3、会议召开的合法及合规性：本次年度股东大会会议的召集、召开程序符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 证券代码：300748 证券简称：金力永磁 公告编号：2025-027 江西金力永磁科技股份有限公司 关于召开公司 2024 年年度股东大会的公告 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"、"本公司"）第四届 董事会第五次会议审议通过《关于提议召开公司 2024 年年度股东大会的议案》， 公司拟召开 2024 年年度股东大会，并授权公司董事长负责公告和通函披露前的 核定、确定年度股东大会召开的相关具体事宜。现将股东大会的有关事项通知如 下： 一、召开会议基本情况 1、股东大会届次：2024 年年度股东大会 2、会议召集人：公司第四届董事会 4、会议召开时间： （1）现场会议时间：2025 年 5 月 28 日（星期三）下午 14:30 （2）网络投票时间：2025 年 5 月 28 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 28 日上午 09 ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-026 江西金力永磁科技股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持股情 况的公告 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 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，审议通过《关于< 回购公司股份方案>的议案》：公司拟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 10,000 万元（含），不超过人民币 20,000 万元（含），回购价格不超过人 民币 31.18 元/股（含），本次回购的股份将依法全部用于注销并减少注册资本。 具体内容详见公司 2025 年 4 月 28 日在巨潮资讯网（www.cninfo.com.cn）披露的 《关于回购公司 A 股股份方案公告》（公告编号：2025-025）。 根据《上市公司股份回购规则》《深圳证 ...

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot industry is currently in a stage of hardware definition and technological iteration, with significant advancements in core components expected to positively impact related stocks [2][22]. Core Components and Technology - Magnetic components, as a critical part of rare earth permanent magnet materials, are essential for enhancing the performance of servo motors in humanoid robots, particularly in terms of dynamic response, impact resistance, and disturbance resistance [1][3]. - The design of motor structures significantly influences the amount of rare earth permanent magnet materials used and the production processes, necessitating strong design capabilities from companies to optimize motor structures and enhance performance [1][11]. Key Players and Developments - **Jinli Permanent Magnet**: Recognized as a leading enterprise in the rare earth permanent magnet industry, with rapid sales growth and plans for significant capacity expansion by 2025, including a project for 30,000 tons of high-end magnetic materials and a production line for humanoid robot components in Mexico [14][15]. - **Zhenghai Magnetic Materials**: Has a strong presence in the new energy vehicle sector and is actively developing partnerships in the humanoid robot field, contributing to incremental growth [4][17]. - **Yunsheng**: A traditional magnetic materials company with stable sales growth in aluminum, iron, and copper, and has made rapid progress in humanoid robots, establishing connections with potential clients [18]. - **Inlohua**: Offers integrated power system solutions, leveraging its early mover advantage to better meet the needs of humanoid robots [19][20]. Motor Types and Applications - The frameless torque motor and hollow cup motor are highlighted for their compact structure and lightweight characteristics, making them suitable for specific functions in humanoid robots [1][5]. - Different types of motors are used based on the radial ratio of joints, reflecting the varying functional demands of different robot parts [7]. Future Trends and Requirements - The humanoid robot industry demands specialized, non-standardized self-developed motors tailored to specific applications, moving away from traditional standardized products [7][13]. - The development of magnetic materials, particularly magnetic components, is crucial for the advancement of the entire industry chain, influencing the optimization of key components like servo drives and motors [8][22]. Investment Opportunities - Companies such as Jinli Permanent Magnet, Zhenghai Magnetic Materials, Yunsheng, Inlohua, and others are recommended for investment due to their potential benefits from technological breakthroughs in humanoid robots [23][24]. Additional Insights - The integration of various transmission components with motors significantly impacts module performance, necessitating a focus on producing suitable rare earth permanent magnet materials and magnetic components to maximize overall module performance [6][22]. - The importance of magnetic component manufacturers in the humanoid robot industry is emphasized, as they play a critical role in meeting specific functional requirements and driving technological advancements [22].

"需求端，传统领域如家电和消费电子受益以旧换新政策，需求得到有力支撑；同时，新能源汽车领域维持高景 气度，进一步推动了稀土需求的增长。此外，从远期来看，人形机器人产业的发展有望为稀土市场打开新的成长空 间。因此，稀土的需求预期将保持较高的增速。"申万宏源有色金属团队告诉《国际金融报》记者，当前稀土板块处 于"价格底部+政策催化+需求预期改善"三重驱动节点，且中美博弈背景下，稀土战略价值凸显，板块估值具备上修空 间。 五一假期后的首个交易日，A股士气高涨，截至午盘，4839只个股飘红。 稀土磁材是人形机器人核心原材料之一，今日人形机器人概念也大涨，截至午盘涨2.8%。 | թ | 代码 | 名称 | ● | 米幅% ↑ | 最新 | 成交额 | 周涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 0 | 861546 | 人形机器人 | 1 | 1257.51 | 2.80 | 2.80 | 34.25 | | 1 | 300918 | 南山智尚 | 1 | 19.98 | 24.92 | 9.49 7 | 19.98 | | 2 | 30131 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, indicating challenges in maintaining profitability amidst falling raw material prices and increased competition [1][3]. Financial Performance - In 2024, the company achieved revenue of 6.763 billion yuan (+1.13%) and a net profit of 291 million yuan (-48.37%), with a basic EPS of 0.22 yuan [1]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, totaling 271 million yuan, which is 93% of the net profit [1]. - For Q1 2025, revenue reached 1.754 billion yuan (+14.19% YoY, +0.29% QoQ) and net profit was 161 million yuan (+57.85% YoY, +70.48% QoQ) [1]. Production and Sales - The company has successfully increased production and sales of neodymium-iron-boron magnets, achieving a capacity utilization rate of over 90% [1]. - High-performance rare earth permanent magnet products accounted for over 90% of production, with sales volumes reaching historical highs of 21,579 tons (+42.4%) and 20,850 tons (+37.9%) [1]. Price Trends - The average price of praseodymium-neodymium in 2024 was 490,000 yuan/ton, a decrease of approximately 25% from 650,000 yuan/ton in 2023 [2]. - The decline in raw material prices has led to a lagging decrease in the average price of neodymium-iron-boron magnets, but increased sales volume has mitigated the negative impact [2]. Market Segmentation - The company has seen significant revenue growth in various sectors: - New energy vehicles: 3.314 billion yuan (+38.62% YoY) - Variable frequency air conditioners: 1.540 billion yuan (+61.81% YoY) - Wind power: 497 million yuan (+2.03% YoY) - Robotics and industrial servo motors: 196 million yuan (+5.17% YoY) - 3C sector: 213 million yuan (+104.54% YoY) [2]. Profitability Metrics - The company's gross margin and net margin for 2024 were 11.13% and 4.35%, respectively, reflecting a decline due to falling prices and increased competition [3]. - In Q1 2025, gross margin and net margin improved to 15.70% and 9.26%, respectively, driven by strong demand in the new energy vehicle and variable frequency air conditioning sectors [3]. Capacity Expansion Plans - By the end of 2024, the company will have an annual production capacity of 38,000 tons for neodymium-iron-boron magnets, with plans to expand to 40,000 tons in 2025 [4]. - The company is investing in a new project in Baotou to produce 20,000 tons of high-performance rare earth permanent magnets, aiming for a total capacity of 60,000 tons by 2027 [4]. Employee Incentives - The company has proposed an employee stock ownership plan with a total funding of up to 85.52 million yuan, aimed at enhancing employee motivation and aligning interests with company performance [4]. Share Buyback - The company plans to repurchase A-shares worth between 100 million and 200 million yuan, reflecting confidence in its future prospects [5]. Future Revenue Projections - Revenue forecasts for 2025-2027 are 9.09 billion yuan, 11.01 billion yuan, and 13.22 billion yuan, with expected growth rates of 34.4%, 21.1%, and 20.1% respectively [6]. - Net profit projections for the same period are 638 million yuan, 793 million yuan, and 988 million yuan, with growth rates of 119.2%, 24.3%, and 24.7% respectively [6].

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]

Investment Rating - The report recommends "Jinli Permanent Magnet" as a key investment opportunity in the humanoid robot materials sector, while also suggesting to pay attention to "Zhenghai Magnetic Materials," "Ningbo Yunsheng," "InnoLux," and "Instech" [3]. Core Insights - The humanoid robot industry is driven by diverse functional demands, necessitating advanced motor designs, particularly in joint servo motors, which are crucial for movement capabilities [1][9]. - Magnetic components are identified as critical parts of servo motors, with the design and adaptation of these components creating significant barriers to entry in the market [2][38]. - The development of rare earth permanent magnet materials is pivotal for the humanoid robot sector, marking a new era in material design for magnetic components [3][51]. Summary by Sections 1. Joint Servo Motors: Core of Humanoid Robot Movement - Electric motors serve as the primary power source for humanoid robots, with unique functional requirements such as high torque density, dynamic response, lightweight, and low noise [1][9]. - Different joint configurations require tailored motor designs, indicating substantial room for improvement in current humanoid robot joint structures [1][20]. 2. Magnetic Components: Key Parts of Servo Motors - Magnetic components are part of the deep processing of rare earth permanent magnet materials, with complex production processes affecting motor performance [2][38]. - The performance of permanent magnet materials is critical, with specific grades determining customization capabilities for manufacturers [2][50]. - Future designs must align magnetic components with motor structures to optimize performance, creating competitive advantages for companies in the humanoid robot field [2][38]. 3. Investment Recommendations and Key Targets - The report emphasizes the importance of rare earth permanent magnet materials in humanoid robots, recommending "Jinli Permanent Magnet" and highlighting other companies like "Zhenghai Magnetic Materials" and "Ningbo Yunsheng" as potential investment opportunities [3][4].

4月4日，中国商务部会同海关总署发布关于对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实 施出口管制措施的公告，并于发布之日起正式实施。此举被视为对特朗普政府对中国加征所谓"对等关 税"的反击。 稀土是17种金属元素的统称，是重要的战略资源，也是不可再生资源，被誉为现代工业的"维生素"，广 泛应用于工业制造、航空航天、国防军工等领域。中国限制出口的7种元素被归类为更为罕见的中重稀 土，且全球大部分的中重稀土供应都来自中国。 据《日经亚洲》(Nikkei Asia)报道，自中国4月4日宣布对7类中重稀土相关物项实施出口管制后，稀土金 属价格在数周内达到了创纪录的高位。截至5月1日，欧洲镝价已自4月初以来上涨两倍，达到每公斤850 美元(约6180.6元人民币)。铽价则从每公斤965美元(约7016.9元人民币)上涨至3000美元(约21814.1元人民 币)。 北方稀土和广晟有色一季度业绩表现也是惊人。北方稀土一季度实现营收92.87亿元，同比增长61.19%; 归母净利润4.31亿元，同比激增727.30%;扣非净利润4.35亿元，同比增幅高达11622.98%。广晟有色一季 度实现营收15.06亿元，同 ...

公 司 报 告 有色金属 2025 年 4 月 30 日 金力永磁（300748.SZ） 磁材产销回升，产能扩张推进 推荐（维持） 现价：20.28 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.jlmag.com.cn | | 大股东/持股 | 江西瑞德创业投资有限公司 | | | /28.21% | | 实际控制人 | 蔡报贵；胡志滨；李忻农 | | 总股本(百万股) | 1372 | | 流通 A 股(百万股) | 1134 | | 流通 B/H 股(百万股) | 228 | | 总市值（亿元） | 260 | | 流通 A 股市值(亿元) | 230 | | 每股净资产(元) | 5.23 | | 资产负债率(%) | 47.19 | 行情走势图 -40% -20% 0% 20% 40% 60% 80% 2024/06/24 2024/08/23 2024/10/22 2024/12/21 2025/02/19 2025/04/20 金力永磁 沪深300 相关研究报告 《金力永磁(300748.SZ)：业绩环比提升，稳 健成 长可 期》2024-10- ...

Core Viewpoint - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, but a net profit attributable to shareholders of 291 million yuan, a year-on-year decrease of 48.37% [1] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares (tax included) for 2024 [1] Financial Performance - In Q1 2025, the company achieved a revenue of 1.754 billion yuan, a year-on-year increase of 14.19%, and a net profit attributable to shareholders of 161 million yuan, a year-on-year increase of 57.85% [2] - For 2024, the company's net profit excluding non-recurring items was 170 million yuan, a year-on-year decrease of 65.49% [1] Production and Sales - The production of high-performance magnetic materials increased significantly in 2024, with a total production of approximately 29,300 tons, a year-on-year increase of 39.48%, and sales of approximately 20,900 tons, a year-on-year increase of 37.88% [3] - In Q1 2025, the company’s production capacity utilization exceeded 90%, with a production of approximately 8,770 tons of magnetic material blanks and 6,600 tons of finished magnetic materials, both showing over 40% growth compared to the same period last year [3] Pricing and Profitability - The average price of praseodymium-neodymium metal in 2024 was 490,000 yuan per ton, a year-on-year decrease of about 25%, leading to a reduction in gross margin by 4.94 percentage points to 11.13% [3] - In Q1 2025, the average price of praseodymium-neodymium metal rose to 528,000 yuan per ton, a year-on-year increase of 2.7% and a quarter-on-quarter increase of 11.5%, resulting in an increase in sales gross margin to 15.7% [3] Capacity Expansion - The company plans to invest in a new project to produce 20,000 tons of high-performance rare earth permanent magnet materials, with a construction period of 2 years, which will increase its annual production capacity to 60,000 tons [4] - A new production line in Mexico for 1 million sets of magnetic components is also progressing steadily, enhancing the company's product delivery capability to meet growing market demand [4] Investment Outlook - The company anticipates continued growth in performance due to the rapid increase in demand for rare earth permanent magnets and the successful implementation of new projects [4] - The net profit forecasts for 2025-2027 have been adjusted to 633 million, 802 million, and 987 million yuan, respectively, reflecting the company's leading technology and market share in high-end products [4]