只有胤胜资产值得留意，其背后第一大股东是曾超懿。对比天山铝业年报，胤胜资产也是实际控制人关 联方，曾超懿正是天山铝业实际控制人之一。 天山铝业专注铝产业链，拥有自备电厂和铝土矿资源，产品为铝锭、高纯铝、电池铝箔等，目前市值达 717.8亿元。今年前三季度，公司营业收入为223.21亿元，净利润33.4亿元。 就在本月初，天山铝业发布公告称，曾超懿计划在2025年12月25日至2026年3月24日期间，通过集中竞 价交易方式减持不超过2294.93万股，占总股本的0.5%。若按公告当天天山铝业13.49元/股的收盘价测 算，约为3.11亿元。曾超懿减持原因为"自身资金需求"，股份来源均为公司2020年7月重组上市所获得 的股份。 市值不足百亿元的新金路（SZ000510，股价12.08元，市值78.34亿元）是近期川股中的牛股，10月底至 今，公司股价已翻倍。之所以被资本市场看好，是因为新金路拥有锡、钨矿资源。 12月29日晚间，新金路公告，拥有上述资源的主体子公司将引入战投。《每日经济新闻》记者发现，其 中一家战投背后股东是天山铝业实控人曾超懿。就在本月初，天山铝业发布公告称，曾超懿准备减持股 票，原因是资金 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's net profit attributable to shareholders for 2024 is 757 million yuan, a decrease of 66% year-on-year; the net profit after deducting non-recurring gains and losses is 603 million yuan, down 72% year-on-year [2][5]. - In Q1 2025, the company achieved a net profit of 135 million yuan, a decrease of 47% year-on-year and 36% quarter-on-quarter; the net profit after deducting non-recurring gains and losses is 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][5]. Summary by Sections Financial Performance - The company reported a total revenue of 5.364 billion yuan in 2024, with a gross profit of 1.757 billion yuan, resulting in a gross margin of 33% [14]. - The lithium segment generated revenue of 3.129 billion yuan, down 26% year-on-year, with a gross profit of 583 million yuan and a gross margin of 18.62%, a decrease of 39.15 percentage points year-on-year [11]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, an increase of 24% year-on-year, with a gross profit of 1.092 billion yuan and a gross margin of 78.29%, an increase of 13.91 percentage points year-on-year [11]. Business Segments - The lithium segment's production volume increased by 138% year-on-year to 43,700 tons, while sales volume increased by 145% year-on-year to 42,600 tons [11]. - The cesium and rubidium segment maintained stable growth, with sales volume of 843.97 tons, down 16% year-on-year, but revenue increased significantly due to price hikes [11]. - In Q1 2025, the lithium sales volume was 9,000 tons, impacted by maintenance during the holiday period [11]. Future Outlook - The company is focusing on expanding its lithium production capacity and exploring new metal resources such as gallium and germanium [11]. - The copper segment is expected to enhance its production capacity with ongoing exploration and project developments [11].