Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of the "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Resumption and Policy Impact - ICBC will resume accepting applications for the "Ruyi Gold Accumulation" business starting November 3, 2023, after a temporary suspension due to risk management requirements [2][4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. - The Ministry of Finance and the State Taxation Administration released new tax policies regarding gold, effective from November 1, 2025, which will impact the taxation of gold transactions [6]. Group 2: Price Adjustments and Market Reactions - Chow Tai Fook Jewelry announced price adjustments for certain gold products starting November 3, 2023, due to increased costs from the new tax policies [8]. - On November 3, 2023, A-share gold jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and others like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10]. Group 3: Tax Policy Implications - The new tax regulations are expected to have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for investment gold sales, and potential price increases for consumers purchasing gold jewelry [10].

Core Insights - The cobalt business of Pengxin Resources reported significant growth in the first three quarters of 2025, with sales revenue of cobalt hydroxide reaching 245 million yuan, a year-on-year increase of 897.59%, which was a key driver for the company's turnaround [1] - The surge in cobalt sales is attributed to the essential role of cobalt in the new energy sector and the company's strong resource reserves and cost control [1] - The rebound in cobalt prices due to the recovery in new energy demand in 2025, along with a reversal of inventory impairment of 225 million yuan, directly activated the performance elasticity of the cobalt business [1] Resource Reserves - Pengxin Resources controls over 200,000 tons of cobalt resources globally, with a potential reserve of 100,000 tons in the Congo (Kinshasa) 1078 block and an equity reserve of 10,600 tons from the Australian Clean TeQ project, leading the industry in scale [1] - The Congo (Kinshasa) base has established a cobalt hydroxide production line with a designed capacity of 3,000 tons per year, with plans to expand to 7,000 tons per year in the second phase, indicating clear future growth potential [1] Cost Management - The company has built a competitive barrier through low-cost operations, with a complete cost of cobalt products at approximately 3,200 USD per ton, which is 15 percentile points below the global cost curve and 20% lower than peers like Huayou Cobalt [2] - A partnership with the local government to establish a cobalt ore trading center is expected to yield 15%-20% of export quotas in 2025, giving the company a competitive edge under the quota system in Congo (Kinshasa) [2] Future Prospects - With the Clean TeQ project in Australia expected to commence production in 2025, adding 2,000 tons per year of cobalt capacity, and the continuous expansion of the new energy industry demand, Pengxin Resources' cobalt business is poised to further unleash performance potential [2] - The cobalt business is expected to become a crucial support for the company's strategic focus on "gold + copper + cobalt" [2]

Core Viewpoint - The A-share market's copper concept stocks experienced a significant rally, driven by record-high copper prices on the London Metal Exchange (LME) due to increased supply risks from mine shutdowns [1]. Group 1: Market Performance - Jiangxi Copper approached the daily limit up, with a rise of 9.57%, and a total market capitalization of 148.7 billion [2]. - Electric Alloy and Shengtun Mining both increased by over 6%, with Electric Alloy rising by 6.46% and a market cap of 7.991 billion [2]. - Yunnan Copper and Tongling Nonferrous Metals both saw increases of over 5%, with Yunnan Copper rising by 5.23% and a market cap of 37.1 billion [2]. - Pengxin Resources rose by 3.34%, with a market cap of 1.85 billion [2]. Group 2: Price Movements - The LME copper price reached a record high, increasing by 0.9% to $11,136 per ton [1].

Core Viewpoint - Pengxin Resources has shown significant stock price performance this year, with a year-to-date increase of 151.06%, despite a recent decline in the last five trading days [2]. Group 1: Stock Performance - As of October 29, the stock price of Pengxin Resources rose by 2.10% to 8.26 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 18.278 billion CNY [1]. - The stock has experienced a 2.82% decline over the last five trading days, but has increased by 31.53% over the past 20 days and 87.30% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Pengxin Resources reported a revenue of 4.129 billion CNY, reflecting a year-on-year growth of 26.83%. The net profit attributable to shareholders reached 234 million CNY, marking a substantial increase of 299.98% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 166 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Pengxin Resources was 74,600, a decrease of 7.18% from the previous period. The average number of circulating shares per shareholder increased by 7.74% to 26,712 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 26.3152 million shares, an increase of 11.2564 million shares compared to the previous period [3].

Core Insights - The company reported a revenue of 1.455 billion yuan for the third quarter of 2025, representing a year-on-year decline of 24.23% [1] - The net profit attributable to shareholders of the listed company was 92.5853 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.5311 million yuan [1]

Group 1 - The core point of the article is that Pengxin Resources announced the convening of its 14th meeting of the 8th Board of Directors on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, the revenue composition of Pengxin Resources was as follows: trade business accounted for 51.07%, manufacturing accounted for 48.68%, and other businesses accounted for 0.25% [1] - As of the time of reporting, the market capitalization of Pengxin Resources was 18.2 billion yuan [1]

证券代码：600490 证券简称：鹏欣资源 公告编号：临 2025-035 鹏欣环球资源股份有限公司 第八届监事会第十二次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 2、公司 2025 年第三季度报告真实反映了公司的财务状况和经营成果。 3、对公司 2025 年第三季度报告的审核意见： （1）2025 年第三季度报告的编制和审议程序均符合法律、法规、《公司章 程》和公司内部管理制度的各项规定； （2）2025 年第三季度报告的内容和格式均符合中国证监会和上海证券交易 所的各项规定，所包含的信息能从各个方面真实反映出公司 2025 年第三季度的 经营管理和财务状况等实际情况； （3）在公司监事会提出本意见前，未发现参与 2025 年第三季度报告编制和 审议的人员有违反保密规定的行为； 鹏欣环球资源股份有限公司（以下简称"公司"）第八届监事会第十二次会 议于 2025 年 10 月 24 日（星期五）以现场结合通讯方式召开。会议应到监事 3 名，实到监事 3 名，有效表决票 3 票， ...

二、董事会会议审议情况 会议由董事长王健先生主持，经与会董事认真审议，以书面表决形式审议通 过如下决议： 证券代码：600490 证券简称：鹏欣资源 公告编号：临 2025-034 鹏欣环球资源股份有限公司 第八届董事会第十四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 鹏欣环球资源股份有限公司（以下简称"公司"）第八届董事会第十四次会 议于 2025 年 10 月 24 日（星期五）以现场结合通讯方式召开，会议应到董事 5 名，实到董事 5 名，有效表决票 5 票，本次会议的召开符合《公司法》和《公司 章程》的有关规定。 2025 年 10 月 28 日 （一）审议通过《公司 2025 年第三季度报告》 《公司 2025 年第三季度报告》详见上海证券交易所网站(www.sse.com.cn)。 表决结果：5 票同意，0 票反对，0 票弃权。 本议案在提交董事会审议前已经公司董事会审计委员会审议通过。 特此公告。 鹏欣环球资源股份有限公司董事会 ...

Financial Performance - The company's operating revenue for the third quarter was ¥1,454,841,176.49, a decrease of 24.23% compared to the same period last year[3]. - Year-to-date operating revenue reached ¥4,129,339,628.68, an increase of 26.83% year-over-year, driven by significant growth in gold, copper, and cobalt business[3][8]. - The total profit for the third quarter was ¥156,026,780.50, with a year-to-date total profit of ¥313,251,137.62, reflecting a year-over-year increase of ¥498 million[3][8]. - The net profit attributable to shareholders for the third quarter was ¥92,585,306.46, with a year-to-date net profit of ¥234,052,570.29[3]. - The company achieved a revenue of RMB 4.129 billion for the reporting period, representing a year-on-year growth of 26.83%[12]. - The total profit for the period was RMB 313 million, with a net profit attributable to shareholders of RMB 234 million, marking a significant turnaround from losses in the previous year[12]. - The company’s total profit for the first three quarters of 2025 was ¥313,251,137.62, recovering from a loss of ¥185,100,396.24 in the same period of 2024[23]. - Net profit for the first three quarters of 2025 was ¥248,740,038.57, compared to a net loss of ¥186,704,983.23 in the same period of 2024[24]. - The company reported a comprehensive income total of ¥223,015,693.42, recovering from a loss of ¥190,678,623.88 in the previous year[24]. Production and Sales - The company reported a significant increase in gold production, with a total output of 963.76 kg, and sales of 773.38 kg, contributing to revenue growth[8]. - Gold production reached 963.76 kg, with sales of 773.38 kg, resulting in revenue of RMB 583 million, an increase of RMB 583 million year-on-year[12]. - The cobalt hydroxide business saw a sales volume of 1,236 tons, an increase of 986 tons year-over-year, resulting in revenue of ¥2.45 billion, a growth of 897.59%[8]. - The copper business generated revenue of RMB 1.178 billion, reflecting a year-on-year growth of 24.73%[13]. - The cobalt hydroxide business saw a remarkable revenue increase of 897.59%, totaling RMB 245 million due to market price rebounds[13]. Assets and Equity - The company's total assets increased to ¥7,672,661,924.98, up 5.87% from the end of the previous year[4]. - Shareholders' equity attributable to the company reached ¥6,347,198,564.18, a 4.46% increase from the previous year-end[4]. - Total assets at the end of the reporting period were RMB 7.673 billion, up 5.87% from the previous year[12]. - Shareholders' equity attributable to the company reached RMB 6.347 billion, an increase of 4.46% compared to the end of the previous year[12]. - The company's total assets reached CNY 7,672,661,924.98, compared to CNY 7,246,999,517.83 at the end of 2024, reflecting an increase of approximately 5.9%[19]. - The company's equity attributable to shareholders rose to CNY 6,347,198,564.18, compared to CNY 6,076,056,209.00, which is an increase of approximately 4.5%[20]. Cash Flow and Financing - As of September 30, 2025, the company had a total of CNY 1,147,099,481.92 in cash and cash equivalents, an increase from CNY 839,333,943.72 at the end of 2024, representing a growth of approximately 36.7%[18]. - The total current assets amounted to CNY 3,511,906,868.35, up from CNY 2,870,760,549.76, indicating a growth of about 22.3% year-over-year[18]. - Cash flow from operating activities generated a net amount of ¥498,254,237.85, a significant recovery from a negative cash flow of ¥467,793,346.62 in the previous year[27]. - Cash inflow from investment activities totaled ¥570,194,060.77, down from ¥1,158,075,129.84 in the same period of 2024[27]. - The net cash flow from investment activities was -$227.8 million, a significant decrease compared to $695.2 million in the previous period[28]. - Total cash inflow from financing activities was $1,015.2 million, up from $871.2 million year-over-year[28]. - The net cash flow from financing activities was -$63.7 million, an improvement from -$117.9 million in the prior year[28]. - The ending balance of cash and cash equivalents was $683.3 million, compared to $610.7 million at the end of the previous period[28]. - Cash outflow from investment activities totaled $798.0 million, an increase from $462.9 million year-over-year[28]. - Cash outflow from financing activities amounted to $1,078.9 million, up from $989.1 million in the previous year[28]. - The cash and cash equivalents net increase was $203.8 million, compared to $109.8 million in the previous period[28]. Strategic Plans and Compliance - The company plans to provide a guarantee for its wholly-owned subsidiary's product sales prepayment, with a maximum guarantee amount of USD 10 million[13]. - The company is in discussions regarding performance compensation related to the acquisition of Ningbo Tianhong Yihua Trading Co., Ltd., which involves issuing 220,265,693 shares and cash payments of RMB 400 million[14]. - The company approved a hedging business plan for 2025, with a maximum hedging position of 12,000 tons of copper and a maximum margin of RMB 200 million[14]. - The company plans to use up to CNY 720 million in self-owned funds for pledging deposits and large certificates of deposit to enhance capital efficiency and meet operational needs[16]. - The company conducted five related transactions involving pledged deposits, with amounts ranging from CNY 27.7 million to CNY 45 million, generating actual returns of up to CNY 720,000[16]. - The company aims to focus on core mining businesses, particularly in copper and gold, to enhance product sales scale and profitability[17]. - The company will continue to strengthen compliance operations and risk management while optimizing capital allocation across various business segments[17]. - The company has not exceeded the limits approved by the shareholders' meeting for hedging and financial asset pledges[15]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[29]. - The board of directors announced the financial results on October 24, 2025[30].

Core Insights - The company reported a third-quarter revenue of 1.455 billion yuan, representing a year-on-year decline of 24.23% [1] - The net profit for the third quarter was 92.5853 million yuan [1] - For the first three quarters, the company achieved a revenue of 4.129 billion yuan, showing a year-on-year growth of 26.83% [1] - The net profit for the first three quarters was 234 million yuan [1]