsidiary Huqiao Mining increasing its licensed production capacity from 3 million tons per year to 9 million tons per year [4]. - The company has completed the first phase of a 3 million tons per year lithium ore efficient selection and comprehensive utilization project [4]. - The report notes that the company is implementing technological upgrades in its smelting operations to enhance efficiency [4]. Earnings Forecast - The forecast for the company's net profit for 2025, 2026, and 2027 is 1.007 billion yuan, 1.386 billion yuan, and 1.718 billion yuan, respectively [5]. - The expected earnings per share (EPS) for the same years are projected to be 1.87 yuan, 2.57 yuan, and 3.19 yuan [5].

Group 1 - The company's net profit attributable to shareholders for 2024 is expected to decline by 69% [1] - The company achieved an operating revenue of 8.074 billion yuan in 2024, a year-on-year decrease of 33.76%, with a net profit of 1.043 billion yuan, down 69.37% [1] - The lithium salt sales volume for 2024 is approximately 26,000 tons, a decrease of 3.23% year-on-year, while the production volume is also 26,000 tons, down 3.9% year-on-year [1] Group 2 - The company has completed the expansion of its mining license, increasing the production capacity from 3 million tons per year to 9 million tons per year [2] - The lithium mica green intelligent and efficient lithium extraction project has completed approval, with an estimated construction time of 9 months [2] Group 3 - The steel business revenue for 2024 is 5.658 billion yuan, a year-on-year decrease of 18.08%, accounting for 70% of total revenue [3] - The gross profit margin for the steel business has slightly increased to 12.32%, up 0.38 percentage points year-on-year [3] Group 4 - The forecast for net profit attributable to shareholders for 2025-2027 is 1.01 billion yuan, 1.39 billion yuan, and 1.72 billion yuan respectively, with EPS of 1.9 yuan, 2.6 yuan, and 3.2 yuan [4] - The company maintains a "buy" rating due to ongoing cost reduction and steady expansion [4]

Group 1: Company Performance Overview - In 2024, the company achieved a total revenue of 8.074 billion CNY and a net profit attributable to shareholders of 1.043 billion CNY, with a net cash flow from operating activities of 788 million CNY [3][4] - As of December 31, 2024, total assets amounted to 13.799 billion CNY, and net assets were 12.359 billion CNY, resulting in a return on equity of 8.29% [3] - The lithium battery new energy business sold 26,000 tons of lithium carbonate, generating revenue of 2.415 billion CNY, while the special steel new materials business sold 302,800 tons of stainless steel, achieving revenue of 5.658 billion CNY [4] Group 2: Cost Management and Competitive Advantage - The company maintains a stable cost structure for its lithium carbonate business, leveraging its integrated supply chain from mining to deep processing [5] - In 2024, the cost of lithium carbonate decreased compared to 2023 due to improved lithium recovery rates, lower natural gas and soda ash prices, and a decline in market prices for lithium carbonate [5] - The special steel business has seen an increase in gross margin, attributed to stable profit per ton despite a decrease in product prices due to falling nickel prices [10] Group 3: Project Development and Future Plans - The company completed the change of mining license for the Chashan porcelain stone mine, increasing the production capacity from 3 million tons/year to 9 million tons/year [6] - The lithium cloud mother green intelligent high-efficiency lithium extraction project is currently under construction, with an estimated construction period of 9 months [7] - The company is cautious about overseas lithium resource investments due to low lithium carbonate prices and the current state of many overseas lithium resources being unprofitable [9] Group 4: Investor Returns and Shareholder Engagement - In 2024, the company implemented a cash dividend of 264 million CNY in the first half of the year, with an expected total dividend of 264 million CNY for the year [12] - The total amount of dividends and share buybacks since 2015 has exceeded 8.79 billion CNY, accounting for 84.28% of the net profit attributable to shareholders in 2024 [13] - The company has consistently returned profits to shareholders since its IPO, with a dividend-to-fundraising ratio exceeding 2:1, indicating effective capital management and shareholder returns [13]