FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國冶金科工股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01618 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,871,000,000 | RMB | | 1 | RMB | | 2,871,000,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,871,000,000 | RMB | | 1 | RMB | | 2,871,000,000 | | 2. ...

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 785.25%, Hongye Futures (03678) at 247.54%, and Andeli Juice (02218) at 235.17% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -13.42%, Hengrui Medicine (01276) at 2.98%, and Midea Group (00300) at 5.69% [1] - The article also lists the companies with the highest deviation values, with Jinli Permanent Magnet (06680) at 38.75%, Beijing Machinery (00187) at 24.13%, and Zhejiang Shibao (01057) at 20.83% [1] Group 2 - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 227.99% and Sinopec Oilfield Service (01033) at 217.95% [1] - The bottom ten AH stocks by premium rate include Zijin Mining (02899) at 5.95% and China Merchants Bank (03968) at 8.52% [1] - The article provides a detailed table of the top and bottom AH stocks, including their H-share prices, A-share prices, premium rates, and deviation values [1][2]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 4.06 CNY, compared to the current stock price of 3.41 CNY as of August 29, 2025 [3]. Core Views - The company reported a significant increase in non-net profit attributable to the parent company in Q2, with a year-on-year growth of 30.88% [1]. - Despite overall revenue pressure due to external factors such as declining steel demand and real estate adjustments, the company has shown robust growth in overseas new contracts, particularly in the mining sector [3][8]. - The company's gross profit margin improved to 10.09% in H1 2025, reflecting a year-on-year increase of 1.04 percentage points [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 237.53 billion CNY, a year-on-year decrease of 20.52%, and a net profit of 3.099 billion CNY, down 25.31% year-on-year [1]. - The Q2 2025 operating revenue was 115.26 billion CNY, a decline of 22.59%, while the net profit was 1.492 billion CNY, showing a slight increase of 1.43% year-on-year [1]. - The company’s sales gross margin was 10.09% in H1 2025, with the engineering contracting segment at 9.58% and the specialty business at 17.62% [2]. Contract and Business Development - The company signed new contracts worth 548.2 billion CNY in H1 2025, a year-on-year decrease of 19.1%, with overseas contracts amounting to 57.75 billion CNY, representing a growth of 32.6% [3]. - The mining resources segment, focusing on metals like nickel, cobalt, and copper, generated revenue of 3.298 billion CNY in H1 2025, with three overseas mines contributing 2.82 billion CNY [3]. Profitability and Cash Flow - The company’s operating cash flow showed improvement, with a net outflow of 21.985 billion CNY in H1 2025, which is a reduction of 33.20% year-on-year [2]. - The net profit forecast for 2025 is adjusted to 5.71 billion CNY, with expected revenues of 476.54 billion CNY, reflecting a year-on-year decline of 13.67% [8].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a significant decline in revenue and profit for the first half of the year, but the stock price increased by over 8% following the earnings release, indicating market optimism about future performance improvements [1] Financial Performance - The company reported a revenue of 237.53 billion RMB, a year-on-year decrease of 20.52% [1] - Shareholder profit was 3.10 billion RMB, down 25.31% year-on-year [1] - Quarterly analysis shows Q1 and Q2 revenues decreased by 18% and 23% respectively, while net profit attributable to shareholders saw a decline of 40% in Q1 but a slight increase of 1% in Q2, indicating a recovery trend [1] Operational Highlights - In the first half of the year, three operational mines generated a total revenue of 2.8 billion RMB, an increase of 3% year-on-year [1] - The attributable profit from these mines was 550 million RMB, up 29% year-on-year, accounting for 18% of the company's net profit [1] - Specific contributions from individual mines include 230 million RMB from Ruimu Nickel-Cobalt Mine, 150 million RMB from Shandake Copper-Gold Mine, and 170 million RMB from Duda Lead-Zinc Mine [1] Future Prospects - The company has completed all necessary approval processes for the Sia Dike Copper Mine project in Pakistan, which is expected to contribute positively to future earnings [1] - The Aynak Copper Mine in Afghanistan is advancing in feasibility studies and road construction, with expectations of significant performance contributions once operational [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a stock price increase of over 8% following the release of its interim results, despite a decline in revenue and profit [1] Financial Performance - The company reported a revenue of 237.53 billion RMB, a year-on-year decrease of 20.52% [1] - Shareholder profit was 3.10 billion RMB, down 25.31% year-on-year [1] - Quarterly analysis shows Q1 and Q2 revenues decreased by 18% and 23% respectively, while net profit attributable to shareholders saw a decline of 40% in Q1 but a slight increase of 1% in Q2 [1] Operational Highlights - In the first half of the year, three operational mines generated a total revenue of 2.8 billion RMB, an increase of 3% year-on-year [1] - The attributable profit from these mines was 550 million RMB, up 29% year-on-year, accounting for 18% of the company's net profit [1] - Specific contributions from individual mines include 230 million RMB from Ruimu Nickel-Cobalt Mine, 150 million RMB from Shandake Copper-Gold Mine, and 170 million RMB from Duda Lead-Zinc Mine [1] Future Prospects - The approval process for the Sia Dike Copper Mine project in Pakistan has been fully applied for and is largely approved [1] - The Aynak Copper Mine in Afghanistan is accelerating preliminary preparations, including feasibility studies and access road construction [1] - The commencement of production at these two mines is expected to significantly enhance the performance contribution from the resource sector, indicating considerable potential for value reassessment [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][18]. Core Views - The company experienced a 31% year-on-year growth in non-recurring profit for Q2, despite a 20.52% decline in revenue for the first half of 2025 compared to the previous year [1]. - The revenue decline is attributed to weak growth in the construction industry and significant adjustments in the real estate sector [1]. - The company is focusing on the revaluation of mineral resources, with significant potential in its mining projects [2]. Financial Performance - In H1 2025, the company achieved a revenue of 237.53 billion, a decrease of 20.52% year-on-year, with a net profit attributable to the parent company of 3.10 billion, down 25.31% [1]. - The company’s gross profit margin improved to 10.09%, an increase of 1.04 percentage points year-on-year [4]. - The operating cash flow showed a net outflow of 21.99 billion, which is a reduction of 6.42 billion compared to the previous year, indicating improved cash collection efforts [4]. Business Segments - The engineering contracting segment generated 216.91 billion in revenue, down 21.79% year-on-year, while the mining resources segment showed potential with profits from various projects [2]. - The company signed new contracts worth 548.2 billion in H1 2025, a decrease of 19.1% year-on-year, but with a notable increase in overseas contracts by 32.5% [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 6.15 billion, 6.66 billion, and 7.27 billion respectively, reflecting a cautious outlook [1]. - The ongoing projects in Papua New Guinea and Pakistan are expected to contribute positively to the company's future profitability as copper prices are anticipated to receive support from the Federal Reserve's interest rate cuts [2].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a net profit of 3.1 billion yuan for the first half of 2025, representing a year-on-year decline of 25.31% [1] Financial Performance - The net profit for the first half of 2025 is 3.1 billion yuan [1] - The year-on-year decline in net profit is 25.31% [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment [1][2]. Financial Performance - Revenue for the first half of 2025 was CNY 237.53 billion, a decrease of 20.52% year-on-year [1]. - Total profit amounted to CNY 5.28 billion, down 7.08% compared to the previous year [1]. - Net profit attributable to shareholders was CNY 3.10 billion, reflecting a 25.31% decline year-on-year [1]. - Basic earnings per share were CNY 0.09 [1]. Contract and Asset Overview - New contract value reached CNY 548.20 billion, a decrease of 19.12% from CNY 677.80 billion in the first half of 2024 [1]. - Total assets as of June 30, 2025, were CNY 857.41 billion, an increase of 6.11% from CNY 808.02 billion at the end of 2024 [1]. - Shareholder equity was CNY 180.60 billion, down 0.95% from CNY 182.34 billion at the end of 2024 [1]. Business Development and Market Strategy - The company has strengthened its core business by focusing on metallurgical engineering and mining, achieving a new contract value of CNY 120.20 billion, which accounted for 21% of total contracts [2]. - Significant progress was made in low-carbon iron-making technology with the signing of the Tecnored project in Brazil [2]. - The company reported a 32.6% year-on-year increase in new contracts from overseas markets, totaling CNY 57.75 billion [2]. - Domestic market efforts included a strong presence in key regions, with notable achievements in the Xiong'an New Area [2].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a significant decline in both revenue and net profit for the first half of 2024 compared to the same period in 2023 [1] Financial Performance - The company's operating revenue for the first half of 2024 was 237.53 billion yuan, a decrease of 61.31 billion yuan from 298.84 billion yuan in the first half of 2023, representing a decline of 20.52% [1] - The net profit attributable to shareholders of the listed company was 3.10 billion yuan, down by 1.05 billion yuan from 4.15 billion yuan in the first half of 2023, reflecting a decrease of 25.31% [1]

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 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倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 九 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 聯席公司秘書 北 京，中 國 二零二五年 八 月 二 十 九 日 * 僅供識別 A 股简称：中国中冶 A 股代码：601618 公告编号：2025 ...