Core Viewpoint - The company, Yunnan Chihong Zinc & Germanium Co., Ltd., has announced its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented in the report [1][8]. Financial Data Summary - The third-quarter financial statements are unaudited [2]. - The report period refers to the three months from the beginning to the end of the quarter [2]. Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed in the provided documents [3]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific data is not provided [4]. Production Information - The report indicates that the production data for lead and zinc concentrates has been adjusted for the period from January to September 2024, excluding the production from Tibet Xinh Lake [5]. Board Meeting Details - The eighth board of directors held its 26th meeting on October 24, 2025, where the third-quarter report was approved unanimously [9][13]. Joint Investment Progress - The company has entered into a joint investment agreement with several partners, including China Aluminum Group, to establish a joint venture named Zhonglv Qianxing (Chengdu) Technology Co., Ltd. [18][19]. - The registered capital of the joint venture is set at RMB 1.5 billion, with specific contributions from each partner outlined [21][22].

Core Viewpoint - China Aluminum (02600) has entered into a capital contribution agreement with several partners to establish a joint venture focused on the rare metals industry, which aligns with the company's strategic development plan [1] Group 1: Joint Venture Details - The joint venture will be established on October 24, 2025, with China Aluminum Group, China Aluminum, Yunnan Copper, Chihong Zinc & Germanium, and China Aluminum Capital as partners [1] - The ownership structure of the joint venture will be as follows: China Aluminum Group 25%, China Aluminum 20%, Yunnan Copper 20%, Chihong Zinc & Germanium 20%, and China Aluminum Capital 15% [1] - The registered capital of the joint venture is set at RMB 1.5 billion, with China Aluminum Group contributing RMB 375 million and China Aluminum contributing RMB 300 million [1] Group 2: Strategic Implications - The joint venture is designed to extend the rare metals industry chain and focus on downstream industries, aiming to develop advanced materials that are terminalized, productized, and high-end [1] - Participation in the joint venture allows China Aluminum to leverage the resource integration capabilities of China Aluminum Group, enhancing its competitive edge in the rare metals functional materials sector [1] - The strong business correlation between China Aluminum and the joint venture is expected to facilitate business cooperation, resource sharing, and industrial synergy, while also mitigating risks associated with independent downstream expansion [1]

Group 1 - China Aluminum (02600.HK) announced a capital contribution agreement to establish a joint venture with Chalco Group, Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital, with respective ownership stakes of 25%, 20%, 20%, 20%, and 15% [1] - The joint venture will not be a subsidiary of China Aluminum, and its financial performance will not be consolidated into the company's accounts [1] - Chalco Group is the controlling shareholder of China Aluminum, while Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital are subsidiaries of Chalco Group, making this transaction a related party transaction under Hong Kong Listing Rules Chapter 14A [1] Group 2 - The proposed business scope of the joint venture includes the processing of waste electrical and electronic products, which requires approval from relevant authorities before operations can commence [2] - Other general business activities include research and development of new materials technology, manufacturing and sales of electronic materials, sales of high-purity elements and compounds, and various metal alloy sales and manufacturing [2] - The joint venture will also engage in the smelting of rare earth metals and common non-ferrous metals, as well as the manufacturing of metallurgical equipment [2]

Core Viewpoint - China Aluminum (601600) announced a joint investment agreement with several partners to establish a joint venture focused on the rare metals industry, which aligns with the company's strategic development plan [1] Group 1: Joint Venture Details - The joint venture will be established with China Aluminum Group, Yunnan Copper (000878), Chihong Zinc & Germanium (600497), and China Aluminum Capital, with respective shareholdings of 25%, 20%, 20%, 20%, and 15% [1] - The registered capital of the joint venture is set at RMB 1.5 billion, with China Aluminum Group and the company contributing RMB 375 million and RMB 300 million, respectively [1] - The joint venture will not be a subsidiary of the company, and its financial performance will not be consolidated into the company's accounts [1] Group 2: Strategic Implications - The joint venture aims to extend the rare metals industry chain, focusing on downstream industries and developing advanced materials [1] - Participation in the joint venture allows the company to leverage China Aluminum Group's resource integration capabilities, enhancing its global competitive advantage in the rare metals functional materials sector [1] - The strong business correlation between the company and the joint venture facilitates collaboration, resource sharing, and industrial synergy, while also mitigating risks associated with independent expansion into downstream industries [1]

Core Viewpoint - The company reported a significant increase in revenue for the third quarter, but a notable decline in net profit compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 6.597 billion yuan, representing a year-on-year growth of 36.73% [1] - The net profit attributable to shareholders was 391 million yuan, showing a year-on-year decrease of 31.44% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 378 million yuan, down 30.78% year-on-year [1] - The basic earnings per share were 0.0777 yuan [1]

Group 1 - The core viewpoint of the news is that Chihong Zn & Ge Co., Ltd. reported its third-quarter performance, showing a revenue increase but a decline in net profit and earnings per share [1] Group 2 - For the first three quarters of 2025, the company achieved a revenue of approximately 17.178 billion yuan, representing a year-on-year increase of 17.24% [1] - The net profit attributable to shareholders was about 1.324 billion yuan, reflecting a year-on-year decrease of 10.18% [1] - The basic earnings per share were 0.2626 yuan, which is a year-on-year decrease of 9.29% [1] Group 3 - As of the report date, the market capitalization of Chihong Zn & Ge Co., Ltd. was 34.2 billion yuan [2]

Group 1 - The core point of the article is that Chihong Zn & Ge Co., Ltd. held its 26th meeting of the 8th board of directors on October 24, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, the revenue composition of Chihong Zn & Ge was as follows: non-ferrous metal mining and smelting accounted for 73.82%, other businesses accounted for 15.0%, and non-ferrous metal product trading accounted for 11.18% [1] - As of the report date, the market capitalization of Chihong Zn & Ge is 34.2 billion yuan [1] Group 2 - The article also mentions that Chinese innovative drugs have generated $80 billion in overseas licensing this year, highlighting a contrast between the hot secondary market in biomedicine and the cooling fundraising in the primary market [1]

证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-047 2025 年 8 月 27 日，云南驰宏锌锗股份有限公司（以下简称"公司"）第八 届董事会第二十五次会议审议批准了《关于审议与关联方共同投资设立参股公司 暨关联交易的议案》，同意公司与关联方中国铝业集团有限公司（以下简称"中 铝集团"）、中国铝业股份有限公司（以下简称"中国铝业"）、云南铜业股份 有限公司（以下简称"云南铜业"）和中铝资本控股有限公司（以下简称"中铝 资本"）共同出资设立合资公司，联合打造稀有金属产业链延伸平台。其中公司 以持有的云南驰宏国际锗业有限公司（以下简称"驰宏锗业"）100%股权加现 金合计人民币 3 亿元出资，持有合资公司 20%的股权，具体内容详见公司 2025 年 8 月 28 日披露于上海证券交易所网站（www.sse.com.cn）的《云南驰宏锌锗 股份有限公司关于与关联方共同投资设立参股公司暨关联交易的公告》（公告编 号：临 2025-042）。 二、共同投资进展 2025 年 10 月 24 日，公司与中铝集团、中国铝业、云南铜业及中铝资本就 上述成立合资公司事项正式签署了《出资协议》，主要内容如下 ...

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 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届董事会第二十六 次会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定。 2.会议通知于2025年10月15日以电子邮件和专人送达的方式发出。 3.会议于2025年10月24日以通讯方式召开。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-046 云南驰宏锌锗股份有限公司 第八届董事会第二十六次会议决议公告 审议通过《关于审议<公司2025年第三季度报告>的议案》（具体内容详见 上海证券交易所网站：www.sse.com.cn） 表决结果：同意 10 票，反对 0 票，弃权 0 票。 本议案提交董事会审议前，已经公司董事会审计与风险管理委员会 2025 年 第六次会议审议通过。 特此公告。 云南驰宏锌锗股份有限公司董事会 2025年10月25日 备查文件： 2.公司董事会审计与风险管理委员会2025年第六次会议决议 1 4.会议应出 ...

Financial Performance - Revenue for the third quarter reached CNY 6,597,147,630.18, an increase of 36.73% compared to the previous quarter[4]. - Net profit attributable to shareholders decreased by 31.44% to CNY 391,480,215.39, primarily due to a decline in lead and zinc product prices and maintenance shutdowns[4][9]. - Basic earnings per share fell by 30.75% to CNY 0.0777, reflecting the decrease in net profit[4][9]. - Total revenue for the first three quarters of 2025 reached ¥17.18 billion, an increase of 16.5% compared to ¥14.65 billion in the same period of 2024[22]. - Net profit for the first three quarters of 2025 was ¥1.31 billion, a decrease of 11.1% from ¥1.47 billion in the same period of 2024[23]. - The net profit attributable to the parent company's shareholders for the first three quarters of 2025 is approximately ¥1.32 billion, a decrease of 10.2% compared to ¥1.47 billion in the same period of 2024[24]. - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2025 is approximately ¥1.35 billion, compared to ¥1.44 billion in the same period of 2024, reflecting a decrease of 6.2%[24]. Cash Flow and Assets - Operating cash flow increased by 27.46% to CNY 1,255,891,710.96, driven by higher cash inflows from zinc smelting products[4][9]. - The company's cash and cash equivalents increased to ¥3.79 billion as of September 30, 2025, compared to ¥3.50 billion at the end of 2024, representing an increase of 8.0%[20]. - The cash inflow from operating activities for the first three quarters of 2025 is approximately ¥20.48 billion, an increase of 23.0% compared to ¥16.57 billion in the first three quarters of 2024[27]. - The net cash outflow from investing activities for the first three quarters of 2025 is approximately ¥794.83 million, an improvement from a net outflow of ¥1.42 billion in the same period of 2024[28]. - The net cash outflow from financing activities for the first three quarters of 2025 is approximately ¥2.33 billion, compared to a net outflow of ¥1.32 billion in the same period of 2024, indicating increased financing activities[28]. - The total cash inflow from financing activities for the first three quarters of 2025 is approximately ¥769.47 million, an increase from ¥697.13 million in the same period of 2024[28]. Production and Operations - The company produced 51.54 million tons of lead-zinc products in the first nine months of 2025, compared to 51.00 million tons in the same period of 2024[17]. - The production of zinc ingots was 22.40 million tons in the first nine months of 2025, down from 23.81 million tons in the same period of 2024[17]. - The company reported a lead concentrate production of 6.15 million tons in the first nine months of 2025, compared to 6.68 million tons in the same period of 2023[14]. - The company’s lead product output was 12.15 million tons in the first nine months of 2025, down from 13.21 million tons in the same period of 2023[17]. - The company’s total zinc concentrate production was 16.44 million tons in the first nine months of 2025, compared to 19.11 million tons in the same period of 2023[14]. - The company achieved a silver product output of 141.90 tons in the first nine months of 2025, compared to 116.09 tons in the same period of 2023[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 162,404[11]. - Yunnan Metallurgical Group Co., Ltd. holds 1,944,142,784 shares, accounting for 38.57% of total shares[12]. - The total number of shares held by the top 10 unrestricted shareholders is 2,044,122,881, representing 40.55% of total shares[13]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 25,914,586,007.14, a decrease of 1.72% from the previous year[5]. - Total assets as of September 30, 2025, amounted to ¥25.91 billion, a slight decrease from ¥26.37 billion at the end of 2024[20]. - Total liabilities decreased to ¥6.69 billion as of September 30, 2025, from ¥7.59 billion at the end of 2024, reflecting a reduction of 11.9%[21]. - The company's total non-current assets decreased to ¥22.13 billion as of September 30, 2025, from ¥22.87 billion at the end of 2024, a decline of 3.3%[21]. Research and Development - Research and development expenses for the first three quarters of 2025 were ¥98.63 million, an increase of 21.6% compared to ¥81.13 million in the same period of 2024[23]. Other Financial Metrics - The company's weighted average return on equity decreased by 34.29% to 2.36%[4][9]. - Accounts receivable increased by 95.22% due to uncollected payments for zinc alloy and germanium products[9]. - Non-recurring gains and losses totaled CNY 13,914,349.02 for the current period[7]. - The company's retained earnings increased to ¥2.71 billion as of September 30, 2025, compared to ¥2.05 billion at the end of 2024, reflecting a growth of 32.2%[21]. - The basic earnings per share for the first three quarters of 2025 is ¥0.2626, down from ¥0.2895 in the same period of 2024, representing a decline of 9.3%[24]. - The cash and cash equivalents at the end of the first three quarters of 2025 amount to approximately ¥1.19 billion, a decrease from ¥1.28 billion at the end of the same period in 2024[28]. - The company reported a tax refund of approximately ¥25.77 million in the first three quarters of 2025, compared to ¥48.47 million in the same period of 2024[27].