Group 1 - The core point of the article is that China Metallurgical Group Corporation announced a performance guarantee for its subsidiary, with a limit of RMB 85.245 million, effective from August 12, 2025, to December 10, 2026 [2] - The total external guarantees provided by the company and its subsidiaries amounted to RMB 19.907 billion as of the end of August 2025, which represents 13.01% of the company's audited net assets attributable to shareholders for the fiscal year 2024 [2]

Group 1 - The company China Metallurgical Group Corporation (China MCC) announced a total external guarantee amount of RMB 19.907 billion as of August 2025, which accounts for 13.01% of the audited net assets attributable to shareholders for the year 2024 [1] - Among the total guarantees, RMB 18.858 billion is provided to wholly-owned and controlled subsidiaries, representing 12.32% of the audited net assets attributable to shareholders for 2024 [1] - The company has not provided guarantees to its controlling shareholders, actual controllers, or their related parties, and there are no overdue external guarantees [1] Group 2 - For the first half of 2025, the revenue composition of China MCC is as follows: engineering contracting accounts for 91.32%, specialty businesses for 7.71%, real estate development for 2.02%, and other businesses for -1.05% [1] - As of the report date, the market capitalization of China MCC is RMB 71.1 billion [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。 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。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 九月九 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 聯席公司秘書 北 京，中 國 二零二五年 九月九 日 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。 * 僅供識別 证券代码：601618 证券简称：中国中冶 公告编号：临 2025-047 中国冶金 ...

证券代码：601618 证券简称：中国中冶 公告编号：临2025-047 中国冶金科工股份有限公司 关于 2025 年 8 月提供担保的公告 中国冶金科工股份有限公司（以下简称"中国中冶"、"本公司"、"公司"） 董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保 | 被担保人名称 | | | 中冶焦耐（大连）工程技术有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 人民币 | 85.245 | 万元 | | 人 | 实际为其提供的担保余额 | 0.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 1 一、担保情况概述 （一）担保的基本情况 2025 年 8 月，本公司在 2024 年度股东周年大会批准的 2025 年度担保计划 范围内发生 1 项担保，具体情况如下： 2025 年 8 月 ...

Investment Rating - The report maintains a "Buy" rating for both China Metallurgical Group (中国中冶) and China Railway Group (中国中铁) [5][12]. Core Insights - China Metallurgical Group has significant copper reserves, with a valuation potential of 707 billion H shares, indicating a 62% upside [16][27]. - China Railway Group benefits from rising molybdenum prices, with a valuation potential of 1,471 billion H shares, indicating a 71% upside [30][31]. Summary by Sections China Metallurgical Group - The company has three operating mines and two mines awaiting development, with copper resources totaling 1,484 thousand tons [16][23]. - In the first half of 2025, the operating mines generated a profit of 5.5 billion yuan, a 29% increase year-on-year, contributing 18% to the company's net profit [16][18]. - The potential profit from the two awaiting mines is estimated at approximately 33 billion yuan, significantly enhancing the resource segment's contribution [23][29]. - The estimated total value of the company is 876 billion yuan, with a 23% upside compared to its current market value [23][27]. China Railway Group - The company operates five modern mines with significant copper and molybdenum reserves, leading to a 27% year-on-year increase in net profit from its resource segment [30][31]. - In the first half of 2025, the company reported a net profit of 258 billion yuan, with a projected decline of 7.4% year-on-year [30][31]. - The estimated total value of the company is 1,872 billion yuan, with a 36% upside compared to its current market value [30][31]. - The company has seen a significant increase in new orders, with a 20% year-on-year growth in Q2 2025, indicating a recovery in its construction segment [33][34]. Profit Forecast and Valuation - For China Metallurgical Group, the projected net profits for 2025-2027 are 61, 65, and 70 billion yuan, respectively [29]. - For China Railway Group, the projected net profits for 2025-2027 are 258, 253, and 255 billion yuan, respectively [30][31]. - Both companies are currently trading at low price-to-earnings (PE) ratios, indicating potential for valuation recovery [29][31].

Core Insights - The company reported a 2025 H1 revenue of 237.53 billion yuan, representing a year-over-year increase of 20.52%, while the net profit attributable to shareholders was 3.10 billion yuan, down 25.31% year-over-year [1] - In Q2 2025, the company experienced a revenue decline of 22.59% to 115.26 billion yuan, with a net profit of 1.49 billion yuan, indicating a challenging operating environment [1] - Overall revenue growth is under pressure due to declining demand in the steel industry, sluggish growth in the construction sector, and significant adjustments in the real estate industry, alongside the company's own transformation efforts [1] Revenue and Profitability - The company's gross profit margin improved to 10.09%, an increase of 1.04 percentage points year-over-year, with specific segments showing growth: engineering contracting at 9.58% (+1.08 pct) and specialty businesses at 17.62% (+0.99 pct) [1] - Operating cash flow also improved year-over-year, indicating better cash management despite revenue challenges [1] Contractual Performance - In H1 2025, the company signed new contracts worth 548.20 billion yuan, a decrease of 19.1% year-over-year, while new overseas contracts amounted to 57.75 billion yuan, reflecting a significant increase of 32.6% [2] - The core business segments, including metallurgical engineering and non-ferrous mining, continue to gain a larger share of new contracts [2] Future Outlook - The company adjusted its revenue forecasts for 2025-2027, expecting revenues of 476.54 billion yuan, 495.13 billion yuan, and 516.54 billion yuan, representing year-over-year growth of 13% [2]

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]