Group 1 - The core announcement from Zhenghai Magnetic Materials indicates that the "Zhenghai Convertible Bonds" will be forcibly redeemed at a price of 100.50 yuan per bond if not converted by the market close on September 19, 2025 [2] - The company highlights a significant discrepancy between the secondary market price of the "Zhenghai Convertible Bonds" and the redemption price, urging bondholders to convert their bonds within the specified timeframe to avoid potential losses [2]

证券代码：300224 证券简称：正海磁材 公告编号：2025-08-03 债券代码：123169 债券简称：正海转债 2、本次权益变动不涉及要约收购，不会导致公司实际控制人发生变化，不 会影响公司的治理结构和持续经营。 近日，因公司可转债转股导致公司总股本增加，公司控股股东及其一致行动 人合计权益比例被动稀释，现将本次权益变动情况公告如下： "正海转债"于 2023 年 5 月 29 日进入转股期，截至 2025 年 9 月 1 日，"正 海转债"因转股减少 9,197,658 张，累计转股数量为 72,543,602 股，公司总股本 增加至 892,760,158 股，公司控股股东及其一致行动人持股比例由 42.49%被动稀 释至 41.96%，触及 1%整数倍。 烟台正海磁性材料股份有限公司 关于控股股东及其一致行动人 持股比例被动稀释触及 1%整数倍的公告 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、本次权益变动系烟台正海磁性材料股份有限公司（以下简称"公司"） 可转债转股使公司总股本增加，导致控股股东及其一致行动人合计持有公司股份 ...

Somore 山 东 松 茂 律 师 事 务 所 山东松茂律师事务所 关于在烟台正海磁性材料股份有限公司中 正海集团有限公司及其一致行动人 权益变动的法律意见书 致：正海集团有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》（以下简称"《管理办法》"）等法律、行政 法规和其他规范性文件（以下简称"法律、法规和规范性文件"）的 有关规定，山东松茂律师事务所(以下简称"本所")接受正海集团有 限公司（以下简称"正海集团"）委托，指派本所律师作为其专项法 律顾问，就在烟台正海磁性材料股份有限公司(以下简称"正海磁材") 中正海集团及其一致行动人权益变动事项出具本法律意见书。 为出具本法律意见书，本所律师对本次权益变动所涉及的有关事 项进行了审查，并对有关问题进行了必要的核查和验证。本所律师得 到正海集团及其一致行动人的如下保证，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。 本所依据出具日现行有效的中国法律的规定，对公司在本法律意 见书出具日之前 ...

证券代码：300224 证券简称：正海磁材 公告编号：2025-18-15 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 关于提前赎回正海转债的第七次提示性公告 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。 8、投资者赎回款到账日：2025 年 9 月 29 日 特别提示： 1、"正海转债"赎回价格：100.50 元/张（含当期应计利息，当期年利率为 0.60%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 22 日 3、停止交易日：2025 年 9 月 17 日 4、赎回登记日：2025 年 9 月 19 日 5、赎回日：2025 年 9 月 22 日 7、赎回资金到账日（到达中国结算账户）：2025 年 9 月 25 日 6、停止转股日：2025 年 9 月 22 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 海转债 11、根据安排，截至 2025 年 9 月 19 日收市后仍未转股的"正海转债" ...

Core Viewpoint - Yantai Zhenghai Magnetic Materials Co., Ltd. has decided to exercise the early redemption of its convertible bonds ("Zhenghai Convertible Bonds") due to the stock price meeting the conditions for conditional redemption, aiming to reduce interest expenses and improve capital efficiency [2][4]. Group 1: Convertible Bond Details - The company issued 14 million convertible bonds at a face value of 100 yuan each, totaling 1.4 billion yuan, with the issuance approved by the China Securities Regulatory Commission [2][3]. - The initial conversion price of the Zhenghai Convertible Bonds was set at 13.23 yuan per share, which has been adjusted due to annual profit distribution plans [3][4]. - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [4][6]. Group 2: Redemption Process - The redemption price is set at 100.50 yuan per bond, which includes accrued interest calculated based on a 0.60% annual coupon rate [5][6]. - The redemption will be executed on September 19, 2025, with trading of the bonds ceasing on September 17, 2025, and the redemption funds being transferred to bondholders' accounts on September 29, 2025 [5][6]. - All bondholders registered with China Securities Depository and Clearing Corporation Limited as of the redemption date will be eligible for the redemption [5][6]. Group 3: Shareholder Transactions - Company executives, including the Vice President and CFO, have engaged in transactions involving the Zhenghai Convertible Bonds within six months prior to the redemption condition being met, with specific details on their holdings provided [6].

证券代码：300224 证券简称：正海磁材 公告编号：2025-18-14 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 关于提前赎回正海转债的第六次提示性公告 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"赎回价格：100.50 元/张（含当期应计利息，当期年利率为 0.60%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 22 日 3、停止交易日：2025 年 9 月 17 日 4、赎回登记日：2025 年 9 月 19 日 5、赎回日：2025 年 9 月 22 日 6、停止转股日：2025 年 9 月 22 日 8、投资者赎回款到账日：2025 年 9 月 29 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 海转债 11、根据安排，截至 2025 年 9 月 19 日收市后仍未转股的"正海转债"将 被强制赎回，本次赎回完成后，"正海转债"将在深圳证券交易所（以下简称 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a strong performance with a weekly increase of 7.16%, ranking second among all primary industries [14]. - The optimism in the industrial metals market is driven by expectations of a demand peak in China and the anticipation of interest rate cuts by the Federal Reserve [1][27]. - Gold is expected to have significant upward potential due to challenges to the independence of the Federal Reserve and declining real interest rates [4][50]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming by 6.32 percentage points [14]. - All sub-sectors within non-ferrous metals experienced gains, with small metals up 12.02%, new materials up 5.67%, energy metals up 2.89%, precious metals up 7.22%, and industrial metals up 6.95% [14]. Industrial Metals - **Copper**: As of August 29, LME copper closed at $9,902/ton, up 1.08% week-on-week, while SHFE copper closed at ¥79,410/ton, up 0.91% [34]. Supply is tightening due to maintenance in domestic smelting plants and a reduction in Codelco's production target [34]. - **Aluminum**: LME aluminum closed at $2,619/ton, down 0.11%, while SHFE aluminum closed at ¥20,740/ton, up 0.53% [37]. The theoretical operating capacity of China's electrolytic aluminum industry increased to 44.035 million tons [39]. - **Zinc**: LME zinc closed at $2,814/ton, up 0.30%, while SHFE zinc closed at ¥22,140/ton, down 0.61% [41]. - **Tin**: LME tin closed at $34,950/ton, up 3.26%, and SHFE tin closed at ¥278,650/ton, up 4.78% [46]. Precious Metals - **Gold**: As of August 29, COMEX gold closed at $3,516.10/oz, up 2.89%, and SHFE gold closed at ¥785.12/g, up 1.52% [50]. The report highlights the significant challenge to the Federal Reserve's independence and the potential for further declines in real interest rates, which could drive gold prices higher [4][51]. The demand for gold in China is strong, with net imports through Hong Kong expected to reach 43.923 tons by July 2025, reflecting a 126.81% increase [51].

Group 1: Global Supply of Rare Earth Resources - China holds the largest rare earth resources globally, with proven reserves of 44 million tons, accounting for 38% of the world's total [4][5][7] - The two major rare earth groups in China, Northern Rare Earth and China Rare Earth, have been established to manage production and quotas effectively [7][10] - In 2024, China's rare earth production quotas are set at 270,000 tons, with light rare earths at 250,000 tons and heavy rare earths close to 20,000 tons [7][10] Group 2: Rare Earth Products and Exports - In 2024, China imported 133,000 tons of rare earth products, a decrease of 28.9% year-on-year, while exports reached 123,000 tons, with a total export value of 25.6 billion yuan, up 7.7% [12][19] - The complete rare earth industry chain in China spans from raw materials to end products, meeting global demand [12][19] Group 3: Overseas Rare Earth Supply - The United States has 19 million tons of rare earth reserves, primarily from the Mountain Pass mine, which was reactivated in 2011 [14][15] - Australia, with 5.7 million tons of rare earth reserves, is home to Lynas Corporation, which is expanding its processing capabilities [16] - Other regions, including Myanmar and Thailand, are also increasing their rare earth production, with Myanmar producing 31,000 tons in 2024 [17][18] Group 4: Rare Earth Prices - Prices for key rare earth oxides are currently reasonable, with neodymium-praseodymium oxide around 520,000 yuan per ton, and there is potential for further price increases [21] Group 5: Rare Earth Permanent Magnet Industry - The rare earth permanent magnet market is growing, with applications in automotive, wind power, and consumer electronics [23][35] - In 2024, the production of rare earth permanent magnets in China is expected to exceed 250,000 tons, maintaining its position as the world's largest producer [33] Group 6: Key Companies in the Rare Earth Sector - Northern Rare Earth is a leading supplier with a production capacity of 50,000 tons per year and a revenue of 32.97 billion yuan in 2024 [48] - China Rare Earth, with a production capacity of 57,800 tons per year, is a key player in the heavy rare earth market [50] - Other notable companies include Shenghe Resources, Xiamen Tungsten, and Jinchuan Group, each with significant production capabilities and market presence [55][57][58]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

Core Viewpoint - Yantai Zhenghai Magnetic Materials Co., Ltd. has decided to exercise the early redemption of its convertible bonds ("Zhenghai Convertible Bonds") due to the stock price meeting the conditions for conditional redemption, aiming to reduce interest expenses and improve capital efficiency [2][4]. Group 1: Convertible Bond Details - The company issued 14 million convertible bonds at a face value of 100 yuan each, totaling 1.4 billion yuan, approved by the China Securities Regulatory Commission [2][3]. - The initial conversion price of the bonds was set at 13.23 yuan per share, which has been adjusted due to annual equity distribution plans [3][4]. - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [4][6]. Group 2: Redemption Implementation - The redemption price is set at 100.50 yuan per bond, which includes accrued interest calculated based on a 0.60% annual coupon rate [5][6]. - The redemption process will commence on September 17, 2025, with the bonds ceasing to trade on the Shenzhen Stock Exchange, and the redemption funds will be credited to bondholders' accounts by September 29, 2025 [5][6]. - Bondholders are advised to convert their bonds into shares before the redemption date to avoid potential losses [1][2]. Group 3: Shareholder Transactions - Company executives, including the CFO and Vice Presidents, have engaged in trading the convertible bonds within six months prior to the redemption condition being met, with specific transaction details provided [6][7].