■肖艳青 今年以来，内蒙古兴业银锡矿业股份有限公司、青海盐湖工业股份有限公司、洛阳栾川钼业集团股份有限公司（以下简 称"洛阳钼业"）等矿企纷纷宣布并购海外矿山进行资源储备，开启了矿企新一轮"出海"热潮。 笔者认为，随着全球能源结构转型及地缘政治博弈加剧，中国矿企积极"出海"布局，不仅能重塑自身价值，也有助于重构 全球矿业版图，具有多重积极意义。 其一，有助于矿企扩大资源储备，夯实产业根基。 绿色可持续发展是矿企在国际化道路上行稳致远的关键，这需要矿企通过"苦练内功"提升自身实力，带着先进的工艺、技 术、标准、装备"走出去"，建设绿色智能矿山，推动当地社会工业化进程，与当地共发展。 其二，有助于矿企构建全球化的供应链体系，迈向全球矿业价值链高端。 当前全球产业链与供应链加速重组，这促使矿企不断优化产业结构、延伸产业链，向高附加值环节延伸，形成"矿山—销 售—终端应用"上下游产业链协同发展的优势。 比如，洛阳钼业2019年收购全球第三大金属贸易平台埃珂森贸易公司后，构建了全球金属贸易网络，业务覆盖80多个国 家，形成了从资源开采到物流销售全链条发展优势。2023年，宁德时代新能源科技股份有限公司成为洛阳钼业第二大 ...

Group 1 - The core index, the CN Materials Composite Index, reported at 3281.67 points, with a 2.51% increase over the past month, 1.68% over the past three months, and a 6.63% year-to-date increase [1] - The index is designed to reflect the overall performance of different industry securities from Chinese mainland enterprises, classified according to the China Securities Index industry classification standards [1] - The top ten holdings of the CN Materials Composite Index include Zijin Mining (6.39%), Wanhua Chemical (2.21%), and others, indicating a concentration in specific companies [1] Group 2 - The market distribution of the CN Materials Composite Index shows that the Shanghai Stock Exchange accounts for 49.23%, Shenzhen Stock Exchange for 42.38%, and Hong Kong Stock Exchange for 7.82% [2] - In terms of industry composition, non-ferrous metals represent 41.47%, chemicals 37.94%, and other sectors such as non-metallic materials and steel also contribute to the index [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted under special circumstances [3] - Adjustments to the index samples occur when there are changes in industry classification due to special events or when companies are delisted [3]

格隆汇新股 河南洛阳国资委收获一家IPO，年入28亿，与洛阳钼业是同行 原创 阅读全文 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of Luoyang Molybdenum Co., Ltd., indicating a recent stock price increase and a low rolling PE ratio compared to the industry average [1][2] - As of May 21, the closing stock price of Luoyang Molybdenum was 7.48 yuan, with a 3.03% increase, and a rolling PE ratio of 10.44, marking a new low in 32 days [1] - The total market capitalization of Luoyang Molybdenum is 160.814 billion yuan, ranking 5th in the small metals industry, which has an average PE ratio of 70.62 and a median of 52.32 [1][2] Group 2 - As of the first quarter of 2025, 166 institutions hold shares in Luoyang Molybdenum, including 160 funds, with a total shareholding of 1,218,899,280 shares valued at 92.636 billion yuan [1] - The main business of Luoyang Molybdenum includes mining and processing of base and rare metals, with key products being molybdenum, tungsten, copper, cobalt, niobium, and phosphate [1] - The latest financial results for the first quarter of 2025 show an operating revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, and a net profit of 3.946 billion yuan, reflecting a significant increase of 90.47% year-on-year, with a gross profit margin of 22.33% [1]

洛阳栾川钼业集团股份有限公司 编号：信评委函字2025跟踪 0206 号 洛阳栾川钼业集团股份有限公司 声 明 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ...

Core Viewpoint - The company maintains its AAA credit rating and stable outlook for both its corporate credit and the "20 Luoyang Molybdenum MTN001" bond [1][2]. Group 1: Credit Rating Results - Previous credit rating results indicated that the company's corporate credit rating was AAA with a stable outlook, and the bond "20 Luoyang Molybdenum MTN001" also had a credit rating of AAA [1]. - The current credit rating results reaffirm the company's corporate credit rating as AAA and the stable outlook, while maintaining the bond's credit rating at AAA [2]. Group 2: Rating Agency and Methodology - The credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and related industry conditions [2]. - The rating report was issued on May 21, 2025, confirming the previous ratings [2].

•前次评级结果：洛阳栾川钼业集团股份有限公司（以下简称"公司"） 主体信用等级为 AAA，评级展望为稳定； "20 栾川钼业 MTN001"的债 项信用等级为 AAA。 股票代码：603993 股票简称：洛阳钼业 编号：2025—030 洛阳栾川钼业集团股份有限公司 关于公司主体及相关公司债券跟踪评级结果的公告 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。 重要内容提示： 上述信用评级报告全文详见上海证券交易所网站。 特此公告。 洛阳栾川钼业集团股份有限公司董事会 二零二五年五月二十一日 •本次评级结果：公司主体信用等级为 AAA，评级展望为稳定；维持 "20 栾川钼业 MTN001"的债项信用等级为 AAA。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》 和《上海证券交易所公司债券上市规则》等有关规定，公司委托信用 评级机构中诚信国际信用评级有限责任公司（以下简称"中诚信国 际"），对本公司于 2020 年发行的中期票据"20 栾川钼业 MTN001"进 行跟踪信用评级。 公司前次评级结果：公司主体信用等级为 ...

洛阳栾川钼业集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0206 号 洛阳栾川钼业集团股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 21 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 ...

洛阳栾川钼业集团股份有限公司 跟踪评级报告(2025) 编号：信评委函字[2025]跟踪 0205 号 洛阳栾川钼业集团股份有限公司 跟踪评级报告(2025) 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 21 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 ...

Summary of Luoyang Molybdenum Co., Ltd. Conference Call Industry and Company Overview - The conference call pertains to Luoyang Molybdenum Co., Ltd., a significant player in the copper and cobalt mining industry, with a focus on its production capabilities and financial performance for 2024 and 2025 [2][3][5]. Key Points and Arguments Production and Resource Allocation - Luoyang Molybdenum's copper production is projected to reach 650,000 tons in 2024 and 680,000 tons in 2025, exceeding the annual guidance of 600,000 to 660,000 tons [2][3]. - The company ranks approximately 11th to 12th globally in copper resources, with its production placing it among the top ten for the first time, making it the second Chinese company to achieve this [2][3]. - The company has significant copper resources totaling nearly 35 million tons, primarily from the TFM and KFM mines in the Democratic Republic of Congo [3]. Business Segment Profitability - The gross profit margin distribution for 2024 is as follows: copper mining accounts for nearly 70%, IXM trading company 14%, domestic molybdenum and tungsten approximately 10%, and Brazilian phosphate 6% [2][4]. - The main growth drivers are the copper and cobalt segments, along with the IXM trading company [2][4]. Strategic Advantages - Luoyang Molybdenum benefits from high-quality copper resources, with TFM being the fifth-largest copper mine and the second-largest cobalt mine globally, and KFM being the largest single copper-cobalt mine [7]. - The company has adopted a mining plus trading model through the acquisition of IXM, enhancing its pricing power in the industrial metals sector [7]. - As a large-cap private enterprise in the A-share non-ferrous metal sector, it is well-positioned for overseas expansion amid increasing geopolitical tensions [7]. Financial Performance - In 2024, the company achieved revenue exceeding 200 billion yuan, a 14% year-on-year increase, with a net profit of 13.532 billion yuan, up 64.03% [5][9]. - The first quarter of 2025 saw a profit of 3.946 billion yuan, a 90.47% increase year-on-year, with copper production reaching 170,000 tons [5][9]. - The forecast for 2025 net profit is 15.913 billion yuan, representing a 17% growth, with a current P/E ratio of less than 10, indicating high investment value [5][12]. Market Impact and Future Outlook - The suspension of strategic mineral exports by the Democratic Republic of Congo is expected to reduce available inventory and potentially increase product prices, positively impacting Luoyang Molybdenum in the short term [8]. - If a cobalt quota system is implemented, the company may experience a reduction in volume but an increase in price, significantly enhancing profitability [8]. Management and Growth Strategy - The company aims for copper production to exceed 600,000 tons in 2025, with a long-term goal of reaching 800,000 to 1,000,000 tons by 2028, supported by the TFM West and KFM Phase II projects [6][13]. - Recent acquisitions, such as Lumina Mining, are expected to contribute an average annual production of 10.5 tons of gold and 19,000 tons of copper, enhancing the company's valuation [6][13]. Additional Important Information - The company suggests analyzing sales confirmation over a six-month period due to potential timing discrepancies in sales recognition, which can provide a clearer view of production and sales balance [10]. - Financial expenses and tax rates have improved, with the financial expense ratio dropping to 1.16% and the tax rate decreasing to 30%, contributing to enhanced profit margins [11].