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]

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 ...

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 4 月 24 日以书 面及电子邮件等方式向公司全体董事、监事和高级管理人员发出了召开公司第六届董 事会第十五次临时会议的通知。会议于 2025 年 4 月 29 日以通讯表决方式召开，会议 应出席董事 9 名，实际出席董事 9 名。公司监事、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：2025-020 号 永兴特种材料科技股份有限公司 第六届董事会第十五次临时会议决议公告 本议案已经公司审计委员会审议通过。 《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董事会 2025 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-023 号 永兴特种材料科技股份有限公司 2024年年度权益分派实施公告 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。 特别提示： 1、公司 2024 年度利润分配方案为：以公司 2024 年 12 月 31 日总股本 539,101,540 股剔除股票回购专用证券账户已回购股份 11,381,748 股后的余额 527,719,792 股为 基数，向全体股东每 10 股派发现金红利 5.00 元人民币（含税），共计分配现金红利 263,859,896.00 元（含税），不送红股，不以资本公积金转增股本。 2、因公司回购专用证券账户上的股份不享有利润分配的权利，故本次权益分派实 施后，计算除权除息价格时，根据股票市值不变原则，实施权益分派前后公司总股本 保持不变，现金分红总额分摊到每一股的比例将减小。折算后，每股现金红利应以 0.4894437 元计算（每股现金红利=现金分红总额/总股本，即 0.4894437 元/股 =263,859,896.00 元/539,101,540 股）。因此，20 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,788,599,066.91, a decrease of 22.24% compared to ¥2,300,216,008.45 in the same period last year[6] - Net profit attributable to shareholders was ¥191,420,721.41, down 59.12% from ¥468,256,875.45 year-on-year[6] - Basic and diluted earnings per share were both ¥0.36, down 59.09% from ¥0.88 in the same period last year[6] - Net profit for the current period is ¥195,488,406.53, a decline of 59.1% compared to ¥478,676,961.25 in the previous period[19] - The company reported a total comprehensive income of ¥195,477,798.57, down from ¥478,664,487.50 in the previous period[19] Cash Flow - The net cash flow from operating activities was -¥368,835,540.41, representing a decline of 112.35% compared to -¥173,690,203.31 in the previous year[6] - Operating cash flow for the current period was -368,835,540.41 CNY, compared to -173,690,203.31 CNY in the previous period, indicating a decline in cash flow from operations[21] - Cash inflow from sales of goods and services was 1,194,426,070.69 CNY, a decrease of approximately 37.5% from 1,916,507,747.17 CNY in the previous period[21] - Total cash outflow from operating activities was 1,623,519,987.15 CNY, down from 2,379,867,314.41 CNY in the previous period, indicating a reduction in operational expenses[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,931,495,669.73, an increase of 0.96% from ¥13,798,966,742.80 at the end of the previous year[6] - Total liabilities amount to ¥1,176,577,327.53, a decrease from ¥1,260,498,272.18 in the previous period[20] - Total assets as of March 31, 2025, amounted to CNY 13,931,495,669.73, an increase from CNY 13,798,966,742.80 at the beginning of the period[14] - Current assets totaled CNY 9,403,669,936.21, compared to CNY 9,246,864,692.98 at the start of the period, reflecting a growth of approximately 1.7%[15] - Total liabilities increased, with current liabilities including accounts payable at CNY 681,426,191.36, down from CNY 802,601,856.49, a decrease of about 15%[15] Investments - Investment income increased by 75.71% to ¥11,865,134.60, attributed to higher returns from financial products[10] - The net cash flow from investing activities was -¥349,876,788.32, a decline of 696.41% compared to the previous year, primarily due to increased purchases of financial products[10] - Total cash inflow from investment activities was 1,188,024,218.66 CNY, significantly higher than 200,091,725.84 CNY in the previous period, reflecting increased investment recovery[22] - Cash outflow from investment activities totaled 1,537,901,006.98 CNY, compared to 141,427,801.01 CNY in the previous period, resulting in a net cash flow from investment activities of -349,876,788.32 CNY[22] Shareholder Information - The company reported a total of 55,446 common shareholders at the end of the reporting period[12] - The top shareholder, Gao Xingjiang, holds 35.72% of the shares, amounting to 192,550,206 shares, with 144,412,654 shares pledged[12] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[13] Other Financial Metrics - The weighted average return on equity decreased to 1.54%, down 2.02% from 3.56% in the previous year[6] - Research and development expenses for the current period are ¥66,520,526.82, down from ¥73,064,574.05 in the previous period[18] - Other income for the current period is ¥12,468,619.27, significantly lower than ¥202,211,385.41 in the previous period[18] - The company experienced a decrease in government subsidies received, which fell by 93.83% to ¥12,468,619.27 compared to ¥202,211,385.41 in the previous year[10] - Cash inflow from financing activities was 93,877,493.34 CNY, down from 868,379,722.73 CNY in the previous period, indicating reduced financing activity[22]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a low-cost leader in mica lithium extraction, driven by dual engines of lithium battery and special steel businesses. The successful expansion of mining rights and anticipated growth in lithium salt production capacity are expected to enhance profitability as lithium prices stabilize and recover [7][8]. Summary by Sections 1. Company Overview - The company, established in 2000, has evolved from a stainless steel manufacturer to a leader in the lithium battery materials sector, maintaining a top-three market share in stainless steel long products. A strategic shift began in 2017 towards lithium battery materials, leading to significant growth in both stainless steel and lithium salt revenues [7][14]. 2. Lithium Sector - The company has secured two major mica lithium mines, achieving complete self-sufficiency in lithium resources. The mining rights for the Huashan mica mine have been expanded, increasing the production capacity from 3 million tons/year to 9 million tons/year, enhancing resource security [7][47][51]. - The current lithium carbonate production capacity stands at 30,000 tons, with plans for expansion as mining and processing projects are completed. The production cost of lithium carbonate is projected to be significantly lower than industry averages, with a forecasted cost of 47,000 RMB/ton in 2024 [7][52][53]. - The lithium market is expected to experience a bottoming phase in 2025, with a potential recovery in 2026 as supply-demand dynamics shift. The average selling prices for lithium products are projected to be 66,000 RMB/ton in 2025, increasing to 71,000 RMB/ton in 2026 [7][58]. 3. Special Steel Sector - The company is a leading player in the stainless steel long products market, with stable production and sales volumes around 300,000 tons annually. The gross profit per ton of stainless steel has increased from 1,961 RMB/ton in 2021 to 2,809 RMB/ton in 2023, reflecting improved product mix and market positioning [7][35][39]. 4. Financial Forecast and Valuation - The company is expected to achieve net profits of 890 million RMB, 1.23 billion RMB, and 1.64 billion RMB for the years 2025 to 2027, with corresponding year-on-year growth rates of -14.3%, +37.1%, and +34.0%. The current price-to-earnings ratios are projected to be 18, 13, and 10 for the same years [6][8].

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, ...

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 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].