登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002428 证券简称：云南锗业 公告编号：2026-006 云南临沧鑫圆锗业股份有限公司2025年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为正值且属于同向下降50%以上情形 单位：万元 ■ 二、与会计师事务所沟通情况 本次业绩预告未经会计师事务所审计。公司已就业绩预告有关事项与年报审计会计师事务所进行了预沟 通，公司与会计师事务所在本报告期的业绩预告方面不存在重大分歧。 三、业绩变动原因说明 1、报告期内，随着国内低轨通信卫星组网的推进，光伏级锗产品需求增加，该产品销量同比大幅增 加；本期光通信市场景气度提升，公司化合物半导体材料磷化铟产品销量增加；本期光纤级锗产品、红 外级锗产品（镜头、光学系统）订单量增加使得销量同比增加。在产品价格及成本变动方面，报告期 内，受原材料市场平均价格上涨的影响，使得材料级锗产品、光纤级锗产品、光伏级锗产品、红外级锗 产品（毛坯及镀膜镜 ...

格隆汇1月30日丨云南锗业(002428.SZ)公布，预计2025年归属于上市公司股东的净利润1,500万元～ 2,200万元，比上年同期下降71.75%～58.57%，扣除非经常性损益后的净利润-1,350万元～-680万元。 报告期内，随着国内低轨通信卫星组网的推进，光伏级锗产品需求增加，该产品销量同比大幅增加；本 期光通信市场景气度提升，公司化合物半导体材料磷化铟产品销量增加；本期光纤级锗产品、红外级锗 产品（镜头、光学系统）订单量增加使得销量同比增加。在产品价格及成本变动方面，报告期内，受原 材料市场平均价格上涨的影响，使得材料级锗产品、光纤级锗产品、光伏级锗产品、红外级锗产品（毛 坯及镀膜镜片）和化合物半导体材料的销售均价及单位成本均较上年同期上升，但单位成本的增长大于 销售价格的增长。上述产品的销量、价格以及成本的变动使得公司本期营业收入增加但综合毛利率下 降。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月30日，云南锗业(002428.SZ)公告称，预计2025年净利润为1500万元—2200万元，同比 下降58.57%—71.75%。报告期内，受原材料市场平均价格上涨的影响，使得材料级锗产品、光纤级锗 产品、光伏级锗产品、红外级锗产品（毛坯及镀膜镜片）和化合物半导体材料的销售均价及单位成本均 较上年同期上升，但单位成本的增长大于销售价格的增长。上述产品的销量、价格以及成本的变动使得 公司本期营业收入增加但综合毛利率下降。 ...

Group 1 - The company approved a proposal for mutual guarantees among itself and its subsidiaries to apply for a total of 1.2 billion yuan (approximately 172 million USD) in working capital loans from a banking syndicate led by Industrial and Commercial Bank of China for a term of three years [11][12][30] - The loan amounts allocated to each entity are as follows: the company 720 million yuan, Yunnan Xinyao Semiconductor Materials Co., Ltd. 50 million yuan, Yunnan Zhongke Xinyuan Crystal Material Co., Ltd. 200 million yuan, Kunming Yunzhi High-tech Co., Ltd. 200 million yuan, and Yunnan Dongchang Metal Processing Co., Ltd. 30 million yuan [11][12][30] - The funds will primarily be used to replace existing financing or to support daily operational turnover [11][12] Group 2 - The company and its subsidiaries will pledge certain real estate, mining rights, and patent rights as collateral to enhance the creditworthiness for the loans [12][30] - The company will provide full and unconditional guarantees for the loans taken by its subsidiaries [12][30] Group 3 - The board of directors approved the establishment of a compensation management system for directors and senior management [4] - A proposal to convene the first extraordinary general meeting of 2026 was also approved, scheduled for January 28, 2026 [6][7] Group 4 - The company has reported that the total amount of guarantees provided exceeds 50% of its latest audited net assets [10][14] - The asset-liability ratio of Yunnan Zhongke Xinyuan Crystal Material Co., Ltd. as of September 30, 2025, was reported at 70.90% [10][14]

Group 1 - The company and its subsidiaries have approved a total guarantee amount exceeding 50% of the company's latest audited net assets, with the guaranteed party's debt ratio at 70.90% as of September 30, 2025 [2][5] - The company and its subsidiaries will apply for a total of 1.2 billion yuan in working capital loans from a banking syndicate led by Industrial and Commercial Bank of China, with a loan term of three years [3][4] - The loan amounts allocated to each entity are as follows: 720 million yuan for the company, 50 million yuan for Yunnan Xinyao Semiconductor Materials Co., Ltd., 200 million yuan for Yunnan Zhongke Xinyuan Crystal Material Co., Ltd., 200 million yuan for Kunming Yunzhi High-tech Co., Ltd., and 30 million yuan for Yunnan Dongchang Metal Processing Co., Ltd. [3][4] Group 2 - The company will provide full and unconditional guarantees for the loans of its subsidiaries, which will be secured by pledging real estate, mining rights, and patents [4][21] - The company aims to optimize its existing bank loan structure and reduce financing costs through this loan, which aligns with government policies supporting technology finance [23] - The company has confirmed that there are no undisclosed significant matters that could affect its stock price, and its operational conditions remain stable [52][53]

Market Demand and Product Applications - The demand for indium phosphide (InP) chips has significantly increased due to the rising prosperity of the downstream optical communication market [2][3] - InP chips are primarily used in laser and detector chips within optical modules, with applications in 5G communication, data centers, and wearable devices [3] - Gallium arsenide (GaAs) chips are utilized in RF devices, laser devices, and high-brightness LEDs, serving sectors such as mobile phones, computers, communication bases, and autonomous driving [3] Production Capacity and Growth - The company currently has a production capacity of 300,000 pieces/year for 4-inch solar-grade germanium wafers and 200,000 pieces/year for 6-inch wafers [4] - A project to increase production capacity to 1.25 million pieces/year by the end of 2025 is underway, with a long-term goal of reaching 2.5 million pieces/year [4] - The solar-grade germanium product segment has seen substantial growth due to the increasing demand for space solar cells linked to the rise in satellite launches [4][5] Recent Performance and Future Plans - The photovoltaic-grade germanium product segment has experienced significant growth, driven by the demand for commercial low-orbit communication satellites [5] - The compound semiconductor materials segment has also seen increased demand due to the improved market conditions in optical communication [5] - The company has no current plans to expand indium phosphide production capacity, but will disclose any future plans as required [8] Export Control and Resource Management - All main products of the company are subject to export controls, and the company has complied with regulations to obtain necessary export licenses [10] - The company is actively seeking to increase its resource reserves through acquisitions and exploration [11] Strategic Development Focus - The company aims to enhance its competitiveness by focusing on deep processing of products and expanding the market for compound semiconductor materials [12]

Core Viewpoint - Yunnan Germanium Co., Ltd. focuses on the production of material-grade germanium products, including germanium ingots and germanium dioxide, while planning to expand its deep processing capabilities in the semiconductor and solar energy sectors [1] Group 1: Product Offerings - The company currently produces material-grade germanium products such as germanium ingots and germanium dioxide [1] - Deep processing products include solar germanium wafers, infrared-grade germanium single crystals and blanks, germanium lenses, infrared thermal imaging devices, and optical fiber-grade germanium products [1] Group 2: Production Capacity - The current production capacity for photovoltaic-grade germanium wafers is 300,000 pieces per year for 4-inch wafers and 200,000 pieces per year for 6-inch wafers [1] - A new project, "Space Solar Cell Germanium Wafer Construction Project," is expected to increase production capacity to 1.25 million germanium wafers annually by the end of 2025 [1] Group 3: Future Plans - The company plans to enhance research and development of compound semiconductor materials and expand market outreach [1] - There is a strategic focus on increasing sales volume and sales proportion of deep processing products to gradually shift the internal industry towards deep processing [1]

Core Points - The company reported an increase in revenue due to higher product sales and prices, particularly in the photovoltaic-grade germanium products and compound semiconductor materials [4][5] - The company experienced a decline in net profit attributed to increased R&D and financial expenses, as well as a decrease in overall gross margin [5][19] - The company approved a total of 5 million yuan in guarantees for its subsidiaries to secure bank credit [28][29] - The company plans to increase its subsidiary's registered capital by 10 million yuan to support its solar cell projects [42][48] - A stock incentive plan was approved for 50 core employees to enhance motivation and align interests [51][72] Financial Performance - Revenue increased by 131.31 million yuan due to higher sales volumes and product prices [4] - Operating costs rose by 81.61 million yuan primarily due to increased sales volumes and manufacturing costs [5] - The net profit attributable to shareholders decreased due to rising R&D and financial expenses [5][19] Guarantees and Financing - The company agreed to provide guarantees for its subsidiaries, including 30 million yuan for Kunming Yunzhong and 10 million yuan for Dongchang Company [28][29] - The total amount of guarantees approved by the board reached 593.2 million yuan, representing 40.75% of the company's latest audited net assets [38] Capital Increase - The company approved a capital increase of 10 million yuan for its subsidiary, Yunnan Zhongke Xinyuan Crystal Material Co., Ltd., to support its solar cell project [42][48] - The registered capital of Zhongke Xinyuan will increase from 22.65 million yuan to 32.65 million yuan [42] Stock Incentive Plan - A stock incentive plan was approved for 50 core employees to enhance motivation and align interests with the company's long-term goals [51][72] - The plan involves a capital increase of approximately 448,905.109 yuan, allowing employees to indirectly hold shares in the company [52][60]

Core Viewpoint - Yunnan Ge Industry reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance driven by increased sales of various germanium products and improved pricing [1][4][8]. Financial Performance - Total revenue reached 529 million yuan, a year-on-year increase of 52.1% [1]. - Net profit attributable to shareholders was approximately 22.15 million yuan, up 339.6% year-on-year [1]. - Gross margin improved to 23.98%, reflecting a 63.25% increase compared to the previous year [1]. - Net profit margin rose to 4.59%, a significant increase of 276.78% year-on-year [1]. Revenue and Cost Analysis - Revenue growth was primarily driven by increased sales of germanium products, with a notable rise in prices due to higher raw material costs [4]. - Operating costs increased by 35.53%, largely due to rising unit costs of key products [5]. - Sales expenses surged by 77.82% as the company intensified market expansion efforts [5]. Balance Sheet Changes - Accounts receivable increased by 49.58%, attributed to higher sales of various germanium products [2]. - Short-term borrowings rose by 78.66%, indicating increased bank loans [2]. - Contract liabilities grew by 58.93%, reflecting an increase in prepayments received [2]. Cash Flow and Investment - Operating cash flow per share was -0.2 yuan, a decrease of 58.73% year-on-year, indicating cash outflows due to increased raw material purchases [1][8]. - Investment cash flow showed a significant decline of 188.96%, primarily due to higher cash payments for fixed asset acquisitions [8]. R&D and Future Outlook - R&D expenses increased by 86.41%, reflecting ongoing projects in semiconductor materials and germanium products [6][7]. - The company’s reliance on R&D for performance improvement suggests a focus on innovation and product development [10]. Debt and Liquidity - The company maintains a healthy cash position, but the cash flow situation raises concerns, with a cash asset to current liabilities ratio of only 60.03% [9][11]. - The debt situation is also a point of concern, with a significant portion of liabilities related to interest-bearing debts [11]. Market Position - The company’s performance is cyclical, with historical data indicating periods of weak returns on invested capital (ROIC) [8]. - The primary reliance on R&D-driven growth necessitates careful monitoring of underlying market conditions and product demand [10]. Fund Holdings - The largest fund holding Yunnan Ge Industry is the Guotou Ruijin Economic Driven Mixed A Fund, which has increased its position recently [11].

Core Viewpoint - Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. reported a significant increase in revenue for the first half of 2025, driven by rising product prices and increased sales volume in various segments, particularly in photovoltaic and fiber optic grade germanium products [1][9]. Company Overview and Financial Indicators - The company operates in the germanium industry, focusing on mining, refining, and deep processing of germanium products, with a complete industrial chain [6][8]. - The stock code is 002428, and it is listed on the Shenzhen Stock Exchange [1]. - Total assets increased by 9.81% from the previous year, reaching approximately 3.49 billion yuan [2]. Financial Performance - Revenue for the first half of 2025 was approximately 529.5 million yuan, a 52.10% increase compared to 348.1 million yuan in the same period last year [2][9]. - The net profit attributable to shareholders was approximately 7.69 million yuan, a 144.62% increase from a loss of 17.23 million yuan in the previous year [2]. - Basic earnings per share rose to 0.034 yuan, compared to a loss of 0.014 yuan per share in the previous year [2]. Business Operations - The company produced 46.27 tons of material-grade germanium products and 49.66 million photovoltaic-grade germanium wafers during the reporting period [3][4]. - The production of infrared-grade germanium products increased due to enhanced market efforts, while material-grade germanium sales decreased as production prioritized other grades [4][5]. - The company has a strong focus on research and development, with R&D expenditures increasing by 86.41% to approximately 47.99 million yuan [9]. Market Position and Competitive Advantage - Yunnan Lincang Xinyuan is recognized as the largest producer and supplier of germanium products in China, with a complete industrial chain that enhances cost efficiency and product quality [6][8]. - The company has been designated as a national manufacturing single champion enterprise, indicating its leadership in the industry [6]. - The diverse applications of its products in strategic emerging industries, such as semiconductors and renewable energy, position the company favorably for future growth [7][8].