（股份代號：01258） 香港交易及結算所有限公司及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，並表明概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） 獨立非執行董事、董事會委員會成員之變更 董事會宣佈下列事項自2025年3月21日起生效： 獨立非執行董事、提名委員會主席、薪酬委員會及合規委員會成員之辭任 中國有色礦業有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，邱定蕃先生 （「邱先生」）已於2025年3月21日通知董事會其欲辭任本公司獨立非執行董事、提名 委員會主席、薪酬委員會及合規委員會成員職務，以投放其時間於個人業務，並 於同日生效。 1 (1) 邱定蕃先生已辭任本公司獨立非執行董事、提名委員會主席、薪酬委員會 及合規委員會成員；及 (2) 孫玉峰先生已獲委任為本公司獨立非執行董事、提名委員會主席、薪酬委 員會及合規委員會成員。 邱先生已確認彼與董事會之間並無任何 ...

董事會會議通告 中國有色礦業有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此公告，董事 會將於2025年3月26日（星期三）舉行會議，以商討下列事項： China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 於本公告刊發日期，董事會成員包括執行董事楊赫先生；非執行董事譚耀宇先生 及龔亞妮女士；以及獨立非執行董事邱定蕃先生、高光夫先生及關浣非先生。 (1) 省覽及批准本公司及其附屬公司截至2024年12月31日止年度經審核之合併年 度業績，並批准將於聯交所及本公司網站刊登之年度業績公告稿本； (2) 考慮派付末期股息（如有）； (3) 考慮暫停辦理股份過戶登記手續（如需要）； (4) 考慮周年股東大會召開時間及地點；及 (5) 商議其他事項。 聯席公司秘書 2 ...

香港交易及結算所有限公司及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，並表明概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 及 2025年度產量指引公告 中國有色礦業有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港法例 第571章證券及期貨條例第XIVA部之內幕消息條文及香港聯合交易所有限公司證 券上市規則（「上市規則」）第 13.09(2)條刊發本公告。 盈利預喜 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根據本集 團之未經審核綜合管理賬目和董事會現時可得之資料而作出之初步評估，預期本 集團截至2024年12月31日之年度，相較2023年同期，本公司擁有人分佔利潤大幅 增長，約為4.0億美元，相比2023年同期增加約44%，主要原因是受到國際銅價上 漲的影響。 於本公告日期，本公司正就截至2024年12月31日止的年度業績進行最後落實工作。 本公告所載的資料僅基於董事會對本集團之未經審核綜合管理賬目和現時可得之 資料作出之初步評估，而該等資料或數據未經本公司核數師或審核委員會審核或 審閱， ...

香港交易及結算所有限公司及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，並表明概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 關於附屬公司購買陰極銅 之關連交易 吉卡明陰極銅購買協議 於2024年12月31日，中色香港控股與吉卡明就購買高品位陰極銅訂立吉卡明陰 極銅購買協議，據此，中色香港控股按總代價約29,893,837美元向吉卡明購買合 共3,151.696公噸經中色華鑫濕法加工的高品位陰極銅。 上市規則的涵義 中色香港控股為本公司的附屬公司。吉卡明在本公司的附屬公司剛波夫礦業中 持有45%股份，為上市規則下本公司附屬公司層面的關連人士。因此，根據上 市規則第14A章，吉卡明陰極銅購買協議項下擬進行的交易構成本公司的關連 交易。 由於按單獨基準，與吉卡明陰極銅購買協議項下擬進行的交易有關的一個或多 個適用百分比率高於0.1%但全部均低於5%，該等交易須遵 ...

香港交易及結算所有限公司及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，並表明概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 有關吉卡明礦石加工協議的2號補充協議之 持續關連交易 持續關連交易 於2024年11月11日，中色華鑫濕法與吉卡明就銅礦石加工服務訂立吉卡明礦石 加工協議的2號補充協議，協議期限為2024年10月2日至2025年10月1日。 上市規則之涵義 吉卡明礦石加工協議的2號補充協議的其他細節及詳情載列如下： 訂約方 (1) 中色華鑫濕法 (2) 吉卡明 中色華鑫濕法為本公司的附屬公司。吉卡明在本公司之附屬公司剛波夫礦業中 持有45%股份，為上市規則下本公司附屬公司層面的關連人士。因此，根據上 市規則第14A章，吉卡明礦石加工協議的2號補充協議項下擬進行之交易構成本 公司之持續關連交易。 由於吉卡明礦石加工協議的2號補充協議項下擬進行之交易的建 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2] Core Views - The company has shown strong medium to long-term growth potential, with a projected increase in copper production capacity to approximately 300,000 tons by 2030, achieving an average annual compound growth rate of about 8% [2][10] - The company is expected to benefit from rising copper prices, which will enhance profit margins due to stable production costs from its own mines [2][10] Financial Performance and Forecast - For the first three quarters of 2024, the company is estimated to achieve a net profit attributable to shareholders of approximately $314 million, representing a year-on-year increase of about 23% [2][6] - Revenue forecasts for 2024, 2025, and 2026 are $4.177 billion, $4.394 billion, and $4.614 billion respectively, with year-on-year growth rates of 15.8%, 5.2%, and 5.0% [2][10] - The net profit attributable to shareholders for the same years is projected to be $421 million, $487 million, and $529 million, with growth rates of 51.5%, 15.9%, and 8.5% respectively [2][10] - The diluted earnings per share (EPS) are expected to be $0.11, $0.12, and $0.14 for 2024, 2025, and 2026 [2][10] Production and Operational Insights - The company produced approximately 95,900 tons of cathode copper in the first three quarters of 2024, a year-on-year decrease of about 13%, while its own mines produced about 64,000 tons, an increase of about 3% [2][6] - The total production of sulfuric acid reached approximately 776,300 tons, reflecting a year-on-year increase of about 10% [2][6] - The company has four ongoing and planned mining projects that are expected to add an annual production capacity of 130,000 tons of copper once fully operational [2][10]

Investment Rating - The report maintains a "Buy" rating for China Nonferrous Mining (1258.HK) [1][3]. Core Views - The company achieved a net profit attributable to shareholders of USD 314 million in the first three quarters of 2024, representing a year-on-year increase of approximately 23%. In Q3 alone, the net profit was USD 95 million, up 38% year-on-year but down 30% quarter-on-quarter [1]. - The increase in profit is primarily attributed to the year-on-year rise in copper prices, which reached CNY 75,200 per ton in Q3 2024, a 9.5% increase year-on-year and a 6.1% increase quarter-on-quarter. However, production was affected by power shortages, leading to a shortfall in meeting annual production guidance [1]. - The company produced 95,900 tons of cathode copper in the first three quarters, a decrease of about 13% year-on-year, achieving approximately 69% of its annual target. The production of crude copper and anode copper was about 287,000 tons, a year-on-year increase of 3%, achieving around 70% of the annual target [1]. - The report highlights both organic growth and external acquisitions as key growth drivers. The company is advancing projects in Africa and has potential acquisitions in the pipeline [1]. Financial Forecasts - The company is expected to achieve net profits of USD 395 million, USD 436 million, and USD 513 million for the years 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be USD 0.10, USD 0.11, and USD 0.13 [2][4]. - The P/E ratios based on the closing price on October 22, 2024, are projected to be 7x for 2024, 7x for 2025, and 6x for 2026 [2][4]. Financial Metrics - The total revenue for 2023 is forecasted at USD 3.606 billion, with expected growth rates of -11.9% for 2023, 12.4% for 2024, 15.9% for 2025, and 5.5% for 2026 [2][6]. - The net profit margin is projected to improve from 7.7% in 2023 to 10.37% in 2026, indicating a positive trend in profitability [6]. - The company's total assets are expected to grow from USD 3.820 billion in 2023 to USD 6.239 billion by 2026, reflecting strong growth in asset base [4][6].

Financial Performance - In the first half of 2024, the company achieved revenue of $2.0098 billion, a year-on-year increase of 9.0%[17] - The net profit attributable to the company's shareholders for the first half of 2024 was $219.1 million, representing an 18.0% increase compared to the previous year[17] - The sales revenue for copper and anode copper in the first half of 2024 reached $1,361.5 million, a 22.5% increase compared to $1,111.6 million in the same period of 2023[48] - The gross profit for the first half of 2024 was $512.0 million, a decrease of 1.8% from $521.4 million in the same period of 2023, with a gross margin of 25.5% down from 28.3%[52] - The net cash inflow from operating activities for the first half of 2024 was $413.1 million, a decrease of $50.8 million from $463.9 million in the same period of 2023[57] - The group reported a profit attributable to owners of the company of $219.1 million for the first half of 2024, an increase of 18.0% from $185.7 million in the same period of 2023[56] - Basic and diluted earnings per share for the first half of 2024 were $5.75, compared to $4.97 for the same period in 2023, representing an increase of approximately 15.7%[107] Production and Operations - The production of crude copper and anode copper reached 159,971 tons, an increase of 10.5% year-on-year[18] - The production of cathode copper decreased by 12.8% to 62,450 tons in the first half of 2024[18] - The company produced 548,699 tons of sulfuric acid, which is a 12.5% increase year-on-year[18] - The company’s copper smelting operations produced 133,943 tons of copper (including 36,507 tons from processing external copper products), a year-on-year increase of 25.7%[26] - The production of cathode copper at the company’s wet smelting operations decreased by 24.0% to 2,826 tons, attributed to lower ore grades and reduced external copper concentrate purchases[27] - The company faced challenges such as power shortages and reduced ore grades impacting production across various operations[28] Financial Position and Investments - The company raised approximately HKD 1 billion through a placement in the Hong Kong market, strengthening its financial foundation for future projects[13] - The total assets as of June 30, 2024, amounted to $4,186,333 thousand, an increase from $3,819,513 thousand as of December 31, 2023, reflecting a growth of about 9.6%[111] - The total liabilities rose to $1,395,820 thousand from $1,332,910 thousand, indicating an increase of about 4.7%[111] - The total investment for the new Luansha mine project is estimated at $513.0 million, with a production scale of 2.2 million tons per year and copper concentrate output of 43,500 tons per year[37] - The company plans to use the net proceeds from a recent share placement for project construction to increase copper concentrate production capacity and for general working capital[73] Market and Economic Conditions - The company anticipates that international copper prices may remain high due to limited supply growth and gradual destocking[15] - International copper prices have decreased by nearly 20% from the peak in the second quarter, posing risks to the company's operations in the second half of the year[90] - Demand from new energy, new economy, and emerging markets is expected to support copper prices in a high volatility range[90] Community and Environmental Engagement - The company is committed to environmental protection, actively engaging in energy conservation and pollution monitoring to ensure clean production[88] - The company has actively participated in local community development, contributing to municipal construction and vocational education, receiving high praise from local governments and residents[89] Employee and Management Information - The total employee cost for the six months ending June 30, 2024, was approximately $52.3 million, a decrease from $58.6 million for the same period in 2023[83] - The company employs a total of 8,477 employees, with 882 being Chinese nationals and 7,595 being local employees from Zambia and the Democratic Republic of the Congo[83] - The company emphasizes a "safety first" approach, maintaining stable safety production conditions throughout the first half of 2024[86] Future Plans and Strategies - The company plans to accelerate the construction of expansion projects and aims for breakthroughs in external mergers and acquisitions in the second half of 2024[15] - The company plans to complete the geological survey for the Southeast ore body by October 2024, with equipment procurement expected by March 2025[40] - The company plans to sign contracts exceeding $30.0 million in the second half of 2024 for the Luansha project[37] Risks and Challenges - The company faces market risks primarily from commodity price fluctuations, particularly in copper, and has implemented hedging strategies through futures contracts[65] - The company has implemented foreign exchange hedging activities to mitigate risks associated with operations in Zambia and the Democratic Republic of Congo[66]

Financial Performance - In the first half of 2024, the company achieved revenue of $2,009.8 million, an increase of 9.0% compared to $1,843.8 million in the same period of 2023[3] - The net profit for the first half of 2024 was $303.2 million, representing a 14.9% increase from $264.0 million in the first half of 2023[3] - Profit attributable to the owners of the company was $219.1 million, up 18.0% from $185.7 million in the same period last year[3] - Basic earnings per share for the first half of 2024 were approximately 5.75 cents, a 15.7% increase from 4.97 cents in the first half of 2023[3] - The company reported a gross profit of $511.96 million for the first half of 2024, slightly down from $521.38 million in the same period of 2023[6] - The gross profit for the first half of 2024 was $512.0 million, a decrease of 1.8% from $521.4 million in the first half of 2023[89] - The gross margin fell from 28.3% in the first half of 2023 to 25.5% in the first half of 2024[89] Dividends - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[4] - The company declared a final dividend of $0.029702 per share for the six months ended June 30, 2024, totaling $115.9 million, compared to $105.5 million for the same period last year[44] - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to no dividend in the same period of 2023[117] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $4,186.3 million, compared to $3,819.5 million as of December 31, 2023[8] - The total liabilities as of June 30, 2024, were $1,395,820 thousand, compared to $1,332,910 thousand at the end of 2023, indicating an increase of 4.7%[24] - The company's equity attributable to owners increased to $2,069.7 million from $1,842.4 million at the end of 2023[8] - Cash and cash equivalents increased significantly to $1,027.8 million from $492.4 million at the end of 2023[7] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was $413,118 thousand, a decrease of 10.9% compared to $463,915 thousand in the same period of 2023[12] - The cash flow from investing activities showed a significant improvement, with a net cash inflow of $26,765 thousand compared to a net outflow of $172,808 thousand in the previous year[12] - The net cash inflow from operating activities was $413.1 million, down from $463.9 million in the first half of 2023[96] - In the first half of 2024, the group's financing activities generated a net cash inflow of $94.9 million, an increase of $215.3 million compared to a net cash outflow of $120.4 million in the same period of 2023[99] Production and Sales - The total production of copper and anode copper for the first half of 2024 was 159,971 tons, a 10.5% increase year-on-year[51] - The production of cathode copper decreased by 12.8% year-on-year to 62,450 tons during the same period[51] - Revenue from copper and anode copper sales reached $1,361.5 million, a growth of 22.5% from $1,111.6 million in the first half of 2023[82] - The sales revenue of cathode copper decreased by 9.3% to $517.2 million from $570.4 million in the previous year[82] Risks and Challenges - The company faces various risks in the second half of 2024, including a nearly 20% drop in international copper prices from the second quarter peak and ongoing geopolitical uncertainties[113] Investments and Projects - The new mining project has a total investment of approximately $513.0 million, with $100.0 million allocated for drainage and $413.0 million for construction recovery, aiming for an annual production scale of 2.2 million tons of copper concentrate[71] - The oxygen production system upgrade project aims to restore production levels to 4,000 standard cubic meters per hour and reduce energy consumption, with a total investment of $2.6 million[70] - The copper smelting project includes 14 sub-projects, with 9 already under construction and an overall investment completion ratio of 38.9%, totaling $19.3 million[74] Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards and regulations[126] - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending June 30, 2024[125] - All directors confirmed compliance with the standards of conduct regarding securities trading during the six months ending June 30, 2024[128]

证券研究报告 | 2024年06月12日 中国有色矿业（01258.HK） 优于大市 矿山年产铜接近 17 万吨，中长期成长性值得期待 核心观点 公司研究·海外公司深度报告 公司是全球领先的铜生产商：公司深耕赞比亚和刚果(金)多年，专注经营铜 有色金属·工业金属 开采、选矿、湿法冶炼、火法冶炼及销售的垂直综合业务。公司于2023年 证券分析师：刘孟峦 证券分析师：杨耀洪 生产粗铜及阳极铜28.57万吨，生产阴极铜14.24万吨；另外，公司致力于 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 矿山资源开发，自有矿山产铜作为公司最核心的业务，公司于2023年自有 S0980520040001 S0980520040005 矿山产铜合计约16.93万吨，同比增加12.01%，原料自给率39.55%。公司 证券分析师：焦方冉 重视投资者回报，2023年拟派发现金股利约1.11亿美元，分红率处同行业 021-60933177 jiaofangran@guosen.com.cn 领先水平，也是连续4年保持在40% ...