Core Viewpoint - The company is a leading global producer of high-performance neodymium-iron-boron permanent magnetic materials, with strong technological capabilities and a comprehensive product line, poised for growth in various downstream applications [1][2]. Industry Overview - The company has been focused on the research, production, and sales of high-performance neodymium-iron-boron permanent magnetic materials for 16 years, holding 127 domestic and international patents centered around grain boundary diffusion technology [1]. - The upstream supply of rare earth materials, essential for neodymium-iron-boron magnets, is concentrated globally, with China being a significant supplier. The production of rare earths in China is managed under a total production control system, with steady annual growth in mining quotas [1][2]. Downstream Applications - The demand for high-performance neodymium-iron-boron magnetic materials is expected to grow significantly across various sectors, with projected 4-year CAGR rates of 29.89% for new energy vehicles, 19.26% for wind power, 15.86% for energy-saving elevators, 8.61% for industrial robots and humanoid robots, and 7.67% for variable frequency air conditioners [2]. - The industry is characterized by high entry barriers and strong customer loyalty, with neodymium-iron-boron magnets offering superior performance advantages over other magnetic materials, leading to increased operational efficiency and energy savings in downstream products [1][2]. Supply Chain and Market Position - The company has established long-term stable partnerships with major rare earth groups, ensuring a reliable supply of raw materials. It possesses six core technologies and a patent system centered on grain boundary technology, which reduces the use of heavy rare earths while maintaining high performance [2]. - The company holds a 28.5% market share in the global high-performance magnetic materials market for new energy vehicles, indicating a strong competitive position [2]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 587 million, 804 million, and 979 million yuan in 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 55.7, 40.7, and 33.4 times [2].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend with LME copper prices increasing by 2.26% to $9,879.00 per ton, while domestic copper prices rose by 2.47% to 79,900 yuan per ton. Supply-side pressures are evident as the processing fee for imported copper concentrate has dropped to -$44.81 per ton, indicating potential supply constraints [1][13] - The aluminum market is stabilizing at the bottom, with LME aluminum prices up by 1.31% to $2,595.00 per ton. However, the operating rate of leading aluminum cable enterprises has decreased to 61.8%, reflecting ongoing demand challenges [2][14] - Gold prices have decreased by 2.90% to $3,286.10 per ounce, influenced by geopolitical tensions and a reduction in SPDR gold holdings, indicating a temporary decline in gold's safe-haven appeal [3][15] - The rare earth sector is experiencing upward momentum, driven by export controls and stable production levels, with expectations of improved supply-demand dynamics and potential price support [3][27][30] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices are on the rise, with a slight increase in inventory and a decrease in processing fees indicating potential supply issues [1][13] - Aluminum prices are stabilizing, but demand remains weak as indicated by declining operating rates in the industry [2][14] - Precious metals, particularly gold, are facing downward pressure due to geopolitical factors and reduced investment interest [3][15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The copper market is experiencing a robust demand outlook, with potential supply constraints due to declining processing fees and reduced operating rates in key sectors [1][13] 2.2 Aluminum - The aluminum market is stabilizing, but the demand outlook remains weak, as evidenced by declining operating rates in the aluminum cable sector [2][14] 2.3 Precious Metals - Gold prices are under pressure due to geopolitical tensions and a decrease in ETF holdings, reflecting a temporary decline in its safe-haven status [3][15] 3. Updates on Minor Metals and Rare Earths - The rare earth sector is expected to benefit from improved supply-demand dynamics and stable production levels, with potential price support anticipated [3][27][30] - The antimony market is facing downward price pressure, but upcoming regulatory changes may provide a demand boost [4][31] - Molybdenum prices are stabilizing, with low inventory levels and strong demand from the steel sector indicating a positive outlook [4][32] 4. Updates on Energy Metals - Lithium prices have shown slight declines, but production levels are increasing, indicating a stable supply outlook [5] - Cobalt prices have increased, reflecting strong demand in battery applications, while nickel prices are mixed with slight fluctuations [5]

Group 1 - The company, Jinli Permanent Magnet (300748.SZ), has initiated export declaration work in accordance with national regulations following the implementation of export control measures related to medium and heavy rare earth items [1] - The company has obtained export licenses issued by national authorities, with export regions including the United States, Europe, and Southeast Asia [1] - In the robotics sector, the company is actively collaborating with world-renowned technology companies on the research and development of embodied robot motor rotors and capacity construction, with small batch deliveries already taking place [1]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 1.61 billion RMB, representing a year-on-year growth of 14.19% [3] - The net profit attributable to shareholders was 1.61 billion RMB, with a year-on-year increase of 57.85% [3] - The net profit excluding non-recurring gains and losses reached 1.06 billion RMB, showing a significant growth of 331.10% [3] Group 2: Export and Compliance - In Q1 2025, export sales accounted for 17.76% of total revenue, with sales to the U.S. contributing 1.22% [3] - The company has obtained export licenses for various products, complying with national regulations, and exports to regions including the U.S., Europe, and Southeast Asia [3] Group 3: Share Buyback Plan - The company plans to repurchase A-shares with a total fund of no less than 100 million RMB and no more than 200 million RMB [4] - The buyback will be funded by the company's own funds or self-raised funds, with a maximum of 90% from self-raised funds [4] Group 4: Project Developments - The company is investing in a project to produce 20,000 tons of high-performance rare earth permanent magnet materials, aiming for completion by 2027 [5] - The company is actively collaborating on the development of embodied robot motor rotors, with initial small-scale deliveries already made [6]

Group 1: Core Insights - The report emphasizes the strategic and tactical value of investing in the rare earth sector, viewing it as a critical asset in the long-term geopolitical competition between China and the US [2][15]. - It argues that the current market fluctuations in the rare earth and magnetic materials sectors are largely driven by short-term speculative trading rather than long-term fundamentals [8][14]. - The report highlights the unique competitive advantages of China's rare earth refining and separation capabilities, which are difficult for foreign entities to replicate [15][16]. Group 2: Supply Side Analysis - The domestic supply of rare earths is expected to remain stable, with a concentration of production among two major rare earth groups, while illegal mining activities are being strictly controlled [16]. - China's ability to manage both domestic and international rare earth resources is strengthening, which may further enhance the strategic importance of these resources [16] . Group 3: Demand Side Analysis - The demand for high-performance rare earth permanent magnets is anticipated to grow significantly due to emerging industries such as humanoid robots and low-altitude economies [17]. - Recent approvals for export applications have alleviated previous concerns regarding demand for magnetic materials, indicating a positive shift in market sentiment [17]. Group 4: Steel Industry Insights - The steel industry is entering a seasonal downturn, with a notable increase in rebar production and a slight decrease in consumption [18][23]. - Total steel inventory has decreased significantly, both on a week-over-week and year-over-year basis, indicating a tightening supply [25]. - The profitability of long and short process rebar production is diverging, with long process margins showing slight improvement [29][34]. Group 5: New Energy Metals - Lithium production in China saw a substantial year-over-year increase, while hydroxide production experienced a decline [41]. - The production and sales of new energy vehicles in China have surged, reflecting strong demand in the market [45]. - Prices for lithium, nickel, and cobalt have generally declined, indicating a potential softening in the market [51]. Group 6: Industrial Metals - The report notes a continuous decline in electrolytic aluminum inventory, suggesting potential upward pressure on prices [62]. - Global refined copper production has increased, with slight improvements in smelting fees [62].

证券代码：300748 证券简称：金力永磁 公告编号：2025-038 江西金力永磁科技股份有限公司 关于调整公司 2025 年 A 股员工持股计划购买价格的公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 6 月 19 日召开了第四届董事会第七次会议，审议通过了《关于调整公司 2025 年 A 股员 工持股计划购买价格的议案》，现将有关事项公告如下： 一、本员工持股计划已履行的审议程序 1、公司于 2025 年 3 月 28 日召开第四届董事会第五次会议及第四届监事会 第四次会议，并于 2025 年 5 月 28 日召开了 2024 年年度股东大会，审议通过《关 于公司<2025 年 A 股员工持股计划（草案）>及其摘要的议案》《关于公司<2025 年 A 股员工持股计划管理办法>的议案》等相关议案，同意公司实施 2025 年 A 股员工持股计划，同时股东大会授权董事会办理与本次员工持股计划相关的事 宜。 2、公司于 2025 年 6 月 19 日召开了第四届董事会第七次会议，审议通过了 ...

江西金力永磁科技股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步完善江西金力永磁科技股份有限公司（以下简称"公司"） 激励与约束机制，调动公司董事、高级管理人员工作积极性，促进公司健康、稳 定、持续发展，根据国家有关法律、法规、规范性文件及《江西金力永磁科技股 份有限公司章程》（以下简称"《公司章程》"）的规定，结合本公司的实际情况， 制定本制度。 第二条 适用本制度的高级管理人员包括：公司首席执行官（CEO）、副总裁、 首席财务官（CFO）、董事会秘书及经董事会决议确认为担任重要职务的其他人 员。 第三条 公司董事、高级管理人员的薪酬管理遵循以下原则： 的基本薪酬按月发放，绩效奖金在年度考核结束后按年度发放。 第六条 公司实行岗位分级和薪酬分级，公司人力资源部门负责制定薪酬的 标准，公司薪酬与考核委员会负责审核薪酬标准，财务部门进行工资的核算和发 放，公司高级管理人员需遵守公司制定的薪酬管理及考核的相关制度，按岗授薪。 第七条 未在公司担任其他职务的非独立董事、独立董事采取固定津贴的形 式在公司领取报酬，津贴的标准由董事会制订方案，提交股东会审议通过。 （一）薪酬与岗位职责匹配； ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-036 江西金力永磁科技股份有限公司 第四届董事会第七次会议决议公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 6 月 14 日以电话、邮件、书面方式通知各位董事，公司第四届董事会第七次会议于 2025 年 6 月 19 日（星期四）以通讯表决方式召开。会议由董事长蔡报贵先生召集并 主持，会议应出席董事 9 名，实际出席董事 9 名。会议的召集召开和表决程序符 合《中华人民共和国公司法》及《公司章程》的有关规定。会议经表决，审议通 过如下议案： 一、审议通过《关于调整公司 2025 年 A 股员工持股计划购买价格的议案》 鉴于公司于 2025 年 6 月 9 日完成了 2024 年年度 A 股权益分派，董事会同 意根据《关于上市公司实施员工持股计划试点的指导意见》以及《2025 年 A 股 员工持股计划（草案）》的相关规定，以及公司 2024 年年度股东大会的授权， 对公司 2025 年 A 股员工持股计划购买价格进行相应调整 ...

江西金力永磁科技股份有限公司 章程 二零二五年六月 | 第一章 | 总 | 则 | ________________________________________________________2 | 第二章 | 经营宗旨和范围 | ________________________________________________3 | | --- | --- | --- | --- | --- | --- | --- | | 第三章 | 股 | 份 | ________________________________________________________4 | 第一节 | 股份发行 | __________________________________________________4 | | 第二节 | 股份增减和回购 | ____________________________________________5 | 第三节 | 股份转让 | __________________________________________________7 | | | 第四节 | 股票和股东名册 | __ ...

第一条 为了江西金力永磁科技股份有限公司（以下简称"公司"或"本 公司"，及其附属公司，合称"集团"）与关联方之间的关联交易符合公平、公 正、公开的原则，保护广大投资者特别是中小投资者的合法权益，根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易所创业板股票上市 规则》（以下简称"《深交所上市规则》"）、《香港联合交易所有限公司证券上市规 则》（以下简称"《香港上市规则》"，"香港联合交易所有限公司"以下简称"香 港联交所"）等有关法律、法规、规范性文件及《江西金力永磁科技股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，特制订本制度。 第二条 公司股东、董事、高级管理人员不得利用其关联关系损害公司利 益。违反相关规定，给公司造成损失的，应当承担赔偿责任。 江西金力永磁科技股份有限公司 关联/关连交易管理制度 第一章 总 则 第三条 在本制度中，关联交易是指公司或其控股子公司与公司关联人之 间发生的转移资源或义务的事项；关联人包括符合《深交所上市规则》定义的关 联法人、关联自然人和潜在关联人，具体规则参见本制度第二章；关连人士及关 连交易具有《香港上市规则》第 14A 章所定义 ...