Core Viewpoint - Guangsheng Nonferrous (600259.SH) reported a significant decline in revenue for Q3 2025, while net profit showed substantial growth, indicating a mixed performance driven by market conditions in the rare earth sector [1] Financial Performance - Q3 revenue was 1.957 billion yuan, a year-on-year decrease of 45.76% [1] - Q3 net profit reached 55.0619 million yuan, a year-on-year increase of 111.25% [1] - Revenue for the first three quarters was 4.634 billion yuan, down 46.97% year-on-year [1] - Net profit for the first three quarters was 128 million yuan, marking a turnaround from loss to profit [1] Market Conditions - The overall rise in the rare earth market during the reporting period contributed to the company's ability to turn a profit in the first three quarters [1]

Financial Performance - The company's operating revenue for the third quarter was ¥1,956,585,178.96, a decrease of 45.76% compared to the same period last year[5] - The total profit for the quarter was ¥57,439,258.06, representing an increase of 88.19% year-over-year[5] - The net profit attributable to shareholders was ¥55,061,936.40, up 111.25% from the previous year[5] - The net profit for the first three quarters of 2025 was CNY 102,872,743.76, compared to a net loss of CNY 296,189,660.24 in the same period of 2024, marking a significant turnaround[21] - The company reported a basic earnings per share of CNY 0.38 for the first three quarters of 2025, compared to a loss per share of CNY -0.82 in the same period of 2024[22] Cash Flow - The cash flow generated from operating activities was ¥305,932,106.47, a significant increase of 570.73% year-to-date[5] - The net cash flow from operating activities was $230.78 million, a significant increase from $34.41 million in the previous period, indicating improved operational efficiency[26] - The total cash outflow from operating activities amounted to $6.97 billion, down from $11.20 billion, reflecting a reduction in operational expenses[26] - Cash inflows from operating activities for the first three quarters of 2025 were CNY 7,204,302,946.47, down from CNY 11,232,741,614.40 in 2024, a decrease of about 35.0%[25] Assets and Liabilities - The company's total assets increased by 9.22% to ¥8,114,817,181.97 compared to the end of the previous year[6] - Total current assets as of September 30, 2025, amount to ¥4,171,942,570, an increase from ¥3,497,305,649.64 in the previous year[15] - Total assets reached ¥8,114,817,181.97, up from ¥7,429,995,571.24 in the previous year[16] - Total liabilities increased to ¥3,444,263,009.36 from ¥2,647,929,065.27 year-over-year[16] - The total liabilities as of the latest reporting period were CNY 4,367,620,150.77, an increase from CNY 3,792,749,989.22 year-over-year[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 60,925[12] - Guangdong Rare Earth Industry Group holds 38.45% of shares, totaling 129,372,517 shares[12] Inventory and Borrowings - The company's inventory increased by 25.09%, primarily due to the accumulation of rare earth products and precious metal stocks[9] - The company's short-term borrowings rose by 97.32%, attributed to increased operational financing during the reporting period[9] - Short-term borrowings rose significantly to ¥1,186,584,497.20 from ¥601,362,873.34[16] - Accounts receivable increased to ¥314,234,800.08 from ¥108,338,013.25[15] Research and Development - The company's research and development expenses decreased by 30.65%, mainly due to the suspension of some separated enterprises[9] - The company incurred research and development expenses of CNY 20,865,024.09 in the first three quarters of 2025, down from CNY 30,086,543.85 in 2024, indicating a reduction of approximately 30.5%[20] Investment Income - The company reported investment income of CNY 203,361,823.68 for the first three quarters of 2025, an increase from CNY 124,114,824.62 in the same period of 2024, representing a growth of approximately 63.7%[20] Cash Management - The ending cash and cash equivalents balance increased to $1.02 billion, up from $604.20 million, reflecting a strong liquidity position[27] - The company paid $1.98 billion in debt repayments, down from $2.45 billion, indicating a reduction in debt obligations[26] - The cash paid for fixed assets and other long-term assets was $98.31 million, a decrease from $147.10 million, suggesting a slowdown in capital expenditures[26] - The cash paid for employee compensation was $130.20 million, a decrease from $175.44 million, reflecting cost-cutting measures[26]

拟聘任的会计师事务所名称：大华会计师事务所（特殊普通合 伙） 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第九届董事会 2025 年第八次会议，审议通过了《关于续 聘大华会计师事务所（特殊普通合伙）为公司 2025 年年度审计机构 的议案》，公司拟续聘大华会计师事务所（特殊普通合伙）作为公司 2025 年度的财务审计机构，主要负责公司 2025 年年度报告审计及 2025 年内部控制审计，聘期 1 年。该议案尚需提交公司股东会审议。 现将具体情况公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 证券简称：广晟有色 证券代码：600259 公告编号：临2025-053 广晟有色金属股份有限公司 关于续聘会计师事务所的公告 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： 1.基本信息 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日 1 组织形式：特殊普通合伙 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 首 ...

证券简称：广晟有色 证券代码：600259 公告编号：临2025-051 广晟有色金属股份有限公司 关于购买董事及高级管理人员责任保险的公告 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。 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第九届董事会 2025 年第八次会议，审议了《关于购买公 司董事及高级管理人员责任保险的议案》，为进一步完善公司风险管 理体系，降低公司运营风险，促进公司董事及高级管理人员在其职责 范围内更充分地行使权力、履行职责，根据新《公司法》及《上市公 司治理准则》的有关规定，公司拟继续购买董事及高级管理人员责任 保险（以下简称"董责险"）。现将有关事项公告如下： 一、董责险的具体方案 投保人：广晟有色金属股份有限公司 被保险人：广晟有色金属股份有限公司和符合法律、法规或者公 司章程规定的任职资格，并经合法程序选任或指派，在保险期间前或 保险期间内担任被保险公司的董事、高级管理人员（包括总经理、副 总经理、董事会秘书和公司章程规定的其他人员）以及雇员的自然人。 赔偿 ...

Core Insights - Guangsheng Nonferrous (600259.SH) reported a significant decline in revenue for Q3 2025, amounting to 1.957 billion yuan, a year-on-year decrease of 45.76% [1] - The company achieved a net profit of 55.0619 million yuan in Q3, marking a year-on-year increase of 111.25% [1] - For the first three quarters of 2025, total revenue was 4.634 billion yuan, down 46.97% year-on-year, while net profit turned positive at 128 million yuan, indicating a turnaround from losses [1] Financial Performance - Q3 revenue: 1.957 billion yuan, down 45.76% year-on-year [1] - Q3 net profit: 55.0619 million yuan, up 111.25% year-on-year [1] - Year-to-date revenue (first three quarters): 4.634 billion yuan, down 46.97% year-on-year [1] - Year-to-date net profit: 128 million yuan, indicating a turnaround from previous losses [1] Market Context - The overall rise in the rare earth market during the reporting period contributed to the company's ability to turn a profit in the first three quarters [1]

证券简称：广晟有色 证券代码：600259 公告编号：临2025-056 广晟有色金属股份有限公司 关于开展期货套期保值业务的公告 交易品种：开展期货套期保值业务的品种为铜、锌、铝及锡。 交易工具：主要包括期货、期权及其组合等。 交易场所：开展套期保值业务的场所只限于合法运营的期货交 易所、商品交易所和合法运营的大型券商、银行等。 交易金额：子公司任意时点的所有期货套期保值品种持仓总量 对应的保证金总额最高不超过人民币 1,095 万元，持有的最高合约价 值不超过 6,350 万元。 已履行的审议程序：本事项已经公司第九届董事会 2025 年第 八次会议及审计、合规与风险管理委员会 2025 年第五次会议审议通 过，无需提交公司股东会审议。 1 特别风险提示：公司子公司开展的期货套期保值业务遵循合 法、审慎的原则，以规避和防范市场价格波动风险为目的。但仍存在 一定的市场风险、资金风险、技术风险与操作风险等，敬请广大投资 者注意投资风险。 一、交易情况概述 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： 交易目 ...

证券简称：广晟有色 证券代码：600259 公告编号：临2025-054 广晟有色金属股份有限公司 关于 2025 年三季度计提资产减值准备的公告 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。 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第九届董事会 2025 年第八次会议，审议通过了《关于 2025 年三季度计提资产减值准备的议案》。现将本次计提资产减值 准备的具体情况公告如下： 一、本次计提资产减值准备的情况概述 公司全资子公司韶关石人嶂矿业有限责任公司（以下简称"石人 嶂公司"）因资源枯竭、资不抵债，尽管公司采取一系列减亏扭亏等 支持措施，但成效较小，预计石人嶂公司难以扭亏为盈。为真实反映 截止 2025 年 9 月 30 日的财务状况及经营成果，公司按照企业会计准 则规定，对可能发生减值迹象的资产进行全面清查和资产减值测试。 经测试，认为石人嶂公司部分长期资产存在一定的减值迹象，基于谨 慎性原则，公司对截至 2025 年 9 月 30 日可能存在减值迹象的长期资 产进行价值评 ...

证券简称：广晟有色 证券代码：600259 公告编号：临 2025-055 广晟有色金属股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 07 日（星期五）13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 31 日（星期五）至 11 月 06 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱（gsys@gsysgf.com）进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 广晟有色金属股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 ...

Core Viewpoint - Guangsheng Nonferrous announced a significant decline in revenue for the third quarter, while net profit showed substantial growth compared to the previous year [1] Financial Performance - Third quarter revenue was 1.957 billion yuan, a year-on-year decrease of 45.76% [1] - Net profit for the third quarter was 55.0619 million yuan, a year-on-year increase of 111.25% [1] - Revenue for the first three quarters was 4.634 billion yuan, a year-on-year decrease of 46.97% [1] - Net profit for the first three quarters was 128 million yuan [1]

Core Insights - The semiconductor industry is facing a significant cost increase due to a 90% price hike in hexafluorotungsten, a critical gas used in chip manufacturing, starting in 2025 [1][3] - The price of tungsten, the raw material for hexafluorotungsten, has surged approximately 95% in China, reaching 280,000 RMB per ton [3] - The supply chain is undergoing a fundamental shift, with tungsten accounting for about 60% of the cost of hexafluorotungsten, making it highly sensitive to price changes [3][10] Industry Impact - Hexafluorotungsten is essential in semiconductor manufacturing, particularly in chemical vapor deposition processes, where it deposits high-purity tungsten films on wafers [7][8] - The global semiconductor industry consumes 7,000 to 8,000 tons of hexafluorotungsten annually, highlighting its critical role in producing logic chips, DRAM, and 3D NAND flash memory [8] - China's dominance in tungsten mining, with over 80% of global production, positions it as a key player in the semiconductor supply chain [10] Company Developments - China Shipbuilding Special Gas is a leading supplier of hexafluorotungsten, with an annual capacity of 2,000 tons and a global market coverage of 70.31% [10][12] - Other Chinese companies, such as Nanda Optoelectronics and Haohua Technology, are also expanding their presence in the hexafluorotungsten market [12] - Major tungsten producers like Xiamen Tungsten and Zhangyuan Tungsten are well-positioned in the supply chain, controlling the entire process from mining to deep processing [12] Market Dynamics - The Korean government plans to subsidize domestic production of key semiconductor materials to mitigate supply chain risks starting in 2025 [12] - The semiconductor industry is cyclical, and current high demand may decrease, leading to uncertainty in tungsten prices and their impact on hexafluorotungsten [12][14] - The volatility in hexafluorotungsten prices is prompting the semiconductor industry to reassess supply chain dependencies and consider diversification strategies [14]