中国冶金科工股份有限公司2025 年第三季度报告 证券代码：601618 证券简称：中国中冶 中国冶金科工股份有限公司 2025 年第三季度报告 本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： 1、公司董事会、董事及高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信 息的真实、准确、完整。 3、第三季度财务报表是否经审计 □是 √否 4、除特别注明外，本报告所有金额币种均为人民币。 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：千元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | 本报告期 | 本报告期比上 | | 年初至报告 | | 项目 | | 年同期增减变 动幅度(%) | 年初至报告 期末 | 期末比上年 同期增减变 | | 营业收入 | 97,561,053 | -14.25 | ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) has shown a stock price increase of 16.52% year-to-date, with significant gains over various trading periods, indicating a positive market sentiment despite recent declines in revenue and profit [1][2]. Financial Performance - For the first half of 2025, China MCC reported a revenue of 237.53 billion yuan, a year-on-year decrease of 20.52%, and a net profit attributable to shareholders of 3.10 billion yuan, down 25.31% compared to the previous year [2]. - The company has distributed a total of 17.21 billion yuan in dividends since its A-share listing, with 4.37 billion yuan distributed over the last three years [3]. Stock Market Activity - As of October 30, the stock price of China MCC was 3.78 yuan per share, with a trading volume of 1.89 billion yuan and a market capitalization of 78.34 billion yuan [1]. - The stock has experienced a recent net outflow of 18.57 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 1.90% to 312,000, with an average of 0 shares per shareholder [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable increases in holdings from several ETFs [3].

Market Overview - The professional engineering sector experienced a decline of 1.22% on October 28, with China Metallurgical Group leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers included: - Rishang Group (002593) with a closing price of 5.91, up 10.06% and a trading volume of 1.067 million shares, totaling 623 million yuan [1] - Shikong Technology (605178) closed at 52.46, up 10.00% with a trading volume of 34,288 shares, totaling 17.9875 million yuan [1] - Other gainers included: - Shenghui Integration (603163) up 3.48% [1] - Sanlian Hongyin (300384) up 1.70% [1] Decliners - Major decliners included: - Gongliang Forty (601618) down 4.45% with a trading volume of 2.4354 million shares [2] - Zhongyan Dadi (003001) down 3.95% [2] - Tongguan Mining Construction (920019) down 3.18% [2] Capital Flow - The professional engineering sector saw a net outflow of 56.7941 million yuan from institutional investors, while retail investors contributed a net inflow of 42.6294 million yuan [2][3] - Notable capital flows included: - Rishang Group had a net inflow of 1.78 billion yuan from institutional investors, but a net outflow from retail investors of 8.97809 million yuan [3] - Shenghui Integration saw a net inflow of 28.62% from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Insights - The report emphasizes the stable operation of existing mines and the potential for high-quality development through expansion and exploration [12][10]. - The company has significant mineral resources, particularly in copper, which is expected to see a value reassessment due to a long-term supply-demand gap [21][30]. - The company is likely to benefit from an upward cycle in copper prices, with overseas contracts showing strong growth and sufficient impairment provisions reducing risks [36][3]. Summary by Sections 1. Stable Operation and Development of Existing Mines - The company operates three main mines that contributed 28.2 billion yuan in revenue in the first half of 2025, accounting for 1.2% of total revenue and 5.5 billion yuan in profit, representing 17.8% of net profit [12][10]. - The current resource reserves for the three main mines include nickel (2.115 million tons), cobalt (219,000 tons), copper (1.791 million tons), lead (314,000 tons), and zinc (615,000 tons) [17][12]. 2. Copper Resource Value Reassessment - There is a significant long-term gap in copper supply, with global refined copper demand projected to reach 33 million tons by 2035, while supply is expected to fall below 19 million tons [21][30]. - The company has two pending copper mines: the Sia Dyk copper mine in Pakistan with 3.78 million tons of copper resources and the Aynak copper mine in Afghanistan with 12.36 million tons of resources [30][34]. 3. Improvement in Core Business and Overseas Growth - New contracts signed from January to August 2025 totaled 679.57 billion yuan, with a year-on-year decline of 18.2%, but overseas contracts increased by 8.9% [36][3]. - The company has adequately provisioned for asset impairments, with impairment losses accounting for 1.5% of total revenue in the first half of 2025, indicating a potential for gradual improvement in core business performance [36][3]. 4. Financial Data and Projections - The projected net profit for the company from 2025 to 2027 is 6.15 billion yuan, 6.66 billion yuan, and 7.27 billion yuan respectively, with significant contributions expected from the copper mines once operational [42][4]. - The company’s revenue is expected to decline slightly in 2025 but recover in subsequent years, with a projected revenue of 542.24 billion yuan in 2025 and 573.46 billion yuan in 2026 [4][45].

Core Points - The Southern Power Grid Guangxi Electric Power Company is actively supporting the post-disaster reconstruction efforts in Baise, Guangxi, following severe flooding caused by heavy rainfall [1][2] - The company has accelerated the restoration of power supply infrastructure to help residents return to normal life [1][2] Group 1: Emergency Response - The Guangxi Baise Power Supply Bureau quickly mobilized repair teams to address the flooding in the Dajie area of XinJia Township, implementing emergency measures to prevent electrical hazards [2] - A new 10 kV line and a 200 kVA transformer were installed to assist in the reconstruction efforts, with significant progress reported on October 16 [2] - Approximately 100 personnel worked tirelessly to install 800 meters of new lines and a transformer, demonstrating commitment to restoring normalcy for the affected population [2] Group 2: Aerial Support and Logistics - The company deployed two heavy-duty drones to transport essential materials to disaster-stricken areas where road access was hindered by flooding [4] - The drones provided a more efficient means of delivery compared to traditional methods, significantly speeding up the reconstruction process [4] - As of now, the company has deployed a total of 3 medium-voltage generator trucks, 141 low-voltage generators, and 45 mobile power sources to support recovery efforts in Baise [4] Group 3: Ongoing Support and Monitoring - The company aims to ensure that every household has access to electricity, continuously supplementing small and medium-sized generators and mobile power sources to meet basic electricity needs [4] - Power supply personnel are on 24-hour duty, utilizing a combination of drones and manual inspections to monitor equipment conditions and implement repairs as safety allows [4] - The company is also developing disaster prevention and mitigation plans for affected equipment, marking flooded areas and gathering historical data for future operational safety [5]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced that its board meeting will be held on October 30, 2025, to consider and approve the third quarter results for the period ending September 30, 2025 [1] Summary by Categories - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the company's and its subsidiaries' third quarter performance [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced that its board meeting will be held on October 30, 2025, to consider and approve the third quarter results for the period ending September 30, 2025, along with its release [1] Summary by Categories - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the third quarter performance for the three months ending September 30, 2025 [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。 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年十月十七日 董事會會議通告 中 國 冶 金 科 工 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 十 月 三 十 日（星 期 四）舉 行，藉 以（其 中 包 括）考 慮及批准本公司及其附屬公司截至二零二五年九月三十日止三個月之 第 三 季 度 業 績 及 其 發 佈。 承董事會命 * 僅供識別 於 本 公 告 日 期，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。 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a decline in stock price by 2.09% on October 17, trading at 3.74 CNY per share, with a total market capitalization of 77.506 billion CNY [1] Financial Performance - For the first half of 2025, China MCC reported a revenue of 237.533 billion CNY, a year-on-year decrease of 20.52%, and a net profit attributable to shareholders of 3.099 billion CNY, down 25.31% year-on-year [2] - The company has cumulatively distributed dividends of 17.209 billion CNY since its A-share listing, with 4.373 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for China MCC was 312,000, a decrease of 1.90% from the previous period [2] - Major shareholders include China Securities Finance Corporation, holding 589 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 12.5 million shares to 429 million shares [3] Stock Performance - Year-to-date, China MCC's stock price has increased by 15.29%, but it has seen a decline of 7.65% over the last five trading days [1]

Core Points - China Metallurgical Group Corporation (China MCC) experienced a 3.05% decline in stock price on October 16, with a trading volume of 706 million yuan [1] - The company reported a financing buy-in of 78.76 million yuan and a financing repayment of 94.19 million yuan on the same day, resulting in a net financing outflow of 15.43 million yuan [1] - As of October 16, the total financing and securities lending balance for China MCC was 1.12 billion yuan [1] Financing Summary - On October 16, China MCC had a financing buy-in of 78.76 million yuan, with a current financing balance of 1.11 billion yuan, representing 1.63% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, 699,600 shares were repaid, while 50,700 shares were sold, with a selling amount of 193,700 yuan calculated at the closing price [1] Company Overview - China MCC, established on December 1, 2008, and listed on September 21, 2009, is headquartered in Chaoyang District, Beijing [1] - The company's main business segments include engineering contracting (90.83% of revenue), specialty businesses (7.10%), real estate development (2.02%), and other activities (0.05%) [1] Financial Performance - For the first half of 2025, China MCC reported a revenue of 237.53 billion yuan, a year-on-year decrease of 20.52%, and a net profit attributable to shareholders of 3.10 billion yuan, down 25.31% year-on-year [2] - Since its A-share listing, the company has distributed a total of 17.21 billion yuan in dividends, with 4.37 billion yuan distributed over the past three years [2] Shareholder Structure - As of June 30, 2025, China MCC had 312,000 shareholders, a decrease of 1.90% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 589 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 12.5 million shares to 429 million shares [2]