Investment Rating - The report maintains a "Buy" rating for Luoyang Molybdenum (603993 SH) due to its strong growth potential and favorable valuation metrics [2][10] Core Views - Luoyang Molybdenum is positioned as a leading copper producer with significant growth potential, expecting copper production to increase from 390k tons in 2023 to 900k tons by 2028, a 129% increase [1] - The company's low valuation per ton of copper production (460k RMB/ton in 2024) compared to industry peers makes it an attractive investment [1] - Copper prices are expected to reach $12 000/ton by 2025 driven by supply-demand imbalances and strong demand from renewable energy sectors [1][7] Business Segments Copper and Cobalt - Copper production is expected to grow significantly with TFM and KFM projects contributing to a projected output of 550k tons in 2024 and 600k tons in 2025 [7][23] - Cobalt production is also expected to increase with 65k tons in 2024 and 67k tons in 2025 [7][23] Other Mining Segments - Tungsten and molybdenum production is expected to remain stable with molybdenum production projected to grow by 60-92% from 2023 to 2028 [25] - Phosphorus and niobium operations provide stable cash flow with phosphorus fertilizer production reaching a record high of 1 17 million tons in 2023 [27] Industry Analysis Copper Industry - Global copper demand is expected to grow driven by renewable energy (solar wind and electric vehicles) contributing 87% of incremental demand by 2025 [1][52] - Supply-demand imbalance is projected to widen with a deficit of 750k tons by 2025 [55] Cobalt Industry - Cobalt supply is expected to outpace demand but the surplus is projected to decrease from 12k tons in 2023 to 8 76k tons in 2025 [58][62] Tungsten Industry - Tungsten supply is constrained with limited new projects globally while demand is growing particularly in photovoltaic applications [64][71] Molybdenum Industry - Molybdenum supply growth is limited with China being the largest producer accounting for 42% of global production in 2023 [75][77]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2024年7月5日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603993 | 說明 | | 於上海證券交易所上市 | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 17,665,772,583 | | 0 | | 17,665,772,583 | | 增加 / 減少 (-) | | | | 0 | 0 | | | | 本月底結存 | | | 17,665,772,583 | | 0 | | 17,665,772,583 | 第 2 頁 共 10 頁 v 1.1.0 FF301 | 1. 股 ...

为出具本法律意见书,本所律师已经严格履行法定职责,遵循了勤勉尽责和诚实信用原 则,对洛阳铝业本次差异化分红所涉及的相关材料及有关事项进行了必要的核查验证,并 就本次差异化分红相关的法律问题向有关人员进行了询问和讨论。 本所在出具本法律意见书之前已得到公司的保证,即公司提供给本所律师的所有文件 及相关资料均是真实的、完整的、有效的,无任何隐瞒、遗漏和虚假之处,文件资料为副本、 复印件的内容均与正本或原件相符,提交给本所的各项文件的签署人均具有完全的民事行 为能力,并且其签署行为已获得恰当、有效的授权。在调查过程中,对于本所律师认为出具 本法律意见书至关重要的文件,本所律师已对该等文件进行了适当核查。 本法律意见书仅对本法律意见书出具目之前已发生或存在的且与本次差异化分红有关 的法律问题,根据法律、法规以及规范性文件发表法律意见,并不对有关会计、审计、资产 评估等专业事项发表意见。本法律意见书所依赖的相关法律、法规及规范性文件指在本法 致:洛阳栾川铝业集团股份有限公司 上海市通力律师事务所(以下简称"本所")接受洛阳栾川铝业集团股份有限公司(以下简 称"洛阳铝业"或"公司")的委托,指派本所张征轶律师、韩政律师( ...

证券代码：603993 证券简称：洛阳钼业 公告编号：2024-034 A 股每股现金红利 0.15425 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/5 | － | 2024/7/8 | 2024/7/8 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 7 日的 2023 年年度股东大会审议通过。 二、 分配方案 洛阳栾川钼业集团股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1. 发放年度：2023 年年度 2. 分派对象： 3. 差异化分红送转方案： （1） 公司 2023 年年度利润分配方案 ...

股票代码：603993 股票简称：洛阳钼业 编号：2024—033 二、担保计划执行情况 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： 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11.6亿元人民币的担 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。 本次担保计划部分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53.23%。敬请投资者注意相关风险。 一、担保审批及授权情况 2024年1月19日，公司第六届董事会审计及风险委员会第十五次 会议及独立董事专门会议审议通过《关于本公司2024年度对外担保额 度预计的议案》，同意公司2024年度对外担保额度预计。 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 2024年度对外 ...

Summary of the Conference Call Company Overview - The conference call focused on the investment value analysis of Luoyang Animal Husbandry, discussing the company's characteristics and overall situation [1] Key Points and Arguments - The analysis is structured around several aspects of the company, indicating a comprehensive approach to understanding its investment potential [1] Other Important Content - Specific details regarding financial performance, market position, or strategic initiatives were not provided in the excerpt, suggesting that further information may be necessary for a complete analysis [1]

Summary of the Conference Call Company Overview - The conference call focused on the investment value analysis of Luoyang Animal Husbandry, discussing the company's characteristics and overall situation [1] Key Points and Arguments - The analysis was structured around several aspects of the company, indicating a comprehensive approach to understanding its investment potential [1] Additional Important Content - Specific details regarding financial performance, market position, or strategic initiatives were not provided in the excerpt, suggesting that further information may be necessary for a complete analysis [1]

Summary of Luoyang Molybdenum Co., Ltd. Conference Call Company Overview - Luoyang Molybdenum Co., Ltd. is primarily a mining company with a focus on copper mining, contributing 62% to its gross profit last year [doc id='22'] - The company has a strategic approach to acquisitions and divestitures, distinguishing itself from competitors by actively buying and selling mining assets [doc id='2'][doc id='3'] Key Points Investment Strategy - The company emphasizes strong acquisition capabilities as a core competency, which is essential for long-term growth in the mining sector [doc id='2'] - Luoyang Molybdenum has successfully expanded through acquisitions in regions such as Australia and Brazil, showcasing its ability to grow beyond its original assets [doc id='2'][doc id='4'] - The company has recently divested assets, including coal mines in Xinjiang and a gold-copper mine in Australia, indicating a focus on optimizing its investment portfolio [doc id='4'] Mining Operations - The company has improved its mining capabilities significantly over the past few years, with new management bringing extensive experience in mining operations [doc id='7'][doc id='8'] - Luoyang Molybdenum is currently ramping up production at its KFM and TFM mines, with TFM expected to produce around 60,000 tons annually [doc id='24'] - The company aims to increase copper production to between 800,000 and 1,000,000 tons over the next five years [doc id='23] Financial Performance - The company’s capital expenditures are primarily funded through cash flows generated from existing assets, minimizing the need for external debt [doc id='25'] - The current debt-to-equity ratio is approximately 60%, which the company aims to balance with its capital expenditures and dividend policies [doc id='26'] - Luoyang Molybdenum's stock has shown significant growth due to a favorable macroeconomic environment and its strong operational performance [doc id='28'] Market Dynamics - The company operates in a favorable market environment characterized by a bull market in the non-ferrous metals sector, which has positively impacted its stock performance [doc id='28'] - The anticipated copper price adjustments are expected to stabilize, with the company positioned to benefit from long-term price trends [doc id='32'] Risks and Challenges - Mining operations inherently carry high risks, including regulatory challenges and potential profit declines due to operational inefficiencies [doc id='18'] - The company is aware of the risks associated with its trading operations and has established mechanisms for risk management [doc id='19'] Additional Insights - Luoyang Molybdenum's unique position as both a mining and trading company allows it to leverage market opportunities effectively [doc id='10'] - The company is focused on maintaining a competitive edge through strategic investments and operational improvements, which are crucial for sustaining growth in the volatile mining sector [doc id='22']

本报告依据中国资产评估准则编制 中水致远资产评估有限公司 二〇二四年五月二十七日 洛阳栾川 钼业集团股份有限公司拟转让新疆洛铝矿业有限公司股权 涉及的新疆洛铝矿业有限公司股东全部权益价值评估项目 · 资产评估报告 目 录 | 声 明 . | | --- | | 摘 要 … | | 正 文 | | 一、委托人、被评估单位和资产评估委托合同约定的其他资产评估报告使 | | 用人概况 . | | 二、评估目的……………………………………………………………………………………… 12 | | ní 评 估 对 象 和 评 估 范 围 . | | 四、价值类型 ……………………………………………………………………………………………………………………… 15 | | 五、评估基准日 | | 六、评估依据 | | 七、评估方法 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………21 | | 八、资产基础法中各类资产和负债的具体评估方法应用 . | | 九、收益法的具体评估方法 ...

RSM 容诚 审计报告 新疆洛铝矿业有限公司 容诚审字[2024]230Z3804 号 容诚会计师事务所 (特殊普通合伙) 中国 ·北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.nof.gov.cn）"进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///ac.mof.gov.or）"进行查 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 审计报告 | | 1-3 | | 2 | 资产负债表 | | 4 | | 3 | 利润表 | | 5 | | 4 | 现金流量表 | | 6 | | ર | 所有者权益变动表 | | 7-8 | | 6 | 财务报表附注 | | 9-50 | 审计报告 容诚审字[2024] 230Z3804 号 新疆洛铝矿业有限公司全体股东: 一、审计意见 我们审计了新疆洛钼矿业有限公司(以下简称新矿洛钼)财务报表,包括 2023 年 12 月 31 日、2024年 4 月 30 的资产负债表,2023 年度、2024年 1-4 月的利润 表、现金流量表、所有者权 ...