Financial Performance - Revenue for the first quarter was RMB 46,005,929,071.08, a slight decrease of 0.25% compared to the same period last year[9]. - Net profit attributable to shareholders increased by 90.47% to RMB 3,946,025,081.10, driven by higher sales prices of copper and cobalt products and improved cost management[9][13]. - Basic and diluted earnings per share rose by 80.00% to RMB 0.18[9]. - Total revenue for Q1 2025 was approximately ¥46.01 billion, a slight decrease of 0.25% compared to ¥46.12 billion in Q1 2024[35]. - Net profit for Q1 2025 reached approximately ¥4.41 billion, an increase of 89.06% compared to ¥2.33 billion in Q1 2024[36]. Cash Flow and Liquidity - Net cash flow from operating activities decreased by 76.02% to RMB 1,313,844,803.84, primarily due to increased net outflow from the basic metal trading business[9][15]. - Operating cash flow for Q1 2025 was approximately $1.31 billion, a decrease of 76% compared to $5.48 billion in Q1 2024[38]. - Cash inflow from operating activities totaled approximately $42.87 billion in Q1 2025, compared to $42.43 billion in Q1 2024, reflecting a slight increase of 1.05%[38]. - Total cash and cash equivalents at the end of Q1 2025 reached approximately $28.71 billion, up from $26.52 billion at the end of Q1 2024, representing an increase of 8.25%[39]. Assets and Liabilities - Total assets increased by 6.58% to RMB 181,443,759,102.82 compared to the end of the previous year[9]. - Total liabilities increased to approximately ¥91.40 billion as of March 31, 2025, compared to ¥84.29 billion at the end of 2024[33]. - The company's total assets as of March 31, 2025, were approximately ¥181.44 billion, an increase from ¥170.24 billion as of December 31, 2024[33]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 282,600[16]. - The top ten shareholders held a combined 89.25% of the shares, with the largest shareholder owning 24.81%[16]. - The company holds a 24.81% stake as the largest shareholder, with a total of 5,333,220,000 shares[20]. Production and Sales - The company reported a copper production increase of 15.65% year-on-year, reaching 170,574 tons, while cobalt production rose by 20.68% to 30,414 tons[21]. - The sales revenue for copper was approximately RMB 12.42 billion, with a gross margin of 55.21%, reflecting an increase of 7.14 percentage points compared to the previous year[27]. - The company reported a significant decrease in refined metal product sales, with a revenue drop of 32.27% year-on-year, resulting in a gross margin of only 0.67%[27]. - The company achieved a total revenue of RMB 16.82 billion from metal concentrate products, with a gross margin of 15.10%, marking an increase of 12.06 percentage points year-on-year[27]. Investment and R&D - The company reported a significant increase in investment income by 129.34% due to higher returns from joint ventures[15]. - Research and development expenses for Q1 2025 were approximately ¥104 million, significantly higher than ¥52 million in Q1 2024, indicating a focus on innovation[35]. - Long-term investments increased to approximately ¥3.45 billion as of March 31, 2025, compared to ¥3.28 billion at the end of 2024[32]. Strategic Focus - The company’s strategic focus on production stability and growth has led to better-than-expected operational indicators for the year[28]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[34]. Sustainability - The company has been recognized for the third consecutive time in the S&P Global Sustainability Yearbook (China Edition) 2025, highlighting its leadership in ESG practices within the metals and mining sector[28].

Financial Performance - The company's operating revenue reached RMB 213 billion, marking a 14% year-on-year increase[10]. - Net profit attributable to shareholders exceeded RMB 10 billion for the first time, amounting to RMB 13.5 billion, a 64% year-on-year growth[10]. - Operating cash flow was robust at RMB 32.4 billion, reflecting a 108% year-on-year increase[10]. - The company achieved an EBITDA of RMB 35.3 billion, representing a 75% year-on-year increase[11]. - The company reported a basic earnings per share of RMB 0.63, representing a year-on-year increase of 65.79%[30]. - The weighted average return on equity increased to 20.96%, up by 5.96 percentage points from the previous year[30]. - The company’s total assets amounted to RMB 170.24 billion, with net assets attributable to shareholders at RMB 71.02 billion, reflecting a year-on-year increase of 19.29%[31]. - The company achieved a total revenue of RMB 81.19 billion in 2024, with operating costs amounting to RMB 47.24 billion[17]. - The company reported a significant increase in investment income from joint ventures, which rose by 110.34% to ¥788.50 million in 2024[41]. - Total comprehensive income for 2024 was ¥16.82 billion, a 68.54% increase from ¥9.98 billion in 2023[43]. Production and Sales - Copper production reached 650,200 tons, with sales of 689,500 tons, showing a 65.02% year-on-year increase in production and a 76.89% increase in sales[15]. - Cobalt production was 114,200 tons, with sales of 108,900 tons, reflecting a 105.61% year-on-year increase in production and a 266.23% increase in sales[15]. - Molybdenum production reached 15,396 tons, with sales of 14,964 tons, resulting in a revenue of RMB 62.97 billion, reflecting a year-on-year decline of 11.69%[18]. - Tungsten production increased to 8,288 tons, with sales of 8,132 tons, generating revenue of RMB 18.22 billion, a year-on-year growth of 23.09%[18]. - Niobium production reached 10,024 tons, with sales of 10,028 tons, resulting in revenue of RMB 29.56 billion, a year-on-year increase of 12.46%[22]. - The company’s physical trading volume decreased by 6% year-on-year to 5.54 million tons in 2024[102]. Debt and Financial Stability - The company maintained a debt-to-asset ratio of 49.52%, a decrease of 8.88 percentage points year-on-year[11]. - Total liabilities decreased by 16.55% to CNY 84.29 billion, with current liabilities down by 7.19% to CNY 45.46 billion[37]. - Long-term borrowings decreased by 50.27% to CNY 9.33 billion, and the company eliminated its bond payables, which were CNY 2 billion last year[37]. - Shareholders' equity increased by 19.43% to CNY 85.94 billion, with retained earnings rising by 42.19% to CNY 34.09 billion[39]. - The asset-liability ratio decreased from 58.40% as of December 31, 2023, to 49.52% as of December 31, 2024[156]. Cost Management and Efficiency - The company implemented cost reduction and efficiency enhancement strategies, leading to a decrease in production costs for niobium and phosphate fertilizers[23]. - The company plans to enhance production efficiency through cost reduction and operational management improvements, focusing on technology innovation and process optimization[113]. - The total cost of operations for 2024 was ¥187.36 billion, an increase of 5.79% from ¥177.12 billion in 2023[41]. - The energy cost component in mining and processing increased by 69.41% year-on-year, totaling RMB 2,690.79 million[133]. Market Outlook and Pricing - The average price of copper is expected to rise to USD 9,147 per ton in 2024, reflecting a 7.83% increase from USD 8,483 in 2023[63]. - Cobalt prices are anticipated to drop by 25.48% to USD 11.26 per pound in 2024, down from USD 15.11 in 2023[63]. - The tungsten market is expected to maintain a tight supply in 2025, with stable prices supported by manufacturing upgrades and policy factors[99]. - Niobium demand is projected to remain optimistic in 2025, driven by applications in the automotive and energy sectors[100]. ESG and Community Engagement - The company invested RMB 292 million in global community development projects, focusing on education, healthcare, and infrastructure[12]. - The company aims to maintain a leading ESG standard both globally and domestically, emphasizing the importance of stakeholder relationships[51]. - The company is committed to improving its ESG governance framework and achieving third-party certification for key mining areas[118]. - The company maintained an AA rating in MSCI ESG performance, positioning it among the leaders in the global non-ferrous metals industry[107]. Risk Management - The company faces risks from price fluctuations of key products such as copper, cobalt, and molybdenum, which could impact operational performance[184]. - The company has implemented a comprehensive risk management framework to monitor and mitigate various risks, including price fluctuations, foreign exchange, counterparty credit, and liquidity risks, ensuring sufficient cash reserves to lower liquidity risk[189]. - Liquidity risk management ensures the company can timely repay maturing debts, utilizing various funding sources including interest-bearing deposits and long-term debt[191]. - Credit risk is monitored through initial credit approvals, insurance, and collateral requirements, assessing credit quality based on historical default rates and market conditions[192].

Group 1 - A surge of Chinese innovative companies is applying for IPOs in Hong Kong, with 51 new applications in the first quarter, nearly a quarter from A-share listed companies [2] - The total financing from 15 newly listed stocks reached 18.2 billion HKD, a significant increase of 287% compared to 2024, primarily driven by mainland companies [2] - Over 100 Chinese companies are currently in the IPO queue in Hong Kong, including notable firms like Heng Rui Medicine and Hai Tian Flavoring [2] Group 2 - Luoyang Molybdenum announced a cash acquisition of Lumina Gold for approximately 3 billion RMB, with a 41% premium over the closing price [3] - Three robot-themed funds have surpassed 10 billion RMB in scale, with significant growth observed in the first quarter [3] - The stock market for robot components has seen speculative trading, with some ST stocks experiencing price increases detached from their fundamentals [3] Group 3 - Hainan Junda New Energy Technology Co., Ltd. has passed the main board listing hearing at the Hong Kong Stock Exchange, with plans to issue up to 87.17 million shares [4] - New Lai Fu's acquisition of Guangzhou Jin Nan Magnetic Materials has raised concerns due to the related party transaction, as the actual controller is also the largest shareholder of the target company [5] - The ongoing equity battle for ST Xinchao has intensified, with Yitai B shares planning to spend approximately 11.8 billion RMB to acquire a controlling stake [5]

新华财经北京4月22日电（记者王小璐） 在全球金价大涨背景下，矿业巨头加速黄金资源布局。4月22 日，洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业"）发布公告，宣布将以5.81亿加元收购 Lumina黄金公司（以下简称"Lumina黄金"）全部股权。截至发稿，洛阳钼业A股股价涨幅超过4%，港 股股价涨幅超9%。 对此，记者以投资者身份致电洛阳钼业董秘办公室，其表示收购基于多方面原因，"一方面我们一直有 在看金矿，另外一方面也是对金价长期比较看好。" 在公告中，洛阳钼业表示，经公司投资委员会批准，将通过海外实体以全现金方式收购加拿大上市公司 Lumina黄金（TSXV:LUM）全部已发行和未发行的所有普通股，交易总价约为5.81亿加元。这一金额折 合人民币约为30亿元。 此次收购正值金价大涨时期。今年以来，国际金价一路猛进，截至22日，黄金期现货价格双双刷新历史 新高至3500美元／盎司上方。 据介绍，双方自去年下半年起开始深入接触，经过长期独家友好谈判，最终达成收购协议。目前，协议 已获得Lumina黄金52.3%股东的表决支持，后续将按照当地公开收购程序推进。 对于Cangrejos金矿项目未来是否会为 ...

4月21日，洛阳钼业在其官方微信公众号宣布，将通过海外实体以全现金方式收购Lumina黄金全部已发 行和未发行的所有普通股，交易总价约为5.81亿加元（约合人民币30亿元）。 据了解，此次收购折合每股价格为1.27加元，较4月17日收盘价溢价41%。此外，洛阳钼业还与Lumina 黄金签订了认购协议，将发行2000万美元的可转换债券。 资料显示，Lumina黄金是一家加拿大的贵金属和基本金属勘探公司，其核心资产是位于厄瓜多尔西南 部埃尔奥罗省的Cangrejos项目。报告显示，Cangrejos保有资源量13.76亿吨，金平均品位0.46g/t，内蕴 黄金金属638吨；储量6.59亿吨，金平均品位0.55g/t，内蕴黄金金属359吨，并预计金矿的寿命将延续26 年。 当前，黄金处于牛市窗口。22日，现货黄金向上触及3470美元/盎司，再次刷新历史高位。据高盛最新 预测，现货黄金价格将持续上行。2025年年底将达到3700美元/盎司，而到2026年年中将攀升至4000美 元/盎司。即到今年年底，现货黄金价格可能达到870元/克。 值得一提的是，洛阳钼业在境外资产收购方面经验颇丰。2013年，洛阳钼业收购了澳大利 ...

感谢您的理解和支持谢谢各位投资者早上好我是方振金属的甘教授那今天呢我们汇报一下本周和上周有色的一个变化这呢也是我们之后一个常态化的周一的观点性的电话会议也欢迎各位投资者持续的来关注那首先还是先回顾一下我们最近一直在推荐的板块就是张作霖这边政策和动乱带来的在沽河西这些品种上的工业的变化 那么上周其实对于关国钦的政局是发生了一系列的动荡首先是在叛乱武装方面3月18号安哥拉总统是邀请关国钦政府和反政府武装MR3在安哥拉的首都来进行直接的沟通但是MR3表示没有收到正式的文书所以拒绝了直接沟通但是当日关国钦政府还是和MR3的背后支持者也就是吴旺达政府完成了这一轮谈判双方也都表达了和平的意愿 22号M23发布公告表示会遵守之前宣布的单方面停火在前段时间打下来的瓦里卡莱镇的重新部署部队瓦里卡莱镇距离前面停产的西化其实就很近了来为和平解决这三个条件 但从昨天发出来的一系列的评论来看包括像新华社这些的分析停火共识其实也不是第一次达成之前也多次达成过但因为一直没有根本性的解决方案所以这次停火共识能够真正的落实下去能够维持多久还需要持续的观察而且MR3最近在占领区也在做一系列的这种长期化的政权化的 管理方向啊包括像征税啊军警的设立 ...

Financial Performance - In 2024, the company achieved a revenue of RMB 213.03 billion, representing a year-on-year growth of 14.37%[6] - The net profit attributable to shareholders reached RMB 13.53 billion, a significant increase of 64.03% year-on-year[6] - Operating cash flow increased by 108.38% year-on-year, totaling RMB 32.39 billion[6] - The company's operating revenue for 2024 reached ¥213.03 billion, a 14.37% increase from ¥186.27 billion in 2023[19] - Net profit attributable to shareholders was ¥13.53 billion, reflecting a significant growth of 64.03% compared to ¥8.25 billion in the previous year[19] - Basic earnings per share increased by 65.79% to ¥0.63, compared to ¥0.38 in 2023[19] - Operating profit surged by 90.14% to ¥25.27 billion, compared to ¥13.29 billion in 2023[29] - Total comprehensive income for 2024 was ¥16.82 billion, a 68.54% increase from ¥9.98 billion in 2023[31] - The company reported a significant increase in net profit attributable to minority shareholders, which rose by 586.13% to ¥1.93 billion in 2024 from ¥280.91 million in 2023[31] - The company's net profit increased from RMB 8,531 million in 2023 to RMB 15,459 million in 2024, representing a growth of RMB 6,928 million or 81.22%[92] Production and Operations - Copper production reached 650,200 tons, a year-on-year increase of 55%, placing the company among the top ten copper producers globally[6] - Cobalt production surged by 106% year-on-year to 114,200 tons, while niobium production exceeded 10,000 tons for the first time, reaching 10,024 tons, a 5% increase[6] - The TFM mixed ore project successfully achieved production targets with an annual copper capacity of 450,000 tons, contributing to a total of over 600,000 tons of annual copper capacity in the Democratic Republic of Congo[7] - The company’s main business revenue from copper and cobalt-related products surged to RMB 50.60 billion in 2024, compared to RMB 28.00 billion in 2023, marking an increase of approximately 80.9%[75] - Copper sales generated RMB 41,857 million in revenue, with a gross margin of 50.26%, reflecting an increase of 4.96 percentage points compared to the previous year[96] - Cobalt revenue was RMB 8,743 million, with a gross margin of 34.31%, showing a decrease of 2.70 percentage points year-on-year[96] Financial Position - The company’s debt-to-asset ratio decreased to 49.52%, down by 8.88 percentage points year-on-year[6] - The company's total assets decreased by 1.58% to ¥170.24 billion from ¥172.97 billion in 2023[19] - Total liabilities decreased by 16.55% to ¥84.29 billion, down from ¥101.01 billion in 2023[24] - Shareholders' equity increased by 19.43% to ¥85.94 billion, compared to ¥71.96 billion in the previous year[26] - Current assets decreased by 5.35% to ¥79.17 billion from ¥83.65 billion year-over-year[23] Market and Economic Outlook - The company is preparing for new significant opportunities as the market cycle changes, indicating a mature and confident acquisition strategy[15] - In 2025, copper supply and demand are expected to be tight, with strong demand driven by traditional sectors and significant growth in energy transition industries, particularly from power grid and infrastructure[193] - Global cobalt demand is projected to continue growing in 2025, primarily driven by the battery industry, with notable increases in new energy vehicles and energy storage sectors[194] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[99] Risk Management and Compliance - The company has established effective risk control mechanisms for mining rights, ensuring no expired or unrenewed mining certificates[150] - The company monitors legal and regulatory changes affecting operations and has a comprehensive compliance plan in place[142] - The company has implemented risk management procedures to minimize counterparty risks in its diversified commodity trading operations[140] Future Plans and Strategies - The company plans to implement a new round of capacity expansion and transformation projects following successful exploration results[7] - The management emphasizes the need for organizational transformation to support future global mining competition and enhance operational efficiency[10] - The company aims to stabilize its cost structure as production capacity gradually releases, achieving full production by mid-2024[115]

牵一发而动全身。 起点锂电获悉，近日由于全球钴矿重要生产国刚果（金）改变政策，该国钴矿暂停出口，引发 电池行业地震。 受此影响，多家国内公司也发布公告进行响应，例如网传新余赣锋电子发出一封客户告知函提 及"因为钴价大涨，所有正极材料供应商停止报价，短期内无法下单采购，即日起所有新订单 均需重新确认价格。"目前赣锋锂业暂未回复此事。 同样，在宣布禁止出口政策第二天，国内钴矿相关上市公司寒锐/腾远/利源/永茂泰/华友纷纷股 价上涨。钴价格也迎来逆袭， 截至3月10日，国内钴(1#)平均价达到22.3万元/吨，较2月24日 低点累计上涨40.25%。昔日的"钴奶奶"大势重聚。 01 暂停出口原因： 利润过低 相关人士表示，刚果（金）已不是第一次做出此类行为，暂停进口均是在价格底部的时候出禁 令。 随着消费电子以及新能源汽车的流行，对于电池的需求增多导致钴矿开采规模扩大，让刚果 （金）获得了不少利润，但供需关系反转之时，刚果（金）为保持利润均衡，做出过数次暂停 出口行为。 2002年刚果（金）政府为允许私营资本进入矿产资源领域，中国民营企业进入刚果（金）矿业 市场，以华友钴业、寒锐钴业为代表，为中国钴产业应用奠定基础 ...

作 者丨董鹏 编 辑丨包芳鸣 相较于LME铜、沪铜期货，COMEX铜近期持续大幅溢价。 2月2 6日盘中，COMEX铜大涨4 . 9%，价格一度达到4 . 7 3 2美分/磅，折算后的价格达到1 0 4 3 2美元/吨，这要高出同期LME铜近1 0 0 0美元。同 时， COMEX铜年内1 7%的涨幅，也远远跑赢了市场关注度更高的金价。 对此，多家期货机构指出，美国当地时间2月2 5日， 美国总统特朗普签署行政命令对铜启动2 3 2调查，这可能导致征收铜进口关税，带动 COMEX铜价格快速拉升。 这使得COMEX铜库存增至历史高点，且不排除后续进一步走高的可能，COMEX铜与其他铜期货之间的高价差或将成为常态。 扰动因素集中释放 公开资料显示， 美国2 3 2调查，是指美国商务部根据1 9 6 2年《贸易扩展法》第2 3 2条1款授权，对特定产品进口是否威胁美国国家安全进行立 案调查。 供给端的扰动因素也在增加。智利当地时间2月2 5日下午大规模停电，该国北部、中部和南部电力供应受影响，这一全球最大铜出产国的多座 重要铜矿中断采矿作业，全球金属市场受到冲击。 上海钢联指出，由于市场的变化，在过去将近1 0个月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both TFM and KFM with target prices of HKD 6.60 and RMB 8.70 respectively [1][4]. Core Insights - The company achieved a net profit attributable to shareholders of RMB 5.42 billion in H1 2024, representing a year-over-year increase of 670.4%. Revenue for the same period was RMB 102.82 billion, up 18.6% year-over-year [1]. - The copper production reached 310,000 tons and cobalt production was 54,000 tons in H1 2024, fulfilling 58% and 83% of the annual targets respectively. The company aims to achieve copper production of 800,000 to 1,000,000 tons by 2026-2028 [2]. - The copper and cobalt segment contributed significantly to profitability, with a gross margin of 52% in H1 2024, up from 42% in the previous year, driven by a 4% increase in copper prices year-over-year and a 16% increase quarter-over-quarter in Q2 2024 [3]. Financial Performance - For H1 2024, the company reported revenue of RMB 102.82 billion and a net profit of RMB 5.42 billion, with Q2 revenue at RMB 56.70 billion, showing a year-over-year increase of 33.6% and a quarter-over-quarter increase of 22.9% [1][2]. - The projected net profits for 2024, 2025, and 2026 are RMB 10.93 billion, RMB 12.76 billion, and RMB 17.63 billion respectively, indicating a strong growth trajectory [5]. - The company’s PE ratio for 2024 is estimated at 17.1X, compared to the average PE of comparable companies at 13.2X [1][6]. Production Capacity and Expansion - TFM's mixed ore project has successfully reached production capacity, with five production lines established, yielding an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth largest copper mine and second largest cobalt mine globally [2]. - KFM has established an annual production capacity of 150,000 tons of copper and 50,000 tons of cobalt, maintaining its position as the world's largest cobalt mine [2]. - The company is actively pursuing expansion projects, including the Nzilo II hydropower station cooperation agreement and ongoing exploration work for KFM Phase II [2].