Core Viewpoint - Since 2020, the demand for new energy vehicles has become the core driving force for rare earth downstream, with terminal growth closely related to rare earth prices [1] Supply Side - Domestic integration of rare earth resources is ongoing, forming two major groups and optimizing the supply structure [2] - The import of rare earth ore from Myanmar is expected to marginally decrease due to inventory consumption and seasonal factors [2] Demand Side - The demand for rare earth magnetic materials from new energy vehicles and wind power is projected to reach 6.3 million tons in 2024, accounting for 24% of total domestic demand [3] - By 2025-2026, the demand for magnetic materials from new energy vehicles and wind power is expected to rise to 6.9/8.5 million tons and 1.1/1.5 million tons respectively, reaching 28%/31% of total demand [3] - Humanoid robots are anticipated to become a significant demand driver, with a potential requirement of 20,000 tons of neodymium-iron-boron for 5 million units [3] Market Transition - The rare earth sector is transitioning from the second phase (excess profit digestion) to the third phase (explosive growth in prosperity) [4] - The overall rare earth prices have seen slow upward movement since February 2025, with expectations of further increases due to overseas replenishment demand and the peak season for domestic new energy vehicles [4] - Recommended stocks include Northern Rare Earth, China Rare Earth, Guangsheng Nonferrous, Shenghe Resources, and Jieli Permanent Magnet, with related stocks being Ningbo Yunsheng and Zhenghai Magnetic Materials [4]

证券代码：300748 证券简称：金力永磁 公告编号：2025-040 江西金力永磁科技股份有限公司 根据相关规定，公司已完成证券公司资金账户开立、银行第三方资金存管等 回购前相关手续的办理。 截至 2025 年 6 月 30 日，公司暂未实施股份回购。 二、其他说明 公司后续将在回购期限内，根据市场情况择机实施股份回购，并依照法律法 规的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告 江西金力永磁科技股份有限公司 关于回购公司 A 股股份的进展公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第四届董事会第六次会议及第四届监事会第五次会议，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<回购公司股份方案>的议案》： 同意公司使用公司自有资金或自筹资金（股票回购专项贷款等）以集中竞价交易 方式回购公司 A 股股份，其中自筹资金（股票回购专项贷款等）占回购资金总额 比例不超过 90%，回购股份的资金总额不低于人民币 ...

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].

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry is expected to perform in line with the market index within the next six months [56]. Core Views - The non-ferrous metals industry has shown resilience, with a 1.95% increase over the past two weeks, outperforming the CSI 300 index by 2.83 percentage points, ranking 4th among 31 industries [2][13]. - Precious metals have seen a significant rise, with a 39.57% increase year-to-date, driven by factors such as central bank purchases and heightened investment demand [19][51]. - The report highlights the structural advantages of China's rare earth industry, emphasizing its leading position in production and refining technology, which is expected to play a crucial role in global resource competition [52][53]. Summary by Sections Market Review - As of June 19, 2025, the non-ferrous metals industry has increased by 1.95% over the last two weeks, 4.55% for the month, and 13.03% year-to-date, outperforming the CSI 300 index in all time frames [2][13][19]. - The sub-sectors include precious metals up by 4.05%, energy metals up by 3.22%, industrial metals up by 2.03%, and small metals down by 0.97% [18][19]. Industry News - The Federal Reserve has maintained the benchmark interest rate at 4.25%-4.50%, which is expected to exert slight pressure on gold prices in the short term, but long-term factors such as increased central bank purchases and investment demand are likely to support gold prices [51][40]. - The Ministry of Commerce has accelerated the review of rare earth export licenses, reflecting a growing focus on the rare earth industry due to changes in tariff policies and emerging demand [52][42]. Company Announcements - Companies such as Xiamen Tungsten and China Rare Earth have announced significant projects aimed at enhancing production capacity and market position, indicating a proactive approach to industry growth [45][54]. - Zijin Mining has adjusted its copper production guidance due to operational challenges, which may impact its profitability in the short term [49][50]. Price Analysis - As of June 19, 2025, LME prices for key industrial metals are as follows: copper at $9,619.50/ton, aluminum at $2,525.50/ton, and nickel at $15,040/ton [25]. - Precious metals prices include COMEX gold at $3,386.40/oz and silver at $36.76/oz, with slight fluctuations noted since early June [34][51].

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； ...