Core Viewpoint - Baowu Magnesium Industry has shown a significant stock price increase and financial performance, indicating potential growth opportunities despite a decline in net profit. Group 1: Stock Performance - On January 7, Baowu Magnesium's stock rose by 2.01%, reaching 17.29 CNY per share, with a trading volume of 237 million CNY and a turnover rate of 1.61%, resulting in a total market capitalization of 17.148 billion CNY [1] - Year-to-date, the stock price has increased by 13.01%, with a 12.93% rise over the last five trading days, 21.16% over the last 20 days, and 11.40% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Baowu Magnesium achieved a revenue of 6.970 billion CNY, reflecting a year-on-year growth of 9.82%, while the net profit attributable to shareholders was 87.439 million CNY, a decrease of 43.13% year-on-year [2] - The company has distributed a total of 738 million CNY in dividends since its A-share listing, with 206 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of December 19, 2025, Baowu Magnesium had 56,200 shareholders, a decrease of 0.88% from the previous period, with an average of 15,387 circulating shares per shareholder, an increase of 0.89% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 25.768 million shares, an increase of 13.540 million shares from the previous period [3]

Group 1 - The small metals sector increased by 4.31% on January 6, with Haotong Technology leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - Key stocks in the small metals sector showed significant price increases, with Haotong Technology rising by 12.03% to a closing price of 32.50 [1] Group 2 - The main capital inflow in the small metals sector was 2.499 billion yuan, while retail investors experienced a net outflow of 1.745 billion yuan [1] - The trading volume for Haotong Technology was 208,800 shares, with a transaction value of 6.66 billion yuan [1] - Other notable stocks included Xiyang Co., which rose by 10.01% with a trading volume of 672,400 shares and a transaction value of 2.043 billion yuan [1]

Group 1 - The core viewpoint of the article is that Baowu Magnesium Industry has successfully developed and started mass production of magnesium alloy electric drive housings in collaboration with Nanjing Precision and Chongqing Boao, indicating a significant advancement in their product offerings [1] - The company anticipates a notable growth in its magnesium alloy deep processing business as the lightweight trend in the new energy vehicle sector accelerates [1]

Core Viewpoint - Baowu Magnesium Industry's stock price has shown a modest increase of 2.03% year-to-date, with significant fluctuations in trading volume and market capitalization, indicating a mixed investor sentiment and potential opportunities for growth in the non-ferrous metals sector [1][2]. Group 1: Stock Performance - As of January 5, Baowu Magnesium's stock price reached 15.61 CNY per share, with a total market capitalization of 15.482 billion CNY [1]. - The stock has increased by 3.51% over the last five trading days and 12.87% over the last 20 days, while it has decreased by 2.80% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baowu Magnesium reported a revenue of 6.970 billion CNY, reflecting a year-on-year growth of 9.82%, while the net profit attributable to shareholders decreased by 43.13% to 87.439 million CNY [2]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Baowu Magnesium was 56,200, a decrease of 0.88% from the previous period, with an average of 15,387 circulating shares per shareholder, which increased by 0.89% [2]. - The company has distributed a total of 738 million CNY in dividends since its A-share listing, with 206 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 25.768 million shares, an increase of 13.5401 million shares from the previous period [3]. - The Southern CSI 1000 ETF was the fifth-largest shareholder, holding 6.3518 million shares, which decreased by 53,600 shares compared to the previous period [3].

每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ （记者 曾健辉） 每经AI快讯，宝武镁业发布公告称，2025年12月31日，宝武镁业接受信达澳亚等投资者调研，公司董 秘吴剑飞参与接待，并回答了投资者提出的问题。 ...

Production Overview - In 2025, China's total primary magnesium production reached approximately 917,400 tons, a year-on-year increase of about 5.78% [1] - Production by region: - Shaanxi: 591,200 tons (+13.82%) - Shanxi: 174,100 tons (-6.50%) - Inner Mongolia: 34,200 tons (-1.72%) - Xinjiang: 52,300 tons (+9.41%) - Other regions: 65,700 tons [1] Export Data - From January to November 2025, China exported approximately 408,800 tons of various magnesium products, a decrease of 2.83% year-on-year [2] - Breakdown of exports: - Magnesium ingots: 229,800 tons (-5.12%) - Magnesium alloys: 90,400 tons (+2.73%) - Magnesium powder: 67,700 tons (-11.05%) [2] Application Areas - In 2024, global primary magnesium production was 1,120,000 tons, with the following application proportions: - Magnesium alloys: 49% - Added to aluminum alloys: 26% - Steel desulfurization: 12% - Metal reducing agents: 8% - Other applications: 5% [3] Product Development - The company has successfully developed and mass-produced magnesium alloy electric drive housings in collaboration with Nanjing Precision and Chongqing Boao, anticipating significant growth in this sector due to the acceleration of lightweight electric vehicles [4] Deep Processing Expansion - The company operates six die-casting bases nationwide, equipped with over 200 die-casting units and nearly 1,000 processing centers, capable of surface treatment and mold design [5] - Key areas for magnesium alloy deep processing include: - Automotive components (e.g., steering wheels, seat supports) - Electric bicycle parts - Robotics components (e.g., covers, bases) - Magnesium construction templates (e.g., ceiling and wall panels) - Applications in low-altitude economy [5] Compliance and Communication - The company ensured thorough communication with investors, adhering to information disclosure regulations to maintain transparency and prevent the leakage of undisclosed significant information [6]

证券代码：002182 证券简称：宝武镁业 公告编号：2025-57 宝武镁业科技股份有限公司 关于高级管理人员股份减持完成的公告 董事会秘书吴剑飞保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）于2025 年9月25日在巨潮资讯网（www.cninfo.com.cn）披露了《关于高级管理人员减 持股份预披露公告》（公告编号：2025-41）。近日，公司收到吴剑飞女士提交 的《关于股份减持计划完成的告知函》，吴剑飞女士本次减持计划已实施完成， 现将有关情况公告如下： 二、股东本次减持前后持股情况 注：上表中计算股份占总股本的比例时，尾数进行四舍五入计算。 股东名称 减持方式 减持期间 减持均价 （元/股） 减持股数 （股） 减持股份数量占公司当 前总股本的比例（%） 吴剑飞 集中竞价 2025.11.5- 2025.12.29 14.72 680,000 0.0686% 一、股东减持情况 三、其他说明 1、本次减持计划的实施符合《中华人民共和国证券 ...

Overview - The rapid rise of the new energy vehicle industry is driving the growth of the automotive magnesium alloy wheel hub sector, with increasing demand for lightweight components to alleviate range anxiety [1][9] - The market size of China's automotive magnesium alloy wheel hub industry is projected to reach 1.42 billion yuan in 2024, representing a year-on-year growth of 47.9%, although the current market share of magnesium alloy wheel hubs is less than 2% [1][9] Market Policies - China has implemented a series of policies to support the development of the automotive magnesium alloy wheel hub industry, creating a favorable policy environment [4] Industry Chain - The upstream of the automotive magnesium alloy wheel hub industry includes suppliers of magnesium alloys and coating materials, while the downstream primarily targets the automotive market, with new energy passenger vehicles being the largest demand source [5][7] Current Development - The automotive market in China is experiencing rapid growth, with production and sales of automobiles reaching 24.43 million and 24.36 million units respectively in the first nine months of 2025, showing year-on-year growth of 13.3% and 12.9% [7][8] Competitive Landscape - The industry is transitioning from "technical reserves" to "scale application," with few companies capable of mass production. Key players include Dewey Technology Co., Ltd., Baowu Magnesium Industry, and others [9][10] Development Trends - Continuous optimization of material formulations is expected, with a focus on combining magnesium with rare earths and carbon fibers to enhance performance [13] - Smart manufacturing processes will be integrated into production, utilizing AI and 3D printing technologies to improve efficiency [14] - Green production will become a core competitive advantage, with a focus on reducing carbon emissions and enhancing recycling systems [15] - Vertical integration of the industry chain will be pursued by leading companies to ensure supply stability and reduce costs [16]

行 业 及 产 业 有色金属 2025 年 12 月 28 日 相关研究 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 金属价格强势突破，看好春季行情 看好 ——金属&新材料行业周报 20251222-20251226 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.88%，深证成指上涨 3.53%，沪深 300 上涨 1.95%，有色金属（申 万）指数上涨 6.43%，跑赢沪深 300 指数 4.48 个百分点。2）分子板块看，环比上周，贵金属上 ...

（文章来源：证券日报） 证券日报网讯 12月26日，宝武镁业发布公告称，公司2025年12月26日召开2025年第五次临时股东会， 审议并通过《关于增加2025年度日常关联交易预计的提案》。 ...