股票代码：603993 股票简称：洛阳钼业 编号：2025—048 洛阳栾川钼业集团股份有限公司 第七届监事会第八次会议决议公告 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""公司"） 第七届监事会第八次会议通知于 2025 年 9 月 19 日以电子邮件方式发 出，会议于 2025 年 9 月 23 日以传阅方式召开，会议应参加监事 3 名， 实际参加监事 3 名。本次会议的召集、召开符合相关法律法规和《公 司章程》的有关规定，会议决议合法、有效。会议审议通过了以下议 案： 一、审议通过关于公司《H 股受限制股份计划》的议案。 监事会认为公司《H 股受限制股份计划》有助于吸引和留住专业 人才，加深与对业务有重大影响的关键人员及高潜质专业人员之间的 联系，有利于公司长远发展，不会损害上市公司和股东的利益。监事 会同意上述计划。 该项表决结果为： 3 票赞成, 0 票反对, 0 票弃权。 1.02、公司《H 股受限制股份计划》授权限额 监事会同意在公司《H 股受限制股份计划》 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—047 洛阳栾川钼业集团股份有限公司 第七届董事会第四次临时会议决议公告 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"） 第七届董事会第四次临时会议通知于 2025 年 9 月 19 日以电子邮件方 式发出，会议于 2025 年 9 月 23 日以传阅方式召开。会议应参加董事 8 名，实际参加董事 8 名。本次会议的召集、召开符合相关法律法规 和本公司《公司章程》及有关规定，会议决议合法、有效，审议通过 了如下议案： 一、审议通过关于公司《H 股受限制股份计划》的议案。 该事项已经董事会薪酬委员会审议通过，根据港股规则要求，现 将公司 H 股受限制股份计划事宜逐项表决如下： 1.01、公司《H 股受限制股份计划》 董事会认为公司《H 股受限制股份计划》有助于吸引和留住专业 人才，加深与对业务有重大影响的关键人员及高潜质专业人员之间的 1 联系，有利于公司长远发展，不会损害上市公司和股东的利益。董事 会同意 ...

2025年9月23日，洛阳栾川钼业集团股份有限公司第七届董事会第四次临时会议以传阅方式召开，8名董 事全部参会。会议审议通过多项议案：一是《H股受限制股份计划》相关议案，包括计划本身、授权限 额、服务提供商分项限额，授权限额下可发行H股总数不超393,345,000股，约占已发行H股总数 10.0%，服务提供商分项限额下不超39,333,000股，约占1.0%，该议案需提交股东大会审议；二是提请 股东大会授权董事会及/或授权人士处理相关事宜的议案；三是召开2025年第一次临时股东大会的议 案，拟审议上述相关事项。 ...

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on molybdenum, tungsten, and precious metals, with a notable increase in gold production forecasted for 2023 [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, smelting, deep processing, and trading of precious metals such as molybdenum, tungsten, and gold [7]. - The company's revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [7]. Production and Financial Performance - The company holds an 80% stake in the NPM copper mine in Australia, which produced 16,000 ounces of gold in 2022, with a production guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [2]. - For the first half of 2025, the company reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [8]. Market Position and Industry Standing - Luoyang Molybdenum is among the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer, and a leading copper producer [2][3]. - The company is also the second-largest phosphorus fertilizer producer in Brazil, with a complete phosphorus industry chain covering all aspects of production [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased to 237,500, with an average of 0 circulating shares per person [8]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [9].

Core Viewpoint - The end of the cobalt export ban in the Democratic Republic of Congo (DRC) on October 15, 2023, and the introduction of a quota system will significantly impact the global cobalt supply-demand balance, with expectations that the quota will not meet downstream demand, leading to tighter supply [1][3][9]. Group 1: Cobalt Export Ban and Quota System - The DRC, as the world's largest cobalt supplier, will end its seven-month cobalt export ban and implement an export quota system starting October 16, 2023 [3]. - The DRC's cobalt reserves are projected to be 6 million tons in 2024, accounting for 55% of global reserves, with an expected production of 220,000 tons, representing 76% of global output [3]. - The new quota system allows for the export of over 18,000 tons of cobalt for the remainder of the year, with annual quotas of 96,600 tons for 2026 and 2027, based on historical export volumes [9][10]. Group 2: Market Reactions and Price Trends - Following the announcement of the quota system, cobalt-related stocks in the A-share market saw a rise, indicating market optimism despite concerns about supply shortages [1]. - The current market for cobalt products has seen price increases, with electrolytic cobalt prices rising by 1% recently, reflecting tight supply conditions [4]. - Analysts predict that the initial shipments post-ban will be limited, with only about 3,600 tons expected to be shipped in October, which would only cover one-third of China's monthly cobalt intermediate consumption [9][10]. Group 3: Strategic Supply Diversification - Chinese companies are actively exploring overseas cobalt resource development and recycling to address challenges posed by the global cobalt supply chain restructuring [2][11]. - Notable progress has been made in Indonesia, with companies like Greeenme achieving significant increases in cobalt production, which helps mitigate the impact of the DRC's export ban [11]. - The recycling of cobalt from used batteries is becoming increasingly viable, with expectations that it will alleviate supply pressures as recovery rates improve in the coming years [12].

Core Viewpoint - The Democratic Republic of the Congo (DRC) will extend its ban on cobalt exports, leading to an increase in cobalt-related stocks [1] Group 1: Company Performance - Liqin Resources (02245.HK) saw a rise of 6.68%, trading at 17.4 HKD [1] - Luoyang Molybdenum (03993.HK) experienced a slight increase of 0.55%, trading at 12.9 HKD [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources (02245) up 6.68% to HKD 17.4 and Luoyang Molybdenum (603993) (03993) up 0.55% to HKD 12.9 [1] - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to global cobalt supply being significantly below normal levels from 2025 to 2027, which is expected to drive cobalt prices higher [1] Group 2 - Morgan Stanley notes that the extension of the cobalt export ban until October 15 will be followed by quotas, with the 2026-2027 quota set at 40% of normal production [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale nickel production capacity in Indonesia with cost advantages, positioning the company to benefit significantly from rising cobalt prices [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources up 6.68% to HKD 17.4 and Luoyang Molybdenum up 0.55% to HKD 12.9 [1] - The Congolese government updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to significantly lower global cobalt supply from 2025 to 2027, resulting in a strong potential increase in cobalt prices [1] Group 2 - Morgan Stanley notes that if Luoyang Molybdenum receives proportional quotas, potential sales could be approximately 8,600 tons in Q4 2025 and about 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale wet nickel production capacity in Indonesia, which positions the company to benefit significantly from rising cobalt prices [1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on the production of molybdenum, tungsten, and precious metals like gold, with a strong emphasis on expanding its precious metal business [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, smelting, deep processing, and trading of precious metals [7]. - The company's main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [7]. Production and Financial Performance - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2]. - For the first half of 2025, the company reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [8]. - The company is the second-largest producer of phosphorus fertilizer in Brazil and has a complete phosphorus industry chain, with phosphorus-related product revenue of 2.834 billion yuan in 2017, accounting for 11.82% of total revenue [3]. Market Activity - On September 22, the company's stock rose by 1.60%, with a trading volume of 2.481 billion yuan and a market capitalization of 271.922 billion yuan [1]. - The company has experienced a net outflow of 7.6914 million yuan from major funds today, with a continuous reduction in major fund positions over the past three days [4][5]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [8]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and Huaxia SSE 50 ETF, which holds 138 million shares, both of which have increased their holdings compared to the previous period [9].