Group 1 - The core viewpoint of the news is that Minmetals Resources (01208) has shown strong operational performance in 2025, with significant increases in copper, zinc, and precious metal production, contributing to enhanced profitability [1] - The total copper production for the year reached 506,900 tons, a 27% increase year-on-year, primarily driven by the strong performance of the flagship Las Bambas mine [1] - Zinc production increased by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] Group 2 - The total gold production for the year was 118,100 ounces, a 22% year-on-year increase, while silver production reached 1,056,480 ounces, up 17% year-on-year [1] - The company achieved significant by-product revenue, which effectively reduced the C1 costs across its mines, reflecting its strategic focus on maximizing by-product value [1] - In December 2025, the board approved the feasibility study for the Khoemacau expansion project, which is expected to increase the mine's annual capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [2]

2025年，五矿资源的贵金属产量同样表现优异，高价值副产品对矿山收入和C1成本做出了积极贡献。 全年黄金总产量达11.81万盎司(同比增长22%)，白银总产量达1056.48万盎司(同比增长17%)。以上可观 产量叠加实现价格维持高位，公司获得了显著的副产品收益，有效降低了各矿山的C1成本。该成果体 现了公司以最大化副产品价值为核心的战略重点，有助于提升整体盈利能力。 智通财经APP获悉，五矿资源(01208)高开逾3%，截至发稿，涨3.61%，报9.75港元，成交1265.81万港 元。 2025年12月，董事会批准了Khoemacau扩建项目的可行性研究，标志着重要的战略里程碑。该项目有望 将矿山的年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过400万盎司，构成了五矿资源增长 计划的重要组成部分。展望未来，Khoemacau矿山已通过持续勘探活动，识别出进一步扩产的潜力，年 产能有望提升至20万吨铜精矿含铜。公司计划于2026年启动下一阶段扩建的预可行性研究。 消息面上，1月22日，五矿资源发布公告，2025年五矿资源整体运营表现稳健，多座矿山产量创下或接 近历史新高。公司全年铜总产量同比增长27 ...

Major Events - UBTECH (09880) plans to invest 300 million yuan to establish a partnership for investments in the smart robotics industry chain [1] - Tian Ge Interactive (01980) received a 1.41% discount from Sina Hong Kong for a partial tender offer to acquire 32.5 million shares, with trading resuming on January 22 [1] - Fosun Pharma (02196) received approval for the drug registration application of heavy tartrate norepinephrine injection [1] - Valiant (09887) received orphan drug designation (ODD) from the European Commission for Valiant™ for the treatment of extra-pulmonary neuroendocrine carcinoma [1] - GCL-Poly Energy (01050) secured orders for AI giant server enclosures, accelerating ASIC business production, and commenced construction of a new base in Thailand [1] - China Rare Earth Holdings (03788) plans to raise approximately 783 million HKD to support the development of the Mt Bundy gold mine project [1] - Nanshan Aluminum International (02610) plans to place 31 million shares, aiming to raise approximately 1.9868 billion HKD [1] - Qiming Medical-B (02500) reported a patent infringement lawsuit against Edwards by Cardiovalve Ltd. and MTH IP, L.P. regarding US Patent No. 385 [1] - Minmetals Resources (01208) expects total copper production of 506,900 tons in 2025, a year-on-year increase of 27% [1] - Prudential (02378) invested approximately 375 million USD to increase its stake in PAMB to 70% [1] - Nocoda Technology (00519) successfully implemented innovative smart handling robots in Hong Kong public housing estates [1] - Idali Holdings (00720) B-ON Global S.àr.l. plans to acquire 1.3 billion shares of the company, becoming the major shareholder [1] Bonds and Notes - China Shipbuilding Leasing (03877) subsidiary plans to issue 2.338 billion HKD convertible bonds [2] Buybacks/Reductions - China Communications Construction (01800) repurchased 1.06837 million HKD worth of 1.2588 million A-shares on January 22 [2] - Kuaishou-W (01024) spent approximately 29.9714 million HKD to repurchase 380,000 shares on January 22 [2] - Xiaomi Group-W (01810) repurchased shares worth 201 million HKD, acquiring 5.7138 million shares on January 22 [2] - Xiaomi Group-W (01810) plans to repurchase up to 2.5 billion HKD of Class B ordinary shares [2] - Sanhua Intelligent Control (02050) controlling shareholders, directors, and executives plan to collectively reduce their holdings by up to approximately 10.2037 million A-shares [2] Operating Performance - AsiaInfo Technologies (01675) expects to turn cash flow positive by 2025, driven by rapid growth in AI business [2] - Zhaoyi Innovation (03986) issued a profit warning, expecting a net profit of approximately 1.61 billion yuan in 2025, a year-on-year increase of about 46% [2] - MicroPort Medical (00853) issued a profit warning, expecting a net profit of no less than 20 million USD in 2025, turning profitable year-on-year [2]

Group 1 - The former head of the digital management department of China Minmetals Corporation, Chang Wei, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Minmetals Corporation, as well as the Baiyin Municipal Supervisory Committee of Gansu Province [1]

Core Insights - The overall operational performance of Minmetals Resources in 2025 is robust, with multiple mines achieving or nearing historical production highs [1] - The company’s total copper production increased by 27% year-on-year to 506,900 tons, primarily driven by strong performance at the flagship Las Bambas mine [1] - Zinc production rose by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] - Precious metals production also performed well, with gold output reaching 118,100 ounces (up 22% year-on-year) and silver output at 10,564,800 ounces (up 17% year-on-year) [1] - The significant production of by-products has positively contributed to mine revenues and reduced C1 costs, reflecting the company's strategic focus on maximizing by-product value [1] Group 1: Las Bambas Mine - Las Bambas produced 410,800 tons of copper concentrate, marking the second-highest annual production record in the mine's history, exceeding the original production guidance [2] - This achievement was supported by record mining and processing volumes, along with a consistently high recovery rate [2] - Operational efficiency improved significantly through targeted efficiency enhancements, strategic equipment upgrades, and improved flotation reagent formulations [2] - The mine has achieved stable operations for two years and ten months under the "Corazón de Las Bambas" initiative [2] Group 2: Kinsevere and Khoemacau Mines - Kinsevere's electrolytic copper production reached 52,800 tons, an 18% increase from 2024, reflecting the ongoing ramp-up of the Kinsevere Expansion Project (KEP) [2] - The mine faced challenges due to unstable long-term power supply, prompting the implementation of measures to enhance equipment operation [2] - Khoemacau produced 42,100 tons of copper concentrate, slightly below the lower limit of production guidance due to temporary ore supply constraints from contractor transitions [2] - Improvements in mining area expansion and recovery rates have led to better operational performance by year-end [2] Group 3: Dugald River and Rosebery Mines - Dugald River achieved a record annual zinc production of 483,500 tons, reaching the upper limit of production guidance, with a significant milestone of processing volume exceeding 2 million tons [3] - The mine demonstrated operational resilience despite early-year weather disruptions, fully recovering production [3] - Rosebery produced 48,600 tons of zinc concentrate, successfully implementing a strategy to maximize total asset value, resulting in a zinc equivalent production of 140,000 tons [3] - The board approved the feasibility study for the Khoemacau expansion project, which aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of silver [3] - Continuous exploration activities at Khoemacau have identified further expansion potential, with annual capacity expected to rise to 200,000 tons of copper concentrate [3]

Khoemacau：共生产4.21万吨铜精矿含铜。尽管年末阶段运营表现有所改善，但由于第三季度采矿承包 商交接导致矿石供应暂时受限，全年产量仍略低于产量指引的下限。随着采矿区域拓展至5区北部，入 选品位和回收率提高，年底矿山运营已有所好转。 Dugald River：创下年度锌产量新高，共生产48.35万吨锌精矿含锌，达到产量指引的上限。矿山实现了 选矿量首次突破200万吨的重要里程碑。这一业绩展现出矿山的运营韧性，尽管年初遭遇突发天气影 响，矿山生产已全面复苏。 Rosebery：共生产4.86万吨锌精矿含锌。矿山成功贯彻了其最大化资产总价值策略，锌当量产量达14万 吨。此成果主要得益于强劲的副产品收益，以及实施了旨在最大化资产价值的锌当量策略。 2025年12月，董事会批准了Khoemacau扩建项目的可行性研究，标志着重要的战略里程碑。该项目有望 将矿山的年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过400万盎司，构成了五矿资源增长 计划的重要组成部分。展望未来，Khoemacau矿山已通过持续勘探活动，识别出进一步扩产的潜力，年 产能有望提升至20万吨铜精矿含铜。公司计划于2026年启动下一阶 ...

MMG Limited | 五礦資源有限公司 於香港註冊成立的有限公司 股份代號：1208 債券股份代號：5959 第四季度生產報告 截至二零二五年十二月三十一日止三個月 本公告根據香港聯合交易所有限公司證券上市規則（上市規則）第 13.09 條及香港法例第 571 章證券及期貨 條例第 XIVA 部內幕消息條款（定義見上市規則）發佈。 五礦資源有限公司（本公司或五礦資源）董事會（董事會）欣然提供截至二零二五年十二月三十一日止三個月 的第四季度生產報告。 隨文附奉該報告。 承董事會命 香港，二零二六年一月二十二日 於本公告發佈之日，董事會由七名董事組成，包括一名執行董事趙晶先生；兩名非執行董事張樹強先生及曹亮先生 （董事長）；及四名獨立非執行董事 Peter William CASSIDY 博士、梁卓恩先生、陳嘉強先生及陳纓女士。 香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 五礦資源 二零二五年第四季度生產報告 2 / 21 二零二五年第四季度生 ...

澳大利亚锌矿（股权比例100%）：杜加尔河锌矿和罗斯伯里矿山贡献成熟稳定的现金流，并且副产品 收益可观。杜加尔河锌矿为世界前十大锌矿山，2017 年投产，矿山寿命长，并且持续优化电力和成本 结构；2024 年受益于量价齐升，实现EBITDA 同比大幅增加401%。罗斯伯里矿山为运营近90 年的多金 属矿山，年产锌精矿含锌约5-6 万吨，2024 年抵扣副产品后的C1 成本仅-0.1美元/磅，盈利能力仍然强 劲。 【投资建议】 机构：东方财富证券 研究员：李淼 【投资要点】 公司作为中国五矿旗下的核心国际矿业平台，目标打造一流的多元化铜生产商。公司全球资源布局立足 澳洲、深耕南美和非洲、拓展至北美，形成以铜、锌为核心，副产金、银贵金属的有色资产组合。公司 作为矿企属于周期性行业，业绩波动较大，2021 年EBITDA 和归母净利分别达到27.3 亿美元和6.7 亿美 元的历史峰值；近两年盈利可观，2024 年收购的科马考铜矿实现并表后EBITDA 达到20.5 亿美元，同 比增加40%。公司控股股东中国五矿为国际化的金属矿产企业集团，规划到2030 年矿产铜产量突破100 万吨，集团体内尚有2008 年收购的北 ...

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [6]. Core Views - The company is positioned as a leading diversified copper producer under China Minmetals, aiming to achieve a copper production target of over 1 million tons by 2030 [6][21]. - The Las Bambas copper mine is identified as a "global resource flagship," with the "Heart of Bambas" strategy expected to stabilize its cash flow [6][5]. - The company is set to benefit from the integration of the Khoemacau copper mine and the expansion of the Kinsevere mine, which are anticipated to enhance copper production and profitability [6][5]. Summary by Sections Company Overview - The company operates as the core international mining platform of China Minmetals, focusing on a diversified portfolio of copper and zinc assets, with operations in Australia, South America, Africa, and North America [5][14]. - The company aims to leverage its expertise in both Chinese and international markets to diversify its resources and products [17]. Las Bambas Copper Mine - The Las Bambas mine, with a 62.5% ownership, is among the top ten copper mines globally, with significant copper reserves [5][18]. - The mine has faced community-related issues affecting production, but the implementation of the "Heart of Bambas" strategy is expected to restore stable cash flow [5][6]. Kinsevere Copper Mine - The Kinsevere mine, fully owned by the company, is transitioning from high-grade oxide ore to sulfide ore, with an expansion project expected to extend its operational life until 2035 [5][6]. Khoemacau Copper Mine - The Khoemacau mine, located in Botswana, is a large, long-life copper mine with significant production potential, aiming to increase its output from 50,000 tons to 130,000 tons by 2028/2029 [5][6]. Australian Zinc Mines - The Dugald River and Rosebery mines provide stable cash flow, with the Dugald River being one of the top ten zinc mines globally, expected to see a 401% increase in EBITDA in 2024 [5][6]. Financial Projections - The company forecasts revenues of $4.48 billion in 2024, growing to $7.91 billion by 2027, with net profits projected to rise from $162 million in 2024 to $1.17 billion in 2027 [7].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][6]. Core Views - The company is positioned as a leading diversified copper producer under China Minmetals, with a goal to achieve a copper production target of over 1 million tons by 2030 [5][22]. - The Las Bambas copper mine is identified as a "global resource flagship," with the "Heart of Bambas" strategy expected to stabilize its cash flow [6][49]. - The company anticipates significant growth from the Khoemacau copper mine in Botswana and the expansion of the Kinsevere copper mine, contributing to a positive outlook for the copper segment [6][49]. Summary by Sections Company Overview - The company operates as the core international mining platform of China Minmetals, focusing on a diversified portfolio of copper and zinc assets, with operations in Australia, South America, Africa, and North America [5][14]. - The company aims to leverage its expertise in both Chinese and international markets to diversify resources and products [17]. Key Assets - Las Bambas Copper Mine: Holds a 62.5% stake, with a production capacity ranking among the top ten globally. The mine has faced community issues affecting output but is expected to stabilize with the new community management strategy [5][6]. - Kinsevere Copper Mine: Fully owned, transitioning from high-grade oxide to sulfide mining, with an expansion project expected to extend its operational life to 2035 [5][6]. - Khoemacau Copper Mine: A significant long-life copper mine in Botswana, with plans to increase production capacity from 50,000 tons to 130,000 tons by 2028/2029 [5][6]. - Australian Zinc Mines: The Dugald River and Rosebery mines provide stable cash flow, with significant EBITDA growth expected in 2024 [5][6]. Financial Projections - The company forecasts revenues of $4.48 billion in 2024, growing to $7.91 billion by 2027, with net profits projected to rise from $162 million in 2024 to $1.17 billion in 2027 [7][6]. - The expected P/E ratio for 2026 is 14.2, indicating a favorable valuation compared to projected earnings growth [6][7]. Strategic Initiatives - The company is actively pursuing acquisitions, including a proposed purchase of Brazilian nickel assets, which would enhance its portfolio and diversify its metal exposure [6][52]. - The strategic focus includes optimizing the asset portfolio and enhancing financial flexibility to support growth initiatives [6][53].