Core Viewpoint - The company reported a mixed performance for 1H25, with a decline in revenue but a significant increase in net profit, driven by rising production and prices of key mineral products [1] Group 1: Financial Performance - In 1H25, the company achieved revenue of 94.8 billion yuan, a year-on-year decrease of 7.8%, while net profit attributable to shareholders was 8.67 billion yuan, a year-on-year increase of 60% [1] - For 2Q25, revenue was 48.8 billion yuan, down 14% year-on-year but up 6% quarter-on-quarter; net profit was 4.73 billion yuan, up 41% year-on-year and 20% quarter-on-quarter [1] - The record high profit in 1H25 was mainly due to the increase in both volume and price of the company's main mineral products [1] Group 2: Production and Sales - In 1H25, the company produced 354,000 tons of copper and 61,000 tons of cobalt, both up 13% year-on-year, achieving 56% of the 2025 guidance midpoint for both metals [1] - Cobalt sales were impacted by an export ban from the Democratic Republic of Congo, resulting in a sales volume of 46,000 tons, down 9% year-on-year, with a production-to-sales ratio of only 76% [1] - Sales volumes for molybdenum, tungsten, niobium, and phosphate fertilizer increased by 1%, 7%, 5%, and 9% year-on-year, respectively [1] Group 3: Price Trends - Average market prices for copper, cobalt, molybdenum, APT, niobium, and monoammonium phosphate increased by 4%, 8%, 1%, 12%, -0.2%, and 19% year-on-year, respectively [1] - The discount coefficient for cobalt hydroxide increased by 13 percentage points year-on-year [1] Group 4: Future Development Trends - The copper and cobalt, gold, and tungsten-molybdenum businesses are expected to experience upward momentum [2] - The company plans to achieve an annual copper production capacity of 800,000 to 1 million tons by 2028, representing a 23% to 54% increase from 2024 production levels [2] - The company has appointed new executives to enhance its management capabilities and aims to become a world-class mining enterprise [2] Group 5: Profit Forecast and Valuation - Due to rising prices of key mineral products, the company's net profit forecasts for 2025 and 2026 have been raised by 7% and 21% to 16.3 billion yuan and 20.6 billion yuan, respectively [3] - The current A-share price corresponds to a price-to-earnings ratio of 14.6 and 11.5 for 2025 and 2026, while the H-share price corresponds to 13.1 and 10.2 [3] - The target price for A-shares has been increased by 31% to 14.5 yuan, indicating a potential upside of 30.5% from the current price [3]

Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report indicates a decline in revenue but a significant increase in profit, showcasing a mixed performance in the first half of the year [1][3]. Financial Performance - The company achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% - The net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year growth of 60.07% [1] - The net profit margin improved from 6.16% in the first half of 2024 to 10.39% in 2025 - The gross profit margin increased from 18.38% to 21.15% - Return on equity (ROE) reached 11.70%, up by 2.88 percentage points year-on-year [3] Operational Efficiency - Inventory turnover days increased to 70.45 days, up by 2.57 days compared to the first half of 2024, indicating a need for better inventory management - The net cash flow from operating activities was 12.009 billion yuan, a year-on-year increase of 12.29% - The debt-to-asset ratio stood at 50.15%, a decrease of 9.01 percentage points year-on-year, suggesting a lighter debt burden and a more robust financial structure [5] Institutional Holdings - As of the first half of 2025, the number of institutions holding Luoyang Molybdenum shares decreased to 213, down from 1,149 in the same period of 2024, indicating a decline in institutional investor confidence - The company's current market capitalization is 237.691 billion yuan, with a year-to-date stock price increase of 72.25% [7]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108]. Core Views - The report highlights that the expectation of a rate cut by the Federal Reserve in September is likely to support copper prices, with a potential upward trend anticipated due to increased demand during the peak season [3][5]. - The report emphasizes the importance of monitoring the Federal Reserve's actions in September and the demand support during the "golden September and silver October" period [5]. Summary by Sections 1. Industry Overview - The report notes that the U.S. initial jobless claims for the week ending August 16 were higher than expected, indicating economic uncertainty [9]. - Fed Chairman Powell's dovish remarks suggest a stronger likelihood of a rate cut in September, which could positively impact the non-ferrous metals market [9]. 2. Industrial Metals Copper - Copper prices showed slight declines this week, with LME copper down 0.05%, SHFE copper down 0.47%, and COMEX copper down 0.62% [25]. - Domestic copper inventories increased, with LME copper stocks at 155,975 tons (+0.11%) and SHFE copper stocks at 81,698 tons (-5.40%) [22][25]. - The report suggests that copper prices may rise due to improved downstream demand and the upcoming peak season [5]. Aluminum - Aluminum prices are expected to remain stable, with SHFE aluminum down 0.34% to 20,670 yuan/ton and LME aluminum down 0.58% [36]. - The report indicates that aluminum inventories are rising, with domestic spot inventories at 595,000 tons (+0.85%) [36]. Lithium - Lithium carbonate prices increased by 1.45% to 83,900 yuan/ton, while lithium spodumene prices decreased by 0.64% to 934 USD/ton [78]. - The report anticipates a reduction in lithium inventories due to seasonal demand, which may drive prices higher [78]. Cobalt - Domestic cobalt prices fell by 0.38% to 261,000 yuan/ton, with a significant drop in imports from the Democratic Republic of Congo [89]. - The report suggests that the extended export ban from Congo may lead to a tightening of cobalt supplies in Q4, potentially increasing prices [89]. 3. Market Performance - The non-ferrous metals sector underperformed compared to the Shanghai Composite Index, with a weekly increase of 1.33% versus the index's 3.49% [11][12]. - The report identifies the top-performing stocks in the sector and notes the overall market sentiment [11]. 4. Valuation Changes - The PE_TTM for the non-ferrous metals sector is reported at 22.80, with a slight increase of 0.27 [20]. - The PB_LF for the sector stands at 2.63, reflecting a change of 0.03 [20].

Core Viewpoint - Luoyang Molybdenum Industry (603993) reported a mixed performance in its 2025 interim financial results, with a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year [1]. - Net profit attributable to shareholders reached 8.671 billion yuan, reflecting a substantial increase of 60.07% year-on-year [1]. - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1]. - Gross margin improved to 21.15%, an increase of 15.1% year-on-year, and net margin rose to 10.39%, up 68.69% year-on-year [1]. Cost Management - Selling, general, and administrative expenses totaled 2.166 billion yuan, accounting for 2.29% of revenue, down 20.81% year-on-year [1]. - The company reported a significant reduction in interest-bearing debt, which decreased by 45.84% to 28.68 billion yuan [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.41 yuan, a rise of 64.0% year-on-year [1]. - The book value per share was reported at 3.39 yuan, up 19.9% year-on-year [1]. - Operating cash flow per share was 0.56 yuan, reflecting an increase of 11.92% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 14.69%, indicating strong capital returns [3]. - The average ROIC over the past decade was 6.07%, suggesting a generally weak investment return history [3]. - The company maintains a healthy cash position, with cash assets being robust [3]. Market Position - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with a scale of 4.695 billion yuan and a recent net value increase of 1.27% [5].

Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year - Net profit attributable to shareholders reached 8.671 billion yuan, an increase of 60.07% year-on-year - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1] - Gross margin improved to 21.15%, up 15.1% year-on-year, and net margin increased to 10.39%, up 68.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.166 billion yuan, accounting for 2.29% of revenue, a decrease of 20.81% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.41 yuan, a 64.0% increase year-on-year - Cash flow per share was 0.56 yuan, up 11.92% year-on-year - Net asset value per share increased to 3.39 yuan, a rise of 19.9% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 14.69%, indicating strong capital returns, although historical ROIC averages around 6.07%, suggesting generally weak investment returns [4] - The company's cash assets are reported to be very healthy, indicating good liquidity [4] Fund Holdings - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with 27.4225 million shares held, showing a reduction in holdings [5] - Other funds have newly entered or increased their positions in Luoyang Molybdenum, indicating growing interest from institutional investors [5]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

作者：智投君 融券方面，当日融券卖出1.17万股，净买入4.66万股。 本文源自：金融界 8月22日，沪深两融数据显示，洛阳钼业获融资买入额2.00亿元，居两市第139位，当日融资偿还额1.97 亿元，净买入282.43万元。 最近三个交易日，20日-22日，洛阳钼业分别获融资买入1.86亿元、1.59亿元、2.00亿元。 ...

Core Insights - As of August 22, 2025, 1526 A-share listed companies have disclosed their semi-annual reports, with 921 companies reporting a year-on-year net profit growth, accounting for approximately 60.35% [1][3] Group 1: Company Performance - Among the 1526 companies, 761 reported a net profit growth exceeding 10%, 501 exceeded 30%, 359 exceeded 50%, 210 exceeded 100%, and 66 exceeded 300% [3] - Notable companies with significant net profit growth include Shumai Video, Xinda Co., Zhimingda, Rongzhi Rixin, Shijia Photon, and Suotong Development [3] - Shumai Video achieved approximately 267 million yuan in revenue, a year-on-year increase of 24.7%, and a net profit of approximately 16.7 million yuan, a staggering increase of 2747.64% [3] - 567 companies reported net profits exceeding 100 million yuan, 180 exceeded 500 million yuan, 88 exceeded 1 billion yuan, 19 exceeded 5 billion yuan, and 8 exceeded 10 billion yuan [3] - Leading companies by net profit include China Mobile, Kweichow Moutai, CATL, China Telecom, Sinopec, Industrial Fulian, Muyuan Foods, Huaneng International, and Luoyang Molybdenum [3][4] Group 2: Industry Performance - Industries showing strong performance include electronics, transportation, agriculture, automotive, machinery, non-ferrous metals, home appliances, and social services [5] - Within the electronics sector, companies in consumer electronics and semiconductors performed exceptionally well [5] - In the agriculture sector, companies involved in breeding and animal health showed significant performance improvements [5] - Muyuan Foods reported revenue of 764.63 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.79 billion yuan, a remarkable increase of 952.92% [5] Group 3: Dividend Announcements - As of August 22, 2025, 265 A-share listed companies have announced their mid-term dividend plans [2][6] - Among these, 188 companies plan to distribute cash dividends exceeding 1 yuan per 10 shares (including tax), 77 companies exceeding 3 yuan, 38 exceeding 5 yuan, and 15 exceeding 10 yuan [6][7] - Notable companies with high cash dividends include Jibite, Ninebot, Shuoshi Biology, China Mobile, Dongpeng Beverage, Siwei Liekong, Dong'a Ejiao, and Aimeike [6] - Jibite reported revenue of 2.518 billion yuan, a year-on-year increase of 28.49%, and a net profit of 645 million yuan, a year-on-year increase of 24.50%, proposing a cash dividend of 66 yuan per 10 shares (including tax) [6] - Among the 265 companies, 111 plan to distribute dividends exceeding 100 million yuan, 77 exceeding 200 million yuan, and 37 exceeding 500 million yuan [7]

主要产品量价齐升 洛阳钼业上半年业绩再攀新高 ◎记者 王乔琪 业绩高增长源自矿山板块的强劲表现。报告期内，公司矿山端收入实现历史新高，达到394.02亿元，占 比整体营业收入约42%，比2024年同期和2023年同期分别提高11个和28个百分点。 矿业收入中，含"铜"量创下历史新高。公司上半年产铜35.36万吨，同比增长12.68%，按产量指引中值 计算（下同），完成度约56.1%；叠加铜价上涨，公司铜矿山端营业收入为257.18亿元，占比矿山端整 体约65%。 钴、钨、钼等金属产品也呈现回暖向好态势。上半年，公司产钴6.11万吨，钴矿山端营业收入为57.28亿 元，同比增长31.94%；产钼6989吨，完成度为51.8%；产钨3948吨，完成度为56.4%，钨矿山端营业收 入同比增长26.19%，为11.09亿元；产铌5231吨，创近年来新高，完成度为52.3%；磷肥产量为58.26万 吨，完成度50.7%。此外，公司全资子公司埃珂森（IXM）金属贸易平台提质控量，经营效益再创同期 新高。 公司降本增效成果显著，营业成本同比下降10.96%。分矿区看，TFM和KFM优化工艺流程，开展数智 化微创新等；中国区 ...

每经记者｜王佳飞 每经编辑｜魏官红 8月22日晚间，洛阳钼业（603993.SH，股价11.11元，市值2376.91亿元）发布了2025年半年度报告。报 告期内，公司营业收入947.73亿元，同比下降7.83%；归属于上市公司股东的净利润86.71亿元，同比增 长60.07%，创同期历史新高。 洛阳钼业相关工作人员向《每日经济新闻》记者表示："公司降本增效成果显著，营业成本同比下降 10.96%。分矿区看，TFM和KFM（均为位于刚果（金）境内的铜钴矿区）优化工艺流程，开展数智化 微创新等；中国区优化药剂研究等，钼、钨选矿回收率提升，钼铁成本下降。" 主要产品市场价格的上涨为公司利润增长提供了有力支撑。上半年，伦敦金属交易所现货铜均价为9431 美元/吨，同比上涨3.75%；Fastmarkets（金属与大宗商品价格评估机构）标准级钴金属低幅价格升至平 均13.16美元/磅，同比上涨7.69%，氢氧化钴中间品折价系数则同比飙升至69.1%；钼、铌价格则基本保 持稳定。 此外，洛阳钼业上半年完成厄瓜多尔奥丁矿业（凯歌豪斯金矿）收购并快速推进开发工作，意味着洛阳 钼业进入了黄金领域。据了解，凯歌豪斯金矿计划20 ...