人民财讯8月22日电，洛阳钼业（603993）8月22日晚间披露2025年半年报，公司上半年实现营业收入 947.73亿元，同比下降7.83%；归母净利润86.71亿元，同比增长60.07%；基本每股收益0.41元。公司各 产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同比增长约 12.68%；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的50%。 ...

公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同比增长约 12.68% ；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的50%。 格隆汇8月22日丨洛阳钼业(603993.SH)公布2025年半年度报告，报告期实现营业收入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%；归属于上市公司股东的扣除非 经常性损益的净利润87.24亿元，同比增长55.08%；基本每股收益0.41元。 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—045 洛阳栾川钼业集团股份有限公司 二、审议通过关于聘任证券事务代表的议案。 根据董事会秘书徐辉先生提名，董事会同意聘任卢烨女士为公司 证券事务代表，任期至公司 2026 年年度股东大会召开之日止，简历 附后。 该议案的表决结果为：8 票赞成,0 票反对,0 票弃权。 简历： 卢烨女士，出生于一九八九年十二月，研究生学历，二零一六年 取得上海证券交易所颁发的《董事会秘书资格证书》。曾任上海医药 集团股份有限公司董事会办公室高级经理、证券事务代表。卢烨女士 拥有多年的 A+H 上市公司证券事务相关经验，在信息披露、三会事务、 公司治理、资本运作等方面积累了较为丰富的理论知识和实践经验。 第七届董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。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第六次会议通知于 2025 年 8 月 8 日以电子邮件方式发 出，会议于 2025 年 8 月 22 日以现场结合通讯方式召开。 ...

洛阳钼业半年报数据显示，2025年1-6月营业总收入为947.73亿元，较去年同期下滑7.83%，净利润为 86.71亿，较去年同期增长60.07%，每股收益0.41元，净资产收益率为11.7%，每股经营现金流量为 0.5586元，销售毛利率为21.15%，所处行业为小金属。 本文源自：金融界 作者：公告君 通过天眼查大数据分析，洛阳栾川钼业集团股份有限公司共对外投资了34家企业，参与招投标项目208 次；知识产权方面有商标信息260条，专利信息411条；此外企业还拥有行政许可218个。 资料显示，洛阳钼业成立于1999年，位于河南省洛阳市栾川县城东新区画眉山路伊河以北，是一家以从 事基本金属、稀有金属的采、选、冶等矿山采掘及加工业务和矿产贸易业务。为主的企业。企业注册资 本42.79亿人民币，法人代表为刘建锋。 ...

洛阳钼业披露半年报，公司上半年实现营业收入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%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section contains forward-looking statements, board/supervisory board/management declarations, information on fund occupation and external guarantees, and major risk warnings [Risk Statement for Forward-Looking Statements](index=2&type=section&id=VI.%20Risk%20Statement%20for%20Forward-Looking%20Statements) This report contains forward-looking statements subject to various variables, where actual future results may differ significantly, and the company assumes no obligation to update them - Forward-looking statements in this report are subject to numerous variables, and future actual results or development trends may differ significantly from these statements[4](index=4&type=chunk) - The company has no obligation or responsibility to update forward-looking statements, and they do not constitute a substantive commitment to investors[4](index=4&type=chunk) - Investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments[4](index=4&type=chunk) [Board of Directors, Supervisory Board, and Management Statement](index=2&type=section&id=I.%20Board%20of%20Directors,%20Supervisory%20Board,%20and%20Senior%20Management%20Guarantee%20the%20Truthfulness,%20Accuracy,%20and%20Completeness%20of%20the%20Semi-Annual%20Report) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and assume legal responsibility[6](index=6&type=chunk) - The Audit and Risk Committee and the Supervisory Board have reviewed the financial statements for the six months ended June 30, 2025, and consider them to comply with relevant accounting standards[6](index=6&type=chunk) - This semi-annual report is unaudited[6](index=6&type=chunk) [Fund Occupation and External Guarantees](index=3&type=section&id=VII.%20Existence%20of%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or related parties, nor any external guarantees violating prescribed procedures - There was no non-operating fund occupation by controlling shareholders or other related parties[7](index=7&type=chunk) - There were no external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Major Risk Warnings](index=3&type=section&id=X.%20Major%20Risk%20Warnings) Major risk warnings for this report are detailed in Section IV, "Management Discussion and Analysis," under "Potential Risks and Countermeasures" - Major risk warnings are detailed in Section IV, "Management Discussion and Analysis," under the chapter "Potential Risks and Countermeasures" in this report[7](index=7&type=chunk) [Report Summary](index=5&type=section&id=Section%20I.%20Report%20Summary) This section provides an overview of the company's basic information, business model, financial performance, and operational highlights across its various product segments [Company Overview](index=5&type=section&id=Company%20Overview) CMOC is a leading global non-ferrous metal mining, processing, and trading enterprise, producing copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizers - The company operates in the non-ferrous metal mining and processing industry, primarily engaged in mining, beneficiation, smelting, and other mining and processing operations, as well as metal trading[11](index=11&type=chunk) - The company is a leading global producer of copper, cobalt, molybdenum, tungsten, and niobium, a leading phosphate fertilizer producer in Brazil, and its metal trading business ranks among the top globally[11](index=11&type=chunk) - In the first half of the year, the acquisition of Odin Mining (Cascabel Gold Mine) in Ecuador was completed, expanding into gold resources and diversifying the product matrix[11](index=11&type=chunk) [Business Model](index=6&type=section&id=Business%20Model) The company operates a "mining + trading" dual-driven model, covering the entire mining value chain and leveraging IXM's global metal trading network for strategic synergy and risk management - The company's business model is "mining + trading" dual-driven[17](index=17&type=chunk) - The mining segment covers four stages: exploration, mining, beneficiation, and smelting, producing copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer[17](index=17&type=chunk) - The trading segment, IXM, operates in over 80 countries, building a global metal trading network through five stages: procurement, warehousing, transportation, sales, and information, achieving strategic synergy between trading and mining sectors[17](index=17&type=chunk)[19](index=19&type=chunk) [Financial Performance Overview](index=7&type=section&id=Financial%20Performance%20Overview) The company achieved operating revenue of 94.77 billion yuan, net profit attributable to shareholders of 8.67 billion yuan (up 60.07%), and operating cash flow of 12.01 billion yuan (up 11.40%) in the first half of 2025 2025 H1 Key Financial Data | Indicator | Amount (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 94.77 | -7.83 | | Net Profit Attributable to Parent | 8.67 | +60.07 | | Net Operating Cash Flow | 12.01 | +11.40 | | Asset-Liability Ratio | 50.15% | -9.01 percentage points | | Return on Net Assets | 11.70% | +2.88 percentage points | - Net profit attributable to parent company reached a new historical high for the same period, increasing by **60.07%** year-on-year[22](index=22&type=chunk) - Operating cash flow remained robust, increasing by **11.40%** year-on-year[22](index=22&type=chunk) [Production and Physical Trading Volume Completion Rates for Each Product](index=7&type=section&id=Production%20and%20Physical%20Trading%20Volume%20Completion%20Rates%20for%20Each%20Product) The company's major product output and physical trading volumes in H1 2025 exceeded half of the annual guidance mid-points, demonstrating strong operational performance 2025 H1 Production and Physical Trading Volume Completion Rates (Based on Mid-point Guidance) | Product | Completion Rate (%) | | :--- | :--- | | Copper | 56 | | Cobalt | 51 | | Molybdenum | 56 | | Tungsten | 52 | | Niobium | 56 | | Phosphate Fertilizer | 50.5 | | Physical Trading Volume | 52 | - All product outputs and physical trading volumes achieved "over half the task completed in half the time"[24](index=24&type=chunk) [Copper and Cobalt Business](index=8&type=section&id=Copper%20and%20Cobalt%20Business) The company's copper and cobalt operations in the DRC, particularly TFM and KFM, showed strong performance with significant revenue and production growth, exceeding targets - Mining segment achieved operating revenue of **31.45 billion yuan**, a year-on-year increase of **29.05%**[27](index=27&type=chunk) 2025 H1 Copper and Cobalt Business Key Data | Indicator | Production (ten thousand tons) | YoY Growth (%) | Sales (ten thousand tons) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Copper | 35.36 | +12.68 | 32.26 | +3.47 | | Cobalt | 6.11 | +13.05 | 4.62 | -9.27 | - TFM and KFM production both achieved "over half the task completed in half the time," with TFM's central area operating efficiency improving and eastern area capacity continuously releasing; KFM's annual copper production completion rate significantly exceeded the mid-point[31](index=31&type=chunk) - New projects are progressing steadily, with TFM completing geological modeling and KFM Phase II engineering actively preparing[31](index=31&type=chunk) [Molybdenum and Tungsten Business](index=9&type=section&id=Molybdenum%20and%20Tungsten%20Business) China's molybdenum and tungsten segment achieved 4.71% revenue growth from mining operations, with improved recovery rates and reduced ferromolybdenum costs through process optimization - Mining segment achieved operating revenue of **4.06 billion yuan**, a year-on-year increase of **4.71%**; operating cost was **2.22 billion yuan**, a year-on-year decrease of **4.67%**[32](index=32&type=chunk) 2025 H1 Molybdenum and Tungsten Business Key Data | Indicator | Production (tons) | YoY Change (%) | Sales (tons) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Molybdenum | 6,989 | -4.90 | 7,239 | +0.76 | | Tungsten | 3,948 | -1.79 | 4,277 | +7.09 | - Optimization of reagent research and process management led to year-on-year increases in molybdenum and tungsten beneficiation recovery rates; ferromolybdenum costs decreased year-on-year[35](index=35&type=chunk) - The sulfur recovery project achieved good results, becoming a new profit point; tailings pond intelligent control center and production digital intelligence center were successively put into operation, achieving efficient management[35](index=35&type=chunk) [Niobium and Phosphate Business](index=10&type=section&id=Niobium%20and%20Phosphate%20Business) Brazil's niobium and phosphate segment reported 25.09% revenue growth from mining operations, with production, recovery rates, and sales exceeding budget, alongside successful cost reduction efforts - Mining segment achieved operating revenue of **3.89 billion yuan**, a year-on-year increase of **25.09%**; operating cost was **2.42 billion yuan**[37](index=37&type=chunk) 2025 H1 Niobium and Phosphate Business Key Data | Indicator | Production | YoY Change (%) | Sales | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Niobium (tons) | 5,231 | +2.94 | 5,462 | +5.49 | | Phosphate Fertilizer (ten thousand tons) | 58.26 | -0.12 | 58.88 | +9.25 | - Both niobium and phosphate segments' production, recovery rates, and sales exceeded planned budgets, fully achieving the "over half the task completed in half the time" goal, with BVFR and BV plants reaching their best recovery rates in history[41](index=41&type=chunk) - Cost reduction efforts yielded solid results, with expenditures on bulk materials, logistics services, and engineering services procurement all decreasing year-on-year[41](index=41&type=chunk) [IXM Business](index=11&type=section&id=IXM%20Business) IXM, a leading global metal trader, achieved record operating efficiency in H1 2025 with 93.85 billion yuan in revenue and a 2.35% gross profit margin, effectively managing market risks - IXM's operating revenue in the first half of the year was **93.85 billion yuan**, with a gross profit margin of **2.35%**, setting a new record for operating efficiency in the same period[45](index=45&type=chunk) IXM Key Operating Indicators | Indicator | 2025 H1 (billion yuan) | 2024 H1 (billion yuan) | 2023 H1 (billion yuan) | | :--- | :--- | :--- | :--- | | Operating Revenue | 93.85 | 82.17 | 79.61 | | Gross Profit Margin | 2.35% | 2.12% | 1.82% | - IXM's integrated spot and futures business model achieves complementary profitability across different market cycles, reducing industry cyclicality and price volatility risks[43](index=43&type=chunk) - IXM actively manages price and foreign exchange risks through a comprehensive risk management framework, strictly monitors counterparty credit, and ensures sufficient cash to mitigate liquidity risk[44](index=44&type=chunk) [Definitions](index=12&type=section&id=Section%20II.%20Definitions) This section provides definitions for key terms used throughout the report, including company names, major shareholders, mine names, business entities, project names, and relevant regulations - This section defines common terms used in the report, including the company, major shareholders (Hongshang Group, Luoyang Mining Group), and business entities (TFM, KFM, CMOC Brasil, IXM)[49](index=49&type=chunk)[50](index=50&type=chunk) - It covers the geographical locations and business descriptions of the company's main mines (Sandaozhuang Molybdenum-Tungsten Mine, Brazil Niobium Mine, Brazil Phosphate Mine) and projects (Heshima Hydropower Station)[49](index=49&type=chunk)[50](index=50&type=chunk) - It also includes terms related to corporate governance and the securities market, such as the Hong Kong Listing Rules, Model Code, and Securities and Futures Ordinance[50](index=50&type=chunk) [Company Profile and Key Financial Indicators](index=14&type=section&id=Section%20III.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, contact details, stock overview, and key financial data and indicators for the reporting period [Company Information](index=14&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its Chinese and English names, abbreviations, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 洛阳栾川钼业集团股份有限公司 | | Chinese Abbreviation | 洛阳钼业 | | English Name | CMOC Group Limited | | English Abbreviation | CMOC | | Legal Representative | Liu Jianfeng | [Contacts and Contact Information](index=14&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the contact details for the company's Board Secretary, Joint Company Secretary, and Securities Affairs Representatives for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Hui | North of Yihe River, Huameishan Road, East New District, Luanchuan County, Luoyang City, Henan Province | 021-80330506 | 603993@cmoc.com | | Joint Company Secretary | Ng Sau Wai | 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong | 852-35898647 | Jojo.Ng@tmf-group.com | | Securities Affairs Representative | Lu Ye, Wang Chunyu | North of Yihe River, Huameishan Road, East New District, Luanchuan County, Luoyang City, Henan Province | 021-80330506 | 603993@cmoc.com | [Brief Introduction to Basic Information](index=14&type=section&id=III.%20Brief%20Introduction%20to%20Basic%20Information) The company's registered and office addresses are in Luanchuan County, Luoyang City, Henan Province, with its official website and investor contact details provided - The company's registered address and office address are both located north of Yihe River, Huameishan Road, East New District, Luanchuan County, Luoyang City, Henan Province, postal code 471500[54](index=54&type=chunk) - The company's website is www.cmoc.com, investor hotline is +86-21-80330506, and email is 603993@cmoc.com[54](index=54&type=chunk) [Information Disclosure and Document Availability](index=14&type=section&id=IV.%20Information%20Disclosure%20and%20Changes%20in%20Document%20Availability) The company designates specific newspapers and exchange websites for information disclosure, with the semi-annual report available at the Board of Directors' Office - The company's selected information disclosure newspapers include "Securities Times," "Securities Daily," and "Shanghai Securities News"[55](index=55&type=chunk) - The websites for publishing the semi-annual report are the Shanghai Stock Exchange (www.sse.com.cn) and The Stock Exchange of Hong Kong Limited (www.hkex.com.hk)[55](index=55&type=chunk) - The company's semi-annual report is available at the office of the Board of Directors[55](index=55&type=chunk) [Company Stock Overview](index=15&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares and H-shares are listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange, respectively, both under the ticker "CMOC" with distinct codes Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 洛阳钼业 | 603993 | | H-share | The Stock Exchange of Hong Kong Limited | 洛阳钼业 | 03993 | [Key Accounting Data and Financial Indicators](index=15&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company reported operating revenue of 94.77 billion yuan, net profit attributable to shareholders of 8.67 billion yuan (up 60.07%), and basic EPS of 0.41 yuan (up 64.00%) 2025 H1 Key Accounting Data | Key Accounting Data (Jan-Jun) | Current Period (yuan) | Prior Year Same Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 94,772,503,770.20 | 102,818,431,688.56 | -7.83 | | Total Profit | 14,902,530,668.32 | 11,153,116,748.57 | 33.62 | | Net Profit Attributable to Listed Company Shareholders | 8,671,260,077.51 | 5,417,259,340.41 | 60.07 | | Net Cash Flow from Operating Activities | 12,008,668,320.34 | 10,779,292,189.63 | 11.40 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 73,801,858,753.37 | 71,022,993,716.51 | 3.91 | | Total Assets (Period-end) | 178,627,649,887.48 | 170,236,431,691.82 | 4.93 | 2025 H1 Key Financial Indicators | Key Financial Indicators (Jan-Jun) | Current Period | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.41 | 0.25 | 64.00 | | Diluted Earnings Per Share (RMB/share) | 0.41 | 0.25 | 64.00 | | Weighted Average Return on Net Assets (%) | 11.70 | 8.82 | Increase 2.88 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=16&type=section&id=VII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to -52.60 million yuan, primarily due to non-current asset disposal losses, government subsidies, and fair value changes in financial assets/liabilities 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -9,069,362.03 | | Government grants recognized in current profit or loss | 29,761,209.91 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -30,271,583.00 | | Fund occupation fees collected from non-financial enterprises recognized in current profit or loss | 12,194,484.51 | | Other non-operating income and expenses apart from the above | -56,930,323.99 | | Other gains and losses items that meet the definition of non-recurring gains and losses | -9,261,274.01 | | Less: Income tax impact | -8,979,327.90 | | Minority interest impact (after tax) | -1,993,330.99 | | Total | -52,604,189.72 | [Management Discussion and Analysis](index=17&type=section&id=Section%20IV.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's industry, business operations, core competencies, financial performance, and future outlook, including risk factors and countermeasures [Industry and Main Business](index=17&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in non-ferrous metal mining, processing, and metal trading, being a global leader in copper, cobalt, molybdenum, tungsten, niobium, and a top phosphate producer in Brazil - The company operates in the non-ferrous metal mining and processing industry, primarily engaged in mining, beneficiation, smelting, and other mining and processing operations, as well as metal trading[63](index=63&type=chunk) - The company is a leading global producer of copper, cobalt, molybdenum, tungsten, and niobium, a leading phosphate fertilizer producer in Brazil, and its metal trading business ranks among the top globally[63](index=63&type=chunk) - The company ranked **138th** in the 2025 Fortune China 500 and **630th** in Forbes' 2025 Global 2000 list of public companies[63](index=63&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company achieved record-high net profit attributable to shareholders, with all product outputs exceeding targets, and successfully expanded into gold resources while maintaining leading ESG performance [Operational Review](index=17&type=section&id=(I)%20Operational%20Review) The company's H1 2025 operating performance reached a new high, with net profit attributable to shareholders increasing by 60.07%, all product outputs exceeding targets, and successful acquisition of Ecuador's Odin Mining - In the first half of the year, operating revenue reached **RMB 94.77 billion**; net profit attributable to parent company was **RMB 8.67 billion**, a year-on-year increase of **60.07%**, setting a new historical high[64](index=64&type=chunk) - All of the company's product outputs met the first-half targets, achieving over half the task completed in half the time, with copper production of **353,600 tons**, a year-on-year increase of approximately **12.68%**; cobalt production of **61,100 tons**, a year-on-year increase of approximately **13.05%**[65](index=65&type=chunk) - Successfully completed the acquisition of Odin Mining (Cascabel Gold Mine) in Ecuador, with planned production before 2029, expanding into gold resources[66](index=66&type=chunk) - MSCI ESG rating continuously maintained at **AA level**, ranking among the top **11%** in the global non-ferrous metals industry[69](index=69&type=chunk) [Business Review](index=18&type=section&id=(II)%20Business%20Review) The company announced its H1 2025 major product outputs and physical trading volumes, with copper metal at 353,570 tons, cobalt metal at 61,073 tons, molybdenum metal at 6,989 tons, tungsten metal at 3,948 tons, niobium metal at 5,231 tons, phosphate fertilizer at 582,600 tons, and physical trading volume at 2.15 million tons, all exceeding half of the annual guidance mid-points 2025 H1 Major Product Production and Physical Trading Volume | Major Product | 2025 H1 Production, Physical Trading Volume | | :--- | :--- | | Copper Metal (tons) | 353,570 | | Cobalt Metal (tons) | 61,073 | | Molybdenum Metal (tons) | 6,989 | | Tungsten Metal (excluding Yulu Mining) (tons) | 3,948 | | Niobium Metal (tons) | 5,231 | | Phosphate Fertilizer (ten thousand tons) | 58.26 | | Physical Trading Volume (ten thousand tons) | 214.53 | [Industry Market Conditions During the Reporting Period](index=18&type=section&id=(III)%20Industry%20Market%20Conditions%20During%20the%20Reporting%20Period) In H1 2025, copper, cobalt, tungsten, and phosphate prices increased due to supply constraints and strong demand, while molybdenum and niobium prices remained relatively stable 2025 H1 Company-Related Product Market Prices | Product | Indicator | 2025 H1 | 2024 H1 | YoY (%) | | :--- | :--- | :--- | :--- | :--- | | Copper | Copper (USD/ton) | 9,431.05 | 9,090.47 | 3.75 | | Cobalt | Cobalt (USD/pound) | 13.16 | 12.22 | 7.69 | | Molybdenum | Ferromolybdenum (ten thousand RMB/ton) | 22.88 | 22.57 | 1.37 | | Tungsten | APT (ten thousand RMB/ton) | 22.23 | 19.78 | 12.39 | | Niobium | Ferroniobium (USD/kg Niobium) | 45.87 | 45.95 | -0.17 | | Phosphate | Monoammonium Phosphate (USD/ton) | 677.6 | 571.4 | 18.6 | - Copper prices, influenced by US tariff expectations and tightening global supply, saw an average increase of **3.75%** year-on-year in the first half[73](index=73&type=chunk) - Cobalt prices, driven by the DRC export ban and strong demand from new energy vehicles and consumer electronics, saw an average increase of **7.69%** year-on-year in the first half[74](index=74&type=chunk) - Monoammonium phosphate prices, affected by China's fertilizer export restrictions and early market procurement, saw an average increase of **18.6%** year-on-year in the first half[78](index=78&type=chunk) [Major Products and Market Outlook](index=20&type=section&id=(IV)%20Major%20Products%20and%20Market%20Outlook) For H2, copper and cobalt markets are expected to remain strong due to tight supply and resilient demand, while molybdenum, tungsten, and niobium prices are likely to be supported by tight fundamentals - The copper market is expected to stabilize in the second half, with limited new mine capacity and demand from grid investment and new energy sectors supporting copper prices[79](index=79&type=chunk) - The cobalt market is expected to remain high in the second half due to the DRC export ban and declining inventories, with continued demand growth from consumer electronics and new energy vehicles[79](index=79&type=chunk) - Molybdenum fundamentals will continue to be in tight balance, with applications in high-end alloys and new energy sectors supporting prices[80](index=80&type=chunk) - Phosphate market procurement growth is expected to slow in the second half, but the supply side will remain tight, with Brazil still facing a relatively tight supply situation[81](index=81&type=chunk) [Analysis of Core Competencies](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core strengths include robust governance, world-class resources, proven M&A and low-cost development capabilities, a "mining + trading" model, leading ESG management, and advanced technology - The company possesses highly flexible institutional mechanisms adapted to internationalization, with strong strategic synergy between its two major shareholders (Hongshang Group, CATL), enabling rapid and efficient decision-making[83](index=83&type=chunk) - The company owns world-class mineral resources, strategically positioned in new energy metals and related metals, with a unique and diversified product portfolio including copper, cobalt, molybdenum, tungsten, niobium, phosphate, and gold, which helps mitigate cyclical fluctuations[84](index=84&type=chunk) - The company possesses "counter-cyclical M&A and low-cost development" capabilities, successfully acquiring world-class mines at industry lows and replicating its "cost leadership, lean production" capabilities across global mining regions[85](index=85&type=chunk) - The "mining + trading" model leverages IXM's global trading network and market intelligence capabilities to achieve strategic synergy between trading and mining, enhancing operational efficiency and market position[86](index=86&type=chunk) - The company has established a globally leading ESG management framework compliant with international standards, with its MSCI ESG rating ranking among the top in the global mining industry, committed to sustainable development and "net-zero" goals[87](index=87&type=chunk) - The company boasts a strong R&D team with industry-leading technological advantages in comprehensive recovery of associated minerals and intelligent mining, being a pioneer in applying 5G technology and autonomous driving to enhance production efficiency[88](index=88&type=chunk) [Key Operating Performance](index=24&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) The company's operating revenue decreased by 7.83%, but operating costs and financial expenses significantly declined, while R&D expenses increased, with mining and processing revenue growing by 25.64% [Analysis of Main Business](index=24&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue decreased by 7.83%, but operating costs fell by 10.96%, with mining and processing revenue growing by 25.64% and gross profit margin increasing by 5.56 percentage points 2025 H1 Major Financial Account Changes | Account | Current Period (thousand yuan) | Prior Year Same Period (thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 94,772,504 | 102,818,432 | -7.83 | | Operating Cost | 74,727,332 | 83,923,964 | -10.96 | | Financial Expenses | 979,350 | 1,747,565 | -43.96 | | R&D Expenses | 219,231 | 137,206 | 59.78 | | Net Cash Flow from Operating Activities | 12,008,668 | 10,779,292 | 11.40 | | Net Cash Flow from Investing Activities | -2,301,103 | -7,006,192 | 67.16 | | Net Cash Flow from Financing Activities | -7,879,292 | 982,556 | -901.92 | | Gains from Fair Value Changes | -1,152,561 | -3,046,350 | 62.17 | 2025 H1 Main Business by Industry | Industry Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mining, Beneficiation & Processing | 39,402,490,085.00 | 18,746,415,457.09 | 52.42 | 25.64 | 12.49 | Increase 5.56 percentage points | | Mineral Trading | 82,332,400,758.04 | 79,217,336,479.46 | 3.78 | -11.44 | -10.35 | Decrease 1.18 percentage points | 2025 H1 Main Business by Product (Mining, Beneficiation & Processing) | Product Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Copper | 25,717,995,208.89 | 11,924,971,490.28 | 53.63 | 28.42 | 24.99 | Increase 1.27 percentage points | | Cobalt | 5,728,376,427.75 | 2,186,753,391.09 | 61.83 | 31.94 | -12.90 | Increase 19.66 percentage points | | Molybdenum | 2,954,359,977.15 | 1,823,511,396.14 | 38.28 | -1.58 | -8.20 | Increase 4.45 percentage points | | Tungsten | 1,109,428,128.61 | 395,582,137.39 | 64.34 | 26.19 | 15.88 | Increase 3.17 percentage points | | Niobium | 1,778,552,538.46 | 958,563,139.81 | 46.10 | 19.73 | 0.49 | Increase 10.32 percentage points | | Phosphate | 2,113,777,804.14 | 1,457,033,902.38 | 31.07 | 30.00 | 9.41 | Increase 12.97 percentage points | 2025 H1 Production and Sales | Major Product | Unit | Production/Procurement Volume | YoY Change in Production/Procurement Volume (%) | Sales Volume | YoY Change in Sales Volume (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Copper | tons | 353,570 | 12.68 | 322,616 | 3.47 | | Cobalt | tons | 61,073 | 13.05 | 46,202 | -9.27 | | Molybdenum | tons | 6,989 | -4.90 | 7,239 | 0.76 | | Tungsten | tons | 3,948 | -1.79 | 4,277 | 7.09 | | Niobium | tons | 5,231 | 2.94 | 5,462 | 5.49 | | Phosphate Fertilizer (HA+LA) | tons | 582,621 | -0.12 | 588,775 | 9.25 | | Concentrate Products | tons | 1,650,007 | 1.34 | 1,640,530 | -4.08 | | Refined Metal Products | tons | 532,989 | -40.42 | 504,789 | -52.21 | [Analysis of Assets and Liabilities](index=28&type=section&id=(II)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 4.93% to 178.63 billion yuan, with significant changes in prepayments, financial liabilities, and a 58.08% decrease in long-term borrowings due to early repayment 2025 H1 Asset and Liability Status Changes | Item Name | Period-end Amount (thousand yuan) | Period-end Amount vs. Prior Year-end Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Prepayments | 2,118,762 | 90.13 | Primarily due to increased prepayments for base metal trading business | | Other Current Assets | 4,729,852 | 61.48 | Increased margin for base metal trading business in current period | | Deferred Income Tax Assets | 2,143,394 | 34.55 | Increased deductible temporary differences arising from unrealized gross profit in current period | | Trading Financial Liabilities | 5,163,123 | 82.06 | Increased payables designated as trading financial liabilities in base metal trading business in current period | | Derivative Financial Liabilities | 4,524,355 | 211.01 | Decreased fair value of forward commodity contracts in base metal trading business at period-end | | Taxes Payable | 7,596,333 | 37.37 | Increased corporate income tax payable for copper-cobalt business in current period | | Long-term Borrowings | 3,912,469 | -58.08 | Early repayment of long-term borrowings for copper-cobalt business in current period | - Overseas assets amounted to **161.14 billion yuan**, accounting for **90.21%** of total assets[105](index=105&type=chunk) Major Overseas Asset Operating Revenue | Overseas Asset Name | Operating Revenue (thousand yuan) | | :--- | :--- | | DRC Copper-Cobalt Business | 29,487,240 | | Brazil Niobium-Phosphate Business | 3,721,981 | | IXM Metal Trading Business | 82,166,944 | - As of June 30, 2025, the company's shareholder equity was approximately **RMB 89.05 billion**, with equity attributable to the parent company of approximately **RMB 73.80 billion**[108](index=108&type=chunk) [Analysis of Investment Status](index=31&type=section&id=(III)%20Analysis%20of%20Investment%20Status) The company's financial assets measured at fair value totaled 2.78 billion yuan, primarily comprising private equity funds and asset management plans, with hedging activities to mitigate various market risks 2025 H1 Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (yuan) | | :--- | :--- | | Stocks | 2,383,240.89 | | Private Equity Funds | 840,388,813.62 | | Money Market Funds | 21,601,193.03 | | Structured Deposits | 9,659.53 | | Wealth Management Products | 25,652,876.70 | | Equity in Unlisted Companies | 134,220,767.24 | | Partnership Interests | 769,465,709.12 | | Targeted Asset Management Plans | 989,045,756.44 | | Treasury Bills | 4,928.00 | | Total | 2,782,772,944.57 | - The company conducts futures and derivative hedging transactions to offset risks such as bulk raw material prices, self-produced commodity prices, exchange rates, interest rates, and currency fluctuations, enhancing the company's financial stability[117](index=117&type=chunk) - The maximum margin and premium occupied by hedging business on any trading day, and the total margin paid and to be supplemented for open derivative trading contracts, do not exceed **30%** of the company's net profit from the latest audited period[117](index=117&type=chunk) [Analysis of Major Holding and Joint-Stock Companies](index=34&type=section&id=(IV)%20Analysis%20of%20Major%20Holding%20and%20Joint-Stock%20Companies) Key subsidiaries and associates, including TFM, KFM, CMOC Brasil, and IXM, significantly contribute to the company's revenue, assets, and net assets, with no major impact from the Lumina Gold Corp. acquisition Major Holding and Joint-Stock Company Financial Data | Company Name | Main Business | Equity Held | Operating Revenue (thousand yuan) | Total Assets (thousand yuan) | Net Assets (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | TFM Holdings Limited | Copper-Cobalt Mining Assets/Business | 80.00% | 18,686,669 | 78,596,917 | 45,090,663 | | KFM Holding Limited | Copper-Cobalt Mining Assets/Business | 71.25% | 10,800,571 | 21,163,111 | 13,941,743 | | CMOC Brasil | Niobium-Phosphate Mining Assets/Business | 100.00% | 3,721,981 | 12,943,208 | 10,085,762 | | IXM | Trading Business | 100.00% | 82,166,944 | 35,009,512 | 9,872,269 | - The cash acquisition of Lumina Gold Corp. during the reporting period had no significant impact on overall production, operations, and performance[121](index=121&type=chunk) [Other Disclosures](index=34&type=section&id=V.%20Other%20Disclosures) The company addresses risks from product price fluctuations, geopolitics, interest rates, and exchange rates through cost reduction, hedging, and robust risk management, while also outlining future strategic initiatives and dividend policies [Potential Risks and Countermeasures](index=34&type=section&id=(I)%20Potential%20Risks%20and%20Countermeasures) The company faces risks from product price volatility, geopolitics, interest rates, exchange rates, safety, environmental issues, and natural disasters, which are mitigated through cost control, hedging, and compliance - The company's major product prices fluctuate significantly, and operating performance may face considerable pressure; the company consolidates its production cost advantage by reducing costs and tackling technical challenges[122](index=122&type=chunk)[123](index=123&type=chunk) - The company's main operating projects are located in China, the Democratic Republic of Congo (DRC), and Brazil, facing geopolitical and policy risks; the company strengthens identification of macro environment and mining regulations, adhering to legal and compliant operations[124](index=124&type=chunk) - The company is exposed to interest rate risk, which is managed by flexibly using interest rate swap instruments to lock in USD loan interest rate fluctuations[125](index=125&type=chunk) - The company is exposed to foreign exchange risk, primarily related to USD, HKD, EUR, CAD, RMB, BRL, GBP, and Congolese Franc, and uses financial instruments such as forward foreign exchange contracts for hedging when appropriate[126](index=126&type=chunk) - Trading business faces liquidity, market, counterparty, credit, and HSE risks, which IXM manages through a comprehensive risk management framework, diversifying risks, controlling position concentration, conducting stress tests, strictly monitoring counterparty credit, and ensuring sufficient cash[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Other Disclosures](index=37&type=section&id=(II)%20Other%20Disclosures) The company plans to continue organizational upgrades, enhance fine management, accelerate new project development, strengthen ESG leadership, and commit to a dividend payout ratio exceeding 40% for the next three years - Key tasks for the second half include continuous organizational upgrades, strengthening headquarters functions, simplifying business processes, innovating long-term incentive policies, and strengthening the integrity supervision mechanism[137](index=137&type=chunk) - The copper-cobalt segment will deepen reforms, improve operational efficiency, advance technical transformation projects, and increase exploration efforts; the molybdenum-tungsten segment will focus on technological innovation, promote intelligent mine construction, and achieve full sulfur recovery; the niobium-phosphate segment will advance process experiments, improve recovery rates, and ensure new waste dumps and tailings ponds are put into use as planned; the gold segment will accelerate permit processing and construction preparation[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Accelerate new project development, actively plan KFM Phase II project, organize Heshima hydropower construction, and expand high-quality resources and project reserves through M&A[142](index=142&type=chunk) - Consolidate global industry leadership in ESG, implement carbon neutrality plans, refine the ESG management system, and release medium- and long-term social impact strategies[143](index=143&type=chunk) 2025 H1 Mining Activity Volume | Mine Type | Mining Volume (ten thousand tons) | | :--- | :--- | | Domestic Mine: Sandaozhuang Molybdenum-Tungsten Mine | 437.41 | | Domestic Mine: Shangfanggou Molybdenum Mine | 109.00 | | Overseas Mine: DRC TFM Copper-Cobalt Mine | 1,161.47 | | Overseas Mine: DRC KFM Copper-Cobalt Mine | 628.13 | | Overseas Mine: Brazil Niobium Mine | 168.22 | | Overseas Mine: Brazil Phosphate Mine | 283.28 | - The company commits that for the next three years (2024-2026), the annual cash dividend will exceed **40%** of the net profit attributable to shareholders of the parent company in the consolidated financial statements for that year[160](index=160&type=chunk) - The company's 2024 dividend distribution was successfully completed, with a cash dividend ratio of approximately **40.00%**, totaling **5.46 billion yuan** (tax inclusive) in cash dividends, a new historical high[160](index=160&type=chunk) [Corporate Governance, Environment, and Society](index=44&type=section&id=Section%20V.%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in the board and senior management, profit distribution plans, employee incentive schemes, environmental disclosures, rural revitalization efforts, and other governance and social responsibility matters [Changes in Directors, Supervisors, and Senior Management](index=44&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including new appointments for Chairman, Executive Director, and Vice Presidents Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Yuan Honglin | Chairman, Non-executive Director | Resigned | | Li Chaochun | Vice Chairman, Executive Director, Chief Investment Officer | Resigned | | Liu Jianfeng | Chairman, Executive Director, Chief Investment Officer | Elected | | Que Chaoyang | Executive Director, Executive Vice President, Chief Operating Officer | Elected | | Kenny Ives | Vice President, Chief Commercial Officer | Appointed | | Chen Xingyao | Vice President, Chief Financial Officer | Appointed | | Tan Xiao | Vice President | Appointed | [Profit Distribution or Capital Reserve Conversion Plan](index=44&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company does not plan to distribute profits or convert capital reserves into share capital for this semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for this semi-annual period is "No," meaning no distribution or conversion[168](index=168&type=chunk) [Equity Incentive and Employee Stock Ownership Plan](index=45&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company's%20Equity%20Incentive%20Plan,%20Employee%20Stock%20Ownership%20Plan,%20or%20Other%20Employee%20Incentive%20Measures) The company implemented its 2021 first-phase employee stock ownership plan, using repurchased A-shares at 2 yuan/share, with a 60-month duration and performance-based equity distribution over three periods - The company's "2021 First-Phase Employee Stock Ownership Plan (Scheme)" was approved, with the source of shares being **48,513,287 A-shares** from the company's repurchase special account, transferred at **RMB 2 per share**[170](index=170&type=chunk)[179](index=179&type=chunk) - The employee stock ownership plan has a duration of **60 months** and a lock-up period of **12 months**, after which equity is distributed in three tranches at **30%**, **30%**, and **40%** respectively[177](index=177&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk) Employee Stock Ownership Plan Performance Assessment Targets | Equity Distribution Period | Performance Assessment Target | | :--- | :--- | | First Equity Distribution Period | Asset-liability ratio (excluding monetary funds) not higher than 60% at the end of 2021; based on 2020 performance, the annual compound growth rate of return on net assets for 2021 not less than 12% | | Second Equity Distribution Period | Asset-liability ratio (excluding monetary funds) not higher than 60% at the end of 2022; based on 2020 performance, the annual compound growth rate of return on net assets for 2022 not less than 12% | | Third Equity Distribution Period | Asset-liability ratio (excluding monetary funds) not higher than 60% at the end of 2023; based on 2020 performance, the annual compound growth rate of return on net assets for 2023 not less than 12% | - As of June 30, 2025, incentive recipients such as Sun Ruiwen, Yuan Honglin, Li Chaochun, Liu Dajun, and Zhou Jun still hold unvested shares[189](index=189&type=chunk) [Environmental Information Disclosure](index=52&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Ten subsidiaries are on the environmental disclosure list, with the company actively investing in environmental protection, achieving full wastewater reuse, proper hazardous waste disposal, and no major environmental penalties - The company has **10** subsidiaries included in the list of enterprises required to disclose environmental information by law[194](index=194&type=chunk) - The company actively practices green development, increasing environmental protection investments, and preventing air pollution through measures such as converting to natural gas and electricity, installing dust collectors, and implementing cleaner production[195](index=195&type=chunk)[196](index=196&type=chunk) - Through centralized wastewater treatment, separation of rainwater and sewage, and circulation pipeline renovation, all wastewater in the plant area is fully reused[196](index=196&type=chunk) - All of the company's domestic and overseas business units operate in compliance with laws and regulations, and no major administrative penalties for environmental issues were received during the reporting period[205](index=205&type=chunk) - The company was awarded the "2025 Henan Province Green Factory" title, with eight units achieving A-level enterprise standards and three units achieving B-level enterprise standards[206](index=206&type=chunk)[208](index=208&type=chunk) [Rural Revitalization and Social Responsibility](index=55&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company invested 6.43 million yuan in H1 2025 for rural revitalization, integrating industrial, employment, and educational support, benefiting 1,608 people, and actively engaging in community projects globally - The company adheres to the "results sharing" philosophy, deeply integrating into the national rural revitalization strategy, and coordinating industrial, employment, and educational assistance[210](index=210&type=chunk) 2025 H1 China Region Rural Revitalization Project Investment | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Investment | 642.6 | | Funds | 625 | | Material Equivalent | 17.6 | | Beneficiaries (persons) | 1,608 | | Assistance Form | Combination of industrial, employment, and educational assistance | - The company established and regularly operates a dynamic monitoring and assistance mechanism to prevent relapse into poverty, implemented a yellow okra planting project to generate income for village collectives, and optimized the allocation of paired assistance responsible persons for impoverished households[210](index=210&type=chunk) - The company's overseas operating units actively fulfill corporate social responsibility by carrying out diverse community projects and investments[211](index=211&type=chunk) [Other Notes](index=56&type=section&id=VI.%20Other%20Notes) The company adheres to HKEX listing rules for securities trading, maintains a total workforce of 12,312 employees, implements performance-based compensation, and advances its "Organization Upgrade 2.0" talent development strategy - The company has adopted the Model Code set out in Appendix C3 of the Hong Kong Listing Rules as its own code of conduct for securities transactions by directors and supervisors, and complies with all applicable code provisions of the Corporate Governance Code[214](index=214&type=chunk)[215](index=215&type=chunk) 2025 H1 Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 7,641 | | Finance, Sales, and Other Support Personnel | 2,046 | | Quality Control, Research, and Development Personnel | 900 | | Management and Administrative Personnel | 1,725 | | Total | 12,312 | - The company's compensation policy implements a broad-band salary system based on job responsibilities and quantitative assessment results, and provides social insurance and housing provident fund for employees in mainland China[217](index=217&type=chunk) - Overseas employees comply with the laws and regulations of their respective countries; the DRC company provides medical care, career development programs, loyalty bonuses, and education subsidies; the Brazil company implements a variable compensation policy, including profit-sharing plans, performance bonuses, and medium- to long-term incentive bonuses[218](index=218&type=chunk) - The company continues to advance its "Organization Upgrade 2.0" strategic goal, building a talent development system with layered empowerment in "leadership, professional capability, and general capability," including "Theater Commander" training, LDP Cornerstone Leadership Program, and EAP psychological health system construction[218](index=218&type=chunk)[219](index=219&type=chunk) [Significant Matters](index=59&type=section&id=Section%20VI.%20Significant%20Matters) This section details the fulfillment of commitments by major shareholders, the resolution of significant litigation, the company's and its controlling shareholders' integrity status, and major related-party transactions [Fulfillment of Commitments](index=59&type=section&id=I.%20Fulfillment%20of%20Commitments) Controlling shareholders Hongshang Group, Luoyang Mining Group, and CATL, along with other related parties, have strictly fulfilled their commitments regarding competition, related-party transactions, independence, and profit distribution - Controlling shareholder Hongshang Group committed to avoiding horizontal competition and regulating related-party transactions with the company[227](index=227&type=chunk) - Luoyang Mining Group Co., Ltd. committed to avoiding horizontal competition and regulating related-party transactions with the company[227](index=227&type=chunk) - CATL and its controlled subsidiaries committed to avoiding horizontal competition and regulating related-party transactions with the company[231](index=231&type=chunk) - The company committed that for three consecutive years from 2024 to 2026, the annual cash dividend will exceed **40%** of the net profit attributable to shareholders of the parent company in the consolidated financial statements for that year[231](index=231&type=chunk) [Major Litigation and Arbitration Matters](index=61&type=section&id=II.%20Major%20Litigation%20and%20Arbitration%20Matters) The case between the company and Chenglin Molybdenum Industry has concluded, with the People's Procuratorate issuing a "Decision Not to Support Supervision Application" in May 2024 - The People's Procuratorate issued a "Decision Not to Support Supervision Application" regarding Chenglin Molybdenum Industry's supervision application in May 2024[233](index=233&type=chunk) - Currently, Chenglin Molybdenum Industry has not filed any appeal or other application procedures with judicial authorities, and the dispute between the company and Chenglin Molybdenum Industry can now be closed[233](index=233&type=chunk) [Statement on Integrity Status](index=61&type=section&id=III.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled court obligations or large overdue debts - During the reporting period, the company's controlling shareholders and actual controllers had no unfulfilled obligations determined by effective legal documents of the court[234](index=234&type=chunk) - There were no situations where a large amount of due debt remained unpaid[234](index=234&type=chunk) [Major Related-Party Transactions](index=62&type=section&id=IV.%20Major%20Related-Party%20Transactions) The company engages in daily related-party transactions, including sales and purchases with Fuchuan Mining, property leases with Hongshang Group, and nickel-cobalt product transactions with CATL, all priced at market rates 2025 H1 Related-Party Transactions Related to Daily Operations | Related Party | Related-Party Relationship | Related-Party Transaction Type | Related-Party Transaction Content | Transaction Price | Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fuchuan Mining | Other | Sales of products, provision of processing services to related parties | Molybdenum-related products and services | Market price | 854 | | Fuchuan Mining | Other | Purchases of products from related parties | Molybdenum raw materials and production-related labor | Market price | 19,975 | | Hongshang Group | Controlling Shareholder | Lease of property services from related parties | Lease of property | Market price | 2,066 | | CATL and its controlled subsidiaries | Indirect shareholder holding over 5% | Purchases of products, acceptance of services from related parties | Nickel-cobalt and other related products | Market price | 45,333 | | CATL and its controlled subsidiaries | Indirect shareholder holding over 5% | Sales of goods, provision of services to related parties | Nickel-cobalt and other related products and services | Market price | 243,355 | | CATL and its controlled subsidiaries | Indirect shareholder holding over 5% | Interest paid to related parties related to prepayments | Interest expense | Market price | 31,394 | | Total | / | / | / | / | 342,977 | - All related-party transactions are priced at market rates, with no significant price discrepancies[237](index=237&type=chunk) - As of May 31, 2025, Fuchuan Mining is no longer a related legal entity of the company[237](index=237&type=chunk) [Major Contracts and Their Performance](index=63&type=section&id=V.%20Major%20Contracts%20and%20Their%20Performance) The company's total external guarantees amounted to 15.35 billion yuan (20.79% of net assets), with 14.22 billion yuan for subsidiaries, and 1.01 billion yuan in outstanding wealth management products, all maturing investments having been recovered 2025 H1 Company External Guarantees | Guarantor and Listed Company's Guaranteed Party Relationship | Guarantee Amount (thousand yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters The Company | 160,000.00 | 2023/3/31 | 2029/3/30 | Joint and several liability guarantee | No | | Luoyang Fuchuan Mining Company Headquarters The Company | 100,000.00 | 2024/9/14 | 2028/9/13 | Joint and several liability guarantee | No | | Company Headquarters The Company | 100,000.00 | 2025/1/14 | 2031/1/13 | Joint and several liability guarantee | No | | Huayue Nickel Cobalt (Indonesia) Co., Ltd. Company Headquarters The Company | 1,686,566.16 | 2025/1/14 | 2032/3/21 | Equity pledge, joint and several liability guarantee | No | | Company Headquarters The Company | 100,000.00 | 2021/9/30 | 2029/1/9 | Joint and several liability guarantee | No | | Total Guarantee Balance at Period-end (A) (excluding guarantees to subsidiaries) | 1,129,873.69 | / | / | / | / | | Total Guarantee Balance to Subsidiaries at Period-end (B) | 14,216,608.06 | / | / | / | / | | Total Guarantees (A+B) | 15,346,481.75 | / | / | / | / | | Total Guarantees as % of Company's Net Assets | 20.79 | / | / | / | / | 2025 H1 Entrusted Wealth Management | Type | Source of Funds | Amount Incurred (thousand yuan) | Outstanding Balance (thousand yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 1,100,000.00 | 20,000.00 | | Asset Management Plans | Own funds | 100,000.00 | 989,045.76 | | Structured Deposits | Own funds | 2,800,000.00 | – | - As of the reporting date, the principal and returns from all matured entrusted wealth management products and structured deposits have been recovered[244](index=244&type=chunk) [Share Changes and Shareholder Information](index=65&type=section&id=Section%20VII.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to treasury stock cancellations and provides an overview of the shareholder structure, including major shareholders' equity and short positions [Changes in Share Capital](index=65&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital decreased from 21.599 billion shares to 21.499 billion shares on February 6, 2025, and further to 21.394 billion shares on July 16, 2025, due to treasury stock cancellations - On February 6, 2025, the company cancelled **99,999,964 treasury shares**, changing the total share capital from **21,599,240,583 shares** to **21,499,240,619 shares**[245](index=245&type=chunk) - On July 16, 2025, the company cancelled **104,930,443 treasury shares**, changing the total share capital from **21,499,240,619 shares** to **21,394,310,176 shares**[245](index=245&type=chunk) - Both cancellations were executed according to resolutions approved by the general meeting of shareholders, aiming to reduce registered capital[246](index=246&type=chunk)[247](index=247&type=chunk) [Shareholder Information](index=66&type=section&id=II.%20Shareholder%20Information) As of the reporting period, the company had 237,523 common shareholders. Hongshang Industrial Holding Group and Luoyang Mining Group were the top two shareholders, holding 24.81% and 24.79% respectively - As of the end of the reporting period, the total number of common shareholders was **237,523**[249](index=249&type=chunk) Top Ten Shareholders' Shareholdings as of the End of the Reporting Period | Shareholder Name (Full Name) | Period-end Shareholding (ten thousand shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hongshang Industrial Holding Group Co., Ltd. | 533,322.00 | 24.81 | Domestic Non-State-Owned Legal Person | | Luoyang Mining Group Co., Ltd. | 532,978.04 | 24.79 | Domestic Non-State-Owned Legal Person | | HKSCC NOMINEES LIMITED | 360,052.86 | 16.75 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 64,753.18 | 3.01 | Overseas Legal Person | | Industrial and Commercial Bank of China - SSE 50 ETF | 13,784.74 | 0.64 | Unknown | | Taikang Life Insurance Co., Ltd. - Dividend - Individual Dividend - 019L - FH002 Shanghai | 12,852.56 | 0.60 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | 12,493.57 | 0.58 | Unknown | | China State-Owned Enterprise Structural Adjustment Fund Co., Ltd. | 11,671.85 | 0.54 | State-Owned Legal Person | | Taikang Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 019L - CT001 Shanghai | 9,066.60 | 0.42 | Unknown | | CITIC Securities - China CITIC Financial Asset Management Co., Ltd. - CITIC Securities - Pioneer Single Asset Management Plan | 8,948.36 | 0.42 | Unknown | - The company's treasury stock account held **104,930,443 shares**, which were fully cancelled on July 16, 2025, resulting in **0 shares** as of the date of this report[252](index=252&type=chunk) - Hongshang Industrial Holding Group Co., Ltd. is the company's largest shareholder, holding a total of **5,333,220,000 shares** through direct and indirect means[253](index=253&type=chunk) [Major Shareholders' Interests and Short Positions](index=68&type=section&id=III.%20Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Related%20Shares) As of June 30, 2025, Luoyang Mining Group, Sichuan Contemporary Amperex Technology Co., Ltd., Hongshang Group, and Mr. Yu Yong held disclosable interests or short positions in the company's shares Major Shareholders' Interests and Short Positions in Shares and Related Shares as of June 30, 2025 | Name | Number of Shares Held | Capacity | Shareholder Category | Approximate Percentage of Relevant Class of Shares | | :--- | :--- | :--- | :--- | :--- | | Luoyang Mining Group | 5,329,780,425 | Beneficial Owner | A-share | 30.34% | | Sichuan Contemporary Amperex Technology Co., Ltd. | 5,329,780,425 | Interest in Controlled Corporation | A-share | 30.34% | | Hongshang Group | 5,030,220,000 | Beneficial Owner | A-share | 28.64% | | Hongshang Group | 303,000,000(L) | Interest in Controlled Corporation | H-share | 7.70%(L) | | Yu Yong | 5,030,220,000 | Interest in Controlled Corporation | A-share | 28.64% | | Yu Yong | 303,000,000(L) | Interest in Controlled Corporation | H-share | 7.70%(L) | | BlackRock, Inc. | 312,883,827(L) | Interest in Controlled Corporation | H-share | 7.95%(L) | | BlackRock, Inc. | 186,000(S) | / | / | 0.00%(S) | - Mr. Yu Yong holds **99%** equity in Hongshang Group and is deemed to hold long positions in **5,030,220,000 A-shares** and **303,000,000 H-shares** of the company directly held by Hongshang Group[257](index=257&type=chunk) [Directors', Supervisors', and Senior Management's Securities Interests and Short Positions](index=70&type=section&id=IV.%20Directors',%20Chief%20Executives'%20and%20Supervisors'%20Interests%20and%20Short%20Positions%20in%20Securities) As of June 30, 2025, current directors Sun Ruiwen, Zhang Zhenhao, and Que Chaoyang held a combined 11.87 million A-shares, representing 0.055% of total share capital, with no H-share holdings Directors', Supervisors', and Senior Management's A-share Holdings as of June 30, 2025 | Name | Number of Shares Held | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | Sun Ruiwen | 10,800,000 | 0.050 | | Zhang Zhenhao | 1,063,500 | 0.005 | | Que Chaoyang | 5,000 | 0.000 | | Total | 11,868,500 | 0.055 | - Mr. Sun Ruiwen is deemed to hold an interest in **18,000,000 A-shares** of the company due to his participation in the employee stock ownership plan adopted on May 21, 2021[259](index=259&type=chunk) - As of the date of this report, none of the committing parties have reduced their shareholdings in the company, and the current directors, chief executives, and supervisors of the company do not hold any H-shares[261](index=261&type=chunk)[262](index=262&type=chunk) [Purchase, Sale, or Redemption of Listed Securities](index=70&type=section&id=V.%20Purchase,%20Sale,%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company%20and%20Its%20Subsidiaries) Excluding the disclosed share capital changes, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - Except for the cancellation matters, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities of the company or its subsidiaries during the six months ended June 30, 2025[263](index=263&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[264](index=264&type=chunk) [Bond-Related Information](index=71&type=section&id=Section%20VIII.%20Bond-Related%20Information) This section provides details on the company's bonds and debt financing instruments, including their issuance, use of proceeds, and key financial indicators related to debt [Corporate Bonds and Debt Financing Instruments](index=71&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued "22 CMOC Y1" perpetual corporate bonds with a balance of 1 billion yuan and a 5.62% interest rate, classified as other equity instruments, with ample cash flow and credit lines Corporate Bond Basic Information | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Luoyang Luanchuan Molybdenum Group Co., Ltd. 2022 Publicly Issued Perpetual Corporate Bonds (Phase I) for Professional Investors | 22 CMOC Y1 | 138732 | 2022/12/16 | 2025/12/16 | 10 | 5.62 | Shanghai Stock Exchange | - "22 CMOC Y1" is classified as other equity instruments and is not accounted for as a liability[265](index=265&type=chunk) - This bond did not trigger or execute issuer or investor option clauses, nor investor protection clauses[270](index=270&type=chunk) - The company's own operating cash flow is abundant, and credit lines from cooperative banks are sufficient, with cash and cash equivalents enough to cover bond principal and interest, posing no risk of delisting[266](index=266&type=chunk) [Use of Proceeds from Corporate Bonds](index=72&type=section&id=II.%20Use%20of%20Proceeds%20from%20Corporate%20Bonds) All of the company's corporate bonds did not involve the use or rectification of raised funds during the reporting period - All of the company's corporate bonds did not involve the use or rectification of raised funds during the reporting period[272](index=272&type=chunk) [Disclosure Matters for Special Purpose Bonds](index=72&type=section&id=III.%20Other%20Matters%20to%20be%20Disclosed%20for%20Special%20Purpose%20Bonds) The "22 CMOC Y1" perpetual corporate bond, with a 1 billion yuan balance, remains classified as an equity instrument, and non-operating fund occ

洛阳钼业公告，2025年上半年营业收入947.73亿元，同比下降7.83%。净利润86.71亿元，同比增长 60.07%。基本每股收益0.41元／股，同比增长64.00%。 ...

Key Points - As of August 22, 108 stocks reached their 52-week highs, with Yicheng Group (08365), Shanghai Xiaonan Guo (03666), and Cybernaut International Holdings (01020) leading the high rate at 32.77%, 31.11%, and 20.16% respectively [1] - The closing prices for the top three stocks were 1.580, 0.051, and 0.155 respectively, indicating significant upward movement in their stock prices [1] - Other notable stocks that reached new highs include VALA (02051) at 18.87% and CTR Holdings (01416) at 16.52% [1] 52-Week High Rankings - The top three stocks with the highest increase rates were Yicheng Group (08365) at 32.77%, Shanghai Xiaonan Guo (03666) at 31.11%, and Cybernaut International Holdings (01020) at 20.16% [1] - The closing prices for these stocks were significantly higher than their previous values, indicating strong market performance [1] - The overall trend shows a positive sentiment in the market with many stocks achieving new highs [1] Additional Stocks Reaching New Highs - VALA (02051) reached a high of 0.630, marking an 18.87% increase, while CTR Holdings (01416) closed at 0.134, a 16.52% increase [1] - Other stocks such as Huaxing Capital Holdings (01911) and Huahong Semiconductor (01347) also showed positive performance with increases of 9.11% and 8.85% respectively [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. shows mixed financial performance with a slight decrease in revenue but a significant increase in net profit, indicating potential resilience in profitability despite revenue challenges [2][3]. Financing Summary - On August 20, Luoyang Molybdenum's financing buy amounted to 186 million yuan, while financing repayment was 194 million yuan, resulting in a net financing outflow of 7.61 million yuan [1]. - The total financing balance as of August 20 was 1.93 billion yuan, representing 1.00% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing level [1]. - The company had a securities lending balance of 17.68 million yuan, with a lending volume of 161,500 shares, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Business Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition includes refined metal products (58.08%), concentrate products (30.34%), copper (19.65%), cobalt (4.10%), and other metals, indicating a diversified product portfolio [2]. Shareholder and Dividend Information - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed over the last three years [3]. - As of March 31, 2025, the number of shareholders decreased to 282,600, with no circulating shares per person [2][3]. - Major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 578 million shares, down by 41.90 million shares [3].

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise throughout the year, with significant increases noted in recent weeks. As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan/ton, up 3,000 yuan/ton from August 19, marking a 51.75% increase since the beginning of the year [5][8] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan/ton, reflecting a 47.98% increase year-to-date, while tungsten powder is priced at 482.5 yuan/kg, up 53.91% since the start of the year [5][8] Group 2: Supply and Demand Dynamics - The surge in tungsten prices is attributed to tightening supply and emerging demand. The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons or 6.45% from the previous year [8] - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [8] - Demand for tungsten is growing in various sectors, including aerospace, defense, and electronics, with notable increases in the renewable energy sector, particularly in photovoltaic applications [8] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally performed well, with an average increase of 10.1% since August. Leading stocks include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with respective gains of 22.48%, 18.99%, and 17.41% [10][14] - The valuation of some tungsten concept stocks remains low, with a median rolling P/E ratio of 30.24 times, and several stocks, including Shengtun Mining and Luoyang Molybdenum, having P/E ratios below 20 times [11][12] - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, representing a year-on-year growth of 51.37% to 67.98% [12]