Market Overview - On September 24, the energy metals sector increased by 1.83% compared to the previous trading day, with Huayou Cobalt leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 55.52, with a rise of 5.79% and a trading volume of 1.32 million shares [1] - Xizang Mining (000762) closed at 22.37, up 4.39% with a trading volume of 200,100 shares [1] - Rongjie Co., Ltd. (002192) closed at 35.32, increasing by 3.97% with a trading volume of 79,200 shares [1] - Ganfeng Lithium (002460) closed at 54.92, up 3.35% with a trading volume of 1.21 million shares [1] - Yongxing Materials (002756) closed at 34.52, increasing by 2.89% with a trading volume of 93,900 shares [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 299 million yuan from main funds, while retail funds experienced a net outflow of 352 million yuan [1] - Retail investors contributed a net inflow of 52.18 million yuan [1] Detailed Capital Flow for Selected Stocks - Huayou Cobalt had a main fund net inflow of 264 million yuan, but retail funds saw a net outflow of 191 million yuan [2] - Coldray Mining (300618) experienced a main fund net inflow of 35.46 million yuan, while retail funds had a net outflow of 45.88 million yuan [2] - Rongjie Co., Ltd. had a main fund net inflow of 12.06 million yuan, with retail funds showing a net outflow of 7.79 million yuan [2] - Ganfeng Lithium had a main fund net inflow of 4.36 million yuan, but retail funds experienced a net outflow of 16.13 million yuan [2]

Group 1 - The company, Tengyuan Cobalt (301219), reported that as of September 19, 2025, the number of shareholders is 24,484 [1]

证券代码：301219 证券简称：腾远钴业 公告编号：2025-042 赣州腾远钴业新材料股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、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、本次股东会无增加、变更、否决议案的情况； 2、本次股东会不涉及变更以往股东会已通过的决议。 （1）股东总体出席 通过现场和网络投票的股东 184 人，代表股份 149,398,662 股，占公司有表 决权股份总数的 50.9385％。 一、会议召开和出席情况 1、会议召开的时间： （1）现场召开时间：2025 年 9 月 23 日（星期二）下午 3 时； （2）网络投票时间：2025 年 9 月 23 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：上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的时间为：9:15-15:00 期间的任意时 间。 2、现场会议召开地点：江西省赣州市赣县区赣州高新技术产业开发区稀金 大道 9 号腾远钴业办公楼会议室。 3、会议召开的方式：本次股东会 ...

福建天衡联合（福州）律师事务所 关于赣州腾远钴业新材料股份有限公司 2025 年第一次临时股东会的 法律意见书 关于赣州腾远钴业新材料股份有限公司 2025 年第一次临时股东会的 法律意见书 〔2025〕天衡福顾字第 0037 号-03 号 致：赣州腾远钴业新材料股份有限公司 引 言 福建天衡联合（福州）律师事务所接受赣州腾远钴业新材料股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2025 年第一次临时股东会（以下 简称"本次会议"），并根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证券监督管理委员会《上市公司股东会规则》《深圳证券交易所创业板股票上 市规则》和《深圳证券交易所上市公司股东大会网络投票实施细则》等法律、法规 和规范性文件以及《赣州腾远钴业新材料股份有限公司章程》（以下简称《公司章 程》）的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，并基 于律师声明事项，就本次会议的相关事项出具本法律意见书。 - 1 - 法律意见书 律师声明事项 本所及本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则》 ...

Core Viewpoint - Tengyuan Cobalt Industry (301219.SZ) is currently experiencing a decline in stock price, with a closing price of 65.72 yuan and a drop of 3.35%, resulting in a total market capitalization of 19.369 billion yuan. The stock is in a state of breaking below its initial public offering price [1]. Group 1: IPO and Financial Performance - Tengyuan Cobalt Industry was listed on the Shenzhen Stock Exchange's ChiNext board on March 17, 2022, with an initial public offering (IPO) price of 173.98 yuan per share and a total of 31.4869 million shares issued [1][2]. - The total funds raised from the IPO amounted to 5.478 billion yuan, with a net amount of 5.204 billion yuan after deducting issuance costs. The net funds raised exceeded the original plan by 3.006 billion yuan [2]. - The company planned to use the raised funds for projects including the annual production of 20,000 tons of cobalt and 10,000 tons of nickel, as well as for working capital [2]. Group 2: Dividend Distribution - In 2021, Tengyuan Cobalt Industry announced a dividend distribution plan, proposing a cash dividend of 39.9 yuan per 10 shares and a capital reserve conversion of 8 shares for every 10 shares held [2]. - For the year 2022, the company announced a cash dividend of 12.00 yuan per 10 shares, totaling 272.046 million yuan, along with a capital reserve conversion of 3 shares for every 10 shares held, increasing the total share capital to 294,717,182 shares [3].

Market Overview - The Shanghai Composite Index fell by 1.23% today, with a trading volume of 1,083.14 million shares and a transaction value of 17,135.39 billion yuan, an increase of 26.47% compared to the previous trading day [1]. Industry Performance - Among the industries, the banking sector had the highest increase, up by 2.15%, with Nanjing Bank leading at a rise of 4.30% [1]. - The computer, social services, and comprehensive sectors experienced the largest declines, down by 3.74%, 3.73%, and 3.57% respectively [1][2]. Detailed Industry Data - **Banking**: +2.15%, transaction value 315.69 billion yuan, up 126.85% from the previous day, led by Nanjing Bank (+4.30%) [1]. - **Coal**: -0.02%, transaction value 103.20 billion yuan, up 34.02%, led by Antai Group (-5.22%) [1]. - **Utilities**: -0.28%, transaction value 229.25 billion yuan, up 23.66%, led by Jingyuntong (-5.99%) [1]. - **Oil & Petrochemicals**: -0.50%, transaction value 60.02 billion yuan, up 20.24%, led by Yueyang Xingchang (-4.60%) [1]. - **Transportation**: -0.91%, transaction value 224.70 billion yuan, up 20.14%, led by Jushen Co. (-9.87%) [1]. - **Food & Beverage**: -1.10%, transaction value 205.01 billion yuan, up 31.81%, led by Ziyan Food (-5.40%) [1]. - **Construction & Decoration**: -1.12%, transaction value 252.99 billion yuan, up 18.05%, led by Yabo Co. (-6.56%) [1]. - **Household Appliances**: -1.30%, transaction value 315.39 billion yuan, up 10.99%, led by Greer (-8.21%) [1]. - **Power Equipment**: -1.48%, transaction value 1,861.78 billion yuan, up 44.25%, led by Daqian Energy (-7.29%) [1]. - **Automotive**: -1.52%, transaction value 1,037.23 billion yuan, up 20.58%, led by Shanghai Wumao (-9.93%) [1]. - **Textiles & Apparel**: -1.58%, transaction value 128.03 billion yuan, up 15.04%, led by Sanfu Outdoor (-5.97%) [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: -1.65%, transaction value 121.46 billion yuan, up 11.51%, led by Aonong Biological (-6.99%) [1]. - **Non-Bank Financials**: -1.72%, transaction value 431.67 billion yuan, up 55.06%, led by Yalian Development (-5.63%) [1]. - **Environmental Protection**: -1.75%, transaction value 151.27 billion yuan, up 35.24%, led by Henghe Co. (-10.64%) [1]. - **Construction Materials**: -2.28%, transaction value 116.54 billion yuan, up 18.34%, led by Gongyuan Co. (-6.75%) [1]. - **Nonferrous Metals**: -2.36%, transaction value 761.40 billion yuan, up 20.71%, led by Tengyuan Cobalt (-6.04%) [1]. - **Media**: -2.36%, transaction value 390.38 billion yuan, up 24.71%, led by Jinyi Film (-8.95%) [1]. - **Beauty & Personal Care**: -2.50%, transaction value 30.26 billion yuan, up 30.69%, led by Huaye Fragrance (-4.78%) [1]. - **Defense & Military**: -2.52%, transaction value 384.06 billion yuan, up 22.18%, led by ST Sicor (-11.43%) [1]. - **Telecommunications**: -2.54%, transaction value 1,124.99 billion yuan, up 29.44%, led by Dekeli (-14.18%) [1]. - **Electronics**: -2.56%, transaction value 3,735.81 billion yuan, up 19.69%, led by Zhixin Electronics (-10.74%) [1]. - **Machinery Equipment**: -2.65%, transaction value 1,391.63 billion yuan, up 24.55%, led by Huizhong Co. (-10.29%) [1]. - **Basic Chemicals**: -2.66%, transaction value 645.44 billion yuan, up 13.75%, led by Dingjide (-7.52%) [1]. - **Steel**: -2.78%, transaction value 68.00 billion yuan, down 2.07%, led by Shougang Co. (-5.26%) [1]. - **Light Industry Manufacturing**: -2.80%, transaction value 174.20 billion yuan, up 4.62%, led by Haotaitai (-10.01%) [1]. - **Pharmaceuticals & Biotechnology**: -3.02%, transaction value 805.28 billion yuan, up 33.02%, led by Kangle Weishi (-12.10%) [1]. - **Real Estate**: -3.17%, transaction value 252.56 billion yuan, up 13.91%, led by Electronic City (-9.86%) [1]. - **Commerce & Retail**: -3.57%, transaction value 38.87 billion yuan, up 81.17%, led by Nanjing Business Travel [2]. - **Social Services**: -3.73%, transaction value 151.27 billion yuan, up 0.36%, led by Yunnan Tourism (-10.01%) [2]. - **Computers**: -3.74%, transaction value 1,426.22 billion yuan, up 34.17%, led by ST Chuangyi (-19.97%) [2].

Summary of the Conference Call on Tengyuan Cobalt Industry Industry Overview - The cobalt export ban and quota system in the Democratic Republic of Congo (DRC) significantly impact Chinese enterprises, including Tengyuan Cobalt Industry, which is actively seeking policy relaxation and adjusting its business strategy to protect its interests [2][4][5]. Key Points and Arguments - **Cobalt Demand in China**: There is a persistent demand gap for cobalt in the Chinese market, expected to remain significant through 2025. The DRC's policies may exacerbate supply-demand tensions, potentially driving cobalt prices higher [2][6]. - **Government Communication**: Tengyuan is actively communicating with the DRC government to secure export quotas and is collaborating with other mines and smelters to adapt to policy changes [2][4][7]. - **Technological and Operational Advantages**: Tengyuan possesses significant technological advantages in processing low-grade cobalt ores, allowing it to produce cobalt products at costs lower than export prices. The company also maintains good relationships with suppliers, ensuring stable raw material supply [3][10]. - **Inventory Stability**: The company reports stable inventory levels, which are relatively consistent and sustainable within the smelting industry [10]. - **Strategic Quotas**: The strategic quota system aims to stabilize or increase stock prices and may be used by the government for strategic reserves, providing opportunities for companies with a good operational history in the region, such as Tengyuan [2][15]. - **Future Supply-Demand Dynamics**: By 2025, China's cobalt consumption is projected to be between 170,000 to 180,000 tons, with a supply of only about 130,000 tons from Indonesia and imports, indicating a significant shortfall [6]. - **Profitability Post-Quota**: Tengyuan expects that even with increased operational costs after obtaining quotas, it will maintain profitability due to its cost control advantages. Current price expectations are between $18 to $20 per pound, which would be favorable for the company [13]. Additional Important Insights - **Impact of DRC Policies**: The DRC's new policies banning cobalt exports and implementing quotas have a substantial impact on Chinese enterprises, necessitating strategic adjustments by Tengyuan [4][5]. - **Logistics and Transportation**: The company is preparing for potential logistical challenges as the DRC begins to release quotas, ensuring rapid transportation once quotas are confirmed [12]. - **Government Procurement Mechanism**: The government’s procurement of excess production beyond basic quotas resembles a physical tax, allowing the state to manage market supply and prices effectively [17]. - **Outlook for 2026**: While the specifics of quota distribution for 2026 remain unclear, Tengyuan is optimistic about securing sufficient export shares based on historical data and ongoing collaborations with local mining enterprises [16][19]. This summary encapsulates the critical insights from the conference call regarding Tengyuan Cobalt Industry's strategies, market dynamics, and future outlook amidst changing regulatory environments in the DRC.

Core Viewpoint - Tengyuan Cobalt Industry announced that its major shareholders have committed to not reducing their holdings in the company, aiming to enhance investor confidence and support the company's stable development [2] Shareholder Commitments - Major shareholders, including Luo Jie, Xie Fubiao, and Wu Yanghong, have pledged not to sell their shares for 12 months starting from September 22, 2025 [2] - Luo Jie holds 66,093,066 shares, accounting for 22.43% of the total share capital [2] - Xie Fubiao holds 30,546,602 shares, representing 10.36% of the total share capital [2] - Wu Yanghong holds 15,035,366 shares, which is 5.10% of the total share capital [2] - Collectively, these three shareholders own 111,675,034 shares, making up 37.89% of the total share capital of Tengyuan Cobalt [2] Implications of the Commitment - The commitment is intended to promote the company's sustainable and healthy development while protecting the interests of investors [2] - Any proceeds from potential share sales that violate this commitment will be returned to the company [2]

Group 1 - Xinxiang Chemical Fiber will suspend production for approximately 90 days starting October 1, 2025, affecting an annual capacity of 31,200 tons, resulting in a revenue decrease of approximately 185 million yuan and a profit reduction of about 48 million yuan [1] - Bozhong Precision plans to transfer 18.29% of its stake in Suzhou Linghou Robot for 64 million yuan, retaining a 21.61% ownership post-transaction [1] - Haixing Electric is a recommended candidate for a State Grid procurement project, with an expected bid amount of approximately 128 million yuan [2] Group 2 - Samsung Medical is a recommended candidate for multiple State Grid procurement projects, with a total expected bid amount of approximately 193 million yuan [2][3] - Youxunda is a recommended candidate for a State Grid procurement project, with a bid amount of approximately 107 million yuan, representing 10.55% of its 2024 revenue [3] - Tiancheng Self-Control has received a notification for a seat assembly project from a well-known domestic new energy vehicle company, expected to start mass production in June 2026 [4] Group 3 - YKYY013 injection has received FDA approval for clinical trials to treat chronic hepatitis B virus infection [4] - Pulaide has signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [4] - Sichuan Shuangma's subsidiary has obtained GMP certification from Russia, covering core aspects of drug quality and production systems [6] Group 4 - Boshi Co. has signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [7] - Wansheng Intelligent is a recommended candidate for a State Grid project, with an expected bid amount of approximately 67.98 million yuan, representing 7.25% of its 2024 revenue [9][10] - Huazi Industrial plans to sell its dairy farm assets for 38.5 million yuan, expecting a positive impact of approximately 11.7 million yuan on its current profits [10] Group 5 - Jinguang Electric has won a State Grid project with a total bid amount of approximately 28.4 million yuan, accounting for 3.82% of its 2024 revenue [11] - Nanjiao Food reported a net profit of 10,410 yuan for August, a year-on-year decrease of 98.31% [13] - Dongfang Bio's subsidiary has obtained registration certificates for two medical device products [15] Group 6 - Lanhua Kecai has signed a strategic cooperation agreement with Shanghai Pangu Power to promote intelligent and efficient transformation in the coal mining industry [17] - Yabao Pharmaceutical has decided to terminate the SY-009 research project, with a total investment of approximately 87.87 million yuan to be fully impaired [18] - Tian Shili's subsidiary has received approval for a new indication for its recombinant human urokinase injection for acute ischemic stroke treatment [20] Group 7 - Su Yan Jingshen's executives plan to increase their shareholding in the company, with a total investment of between 1.9 million and 2.66 million yuan [22] - Baiyun Electric and its subsidiary have won a State Grid project with a total bid amount of approximately 162 million yuan, covering multiple equipment types [23] - China West Electric's director has resigned due to work reasons, effective September 19, 2025 [25] Group 8 - Jianan Intelligent is a recommended candidate for a State Grid project with a total expected bid amount of approximately 73.12 million yuan [26] - Juhua Technology is a recommended candidate for a State Grid project with a total expected bid amount of approximately 142 million yuan [27] - Tengyuan Cobalt's actual controller has committed not to reduce holdings for the next 12 months, holding 37.89% of the total shares [28] Group 9 - Changfei Optical Fiber announced that Draka Comteq B.V. no longer holds H shares in the company after selling 37.59 million shares [28] - Mongcao Ecological's subsidiary has signed a contract for an ecological restoration project worth 225.2 million yuan [29] - Weiao Co. plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 39.29 million yuan [30]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the recent Congo export policy for cobalt is expected to drive prices upward, with a significant reduction in export quotas leading to increased demand for replenishment from downstream enterprises [6] - The report suggests a bullish outlook for precious metals following the recent FOMC meeting, despite some market adjustments, indicating a potential slow bull market for gold [4] - Copper prices are anticipated to break through key resistance levels, supported by seasonal demand increases in China [5] - The aluminum market is expected to see price increases due to rising downstream consumption as the National Day holiday approaches [5] - Lithium demand is projected to grow significantly, driven by a major contract signed by CATL for lithium iron phosphate materials, indicating a strong outlook for lithium prices [7] - Uranium prices are expected to rise due to potential export restrictions from Russia, which could significantly impact global supply [8] Summary by Sections Industry Overview - The closing index for the industry is at 6522.39, with a weekly high of 6795.38 and a low of 3912.76 [1] Price Movements - Basic metals saw declines: copper down 1.19%, aluminum down 1.33%, zinc down 2.88%, lead down 0.17%, and tin down 1.53%. Precious metals had mixed results with gold down 0.22% and silver up 1.13% [21] Inventory Levels - Global visible inventories increased for copper by 7945 tons, aluminum by 8010 tons, and zinc by 2724 tons, while lead saw a decrease of 4085 tons [29]