第五届董事会第三十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 锦州永杉锂业股份有限公司（以下简称"公司"）第五届董事会第三十六次 会议于 2025 年 8 月 25 日在公司会议室以现场表决结合通讯表决方式召开。本次 董事会会议通知已于 2025 年 8 月 20 日分别以专人送达、电子邮件或传真等方式 发出，会议应出席董事 7 人，实际出席 7 人，会议由董事长杨希龙先生主持。会 议召集及召开程序符合《中华人民共和国公司法》 （以下简称" 证 券 代 码：603399 证 券简 称：永杉锂业 公告 编 号： 2025-048 锦州永杉锂业股份有限公司 《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）等法律法规和《锦州永杉锂业 股份有限公司章程》的有关规定。会议审议并通过了以下决议： 一、审议通过《关于 2025 年半年度报告及半年报摘要的议案》 根据《公司法》《证券法》等法律法规及《公司章程》的规定，结合公司实 际经营状况，公司编制了《2025 年半年度报告》及《2025 年半 ...

Group 1 - The company held the 31st meeting of the 5th Supervisory Board on August 25, 2025, with all three participating supervisors voting in favor of the agenda items [1][2] - The company approved the 2025 semi-annual report and its summary, with all three supervisors voting in favor [1][2] - The company proposed to abolish the Supervisory Board, transferring its responsibilities to the Audit Committee of the Board of Directors, pending approval from the shareholders' meeting [1][2] Group 2 - The company plans to increase the margin for futures hedging business to mitigate risks from price fluctuations of lithium carbonate and raw materials, with a total margin not exceeding RMB 200 million [2] - The maximum contract value held on any trading day will not exceed RMB 1 billion, and this amount can be rolled over within the effective period [2] - The proposed adjustments to the futures hedging business also require approval from the shareholders' meeting [2]

Group 1 - The board of directors of Jiangsu Kairun Building Materials Co., Ltd. held its 19th meeting on August 25, 2025, with all 6 attending members, confirming compliance with relevant laws and regulations [1] - The board approved the 2025 semi-annual report and its summary, affirming the report's authenticity and completeness [2] - The board also approved a special report on the management and use of raised funds, confirming compliance with regulations and no harm to shareholder interests [2] Group 2 - The board approved the provision for asset impairment, aligning with accounting standards and reflecting the company's financial status as of June 30, 2025 [3] - A proposal for conducting futures hedging for raw materials was approved, with a maximum margin of RMB 10 million for a 12-month period [3] - The board agreed to nominate Chen Xianfeng as a non-independent director, pending approval at the shareholders' meeting [4] Group 3 - The board approved the appointment of Chen Jie as the vice general manager and board secretary, effective until the end of the current board's term [5] - A proposal to use up to RMB 80 million of idle funds for cash management in low-risk financial products was approved, with a 12-month usage period [5] - The board approved a guarantee for the operating needs of its subsidiaries, ensuring compliance with regulations and manageable risk [6] Group 4 - The board approved amendments to the company's articles of association to enhance governance and compliance with updated regulations [6] - The board approved the establishment, revision, and abolition of certain governance systems [7] - A proposal to hold the second extraordinary general meeting of shareholders in 2025 on September 11 was approved [8]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, reflecting strong operational performance and market conditions in the non-ferrous metals industry [3][13]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 21.09 billion yuan, representing a 12.35% increase compared to the same period last year [3][13]. - The net profit attributable to shareholders was approximately 1.06 billion yuan, an increase of 32.76% year-on-year [3][13]. - The basic earnings per share rose to 0.626 yuan, up 30.25% from the previous year [3][13]. - The total assets at the end of June 2025 were approximately 36.86 billion yuan, a 0.59% increase from the end of the previous year [3][13]. Industry Overview - The company operates in the non-ferrous metals industry, specifically focusing on tin, zinc, copper, and indium mining, smelting, and processing [3][7]. - The non-ferrous metals industry in China is currently experiencing a phase of structural adjustment and innovation, with a focus on high-end development and green manufacturing [3][7]. - The overall industrial added value of the non-ferrous metals industry in China increased by 7.6% year-on-year in the first half of 2025, outperforming the average growth rate of the industrial sector [3][7]. Market Dynamics - Tin prices showed fluctuations in the first half of 2025, with an average price of 265,517 yuan per ton, up 5.70% year-on-year [3][7]. - The global supply of tin was unstable, influenced by geopolitical factors and changes in trade policies, affecting demand in various sectors such as consumer electronics and home appliances [4][6]. - The company holds a dominant position in the tin market, with a domestic market share of 47.98% and a global market share of 25.03% for 2024 [7][18]. Strategic Initiatives - The company is focused on enhancing its supply chain management and optimizing raw material procurement strategies to ensure stable production [12][13]. - Continuous investment in technology and innovation is a priority, with efforts to improve production efficiency and reduce costs [12][16]. - The company aims to strengthen its position as a leading supplier of tin and indium products globally, leveraging its comprehensive industry chain and resource advantages [16][20].

Core Viewpoint - The company, Shida Shenghua (603026), is actively engaging in capital raising and risk management strategies, including a recent stock issuance and plans for futures hedging to mitigate raw material price volatility [1][2][3]. Group 1: Stock Performance and Market Position - As of August 22, 2025, Shida Shenghua's stock closed at 37.49 CNY, reflecting a 0.29% increase from the previous week [1]. - The company's total market capitalization is 8.724 billion CNY, ranking 53rd in the battery sector and 2119th among all A-shares [1]. Group 2: Upcoming Shareholder Meeting - The company will hold its third extraordinary general meeting on August 29, 2025, to discuss a proposal for futures hedging business [1][4]. - The meeting will be chaired by Chairman Guo Tianming and will utilize both on-site and online voting methods [1]. Group 3: Stock Issuance Details - Shida Shenghua is issuing 30,021,014 A-shares at a price of 33.31 CNY per share, raising approximately 999.999 million CNY in total [2]. - The net proceeds from the issuance are expected to be around 982.170 million CNY, aimed at business expansion and improving profitability [2]. Group 4: Shareholder Equity Changes - The issuance has led to a dilution of shareholding for major shareholders, with the controlling shareholder's stake decreasing from 24.70% to 21.51% [3]. - The total share capital of the company will increase from 202,680,000 shares to 232,701,014 shares following the issuance [3].

Core Viewpoint - Greenfield Machinery (605259) has shown significant growth in revenue and net profit in its 2025 mid-year report, indicating strong operational performance and financial health [2][3]. Group 1: Stock Performance - As of August 22, 2025, Greenfield Machinery's stock closed at 28.24 yuan, up 2.99% from the previous week [1]. - The stock reached a nearly one-year high of 30.24 yuan on August 21, 2025, with a weekly low of 27.24 yuan [1]. - The company's current market capitalization is 4.871 billion yuan, ranking 84th in the specialized equipment sector and 3431st among all A-shares [1]. Group 2: Shareholder Changes - As of June 30, 2025, the number of shareholders decreased by 85 to 6865, a reduction of 1.22% [1][5]. - The average number of shares held per shareholder increased from 24,800 to 25,100, with an average holding value of 492,700 yuan [1]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.307 billion yuan, a year-on-year increase of 29.97% [2][3]. - The net profit attributable to shareholders was 140 million yuan, up 64.36% year-on-year, with a net profit margin of 10.7% [2][3]. - The second quarter alone saw a revenue of 669 million yuan, a 15.19% increase year-on-year, and a net profit of approximately 83 million yuan, reflecting a 70.41% increase [2]. Group 4: Corporate Announcements - The sixth board of directors approved the mid-year report and a proposal to engage in futures hedging activities, with a maximum margin of 10 million yuan allocated for trading related to raw materials such as copper, aluminum, and polypropylene [4][5]. - The company has established a management system for futures hedging to mitigate risks associated with raw material price fluctuations [4].

Core Insights - Ganfeng Lithium's revenue for the first half of 2025 decreased by 12.65% year-on-year, with a net profit of -531 million yuan, showing a 30.13% improvement compared to the previous year [1][4] - The lithium compound business accounted for 56.78% of total revenue, down 27.16% year-on-year, primarily due to falling lithium prices [2][4] - The lithium battery business saw a revenue increase of 9.89% year-on-year, contributing to 35.52% of total revenue [2][4] Financial Performance - Total revenue for the reporting period was 8.38 billion yuan, compared to 9.59 billion yuan in the same period last year [1][4] - The net profit attributable to shareholders was -531 million yuan, an improvement from -760 million yuan year-on-year [1][4] - The net cash flow from operating activities decreased by 92.38% to 300 million yuan [1][4] Market Conditions - The global lithium salt industry faced significant adjustments, with lithium compound prices dropping from 850-900 USD/ton at the beginning of the year to 620-640 USD/ton by June, a decline of 25%-31% [2] - Despite these challenges, the company maintained a gross margin of 8.36% through technological upgrades and process optimization [2] Resource and Technology Developments - The company has over 60 million tons of lithium resources, with projects in Mali and Argentina ramping up production [3][5] - The solid-state battery technology has made significant advancements, with high energy density batteries ranging from 320-550 Wh/kg [6] - The company expects a resource self-sufficiency rate of over 50% by 2025, which is significantly higher than the industry average [3][5]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.553 billion CNY, a 41.71% increase compared to the same period last year [2] - The net profit attributable to shareholders was 0.97 billion CNY, reflecting a growth of 6.35% year-on-year [2] - Total assets reached 8.586 billion CNY, up 8.29% from the beginning of the year, while total liabilities increased by 15.55% to 4.762 billion CNY [2] - The equity attributable to shareholders rose by 0.99% to 3.824 billion CNY, with a debt-to-asset ratio of 55.47%, an increase of 3.48 percentage points from the start of the year [2] Business Segments - The daily chemical business generated revenue of 2.987 billion CNY, a 56.14% increase year-on-year, with a sales gross margin of 5.31% [3] - The oil chemical business reported revenue of 1.34 billion CNY, up 30.36% from the previous year, with a sales gross margin of 34.21% [3] - The company has an annual production capacity of 1.1 million tons for OEM/ODM processing in personal care products [3] Risk Management - The company engages in futures hedging to mitigate risks associated with raw material price fluctuations, thereby controlling production costs [4] Strategic Development - The company aims to enhance its market share and competitiveness by focusing on the entire supply chain of surfactants, oil chemicals, and personal care products, while emphasizing customer-centric OEM/ODM services [5] - The company is committed to continuous technological innovation and process improvement, maintaining a leading position in product innovation and efficiency within the industry [5]

Core Viewpoint - The company, Lvtian Machinery, has approved a plan to engage in futures hedging to mitigate risks associated with raw material price fluctuations, ensuring stable production costs and reducing operational impacts [13][25]. Group 1: Company Overview - Lvtian Machinery is focused on utilizing futures markets to hedge against raw material price volatility, specifically targeting materials such as copper, aluminum, and polypropylene [13][17]. - The maximum margin amount for futures trading is set at RMB 10 million, with a trading period not exceeding 12 months from the board's approval date [15][18]. Group 2: Board Meeting Details - The 14th meeting of the 6th Board of Directors was held on August 21, 2025, with all 7 directors present, and the meeting adhered to legal and regulatory requirements [4][7]. - The board unanimously approved the proposal for the 2025 semi-annual report and the plan for futures hedging [5][9]. Group 3: Risk Management - The company emphasizes a cautious approach to futures hedging, aiming to avoid speculation and focusing on risk mitigation related to raw material price fluctuations [22][23]. - A comprehensive risk management system has been established, including regular audits and adherence to established guidelines for futures trading [22][24]. Group 4: Financial Impact - Engaging in futures hedging is expected to enhance the company's ability to manage market price fluctuations, thereby strengthening its core competitiveness without affecting normal business operations [25].

Core Insights - The training program aims to enhance the understanding of futures markets among government officials to better serve the real economy [1][2] - The futures market plays a crucial role in risk management for enterprises, especially in stabilizing production expectations amid commodity price fluctuations [1][2] - Shandong province, being a significant industrial and agricultural hub, has a solid foundation for futures market development, supported by various government departments [1][2] Group 1: Futures Market Functionality - The futures market has become an important reference for spot trade prices, improving market price fairness and transparency [1] - It effectively safeguards the stability of supply chains and industrial operations, acting as a "shock absorber" for enterprises [1][2] - The complexity of futures market mechanisms, such as margin requirements and settlement processes, raises regulatory challenges for government departments [2] Group 2: Regulatory and Compliance Aspects - The training highlighted the need for accurate recognition of the futures market's functions and the regulation of corporate trading behaviors [2][4] - Government departments are encouraged to enhance their understanding of futures tools to better support enterprises in risk management [2][5] - The training provided a platform for various government sectors to deepen their knowledge of the futures market and align regulatory practices [4][5] Group 3: Practical Applications and Innovations - Enterprises are encouraged to understand accounting standards related to futures trading, particularly the requirements for hedge accounting [3] - The integration of futures and derivatives into business models is seen as a preferred option for managing risks in large commodity companies [3] - The training addressed practical audit compliance issues faced by enterprises using futures tools, providing valuable insights for regulatory adherence [4]