Core Insights - The small metals market has experienced significant price increases this year, particularly for antimony, bismuth, and cobalt, with antimony prices rising approximately 90% to new highs [1] - The price surge is attributed to supply-demand imbalances and geopolitical factors, leading to a new normal in the small metals supply-demand landscape [1][2] - Companies are accelerating resource reserves and expanding production capacity in response to market conditions [1][3] Supply and Demand Dynamics - The global production of small metals has significantly declined over the past decade, while demand continues to grow, creating a supportive environment for price increases [1][2] - Antimony, used as a clarifying agent in photovoltaic glass, has seen its demand from the solar industry rise from 5% in 2019 to 23% in 2023, driving structural changes in the antimony market [2] - Cobalt prices have surged due to export restrictions from the Democratic Republic of Congo, with expectations of continued upward trends [2] Company Performance - In 2024, Luoyang Molybdenum achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% [2] - Jinmo Co. reported a net profit of 2.98 billion yuan in 2024, while Xiamen Tungsten achieved 1.74 billion yuan, and Tin Industry Co. reported 1.44 billion yuan [3] - The small metals sector is characterized by a structural bull market, with significant price increases for antimony, tungsten, molybdenum, and tin [2][3] Resource Strategy - Companies are actively seizing opportunities to enhance production and resource reserves in response to growing demand [3][4] - Jinmo Co. aims to improve the efficiency of its value chain and focus on high-value molybdenum manufacturing and new material development [4] - Luoyang Molybdenum reported record production levels for copper, cobalt, niobium, and phosphorus in 2024, with plans for further copper production expansion [4]

金融界4月14日消息，上证指数高开高走，沪深300金属与采矿指数 (300金属与采矿，L11606)报2338.48 点。 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82.34%、深圳证券交易所占比 17.66%。 从沪深300金属与采矿指数持仓样本的行业来看，贵金属占比44.88%、工业金属占比20.97%、稀有金属 占比18.85%、钢铁占比12.18%、其他非金属材料占比3.12%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数样本进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发 生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪深300指数调整样本时，沪深300行 业指数样本随之进行相应调整。在样本有特殊事件发生，导致其行业归属发生变更时，将对沪深300行 业指数样本进行相应调整。 数据统计显示，沪深300金属与采矿指数近一个月下跌3.45%，近三个月上涨3.83%，年至今上涨 5.59%。 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 ...

Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

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之內容概不負責，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分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 董事會召開日期 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二五年四月二十五日（星期五）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二五年三月三十一日止三個月的季度業 績，以及處理任何其他事項。 承董事會命 洛陽欒川鉬業集團股份有限公司 袁宏林 董事長 中華人民共和國河南省洛陽市 二零二五年四月十一日 於本公告日期，本公司之執行董事為孫瑞文先生及李朝春先生；本公司之非執 行董事為袁宏林先生、林久新先生及蔣理先生；及本公司之獨立非執行董事為 王開國先生、顧紅雨女士及程鈺先生。 * 僅供識別 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 ...

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI Mainland Resource Theme Index fell by 0.42%, closing at 3390.97 points with a trading volume of 33.177 billion [1] - The CSI Mainland Resource Theme Index has increased by 7.17% over the past month, 1.59% over the past three months, and 2.24% year-to-date [1] - The index includes various theme indices such as consumption, resources, transportation, banking, and real estate, reflecting the overall performance of significant listed companies in the Shanghai and Shenzhen markets [1] Group 2 - The top ten holdings of the CSI Mainland Resource Theme Index are: Zijin Mining (16.63%), China Shenhua (7.05%), China Petroleum (5.19%), Sinopec (4.66%), Shaanxi Coal and Chemical Industry (4.28%), China Aluminum (3.3%), Northern Rare Earth (3.2%), CNOOC (3.03%), Luoyang Molybdenum (2.99%), and Shandong Gold (2.71%) [1] - The market share of the CSI Mainland Resource Theme Index is 79.00% from the Shanghai Stock Exchange and 21.00% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, the index sample shows that materials account for 64.98% and energy accounts for 35.02% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Temporary adjustments to the index sample occur when the CSI 800 Index undergoes changes, and companies that are delisted or undergo mergers and acquisitions are handled according to maintenance guidelines [2] Group 4 - Public funds tracking the mainland resources include Minsheng Jianyin CSI Mainland Resource C and Minsheng Jianyin CSI Mainland Resource A [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan in 2024, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper and cobalt production reached 65.02 and 11.42 million tons respectively in 2024, with year-on-year increases of 54.97% and 105.61% [5][29] Industry Outlook - The copper market is expected to remain tight due to aging mines and policy changes, with domestic copper prices averaging around 75,000 yuan per ton in 2024, a 9.69% increase from 2023 [7][31] - The cobalt market is also anticipated to tighten following the Congo's export ban, with domestic cobalt prices around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but showing signs of recovery [7][40] - The company expects net profits for 2025-2027 to be 154.4, 167.3, and 173.5 billion yuan respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44]

Summary of Luoyang Molybdenum Co., Ltd. Conference Call Company Overview - **Company**: Luoyang Molybdenum Co., Ltd. (洛阳钼业) - **Year**: 2024 Key Financial Performance - **Revenue**: 213.03 billion RMB, up 14% year-on-year [3] - **Net Profit**: 13.53 billion RMB, up 64% year-on-year [3] - **Operating Cash Flow**: 32.39 billion RMB, up 108% year-on-year [3] - **Debt Ratio**: 49.52%, down nearly 9 percentage points year-on-year [3] - **Return on Equity**: 20.96%, up 6 percentage points year-on-year [4] Dividend and Shareholder Returns - **Dividend**: 2.55 RMB per 10 shares, with A-share yield at approximately 3.42% and H-share yield at approximately 4.51% [3][4] - **Dividend Payout Ratio**: Exceeds 40% [3] Production and Capacity - **Copper Production**: 650,000 tons in 2024, ranking among the top ten copper producers globally [3][5] - **Future Production Targets**: - Copper: 600,000 to 660,000 tons - Cobalt: 100,000 to 120,000 tons - Tungsten: 12,000 to 15,000 tons - Nickel: 6,500 to 7,500 tons - Silver: 9,500 to 10,500 tons [16] Regional Performance - **Africa**: Revenue of 50.6 billion RMB, up 80.71% year-on-year; total production of 650,000 tons, up 65% [7] - **China**: Molybdenum production of 15,400 tons; tungsten production of 8,288 tons [7] - **Brazil**: Revenue of 6.54 billion RMB, up 3.42% year-on-year [7] ESG Achievements - **Economic Contribution**: 190 billion RMB globally [6] - **Carbon Emission Density**: Lower than 70% of global mining companies [6] - **Renewable Energy Usage**: 36% of total energy [6] - **Water Recycling Rate**: 81% [6] - **Inclusion in FTSE Russell Social Responsibility Index**: First-time inclusion [6] Financial Health - **Cash Reserves**: 30.4 billion RMB [8] - **Total Assets**: 170.2 billion RMB; total liabilities: 84.3 billion RMB, down 17% year-on-year [10] - **Free Cash Flow**: 27.49 billion RMB, up 248% year-on-year [15] Cost Management and Efficiency - **Cost Reduction Measures**: - Continuous technological upgrades and process optimization [20] - Unified procurement management to reduce unit costs by over 10% [20] - Asset management improvements to enhance cash returns [20] Geopolitical and Regulatory Risks - **Congo's Cobalt Export Ban**: Company maintains sufficient inventory and technical reserves to ensure stable production [21][22] - **Government Relations**: Close communication with the Congolese government to ensure supply chain stability [21] Future Outlook - **Expansion Plans**: Aiming for 800,000 to 1,000,000 tons of copper capacity by 2028 [12] - **Strategic Focus**: Emphasis on responsible production and sustainable practices in the cobalt market [26] - **Long-term Vision**: Aspiration to become a respected modern world-class resource company [28] Conclusion Luoyang Molybdenum Co., Ltd. has demonstrated strong financial performance, significant production capacity, and a commitment to ESG principles. The company is well-positioned to navigate geopolitical challenges while pursuing ambitious growth targets in the coming years.

产铜量首次挺进全球前十！洛阳钼业去年净利135亿 元，同比增超六成 洛阳钼业在报告中也公布了2025年产量指引：铜60万-66万吨、钴10万-12万吨、钼 1.2万-1.5万吨、 钨 0.65万-0.75万吨、铌 0.95万-1.05万吨、磷肥105万-125万吨、实物贸易量400万-450万吨。 截至3月24日收盘，洛阳钼业股价为8.01元/股，上涨4.84%，公司总市值1722.09亿元。 （文章来源：澎湃新闻） 2024年，洛阳钼业多项产品产量创历史新高。其中产铜65.02万吨，同比增长55%。值得一提的 是，这是洛阳钼业首次跻身全球前十大铜生产商，也成为了去年全球产铜增量最大的公司。 此外，公司产钴11.42万吨，同比增长106%；产铌首破万吨，达到10024吨，同比增长5%；磷肥产 量118万吨，同比增长1%。同时，公司全年产钨8288吨，同比增长4%，产钼15396吨，完成度103%。 2024年上半年，洛阳钼业在刚果（金）的TFM混合矿项目3条生产线实现达产达标，形成了5条生 产线、45万吨的年产铜能力，加上KFM拥有15万吨铜的年生产能力，公司在刚果（金）拥有6条生产 线、60万吨以上的年产铜 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. achieved record performance in 2024, with net profit attributable to shareholders reaching 13.532 billion yuan, marking a significant milestone in the company's history [1] Financial Performance - The company's operating revenue surpassed 200 billion yuan for the first time, reaching 213.029 billion yuan, a year-on-year increase of 14.37% [1] - Operating cash flow for 2024 was 32.387 billion yuan, up 108.38% year-on-year [1] - The asset-liability ratio decreased for the third consecutive year, down 8.88 percentage points to 49.52% [1] Production Capacity - Copper production reached 650,200 tons, placing the company among the top ten globally [1] - Other production figures for 2024 include cobalt at 114,200 tons, niobium at 10,024 tons, phosphate fertilizer at 1.18 million tons, tungsten at 8,288 tons, and molybdenum at 15,396 tons, maintaining a leading position in the industry [1] Global Operations - The company is advancing its global mining layout, particularly in the Democratic Republic of Congo, enhancing production capabilities [1] - The trading segment IXM achieved a net profit of 1.353 billion yuan, a 48% increase year-on-year, marking a historical high [1] Efficiency Improvements - The company has improved production efficiency through technological upgrades and management enhancements [1] - Specific projects, such as KFM, have seen significant increases in recovery rates and production volumes while reducing costs [1] ESG Commitment - Luoyang Molybdenum maintained an AA rating in MSCI ESG, ranking in the top 13 of the global non-ferrous metals industry [1] - The company reported that its copper product carbon emission density is lower than 70% of global mining companies, and it disclosed Scope 3 carbon emissions data for the first time [1] - The global economic contribution reached 191 billion yuan, with community investments totaling 29.2 million yuan [1] Strategic Outlook - The company is entering a new development phase, emphasizing organizational change and management upgrades [1] - The board highlighted that the achievements of 2024 are not only a milestone but also a starting point for further transformation and innovation [1] - Future strategies will focus on maintaining strategic determination and enhancing global resource integration capabilities [1]