Fund News Overview - The company and senior management of Fuquo Fund plan to invest at least 25 million yuan in the Fuquo Balanced Investment Mixed Fund, with a commitment to hold for at least one year [1] - In April, the new fund issuance scale exceeded 90 billion units, with 119 new funds raising a total of 901.56 billion units, of which 84 stock funds accounted for 48.31% [1] - Year-to-date, 270 billion yuan has entered the market through ETFs, with net subscriptions reaching 170 billion yuan in the first four months [1] ETF Market Review - The market saw a strong performance with the Shanghai Composite Index rising by 1.13%, the Shenzhen Component Index by 1.84%, and the ChiNext Index by 1.97%, with total trading volume reaching 1.34 trillion yuan [2] - The China Securities 2000 ETF led the gains with a rise of 6.40%, while rare earth-related ETFs also performed well, with several products increasing by over 4.5% [2] ETF Thematic Opportunities - Institutions indicate that the rare earth sector, being a globally leading industry in pricing and downstream applications, is expected to see increased attention, with potential for value reassessment due to policy catalysts and its strategic importance [5] Upcoming Fund Launches - Fuquo is set to launch the Fuquo Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF, managed by Jin Zeyu, with a performance benchmark based on the Shanghai Stock Exchange Science and Technology Innovation Board 50 Component Index [6]

Core Viewpoint - The company, Shenghe Resources, has announced its 2024 annual profit distribution plan, proposing a cash dividend of RMB 1.00 per 10 shares, which totals approximately RMB 175.28 million, exceeding its net profit for the year, indicating a commitment to shareholder returns despite a decline in revenue and profit [3][17][81]. Company Overview - Shenghe Resources is engaged in the mining and processing of rare earth elements and zirconium-titanium resources, with a complete industrial chain from mining to deep processing [4][8][7]. - The company has significant operations in both domestic and international markets, including partnerships with companies in the United States and Australia for rare earth products [9][10]. Financial Performance - In 2024, the company reported a revenue of RMB 1,137.10 million, a decrease of 36.39% year-on-year, and a net profit of RMB 207.20 million, down 37.73% from the previous year [13][19]. - The proposed cash dividend of RMB 210.34 million for the year represents 101.52% of the net profit attributable to shareholders, highlighting a strategy to maintain shareholder returns despite financial challenges [3][17][81]. Business Segments - The company's main business segments include rare earth mining, smelting, and processing, as well as zirconium and titanium mining [4][7]. - Rare earth materials are increasingly important in various high-tech applications, and the company is positioned as a leading player in this strategic industry [4][6]. Governance and Decision-Making - The board of directors has approved the profit distribution plan and other significant resolutions during the recent board meeting, ensuring compliance with legal and regulatory requirements [19][76]. - The company emphasizes transparency and accountability in its operations, with all board members present for the decision-making process [1][19]. Future Outlook - The company plans to continue leveraging its strong position in the rare earth market while managing its financial resources effectively to ensure sustainable growth [4][8]. - The upcoming annual shareholder meeting will provide further insights into the company's strategic direction and performance [47][68].