Group 1 - The core point of the article is that Yunlu Co., Ltd. announced the completion of a share reduction plan by shareholder Guo Keyun, who reduced his holdings by a total of approximately 3% of the company's total share capital [1] - Guo Keyun reduced his shares through two methods: approximately 1.2 million shares (1% of total shares) via centralized bidding and approximately 2.4 million shares (2% of total shares) through block trading, totaling around 3.6 million shares [1] - The share reduction plan has reached its deadline and has been fully implemented [1] Group 2 - The article also highlights a significant financial discrepancy for a listed company, where net profit surged ninefold before unexpectedly reporting a loss exceeding 200 million yuan [1] - The chairman of the company reportedly invested 50 million yuan of personal funds to cover the financial shortfall, raising questions about the company's financial management [1] - There is uncertainty regarding the whereabouts of 5 billion yuan in trust investments, leading to confusion among shareholders [1]

重要内容提示： 大股东及董事持有的基本情况 本次减持计划实施前，股东郭克云持有青岛云路先进材料技术股份有限公司 （以下简称"公司"）股份 20,905,948 股，占公司总股本的 17.42%，上述股份 为公司首次公开发行前取得的股份，已于 2022 年 11 月 28 日解除限售并上市流 通。 减持计划的实施结果情况 证券代码：688190 证券简称：云路股份 公告编号：2026-010 青岛云路先进材料技术股份有限公司 股东及董事减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 公司于 2025 年 10 月 24 日披露了《青岛云路先进材料技术股份有限公司股 东及董事减持股份计划公告》（公告编号：2025-048），郭克云先生因自身资金需 求，计划通过集中竞价方式及大宗交易方式减持其所持有的公司股份不超过 3,600,000 股，即不超过公司总股本的 3.00%。该次减持计划自前述公告披露之 日起 15 个交易日后的 3 个月内实施。 公司于近日收到公司股东郭克云先生出具的《关于减持股份结 ...

Group 1: Stock Performance - Yunlu Co., Ltd. (688190) stock price increased by 10.36% on February 12, closing at 116.34 yuan, reaching a new 60-day high. This breakthrough was driven by multiple factors including market focus on technology, active positioning by major funds, strong company fundamentals, and stable institutional holdings [1][2]. Group 2: Market Trends - The A-share market exhibited a structural trend on the same day, with technology sectors such as computing power, liquid cooling servers, and CPO showing strong performance. Yunlu Co., as a supplier of magnetic materials, benefits from applications in high-growth areas like new energy vehicles, wireless charging, and data centers, being categorized as a hot stock in the liquid metal and magnetic levitation concepts [2]. Group 3: Capital Flow - On February 12, the net inflow of major funds was 1.0887 million yuan, which, while not large in absolute terms, indicates continued accumulation by major players in the days leading up to the holiday, with a notable net inflow of 176 million yuan on February 9. The turnover rate reached 3.23%, with a transaction volume of 441 million yuan, reflecting high participation from investors [3]. Group 4: Company Fundamentals - The company's Q3 2025 report indicated a revenue growth of 5.03% year-on-year, although net profit declined by 4.96%. However, the company's technological advantages in high-end magnetic materials such as amorphous materials and nanocrystals, along with expanding downstream demand in new energy vehicles and computing infrastructure, provide a long-term optimistic outlook. Additionally, the recent lifting of the detention of Chairman Li Xiaoyu has alleviated concerns regarding management uncertainties [4]. Group 5: Institutional Insights - Invesco Great Wall New Energy Industry Fund A and other funds have significant holdings in Yunlu Co., with recent institutional ratings indicating a "buy" recommendation. As of September 30, 2025, several funds from the Invesco Great Wall group ranked among the top ten circulating shareholders, enhancing market confidence through stable institutional holdings [5].

Group 1 - The core viewpoint of the article highlights that Yunlu Co., Ltd. emphasizes the close relationship between its amorphous product business and the global distribution transformer industry development [2] - The company reports that its amorphous product capacity utilization rate has remained at a high level in recent years [2]

证券代码：688190 证券简称：云路股份 公告编号：2026-009 青岛云路先进材料技术股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 1、 公司在任董事14人，列席14人； （一） 股东会召开的时间：2026 年 2 月 9 日 （二） 股东会召开的地点：公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 75 | | --- | --- | | 普通股股东人数 | 75 | | 2、出席会议的股东所持有的表决权数量 | 89,875,164 | | 普通股股东所持有表决权数量 | 89,875,164 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 74.8959 | | 例（%） | | | 普通股股东所持有 ...

北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2026年第一次临时股东会的 法律意见书 德和衡证见意见（2026）第16号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 本法律意见书仅就本次股东会的召集和召开程序、会议召集人和出席会议人员的资格、会 议表决程序和表决结果的合法有效性等发表意见，并不对本次股东会所审议的议案内容和该等 议案中所表述的事实或数据的真实性和准确性发表意见。 本所及经办律师依据《律师事务所从事证券法律业务管理办法》等规定及本法律意见书出 具日以前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进 行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供贵公司为本次股东会之目的而使用，不得用于其他任何目的。本所律师 同意贵公司将本法律意见书随贵公司本 ...

Core Viewpoint - Yunlu Co., Ltd. (688190) has announced the lifting of the detention measures against its Chairman and General Manager, Li Xiaoyu, after eight months, leading to a recovery in the company's governance structure and a subsequent rise in stock price by 8.2% to 108.04 CNY per share, with a total market value of 12.965 billion CNY [1][3]. Group 1: Company Governance and Leadership - The company has confirmed that Li Xiaoyu can now participate in daily operations after the lifting of the detention measures, restoring the original governance structure with the resignation of acting officials [3]. - Li Xiaoyu, born in 1970 and a graduate of Tsinghua University with a PhD, has a notable career history, including roles in various companies related to magnetic materials [3][4]. - During Li's detention, the company experienced capital movements, including a share reduction plan by Vice Chairman Guo Keyun and share increases by other executives [4]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported total revenue of 1.458 billion CNY, a year-on-year increase of 5.03%, while net profit attributable to shareholders decreased by 4.96% to 250 million CNY [5]. - The third quarter alone saw a revenue of 472 million CNY, a decline of 1.17% year-on-year, and a net profit of approximately 80.31 million CNY, down 16.24% [5]. - The stock price experienced volatility, initially dropping after the detention news but later rebounding, reaching a closing price of 131.42 CNY per share by October 15, 2025 [5].

Core Viewpoint - The rare earth industry is experiencing a significant price increase, with expectations for continued growth in 2026, driven by supply-demand dynamics and strategic value reassessment [1] Price Trends - As of February 6, the price of praseodymium-neodymium oxide reached 758,000 yuan/ton, a monthly increase of 24.9% and a year-on-year increase of 79.9% [1] - The price of heavy rare earth terbium oxide rose to 6,155 yuan/ton, with a monthly increase of 2.2% [1] Market Dynamics - There is a notable divergence between rare earth prices and stock prices, suggesting a potential return to fundamental pricing as market liquidity effects are digested [1] - Analysts predict that domestic rare earth prices will continue to rise, with the praseodymium-neodymium oxide price surpassing 700,000 yuan/ton [1] Supply and Demand Factors - The supply side is characterized by a separation of mining and smelting, with total quantity control and a slowdown in domestic production growth, lagging behind demand expansion [1] - Demand is being driven by rapid developments in industries such as robotics, low-altitude economy, and military applications [1] - High overseas smelting costs are also providing support for prices [1] Investment Perspective - The CSI Rare Earth Industry Index focuses on core segments of the rare earth industry chain, covering leading companies from mining and smelting to deep processing and downstream applications [1] - The E Fund Rare Earth ETF (159715) offers a low-cost investment tool with a management fee rate of only 0.15% per year for investors looking to enter the rare earth sector [1]

Group 1 - Company Saisir signed a cooperation agreement with the Shapingba District Government of Chongqing, establishing a new company funded by the separation of existing assets related to blue electric vehicles [1] - The new company will have a shareholding structure where the SPV holds approximately 33.5%, other investors hold about 18.5%, and the company and its designated entities hold around 32% [1] - The new company's board will consist of 5 members, with the company appointing 1 member [1] Group 2 - Yunlu Co., Ltd. announced that the detention measures against its Chairman and General Manager, Li Xiaoyu, have been lifted, allowing him to resume his duties [2] - Lin Yang Energy's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan within the next 12 months [3] - Zhongfu Shenying's controlling shareholder plans to reduce its stake by up to 3%, amounting to a maximum of 27 million shares [4] Group 3 - Anlu Technology's shareholders, including several investment funds, plan to collectively reduce their stake by up to 4% [5] - Jinfeng Technology is in the planning stage of a share acquisition, with its controlling shareholder intending to transfer 6% of the company's shares [6] - Shenjian Co., Ltd. reported that its revenue from the commercial aerospace sector is less than 1% of its total revenue, indicating limited contribution from this segment [7] Group 4 - Guolian Minsheng plans to increase its investment in Minsheng Securities by 200 million yuan, with the funds sourced from a specific stock issuance [8] - Zhongsheng Pharmaceutical's subsidiary has reported positive results from two Phase III clinical trials for its innovative drug, indicating effective treatment for influenza in children and adolescents [9] - Mingguan New Materials has decided to terminate its investment in a solar backplane and functional film production project due to industry overcapacity and declining profitability [10] Group 5 - Huading Co., Ltd.'s controlling shareholder plans to publicly solicit buyers for a 6% stake in the company [11] - Tiancheng Auto Control's subsidiary has received a notification to supply passenger car seats for a major automotive client, with a project lifecycle value of 2.3 billion yuan [12] - Shanshan Co., Ltd. signed a restructuring investment agreement that may lead to a change in its controlling shareholder to Anhui State-owned Assets Supervision and Administration Commission [13] Group 6 - Sichuan Changhong intends to transfer 58.33% of its subsidiary's equity to its controlling shareholder for 33.1245 million yuan, as the subsidiary's business has ceased operations [14] - Ruili Kemi is planning to acquire a 16% stake in its subsidiary, with the stock being suspended from trading [15] - Yongtai Technology is also planning to purchase a 25% stake in Yongtai High-tech from Ningde Times, with its stock suspended from trading as well [16][17]

Group 1 - The core point of the article is the return of Li Xiaoyu to his roles as legal representative, chairman, and general manager of Yunlu Co., following the lifting of his detention measures, which had no significant impact on the company's operations [2] - Yunlu Co. has a strong governance and internal control mechanism, ensuring that other board members and senior management continued to perform their duties normally during Li Xiaoyu's absence [2] - The company specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with applications extending to various industries including electric power distribution, new energy vehicles, 5G infrastructure, and consumer electronics [2] Group 2 - In the first three quarters of 2025, Yunlu Co. achieved operating revenue of 1.458 billion yuan, a year-on-year increase of 5.03%, while the net profit attributable to shareholders decreased by 4.96% to 250 million yuan [3] - The company completed the construction of a new production line with an annual capacity of 15,000 tons of amorphous materials in the second quarter of 2025, focusing on the development of amorphous materials for electric motors used in new energy vehicles [3]