怡球资源分析师会议-20250923

Group 1: Research Basic Information - The research object is Yichiu Resources, belonging to the non - ferrous metals industry, with a reception time of September 23, 2025. The listed company's reception staff includes General Manager Liu Kaimin, Board Secretary Gao Yulan, Financial Officer Huang Qinli, and Independent Director Huang Junwang [17] Group 2: Detailed Research Institutions - The reception objects include investors and others [20] Group 3: Main Content - The application fields of the company's aluminum alloy ingot products are expanding with the development of emerging industries, covering new energy vehicles, medical devices, high - voltage power grids, and humanoid robots in addition to traditional sectors [24] - The company maintains a steady and continuous expansion pace. It acquired the assets of Girard Company in 2020 and two auto - dismantling plants in the first half of 2025, and will continue to promote business expansion and resource integration in the future [24] - The profit models of the US M company include recycling and reselling waste household appliances and metals for price differences, dismantling and reselling auto parts, and classifying and selling disassembled auto raw materials [25] - The US subsidiary's recycled waste metals are mainly iron, but also contain some copper and platinum - group precious metals from scrap - car catalytic converters [25] - The company's subsidiary M company disassembles about 25,000 whole vehicles annually, and the non - whole vehicle volume is about 2 - 3 times that of whole vehicles [25] - The company's business model is production based on sales, which can naturally hedge most price risks [26] - The company will gradually release the new 650,000 - ton production capacity in Malaysia according to market demand and price factors [26] - The company has been researching the domestic waste - aluminum recycling network. It will combine the experience of its US subsidiary M company and domestic waste - market conditions to enter the upstream when the time is right [27]