Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 cost reduction efforts have shown significant results, and there is considerable price elasticity expected in the second half of the year [8] - The company achieved a revenue of 3.69 billion yuan in H1 2025, a year-on-year decrease of 17.8%, with a net profit attributable to shareholders of 400 million yuan, down 47.8% year-on-year [8] - The lithium carbonate sales volume in H1 2025 was 12,000 tons, with expectations of reaching 25,000 to 26,000 tons for the entire year [8] - The company is expected to maintain a low cost level in the second half of the year, with lithium prices projected to fluctuate around 80,000 yuan per ton, potentially contributing 300 million yuan in profit [8] - The company’s investment income significantly increased, with a 143% year-on-year growth in H1 2025 [8] - The profit forecast for the company has been adjusted, with expected net profits of 900 million yuan, 1.11 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Summary - The total revenue forecast for 2023 is 12.19 billion yuan, with a year-on-year decrease of 21.76% [1] - The net profit attributable to shareholders for 2023 is projected at 3.41 billion yuan, reflecting a year-on-year decrease of 46.09% [1] - The earnings per share (EPS) for 2023 is estimated at 6.32 yuan, with a P/E ratio of 5.54 [1] - The company’s total assets are projected to reach 15.25 billion yuan by 2025, with a debt ratio of 9.84% [6][9]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 38.39 [1][3][11]. Core Views - The company's performance in the first half of 2025 was negatively impacted by the decline in lithium prices, with revenue of RMB 3.693 billion, down 17.78% year-on-year, and a net profit attributable to the parent company of RMB 401 million, down 47.84% year-on-year [7]. - The steel business remains stable, while the lithium battery materials segment is expected to recover in the second half of the year due to recent increases in lithium carbonate prices [7][10]. - The company has a lithium carbonate production capacity of 30,000 tons per year, and its mining operations have been expanded, which is expected to enhance resource security and support performance recovery [10][11]. Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 3.693 billion and a net profit of RMB 401 million, with a gross margin of 15.78%, down 3.21 percentage points year-on-year [7][8]. - The second quarter saw revenue of RMB 1.905 billion, a year-on-year decrease of 13.10%, but a quarter-on-quarter increase of 6.50% [7]. - The company’s expenses increased, with a total expense ratio of 4.66% in H1 2025, up 2.17 percentage points year-on-year [8]. Market Outlook - The recent disturbances in lithium resource supply have led to an increase in lithium prices, with expectations that the domestic lithium carbonate inventory will continue to decrease, supporting prices around RMB 80,000 per ton [9]. - The company’s lithium battery materials segment is anticipated to see significant performance recovery in the second half of the year due to rising lithium prices [10]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected to be RMB 1.72, with net profits expected to be RMB 928.08 million [6][11]. - The valuation for the steel segment is based on a price-to-earnings (PE) ratio of 12.2 times, while the lithium battery materials segment is valued at a PE of 30.9 times, leading to a target price of RMB 38.39 [11].

Group 1 - The company approved a cash dividend distribution plan, proposing to distribute 3.00 RMB per 10 shares to all shareholders, based on a total of 529,868,792 shares after accounting for repurchased shares [2][8][40] - The total cash dividend to be distributed amounts to approximately 158.96 million RMB, which reflects the company's stable financial condition and sufficient undistributed profits [40][41][44] - The profit distribution plan is subject to approval at the upcoming second extraordinary general meeting of shareholders scheduled for September 10, 2025 [9][20][38] Group 2 - The company will revise its articles of association, eliminating the supervisory board and transferring its responsibilities to the audit committee of the board of directors, in compliance with new regulations [10][35][36] - The board of directors has proposed several governance system revisions to enhance operational standards and governance structure, which will also be presented at the upcoming shareholders' meeting [12][13][35] - The company has nominated candidates for the seventh board of directors, including both non-independent and independent directors, which will also require shareholder approval [15][18][20] Group 3 - The company reported a net profit attributable to shareholders of approximately 400.81 million RMB for the first half of 2025, indicating a solid performance [40] - The company’s total undistributed profits as of June 30, 2025, were approximately 9.27 billion RMB, reflecting a strong financial position [40] - The company is committed to balancing shareholder returns with its long-term development needs, ensuring that the profit distribution aligns with its operational performance and future growth plans [39][42][44]

Core Viewpoint - Yongxing Materials reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 3.693 billion yuan, a year-on-year decrease of 17.78% [2] - The net profit attributable to shareholders was around 401 million yuan, reflecting a year-on-year decline of 47.84% [2] - Basic earnings per share stood at 0.76 yuan, down 47.22% compared to the previous year [2]

Core Viewpoint - The company, Yongxing Materials, has reported a significant decline in revenue and net profit for the first half of 2025, alongside a modest increase in stock price on the latest trading day [1]. Financial Performance - The company achieved a revenue of 3.693 billion yuan in the first half of 2025, representing a year-on-year decrease of 17.78% [1]. - The net profit for the same period was 401 million yuan, down 47.84% year-on-year [1]. - A profit distribution plan was announced, proposing a cash dividend of 3 yuan for every 10 shares [1]. Stock Market Activity - The latest stock price of Yongxing Materials is 34.98 yuan, with an increase of 0.20% compared to the previous trading day [1]. - The stock reached a high of 35.14 yuan and a low of 34.65 yuan during the trading session, with a total transaction amount of 382 million yuan [1]. - On August 21, the main funds experienced a net outflow of 50.6257 million yuan, with a cumulative net outflow of 295 million yuan over the past five days [1].

（编辑 任世碧） 证券日报网讯 8月21日晚间，永兴材料发布2025年半年度利润分配预案的公告称，公司2025年半年度利 润分配预案为：以公司2025年6月30日总股本539，101，540股扣除股票回购专用证券账户中回购股份 9，232，748股后的余额529，868，792股为基数，拟向全体股东每10股派发现金红利3.00元人民币（含 税），共计分配现金红利158，960，637.60元（含税）。 ...

格隆汇8月21日丨永兴材料(002756.SZ)公布半年度报告，营业收入36.93亿元，同比下降17.78%，归属于 上市公司股东的净利润4亿元，同比下降47.84%，归属于上市公司股东的扣除非经常性损益的净利润 3.26亿元，同比下降45.96%，向全体股东每10股派发现金红利3.00元。 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-034 号 永兴特种材料科技股份有限公司 第六届监事会第七次会议决议公告 本公司及监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 8 月 9 日以书面 及电子邮件方式向公司全体监事发出了召开公司第六届监事会第七次会议的通知。会 议于 2025 年 8 月 20 日在公司八楼会议室召开，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、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。会议由公司监事会主席沈惠玉女士主持，经与会监事充分讨论，审议通过 了如下议案： 一、关于《2025 年半年度报告全文及摘要》的议案 表决结果：同意：3 票；反对：0 票；弃权：0 票 董事会编制和审核的公司 2025 年半年度报告及摘要的程序符合法律、行政法规和 中国证券监督管理委员会的规定，报告内容真实、准确、完整地反映了公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公 司 《 2025 年 半 年 度 报 告 全 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-038 号 永兴特种材料科技股份有限公司 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。 永兴特种材料科技股份有限公司（以下简称"公司"）第六届董事会第七次会议 决议，兹定于 2025 年 9 月 10 日 14:00 在公司一楼会议室召开公司 2025 年第二次临时 股东大会，现将本次股东大会的有关事项通知如下： 一、召开会议基本情况 （一）股东大会届次：2025 年第二次临时股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的相关规定。 （四）会议召开的日期、时间： 现场会议时间为：2025 年 9 月 10 日 14:00 网络投票时间为：2025 年 9 月 10 日 上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00； 午 9:15 至下午 15:00 期间的任意时间。 （五）会议的召开方式： （六）股权登记日：2025 年 9 月 5 日 （七）出席 ...

Core Viewpoint - The company has approved a profit distribution plan for the first half of 2025, which aims to balance shareholder interests with the company's development needs, ensuring sustainable growth and compliance with regulatory requirements [1][2]. Summary by Sections Meeting Procedures - The company's board of directors held a meeting on August 20, 2025, to review and approve the profit distribution proposal, which will require shareholder approval to be implemented [1]. Profit Distribution Plan - The profit distribution plan is based on the company's financial status and development stage, considering both shareholder interests and the company's future needs. The plan proposes a cash dividend of 1.0 yuan for every 10 shares held, based on a total share count of 529,868,792 shares after accounting for repurchased shares [2][3]. Principles of Distribution Adjustment - Any changes in the total share capital due to new shares, stock options, convertible bonds, or share repurchases will lead to an adjustment in the distribution amount while maintaining the distribution ratio [3]. Cash Dividend Plan Justification - The cash dividend plan is deemed reasonable, taking into account the company's profitability, debt repayment capacity, and future capital expenditure plans, ensuring it does not adversely affect the company's operations or long-term development [3][5]. Financial Data Overview - As of December 31, 2024, the company reported trading financial assets amounting to approximately 1.83 billion yuan, showing a significant increase from 324.58 million yuan in the previous year [4]. Compliance and Legitimacy - The profit distribution plan complies with relevant laws, accounting standards, and regulatory guidelines, ensuring its legality, compliance, and reasonableness [5].