Core Viewpoint - The small metal industry has shown varied financial performance among 23 representative listed companies, with notable differences in sales gross margin and net profit margin for the first half of 2025 [1] Financial Performance Summary - The majority of listed companies in the small metal industry reported sales gross margins below 20% for the first half of 2025, with Anning Co. leading at a gross margin of 60.13% [1] - Most companies exhibited net profit margins under 7%, with Guoyan Platinum, Baowu Magnesium, and Xianglu Tungsten showing particularly low net profit margins of 1.18%, 1.56%, and 1.97% respectively [1] - An anomaly was observed in Huayang New Materials, which had a sales gross margin of only 0.54% but a remarkably high net profit margin of 54% for the first half of 2025 [1] - Overall, the small metal industry achieved profitability in the first half of 2025, but Guoyan Platinum's net profit margin of 1.18% was the lowest among the companies analyzed [1]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Group 1 - The core point of the news is that Anning Co., Ltd. announced the pledge of shares by its controlling shareholder, Chengdu Zidong Investment Co., Ltd., which pledged 41.11 million shares, accounting for 24.18% of its holdings [1] - As of the announcement date, the total number of pledged shares by Zidong Investment is 41.11 million, representing 24.18% of its total holdings [1] - For the first half of 2025, Anning Co., Ltd.'s revenue composition shows that the black metal mining and selection industry accounts for 99.79% of its revenue, while other businesses contribute only 0.21% [1] Group 2 - The market capitalization of Anning Co., Ltd. is reported to be 16.1 billion yuan [2]

二、股东股份累计质押情况 证券代码：002978 证券简称：安宁股份 公告编号：2025-066 四川安宁铁钛股份有限公司 关于公司控股股东部分股份质押的公告 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、误导性陈述或者重大遗漏。 四川安宁铁钛股份有限公司（以下简称"公司"）近日经过查询中国证券登 记结算有限责任公司，获悉控股股东成都紫东投资有限公司（以下简称"紫东投 资"）将所持有本公司的部分股份进行了质押，具体事项如下： 注：本次质押的股份未负担重大资产重组等业绩补偿义务。 截至公告披露日，上述股东及其一致行动人罗阳勇先生所持质押股份情况如 3、紫东投资本次质押事项不会导致实际控制权变更,不会对公司生产经营和 公司治理产生实质性影响，本次质押的股份也不涉及业绩补偿义务。公司将持续 关注紫东投资质押情况及质押风险情况，及时履行信息披露义务。敬请广大投资 者注意投资风险。 四、备查文件 1、中国证券登记结算有限责任公司证券质押及司法冻结明细表。 下： 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押股 份数量（股） 占其所 持股份 比例 占公司 总股本 比例 是否 ...

证券代码：002978 证券简称：安宁股份 公告编号：2025-067 四川安宁铁钛股份有限公司 为进一步加强与投资者的互动交流，四川安宁铁钛股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的 "四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周 五）14:00—17:00。届时公司董事、高管、保荐机构将在线就公司 2024 年度及 2025 年半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题，与投 资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 四川安宁铁钛股份有限公司 2025 年 9 月 10 日 关于参加四川辖区 2025 年投资者网上集体接待日及半年度 报告业绩说明会活动的公告 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。 ...

格隆汇9月9日丨安宁股份(002978.SZ)在投资者互动平台表示，公司在全固态电池方面暂无规划，公司 目前的在建项目请关注公司披露的对外投资公告和定期报告。 ...

Group 1 - The company announced that its third extraordinary general meeting of shareholders for 2025 was held on September 4, 2025 [2] - The meeting approved the proposal regarding the compliance of the company's major asset restructuring with relevant laws and regulations [2]

Core Viewpoint - The legal opinion letter from Beijing Zhongyin (Chengdu) Law Firm confirms that the procedures and results of the Sichuan Anning Titanium Co., Ltd. 2025 third extraordinary general meeting of shareholders are in compliance with relevant laws and regulations [1][2][3]. Group 1: Meeting Procedures - The company published the notice for the third extraordinary general meeting on August 20, 2025, detailing the time, location, and agenda [2][3]. - The actual time and location of the meeting matched the published notice, and the board of directors had the authority to convene the meeting [3]. Group 2: Attendance and Voting - A total of 3 shareholders and their proxies attended the meeting, representing 306,000,100 shares, which is 64.9577% of the total voting rights [3][4]. - Among the attendees, 124 were minority investors, representing 20,294,958 shares or 4.3082% of the total voting rights [3][4]. Group 3: Voting Results - The meeting utilized a combination of on-site and online voting, with results announced immediately after the voting [4][5]. - The voting results showed overwhelming support for the proposals, with the majority of votes in favor exceeding 99% for most resolutions [5][6][8][10][11][12][13][16].

Meeting Overview - The meeting was held on September 4, 2025, with both on-site and online voting options available [1] - A total of 126 participants attended the meeting, representing 326,294,958 shares, which is 64.96% of the total voting shares [1] Voting Participation - Among the participants, 123 shareholders voted online, representing 20,294,858 shares, accounting for 4.31% of the total voting shares [1][2] - The on-site voting included only 1 shareholder representing 100 shares, which is negligible [2] Resolutions Passed - The meeting approved the proposal regarding the major asset restructuring, with 99.97% of the votes in favor, totaling 326,199,158 shares [3][4] - The proposal for the major asset purchase plan was also approved with 99.97% support, totaling 326,199,158 shares [3][4] - The resolution confirming that the major asset restructuring does not constitute a related party transaction received 99.97% approval [7][8] - Other resolutions related to compliance with regulations and the approval of asset evaluation reports were also passed with similar high approval rates, generally above 99.95% [10][11][12] Legal Compliance - The legal opinion provided by the law firm confirmed that the meeting's procedures and voting results complied with relevant laws and regulations [17]

成都中银（2025）第 3 号 2025 年 9 月 北京中银（成都）律师事务所关于四川安宁铁钛 股份有限公司 2025 年第三次临时股东会的 www.zhongyinlawyer.com 北京中银（成都）律师事务所 关于四川安宁铁钛股份有限公司 2025 年第三次临时股东会的 法律意见书 致：四川安宁铁钛股份有限公司 北京中银（成都）律师事务所（以下简称"本所"）接受四川安宁铁钛股份 有限公司（以下简称"公司"）的委托，根据《中华人民共和国证券法》（以下 简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国 证券监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等有 关法律法规以及《四川安宁铁钛股份有限公司章程》（以下简称《公司章程》） 的有关规定，指派律师黄红娟、方磊出席公司 2025 年第三次临时股东会（以下 简称"本次股东会"）并就本次股东会的相关事项发表意见。 为出具本法律意见书，本所律师审查了本次股东会的相关资料，查阅了本所 律师认为出具本法律意见书所必须查阅的文件，并对有关问题进行了必要的核查 和验证。本所律师仅对本次股东会的召集、召开程序、出席会议人员的资格、召 ...