登录新浪财经APP 搜索【信披】查看更多考评等级 承义证字[2025]第00082号 致：长虹美菱股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东大会规则》等法律法规 和其他规范性文件的要求，安徽承义律师事务所接受长虹美菱股份有限公司（以下简称"长虹美菱"）的 委托，指派胡国杰、欧林玉律师（以下简称"本律师"）就长虹美菱召开2024年年度股东大会（以下简 称"本次股东大会"）出具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 经核查，本次股东大会由长虹美菱第十一届董事会召集，会议通知已于2025年4月3日刊登在中国证监会 指定的信息披露报刊《证券时报》、《中国证券报》、巨潮资讯网和深圳证券交易所网站上。本次股东 大会已按公告的要求如期召开。本次股东大会的召集人资格和召集、召开程序符合法律、法规、规范性 文件和公司章程的规定。 二、本次股东大会出席人员的资格 经核查，出席本次股东大会的长虹美菱股东和授权委托代表共415名，持有长虹美菱362,014,868股，均 为截至2025年4月17日下午收市时在中国证券登记结算有限责任公司深圳分公司登记在册的长虹美菱股 东。 ...

Core Viewpoint - The company has shown steady growth in revenue and net profit for 2024, driven by increased demand for silica in the domestic tire industry, with significant improvements in profitability metrics [1][3]. Financial Performance - In 2024, the company achieved revenue of 2.197 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 541 million yuan, up 31.10% year-on-year [1][3]. - The fourth quarter of 2024 saw revenue of 563 million yuan, a year-on-year increase of 15.46%, and a net profit of 161 million yuan, up 50.31% year-on-year [1][3]. - For Q1 2025, the company reported revenue of 540 million yuan, a year-on-year increase of 3.25%, and a net profit of 138 million yuan, up 12.57% year-on-year [2][4]. Profitability Metrics - The weighted average return on equity (ROE) for 2024 was 17.13%, an increase of 2.49 percentage points year-on-year [1][3]. - The gross profit margin for 2024 was 33.95%, up 4.51 percentage points year-on-year, while the net profit margin was 24.60%, an increase of 1.82 percentage points year-on-year [1][3]. - In Q1 2025, the gross profit margin was 34.58%, an increase of 3.56 percentage points year-on-year [2][4]. Sales and Production - In 2024, the company produced and sold 363,000 tons and 361,000 tons of silica, respectively, representing year-on-year increases of 21.8% and 21.1% [3]. - In Q1 2025, silica sales reached 89,600 tons, a year-on-year increase of 2,700 tons [4]. Market Dynamics - The domestic tire industry has experienced rapid growth, significantly driving the demand for silica [3]. - The average price of precipitated silica in 2024 was 5,439 yuan per ton, an increase of 93 yuan per ton compared to 2023 [3]. Cost Structure - In 2024, selling expenses increased by 38.30% year-on-year, primarily due to higher employee compensation and market development costs [3]. - Management and R&D expenses also saw increases of 18.75% and 19.47% year-on-year, respectively [3]. Capacity Expansion and Innovation - The company ranks third globally in silica production capacity and is actively seeking opportunities for capacity expansion, with 50,000 tons of silica capacity under construction [5]. - The company has invested in R&D to produce high-dispersion silica using rice husk ash, significantly reducing carbon emissions [5]. - A project for 3,044 tons/year of silica microspheres is underway, targeting applications in cosmetics and biomedicine, expected to be completed by the end of 2025 [5]. Earnings Forecast - The company has adjusted its earnings expectations, forecasting revenues of 2.395 billion, 2.593 billion, and 2.862 billion yuan for 2025-2027, with net profits of 593 million, 675 million, and 716 million yuan, respectively [6][7].

Financial Data and Key Metrics Changes - In Q1 2025, MMG's copper production reached just over 118,000 tonnes, a 76% increase compared to the same quarter last year [20] - The total recordable injury frequency was 2.4 per million hours worked, with a significant events frequency of 1.08 per million hours worked, both metrics increased from the last quarter [18][19] - The company reported a record high ore mined volume of over 20 million tonnes for the quarter [20] Business Line Data and Key Metrics Changes - Las Bambas produced over 95,000 tonnes of copper in concentrate, a 71% increase compared to the same period last year [20] - Kinsevere produced almost 12,000 tonnes of copper cathode, a 19% increase compared to the same period last year [22] - Khoemakau produced close to 11,000 tonnes of copper in concentrate, a 4% increase from the previous quarter despite severe rainfall [23] Market Data and Key Metrics Changes - The company is experiencing favorable market conditions, including declining TCRC rates for copper and zinc concentrates and rising precious metal prices [25] - The operations at Las Bambas are stable and in good order, with expectations to meet the upper limit of production guidance for the year [30] Company Strategy and Development Direction - MMG aims to become one of the top 10 global copper producers, focusing on safety performance, project delivery, and the integration of the Nickel Brazil acquisition [25][26] - The company is conducting a comprehensive review of its 2025 production and cost guidance [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production meeting guidance levels, contingent on no nationwide incidents affecting operations [32] - The company is focused on improving community relations and has successfully established contracts with local community companies for transportation [30] Other Important Information - The company is progressing with the feasibility study for expanding capacity at Las Bambas, with production expected to reach 60,000 tonnes by 2026 and 130,000 tonnes by 2028 [42] - The company is actively working with the tax authority in Peru to resolve ongoing tax disputes, with no significant impact expected on cash flow or corporate income tax rates [70] Q&A Session Summary Question: Expectations for production at Las Bambas - Management indicated that production is expected to meet the upper limit of guidance if no nationwide incidents occur [30] Question: Inventory adjustments at Las Bambas - Sales in Q1 increased due to inventory sold from Q4 last year, and production is sticking to guidance [33] Question: Power outages at Kinsevere - Management confirmed that production is on track with guidance, and diesel power generation is used as a backup [35] Question: C1 cost expectations - C1 costs are expected to decrease as production increases, with improvements linked to precious metal prices [55] Question: Capital allocation and dividend policy - The company is focused on debt repayment, CapEx, and cautious M&A, with a strong capacity to generate cash [57] Question: Tax issues in Las Bambas - Management is optimistic about resolving tax disputes with minimal impact on cash flow or tax rates [70]

Financial Data and Key Metrics Changes - In Q1 2025, MMG's copper production reached just over 118,000 tonnes, a 76% increase compared to the same quarter last year [28] - The total recordable injury frequency was 2.4 per million hours worked, with an energy exchange frequency of 1.08 per million hours worked, both metrics increased from the last quarter [26][27] - The company reported a record high ore mined volume of over 20 million tonnes for the quarter [28] Business Line Data and Key Metrics Changes - Las Bambas produced over 95,000 tonnes of copper in concentrate, a 71% increase compared to the same period last year [28] - Kinsevere produced almost 12,000 tonnes of copper cathode, a 19% increase compared to the same period last year [30] - Khoemakau produced close to 11,000 tonnes of copper in concentrate, a 4% increase from the previous quarter despite severe rainfall [31] Market Data and Key Metrics Changes - The company is experiencing favorable market conditions, including declining TCRC rates for copper and zinc concentrates and rising precious metal prices [34] - The operations at Las Bambas are stable and in good order, with expectations to meet the upper limit of production guidance for the year [40] Company Strategy and Development Direction - MMG aims to become one of the top 10 global copper producers, focusing on safety performance, project delivery, and community relations [35] - The company is advancing its Nickel Brazil acquisition and integration plans while conducting a comprehensive review of its 2025 production and cost guidance [34] - Expansion plans for Khoemakau are progressing well, with a target to increase annual production to 60,000 tonnes in the coming two years [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production levels at Las Bambas, indicating that if there are no nationwide incidents, production could meet the upper limit of guidance [40] - The company is focused on improving recovery rates and optimizing processing technology to maintain production efficiency [56] - Financial costs are expected to decrease due to improved credit conditions and lower interest rates, although existing loans will still apply previous rates [58] Other Important Information - The company is actively working on community relations, having awarded a contract to a local community company for transportation, which is seen as a positive step in improving local relations [29] - The total investment for community development projects, including the construction of a school, is $9 million [29] Q&A Session Summary Question: Expectations for Las Bambas production - Management expects production at Las Bambas to exceed 400,000 tonnes for the year, contingent on stable operations and no nationwide incidents [41] Question: Inventory adjustments at Las Bambas - Inventory adjustments were made in Q1, with sales increasing due to prior inventory from Q4, and production is expected to stick to guidance [42] Question: Kinsevere power outages and production expectations - Management confirmed that Kinsevere is on track with production guidance despite power outages, with diesel power generation as a backup [44] Question: C1 cost expectations - C1 costs are expected to decrease as production increases, with improvements in precious metal prices contributing to cost reductions [64] Question: Capital allocation and dividend policy - The company is focused on debt repayment, capital expenditures, and cautious M&A activities, with a dividend policy approved by the board [66][76] Question: Tax issues in Las Bambas - Management is optimistic about resolving tax disputes with the Peruvian tax authority, indicating no significant impact on cash flow or corporate income tax rates [78]

智通财经记者 | 张艺 4月24日，钾肥龙头亚钾国际（000893.SZ）交出一份充满戏剧性的成绩单：年报双降，一季报倍增。 亚钾国际2024年实现营业收入35.48亿元，同比下滑8.97%；实现归属于上市公司股东的净利润9.50亿元，同比下滑23.05%。 为此，亚钾国际正努力将产能提升至目标300万吨，今年能否以量补价仍待观察。 此外，亚钾国际今年将享受老挝新的关税及所得税优惠政策，一定程度上可增厚利润。 亚钾国际单季归母净利润 2025年一季度，形势反转。亚钾国际一季度实现营业收入12.13亿元，同比增长91.47%；归属于上市公司股东的净利润3.84亿元，同比增 长373.53%。 从单季数据来看，亚钾国际的业绩拐点发生在去年四季度。这一季，公司归母净利润已达4.32亿元，同比、环比均有超过70%的增长。 主营业务单一的亚钾国际兴也氯化钾，衰也氯化钾。今年国际形势日趋复杂，公司依然面临着氯化钾价格大幅波动的风险，业绩"V型反 转"趋势能确立吗？ "钾肥价格与供需关系有关。"亚钾国际人士对智通财经表示，今年国内没有新增产能，国际上也只有替换产能。有机构认为，今年全球 钾肥供需呈现紧平衡态势。 量增价跌吞 ...

Carpenter Technology Corporation (NYSE:CRS) Q3 2025 Earnings Conference Call April 24, 2025 10:00 AM ET Company Participants John Huyette - Vice President, Investor Relations Tony Thene - President & Chief Executive Officer Tim Lain - Senior Vice President & Chief Financial Officer Conference Call Participants Scott Deuschle - Deutsche Bank Josh Sullivan - The Benchmark Company Bennett Moore - JPMorgan Andre Madrid - BTIG Spencer Breitzke - TD Cowen Philip Gibbs - KeyBanc Capital Markets Scott Deuschle - De ...

事件公司发布2024年年度报告和2025年一季报。2024年，公司实现营业收入35.48亿元，同比下滑 8.97%；归母净利润9.50亿元，同比下滑23.05%。分季度来看，公司24Q4实现营业收入10.65亿元，同比 增长5.86%、环比增长35.76%；归母净利润4.32亿元，同比增长79.57%、环比增长74.15%。公司25Q1实 现营业收入12.12亿元，同比增长91.47%，环比增长13.81%；归母净利润3.84亿元，同比增长373.53%， 环比下滑11.07%。 产线稳定运行，2024年公司氯化钾产销规模稳健增长。2024年，公司钾肥产线稳定生产，国内、国际市 场持续开拓，氯化钾产量、销量分别为181.54、 174.14万吨，分别同比增长10.24%、8.42%。销售毛利 率、销售净利率分别为49.47%、25.77%，分别同比下滑9.24、5.28个百分点。2024年公司盈利能力同比 下滑，主要系氯化钾价格回落所致。2024年公司氯化钾销售均价为 1989.47元/吨，同比下滑17.04%。分 季度来看，公司24Q4氯化钾销量为50.00万吨，同比、环比分别增长20. 16%、31.44 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term depreciation impacts while expanding its glove and new materials production [1] - Revenue and net profit for 2024 are projected to be CNY 1.27 billion and CNY 117 million, respectively, reflecting year-on-year increases of 30% and 10.1% [2] - The company plans to maintain its growth trajectory through capacity expansion and new product development, particularly in functional safety gloves and high-performance polyethylene fibers [3][4] Summary by Sections Financial Performance - In 2024, the company reported revenues of CNY 1.27 billion, a 30% increase year-on-year, with net profit at CNY 117 million, up 10.1% [2] - The company’s Q1 2025 results showed revenues of CNY 282 million, a year-on-year growth of 18.46% [2] - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, resulting in a dividend payout ratio of 20% [2] Business Segments - The glove business is seeing increased orders, with production capacity expected to reach 72 million pairs annually by mid-2025 [3] - Revenue from functional safety gloves and other protective products reached CNY 12.19 million and CNY 0.03 million, respectively, with year-on-year growth of 29.69% and 174.93% [3] - The new materials segment, particularly ultra-high molecular weight polyethylene fibers, is projected to contribute significantly to revenue, with a 49% increase in 2024 [4] Capacity Expansion - The company is expanding its production capacity for functional safety gloves and ultra-high molecular weight polyethylene fibers, with new projects expected to come online in 2025 [3][4] - The company’s total production capacity for safety gloves is anticipated to exceed 100 million pairs once all projects are completed [3] Profitability Metrics - The gross margin for 2024 is projected at 22%, a decrease from the previous year, primarily due to increased depreciation [5] - The net profit margin for 2024 is expected to be 9.18%, reflecting a decline from the previous year [5] Future Projections - Revenue forecasts for 2025 and 2026 are CNY 1.74 billion and CNY 2.34 billion, respectively, with corresponding net profits of CNY 139 million and CNY 196 million [9] - The company’s earnings per share (EPS) for 2025 is projected to be CNY 0.88, with a PE ratio of 27.41 [9]

交易完成后，两家标的公司将纳入上市公司合并报表，成为华峰化学全资子公司，进一步巩固其在聚氨酯产业链的垂直整合优势。 近期，华峰化学股份有限公司（002064.SZ，下称"华峰化学"）发布重大资产重组草案，宣布拟以总对价60亿元收购控股股东华峰集团有限公 司（下称"华峰集团"）及关联方持有的华峰合成树脂100%股权（作价40.4亿元）和华峰热塑100%股权（作价19.6亿元）。 制图：佘诗婕 净利润连续下滑 公开资料显示，华峰化学主要从事氨纶纤维、聚氨酯原液、己二酸等聚氨酯制品材料的研发、生产与销售，华峰合成树脂、华峰热塑与其同属 于聚氨酯产业链，产品应用于聚氨酯制品的不同细分领域。 近年来，华峰化学业绩表现不尽如人意，2021年后公司归母净利润出现连续下滑。数据显示，2022年至2024年，公司归母净利润分别为28.44 亿元、24.78亿元和22.20亿元，同比分别下滑64.17%、12.85%和10.43%。同期，公司营业收入分别为258.84亿元，262.98亿元和269.31亿元，呈现先 下滑后增长的态势。 制图：李昕 净利润下降的同时，公司的毛利率也不容乐观。自2021年达到顶峰38.70%之后，2 ...

Core Viewpoint - Zhengdan Co., Ltd. continues to experience significant profit growth in Q1 2025, driven by rising TMA prices, but future revenue and profit growth may be challenged by new production capacity coming online [2][5]. Financial Performance - In Q1 2025, Zhengdan Co., Ltd. reported revenue of 853 million yuan, a year-on-year increase of 64.67%, and a net profit of 389 million yuan, up 558.60% [2]. - For the full year 2024, the company achieved revenue of 3.48 billion yuan, a 126.31% increase, and a net profit of 1.19 billion yuan, representing a 119-fold increase compared to the previous year [3]. TMA Market Dynamics - TMA prices surged from approximately 12,000 yuan/ton at the beginning of 2024 to around 60,000 yuan/ton by June 2024, primarily due to supply disruptions from U.S. producers [3][4]. - The average TMA price increased from 16,600 yuan/ton in Q1 2024 to 49,400 yuan/ton in Q1 2025 [4]. Production Capacity and Expansion - Zhengdan Co., Ltd. has the largest TMA production capacity in China at 85,000 tons/year, followed by U.S. producer INEOS at 70,000 tons/year [5]. - The company plans to expand its production capacity by 65,000 tons/year, while other domestic competitors are also increasing their capacities [5]. Future Outlook and Strategy - Analysts predict that TMA prices may decline in the next 1-2 years as new production capacities come online, potentially returning prices to pre-increase levels [5][6]. - The company is diversifying its product offerings and pursuing international expansion, including plans to establish a production base in Malaysia [7].