Market Overview - On September 17, the metal new materials sector rose by 1.95%, with Huitong New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Huitong New Materials (Code: 833751) closed at 25.15, up 7.16% with a trading volume of 47,400 shares and a transaction value of 116 million [1] - Jinli Permanent Magnet (Code: 300748) closed at 37.90, up 6.49% with a trading volume of 928,700 shares and a transaction value of 344.3 million [1] - Tunan Co., Ltd. (Code: 300855) closed at 28.49, up 4.63% with a trading volume of 83,600 shares and a transaction value of 235 million [1] Underperformers - Shenzhen New Star (Code: 603978) closed at 20.51, down 3.93% with a trading volume of 161,500 shares [2] - Youyan Powder Materials (Code: 688456) closed at 51.93, down 3.83% with a trading volume of 38,200 shares [2] - Zhongzhou Special Materials (Code: 300963) closed at 18.36, down 1.98% with a trading volume of 115,100 shares [2] Capital Flow - The metal new materials sector saw a net inflow of 287 million from institutional investors, while retail investors experienced a net outflow of 234 million [2][3] - Major stocks like Jinli Permanent Magnet and Boweitai Gold saw significant net inflows from institutional investors, indicating strong institutional interest [3] Summary of Individual Stock Performance - Jinli Permanent Magnet had a net inflow of 221 million from institutional investors, while retail investors saw a net outflow of 174 million [3] - Boweitai Gold had a net inflow of 46.73 million from institutional investors, with retail investors experiencing a net outflow of 1.94 million [3] - Zhenghai Magnetic Materials had a net inflow of 45.98 million from institutional investors, while retail investors saw a net outflow of 4.52 million [3]

Market Overview - The metal new materials sector experienced a decline of 0.75% on September 16, with Jinli Permanent Magnet leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Youyan Powder Materials (688456) with a closing price of 54.00, up 10.29% and a trading volume of 41,500 shares, totaling 216 million yuan [1] - Jiangnan New Materials (603124) closed at 87.98, up 4.01% with a trading volume of 34,200 shares, totaling 297 million yuan [1] - New Life (301323) closed at 52.30, up 3.73% with a trading volume of 26,800 shares, totaling 138 million yuan [1] - Conversely, significant decliners included: - Jinli Permanent Magnet (300748) closed at 35.59, down 3.37% with a trading volume of 720,500 shares, totaling 254.7 million yuan [2] - Dadi Energy (688077) closed at 37.58, down 2.99% with a trading volume of 49,800 shares, totaling 187 million yuan [2] - Zhongke Sheng (301141) closed at 63.45, down 2.23% with a trading volume of 46,700 shares, totaling 29.5 million yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 970 million yuan from institutional investors, while retail investors contributed a net inflow of 858 million yuan [2] - The capital flow for specific stocks showed: - Youyan Powder Materials had a net inflow of 17.01 million yuan from institutional investors, while retail investors had a net outflow of 1.67 million yuan [3] - New Life experienced a net inflow of 7.92 million yuan from institutional investors, with retail investors showing a net outflow of 4.83 million yuan [3] - Jiangnan New Materials had a net inflow of 7.21 million yuan from institutional investors, while retail investors had a net outflow of 3.12 million yuan [3]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.507 billion CNY, a year-on-year increase of 4.33% [2] - Main business revenue reached 3.226 billion CNY, growing by 11.08% [2] - Net profit attributable to shareholders was 305 million CNY, up 154.81% [2] - Net profit excluding non-recurring gains and losses was 234 million CNY, a significant increase of 588.18% [2] Export and Sales - Overseas sales revenue for the first half of 2025 was 513 million CNY, a decrease of 13.58% [3] - Sales revenue from exports to the United States was 217 million CNY, an increase of 45.10% [3] Production Capacity and Revenue Structure - The actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with a target of 60,000 tons by 2027 [4] - Revenue from the new energy vehicle and auto parts sector was 1.675 billion CNY, with a sales volume increase of 28.14% [4] - Revenue from the variable frequency air conditioning sector was 1.050 billion CNY, with a sales volume increase of 19.85% [4] - Other sectors included wind power (214 million CNY), robotics and industrial servo motors (133 million CNY), and 3C products (101 million CNY) [4] Robotics and R&D - The company upgraded its R&D department to focus on embodied robot motor rotors, indicating a strategic shift towards this growth area [5] - Initial small-batch product deliveries have been made, positioning robotics as a potential key growth driver [5] Rare Earth Recycling - The company holds a 51% stake in Yinhai New Materials, specializing in rare earth recycling [6] - Yinhai New Materials achieved revenue of 78.89 million CNY and a net profit of 13.59 million CNY in the first half of 2025 [6] Dividend Policy - The company has implemented a cash dividend policy since its listing in 2018, with cumulative cash dividends exceeding 1.2 billion CNY, accounting for over 47% of the net profit attributable to shareholders [7] - For the first half of 2025, a cash dividend of 1.80 CNY per 10 shares is proposed, totaling approximately 247 million CNY, which represents 81% of the net profit for the period [8]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

Core Viewpoint - Jinli Permanent Magnet's stock price has shown significant growth this year, with a year-to-date increase of 106.97% and notable performance in recent trading periods [2] Company Overview - Jinli Permanent Magnet, established on August 19, 2008, and listed on September 21, 2018, is located in Ganzhou, Jiangxi Province. The company specializes in the research, production, and sales of high-performance neodymium-iron-boron permanent magnet materials, magnetic components, and the recycling of rare earth permanent magnet materials [2] - The company's main revenue source is neodymium-iron-boron magnets, accounting for 91.98% of total revenue, while other sources contribute 8.02% [2] Financial Performance - For the first half of 2025, Jinli Permanent Magnet reported a revenue of 3.507 billion yuan, representing a year-on-year growth of 4.33%. The net profit attributable to shareholders was 305 million yuan, showing a substantial increase of 154.81% [2] - Since its A-share listing, the company has distributed a total of 1.223 billion yuan in dividends, with 837 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Jinli Permanent Magnet reached 99,100, an increase of 27.89% from the previous period. The average circulating shares per person remained at 0 shares [2] - The top ten circulating shareholders include notable entities such as E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings noted [3]

Core Points - The company Jinli Permanent Magnet announced the cancellation of 3,665,542 shares, which represents 0.27% of the total share capital before cancellation [1] - The total amount for the share repurchase cancellation was 142,216,877.42 yuan [1] - After the cancellation, the company's total share capital changed from 1,372,131,923 shares to 1,368,466,381 shares [1] - The cancellation of shares was confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, completed on September 10, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 做 出。 茲載列江西金力永磁科技股份有限公司於深圳證券交易所網站(www.szse.cn )刊 登 的 公 告 如 下，僅 供 參 閱。 承董事會命 江西金力永磁科技股份有限公司 董事長 蔡報貴 江 西，2025年9月11日 关于回购股份注销完成暨股份变动的公告 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、江西金 ...

Core Viewpoint - The company Jinli Permanent Magnet (06680) announced the resignation of Vice President Mao Huayun due to personal reasons, effective September 10, 2025, while he will continue to serve as Chief Engineer and General Manager of its wholly-owned subsidiary Jinli Permanent Magnet (Ganzhou) New Materials Co., Ltd [1] Summary by Relevant Sections - **Resignation Announcement** - Vice President Mao Huayun submitted a written resignation report to the board of directors [1] - The resignation is attributed to personal reasons [1] - **Continued Roles** - Mao Huayun will retain his position as Chief Engineer of the company [1] - He will also continue as General Manager of Jinli Permanent Magnet (Ganzhou) New Materials Co., Ltd [1]

Core Viewpoint - The company announced the resignation of Vice President Mao Huayun due to personal reasons, effective September 10, 2025, while he will continue to serve as Chief Engineer and General Manager of its wholly-owned subsidiary, Jinli Permanent Magnet (Ganzhou) New Materials Co., Ltd. [1] Summary by Relevant Sections - **Resignation Announcement** - The board of directors received a written resignation report from Vice President Mao Huayun [1] - The resignation is attributed to personal reasons [1] - **Continued Roles** - Mao Huayun will retain his position as Chief Engineer of the company [1] - He will also continue as General Manager of the wholly-owned subsidiary, Jinli Permanent Magnet (Ganzhou) New Materials Co., Ltd. [1]