证券代码：002756 证券简称：永兴材料 公告编号：2025-025 号 1 回避表决。上述 3 名关联监事回避表决后，非关联监事人数不足监事会人数的半数， 监事会无法对本议案形成决议。因此，监事会决定将本议案直接提交公司 2025 年第一 次临时股东大会审议。 《2025 年员工持股计划（草案）》及其摘要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。 永兴特种材料科技股份有限公司 第六届监事会第十一次临时会议决议公告 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 5 月 14 日以通 讯表决方式召开公司第六届监事会第十一次临时会议，根据公司《监事会议事规则》 第七条中关于"情况紧急,需要尽快召开监事会临时会议的,可以随时通过口头或者电 话等方式发出会议通知,但召集人应当在会议上作出说明"的规定，公司于 2025 年 5 月13日以书面送达及电子邮件等方式向公司全体监事发出了召开公司第六届监事会第 十一次临时 ...

Group 1 - Lithium prices have dropped to 63,000 yuan/ton, falling below the cost line for many integrated lithium extraction companies, leading to a challenging operating environment for some firms [1][4] - In Q1 2025, 14 out of 21 listed lithium mining companies in A-shares reported profits, while 7 incurred losses, indicating a divergence in performance within the sector [1][2] - The overall revenue of listed lithium mining companies in Q1 2025 reached 43.965 billion yuan, a year-on-year increase of 16.03%, while net profit surged by 1340.4% to 3.343 billion yuan compared to the same period in 2024 [2][3] Group 2 - Major companies like Ganfeng Lithium and Tianqi Lithium showed significant performance divergence, with Ganfeng reporting a revenue decline of 25.43% to 3.772 billion yuan and a net loss of 356 million yuan, while Tianqi turned a profit of 104 million yuan after a loss of 3.897 billion yuan in the previous year [2][3] - The lithium salt production capacity continues to grow, with domestic production of lithium carbonate, lithium hydroxide, and lithium chloride increasing by 35.35%, 29.54%, and 37.14% respectively in 2024 [4][5] - Despite the price drop, many companies have not reduced production capacity; for instance, Ganfeng Lithium and Yahua Group increased their lithium carbonate production by approximately 24% and 10% respectively [5][6] Group 3 - The demand side faces challenges, as the penetration rate of new energy passenger vehicles has not increased significantly, leading to uncertainty in achieving expected growth for the year [6] - The overall market for lithium carbonate remains weak, with supply-demand imbalances persisting unless significant production cuts occur [6]

Core Viewpoint - The rapid decline in lithium salt prices is seen as a necessary phase for market clearing, with significant implications for upstream mining companies as operational pressures increase [1] Supply - The cost of lithium mining has decreased significantly, leading to a drop in Australian lithium prices, which fell to $743 per ton, a 9% decrease since April [1] - Some Australian mines reported substantial reductions in production costs, with Marion lithium mine's Q1 FOB cost dropping to 708 AUD/ton from 1076 AUD/ton in the second half of 2024 [1] - The overall cost reduction in lithium mining is expected to continue, but the survival space for Australian mines is shrinking due to lower lithium prices [1] Inventory - As of April 30, China's lithium carbonate inventory reached 96,000 tons, the highest level since 2021, indicating a supply surplus in the market [2] - The inventory held by smelters and downstream sectors also reached record highs, with smelters holding 51,000 tons and downstream holding 45,000 tons [2] Production - The rapid decline in lithium salt prices has led to a cost inversion for lithium salt refining companies, with production cash costs exceeding market prices [3] - In April, China's lithium carbonate production fell to 74,000 tons, a 7% decrease month-on-month, while lithium hydroxide production decreased by 1% to 25,000 tons [3] - The reduction in production is expected to intensify as the cost inversion deepens, particularly affecting higher-cost mining operations [3] Demand - Demand for lithium salts is primarily driven by the electric vehicle and energy storage battery markets, with a 42% year-on-year increase in China's new energy vehicle wholesale sales in the first four months of 2025 [4] - Global energy storage installations are projected to grow by 36% in 2025, reaching 216 GWh [4] - Despite some preemptive inventory accumulation due to tariff expectations, the overall growth rate for lithium salt demand remains robust and is expected to outpace supply growth [4]

Core Insights - The electric vehicle sector showed a recovery in Q1 2025 after a decline in Q4 2024, with significant improvements in revenue and net profit [1][2][4] Group 1: Financial Performance - In Q1 2025, the sector's revenue reached 790.2 billion yuan, reflecting a 9% increase year-on-year but a 26% decrease quarter-on-quarter [1][2] - The net profit attributable to shareholders in Q1 2025 was 40.9 billion yuan, marking a 38% increase year-on-year and a 41% increase quarter-on-quarter [1][2] - The gross margin in Q1 2025 was 17%, a slight decrease of 1 percentage point year-on-year but an increase of 4 percentage points quarter-on-quarter [4] Group 2: Profit Contribution by Segment - In Q1 2025, the profit contribution from batteries was 38%, down 4 percentage points year-on-year, while the contribution from complete vehicles was 37%, down 7 percentage points [1][2] - The profit share from midstream materials remained stable at 8%, while lithium carbonate saw a 10% increase in profit contribution to 4% [1][2] Group 3: Market Trends and Outlook - The overall market for electric vehicles remained robust, with global sales reaching 5.82 million units in Q4 2024, a 33% increase year-on-year [2] - The industry is expected to grow by 25% in 2025, driven by a 25% increase in domestic electric vehicle sales and more than double growth in emerging markets and Europe for energy storage [4][5] - The report highlights a positive outlook for leading battery manufacturers and material suppliers, with specific recommendations for companies like CATL, BYD, and others [5]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q1 performance met expectations with revenue of 1.79 billion yuan, down 22.2% year-on-year and 2.9% quarter-on-quarter, and a net profit of 190 million yuan, down 59% year-on-year but up 164% quarter-on-quarter [7] - The company maintains a cost advantage, with stable production costs and a projected annual lithium carbonate sales volume of over 25,000 tons [7] - The special steel segment continues to contribute stable profits, estimated at around 90 million yuan for Q1 [7] - Operating cash flow is under pressure, with a cash outflow of 370 million yuan in Q1 [7] - Profit forecasts for 2025-2027 are maintained, with expected net profits of 900 million, 1.21 billion, and 1.68 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 12.19 billion yuan, with a year-on-year decrease of 21.76% [1] - The net profit for 2023 is estimated at 3.41 billion yuan, reflecting a year-on-year decline of 46.09% [1] - The latest diluted EPS for 2023 is 6.32 yuan, with a P/E ratio of 4.75 [1] - The company’s total assets are projected to reach 13.8 billion yuan in 2024, increasing to 18.34 billion yuan by 2027 [8] - The company’s debt ratio is low at 8.45% [6]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 32.80 RMB [7][8] Core Views - The company's performance is being negatively impacted by the ongoing decline in lithium prices, with Q1 2025 revenue reported at 1.789 billion RMB, a year-over-year decrease of 22.24% and a quarter-over-quarter decrease of 2.95% [1][2] - Despite the challenges posed by falling lithium prices, the company is actively pursuing capacity expansion projects [1][2] - The report anticipates continued pressure on lithium prices in the medium to long term, influenced by the cost reductions observed in major lithium mines [3] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 191 million RMB, down 59.12% year-over-year, but up 163.79% quarter-over-quarter [1][2] - The gross profit margin for Q1 2025 was 16.84%, a decrease of 2.06 percentage points year-over-year and 0.57 percentage points quarter-over-quarter [2] Capacity Expansion - The company has successfully completed the mining license change for the Huashan porcelain stone mine, increasing the production capacity from 3 million tons per year to 9 million tons per year [2] - Ongoing projects include the efficient mining and comprehensive utilization of 3 million tons per year of lithium ore, which has already commenced production [2] Earnings Forecast and Valuation - Due to the unexpected decline in lithium prices, the earnings per share (EPS) estimates for 2025-2027 have been revised downwards to 1.72, 2.41, and 3.12 RMB, representing decreases of 12.2%, 11.7%, and 9.3% respectively [4] - The report predicts the company's net profits for 2025 from special steel and lithium battery materials to be 517 million RMB and 411 million RMB, respectively [4] - The target price of 32.80 RMB is based on a price-to-earnings (PE) ratio of 12.0 for the special steel segment and 27.9 for the lithium battery materials segment [4]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

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 4 月 24 日以书 面及电子邮件等方式向公司全体监事发出了召开公司第六届监事会第十次临时会议的 通知。会议于 2025 年 4 月 29 日以通讯表决方式召开，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 年第一季度报告》的议案 证券代码：002756 证券简称：永兴材料 公告编号：2025-021 号 永兴特种材料科技股份有限公司 第六届监事会第十次临时会议决议公告 《2025 年第一季度报告》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。 特此公告。 永兴特种材料科技股份有限公司监事会 2025 年 4 月 30 日 1 表决结果：同意：3 票；反对：0 票；弃权：0 票 董事会 ...