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

•前次评级结果：洛阳栾川钼业集团股份有限公司（以下简称"公司"） 主体信用等级为 AAA，评级展望为稳定； "20 栾川钼业 MTN001"的债 项信用等级为 AAA。 股票代码：603993 股票简称：洛阳钼业 编号：2025—030 洛阳栾川钼业集团股份有限公司 关于公司主体及相关公司债券跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 上述信用评级报告全文详见上海证券交易所网站。 特此公告。 洛阳栾川钼业集团股份有限公司董事会 二零二五年五月二十一日 •本次评级结果：公司主体信用等级为 AAA，评级展望为稳定；维持 "20 栾川钼业 MTN001"的债项信用等级为 AAA。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》 和《上海证券交易所公司债券上市规则》等有关规定，公司委托信用 评级机构中诚信国际信用评级有限责任公司（以下简称"中诚信国 际"），对本公司于 2020 年发行的中期票据"20 栾川钼业 MTN001"进 行跟踪信用评级。 公司前次评级结果：公司主体信用等级为 ...

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

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

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

Investment Rating - The industry rating is maintained as "Outperform the Market" [6] Core Views - The macro sentiment is improving, leading to a recovery in base metal prices, particularly copper and aluminum [1][10] - Gold prices are under pressure due to easing risk sentiment and trade negotiations between the US and China [2][25] - Supply tightness is pushing tungsten prices higher, while other small metals show mixed trends [3][43] Summary by Sections Base and Precious Metals - **Copper**: Copper prices are fluctuating at high levels, with social inventory showing signs of recovery. The current inventory level is low, but demand is weakening as it enters the off-season [1][13] - **Aluminum**: Aluminum prices have rebounded, supported by improved macro sentiment and declining social inventory. The theoretical operating capacity of the electrolytic aluminum industry has slightly increased [1][20] - **Precious Metals**: Gold prices have decreased by 3.54% to an average of 768.56 CNY/g, while silver prices fell by 1.13% to 8111 CNY/kg. The easing of trade tensions has limited gold's rebound potential [2][25] Minor Metals - **Tungsten**: Prices for tungsten have increased due to supply tightness, with black tungsten concentrate averaging 161,500 CNY/ton, up by 8,000 CNY/ton. The market is cautious due to high prices and limited low-cost supply [3][63] - **Lithium**: The lithium market remains stable with prices holding steady, but demand is weak, leading to a supply surplus [43][43] - **Cobalt**: Cobalt prices are stable, with limited trading activity due to cautious market sentiment and reduced purchasing intentions from downstream manufacturers [45][46] Rare Earths - **Light Rare Earths**: Prices for light rare earths, such as praseodymium and neodymium, have increased by 2.6% to 434,000 CNY/ton, supported by improving macro conditions and easing export controls [4][4] Other Metals - **Molybdenum**: The molybdenum market is stable with slight price increases, but the overall market remains cautious with limited trading activity [68][69]

股票代码：603993 股票简称：洛阳钼业 编号：2025—028 洛阳栾川钼业集团股份有限公司 关于参加河南辖区上市公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 出席本次网上集体接待日活动的人员有:公司董事会秘书徐辉先 生、证券事务代表王春雨女士 (如有特殊情况,参会人员将可能进行 调整)。 四、投资者参加方式 本次活动将采用网络远程的方式举行,投资者可登录"全景·路 演天下"(http://rs.p5w.net)参与本次互动交流。 ? 召开时间：2025年5月22日（星期四）15:25-16:55 ? 召开方式：投资者互动平台（http://rs.p5w.net），通过网 络平台与投资者进行交流。 一、活动类型 洛阳栾川钼业集团股份有限公司（以下简称"公司"）2024 年年 度报告和 2025 年第一季度报告已分别于 2025 年 3 月 22 日和 2025 年 管理工作，公司将参加由河南证监局、河南上市公司协会在全景网举 办的河南辖区上市公司 2025 年投资者网上集体接待日活动，就公司 情况 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—028 洛阳栾川钼业集团股份有限公司 关于参加河南辖区上市公司 2025年投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 一、活动类型 洛阳栾川钼业集团股份有限公司（以下简称"公司"）2024 年年 度报告和 2025 年第一季度报告已分别于 2025 年 3 月 22 日和 2025 年 4 月 26 日披露，为加强与广大投资者的沟通联系，做好投资者关系 管理工作，公司将参加由河南证监局、河南上市公司协会在全景网举 办的河南辖区上市公司 2025 年投资者网上集体接待日活动，就公司 情况与投资者进行充分沟通。 二、时间和方式 1 召开时间：2025年5月22日（星期四）15:25-16:55 召开方式：投资者互动平台（http://rs.p5w.net），通过网 络平台与投资者进行交流。 1、时间：2025 年 5 月 22 日（星期四）15:25-16:55； 2、方式：投资者互动平台（http://rs.p5w. ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—029 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过19亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划被担保方为资产负债率超过70%的全资子公司；截至 本公告披露日，公司对外担保总额占公司最近一期经审计净资产 的21.11%。敬请投资者注意相关风险。 2024年度对外担保额度预计的议案》，同意授权董事会或董事会授权 人士（及该等授权人士的转授权人士）批准公司直接或通过全资子公 司（含直接及间接全资子公司，下同）或控股子公司（含直接及间接 控股子公司，下同）为其他全资子公司、控股子公司合计 ...

Summary of Conference Call on Cobalt Industry Industry Overview - The Democratic Republic of Congo (DRC) is the largest cobalt supplier globally, contributing 76% of the world's cobalt supply in 2024 and expected to provide approximately 300,000 tons in 2025, with over 70% from DRC [3][4] - DRC's export restrictions are causing significant disruptions in global supply, potentially shifting the cobalt market from surplus to a balanced state in 2025 [1][4] Key Points and Arguments - DRC's export restrictions could impact about one-third of the annual supply if they last for four months, likely leading to an increase in cobalt prices [1][3] - The introduction of steel policies has led to a revaluation of cobalt-related stocks, with a focus on DRC's export policy changes and potential supply-demand mismatches that could trigger a second price surge [1][5] - The DRC government may extend export restrictions or implement quota controls to elevate prices and increase tax revenue, which will have lasting effects on the market [1][6] - Domestic companies show significant inventory disparities, with many lacking strong stocking intentions during low-price periods, leading to rapid inventory depletion and increased market tension, which is expected to drive prices higher [1][7] - Indonesia's cobalt production is limited and cannot significantly fill the domestic supply gap, exacerbating the situation as DRC's exports remain constrained [1][8] Price Projections - Current cobalt prices are around 240,000 CNY, with expectations to rise to 300,000-350,000 CNY due to tight supply conditions [1][8] Notable Companies and Investment Opportunities - Huayou Cobalt and Lican Resources are highlighted as companies benefiting from cobalt price fluctuations, with relatively low valuations [3][9] - Luoyang Molybdenum Co. is expected to see significant profit increases from rising cobalt prices, with projections indicating a potential profit increase of 2 billion CNY for every 50,000 CNY rise in cobalt prices [3][12] - The company anticipates achieving copper and cobalt production close to the upper limits of its guidance for 2025, with significant cost control measures in place [10][11] Market Dynamics - The market is expected to experience tightening conditions, which will likely push prices further upward [7][8] - The recent steel policy changes and supply-demand mismatches are critical factors to monitor for future price movements [5][6] Conclusion - The cobalt market is undergoing significant changes due to DRC's export policies and domestic inventory levels, with potential for price increases and investment opportunities in key companies like Huayou Cobalt, Lican Resources, and Luoyang Molybdenum Co. [1][3][9]