Summary of the Conference Call for Zhenghai Magnetic Materials Industry Overview - Zhenghai Magnetic Materials reported record sales in Q4 2024, with shipments exceeding 7,000 tons, driven by demand in smart home appliances and the automotive sector, with expectations for growth in industrial automation [2][4] - The home appliance subsidy policy is expected to continue boosting orders in the home appliance and electronics sectors, although Q1 2024 may face challenges due to high baseline effects from policy stimuli [2][5] - The processing fees in the industry are influenced by the economic environment, competition in downstream applications, and supply chain dynamics, with pressures from price wars in the new energy vehicle sector and capacity expansions from manufacturers [2][6][7] Company Performance - Zhenghai Magnetic Materials maintains a stable procurement strategy with an inventory cycle of approximately 1.5 months, projecting a shipment volume of around 22,000 tons in 2024, representing over 20% year-on-year growth, and plans to sustain a growth rate of 15%-20% in 2025 [3][15] - The company has a significant presence in overseas markets, benefiting from advantages in processing fees, payment terms, and settlement methods, which contribute to its competitive edge [2][8] Strategic Focus - The company is focusing on the humanoid robot sector, having established a joint team for product research and design, and is the sole Chinese supplier for leading manufacturers of hollow cup motors, holding over 50% market share [2][9] - Despite the anticipated growth in humanoid robots, the company does not expect significant immediate impacts on revenue from this sector due to the current low volume of production and the need for further market observation [17][20] Market Dynamics - The recent mild increase in rare earth prices is deemed acceptable, as stable prices can facilitate the popularization of magnetic materials and the promotion of new technologies [2][13][14] - The company acknowledges the rapid growth in the robotics industry, which reflects a significant increase in demand for automation solutions, presenting substantial development opportunities for the supply chain [16] Future Outlook - For 2025, the company has cautious expectations for the air conditioning sector due to potential demand depletion from 2024's subsidy policies, but overall demand remains strong [12] - The company is actively exploring partnerships with both domestic and international robotics firms, although many clients have confidentiality agreements that limit visibility into end-use applications [11] Conclusion - Zhenghai Magnetic Materials is well-positioned in the magnetic materials industry, with a strong focus on emerging sectors like humanoid robotics while navigating challenges in the automotive and home appliance markets. The company’s strategic initiatives and stable procurement policies are expected to support continued growth in the coming years [2][3][12][15]

Group 1: Company Overview - The company is recognized as a "national manufacturing single champion" for high-performance sintered NdFeB permanent magnets used in new energy vehicles [3] - The company has established extensive business relationships with leading users in the wind power generation, energy-saving motors, robotics, and smart consumer terminal industries [3] Group 2: Market and Customer Insights - The company has a balanced customer structure, primarily focusing on the automotive market, especially energy-saving and new energy vehicles, with an average coverage rate of 90% for the top 10 international automotive brands and top 5 domestic brands [2] - The company has a 100% coverage rate for the top 5 global EPS brands and top 5 variable frequency air conditioning compressor brands [2] Group 3: Product Development and Strategy - The company is actively engaged in the humanoid robot sector, collaborating with multiple downstream customers for joint development and sample supply [2] - The company adopts a customer-oriented pricing model, focusing on customized non-standard products with a cost-plus pricing strategy [5] Group 4: Operational Efficiency - The company employs a procurement model that combines strategic and dynamic purchasing to ensure stable supply of raw materials, supporting normal production operations [6] - In 2024, the company achieved a 22% year-on-year increase in product sales, marking seven consecutive years of growth [7] Group 5: Regulatory Environment - The newly proposed management measures for rare earth mining and separation are seen as beneficial for the protection and rational development of rare earth resources, promoting high-quality development in the rare earth industry [8]

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-19-02 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 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"）于 2024 年 3 月 27 日 召开五届董事会第十七次会议审议通过了《关于使用闲置自有资金购买理财产品 的议案》，同意公司申请 19 亿元自有资金额度用于购买理财产品，在上述额度内， 资金可以循环滚动使用。同时，董事会授权公司管理层具体实施上述事宜。 近期，公司前期进行的委托理财已有部分赎回以及重新购买，现就相关事宜 公告如下： 一、使用闲置自有资金进行委托理财情况 | 兴业银行 烟台分行 | 丰利灵动稳 享悦盈三个 | 2,069 | 固定收益类 | 2024-10-10 | 98 | 2025-01-15 | 2.80% | 全部收回 | | --- | --- | --- | --- | --- | --- | - ...

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-05-01 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 1 烟台正海磁性材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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"）于 2024 年 12 月 18 日 召开的五届董事会第二十二次会议审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》，同意在确保不影响募集资金投资项目款项支付及募集资 金安全的情况下，使用额度不超过人民币 4 亿元的部分暂时闲置募集资金进行现 金管理，用于购买安全性高、流动性好的投资产品（包括但不限于结构性存款、 定期存款、大额存单等），使用期限自公司董事会审议通过之日起 12 个月内有效， 在上述额度和期限范围内，资金可以滚动使用。详细内容见公司于 2024 年 12 月 18 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露的《关于使用部分暂 时闲置募集资金进行现金管理 ...

Financial Performance - The company's net profit attributable to shareholders is expected to be between 80 million and 100 million yuan, representing a year-on-year decline of 77.65% to 82.12% compared to 447.51 million yuan in the previous year[4]. - The net profit after deducting non-recurring gains and losses is projected to be between 51 million and 71 million yuan, reflecting a year-on-year decrease of 81.55% to 86.75% from 384.78 million yuan last year[4]. - The company expects to reduce net profit by 128 million yuan in 2024 due to costs associated with deferred tax assets, employee compensation, and inventory disposal from the new energy vehicle motor drive business[7]. - Impairment provisions for various assets, including inventory, are anticipated to decrease net profit by 59 million yuan in 2024[7]. - Non-recurring gains, such as government subsidies, are expected to increase net profit by 29 million yuan in 2024[7]. - The performance forecast has not been audited by registered accountants, but there are no discrepancies with the accounting firm regarding the forecast[5]. - The specific financial data for 2024 will be detailed in the annual report, urging investors to make cautious decisions and be aware of investment risks[8]. Business Operations - The high-performance NdFeB permanent magnet material business saw a 22% increase in sales volume year-on-year, marking seven consecutive years of growth, with significant demand from the energy-saving and new energy vehicle markets, which grew by 25% and 31% respectively[6]. - The new energy vehicle motor drive business experienced a significant decline in both revenue and profit, leading to operational optimization and business contraction to mitigate negative impacts on performance[7]. - The company emphasizes the importance of product performance and service quality, adjusting sales strategies to enhance overall competitiveness despite price pressures and declining gross margins[6].

一、培训时间 2024 年 12 月 31 日 中信建投证券股份有限公司关于对 烟台正海磁性材料股份有限公司 2024 年度持续督导的培训报告 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，保荐机构项目组成员于 2024 年 12 月 31 日，通过视频会议方式对烟台正海磁性材料股份有限公司（以下称"正 海磁材"）的董事、监事、高级管理人员、中层以上管理人员及公司控股股东和 实际控制人等相关人员进行了专门培训，本次培训的具体情况如下： 限公司 2024 年度持续督导的培训报告》之签字盖章页） 保荐代表人： 二、培训地点 龙 忆 朱李岑 1 （此页无正文，为《中信建投证券股份有限公司关于对烟台正海磁性材料股份有 中信建投证券股份有限公司 年 月 日 2 视频会议方式接入 三、培训内容 本次培训对上市公司信息披露注意事项、并购重组高质量发展政策等进行了 解读，提高了参加培训人员对相关规则的理解与认识。培训过程中，保荐机构讲 解人员通过线上答疑方式，对参加培训人员提出的各项 ...

中信建投证券股份有限公司 | 3.内部审计部门和审计委员会的人员构成是否合规（如适 | 是 | | --- | --- | | 用） | | | 4.审计委员会是否至少每季度召开一次会议，审议内部审 | 是 | | 计部门提交的工作计划和报告等（如适用） | | | 5.审计委员会是否至少每季度向董事会报告一次内部审计 | 是 | | 工作进度、质量及发现的重大问题等（如适用） | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内 | | | 部审计工作计划的执行情况以及内部审计工作中发现的问 | 是 | | 题等（如适用） | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用 | 是 | | 情况进行一次审计（如适用） | | | 8.内部审计部门是否在每个会计年度结束前二个月内向审 | 是 | | 计委员会提交次一年度内部审计工作计划（如适用） | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审 | 是 | | 计委员会提交年度内部审计工作报告（如适用） | | | 10.内部审计部门是否至少每年向审计委员会提交一次内 | 是 | | 部控制评价报告（如适用） | | ...

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-18-01 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 关于 2024 年第四季度可转换公司债券转股情况的公告 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。 特别提示： 1、"正海转债"(债券代码：123169)的转股期限为 2023 年 5 月 29 日至 2028 年 11 月 22 日；最新有效的转股价格为 12.83 元/股。 2、2024 年第四季度，共有 2,241,054 张"正海转债"完成转股(票面金额共 计 224,105,400 元)，合计转成 17,466,746 股"正海磁材"股票(股票代码： 300224)。 3、截至 2024 年第四季度末，公司剩余可转债为 11,755,143 张，剩余可转 债票面总金额为 1,175,514,300 元。 （二）可转债上市情况 1 经深圳证券交易所同意，公司 140,000.00 万元可转债于 2022 年 12 月 12 日 起在深圳证券交易所挂牌 ...

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2024-05-15 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 公司于 2024 年 12 月 18 日召开的五届董事会第二十二次会议审议通过了 《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意在确保不影响募 集资金投资项目款项支付及募集资金安全的情况下，使用额度不超过人民币 4 亿 元的部分暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好的投资 产品（包括但不限于结构性存款、定期存款、大额存单等），使用期限自公司董 事会审议通过之日起 12 个月内有效，在上述额度和期限范围内，资金可以滚动 使 用 。 详 细 内 容 见 公 司 于 2024 年 12 月 18 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）上披露的《关于使用部分暂时闲置募集资金进 行现金管理的公告》。 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。 近 ...

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2024-01-06 | | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | 烟台正海磁性材料股份有限公司 经与会董事表决，同意票：9 票，反对票：0 票，弃权票：0 票。同意票占 出席并有表决权董事的 100%，表决通过。 五届董事会第二十二次会议决议公告 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"）五届董事会第二十二 次会议于 2024 年 12 月 18 日以通讯方式召开，会议通知已于 2024 年 12 月 13 日以邮件方式送达全体董事。本次董事会会议应出席董事 9 人，实际出席会议董 事 9 人。董事王庆凯、全杰、李志强、彭步庄、赵军涛、倪霆、王吉法、程永峰、 李伟金均以通讯方式参加。会议由董事长王庆凯先生主持，公司全体监事及相关 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《关于使用部分暂时闲置募集 ...