Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector with expectations of outperforming the benchmark index by 10% or more in the upcoming period [6]. Core Insights - In Q2 2025, the production of lithium concentrate reached 68,368 tons, a year-on-year increase of 38%, while sales volume decreased by 23% to 40,350 tons due to a strategic decision to halt supply during price volatility [1][2]. - The company's cash operating cost was reported at $442 per ton, a decrease of 14% year-on-year, maintaining the lowest cost in the industry [2]. - The financial performance showed a significant decline, with revenue dropping 62% year-on-year to $2.115 million, and a net loss of $1.886 million [3][4]. Summary by Sections Production and Sales - Q2 2025 lithium concentrate production was 68,368 tons, exceeding the target of 67,500 tons, with a 38% year-on-year growth [1]. - Sales volume for Q2 2025 was 40,350 tons, reflecting a 23% year-on-year decline and a 34% quarter-on-quarter decline due to a cautious supply strategy [1]. Cost Structure - The unit sales cost was $584 per ton, up 3% year-on-year and 5% quarter-on-quarter [1]. - The cash operating cost was $442 per ton, down 14% year-on-year and 3% quarter-on-quarter, remaining below the target of $500 per ton for 2025 [2]. - The all-in sustaining cost (AISC) was $594 per ton, a 24% decrease year-on-year and 4% decrease quarter-on-quarter, also below the annual target of $660 per ton [2]. Financial Performance - Revenue for Q2 2025 was $2.115 million, down 62% year-on-year and 56% quarter-on-quarter [3]. - EBITDA for Q2 2025 was -$1.688 million, indicating a loss compared to previous periods [4]. - The company reported a net loss of $1.886 million, widening year-on-year and turning negative quarter-on-quarter [4]. Operational Updates - The company is advancing its Phase II expansion project, which is expected to add 250,000 tons per year of lithium capacity, bringing total annual capacity to 520,000 tons by 2026 [8].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report indicates a strong production momentum in the phosphate segment, with DAP production expected to be between 5.9 to 6.2 million tons in 2025. Market conditions for DAP improved in Q2 2025 due to stable demand and supply constraints from China [7] - The aluminum segment maintains its production guidance for 2025, with primary aluminum production expected between 850,000 to 1,150,000 tons. However, aluminum prices are under pressure due to geopolitical tensions and changing trade flows [7] - The gold segment is projected to meet its production guidance for 2025, with production expected between 475,000 to 560,000 ounces. The gold price remains high, supported by geopolitical uncertainties and demand from global central banks [7] Financial Performance - Q2 2025 revenue reached 94.16 billion Saudi Riyals, an 11% increase quarter-on-quarter, driven by overall sales volume growth across all business segments [3] - Q2 2025 EBITDA was 37.85 billion Saudi Riyals, reflecting a 9% quarter-on-quarter growth [3] - Q2 2025 net profit was 19.22 billion Saudi Riyals, marking a 24% increase quarter-on-quarter [3] - Q2 2025 earnings per share (EPS) stood at 0.51 Saudi Riyals, also a 24% increase quarter-on-quarter [3] Production and Sales Overview - Phosphate segment: Q2 2025 DAP production was 1.705 million tons, an 8% increase quarter-on-quarter, with sales volume at 1.761 million tons, a 15% increase [11] - Aluminum segment: Q2 2025 alumina production was 461,000 tons, a 4% decrease quarter-on-quarter, with aluminum production at 247,000 tons, a 1% decrease. Average realized price for alumina was $381 per ton, down 32% [12] - Gold segment: Q2 2025 gold production was 108,000 ounces, a 12% decrease quarter-on-quarter, while sales volume increased by 6% to 118,000 ounces. Average realized price for gold was $3,316 per ounce, a 16% increase [13] 2025 Outlook - The company maintains a capital expenditure guidance range of $7.55 billion to $9.55 billion for 2025, with approximately 70% allocated for growth capital expenditures [9] - The company is advancing its long-term growth objectives, aiming for an 8 to 10 times increase in EBITDA by 2040 [9] - Recent strategic acquisitions and partnerships are expected to strengthen the company's market position and capitalize on regional demand growth opportunities [9]

Investment Rating - Industry Rating: Recommended [7] Core Insights - In Q2 2025, copper production decreased by 3.2% quarter-on-quarter to 29,956 tonnes, while year-on-year it increased by 4.8%. The decline was primarily due to a mandatory evacuation order in Manitoba due to wildfires [2] - The company's net profit attributable to shareholders for Q2 2025 was $117.7 million, a 17.2% increase quarter-on-quarter, and a recovery from a loss of $16.5 million in the same period last year. This growth was driven by stable copper production and rising gold prices [8] - The company reaffirmed its full-year production guidance for 2025, expecting copper production between 117,000 to 149,000 tonnes and gold production between 247,500 to 308,000 ounces [10] Production and Operational Performance - Q2 2025 gold production was 56,271 ounces (1.75 tonnes), down 23.7% quarter-on-quarter and 4.0% year-on-year [3] - Q2 2025 silver production was 814,989 ounces (25.35 tonnes), down 11.4% quarter-on-quarter but up 10.3% year-on-year [3] - Q2 2025 zinc production was 5,130 tonnes, down 18.1% quarter-on-quarter and 36.6% year-on-year [3] - Q2 2025 molybdenum production was 375 tonnes, down 5.5% quarter-on-quarter but up 1.6% year-on-year [4] Financial Performance - Q2 2025 revenue was $536.4 million, a decrease of 9.8% quarter-on-quarter but an increase of 26.1% year-on-year [5] - Q2 2025 net earnings were $114.7 million, a decrease of 10.6% quarter-on-quarter but a recovery from a loss of $20.3 million in the same period last year [6] - Q2 2025 adjusted EBITDA was $245.2 million, down 14.6% quarter-on-quarter but up 69.1% year-on-year [9] - As of June 30, 2025, total liquidity was $1.0502 billion, including $625.5 million in cash and cash equivalents [9]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Barrick produced 797,000 ounces (24.79 tons) of gold, a 5% increase quarter-over-quarter but a 16% decrease year-over-year. Gold sales were 770,000 ounces (23.95 tons), up 3% quarter-over-quarter but down 19% year-over-year [1][2] - Copper production reached 59,000 tons in Q2 2025, marking a 34% increase quarter-over-quarter and a 37% increase year-over-year. Copper sales were 54,000 tons, up 6% quarter-over-quarter and 29% year-over-year [3][4] - The average realized gold price in Q2 2025 was $3,295 per ounce, a 14% increase quarter-over-quarter and a 41% increase year-over-year [2][7] - The average realized copper price was $4.36 per pound, reflecting a 3% decrease quarter-over-quarter and a 4% decrease year-over-year [4][6] Financial Performance - Total revenue for Q2 2025 was $3.681 billion, an 18% increase quarter-over-quarter and a 16% increase year-over-year [7][20] - Net profit for Q2 2025 was $811 million, a 71% increase quarter-over-quarter and a 119% increase year-over-year [7][20] - Adjusted net profit for Q2 2025 was $800 million, up 33% quarter-over-quarter and 44% year-over-year [7][20] - Operating cash flow for Q2 2025 was $1.329 billion, a 10% increase quarter-over-quarter and a 15% increase year-over-year [8][20] Key Business Developments - Barrick is involved in a dispute regarding mining conventions with the Malian government concerning the Loulo-Gounkoto complex, which has led to temporary operational halts [10] - The company completed the sale of its 50% interest in the Donlin gold project for $1 billion, recognizing $745 million in sales proceeds in Q2 2025 [11] - Barrick announced the sale of the Alturas project in Chile, receiving an upfront cash payment of $50 million [12] - A new stock buyback program was authorized, with $268 million of shares repurchased in Q2 2025 [13] 2025 Guidance - Barrick expects gold production in 2025 to be between 3.15 million and 3.50 million ounces, with cost guidance for gold remaining unchanged [16][22] - Copper production is projected to be between 200,000 and 230,000 tons, with cost metrics also provided [18][22]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - In Q2 2025, the gold production of Equinox Gold increased by 23.4% year-on-year and 3.8% quarter-on-quarter, reaching 150,849 ounces (4.69 tons) [1] - The adjusted net profit turned from a loss to a profit of 56.7 million USD in Q2 2025, compared to a loss of 36.6 million USD in the previous quarter [2] - The average realized gold price in Q2 2025 was 3,207 USD per ounce, reflecting a year-on-year increase of 37.8% and a quarter-on-quarter increase of 12.2% [1][2] Production and Financial Performance - Production data: Q2 2025 gold production was 150,849 ounces, with sales of 148,938 ounces [6] - Cash costs: The cash cost per ounce sold was 1,478 USD, down 15.4% year-on-year and 16.4% quarter-on-quarter [1][6] - AISC: The all-in sustaining cost (AISC) per ounce sold was 1,959 USD, a decrease of 4.0% year-on-year and 5.1% quarter-on-quarter [1][6] - Revenue: The company reported revenue of 478.6 million USD in Q2 2025, a 77.7% increase year-on-year and a 13.0% increase quarter-on-quarter [2][6] Guidance for 2025 - The updated guidance for 2025 reflects a production range of 785,000 to 915,000 ounces, with cash costs expected between 1,400 and 1,500 USD per ounce [7] - The focus for 2025 includes accelerating production capacity at the Greenstone gold mine and achieving first gold pour at the Valentine gold mine by Q1 2026 [5]

A-shares Valuation - The current PE (TTM) for the A-share market is 15.88, with a median of 13.44 and a maximum of 30.60[10] - The PE (TTM) for the Shanghai Composite Index is 13.72, while the CSI 300 is at 12.76[10] - The PE (TTM) for the ChiNext Index is significantly higher at 49.11, indicating a growth-oriented market segment[10] Hong Kong Stocks Valuation - The Hang Seng Index has a current PE (TTM) of 11.52, with a median of 10.26 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a higher PE (TTM) of 21.94, reflecting the tech sector's growth potential[62] US Stocks Valuation - The S&P 500 has a current PE (TTM) of 26.87, with a median of 20.86 and a maximum of 41.99[78] - The NASDAQ Index has a PE (TTM) of 40.41, indicating a strong valuation in the tech-heavy index[80] Sector-Specific Insights - In the A-share market, the food and beverage sector has a low PE (TTM) of 18.30, while the computer sector is at a high of 92.02[24] - The banking sector in A-shares has a PB (LF) of 0.60, indicating undervaluation compared to historical averages[27] Comparative Analysis - Chinese banks have a median PB of 0.92, while US banks like JPMorgan Chase have a median PB of 1.32, showing a valuation gap[99] - Key Chinese tech stocks like Alibaba have a median PS of 7.46, while JD.com is at 5.51, reflecting varying market sentiments[95]

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights - In Q2 2025, the production of tin metal increased by 22% quarter-on-quarter to 3,775 tons, while sales rose by 8% to 3,109 tons [1]. - The average selling price of tin metal in H1 2025 was $32,816 per ton, an increase of 8% compared to $30,397 per ton in the same period last year [1]. - The company aims for a tin ore production target of 21,500 tons and a tin metal production target of 21,545 tons for the year 2025 [6]. Production and Sales Summary - In Q2 2025, the company's tin ore production was 3,782 tons, a year-on-year decrease of 23% but an 18% increase quarter-on-quarter [1]. - The land-based tin ore production was 804 tons, down 52% year-on-year and down 50% quarter-on-quarter [1]. - The sea-based tin ore production was 2,978 tons, a decrease of 8% year-on-year but an increase of 84% quarter-on-quarter [1]. - The sales volume of tin metal in Q2 2025 was 3,109 tons, reflecting a year-on-year decrease of 35% but an 8% increase quarter-on-quarter [1]. Financial Performance Summary - In Q2 2025, the company's revenue was 21.2 trillion Indonesian Rupiah, a year-on-year increase of 2% but a quarter-on-quarter decrease of 20% [3]. - The cost of goods sold in Q2 2025 was 16.5 trillion Indonesian Rupiah, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 13% [3]. - The operating profit for Q2 2025 was 232 billion Indonesian Rupiah, a year-on-year increase of 59% but a quarter-on-quarter decrease of 56% [3]. - The net profit for Q2 2025 was 183.21 billion Indonesian Rupiah, a quarter-on-quarter decrease of 58% [3]. Market Position and Strategy - In H1 2025, domestic sales accounted for 8% of tin metal sales, while exports made up 91%, with Japan, South Korea, and Singapore being the top three export destinations [2]. - The company plans to enhance resource management, strengthen market position, and support the electric vehicle ecosystem as part of its strategy for 2025 [6].

Investment Rating - The report provides a "Recommended" investment rating for the industry, indicating a positive outlook for the sector [7]. Core Insights - In Q2 2025, SK Innovation reported a revenue of 19.31 trillion KRW (approximately 1042.74 billion RMB), a decrease of 1.84 trillion KRW (99.36 billion RMB) quarter-on-quarter but an increase of 507.5 billion KRW (27.41 billion RMB) year-on-year [2]. - The overall operating loss for the company was 417.6 billion KRW (22.55 billion RMB), which represents a reduction of 373 billion KRW (20.14 billion RMB) from the previous quarter and a decrease of 371.8 billion KRW (20.08 billion RMB) year-on-year [2]. - The decline in revenue is attributed to global economic uncertainties, tariff impacts, and falling oil prices, while the battery division saw significant profit improvements due to increased production efficiency in North America and record-high advanced manufacturing production tax credits (AMPC) [2][8]. Summary by Sections Refining Business - Revenue was 11.12 trillion KRW (600.48 billion RMB) with an operating loss of 466.3 billion KRW (25.18 billion RMB). The business faced market volatility due to U.S. tariff policies and OPEC+ production adjustments [2]. Petrochemical Business - Revenue reached 2.27 trillion KRW (122.58 billion RMB) with an operating loss of 118.6 billion KRW (6.40 billion RMB). The business was impacted by a decline in benzene price spreads and scheduled maintenance of paraxylene plants [3]. Lubricants Business - Sales amounted to 893.8 billion KRW (48.27 billion RMB) with an operating profit of 134.6 billion KRW (7.27 billion RMB), driven by stable sales prices and reduced costs due to falling oil prices [4]. Exploration and Production Business - Revenue was 341.7 billion KRW (18.45 billion RMB) with an operating profit of 109 billion KRW (5.89 billion RMB), although profits decreased due to falling oil and gas prices [5]. Battery Business - Revenue was 2.11 trillion KRW (113.94 billion RMB) with an operating loss of 664 billion KRW (3.59 billion RMB). The business experienced a 31% quarter-on-quarter revenue growth, attributed to increased production efficiency and sales growth in U.S. and European factories [8]. Materials Division - Revenue was 19.5 billion KRW (1.05 billion RMB) with an operating loss of 53.7 billion KRW (2.90 billion RMB), although losses decreased due to expanded sales of electric vehicle (EV) and energy storage system (ESS) products [9]. SK Innovation E&S - Revenue was 2.55 trillion KRW (137.7 billion RMB) with an operating profit of 115 billion KRW (6.21 billion RMB), impacted by seasonal sales declines and maintenance at power plants [10]. Q3 2025 Outlook - SK Innovation anticipates improved refining margins, reduced oil tariff pressures, and increased sales in its European battery business, which are expected to positively impact performance [11]. - The company plans to consolidate SK On and SK Enmove and raise significant capital to enhance its electrification-focused growth strategy, aiming for an EBITDA exceeding 200 trillion KRW (10.80 billion RMB) by 2030 [11].

Investment Rating - The report recommends a "Buy" rating for the lithium industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [7]. Core Insights - The total lithium carbonate production for Q2 2025 is approximately 8,500 tons, reflecting an 18% quarter-over-quarter increase. The company is on track to meet its production target of 30,000 to 35,000 tons for the year 2025 [1][2]. - The unit cash operating cost for lithium carbonate in Q2 2025 is reported at $6,098 per ton, an 8% decrease from the previous quarter, indicating successful cost optimization measures and increased production [3]. - The average realized price for lithium carbonate in Q2 2025 is approximately $7,400 per ton, impacted by a global decline in lithium prices [3]. Summary by Sections Production and Sales - In Q2 2025, the total shipment of lithium carbonate is about 8,635 tons, showing a 21% increase compared to the previous quarter [2]. - The company achieved a total lithium production of approximately 15,700 tons in the first half of 2025, supporting its annual production goals [1]. Cost Management - The unit total cash cost for lithium carbonate in Q2 2025 is $6,366 per ton, down about 7% from the previous quarter [3]. - The report highlights the effectiveness of cost optimization initiatives implemented in Q2 2025 [3]. Expansion Plans - The Cauchari-Olaroz project is advancing an expansion plan to add 40,000 tons per year of lithium carbonate capacity, utilizing existing infrastructure and solar evaporation techniques [6]. - A comprehensive feasibility study is expected to be completed by the end of the year, assessing options for producing up to 150,000 tons of lithium carbonate using mixed direct lithium extraction (DLE) technology [8]. Financial Performance - In Q2 2025, the company reported a net loss of $4.1 million, compared to a net profit of $2.2 million in the same period last year. This loss is attributed to reduced financial instrument gains and increased equity incentive costs [11]. - As of June 30, 2025, the company holds $68 million in cash and cash equivalents, down from $73.9 million at the end of Q1 2025 [14].

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 16 日 [Table_Title] Alphamin 2025Q2 锡产销量分别环比减少 4%至 4,106 吨、环比增加 19%至 4,587 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 生产经营业绩 2025Q2，矿石加工量为 168,141 吨，环比增加 5%，同比 增加 1%。矿石品位为 3.16%，上季度为 3.55%。 2025Q2，锡产量为 4,106 吨，环比减少 4%，同比增加 2%。该季度产量低于 5,000 吨的季度目标产量，原因是 2025 年 3 月 13 日因安全问题暂时停产，以及自 2025 年 4 月 15 日 起分阶段复工。2025 年 5 月和 6 月，锡产量为 3,361 吨，符合 20,000 吨的年化目标。加工厂表现良好，高于目标，本季度工 厂整体回收率平均为 77%（第一季度：75%）。 2025Q2，锡销量为 4,587 吨，环比增加 19%，同比增加 41%。环比增加主要系第一季度积压的销售订单已全部清仓。 20 ...