Core Points - Zhenghai Magnetic Materials (stock code: 300224) held its fifth meeting of the sixth board of directors on October 15, 2025, via communication method, with 9 directors expected to attend and 8 actually present [1] - The meeting, chaired by Chairman Wang Qingkai, approved the proposal to adjust the company's organizational structure to meet business development needs and ensure compliance [1] - The proposal to establish a compliance management center was passed with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1] Summary by Sections - **Meeting Details** - The meeting was conducted in accordance with the Company Law and the company's articles of association [1] - Director Li Zhiqiang authorized Chairman Wang Qingkai to vote on his behalf due to work reasons [1] - **Organizational Structure Adjustment** - The adjustment aims to align with the company's strategic development plan and actual operating conditions [1] - The specific content of the announcement regarding the organizational structure adjustment can be found on the designated information disclosure website of the China Securities Regulatory Commission [1]

Core Viewpoint - Zhenghai Magnetic Materials announced an adjustment to its organizational structure to enhance compliance and align with its strategic development plan [2] Group 1: Organizational Changes - The company will hold its sixth board meeting on October 15, 2025, to review the proposal for organizational restructuring [2] - A compliance management center will be established as part of the organizational adjustments [2] - The changes are aimed at meeting the needs of business development and ensuring the company's compliance operations [2]

Group 1 - The company Zhenghai Magnetic Materials announced on October 15 that its sixth board meeting will be held via telecommunication on October 15, 2025, to review the proposal for organizational structure adjustment [1] Group 2 - The silver leasing market is experiencing a significant opportunity with annualized interest rates soaring to 35%, as global silver is being airlifted to the UK for profit [1]

烟台正海磁性材料股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日 召开六届董事会第五次会议，审议通过了《关于调整公司组织架构的议案》。为 适应公司业务发展的需要，保障公司合规运行，结合公司战略发展规划及实际经 营情况，对公司组织架构进行调整，设立合规管理中心，主要负责： 1、建立、完善并持续维护公司合规管理体系，监督合规管理体系的有效运 行。 2、组织识别并内化国内外适用法律法规及监管要求，确保管理体系与业务 活动持续合规。 证券代码：300224 证券简称：正海磁材 公告编号：2025-19-17 烟台正海磁性材料股份有限公司 关于调整公司组织架构的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1 特此公告。 烟台正海磁性材料股份有限公司 董事会 2025 年 10 月 15 日 2 3、组织实施内部合规审查，监督各业务合规运作；系统识别、评估与监测 合规风险，输出风险清单，并推动风险防控措施落地。 4、受理职责范围内的违规举报，组织调查并提出处置意见，推动整改并落 实防范机制。 5、组织开展合规培训与宣导，提升员工的合规意识与操 ...

为适应公司业务发展的需要，保障公司合规运行，结合公司战略发展规划及 实际经营情况，对公司组织架构进行调整，设立合规管理中心。 证券代码：300224 证券简称：正海磁材 公告编号：2025-01-07 烟台正海磁性材料股份有限公司 六届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 烟台正海磁性材料股份有限公司（以下简称"公司"）六届董事会第五次会 议于 2025 年 10 月 15 日以通讯方式召开，会议通知已于 2025 年 10 月 15 日以邮 件方式送达全体董事。经全体董事同意，豁免本次会议通知时间要求。本次董事 会会议应出席董事 9 人，实际出席会议董事 8 人，董事王庆凯、许月莉、高波、 史丙强、倪霆、金福海、张志红、李伟金均以通讯方式参加，董事李志强先生因 工作原因未能亲自出席本次会议，授权委托董事长王庆凯先生代为表决。会议由 董事长王庆凯先生主持，公司相关高管人员列席了本次会议。会议的召开符合《公 司法》和公司《章程》的规定。 会议以记名投票方式进行表决，经与会董事表决，审议通过了以下决议： 一、审议通过《关于调整公 ...

Core Insights - The metal new materials sector experienced a significant increase of 6.99% on October 13, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Galaxy Magnet (300127) saw a closing price of 38.74, with a remarkable increase of 20.01% and a trading volume of 389,900 shares [1] - New Laifu (301323) also rose by 20.00%, closing at 63.42 with a trading volume of 56,100 shares [1] - Other notable performers included Jinli Permanent Magnet (300748) with a 17.60% increase, closing at 46.90, and Zhongzhou Special Materials (300963) with a 13.85% increase, closing at 26.38 [1] Capital Flow - The metal new materials sector saw a net inflow of 384 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2] - The main capital inflow was concentrated in Galaxy Magnet, which had a net inflow of 237 million yuan, accounting for 16.69% of its trading volume [3] - Other companies like Zhenghai Magnetic Materials (300224) and Antai Technology (000969) also attracted significant institutional investment, with net inflows of 168 million yuan and 90 million yuan, respectively [3]

Investment Rating - The report rates the rare earth industry as "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - The new export control regulations on rare earths, issued by the Ministry of Commerce and the General Administration of Customs, expand the range of controlled elements, adding five new heavy rare earth elements to the existing seven [3]. - The regulations impose stricter controls on the export purposes of rare earth products, particularly prohibiting military applications and requiring case-by-case approval for advanced semiconductor-related uses [3]. - The new regulations create a comprehensive control system over the entire rare earth industry chain, enhancing China's pricing power in the sector [3]. Summary by Sections Export Control Regulations - The new regulations include export controls on additional heavy rare earth elements and strengthen the control over the export purposes of rare earth products, particularly for military and advanced semiconductor applications [3]. - The regulations also cover the export of technologies, equipment, and raw materials related to rare earths, establishing a multi-layered control system [3]. Investment Analysis - The report suggests that the strengthened export controls will enhance the strategic value of the rare earth sector amid the ongoing US-China competition, indicating potential upward valuation for the sector [3]. - Recommended companies for investment include: - China Rare Earth: Focused on heavy rare earths with clear integration expectations - Northern Rare Earth and Baotou Steel: Strong in light rare earths with significant cost advantages - Guangsheng Nonferrous: A platform for rare earth resource integration in Guangdong with accelerated high-end magnetic material layout - Jieneng Permanent Magnet and Zhenghai Magnetic Materials: Expected to benefit from increased concentration in rare earth product exports [3]. Company Valuation - The report provides a valuation table for key companies in the rare earth sector, detailing their stock prices, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for the upcoming years [4].

Investment Rating - The report rates the rare earth industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3][9]. Core Insights - The new export control regulations on rare earths, issued by the Ministry of Commerce and the General Administration of Customs, expand the range of controlled heavy rare earth elements and strengthen the control over export purposes, particularly for military and advanced semiconductor applications [3]. - The regulations create a comprehensive control system over the entire rare earth industry chain, enhancing China's pricing power in the sector [3]. - The report suggests focusing on leading companies with resource integration capabilities and growth potential, such as China Rare Earth, Northern Rare Earth, Baotou Steel, Guangsheng Nonferrous, Jinli Permanent Magnet, and Zhenghai Magnetic Materials [3]. Summary by Sections Regulatory Changes - On October 9, new regulations were announced, expanding the list of controlled rare earth elements from 7 to 12, including holmium, erbium, thulium, ytterbium, and europium [3]. - Export controls will now apply to military uses and advanced semiconductor applications, requiring case-by-case approval [3]. Industry Impact - The new regulations are expected to enhance the strategic value of the rare earth sector amid the ongoing US-China competition, with potential for upward valuation in the sector [3]. - The comprehensive regulatory framework covers all aspects of the rare earth supply chain, including raw materials, auxiliary materials, equipment, technology, export destinations, end users, and final uses [3]. Company Valuations - The report provides a valuation table for key companies in the rare earth sector, highlighting their stock prices, earnings per share (EPS), price-to-earnings (PE) ratios, and price-to-book (PB) ratios for the years 2024 to 2027 [4]. - For instance, China Rare Earth is projected to have an EPS of 0.34 in 2025 with a PE ratio of 162, while Northern Rare Earth is expected to have an EPS of 0.77 with a PE ratio of 68 [4].

Core Viewpoint - The Chinese Ministry of Commerce has tightened export licenses for rare earths, leading to price increases announced by major domestic players, Northern Rare Earth and Baotou Steel, indicating a shift in valuation logic from traditional cyclical stocks to a dual-driven model of "strategic resources + high-end manufacturing" [1] Group 1: Price Adjustments - Northern Rare Earth and Baotou Steel have both announced adjustments to their rare earth concentrate trading prices for Q4 2025, setting the price at 26,205 CNY/ton (dry weight, REO=50%), marking a 37.13% increase from Q3 [1] - The price of praseodymium-neodymium oxide averaged 562,000 CNY/ton on September 30, up 26.43% from 444,500 CNY/ton on June 30, indicating significant price movements in the rare earth market [2] - Over the past year, Northern Rare Earth's rare earth concentrate trading price has increased from 16,741 CNY/ton in Q3 2024 to 26,205 CNY/ton, reflecting a 56.53% increase [2] Group 2: Demand and Market Trends - Demand for rare earths is expected to grow, with a 10% increase in magnetic material demand anticipated due to developments in green low-carbon technologies and electric-driven applications [3] - The revenue and profit of related companies are projected to rise significantly due to increasing rare earth concentrate prices, with Northern Rare Earth expecting a net profit of 1.51 billion to 1.57 billion CNY for the first three quarters of the year, a year-on-year increase of 272.54% to 287.34% [3] Group 3: Industry Outlook - The tightening of the rare earth industry chain management is expected to enhance the strategic position of the industry, leading to improved valuations for listed companies in the sector [4] - Analysts predict significant profit improvements for rare earth and magnetic material companies in Q3 and Q4, with a continued bullish outlook on rare earth prices [4] - Companies such as Northern Rare Earth, Guangsheng Nonferrous, China Rare Earth, Baotou Steel, and Shenghe Resources are recommended for investment due to their strategic positions in the market [4] Group 4: Related Stocks Performance - Jinli Permanent Magnet expects a net profit of 505 million to 550 million CNY for the first three quarters of 2025, a year-on-year increase of 157% to 179% [5] - China Rare Earth, primarily engaged in the manufacturing and sales of rare earth products, is positioned to benefit from the rising demand and prices in the sector [5] - Minmetals Resources reported a revenue of 2.817 billion USD for the first half of the year, a 47% year-on-year increase, with a significant profit increase of 1511% [5]

Summary of Rare Earth Industry Conference Call Industry Overview - The conference call focuses on the rare earth industry, particularly the implications of recent regulatory changes in China and the competitive landscape with the US and Europe [1][3][4]. Key Points and Arguments - **Chinese Regulatory Changes**: China has implemented stricter controls on rare earth exports through announcements 56 and 61, shifting from resource management to dual control over technology and supply chains to counter Western restrictions in the semiconductor and military sectors [1][3]. - **US and European Initiatives**: The US Department of Defense has partnered with MP Company and French firms to develop a self-sufficient rare earth supply chain, aiming to reduce reliance on Chinese pricing [3][4]. Goldman Sachs has released a report favoring neodymium prices, indicating a bullish outlook for the market [3]. - **Pricing Dynamics**: Rare earth prices are primarily influenced by supply and their strategic metal status rather than solely by demand. Historical data shows that price increases are not strictly limited by demand fluctuations [1][7]. The upcoming fourth quarter is expected to support price stability due to traditional consumption peaks and domestic demand recovery [7]. - **Market Demand**: There is a strong domestic demand for rare earth materials, particularly in the electric vehicle and optical communication sectors, which is expected to drive future growth [6]. Important but Overlooked Content - **Investment Recommendations**: Investors are advised to focus on traditional leading companies such as China Rare Earth, Northern Rare Earth, Shenghe Resources, and Guangsheng Nonferrous, as well as new entrants in the smelting sector like Huahong Technology [1][8]. Additionally, companies in the magnetic materials sector such as Jinli Permanent Magnet, Ningbo Yunsheng, Zhenghai Magnetic Materials, and Zhongke Sanhuan are highlighted as beneficiaries of increasing downstream orders [9]. - **Price Forecasts**: The price of heavy and medium rare earth oxides, such as dysprosium oxide, is projected to rise from approximately 7 million yuan per ton to around 10 million yuan per ton [2][9]. Conclusion - The rare earth industry is undergoing significant changes due to regulatory actions in China and strategic moves by the US and Europe. The focus on supply chain independence and the anticipated price increases present both opportunities and risks for investors in this sector.