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

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

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

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

Core Viewpoint - Northern Copper Industry has seen a significant increase in stock price, with the non-ferrous metal ETF fund (516650) experiencing over 10 million inflows in the past 10 days [1][3]. Group 1: Market Performance - As of March 24, 2025, the CSI Non-ferrous Metal Industry Theme Index (000811) rose by 1.55%, with Northern Copper Industry hitting the daily limit, Jiangxi Copper up by 5.72%, and Baotai Co. up by 5.13% [3]. - The non-ferrous metal ETF fund (516650) increased by 1.50% [3]. - Over the past two weeks, the non-ferrous metal ETF fund has accumulated a rise of 1.53% and a net subscription of 10.6644 million yuan [3]. Group 2: Fund Characteristics - The management fee for the non-ferrous metal ETF fund is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [3]. - The tracking error for the non-ferrous metal ETF fund over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3]. Group 3: Index Composition - As of February 28, 2025, the top ten weighted stocks in the CSI Non-ferrous Metal Industry Theme Index account for 49.57% of the index, including Zijin Mining, China Aluminum, Northern Rare Earth, and others [4].

有色金属ETF(512400)早盘涨超2%，多因素支撑铜 价、金价持续高位，"元素周期表"行情或重现 有色金属ETF紧密跟踪中证申万有色金属指数，中证申万有色金属指数从沪深市场申万有色金属及 非金属材料行业中选取50只上市公司证券作为指数样本，以反映沪深市场有色金属行业上市公司证券的 整体表现。 有色金属ETF(512400)，场外联接(A类：004432；C类：004433)。 （文章来源：界面新闻） 国盛证券表示，关税预期下现货紧缺推升铜价，静待宏观刺激后下游需求释放。库存看，本周全球 铜库存为76.8万吨，周度减少1.80万吨。其中国内总库存增减少0.46万吨，LME库存减少1.39万吨， COMEX库存增加0.05万吨。从供给端看，周内现货精矿TC下挫至-15.92美元/干吨。关税方面，美国财 长贝森特透露，美国针对各国贸易限制措施的"关税编号"将在4月2日正式生效。随着对等关税压力不断 显现，全球实物库存转移至美国，LME铜库存延续下滑，现货紧缺预期推升价格。 黄金方面，国盛证券指出，美联储缩表进程放缓构成边际宽松，地缘风险反复，避险需求得以保 持，对金价形成支撑，短期持续受益于边际宽松与避险情绪催 ...

Financial Performance - In 2024, the company achieved a revenue of RMB 213.03 billion, representing a year-on-year growth of 14.37%[6] - The net profit attributable to shareholders reached RMB 13.53 billion, a significant increase of 64.03% year-on-year[6] - Operating cash flow increased by 108.38% year-on-year, totaling RMB 32.39 billion[6] - The company's operating revenue for 2024 reached ¥213.03 billion, a 14.37% increase from ¥186.27 billion in 2023[19] - Net profit attributable to shareholders was ¥13.53 billion, reflecting a significant growth of 64.03% compared to ¥8.25 billion in the previous year[19] - Basic earnings per share increased by 65.79% to ¥0.63, compared to ¥0.38 in 2023[19] - Operating profit surged by 90.14% to ¥25.27 billion, compared to ¥13.29 billion in 2023[29] - Total comprehensive income for 2024 was ¥16.82 billion, a 68.54% increase from ¥9.98 billion in 2023[31] - The company reported a significant increase in net profit attributable to minority shareholders, which rose by 586.13% to ¥1.93 billion in 2024 from ¥280.91 million in 2023[31] - The company's net profit increased from RMB 8,531 million in 2023 to RMB 15,459 million in 2024, representing a growth of RMB 6,928 million or 81.22%[92] Production and Operations - Copper production reached 650,200 tons, a year-on-year increase of 55%, placing the company among the top ten copper producers globally[6] - Cobalt production surged by 106% year-on-year to 114,200 tons, while niobium production exceeded 10,000 tons for the first time, reaching 10,024 tons, a 5% increase[6] - The TFM mixed ore project successfully achieved production targets with an annual copper capacity of 450,000 tons, contributing to a total of over 600,000 tons of annual copper capacity in the Democratic Republic of Congo[7] - The company’s main business revenue from copper and cobalt-related products surged to RMB 50.60 billion in 2024, compared to RMB 28.00 billion in 2023, marking an increase of approximately 80.9%[75] - Copper sales generated RMB 41,857 million in revenue, with a gross margin of 50.26%, reflecting an increase of 4.96 percentage points compared to the previous year[96] - Cobalt revenue was RMB 8,743 million, with a gross margin of 34.31%, showing a decrease of 2.70 percentage points year-on-year[96] Financial Position - The company’s debt-to-asset ratio decreased to 49.52%, down by 8.88 percentage points year-on-year[6] - The company's total assets decreased by 1.58% to ¥170.24 billion from ¥172.97 billion in 2023[19] - Total liabilities decreased by 16.55% to ¥84.29 billion, down from ¥101.01 billion in 2023[24] - Shareholders' equity increased by 19.43% to ¥85.94 billion, compared to ¥71.96 billion in the previous year[26] - Current assets decreased by 5.35% to ¥79.17 billion from ¥83.65 billion year-over-year[23] Market and Economic Outlook - The company is preparing for new significant opportunities as the market cycle changes, indicating a mature and confident acquisition strategy[15] - In 2025, copper supply and demand are expected to be tight, with strong demand driven by traditional sectors and significant growth in energy transition industries, particularly from power grid and infrastructure[193] - Global cobalt demand is projected to continue growing in 2025, primarily driven by the battery industry, with notable increases in new energy vehicles and energy storage sectors[194] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[99] Risk Management and Compliance - The company has established effective risk control mechanisms for mining rights, ensuring no expired or unrenewed mining certificates[150] - The company monitors legal and regulatory changes affecting operations and has a comprehensive compliance plan in place[142] - The company has implemented risk management procedures to minimize counterparty risks in its diversified commodity trading operations[140] Future Plans and Strategies - The company plans to implement a new round of capacity expansion and transformation projects following successful exploration results[7] - The management emphasizes the need for organizational transformation to support future global mining competition and enhance operational efficiency[10] - The company aims to stabilize its cost structure as production capacity gradually releases, achieving full production by mid-2024[115]

洛阳栾川钼业集团股份有限公司 内部控制审计报告 一、企业对内部控制的责任 内部控制审计报告 德师报(审)字(25)第 S00152 号 洛阳栾川铝业集团股份有限公司全体股东: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是洛阳铝业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 Deloit 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了洛 阳栾川铝业集团股份有限公司(以下简称"洛阳钼业")2024年 12月 31 日财务报告内部控制的 有效性。 2025年3月21日 - 1 - WorldC Filler 德勒华永 曲合伙) 中国注册会计师: 中国注册会计师: 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定 ...

财务报表及审计报告 2024 年 12 月 31 日止年度 洛阳栾川铝业集团股份有限公司 财务报表及审计报告 2024年 12月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | 】- 4 | | 合并及母公司资产负债表 | ર - 8 | | 合并及母公司利润表 | 9 - 10 | | 合并及母公司现金流量表 | 11 - 12 | | 合并及母公司股东权益变动表 | 13 - 16 | | 财务报表附注 | 17 - 137 | 洛阳栾川铝业集团股份有限公司 华永会计师事务所(特殊普通合伙) 海市研究在路777号 审计报告 德师报(审)字(25)第 P03033 号 (第1页,共4页) 洛阳栾川铝业集团股份有限公司全体股东: 一、审计意见 我们审计了洛阳栾川铝业集团股份有限公司("洛阳铝业")的财务报表,包括 2024年12月31日的合并及 母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益 变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了洛阳铜业 2024 年 1 ...

洛阳栾川钼业集团股份有限公司 独立董事顾红雨 2024 年度述职报告 作为洛阳栾川钼业集团股份有限公司（以下简称或"公司"）独 立董事，本人严格按照《公司法》《证券法》《上市公司独立董事管理 办法》等相关法律、法规、规范性文件及《公司章程》《独立董事工作 制度》等相关制度的规定和要求，本着对全体股东负责的态度，坚持 诚信、勤勉、尽责、忠实地履行独立董事职责，积极出席相关会议， 发挥专业特长，对公司相关重大事项发表了客观、审慎、公正的事前 认可或独立意见，充分地发挥了独立董事作用，维护公司整体利益和 全体股东特别是中小股东的合法权益。现将 2024 年度主要工作情况 报告如下： 一、基本情况 （一）个人工作履历、专业背景以及兼职情况 顾红雨：一九六八年出生。一九八八年毕业于复旦大学经济系， 二零零四年获复旦大学管理学院 EMBA 工商管理硕士。一九八四至一 九九四在天津会计师事务所任审计工作；一九九五至二零一四在上海 德勤会计师事务所工作；德勤中国资深审计合伙人，中国注册会计师， 主要从事：公司 IPO 上市及上市公司审计，参与项目收购财务审慎性 调查、企业集团发展策略规划以及财务软件规划应用咨询项目；主要 负 ...