Summary of Yuguang Jin Lead Conference Call Company Overview - **Company**: Yuguang Jin Lead - **Industry**: Lead and Silver Mining and Smelting Key Points Silver Production and Recovery - Silver production is closely linked to the silver content in lead concentrate, with a stable production forecast for the next 1-2 years and a target of 1,700 tons by 2025 [2][3] - The company boasts a silver recovery rate of over 99.5%, significantly higher than the industry average of 92%-95%, providing a competitive advantage [2][7] - The silver recovery is primarily achieved through the recycling of precious metals from lead concentrates [3] Raw Material Procurement - The lead concentrates procured contain silver in low, medium, and high grades, with low-grade silver not being priced [4] - The pricing coefficient for high-grade ores is influenced by market supply and demand, as well as negotiation outcomes [5] - The company optimizes raw material structure by purchasing high-silver-content ores rather than solely increasing the proportion of raw ores [10] Mining Projects - The company holds a 25% stake in an Australian mining project, currently in the exploration phase, focusing on report completion, market analysis, and financing [2][9] - The project has low open-pit mining costs and high silver content, but the company plays a collaborative role due to its minority stake [9] Production Capacity and Financials - The company’s smelting capacity utilization for lead and copper is at 100%, while gold and silver are close to full capacity [4][39] - Recent investments have led to high depreciation costs, approximately 300 million yuan annually, with future capital expenditures directed towards fundraising projects, R&D, and environmental improvements [4][40] Market Dynamics and Pricing - The company faces challenges in negotiating with miners due to a relatively weak bargaining position, influenced by tight raw material supply [14] - The prices of small metal products are significantly affected by market fluctuations, impacting profit margins [12][13] High-Purity Metals and R&D - The company is in the pilot stage for high-purity metals, with no mass production yet achieved [15][17] - The copper foil project has a production capacity of about 3,000 tons, with ongoing efforts to improve yield and cost control [19] Environmental and Operational Strategies - The company emphasizes environmental protection, including wastewater treatment projects, with a treatment cost of approximately 27-30 yuan per ton [23] - The company has a long-term strategy to extend its industrial chain towards upstream mining resources, although challenges exist due to resource scarcity [25] Industry Outlook - The overall profitability of the lead-zinc smelting industry is currently favorable, driven by high silver and precious metal prices [28] - Future silver price trends are expected to be influenced more by its financial attributes rather than industrial demand, with a supply-demand imbalance supporting price increases [34] Conclusion - Yuguang Jin Lead is strategically positioned in the lead and silver industry with a focus on optimizing production processes, enhancing recovery rates, and navigating market dynamics to maintain competitiveness and profitability in a challenging environment [35][36]

Market Overview - On September 17, the industrial metals sector rose by 0.21% compared to the previous trading day, with Electric Alloy leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Industrial Metals - Electric Alloy (300697) closed at 19.49, up 11.88% with a trading volume of 721,400 shares and a transaction value of 1.317 billion yuan [1] - Yiqiu Resources (601388) closed at 3.26, up 10.14% with a trading volume of 2,584,200 shares and a transaction value of 814 million yuan [1] - Liyuan Co. (002501) closed at 2.74, up 10.04% with a trading volume of 1,663,200 shares and a transaction value of 439 million yuan [1] - Northern Copper (000737) closed at 15.25, up 10.03% with a trading volume of 2,801,700 shares and a transaction value of 4.067 billion yuan [1] - Other notable gainers include Yian Technology (300328) and Wanshun New Materials (300057) with increases of 8.14% and 7.85% respectively [1] Top Losers in Industrial Metals - Xingye Silver Tin (000426) closed at 25.00, down 4.58% with a trading volume of 620,700 shares and a transaction value of 1.559 billion yuan [2] - Shengda Resources (000603) closed at 21.20, down 3.37% with a trading volume of 323,700 shares and a transaction value of 685 million yuan [2] - Hailiang Co. (002203) closed at 12.21, down 3.17% with a trading volume of 443,300 shares and a transaction value of 546 million yuan [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 653 million yuan from institutional investors, while retail investors saw a net inflow of 740 million yuan [2] - The capital flow data indicates that Northern Copper (000737) had a net inflow of 48.216 million yuan from institutional investors, while it faced a net outflow of 191 million yuan from speculative funds [3] - Yiqiu Resources (601388) and Liyuan Co. (002501) also showed significant net outflows from speculative funds, indicating a shift in investor sentiment [3]

Summary of the Antimony Sector Update and Company Insights Industry Overview - The antimony export demand in China is recovering, with private enterprises accelerating export order approvals, while state-owned enterprises are lagging due to responsibility tracing systems. Overall export volume is currently below the pre-October 2024 level of approximately 3,000 tons per month, but there is considerable room for recovery [1][2] - The photovoltaic (PV) sector shows early signs of demand recovery, with daily melting volume of PV glass rebounding from a mid-2024 peak of 117,000 tons per day to nearly 90,000 tons per day, indicating positive inventory depletion and rising panel prices [1][2] Supply Dynamics - Global antimony supply is significantly contracting, with overseas production from Polar Gold expected to be zero in the first half of 2025 due to mining area transitions, affecting 10% of global supply. Domestically, China's antimony production has decreased by 20%, impacting 14% of global supply [1][4] - Overall, global antimony supply is projected to decrease by nearly 25% in 2025 due to reduced overseas mining and increased environmental inspections in China, with limited new supply expected from regions like Xinjiang, Australia, and the U.S. until around 2027 [1][4] Investment Opportunities - Recommended companies for investment include Hunan Gold, Huayu Mining, Xiyou Color, and Yuguang Gold Lead. Yuguang Gold Lead is highlighted for its low valuation and strong expected performance, with a profit structure comprising 60% precious metals, 20% minor metals, and 20% base metals [1][5][6] - Yuguang Gold Lead's business model involves sourcing lead and copper concentrates globally, producing lead ingots and cathode copper, and generating significant revenue from by-products like gold, silver, and antimony oxide [5][6] Profitability Insights - In the lead-zinc mining business, the pricing of gold and silver typically incurs a discount, allowing for a 10% margin through the purchase of lead-zinc mines containing these metals. The unit gross profit increases with rising gold and silver prices [3][7] - The minor metals recycling business benefits from low-grade raw materials, leading to revenue growth that outpaces cost increases, thus driving profit margins upward [8] Valuation and Market Position - Yuguang Gold Lead is viewed as a small metal mining company with stable smelting costs. Its profit structure spans precious, minor, and base metals, providing a comprehensive coverage of the non-ferrous industry chain. The company’s products are currently in a price-upward cycle, ensuring strong performance growth [9][10] - The company’s projected profits for the first half of 2025 are estimated at 500 million yuan, with a potential market capitalization of 18 billion yuan if a 15x valuation is applied to a full-year profit of 1.2 billion yuan [10]

Core Viewpoint - The company held a half-year performance briefing on September 16, 2025, to provide insights into its operational results and financial status, addressing investor concerns and questions [1][2]. Group 1: Industry Outlook - The company acknowledges both opportunities and challenges in the non-ferrous metal smelting and rolling industry, with a positive outlook for 2025 driven by high demand in the automotive and electric bicycle sectors, as well as increased consumption in energy storage [3]. - The price of non-ferrous metals is expected to fluctuate widely throughout the year, while precious metals will be influenced by various factors including monetary policy, global economic uncertainty, and geopolitical tensions [3]. Group 2: Recent Performance - As of December 31, 2024, the company reported total assets of 17.607 billion yuan and net assets of 5.509 billion yuan, with a total operating revenue of 39.345 billion yuan and a net profit of 808 million yuan for the year [4]. - In the first half of 2025, the company achieved operating revenue of 22.441 billion yuan, an increase of 18.93% year-on-year, with a total profit of 626 million yuan, reflecting a growth of 17.27% [5]. Group 3: Financial Performance - The company reported a net profit of 485 million yuan for the first half of 2025, which is a 15.12% increase compared to the previous year [5]. Group 4: Competitive Advantages - The company leads in domestic lead smelting technology and has been recognized as a benchmark enterprise for energy efficiency in the non-ferrous metal industry, with several internationally advanced core technologies [6]. - The company has developed proprietary technologies that significantly reduce energy consumption and emissions, positioning itself as a leader in environmentally friendly lead smelting practices [6]. Group 5: Environmental Practices - The company has consistently improved its lead smelting processes and is recognized for its advanced environmental protection measures, being the first in the country to adopt several innovative techniques [6]. Group 6: Product Applications and Quality - The company’s silver products are widely used in various industries, and its main products have achieved high market share and quality recognition, receiving multiple awards for product excellence [7]. Group 7: Profitability Challenges - The company is actively exploring ways to improve profitability in lead products by enhancing the recovery of by-products and focusing on sustainable practices to maximize efficiency [8].

二、投资者提出的主要问题及公司的回复情况 一、本次业绩说明会召开情况 公司于 2025 年 9 月 5 日在《上海证券报》《中国证券报》《证券日报》及上 海证券交易所网站（http://www.sse.com.cn）披露了《河南豫光金铅股份有限公司 关于召开 2025 年半年度业绩说明会的公告》。 2025 年 9 月 16 日上午 9:00-10:00，公司总经理李新战先生、独立董事郑远民 先生、财务总监苗红强先生、董事会秘书李慧玲女士出席本次业绩说明会，与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 复。 | 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：临 2025-081 | | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | 河南豫光金铅股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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个别及连带责任。 河南豫光金铅股份有限公司（以下简称"公司"）为便于广大投资者更加全面 ...

Core Viewpoint - The 2025 "China's Top 500 Enterprises" list was released, showing a positive development trend for the enterprises, with notable growth in revenue, profit, and innovation capacity [1][3]. Group 1: Overall Performance of Top 500 Enterprises - The total operating revenue of the 2025 "China's Top 500 Enterprises" reached 110.15 trillion yuan, an increase from the previous year [3]. - The threshold for entering the list has risen for 23 consecutive years, now at 47.96 billion yuan, up by 579 million yuan [3]. - Total assets amounted to 460.85 trillion yuan, reflecting a growth of 7.46% [3]. - The net profit attributable to the parent company reached 4.71 trillion yuan, marking a growth of 4.39% [3]. - Research and development (R&D) investment totaled 1.73 trillion yuan, with an R&D intensity reaching a new high of 1.95%, continuing to rise for eight consecutive years [3]. - The number of valid patents held by these enterprises increased to 2.2437 million, up by 214,000, representing a growth of 10.54% [3]. - There is a continuous optimization of industrial structure, with an increasing number of advanced manufacturing and modern service enterprises making the list [3]. Group 2: Performance of Jiyuan Enterprises - Among the three Jiyuan enterprises, Henan Yuguang Gold Lead Group Co., Ltd. ranked 283rd with an operating revenue of 90.2 billion yuan, advancing 48 places from the previous year [5]. - Henan Jinli Gold Lead Group Co., Ltd. ranked 420th with an operating revenue of 59.3 billion yuan, moving up 49 places [5]. - Jiyuan City Wanyang Smelting (Group) Co., Ltd. made its debut on the list, ranking 497th with an operating revenue of 48.4 billion yuan [5].

格隆汇9月15日丨豫光金铅(600531.SH)在投资者互动平台表示，公司生产的铜箔可以应用于固态电池。 公司铜箔年产量依据市场订单而定。 ...

Group 1 - The core viewpoint of the article is that Yuguang Jin Lead (豫光金铅) has announced that its produced copper foil can be applied in solid-state batteries [1] - The annual production capacity of the company's copper foil is determined based on market orders [1]

Group 1 - UBS raised its gold price forecast for the end of 2025 by $300 to $3,800 per ounce and for mid-2026 by $200 to $3,900 per ounce, citing expectations of a loosening monetary policy by the Federal Reserve and a weakening dollar related to interest rate cuts and geopolitical risks [1] - The gold ETF holdings are expected to exceed 3,900 tons by the end of 2025, approaching previous record levels, driven by increased confidence in gold as a safe-haven asset amid declining trust in dollar assets and ongoing regional risks [1] - As of September 11, gold futures prices have significantly increased, attracting over 100 billion yuan in capital, with a cumulative increase of over 17 billion yuan in September alone [1] Group 2 - As of September 12, the gold stock ETF fund has seen a net value increase of 52.20% over the past six months, ranking 67 out of 3,610 index stock funds, placing it in the top 1.86% [4] - The gold stock ETF fund has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI Hong Kong and Shanghai Gold Industry Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [5] - The top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [6]

Core Viewpoint - Henan Yuguang Gold Lead Group Co., Ltd. has signed a cooperation agreement with the China Geological Survey Development Research Center to enhance collaboration in geological surveys and mineral exploration both domestically and internationally [1] Group 1 - The agreement focuses on practical cooperation in domestic geological surveys and mineral exploration [1] - The collaboration will also extend to overseas geological surveys and mineral exploration [1] - The partnership aims to facilitate the sharing of mining information and data [1] Group 2 - The agreement emphasizes technological innovation in the mining sector [1]