股票代码：603993 股票简称：洛阳钼业 编号：2025-023 洛阳栾川钼业集团股份有限公司 第七届监事会第六次会议决议公告 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。 3、在出具本意见前，未发现参与第一季度报告编制和审议的人 员有违反保密规定的行为。 该议案的表决结果为： 3 票赞成, 0 票反对, 0 票弃权 二、 审议通过关于本公司增加 2025 年度日常关联交易预计金 额的议案。 监事会认为该日常关联交易不存在损害公司及股东特别是中、小 股东利益的情形，符合公司及其股东的整体利益，亦不会对公司的独 立性构成影响。 该议案的表决结果为：3 票赞成, 0 票反对, 0 票弃权 特此公告。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"、"公司"） 第七届监事会第六次会议通知于 2025 年 4 月 11 日以电子邮件方式发 出，会议于 2025 年 4 月 25 日以现场结合通讯方式召开，会议应参加 监事 3 名，实际参加监事 3 名。公司董事会秘书、财务管理部负责人 和董办相关人员列席了本次会议。本次会议的召 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—022 洛阳栾川钼业集团股份有限公司 第七届董事会第五次会议决议公告 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。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第五次会议通知于2025年4月11日以电子邮件方式发出， 会议于2025年4月25日以现场结合通讯方式召开，会议应参加董事7 名，实际参加董事7名。公司全体监事、董事会秘书和董事会办公室 相关工作人员等列席了本次会议。本次会议的召集、召开符合相关法 律法规和本公司《公司章程》的有关规定，会议决议合法、有效。会 议由公司董事长袁宏林先生主持，经与会董事充分讨论，审议通过如 下议案： 一、审议通过关于本公司《2025年第一季度报告》的议案。 该议案已经公司第七届董事会审计及风险委员会第六次会议审 议通过。 该议案的表决结果为： 7 票赞成, 0 票反对, 0 票弃权。 二、审议通过关于增补本公司第七届董事会执行董事候选人的议 案。 董事会同意聘任阙朝阳先生为公司常务副总裁兼首席运营 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 46,005,929,071.08, a slight decrease of 0.25% compared to the same period last year[6] - Net profit attributable to shareholders increased by 90.47% year-on-year, reaching CNY 3,946,025,081.10[6] - Basic and diluted earnings per share both rose by 80.00% to CNY 0.18[6] - Operating profit for Q1 2025 increased to CNY 6,309,968,055.14, compared to CNY 3,526,330,231.51 in Q1 2024, marking an increase of approximately 79.5%[22] - Net profit for Q1 2025 reached CNY 4,410,453,403.73, up from CNY 2,332,069,634.29 in Q1 2024, reflecting an increase of about 89.1%[22] Cash Flow - The net cash flow from operating activities decreased significantly by 76.02%, amounting to CNY 1,313,844,803.84[6] - In Q1 2025, the net cash flow from operating activities was $1.31 billion, a decrease of 76% compared to $5.48 billion in Q1 2024[26] - Total cash inflow from operating activities was $42.87 billion, up 1.06% from $42.43 billion in the same period last year[26] - Cash outflow for purchasing goods and services increased to $36.67 billion, compared to $32.29 billion in Q1 2024, reflecting a 13.4% rise[26] - The net cash flow from investing activities was negative at $(754.53) million, an improvement from $(2.95) billion in Q1 2024[27] - Cash inflow from financing activities totaled $24.32 billion, down 19.4% from $30.17 billion in Q1 2024[27] - The net cash flow from financing activities was $829.36 million, a significant recovery from a net outflow of $(2.15) billion in the previous year[27] - The ending cash and cash equivalents balance increased to $28.71 billion, compared to $26.52 billion at the end of Q1 2024, marking an 8.2% increase[27] Assets and Liabilities - Total assets increased by 6.58% to CNY 181,443,759,102.82 compared to the end of the previous year[7] - Current assets totaled CNY 92,308,216,799.08 as of March 31, 2025, compared to CNY 79,174,392,805.23 at the end of 2024, indicating a growth of approximately 16.4%[21] - Total liabilities increased to CNY 91,404,017,378.64 as of March 31, 2025, from CNY 84,294,195,547.05 at the end of 2024, representing an increase of about 8.5%[21] - The company’s total equity as of March 31, 2025, was CNY 90,039,741,724.18, up from CNY 85,942,236,144.77 at the end of 2024, indicating an increase of approximately 4.8%[21] Production and Revenue - The company reported a copper production increase of 15.65% year-on-year, reaching 170,574 tons, while sales volume decreased by 1.36% to 123,836 tons[13] - Cobalt production rose by 20.68% to 30,414 tons, with sales volume slightly declining by 0.24% to 24,219 tons[13] - The company's revenue from copper reached approximately RMB 12.42 billion, with a gross margin of 55.21%, an increase of 7.14 percentage points compared to the previous year[16] - Cobalt revenue was approximately RMB 3.78 billion, with a gross margin of 61.42%, up by 24.81 percentage points year-on-year[16] - The company achieved a total revenue of RMB 16.82 billion from mineral trading, with a gross margin of 15.10%, an increase of 12.06 percentage points[17] - The refined metal products revenue was approximately RMB 22.59 billion, but the gross margin decreased to 0.67%, down by 1.99 percentage points year-on-year[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 282,600[10] - The top ten shareholders collectively hold 89.25% of the company's shares, with the largest shareholder owning 24.81%[11] - The total number of shares held by the largest shareholder, Hongshang Industrial Holdings Group Co., Ltd., is 5,333,220,000, representing a 24.81% stake[12] - The company’s repurchase account holds 104,930,443 shares as of the reporting period[12] Research and Development - Research and development expenses for Q1 2025 were CNY 103,953,302.79, significantly higher than CNY 51,796,305.90 in Q1 2024, reflecting an increase of approximately 100%[22] Sustainability and Future Outlook - The company has been recognized in the S&P Global Sustainability Yearbook (China Edition) for the third consecutive year, highlighting its commitment to ESG and sustainable development[18] - The company aims to maintain production stability and increase output, capitalizing on favorable market conditions[18]

Investment Rating - The report gives a "Recommended" rating for Luoyang Molybdenum (603993.SH) [1] Core Views - Luoyang Molybdenum has established itself as a leading international copper and cobalt producer, benefiting from a dual-driven model of mining and trading, with significant growth in revenue and profit driven by copper and cobalt production [8][9] - The company has a strong resource base, with world-class mines in the Democratic Republic of Congo (DRC) and a diversified portfolio that includes tungsten and niobium operations in Brazil [8][9] - The report forecasts continued growth in revenue and profit, with a projected revenue of 2255.0 billion yuan and net profit of 150.7 billion yuan for 2025 [9] Summary by Sections Section 1: "Mining + Trading" Dual-Driven Model - The company operates globally in basic and rare metals mining and trading, ranking among the top ten copper producers worldwide, with significant operations in the DRC [14] - Luoyang Molybdenum has successfully executed several acquisitions during copper price downturns, enhancing its global resource layout [16] - The company has built a global metal trading network through strategic acquisitions, including IXM, which has strengthened its market position [17] Section 2: Copper and Cobalt Business Growth - The company operates two world-class mines in the DRC, TFM and KFM, with significant copper and cobalt resources [31] - Revenue from copper and cobalt has seen substantial growth, with a projected revenue of 506 billion yuan for 2024, reflecting an 80.71% year-on-year increase [36] - The copper production capacity is expected to reach 80-100 million tons in the long term, with ongoing expansion projects [34] Section 3: Copper Price Outlook - The report anticipates a tightening supply of copper, leading to sustained high prices, supported by strong demand from various sectors, including renewable energy and AI [8][9] - The long-term outlook for cobalt demand is also positive, with expectations of a gradual recovery in prices [9] Section 4: Profit Forecast and Investment Recommendations - The company is expected to achieve a compound annual growth rate (CAGR) of 17.2% in revenue and 55.3% in net profit from 2020 to 2024 [8][9] - The report compares Luoyang Molybdenum's valuation favorably against peers, suggesting potential for continued growth in a favorable industry environment [9]

洛阳钼业（603993.SH） 持续成长的国际铜钴龙头 有色金属 推荐（首次） 4 月 24 日：7.06 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.cmoc.com | | 大股东/持股 | 鸿商产业控股集团有限公司/ | | | 24.69% | | 实际控制人 | 于泳 | | 总股本(百万股) | 21499 | | 流通 A 股(百万股) | 17566 | | 流通 B/H 股(百万股) | 3933 | | 总市值（亿元） | 1456 | | 流通 A 股市值(亿元) | 1240 | | 每股净资产(元) | 3.24 | | 资产负债率(%) | 49.52 | 行情走势图 -30% -20% -10% 0% 10% 20% 30% 2024/4 2024/6 2024/8 2024/10 2024/12 2025/2 2025/4 洛阳钼业 沪深300 证券分析师 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

金融界4月25日消息，A股三大指数收盘涨跌不一，沪深300金属与采矿指数 (300金属与采矿，L11606) 报2380.65点。 数据统计显示，沪深300金属与采矿指数近一个月下跌4.75%，近三个月上涨3.70%，年至今上涨 7.50%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 深300指数300只样本按行业分类标准分为10个一级行业、26个二级行业、70余个三级行业及100多个四 级行业。沪深300细分行业指数系列分别以进入各二级、三级行业的全部证券作为样本编制指数，形成 沪深300细分行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300金属与采矿指数十大权重分别为：紫金矿业（31.22%）、北方稀土 （6.24%）、宝钢股份（6.15%）、山东黄金（6.06%）、中国铝业（5.51%）、洛阳钼业（5.35%）、华 友钴业（4.87%）、中金黄金（4.43%）、包钢股份（4.29%）、赣锋锂业（3.72%）。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.17%、深圳证券交易所占 ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Metals and Mining Index at 2390.84 points [1] - The CSI 300 Metals and Mining Index has decreased by 2.48% over the past month, increased by 5.41% over the past three months, and risen by 7.96% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 10 primary industries, 26 secondary industries, over 70 tertiary industries, and more than 100 quaternary industries [1] Industry Composition - The CSI 300 Metals and Mining Index has a weight distribution of 82.43% from the Shanghai Stock Exchange and 17.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes precious metals at 45.45%, industrial metals at 21.32%, rare metals at 18.45%, steel at 11.70%, and other non-metal materials at 3.08% [2] Index Adjustments - The index samples are adjusted semi-annually, specifically on the second Friday of June and December, with temporary adjustments made under special circumstances [2] - When a sample stock is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to maintenance guidelines [2] - Adjustments to the CSI 300 industry index samples occur in tandem with changes to the CSI 300 Index samples [2]

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].

近期以来，黄金价格也因创新高屡屡刷屏——4月22日，金价又一次因涨价刷屏热搜，伦敦金(现货黄 金)价格一度触及3500.12美元/盎司的历史高点，COMEX黄金价格则再次刷新历史纪录至3509.9美元/盎 司，两者均是首次突破3500美元大关。当天，国内部分品牌金店的克重黄金价格也一度因上涨到1082元 左右冲上热搜。 在此之际，洛阳钼业这一笔"买金"行为也可谓带来实质性利好。 从盘面上来看，近两日洛阳钼业AH股价录得不俗涨势——4月22日，洛阳钼业H股强势拉升，盘中一度 涨超12%，截止收盘大涨9.58%报于6.06港元;洛阳钼业A股当日股价也一度涨超6%，而后收涨4.05%至 7.2元。 然而，虽然"买金"行为强势凸显公司的现金实力，但从估值水平来看，洛阳钼业A股市盈率TTM为11.35 倍，洛阳钼业H股市盈率TTM为8.65倍，均处于历史地位且低于行业平均水平。 故此，令人好奇的是，洛阳钼业这一次"买金"行为能否增加公司价值砝码，带动公司估值向上呢? 年营收突破2000亿元，财务状况显著改善 国际、国内金价再创历史新高之际，铜钴龙头洛阳钼业(03993，603993.SH)豪掷近"万金"买金矿。 4月2 ...