300774，宣布重要收购

Company Overview - Beijite announced the signing of a share acquisition framework agreement to gain control of Yunnan Wenye Nonferrous Metals Co., Ltd. through its wholly-owned subsidiary Beijite (Beijing) New Materials Technology Co., Ltd. This acquisition is a strategic move to enhance its layout in the antimony industry chain, aiming to complete the full chain from raw materials to smelting [1] - The acquisition is part of a broader strategy to integrate upstream and downstream operations, following the previous acquisition of a 55% stake in Dahao Mining for 224.8 million yuan, which secured antimony ore resources [1] Strategic Intent - The core objective of the acquisition is to achieve a comprehensive industrial application strategy, extending from the recycling end to securing raw materials and enhancing the smelting segment. This aims to cover the entire antimony value chain, including extraction, smelting, production, recycling, and resource assurance, thereby maximizing resource utilization and profit margins [2] - Beijite's strength lies in its heavy metal recovery technology, which has been validated for efficient recovery of antimony from wastewater and sludge, thus forming the foundation for its reverse integration of the industry chain [2] Financial Considerations - Dahao Mining, previously acquired by Beijite, is currently not profitable, with projected net losses of 16.5 million yuan and 12.9 million yuan for 2024 and the first seven months of 2025, respectively. The total assets of Dahao Mining stand at 155 million yuan, with a negative net asset of 32.4 million yuan, indicating a state of insolvency [3] - Beijite plans to support Dahao Mining's mining construction through special loans, with amounts determined based on project needs [3] Industry Context - Antimony is a critical raw material in the semiconductor and new energy sectors, with growing market demand. According to Dongxing Securities, antimony consumption in the global photovoltaic glass sector is expected to increase by 38.6% year-on-year in 2024, with a projected compound annual growth rate of 22% from 2024 to 2027 [3] - The global supply-demand gap for antimony is anticipated to widen over the next three years, with its scarcity supporting a long-term high price range [3]