Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company is expected to benefit significantly from the rising prices of tin and antimony, with a projected increase in revenue and net profit for the coming years [5][6] - The company achieved a revenue of 2.787 billion yuan in H1 2025, representing a year-on-year increase of 23.66%, and a net profit of 382 million yuan, up 9.49% year-on-year [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted upwards, with expected figures of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan respectively [5][6] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.543 billion yuan, a year-on-year increase of 19.55% and a quarter-on-quarter increase of 23.95% [5][6] - The net profit for Q2 2025 was 228 million yuan, showing a year-on-year increase of 2.22% and a quarter-on-quarter increase of 48.87% [5][6] - The company’s tin ingot production in Q2 2025 was 3,237.96 tons, a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [6] Production and Pricing Insights - The average market price for tin ingots in Q2 2025 was approximately 264,000 yuan per ton, with a slight increase compared to the previous periods [6] - The company’s gross profit from the tin ingot segment in Q2 2025 was 186 million yuan, reflecting a quarter-on-quarter increase of 38% [6] - The antimony segment achieved a gross profit of 240 million yuan in Q2 2025, with a gross margin close to 90% [6] Strategic Initiatives - The company is actively promoting a "Three-Year Action Plan" aimed at enhancing production capacity, including a planned investment of 1.09 billion yuan for deep mining projects [7] - The company’s copper mine project has seen an increase in certified scale from 2.376 million tons per year to 3.5 million tons per year [7] Financial Projections - Revenue projections for 2025 to 2027 are 5.103 billion yuan, 5.435 billion yuan, and 6.506 billion yuan respectively, with corresponding net profit estimates of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan [9][12] - The expected EPS for 2025, 2026, and 2027 are 1.49 yuan, 1.66 yuan, and 2.10 yuan respectively, with P/E ratios of 17.8, 15.9, and 12.6 [9][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company achieved a significant increase in profits in Q2, primarily due to a notable rise in self-produced ore sales. The revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit of 382 million yuan, up 9.49% year-on-year [2][10]. - The company is focusing on resource expansion and production capacity enhancement, with several major projects underway, including the increase of ore reserves at the Fozi Mine and the acceleration of mining projects [4][19]. Financial Performance - In the first half of 2025, the company produced 3,273.80 tons of tin concentrate, a decrease of 6.18% year-on-year, while tin ingot production increased by 19.30% to 6,147.02 tons. Zinc concentrate production was 27,100 tons, down 1.17% year-on-year, and zinc ingot production was 16,500 tons, up 8.47% [2][14]. - The gross profit structure shows that tin ingot business contributed 321 million yuan, accounting for 31.68% of total gross profit, while antimony ingot and lead-antimony concentrate contributed 413 million yuan, accounting for 40.73% [3][14]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 5.349 billion yuan in 2025, with a year-on-year growth rate of 15.5%. The net profit is projected to be 1.001 billion yuan, reflecting a growth rate of 52.2% [5][22]. - The company is one of the few in China focusing on tin and antimony as primary minerals, which positions it well to benefit from price increases in these metals [5][22].

Market Performance - The small metals sector increased by 2.32% on August 15, with Baowu Magnesium leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Baowu Magnesium (002182) closed at 13.22, up 5.00% with a trading volume of 388,500 shares and a transaction value of 508 million [1] - Shenghe Resources (600392) closed at 23.18, up 4.79% with a trading volume of 2,325,500 shares and a transaction value of 5.366 billion [1] - Zhongkuang Resources (002738) closed at 41.46, up 4.14% with a trading volume of 266,400 shares and a transaction value of 1.092 billion [1] - Other notable performers include Jinyao Co. (601958) up 4.08%, and China Tungsten High-tech (000657) up 3.72% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.028 billion from institutional investors, while retail investors experienced a net outflow of 395 million [1] - Major stocks like Shenghe Resources and Baowu Magnesium had significant net inflows from institutional investors, indicating strong interest [2] - Retail investors showed a net outflow in several stocks, including Shenghe Resources and Zhongkuang Resources, suggesting a cautious sentiment among retail participants [2]

Group 1 - The company reported a revenue of 2.787 billion yuan, representing a year-on-year increase of 23.66% [1] - The net profit attributable to shareholders reached 382 million yuan, showing a year-on-year growth of 9.49% [1] - The main business activities include exploration, mining, and processing of non-ferrous metals, with key products being tin, zinc, lead, antimony, and copper concentrates [1] Group 2 - The company holds significant mineral reserves of tin, antimony, and zinc, ranking among the top in the country, which supports its long-term sustainable development [1] - The company adheres to five operational philosophies: leading efficiency, new quality empowerment, collaborative efficiency, cash is king, and risk control [2] - As the only state-owned listed company in the non-ferrous metal industry in Guangxi, the company benefits from favorable external conditions and policy support [2]

Group 1 - The core viewpoint of the report is that Guoxin Securities has given a "buy" rating for Huaxi Nonferrous (600301.SH) with a latest price of 25.76 yuan [2] - The company's performance is generally in line with expectations [2] - The company demonstrates excellent cost control and has a strong capital structure [2] Group 2 - Huaxi Nonferrous is identified as a key listed platform for local state-owned assets in the nonferrous sector, actively promoting production increases [2] - The anticipated price increases for antimony and tin are expected to create a positive synergy [2]

Core Viewpoint - The company reported its 2025 H1 results, showing a revenue increase of 23.66% year-on-year and a net profit growth of 9.49% [1] Financial Performance - In 2Q25, the company achieved a revenue of 1.543 billion yuan, representing a quarter-on-quarter increase of 23.95% and a year-on-year increase of 19.55% [1] - The net profit for 2Q25 was 228 million yuan, with a quarter-on-quarter increase of 48.87% and a year-on-year increase of 2.22% [1] - The main products, antimony, tin, lead, and zinc, saw price changes of +42.98%, +3.75%, -1.36%, and -5.90% respectively on a quarter-on-quarter basis, and +86.08%, +1.58%, -5.89%, and -2.96% on a year-on-year basis [2] - The gross profit margin for 2Q25 increased by 32.57% quarter-on-quarter and 11.58% year-on-year, while the gross profit margin level decreased year-on-year due to a decline in sales of self-produced antimony and tin products [2][3] Cost Management and Capital Structure - The company maintained excellent cost control, with total expenses for 2Q25 at 102 million yuan, showing a quarter-on-quarter increase of 3.03% and year-on-year stability [2] - The expense ratio for 2Q25 was 6.61%, decreasing by 1.34 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [3] - The company's asset-liability ratio was 35.84% at the end of 2Q25, reflecting a continuous optimization of the capital structure [3] Growth Initiatives - As a core listed platform under the Guangxi State-owned Assets Supervision and Administration Commission, the company is actively implementing a three-year action plan to increase production [3] - The company is advancing the development of mining resources in the Nandan County copper and tin-zinc mining area, with production capacity expected to expand to 3.5 million tons per year [3] Price Outlook - Antimony prices are expected to rebound due to a recovery in exports and increasing demand, while tin prices are also projected to rise due to limited production recovery in Wa State and strong inventory support [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.7 billion, 6.8 billion, and 7.5 billion yuan for 2025-2027, with net profits of 980 million, 1.58 billion, and 1.86 billion yuan respectively [4] - The expected earnings per share (EPS) for the same period are 1.54, 2.50, and 2.95 yuan, corresponding to price-to-earnings (PE) ratios of 17, 10, and 9 times [4]

Group 1 - The core viewpoint of the articles highlights the recent movements of social security funds in the stock market, with 16 new stocks being added to their portfolio in the second quarter [1] - A total of 384 companies have disclosed their semi-annual reports, revealing the actions of institutional investors through the top ten circulating shareholders [1] - Social security funds appeared in 57 stocks, with 16 new positions, 15 increased holdings, 15 reduced holdings, and 11 stocks where the holding amount remained unchanged [1] Group 2 - Among the newly established stocks, the highest number of social security fund appearances in the top ten circulating shareholders is in Su Shi Testing, with three funds holding a total of 14.86 million shares, accounting for 2.94% of circulating shares [1] - The stock with the highest holding ratio among the new positions is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] - The stock with the largest holding amount among the new positions is Satellite Chemical, with 20.17 million shares held, followed by Su Shi Testing and Zhongyuan Expressway with 14.86 million shares and 13 million shares, respectively [1] Group 3 - In terms of performance, 15 of the newly established stocks reported year-on-year net profit growth, with the highest increase being 496.60% for Xin Qiang Lian, which achieved a net profit of 399.61 million yuan [2] - Other companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2] - A detailed list of newly established stocks by social security funds includes various companies across different industries, such as Zhong Chumei in basic chemicals and Beiding Co., Ltd. in home appliances [2]

Core Viewpoint - The performance of Huaxi Nonferrous (600301) meets expectations, with a focus on the resonance of antimony and tin prices, leading to a "Buy" rating from Guojin Securities analysts Wang Qinyang and Jin Yuntao [1] Financial Performance - For H1 2025, the company achieved a revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [2] - In Q2 2025, revenue reached 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 19.55%; net profit was 228 million yuan, up 48.87% quarter-on-quarter and 2.22% year-on-year [2] Price Trends and Sales - In Q2 2025, the prices of the company's main products (antimony, tin, lead, and zinc) changed as follows: antimony +42.98%, tin +3.75%, lead -1.36%, zinc -5.90% quarter-on-quarter; and antimony +86.08%, tin +1.58%, lead -5.89%, zinc -2.96% year-on-year [3] - Sales volumes for lead-antimony concentrate, tin ingots, and zinc ingots changed quarter-on-quarter by +3.98%, +13.01%, and -10.40% respectively [3] Profitability and Cost Management - The company's gross profit and gross margin in Q2 2025 increased by 32.57% and 6.97 percentage points quarter-on-quarter, and by 11.58% and decreased by 6.71 percentage points year-on-year, respectively [3] - The company maintained excellent cost control, with Q2 2025 period expenses at 102 million yuan, a quarter-on-quarter increase of 3.03% and flat year-on-year [4] - The asset-liability ratio at the end of Q2 2025 was 35.84%, showing a continuous optimization of the capital structure [4] Growth Initiatives - As a core listed platform under the Guangxi State-owned Assets Supervision and Administration Commission, the company is actively implementing a three-year action plan, including projects to increase mining capacity from 330,000 tons/year to 450,000 tons/year [4] - The company is also advancing the development of tin-zinc mineral resources in the Tongkuang mining area, with production capacity expanded to 3.5 million tons/year [4] Price Outlook - Antimony prices are expected to rise due to a recovery in exports and approaching demand inflection points, while tin prices are also anticipated to increase due to limited production recovery and strong inventory support [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.7 billion yuan, 6.8 billion yuan, and 7.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 980 million yuan, 1.58 billion yuan, and 1.86 billion yuan [5] - The estimated earnings per share (EPS) for the same years are 1.54 yuan, 2.50 yuan, and 2.95 yuan, corresponding to price-to-earnings (PE) ratios of 17, 10, and 9 times [5]

Core Points - The company held its 20th meeting of the 9th Board of Directors on August 13, 2025, with all 9 directors present, confirming compliance with relevant laws and regulations [1] - The company reported positive year-on-year growth in production and operational indicators for the first half of 2025, focusing on enhancing core competitiveness in the specialty metals industry [1] - The company emphasized the integration of production operations, capital management, and technological empowerment as key drivers for growth [1] Group 1 - The company implemented comprehensive safety and environmental measures in the first half of 2025, successfully preventing major safety incidents and environmental events [2] - The Board approved the half-year report and its summary, with unanimous support from all directors [2][3] - The Board also approved a special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support [3] Group 2 - The Board approved adjustments to the expected daily related transactions for 2025, with a majority vote in favor [3] - A resolution was passed to convene the fourth extraordinary general meeting of shareholders on September 1, 2025, to discuss several key proposals [3][4] - The company provided notifications and materials related to the upcoming extraordinary general meeting on the Shanghai Stock Exchange website [4][5]

证券代码：600301 证券简称：华锡有色 编号：2025-048 本公司监事会及全体监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"）第九届监事会第十七 次会议通知与相关文件于 2025 年 8 月 1 日通过电子材料和书面通知方式送达， 并于 2025 年 8 月 13 日在南宁市良庆区体强路 12 号北部湾航运中心 A 座 910 会 议室以现场会议方式召开。本次会议应出席会议的监事 4 名，实到 4 名。会议由 监事会主席陆春华先生主持。本次会议的召集和召开符合《中华人民共和国公司 法》和《公司章程》的有关规定。经与会监事认真审议，形成如下决议： 三、审议通过《关于调整广西华锡有色金属股份有限公司 2025 年度日常关 联交易预计的议案》 表决情况：4 票赞成、0 票反对、0 票弃权。 二、审议通过《关于〈广西华锡有色金属股份有限公司 2025 年半年度募集 资金存放与实际使用情况的专项报告〉的议案》 监事会对《关于〈广西华锡有色金属股份有限公司 2025 年半年度募集资金 存放与实际使用情 ...