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]

Core Viewpoint - Zhenghai Magnetic Materials has increased its registered capital from approximately 840 million RMB to about 930 million RMB, representing an increase of around 11% [1] Company Information - Yantai Zhenghai Magnetic Materials Co., Ltd. was established in April 2000 and is legally represented by Wang Qingkai [1] - The company specializes in the production and sales of various magnetic materials and related components, as well as the import and export of goods and technology [1] - Shareholder information indicates that the company is jointly held by Zhenghai Group Co., Ltd., Shandong State-owned Assets Investment Holding Co., Ltd., and Yantai Zhenghai Real Estate Co., Ltd. [1]

Core Viewpoint - As of January 19, 14 listed companies in Shandong have disclosed their annual performance forecasts, with 8 companies expecting profits and 6 anticipating losses [1] Group 1: Profit Forecasts - Zhenghai Magnetic Materials is expected to have the highest net profit, projected between 310 million to 380 million yuan, representing a year-on-year growth of 235.72% to 311.52% [2][3] - Wohua Pharmaceutical forecasts a net profit of 80 million to 115 million yuan, with a year-on-year increase of 119.76% to 215.90% [2][3] - Shandong Zhanggu is expected to achieve a net profit of 72 million to 80 million yuan, with a growth rate of 0.65% to 11.83% [3] - Dongcheng Environmental Protection anticipates a net profit of 55 million to 70 million yuan, reflecting a growth of 29.11% to 64.32% [3] - Jiujia Family forecasts a net profit of 51.5 million to 66.8 million yuan, with a significant increase of 226.86% to 323.97% [3] - Haineng Technology expects a net profit of 41 million to 44 million yuan, with growth of 213.65% to 236.61% [3] - KJ Intelligent anticipates a net profit of 29.5 million to 34 million yuan [3] - Delisi forecasts a net profit of 4 million to 6 million yuan, with a growth of 111.88% to 117.82% [4] Group 2: Loss Forecasts - Delisi expects a net profit of -61 million to -63 million yuan after excluding non-recurring gains and losses, a decline of 24.28% to 28.35% year-on-year [4] - Weiyuan Co. predicts the largest loss, with a net profit forecast of -950 million to -1.05 billion yuan, impacted by significant impairment provisions [5] - Shandong Fiberglass anticipates a loss of -1.474 million to -983 million yuan, but this represents an improvement of 8.419 million to 8.910 million yuan compared to the previous year [6]

A股 Market Updates - On January 15, multiple A-share companies released their performance forecasts for 2025, with many expecting significant profit increases. SAIC Motor Corporation anticipates a net profit growth of up to 558%, while companies like Shengnuo Biological and Zhenghai Magnetic Materials expect increases exceeding 200% [2] - Jiamei Packaging announced that its stock has triggered redemption clauses due to its closing price being above 130% of the conversion price for 15 out of the last 30 trading days [2] - ST Chengchang and Zhizhi New Materials announced their resumption of trading after completing investigations into recent abnormal stock price fluctuations [2] - ST Aowei reported that its stock closed at 0.99 CNY per share, warning that if it remains below 1 CNY for 20 consecutive trading days, it may face delisting from the Shenzhen Stock Exchange [2] Logistics and E-commerce - SF Holding and Jitu Express announced a strategic mutual shareholding agreement, involving an investment transaction amounting to nearly 8.3 billion HKD [3] - Ctrip is under investigation by the State Administration for Market Regulation, leading to a significant drop in its stock price, with a 6.49% decline on the day of the announcement and a further 20% drop the following day, resulting in a market value loss exceeding 100 billion CNY [3] Financial Data - In 2025, the total number of new A-share accounts reached 27.44 million, a 10% increase year-on-year, marking a three-year high, with total A-share investors exceeding 250 million [4] - The People's Bank of China reported that by the end of 2025, the social financing scale reached 442.12 trillion CNY, growing by 8.3% year-on-year, while the RMB loan balance was 271.91 trillion CNY, up 6.4% [5] - The China Securities Regulatory Commission approved an adjustment to the margin ratio for financing, increasing the minimum margin requirement from 80% to 100%, effective January 19, 2026 [5] Gold Reserves - As of the end of November 2025, non-U.S. countries' official gold reserves exceeded 900 million troy ounces, valued at approximately 3.82 trillion USD [6] Infrastructure and Technology - The State Grid Corporation announced that its fixed asset investment is expected to reach 4 trillion CNY during the 14th Five-Year Plan, a 40% increase from the previous plan [7] - Alibaba's Qianwen App has integrated with various Alibaba ecosystem services, launching over 400 AI functionalities to enhance user experience in daily tasks [7] - Shanghai's new action plan aims to implement L4 autonomous driving technology in various scenarios by 2027, targeting over 6 million passenger trips and 800,000 TEU in freight transport [7] Housing Policy - A joint announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development extended personal income tax policies supporting housing purchases from January 1, 2026, to December 31, 2027 [8] Trade Performance - China's total foreign trade in 2025 reached 45.47 trillion CNY, a 3.8% increase, setting a historical record and maintaining its position as the world's largest goods trading nation [8]

Core Viewpoint - Zhenghai Magnetic Materials is expected to achieve a strong rebound in performance after a low point in 2024, driven by continuous optimization of product and customer structures, with projected net profit growth of 235.72%-311.52% in 2025 [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of 310 million to 380 million yuan for 2025, with a non-recurring net profit expected to be 279 million to 349 million yuan, reflecting a year-on-year increase of 363.98%-480.39% [1] - In the first three quarters of 2025, the company reported a net profit of 228 million yuan, indicating a turnaround in the fourth quarter with a profit of 82.05 million to 152 million yuan, compared to a loss of 96.89 million yuan in the same period last year [1] Sales and Market Growth - The company achieved over 20% year-on-year growth in product sales for 2025, marking eight consecutive years of growth, with sales in the energy-saving and new energy vehicle sectors increasing by over 40% [1][2] - In the first half of 2025, product shipment volume also exceeded a 20% year-on-year increase, with the energy-saving and new energy vehicle market seeing over 30% growth, totaling 2.9 million sets of electric motors [2] Capacity and Operational Efficiency - Zhenghai Magnetic Materials currently has an annual production capacity of 30,000 tons, with high capacity utilization rates [2] - The company has received approval for dual-use item export licenses, which is expected to enhance operational efficiency [2] Strategic Focus - The company is optimizing and scaling back its business in the new energy vehicle motor drive system sector, which has significantly reduced losses [2] - Government subsidies and other non-recurring gains are projected to add approximately 31 million yuan to the net profit for 2025, further bolstering performance [2] Market Expansion - Zhenghai Magnetic Materials is actively exploring potential markets such as humanoid robots, with technology that aligns well with the requirements for core components like hollow cup motors and frameless torque motors [3]