Core Viewpoint - Yahua Group (002497) indicated that as of December 31, 2025, the total number of shareholders is approximately 88,000, and the company does not have access to shareholder data as of January 5 [1] Summary by Relevant Categories - **Company Information** - Yahua Group has approximately 88,000 shareholders expected by the end of 2025 [1] - The company does not possess the shareholder data for January 5 [1]

Core Viewpoint - Yahua Group (002497) is making steady progress in the research and industrialization of lithium sulfide products, with plans to send products for third-party inspection this month [1] Group 1 - The company is collaborating with key equipment manufacturers to validate the construction of a pilot line for large-scale production of lithium sulfide [1] - Breakthroughs have been achieved in addressing key common challenges related to hazardous gas control, gas-solid reaction uniformity, and crystal particle size homogenization and refinement [1] - Further updates on the progress will be disclosed in the company's subsequent information releases [1]

证券日报网讯1月7日，雅化集团（002497）在互动平台回答投资者提问时表示，公司对电池新技术的发 展持续保持关注，未来各种技术路线将长期共存，相互补充。锂电池因其能量密度和充放电速率优势在 3C、动力电池、低空经济和具身智能等场景仍有广阔的应用和发展空间，同时伴随着固态电池的发 展，未来锂电池的能量密度和安全性还会更上一层楼，公司看好锂电行业的长期发展。 ...

Core Viewpoint - The company, Yahua Group (SZ002497), has addressed rumors regarding significant losses in its lithium carbonate futures business, stating that the impact on its overall performance will be minimal [1] Group 1: Company Strategy - The company employs a hedging strategy that links futures and spot sales, which helps mitigate risks associated with price fluctuations [1] - The proportion of futures hedging relative to the company's total production and sales volume is relatively low [1] Group 2: Financial Impact - The hedged portion of the futures and spot transactions has been profitable to date, indicating that the company's financial performance remains stable [1]

Summary of Yahua Group Conference Call Company Overview - **Company**: Yahua Group - **Industry**: Lithium production and mining Key Points and Arguments Production and Capacity Expansion - Yahua Group expects lithium product shipments to exceed 200,000 tons in 2024, with a target of reaching 2.3 million tons by 2026, corresponding to a scale of 350,000 tons of lithium concentrate [2][3] - The company is advancing mining and beneficiation in core mining areas and exploring peripheral mining areas, establishing a resource exploration team in Africa to prepare for future capacity expansion [2][3] Cost Management - Production costs at the Kamativi mine are controlled at over $500 per ton, with total costs including freight around $700 per ton [2][5] - Cost reduction measures include improving ore grade and recovery rates, optimizing foreign exchange losses (kept within 5%), and constructing a photovoltaic power station expected to be operational by 2025 [2][5] Project Developments - Yahua plans to build a 350,000-ton lithium sulfate project in Zimbabwe, expected to be completed by 2027, to address local policies and significantly reduce current transportation costs of $200-230 per ton [2][5] - The company intends to acquire the remaining 32% stake in the Kamativi mine and is actively exploring lithium resources in other African regions, with some targets already identified [2][7] Strategic Partnerships and Market Position - The company has adjusted its pricing mechanism to reference steel union or futures indicators rather than solely relying on Shanghai nonferrous metals prices, leading to price increases for both domestic and international orders starting in Q1 2025 [4][12] - Yahua Group aims to become a significant supplier of battery-grade lithium hydroxide to Tesla starting in 2026, reflecting its competitive edge in product quality and supply chain stability [4][11] Inventory and Market Demand - As of the end of 2024, the company has limited product inventory, with sufficient lithium concentrate to meet production needs [17] - The procurement sentiment from downstream customers is positive, leading to a pricing strategy that aligns hydrogen and carbonate lithium prices [17] Future Outlook and Strategic Goals - The company is focused on enhancing its lithium hydroxide and carbonate product lines, with plans to introduce products suitable for solid-state batteries [4][11] - Yahua Group's domestic and international blasting business aims to increase production capacity from 260,000 tons to 300,000 tons by 2026, with significant export growth anticipated [19][20] Risk Factors - The acceleration of domestic lithium mining development is influenced by uncertainties in overseas lithium resource development, including frequent policy changes in countries like Chile, Argentina, and Zimbabwe [10] - The potential for the resumption of previously shut-down Australian mines exists, contingent on sustained price increases [14] Capital Expenditure and Financing - The company plans significant capital expenditures for new production lines and lithium sulfate construction, with sufficient internal funds to meet these needs and no immediate financing plans [20] Conclusion - Yahua Group is strategically positioned for growth in the lithium market, with robust plans for production expansion, cost management, and product diversification, while navigating the complexities of international resource development and market dynamics [2][4][10]

Core Viewpoint - Yahua Group's stock has shown significant growth recently, with a notable increase in both revenue and net profit year-on-year, indicating strong operational performance and investor interest [1][2]. Group 1: Stock Performance - On January 7, Yahua Group's stock rose by 2.04%, reaching 25.07 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 28.895 billion CNY [1]. - Year-to-date, the stock price has increased by 1.29%, with a 4.72% rise over the last five trading days, 14.53% over the last 20 days, and an impressive 61.85% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yahua Group reported a revenue of 6.047 billion CNY, reflecting a year-on-year growth of 2.07%, while the net profit attributable to shareholders reached 334 million CNY, marking a substantial increase of 116.02% [2]. - The company has distributed a total of 1.24 billion CNY in dividends since its A-share listing, with 622 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of December 31, the number of shareholders for Yahua Group stood at 88,000, a decrease of 5.38% from the previous period, while the average number of circulating shares per shareholder increased by 5.68% to 12,028 shares [2]. - Among the top ten circulating shareholders, Invesco Great Wall New Energy Industry Fund holds 13.4998 million shares, an increase of 286,200 shares, while Hong Kong Central Clearing Limited holds 13.2388 million shares, a decrease of 1.5432 million shares [3].

Group 1 - The core viewpoint of the news highlights the performance of the non-ferrous metal industry, with the National Index for Non-Ferrous Metals (399395) rising by 0.72% and specific stocks like Guocheng Mining (000688) and Huayou Cobalt (603799) showing significant gains [1] - The COMEX gold futures increased by 0.2% to $4,352.3 per ounce, while spot gold rose by 0.17% to $4,338.83 per ounce, indicating a strong momentum in precious metals [1] - The article mentions a policy from the National Development and Reform Commission encouraging mergers and reorganizations in resource-constrained industries like alumina, which has led to a significant rise in alumina prices [1] Group 2 - The Non-Ferrous Metals ETF (159880) closely tracks the National Index for Non-Ferrous Metals, which includes 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector [2] - As of November 28, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.34% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) being prominent [2]

证券之星消息，12月29日化学制品板块较上一交易日下跌0.93%，雅化集团领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。化学制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002591 | 恒大高新 | 8.20 | 10.07% | 16.87万 | 1.36亿 | | 001335 | 信訓科技 | 48.52 | 10.00% | 3.70万 | · 1.74亿 | | 603192 | 汇得科技 | 26.11 | 9.98% | 10.50万 | 2.689Z | | 300848 | 美瑞新材 | 16.01 | 8.10% | 19.53万 | 3.04亿 | | 688350 | 富家科技 | 27.05 | 6.96% | 5.32万 | 1.42亿 | | 003002 | 壶化股份 | 32.70 | 5.86% | 13.90万 | 4.51亿 | | 301077 | 星华新材 | 28 ...

Group 1 - The core point of the news is that Yahua Group's stock price increased by 6.04% to 26.14 CNY per share, with a trading volume of 790 million CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 30.128 billion CNY [1] - Yahua Group, established on December 25, 2001, and listed on November 9, 2010, operates primarily in two sectors: lithium business and civil explosives, with lithium salt products contributing 51.54% to revenue, civil explosive products and blasting services 42.81%, and transportation services 5.66% [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has Yahua Group as a top ten holding, with Jiashi New Selected Mixed Fund (002149) holding 167,100 shares, accounting for 5.47% of the fund's net value, and generating an estimated floating profit of approximately 249,000 CNY [2] - Jiashi New Selected Mixed Fund (002149) was established on April 8, 2016, with a latest scale of 45.4505 million CNY, achieving a year-to-date return of 57.71% and ranking 826 out of 8087 in its category [2]

Core Viewpoint - Yahua Group (002497) is closely monitoring key strategic project opportunities and will fulfill its information disclosure obligations as required by law if any relevant events occur [1] Group 1 - The company is committed to maintaining effective management practices [1] - Yahua Group aims to create investment value for shareholders through strong performance [1]