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 ...

Core Viewpoint - Luoyang Molybdenum announced a cash acquisition of Lumina Gold for approximately CAD 581 million, reflecting a strategic move into the gold sector amid rising gold prices and a favorable market outlook for gold as a safe-haven asset [1][5][6]. Group 1: Acquisition Details - The acquisition price translates to approximately RMB 304 million, with a per-share price of CAD 1.27, representing a 41% premium over Lumina's closing price on April 17 [1][6]. - Luoyang Molybdenum has signed a subscription agreement for USD 20 million in convertible bonds to support the ongoing operations of the Cangrejos gold project [6]. - The Cangrejos project, located in Ecuador, has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [5][6]. Group 2: Financial Performance - Lumina Gold has reported significant net losses in recent years, with a net loss of approximately USD 33.14 million for the first three quarters of 2024, and cumulative losses of USD 7.97 million in 2020, USD 7.92 million in 2021, USD 22.24 million in 2022, and USD 17.25 million in 2023 [7]. - Luoyang Molybdenum's revenue for 2024 is projected at RMB 213.03 billion, a year-on-year increase of 14.37%, with a net profit of RMB 13.53 billion, up 64.03% [7]. Group 3: Market Context - The gold market has seen a significant rise, with COMEX gold futures surpassing USD 3,500 per ounce, reaching a peak of USD 3,509.9 per ounce on April 22 [8]. - The company expresses optimism regarding the future of the gold market, viewing it as a key area for growth and investment [5][6].