12月4日晚间，倍杰特（300774）发布公告称，公司全资子公司倍杰特(北京)新材料科技有限公司于12 月4日签订《股权收购框架协议》，拟收购云南文冶有色金属有限公司(简称"文冶有色金属")控股权， 以此完善锑相关全产业链布局。 此次收购的核心优势，在于文冶有色金属与倍杰特旗下小洞锑矿能形成高效协同效应。小洞锑矿目前尚 未开采，而文冶有色金属已具备成熟的采选、冶炼全产业链能力，且两矿同属一条矿脉带、地理位置毗 邻。收购完成后，倍杰特可借助文冶有色金属的采选冶炼体系与技术团队，快速推进小洞锑矿开发，同 时将小洞锑矿资源导入文冶有色金属生产体系，消化其富余产能，提升整体产能利用率与企业利润率。 文冶有色金属还能为小洞锑矿注入成熟的生产运营体系与先进工艺技术成果，双方协同后将构建起从原 生锑资源开采到初级产品精深加工的完整前端产业链条。 值得一提的是，倍杰特在含锑废水回收领域的成熟技术，填补了锑资源回收利用环节的行业空白。其废 锑回收技术可高效回收工业生产末端的锑资源并实现循环再利用，将这一技术与文冶有色金属、小洞锑 矿的前端产业资源结合，便形成国内首个从锑资源开采、冶炼提纯、产品加工、末端回收再利用的完整 产业链 ...

文冶有色金属是一个以锑矿采、选、冶，锑产品加工和销售为主，辅以水电开发共同发展的民营企业集 团。主要生产精锑(可根据客户需求生产 3N、4N 级高纯锑），高纯度三氧化二锑和乙二醇锑，产品广 泛用于阻燃剂、蓄电池及铅合金、玻璃、陶瓷、化学制品、催化剂等工业领域。现有精锑生产线三条、 三氧化二锑生产线两条、乙二醇锑生产线两条。 格隆汇12月4日丨倍杰特(300774.SZ)公布，为充实锑资源储备、完善锑相关全产业链布局，依托自身锑 回收技术优势实现上下游协同，稳定原材料供应并降低成本，助力矿产业务稳步发展，深度践行"资源 与环保共生"的发展理念。公司全资子公司倍杰特新材料于2025年12月4日与梁大坤、梁大娟及梁大芳签 订了《股权收购框架协议》，拟通过股权收购方式取得文冶有色金属的控股权。 文冶有色金属及下属控股公司西畴县小锡板锑业有限公司登记持有的采矿权有2宗，其中小锡板锑矿山 在产，广南县那丹锑矿待相关续期手续完成后复工复产。 文冶有色金属深耕锑矿采、选、冶及锑产品加工销售，拥有成熟的生产体系、国内领先的锑产品冶炼技 术及稳定产能。公司基于在重金属废水资源化利用领域的技术和项目积累，完成了含锑废水和污泥中高 ...

Core Viewpoint - The company, Beijite (300774.SZ), aims to enhance its antimony resource reserves and improve its full industry chain layout by acquiring a controlling stake in Wenye Nonferrous Metals, thereby stabilizing raw material supply and reducing costs [1][2] Group 1: Company Strategy - Beijite's wholly-owned subsidiary, Beijite New Materials, signed a share acquisition framework agreement to acquire a controlling stake in Wenye Nonferrous Metals, which specializes in antimony mining, selection, smelting, and product processing [1] - The acquisition is part of a strategic move to extend the industrial application chain, focusing on upstream raw material supply and midstream smelting processes, thereby enhancing the overall efficiency and risk resistance of the antimony industry chain [2] Group 2: Industry Context - Wenye Nonferrous Metals has a mature production system and leading smelting technology in China, with stable production capacity for antimony products, including high-purity antimony and antimony trioxide [2] - The company holds mining rights for two antimony mines, with one currently in production and the other awaiting resumption after regulatory procedures [1]

Group 1 - Hunan Gold's stock price decreased by 2.03% on September 16, trading at 22.16 yuan per share, with a total market capitalization of 34.628 billion yuan [1] - The company has seen a year-to-date stock price increase of 85.86%, but a decline of 4.61% over the last five trading days [1] - Hunan Gold's main business revenue composition includes 94.68% from gold, 2.09% from antimony oxide, and 1.53% from refined antimony [2] Group 2 - For the first half of 2025, Hunan Gold reported operating revenue of 28.436 billion yuan, a year-on-year increase of 87.89%, and a net profit attributable to shareholders of 656 million yuan, up 49.66% [2] - The company has distributed a total of 1.228 billion yuan in dividends since its A-share listing, with 553 million yuan distributed in the last three years [3] - As of June 30, 2025, Hunan Gold had 103,100 shareholders, an increase of 36.93% from the previous period [2]

Core Viewpoint - China is the dominant country in global antimony resources and production, but the depletion of high-quality resources and increasing mining difficulties are significant challenges. The National Development and Reform Commission has included antimony in the "National Security Reserve List," aiming to increase the reserve target to 25,000 tons [1][6]. Industry Overview - Antimony oxide, primarily in the forms of antimony trioxide (Sb₂O₃) and antimony pentoxide (Sb₂O₅), is a common antimony oxide. Antimony is a chemical element with the symbol Sb and atomic number 51. Antimony trioxide is a white cubic crystal, soluble in hydrochloric acid and tartaric acid, but insoluble in water and acetic acid. Antimony pentoxide is a pale yellow powder, difficult to dissolve in water, and slightly soluble in alkali, forming antimonates [2][4]. Industry Chain - The upstream of the antimony oxide industry chain includes antimony ore resources, coal, soda ash, and various production equipment. The midstream involves the production and manufacturing of antimony oxide. The downstream applications include flame retardants, bearings, glass clarifiers, lead-acid batteries, electronic materials, and pharmaceuticals [4]. Industry Status - In 2024, China's antimony oxide production is projected to be 105,100 tons, a year-on-year decrease of 6.76%, while consumption is expected to be 74,900 tons, down 2.87% [6]. The average grade of domestic antimony ore has declined from 0.8% in 2010 to 0.6% in 2024, increasing mining costs by 30% [8]. The operating rate of antimony mines in China is expected to remain below 50% due to strict environmental inspections and safety issues [10]. Key Enterprises - The antimony industry in China is highly concentrated, with Hunan Gold Group and Flash Star Antimony Co., Ltd. forming a duopoly. Hunan Gold holds the largest market share, followed by Flash Star Antimony, Huaxi Nonferrous Metals, and Hunan Yutong Mining [14][16]. Hunan Gold has a comprehensive antimony industry chain and produced 29,200 tons of antimony products in 2024, a decrease of 6.15% year-on-year [16]. Development Trends 1. **Policy-Driven Resource Integration and Strategic Reserve Enhancement** - China is constructing a national security system for antimony resources through export controls, environmental inspections, and strategic reserve policies. The export control policy implemented in September 2024 aims to prioritize domestic demand, leading to a surge in antimony prices globally [20]. 2. **Technological Innovation Leading Industry Upgrade and High-End Transformation** - The antimony industry is advancing through technological innovations that enhance resource utilization and extend into high-value-added fields. New smelting processes and product developments are addressing environmental concerns and improving recovery rates [21][22]. 3. **Breaking Resource Constraints and Deepening Global Layout** - Companies are accelerating global expansion to address resource constraints. Hunan Gold plans to increase high-end antimony production capacity and pursue overseas resource acquisitions [23].