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。 ...

Group 1: Company Overview and Future Directions - Yunnan Zhenye plans to enhance its competitiveness by increasing the sales and proportion of deep-processed products while continuing to develop gallium arsenide and indium phosphide materials [3] - The company does not produce raw materials like arsenic, gallium, phosphorus, and indium, sourcing all necessary materials from external suppliers [3] Group 2: Product Quality and Market Position - The yield rate of the company's compound semiconductor materials is gradually improving, which is crucial for reducing manufacturing costs [3] - The company’s compound semiconductor materials are primarily used by epitaxial production manufacturers or device manufacturers with their own epitaxial production capabilities [10] Group 3: Pricing and Market Strategy - Product pricing is determined based on market principles, considering factors such as order volume and market conditions [5] - The company’s solar-grade germanium products are currently priced steadily, with specific prices for 2026 to be determined based on order agreements [10] Group 4: Industry Competition and Trends - The domestic competitors in the solar-grade germanium substrate market include Beijing Tongmei and Nanjing Zhongzhe [6] - The germanium market is competitive, with prices influenced by supply and demand dynamics; prices saw a rapid increase in Q3 2024 but have been gradually adjusting since [8] Group 5: Revenue and Financial Impact - The revenue from compound semiconductor materials accounts for approximately 10% of the company's total revenue [10] - The company is actively seeking to expand its germanium resource reserves through acquisitions and exploration [10]

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 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].

Group 1: Industry Transformation and Innovation - Copper's focus on becoming a demonstration city for industrial transformation in the western region, emphasizing innovation and technology transfer [1] - The establishment of a pilot base for comprehensive resource utilization of coal gangue, addressing the challenges of low-value and single-product recycling technology [2] - The production of medical CT machine components aims to solve the domestic supply chain issues for high-end medical imaging equipment [3] Group 2: Technological Advancements - The development of indium phosphide products by Shaanxi Yinjie Semiconductor Co., which are crucial for 5G communication and aerospace applications, overcoming previous technological barriers [5] - The increase in the optical electronics industry value added by 47.4% year-on-year, indicating significant growth in this sector [5] - Implementation of key technology research projects in the optical electronics field, including 83 provincial and 212 municipal technology projects [6] Group 3: Talent Development and Ecosystem - The "Talent Strong City" strategy aims to attract and retain high-level talent, with 354 high-level talents recognized and provided with personalized services [7] - Establishment of expert workstations in key industries to enhance talent cultivation and technical problem-solving [8] - The creation of a one-stop service platform for talent, addressing various needs such as housing and education [7]

Core Viewpoint - Yunnan Germanium (002428) expects a significant turnaround in net profit for the period from January 1, 2025, to June 30, 2025, projecting a profit of 16 million to 23 million yuan compared to a loss of 9.2444 million yuan in the same period last year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 16 million to 23 million yuan, a notable improvement from the previous year's loss of 9.2444 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 5.5 million and 8 million yuan, compared to a loss of 17.2321 million yuan in the same period last year [1] - Basic earnings per share are forecasted to be between 0.024 yuan and 0.035 yuan, while the previous year recorded a loss of 0.014 yuan per share [1] Sales and Revenue Drivers - The increase in sales revenue and overall gross margin is attributed to the sales volume and price changes of various germanium products, including photovoltaic-grade germanium, infrared-grade germanium, optical fiber-grade germanium, indium phosphide products, and material-grade germanium [1]