Investment Rating - The report maintains a positive outlook on non-ferrous metal stocks, suggesting to buy on dips [2][3]. Core Views - The report indicates that the recent decline in metal prices has ended, leading to increased purchasing activity from downstream buyers. It emphasizes a long-term bullish view on non-ferrous resources, particularly copper, gold, silver, aluminum, rare earths, tungsten, antimony, and cobalt [1][3]. Industry Overview - The non-ferrous metal sector has seen a significant performance with a 1-month absolute return of 5.9%, a 6-month return of 24.7%, and a 12-month return of 88.3% [3]. - The report highlights the recent fluctuations in metal prices, with copper inventory increasing by 0.46 thousand tons to 148.9 thousand tons, while LME copper inventory decreased by 5,075 tons to 148 thousand tons [3][6]. - The report notes that the price of gallium has increased by 3.74% due to tight supply and demand dynamics, while molybdenum prices have decreased by 2.40% due to weakened demand [3][6]. Key Metal Insights - **Copper**: The report anticipates a decrease in copper inventory due to pre-holiday stocking, supporting copper prices in the medium to long term. Key companies to watch include Zijin Mining, China Nonferrous Mining, and Jiangxi Copper [3][6]. - **Aluminum**: The report indicates a slight increase in aluminum inventory but expects a positive trend in aluminum prices and profits due to improved downstream consumption [3][6]. - **Cobalt**: The report mentions that the Democratic Republic of Congo is considering extending its cobalt export ban for two more months, which could lead to a supply shortage and price increases for cobalt intermediates [6][3]. Stock Performance - The report identifies the top-performing stock in the non-ferrous sector as Boqian New Materials, which saw a weekly increase of 14.76%, while Xianglu Tungsten experienced the largest decline at -12.66% [3][6].

Core Insights - The report highlights Jiangsu Boqian New Materials Co., Ltd.'s commitment to corporate social responsibility, focusing on environmental, social, and governance (ESG) practices for the year 2024 [1][2][4]. Company Overview - Jiangsu Boqian New Materials Co., Ltd. was established in 2010 and specializes in the research, production, and sales of high-end nano metal powder materials, becoming a pioneer in the application of nano metal materials in China [2][3]. - The company has a total of 164 valid authorized patents as of the end of 2024, showcasing its focus on technological innovation [2]. Innovation and Technology - The company is dedicated to exploring cutting-edge technologies, particularly in ultra-fine nano metal materials for electronic devices, and has made significant advancements in high-performance capacitor electrode nickel powder [2][3]. - Boqian New Materials aims to enhance the lightweight and miniaturization of products across various sectors, including consumer electronics, new energy vehicles, and aerospace [2]. Green Development - Under the "dual carbon" goals, the company prioritizes green development, adhering to regulations, pollution prevention, energy conservation, and continuous improvement [2][3]. - In 2024, the company invested significantly in environmental protection, utilizing clean energy with an annual photovoltaic power generation of over 3.36 million kilowatt-hours [2]. Employee Welfare - The company emphasizes a people-oriented approach, focusing on talent selection, training, and retention, and has established a scholarship program to support research talent [2][3]. - Boqian New Materials aims to create a dynamic win-win situation between corporate growth and employee development [2]. Corporate Governance - The company has established a robust governance structure, ensuring clear responsibilities among the board of directors, supervisory board, and management, thereby protecting the interests of all shareholders [4][5]. - The board consists of nine members, including three independent directors, and has maintained a 100% attendance rate in meetings [4][5]. Investor Relations - The company has a comprehensive information disclosure system, adhering to regulations to ensure transparency and protect investor rights [5][6]. - In the reporting period, the company distributed cash dividends totaling 83.71 million yuan, reflecting its commitment to sharing profits with investors [5][6].

Core Viewpoint - Jiangsu Boqian New Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand in the MLCC market and improvements in product structure [1][2]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 518.55 million yuan, an increase of 18.30% compared to the same period last year [2]. - The total profit reached approximately 116.86 million yuan, representing a 103.05% increase year-on-year [2]. - The net profit attributable to shareholders was approximately 105.52 million yuan, up 93.34% from the previous year [2]. - The net cash flow from operating activities was approximately 120.72 million yuan, down 34.80% compared to the previous year [2]. - The company's total assets increased by 7.89% to approximately 1.93 billion yuan, while net assets rose by 4.32% to approximately 1.60 billion yuan [2]. Industry and Main Business Analysis - The company's main business focuses on the research, production, and sales of high-end metal powder materials for electronic applications, particularly nickel and copper powders used in MLCC production [3][4]. - The global MLCC market is experiencing steady growth, driven by advancements in AI technology, increased penetration of electric vehicles, and a recovery in consumer electronics demand [3][4]. - The automotive electronics sector is the largest application market for MLCCs, accounting for 30.5% of the total market size [3]. - The demand for MLCCs is expected to grow significantly due to the rising production of AI servers and electric vehicles, which require high-performance electronic components [4][5]. Operational Performance and Strategic Focus - The company has optimized its product structure and increased R&D investment to enhance the performance of its core materials, particularly in response to the growing demand for high-performance MLCCs [6][7]. - The company is focusing on improving the preparation processes for nickel-based products and enhancing the quality of its metal powders to meet the evolving needs of the MLCC market [7][8]. - The company has established a comprehensive quality management system and has received multiple certifications, ensuring the reliability and performance of its products [11][12]. Competitive Advantages and Future Outlook - The company holds 185 valid patents, demonstrating its commitment to technological innovation and industry leadership [10][11]. - The management team has extensive experience in the metal powder materials industry, contributing to the company's strategic direction and market expansion [13][14]. - The company aims to maintain its competitive edge by continuously adapting to market trends and customer demands, particularly in the high-end MLCC segment [6][7].