天眼查App显示，近日，东莞市捷源金属资源再生有限公司成立，法定代表人为张卫卫，注册资本50万 人民币，经营范围为一般项目：有色金属合金制造；有色金属压延加工；有色金属铸造；资源再生利用 技术研发；资源循环利用服务技术咨询；报废农业机械拆解；报废农业机械回收；固体废物治理；有色 金属合金销售；钢压延加工；金属切削加工服务；五金产品零售；高品质特种钢铁材料销售；建筑用钢 筋产品销售；金属结构销售；木材收购；新能源汽车废旧动力蓄电池回收及梯次利用（不含危险废物经 营）；金属切割及焊接设备销售；金属材料销售；旧货销售；二手日用百货销售；橡胶制品销售；塑料 制品销售；装卸搬运；运输货物打包服务；电子产品销售；普通货物仓储服务（不含危险化学品等需许 可审批的项目）；房屋拆迁服务；建筑工程机械与设备租赁；建筑用金属配件销售；电线、电缆经营； 制冷、空调设备销售；纸制品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Core Viewpoint - Dongguan Brothers Metal Resource Recycling Co., Ltd. has been established with a registered capital of 30,000 RMB, focusing on various metal processing and recycling activities [1] Company Overview - The company specializes in non-ferrous metal rolling processing and resource recycling technology research and development [1] - It engages in the recovery and dismantling of scrapped agricultural machinery, solid waste management, and sales of non-ferrous metal alloys [1] - The company also offers services related to metal cutting and welding equipment sales, as well as the recycling and secondary utilization of used power batteries from new energy vehicles [1] Business Scope - The operational scope includes general projects such as: - Non-ferrous metal rolling processing - Resource recycling technology R&D - Recovery and dismantling of scrapped agricultural machinery - Solid waste management - Sales of high-quality special steel materials and construction steel products [1] - Additional activities include: - Sales of metal structures, wood acquisition, and sales of rubber and plastic products - Transportation and warehousing services, excluding hazardous chemicals [1] - The company is also involved in housing demolition services and rental of construction machinery and equipment [1]

Summary of Key Points Core Viewpoint - The company has provided a guarantee of RMB 50 million for its wholly-owned subsidiary, YE CHIU NON-FERROUS METAL (M) SDN.BHD. (YCTL), to support its operational funding needs, with a total guarantee amounting to approximately RMB 3.007 billion already provided to YCTL, of which RMB 879 million has been drawn [1][2]. Group 1: Guarantee Details - The guarantee provided by the company is for a loan application of RMB 50 million from YCTL to China Construction Bank (Malaysia) [2]. - The total amount of guarantees provided to YCTL, including the new guarantee, is RMB 524.49 million, which represents 24.58% of the company's audited net assets as of 2024 [1][5]. - The company has no overdue guarantees as of the announcement date [1]. Group 2: Financial Status of the Subsidiary - As of Q1 2025, YCTL's total assets were RMB 326,542.85 million, with total liabilities of RMB 124,616.63 million, resulting in a net asset value of RMB 201,926.23 million [4]. - YCTL reported a revenue of RMB 120,670.50 million in Q1 2025, showing a significant operational scale [4]. Group 3: Board and Approval Process - The board of directors has approved the guarantee within the planned external guarantee limits, and no further board or shareholder meetings are required for this approval [5]. - The company has established a guarantee limit of up to RMB 1.2 billion for its subsidiaries, with specific limits based on their debt ratios [3].

Group 1 - The company anticipates a significant decrease in net profit for the first half of 2025, with estimates ranging from a reduction of 35 million to 46 million yuan, representing a year-on-year decline of 49% to 64% [1] - The previous year's net profit attributable to shareholders was 68.53 million yuan, with earnings per share at 0.0311 yuan [1] - The primary reasons for the profit reduction include fluctuations in exchange rates and increased fixed costs due to new production capacity coming online in the second half of 2024 [1] Group 2 - The company’s Malaysian subsidiary operates in ringgit, and significant fluctuations in the USD to ringgit exchange rate have led to increased raw material costs and decreased selling prices, negatively impacting gross margins [1] - Fixed costs have risen due to the upcoming new capacity, which is expected to compress profit margins in the first half of 2025 compared to the same period last year [1]

Core Viewpoint - In 2024, Yiqiu Metal Resources Recycling (China) Co., Ltd. reported a slight increase in revenue but a significant decline in net profit, indicating challenges in financial performance and operational efficiency [1][2][3]. Revenue Performance - The company achieved a revenue of 6,999,471,041.65 yuan, representing a year-on-year growth of 2.98% from 6,796,644,426.21 yuan [2]. - Quarterly revenue showed a sequential increase, with figures of 1,577,793,633.72 yuan, 1,663,959,311.90 yuan, 1,798,742,704.09 yuan, and 1,958,975,391.94 yuan, indicating a gradual upward trend [2]. Profitability Analysis - The net profit attributable to shareholders plummeted by 86.04% to 18,549,529.50 yuan from 132,902,874.88 yuan in 2023 [3]. - The decline in profit was attributed to several factors, including significant currency fluctuations, increased raw material costs, and rising financial expenses due to macroeconomic complexities [3]. Non-Recurring Profitability - The net profit after excluding non-recurring items fell by 92.60% to 10,573,946.58 yuan from 142,936,258.56 yuan, highlighting severe challenges in core business profitability [4]. Earnings Per Share - Basic earnings per share decreased to 0.0084 yuan from 0.0605 yuan, reflecting an 86.12% drop in shareholder returns [5]. - The diluted earnings per share, after excluding non-recurring items, fell to 0.0048 yuan from 0.0650 yuan, indicating weak core business performance [6]. Expense Management - Total expenses showed mixed changes, with sales expenses slightly decreasing by 0.3% to 23,419,691.61 yuan, suggesting stable marketing efforts [8]. - Management expenses decreased by 5.78% to 217,418,305.42 yuan, indicating improved management efficiency [10]. - Financial expenses increased by 10.64% to 55,317,652.61 yuan, reflecting heightened debt pressure due to rising raw material costs [11]. - R&D expenses were drastically cut by 84.90% to 495,794.82 yuan, raising concerns about future innovation capabilities [12]. Cash Flow Situation - The net cash flow from operating activities turned negative at -260,528,265.77 yuan, a 143.42% decrease from 600,030,517.05 yuan in 2023, indicating significant operational cash flow challenges [15]. - Cash flow from investment activities also decreased to -18,497,773.55 yuan, suggesting a more conservative investment strategy [16]. - Cash flow from financing activities increased to 291,887,384.39 yuan, indicating reliance on debt financing to meet operational needs [17]. Management Compensation - The chairman received a pre-tax compensation of 1,399,900 yuan, raising questions about the alignment of executive pay with company performance amid declining profits [19]. - The general manager's compensation was 842,500 yuan, and the vice president received 306,100 yuan, both of which warrant scrutiny regarding their correlation with the company's financial struggles [21][22].