证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 答：具身机器人解放人类生产力，是时代发展潮流，是未来高性能钕铁硼磁材及 电机转子重要需求增长点之一。公司将相关研发部门升级为具身机器人电机转子事业 部，由公司首席执行官兼任该事业部的战略统筹工作。目前公司根据客户的需求，已 进行了包括项目专用厂房、专用设备及专业团队等多方面的配套投入，初具一定的规 模化量产能力。2025 年上半年公司已有小批量产品的交付，机器人领域有望成为公 司未来重要的业务增长点之一。 5、请详细介绍公司在稀土回收领域的布局？ 答：公司目前持有银海新材 51%的股权并实现并表。银海新材是专业从事稀土综 合回收利用的生产加工企业，主要产品包括氧化镨钕、氧化镝、氧化铽、氧化钆等稀 土氧化物。银海新材年产 5,000 吨稀土产品废弃物综合利用项目已取得内蒙古自治区 相关主管部门的批复，同时获得 SGS 颁发的 ISO 14021 循环材料验证声明。 编号：2025-014 投资者关系 活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文 ...

（编辑 袁冠琳） 证券日报网讯 英思特9月12日发布公告，在公司回答调研者提问时表示，稀土永磁材料作为现代消费电 子领域不可或缺的功能材料，广泛应用于各类智能设备中，是实现电子产品轻薄化、高效化的重要支 撑。它被用于手机中的扬声器、听筒、线性马达、摄像头对焦和无线充电模块；TWS耳机的微型发声 单元；笔记本电脑的硬盘驱动器、散热风扇及扬声器；以及智能手表、手环等穿戴设备的无线充电系 统。依托其高磁能积、高压实密度等优异特性，稀土永磁材料有效满足了消费电子不断追求更强性能与 更小体积的发展趋势，持续推动终端产品的技术革新与体验升级。 ...

Core Viewpoint - Kinglong Permanent Magnet has accelerated its share buyback and dividend distribution to boost investor confidence, reflecting strong financial performance and market positioning [1][2][3]. Share Buyback and Dividend - The company completed a share buyback plan from August 25 to September 2, repurchasing 3.6655 million shares for a total of 142 million yuan [1][2]. - A cash dividend of 247 million yuan is proposed for the 2025 mid-year, representing 81% of the net profit attributable to shareholders [1][3]. Financial Performance - In the first half of 2025, the company achieved a net profit of 305 million yuan, a year-on-year increase of 154.81% [1][5]. - Revenue for the same period reached 3.507 billion yuan, with a year-on-year growth of 4.33% [5][6]. Market Position and Innovation - Kinglong Permanent Magnet is a leading supplier of rare earth permanent magnet materials, serving major clients in the new energy vehicle, air conditioning, and wind power sectors [4][5]. - The company has invested 1.7 billion yuan in R&D in the first half of 2025, with total R&D expenses over the past three and a half years amounting to 1.18 billion yuan [6][5]. Sales Breakdown - In the first half of 2025, sales in the new energy vehicle sector reached 1.675 billion yuan, with a sales volume increase of 28.14% [6]. - The variable frequency air conditioning sector generated 1.050 billion yuan in sales, with a sales volume increase of 19.85% [6].

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Baotou Tianhe Magnetics Technology Co., Ltd. during the first half of 2025, emphasizing a significant decline in revenue and profit due to export control policies and market conditions. Financial Performance - The company reported a total revenue of 940.42 million yuan, a decrease of 25.80% compared to the same period last year [3] - The total profit was 55.22 million yuan, down 20.03% year-on-year [3] - The net profit attributable to shareholders was 53.46 million yuan, reflecting an 18.48% decline [3] - The net cash flow from operating activities was -96.04 million yuan, a significant drop of 166.14% [3] - The total assets decreased by 5.17% to 3.21 billion yuan, while the net assets increased slightly by 0.67% to 2.07 billion yuan [3] Business Overview - The company primarily engages in the research, production, and sales of high-performance rare earth permanent magnetic materials, including sintered neodymium-iron-boron and sintered samarium-cobalt [6] - The main business model involves direct sales to end customers in sectors such as new energy vehicles, wind power, and energy-efficient appliances, while also supplying raw materials to manufacturers in the 3C consumer electronics sector [6][8] Industry Context - The rare earth permanent magnet materials industry is influenced by upstream rare earth mining and refining, with applications in various sectors including new energy vehicles, wind power, and consumer electronics [6] - The automotive market showed a positive trend in the first half of 2025, with production and sales increasing by over 10% year-on-year [6] - The demand for new energy vehicles surged, with production and sales reaching 696.8 million units, marking a growth of 41.4% [6] Operational Challenges - The company faced challenges due to export control policies, which led to delays in order fulfillment and a decrease in product sales [7][8] - The production of raw materials like praseodymium-neodymium saw a price increase of approximately 9% from January to June 2025 [6] Technological and Competitive Advantages - The company has established a strong technological foundation with a focus on high-performance, low-resource consumption rare earth permanent magnet materials [13] - It has a comprehensive production capacity with multiple manufacturing plants and a wide range of products tailored to various applications [14] - The company has received several awards for its quality and innovation, enhancing its brand reputation in the industry [15] Future Outlook - The company is optimistic about future growth, particularly in the domestic market, as it adapts to the new export regulations and continues to develop its technological capabilities [7][10] - The establishment of new subsidiaries and ongoing projects in high-performance rare earth permanent magnet production are expected to contribute positively to long-term growth [12]

Core Viewpoint - The company has demonstrated robust growth in the first half of 2025, with significant increases in revenue and net profit, despite facing external challenges and industry competition [2][4]. Financial Performance - The company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, with main business revenue reaching 3.226 billion yuan, up 11.08% [2]. - The net profit attributable to shareholders was 305 million yuan, reflecting a substantial year-on-year growth of 154.81%, while the net profit after deducting non-recurring gains and losses surged by 588.18% to 234 million yuan [2]. Export and Sales - The company reported overseas sales revenue of 513 million yuan, a decline of 13.58%, although sales to the United States increased by 45.10% to 217 million yuan [3]. - In the first half of 2025, sales in the new energy vehicle and auto parts sector amounted to 1.675 billion yuan, with a sales volume growth of 28.14% [4]. Production Capacity and Structure - The company’s actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with plans to expand to 60,000 tons by 2027 [4]. - The revenue structure for the first half of 2025 included 1.05 billion yuan from variable frequency air conditioning, 214 million yuan from wind power generation, and 133 million yuan from robotics and industrial servo motors [4]. Raw Material Supply and Inventory - The company has established long-term strategic partnerships with major rare earth suppliers, with 70% of procurement coming from these suppliers [6]. - As of the reporting period, raw material inventory was valued at 1.158 billion yuan, a 107.02% increase from the end of 2024 [6]. Cash Reserves and Financial Management - The company reported cash reserves of 1.653 billion yuan, along with significant amounts in time deposits and large-denomination certificates of deposit [8]. - The company successfully issued convertible bonds, raising a net amount of 115 million USD, enhancing its financial stability [8]. Dividend Policy - The company has consistently paid cash dividends since its listing, with cumulative cash dividends exceeding 1.2 billion yuan, representing over 47% of the cumulative net profit attributable to shareholders [9]. - For the first half of 2025, the company plans to distribute cash dividends of 1.80 yuan per share, totaling approximately 247 million yuan, which is 81% of the net profit for the period [9].

Summary of Ningbo Yunsheng's Conference Call Company Overview - **Company**: Ningbo Yunsheng - **Industry**: Rare Earth Permanent Magnet Materials - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 2.076 billion CNY, a decrease of 1.33% year-on-year [2][3] - **Net Profit**: 107 million CNY, an increase of 179.83% year-on-year, attributed to cost reduction and efficiency improvements [2][3] - **Sales in New Energy Vehicles**: 1.147 billion CNY, a growth of 14.47%, accounting for 60% of total revenue [2][3] - **Sales in Consumer Electronics**: 540 million CNY, a decline of 13.18% [2][3] Production Capacity - **Current Production Capacity**: - Batch material: 26,000 tons per year - Boundary diffusion: 10,000 tons per year - **New Capacity**: 5,000 tons from the Baotou project has been commissioned, with an additional 10,000 tons expected to be completed by June 2026 [2][4] Market Dynamics - **New Energy Vehicle Market**: - China's new energy vehicle sales accounted for 44.3% of total new car sales in the first half of 2025 [5] - European electric vehicle sales reached 1.1903 million units, a growth of 24.9% [5] - **Consumer Electronics Market**: - Sales decreased due to weak demand, particularly in smartphones [5] - **Industrial Applications**: - Industrial robot production increased by 35.6% year-on-year [5] Strategic Responses - **Inventory Management**: - The company maintains a stable inventory strategy, avoiding stockpiling and focusing on production based on actual demand [6][8] - **Export Control Impact**: - Export controls implemented in April 2025 have not significantly affected shipping, with a production capacity utilization rate of 85% in the first half of 2025 [11] - **Raw Material Price Fluctuations**: - The company has adopted strategies to mitigate the impact of raw material price volatility, focusing on production delivery capabilities [8][12] Research and Development - **Non-Rare Earth Magnet Materials**: - The company is actively developing non-rare earth magnetic materials, with high-end technology reaching 45SH grade [13] - **Overseas Mining Projects**: - Collaboration with Zhongmin Resources on a rare earth mining project in Zambia is ongoing, with careful evaluation of mining rights and economic feasibility [14] Regulatory Environment - **New Rare Earth Management Regulations**: - The new regulations do not have a direct impact on the company but indicate increased government oversight of the rare earth industry, which is viewed positively [16] Conclusion Ningbo Yunsheng has demonstrated resilience in the face of market challenges, particularly in the new energy vehicle sector, while strategically managing production capacity and raw material costs. The company's focus on innovation and careful market positioning suggests potential for future growth despite external pressures.

Core Viewpoint - Ningbo Yunsheng Co., Ltd. has announced the provision for asset impairment, reflecting a cautious approach to financial management and compliance with accounting standards [5][12][56]. Group 1: Company Overview - Ningbo Yunsheng Co., Ltd. is engaged in the production and sale of high-performance rare earth permanent magnet materials [4]. - The company has undergone significant changes in its governance structure, including the cancellation of the supervisory board and amendments to its articles of association [78][79]. Group 2: Financial Data - As of June 30, 2025, the company has recognized a total impairment loss of RMB 13.24 million, which includes credit impairment losses of RMB 2.50 million and inventory impairment losses of RMB 15.74 million [10][11][12]. - The total amount of raised funds is RMB 1.04 billion, with a net amount of RMB 1.03 billion after deducting issuance costs [59]. Group 3: Asset Impairment - The company conducted impairment testing on its assets as of June 30, 2025, and determined that certain assets had recoverable amounts below their carrying values, leading to the recognition of impairment provisions [5][11]. - The credit impairment loss was calculated based on the present value of the difference between expected cash flows and contractual cash flows [6][7]. Group 4: Shareholder Meeting - The first extraordinary general meeting of 2025 is scheduled for September 8, 2025, where various proposals will be discussed, including the approval of the asset impairment provisions [15][16][19]. - The meeting will utilize both on-site and online voting methods to facilitate shareholder participation [17][21].

Core Viewpoint - The discussion around whether Cambrian Technology's stock price can surpass Kweichow Moutai has intensified, with Cambrian experiencing a significant price surge, reflecting a broader trend in the "hard technology" sector [1][2]. Group 1: Cambrian Technology and Market Performance - Cambrian Technology (688256) saw a 12.4% increase in stock price, reaching a high of 1188 CNY, with a closing price of 1164.45 CNY and a market capitalization of 487.1 billion CNY [1]. - Kweichow Moutai (600519) experienced a modest increase of 0.33%, closing at 1453.1 CNY [1]. - The "hard technology" sector witnessed a broad rally, with notable gains in stocks such as Haiguang Information, Zhongke Shuguang, and SMIC, contributing to a rise in the Shanghai Composite Index, which increased by 0.67% to 3796.36 points [1][2]. Group 2: Factors Driving the Hard Technology Surge - The semiconductor industry chain showed strong performance, with the STAR Market 50 Index rising by 5.25%, driven by both AI application and hardware sectors [2]. - Since mid-April, AI hardware has been on an upward trend, led by North American computing chains, indicating a significant demand for domestic computing chains to catch up [3]. - Cambrian's recent price movements have reshaped market perceptions of domestic computing chains, particularly following its historical high on August 12 [4]. Group 3: Catalysts for Growth in Domestic Computing - The release of DeepSeek-V3.1, which utilizes advanced parameters for next-generation domestic chips, is expected to accelerate the domestic computing ecosystem [5]. - The stock of Tianpu Co. surged after announcing a share transfer agreement with Zhonghao Xinying, a company focused on high-performance AI chips, indicating growing interest in AI chip development [5]. Group 4: Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector experienced significant gains, with leading stock Northern Rare Earth rising over 7% [6]. - Recent price increases in major rare earth products have prompted analysts to recommend focusing on companies with strong resource attributes and growth potential in production [8].

Group 1 - The core stock price of YS Technology as of August 21, 2025, is 90.25 CNY, reflecting a decrease of 1.70 CNY or 1.85% from the previous trading day [1] - The stock opened at 91.74 CNY, reached a high of 93.81 CNY, and a low of 89.75 CNY, with a trading volume of 46,107 lots and a total transaction amount of 421 million CNY [1] - YS Technology specializes in the research, production, and sales of rare earth permanent magnet materials and related products, with applications in new energy and energy-saving environmental protection sectors [1] Group 2 - As a high-tech enterprise in Inner Mongolia, YS Technology has a certain level of technological accumulation and market advantage in the field of rare earth permanent magnet materials [1] - On August 21, 2025, the net outflow of main funds for YS Technology was 55.56 million CNY, with a cumulative net outflow of 84.83 million CNY over the past five trading days [1] - Notably, around 9:35 AM on the same day, YS Technology's stock price experienced a rapid rebound, increasing by over 2% within five minutes, reaching a peak of 93 CNY [1]

Group 1 - The core viewpoint of the article highlights the recent performance and strategic initiatives of Jinli Permanent Magnet, as reported by MinSen Investment [1] - In the first half of 2025, Jinli Permanent Magnet achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, and a net profit of 305 million yuan, reflecting a significant year-on-year growth of 154.81% [1] - The company is actively addressing external uncertainties through technological innovation and management optimization, ensuring stable development [1] Group 2 - Jinli Permanent Magnet's overseas sales revenue reached 513 million yuan, showing a decline of 13.58%, while exports to the U.S. increased by 45.10% [1] - The company plans to reach a production capacity of 32,000 tons for rare earth permanent magnet materials by 2024, with revenues from the new energy vehicle and automotive parts sector amounting to 1.675 billion yuan, and from the variable frequency air conditioning sector at 1.050 billion yuan [1] - The business of motor rotors for humanoid robots has begun to achieve small-scale mass production, with initial deliveries expected in the first half of 2025 [1] Group 3 - Jinli Permanent Magnet has established long-term partnerships with major rare earth suppliers, resulting in a 107.02% increase in raw material inventory [1] - The company holds a 51% stake in Yinhai New Materials, promoting the recycling and utilization of rare earth materials [1] - Jinli Permanent Magnet has a strong cash reserve, with monetary funds amounting to 1.653 billion yuan and large-denomination certificates of deposit totaling 1.209 billion yuan [1] Group 4 - The profit distribution plan for 2024 proposes a dividend of 1.80 yuan per 10 shares, with an expected total dividend payout of 247 million yuan [1]