Core Viewpoint - The company is expected to see a significant increase in net profit for 2025, with projections indicating a year-on-year growth of 235.72% to 311.52%, driven by strong sales in the electric vehicle sector and expansion into new applications like humanoid robots and low-altitude economy [1][2]. Business Performance - The company anticipates a net profit for 2025 to be between 310 million to 380 million yuan, with a non-recurring net profit expected to grow by 363.98% to 480.39% year-on-year [2]. - Product sales are projected to grow by over 20% year-on-year, marking the eighth consecutive year of growth, particularly in energy-saving and electric vehicle sectors, where the number of motor sets sold has increased by over 40% [3]. Financial Situation - As of February 3, 2026, the company's financing balance stood at 577 million yuan, with a financing buy-in amount of 44.57 million yuan on that day, indicating a net outflow of 10.95 million yuan. The financing balance represents a high proportion of the circulating market value over the past year [4]. Project Development - The company received approval for dual-use item export licenses in November 2025, and its production capacity is operating at a high utilization rate, with an existing annual capacity of 30,000 tons. This development is expected to enhance future international business expansion and compliance competitiveness [5].

Core Insights - All 12 listed rare earth companies have reported positive earnings forecasts for 2025, indicating a strong performance outlook for the sector [1][2][3] Group 1: Earnings Forecasts - Northern Rare Earth is expected to achieve a net profit of 2.176-2.356 billion, reflecting an increase of 116.67%-134.60% year-on-year [4][5] - Shenghe Resources anticipates a net profit of 0.790-0.910 billion, with a year-on-year growth of 281.28%-339.20% [4][5] - Jien Mining is projected to report a net profit of 0.660-0.760 billion, representing a growth of 127.00%-161.00% [4][5] - Zhenghai Magnetic Materials expects a net profit of 0.310-0.380 billion, with an increase of 235.72%-311.52% [4][5] - Ningbo Yunsheng forecasts a net profit of 0.280-0.380 billion, indicating a growth of 194.49%-299.67% [4][5] - Yuyuan New Materials anticipates a net profit of 0.255-0.280 billion, with a year-on-year increase of 73.00%-90.00% [4][5] - Longi Magnet Technology expects a net profit of 0.155-0.200 billion, reflecting a growth of 39.57%-80.09% [4][5] - China Rare Earth is projected to turn a profit with a net profit of 0.143-0.185 billion [4][5] - Sanchuan Wisdom anticipates a net profit of 0.128-0.160 billion, with a year-on-year growth of 100.73%-150.91% [4][5] - Zhongxi Rare Metals expects to turn a profit with a net profit of 0.100-0.130 billion [4][5] - China Science and Technology is projected to achieve a net profit of 0.080-0.120 billion, with a significant increase of 566.23%-899.35% [4][5] - China Science Magnetics anticipates a net profit of 0.029-0.035 billion, reflecting a growth of 75.11%-108.32% [4][5]

Core Viewpoint - Zhenghai Magnetic Materials Co., Ltd. has shown significant growth in revenue and profit, with a notable increase in shareholder numbers and changes in institutional holdings, indicating a positive market sentiment towards the company [2]. Group 1: Financial Performance - For the period from January to September 2025, Zhenghai Magnetic achieved a revenue of 4.973 billion yuan, representing a year-on-year growth of 30.54% [2]. - The net profit attributable to shareholders for the same period was 228 million yuan, reflecting a year-on-year increase of 20.46% [2]. Group 2: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Zhenghai Magnetic reached 82,600, an increase of 20.95% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.86% to 11,231 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the sixth largest shareholder with 7.3992 million shares, an increase of 2.1523 million shares [2]. - New institutional shareholders include the Jiashi Zhongzheng Rare Earth Industry ETF, which holds 5.413 million shares, and Huaxia Double Bonds A, holding 5.2697 million shares [2]. Group 3: Market Activity - On February 3, Zhenghai Magnetic's stock price increased by 3.91%, with a trading volume of 629 million yuan [1]. - The financing buy-in amount for the same day was 44.5706 million yuan, while the financing repayment was 55.5222 million yuan, resulting in a net financing buy of -10.9516 million yuan [1]. - The total balance of margin trading for Zhenghai Magnetic as of February 3 was 578 million yuan, with the financing balance accounting for 3.59% of the circulating market value [1].

Core Viewpoint - Zhenghai Magnetic Materials experienced a decline of 5.92% on January 30, with a trading volume of 1.243 billion yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On January 30, Zhenghai Magnetic Materials had a financing buy amount of 104 million yuan and a financing repayment of 132 million yuan, resulting in a net financing outflow of 27.37 million yuan [1]. - The total financing and securities lending balance reached 608 million yuan, with the financing balance accounting for 3.73% of the circulating market value, which is above the 60th percentile of the past year [1]. - In terms of securities lending, 25,700 shares were repaid, while 5,900 shares were sold, with a selling amount of 103,200 yuan, indicating a lower securities lending balance compared to the 40th percentile of the past year [1]. Company Performance - As of September 30, the number of shareholders for Zhenghai Magnetic Materials increased by 20.95% to 82,600, while the average circulating shares per person decreased by 7.86% to 11,231 shares [2]. - For the period from January to September 2025, the company reported a revenue of 4.973 billion yuan, reflecting a year-on-year growth of 30.54%, and a net profit attributable to shareholders of 228 million yuan, up 20.46% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 1.28 billion yuan in dividends, with 494 million yuan distributed over the past three years [2]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder with 7.3992 million shares, an increase of 2.1523 million shares from the previous period [2]. - Qianhai Kaiyuan HuGang Shen Core Resource Mixed A (003304) ranked seventh with 6.2205 million shares, up by 1.8514 million shares, while the Jiashi Zhongzheng Rare Earth Industry ETF (516150) entered the top ten shareholders with 5.4130 million shares [2]. - Notably, several funds, including Southern Zhongzheng 1000 ETF (512100) and Huaxia Zhongzheng 1000 ETF (159845), have exited the top ten circulating shareholders list [2].

Core Viewpoint - The metal new materials sector experienced a slight increase of 0.42% on January 29, with notable gains from specific companies, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4157.98, up 0.16% [1] - The Shenzhen Component Index closed at 14300.08, down 0.3% [1] - The metal new materials sector saw a net inflow of 6.09 billion yuan from institutional investors, while retail investors experienced a net outflow of 7.45 billion yuan [2][3] Group 2: Individual Stock Performance - Ni'an New Materials (688786) led the sector with a closing price of 33.19, up 6.17% with a trading volume of 61,700 shares and a transaction value of 201 million yuan [1] - Jinli Permanent Magnet (300748) followed with a closing price of 41.16, up 5.67%, with a trading volume of 1.5032 million shares and a transaction value of 6.13 billion yuan [1] - Galaxy Magnetic Materials (300127) closed at 38.39, up 4.66%, with a trading volume of 421,800 shares and a transaction value of 1.602 billion yuan [1] Group 3: Fund Flow Analysis - Jinli Permanent Magnet (300748) had a net inflow of 4.20 billion yuan from institutional investors, while retail investors saw a net outflow of 3.12 billion yuan [3] - Ningbo Yunsheng (600366) recorded a net inflow of 2.07 billion yuan from institutional investors, with a net outflow of 2.53 billion yuan from retail investors [3] - The overall fund flow indicates a strong preference for institutional investment in the metal new materials sector despite retail investor withdrawals [2][3]

Somore 山 东 松 茂 律 师 事 务 所 山东松茂律师事务所 关于烟台正海磁性材料股份有限公司 2026 年第一次临时股东会的法律意见书 致：烟台正海磁性材料股份有限公司 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》")和中国证券监督管 理委员会(以下简称"中国证监会")关于《上市公司股东会规则》(以 下简称"《股东会规则》")等法律、法规和规范性文件的要求，山 东松茂律师事务所(以下简称"本所")接受烟台正海磁性材料股份有 限公司(以下简称"公司")委托，指派本所律师出席公司 2026 年第 一次临时股东会(以下简称"本次股东会")，并出具本法律意见书。 为出具本法律意见书，本所律师对公司本次股东会所涉及的有关 事项进行了审查，查阅了公司本次股东会的有关文件和材料，并对有 关问题进行了必要的核查和验证。本所律师得到公司如下保证，即其 已提供了本所律师认为出具本法律意见书所必需的材料，所提供的原 始文件、副本、复印件等书面材料、口头证言均符合真实、准确、完 整的要求，有关副本、复印件材料与正本原始材料一致。 在本法律意见书中，本所律师根据《股 ...

2026 年第一次临时股东会决议公告 证券代码：300224 证券简称：正海磁材 公告编号：2026-007 烟台正海磁性材料股份有限公司 2026 年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会决议的情形。 一、会议召开和出席情况 （一）会议时间： 1、现场会议时间：2026 年 1 月 28 日（星期三）下午 14:30。 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为：2026 年 1 月 28 日上午 9:15-9:25，9:30-11:30 和下午 13:00 至 15:00。通 过深圳证券交易所互联网投票系统进行投票的具体时间为：2026 年 1 月 28 日上 午 9:15 至下午 15:00 期间的任意时间。 （二）现场会议召开地点：山东省烟台经济技术开发区汕头大街 9 号公司一 楼会议室 （三）会议召开方式：现场投票与网络投票相结合 （四）会议召集人：公司董事会 （五）会议主持人：公司董事长王庆凯先生 （六 ...

Market Performance - The metal new materials sector increased by 1.25% on January 28, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers - Galaxy Magnet (300127) closed at 36.68, up 7.88% with a trading volume of 307,500 shares and a transaction value of 1.089 billion [1] - Zhongke Magnet (301141) closed at 64.62, up 6.88% with a trading volume of 117,400 shares and a transaction value of 742 million [1] - Dadi Bear (688077) closed at 35.51, up 5.62% with a trading volume of 91,100 shares and a transaction value of 316 million [1] Sector Fund Flow - The metal new materials sector saw a net inflow of 204 million from institutional investors, while retail investors experienced a net outflow of 88.55 million [2] - The main stocks with significant net inflows included XinKe Materials (600255) with 70.33 million and Tianhe Magnetic Materials (603072) with 69.00 million [3] Notable Decliners - Longda Co. (688231) closed at 31.44, down 3.56% with a trading volume of 70,000 shares and a transaction value of 222 million [2] - Sry New Materials (688102) closed at 42.46, down 2.73% with a trading volume of 236,100 shares and a transaction value of 1.004 billion [2]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]