Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. held a performance briefing on November 4, 2025, to discuss its Q3 2025 results, emphasizing the need for transparency and investor engagement [1][2]. Group 1: Performance Overview - The company reported a 21.16% year-on-year increase in revenue for the first three quarters, but a decline of 8.54% in net profit attributable to shareholders [3]. - The decrease in net profit was primarily due to increased environmental remediation costs, changes in mining rights, and a decline in ore grade [3]. Group 2: Operational Insights - The company recognized a mining rights transfer income of 103.42 million yuan in Q3, which was fully expensed in the current period, aligning with national policies on mineral resource management [3]. - The company is actively working on innovative and efficient ore dressing processes to address the challenges posed by declining ore grades [3]. Group 3: Production and Sales - For the first three quarters of 2025, the company produced a total of 408 tons of antimony ingots and sold 288 tons, with future sales strategies being adjusted based on market conditions and customer orders [3]. Group 4: Financial Management and Future Plans - The company plans to use its reserve fund to cover previous losses before considering cash dividends, pending approval from the shareholders' meeting [4]. - The company is committed to participating in the Nandan experimental zone's development, leveraging its resources and technology for regional economic growth [4]. - Asset injection efforts are ongoing, with the company having completed the acquisition of a subsidiary and actively seeking other quality asset acquisition opportunities [4]. Group 5: Market Value Management - The company emphasizes the importance of market value management, focusing on improving operational performance, enhancing investor communication, and optimizing information disclosure to increase investment value [4].

证券代码：600301 股票简称：华锡有色 编号：2025-061 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。 广西华锡有色金属股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日披露了《公司 2025 年第三季度报告》，为便于广大投资者更加全面深入地了解 公司经营成果和财务状况，公司于 2025 年 11 月 4 日（星期二）10:30-11:30 在 "价值在线"（网址：www.ir-online.cn），组织召开了公司 2025 年第三季度业 绩说明会。 为提升业绩说明会的召开质量和效率，公司于 10 月 31 日通过上海证券交易 所网站发布了《公司关于召开 2025 年第三季度业绩说明会的公告》（公告编号： 2025-060），对本次业绩说明会的召开时间、参与方式、出席会议人员、问题预 征集等事项进行了说明，多渠道向投资者征集问题，增强业绩说明会针对性的同 时，为投资者参与业绩说明会预留了充足的时间。 一、业绩说明会召开情况 1 问2：公司2025年第三季度子公司更换采矿权证补计出让收益是什么事情？ ...

Market Overview - The small metals sector experienced a decline of 2.19% on November 3, with Huaxi Nonferrous Metals leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Small Metals Sector Performance - Key stocks in the small metals sector showed varied performance, with Zhongmin Resources closing at 57.61, up 2.42%, and Huaxi Nonferrous Metals closing at 30.13, down 6.14% [1][2] - The trading volume and turnover for Zhongmin Resources were 291,700 shares and 1.679 billion yuan, respectively [1] Capital Flow Analysis - The small metals sector saw a net outflow of 1.946 billion yuan from main funds, while retail investors contributed a net inflow of 1.859 billion yuan [2] - Specific stocks like Xiamen Tungsten and Geyang Platinum experienced mixed capital flows, with Xiamen Tungsten seeing a net inflow of 17.32 million yuan from main funds [3] Individual Stock Highlights - Huaxi Nonferrous Metals had a significant drop of 6.14% with a trading volume of 194,600 shares and a turnover of 581 million yuan [2] - North Rare Earth also faced a decline of 3.76%, with a trading volume of 1.3886 million shares and a turnover of 6.788 billion yuan [2]

Core Viewpoint - The company plans to use its capital reserve to cover losses, aiming to enhance its ability to return value to investors and comply with legal profit distribution conditions [10][11][12]. Financial Data - The company reported a net profit of 1,831.12 yuan from the merged entity for the current period, compared to 16,778,176.58 yuan from the previous period [8]. - The company’s total undistributed profits as of December 31, 2024, were -1,069,418,631.49 yuan, with a surplus reserve of 57,005,751.71 yuan and a capital reserve of 2,897,228,466.85 yuan [11]. Operational Performance - The company experienced a decline in gross margins for its main products, including tin, zinc, lead, and antimony, due to factors such as decreased ore grades, environmental management costs, and increased reliance on purchased raw materials [50][51]. Shareholder Information - The company will hold its fifth extraordinary general meeting on November 17, 2025, to discuss the proposal to use capital reserves to cover losses [30][25]. - The board of directors approved the proposal to use surplus and capital reserves to cover cumulative losses, which will be submitted for shareholder approval [19][12]. Important Events - The company’s board of directors held a meeting on October 30, 2025, where they approved the third-quarter report and the proposal for using capital reserves to cover losses [16][19]. - The company plans to implement the capital reserve usage after obtaining approval from the shareholders' meeting, which introduces some uncertainty [14].

Group 1 - The core viewpoint of the news highlights a significant rise in the non-ferrous metals and gold sectors, with specific companies experiencing notable stock performance [1] Group 2 - Major Mining Company has achieved three consecutive trading limits, indicating strong market interest and investor confidence [1] - Hunan Gold has seen an increase of over 7%, reflecting positive sentiment in the gold market [1] - Other companies such as Huaxi Nonferrous, Silver Nonferrous, and Xingye Silver Tin have also shown upward movement, suggesting a broader trend in the sector [1]

Company Overview - Huaxi Nonferrous Metals (SH 600301) announced a temporary board meeting on October 30, 2025, to discuss the adjustment of the audit committee members [1] - The company reported that from January to June 2025, its revenue composition was as follows: 92.96% from nonferrous metal mining, 4.61% from nonferrous metal processing, and 2.43% from the service industry [1] Industry Context - The news highlights the occurrence of "negative electricity prices" in multiple regions, raising questions about why power plants are reluctant to shut down despite not making profits from electricity sales [1]

Core Viewpoint - Huaxi Nonferrous (600301.SH) reported a year-on-year revenue increase of 21.16% for the first three quarters of 2025, reaching 4.138 billion yuan, while net profit attributable to shareholders decreased by 8.54% to 494 million yuan, with basic earnings per share at 0.781 yuan [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 4.138 billion yuan, reflecting a growth of 21.16% compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 494 million yuan, showing a decline of 8.54% year-on-year [1] - Basic earnings per share stood at 0.781 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,350,936,518.15, an increase of 16.32% compared to ¥1,161,431,180.45 in the same period last year[3] - The total profit for Q3 2025 was ¥257,897,910.25, a decrease of 33.18% from ¥385,943,439.85 in the previous year[3] - Net profit attributable to shareholders for Q3 2025 was ¥112,352,232.77, down 41.37% from ¥191,617,860.70 in the same period last year[3] - The basic earnings per share for Q3 2025 decreased by 40.00% to ¥0.18 from ¥0.30 in the previous year[3] - The weighted average return on equity for Q3 2025 was 3.00%, a decrease of 1.94 percentage points from 5.06% in the same period last year[3] - Net profit for the first three quarters of 2025 was ¥828,557,991.18, a decrease of 3.1% from ¥855,032,336.13 in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 are CNY 0.781, down from CNY 0.854 in 2024, indicating a decrease of about 8.5%[20] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥8,363,534,181.03, representing an increase of 8.04% from ¥7,740,148,088.59 at the end of the previous year[3] - Total liabilities increased to ¥2,930,036,316.60 as of September 30, 2025, from ¥2,755,690,629.78 at the end of 2024, marking a rise of 6.3%[16] - The company's non-current assets totaled ¥5,595,174,792.02 as of September 30, 2025, slightly down from ¥5,600,790,546.92 at the end of 2024[16] - The total equity attributable to shareholders increased to ¥4,493,886,715.03 as of September 30, 2025, compared to ¥3,999,248,414.49 at the end of 2024, reflecting a growth of 12.4%[16] Production and Operations - The company reported a 9.65% decrease in tin concentrate production, with 4,758.68 tons produced in the first three quarters of 2025 compared to 5,267.04 tons in 2024[12] - Zinc ingot production increased by 15.08%, reaching 8,897.34 tons in 2025 compared to 7,731.25 tons in 2024[12] - The company reported a 4.37% decrease in zinc concentrate production, with 39,686.66 tons produced in 2025 compared to 41,498.55 tons in 2024[12] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥887,231,931.52, a decrease of 4.13% compared to ¥925,459,341.10 in the previous year[3] - Cash inflow from operating activities for the first three quarters of 2025 is CNY 4,860,350,813.50, compared to CNY 3,940,618,244.70 in 2024, reflecting an increase of approximately 23.3%[22] - Cash outflow from operating activities for the first three quarters of 2025 is CNY 3,973,118,881.98, up from CNY 3,015,159,919.94 in 2024, which is an increase of about 31.8%[22] - The ending balance of cash and cash equivalents for the first three quarters of 2025 is CNY 1,589,180,956.37, up from CNY 1,051,203,349.04 in 2024, indicating a growth of approximately 51.1%[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,239[10] - The largest shareholder, Guangxi Huaxi Group, holds 56.47% of shares, totaling 357,231,798 shares[10] Acquisitions and Adjustments - The company completed the acquisition of 100% equity in Beijing Huaxi Jinhai Trading Co., Ltd. from Guangxi Huaxi Group in August 2025, which required retrospective adjustments to the previous year's consolidated financial statements[4] - The company plans to acquire 100% equity of Beijing Huaxi Jinhai Trading Co., Ltd. for RMB 1.0383 million[13] Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥3,160,014,296.68, up 31.8% from ¥2,398,577,672.96 in 2024[18] - Research and development expenses for the first three quarters of 2025 were ¥64,032,344.29, an increase of 44.8% compared to ¥44,253,145.75 in 2024[18] - The company recorded a net investment loss of ¥118,739.63 in the first three quarters of 2025, compared to a loss of ¥4,361.12 in the same period of 2024[18] Profitability Factors - The decline in net profit was primarily due to decreased ore grade, increased environmental management costs, and changes in mining rights affecting profitability[8] - The company recorded a net profit reduction of RMB 51.64 million due to the recognition of mining rights transfer income[12]

证券代码：600301 股票简称：华锡有色 编号：2025-060 广西华锡有色金属股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露了《广西华锡有色金属股份有 限公司 2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营 成果和财务状况，公司定于 2025 年 11 月 4 日（星期二）10:30-11:30 在"价值 在线"（www.ir-online.cn）举办公司 2025 年第三季度业绩说明会，与投资者进 行沟通和交流，广泛听取投资者的意见和建议。 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 4 日（星期二）10:30-11:30 ● 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 4 日 前 访 问 网 址 https://eseb.cn/1sK4unjCDfy 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披 ...

证券代码：600301 证券简称：华锡有色 编号：2025-057 注：本报告期内，受矿山原矿品位下降、矿山环保治理、子公司更换采矿权 证补计提前期采矿权出让收益等因素影响，叠加锡锭及深加工产品的外购原料占 比提升，成本有所提高，导致锡、锌、铅锑主要产品毛利率下降。 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。 根据上海证券交易所关于行业经营性信息披露的相关要求，广西华锡有色金 属股份有限公司（以下简称"公司"）现就 2025 年第三季度主要经营数据披露如 下： 一、 主营业务分行业分产品情况 单位：元 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 2025 年 7-9 月 营业收入 | 2025 年 7-9 月 营业成本 | 毛利 率（%） | 营业收入 比上年同 | 营业成本 比上年同 | 毛利率比上 年同期增减 | | | | | | 期增减（%） | 期增减（%） | （%） | | 有色金属采 选业 | 1 ...