官 2025 年 10 月 14 日 有色金属行业 2025 年三季度业绩前瞻 相关研究 证券分析师 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× quozy@swsresearch.com 申万宏源研究微信服务号 2025 三季度业绩前瞻: 我们对重点公司 2025 三季度业绩进行预测，2025 年前三季度业绩同比增速在 50%以上的有紫金 O 矿业、洛阳铝业、山东黄金、赤峰黄金、中金黄金、山金国际、株冶集团、湖南黄金、金诚信、 金力永磁，同比增速在 20-50%区间的有华友钻业、宝钢股份、南钢股份、华菱钢铁、久立特材, 同比增速在 0-20%区间的有盛达资源、西部矿业、华峰铝业、云铝股份、天山铝业、中信特钢, 业绩增长主要受益于相关金属价格同比上涨、产销量同比增长；2025Q3 业绩环比增速在 50%以 上的有盛达资源、铜陵有色、金力永磁，在 20-50%区间的有山东黄金、赤峰黄金、湖南黄金，在 0-20%区间的有紫金矿业、山金国际、株冶集团、金诚信、西部矿业、华峰铝业、云铝股份、天 山铝业、新疆众和、华友钻业、 ...

Core Viewpoint - Shandong Gold (600547)(01787) expects a significant increase in net profit for the first three quarters of 2025, driven by optimized production layout and rising gold prices [1] Financial Performance - The company anticipates a net profit attributable to shareholders of RMB 3.8 billion to RMB 4.1 billion for Q1-Q3 2025, representing an increase of RMB 1.73 billion to RMB 2.03 billion compared to the same period last year, which is a year-on-year growth of 83.9% to 98.5% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be RMB 3.78 billion to RMB 4.08 billion, an increase of RMB 1.69 billion to RMB 1.99 billion year-on-year, equating to a growth of 80.5% to 94.8% [1] Operational Strategy - The company has focused on optimizing production layout, enhancing core technology development, and improving management efficiency [1] - There is a concerted effort to align project construction with operational efficiency, leading to improved production efficiency and resource utilization [1] - The rise in gold prices has also contributed to the substantial increase in profits [1]

Core Viewpoint - Shandong Gold (01787) expects a significant increase in net profit for the first three quarters of 2025, driven by optimized production layout, enhanced core technology, and rising gold prices [1] Financial Performance - The company anticipates a net profit attributable to shareholders of RMB 3.8 billion to RMB 4.1 billion for Q1-Q3 2025, representing an increase of RMB 1.73 billion to RMB 2.03 billion compared to the same period last year, which is a year-on-year growth of 83.9% to 98.5% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be RMB 3.78 billion to RMB 4.08 billion, an increase of RMB 1.69 billion to RMB 1.99 billion year-on-year, equating to a growth of 80.5% to 94.8% [1] Operational Strategy - The company plans to optimize its production layout and strengthen core technological advancements while improving management efficiency [1] - There is a focus on aligning project construction with enhanced operational efficiency, resource utilization, and project development speed [1]

格隆汇10月14日丨山东黄金(01787.HK)公告，公司预计2025年1-3季度实现归属于母公司所有者的净利 润为人民币38.0亿元至人民币41.0亿元，与上年同期相比增加人民币17.3亿元到人民币20.3亿元，同比增 加83.9%到98.5%。 预计2025年1-3季度实现归属于母公司所有者的扣除非经常性损益后的净利润为人民币37.8亿元至人民 币40.8亿元，与上年同期相比增加人民币16.9亿元到人民币19.9亿元，同比增加80.5%到94.8% ...

Performance Forecasts - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 83.9% to 98.5% due to optimized production layout and rising gold prices [1] - Xinda Co. anticipates a net profit of 180 million to 205 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2807.87% to 3211.74% driven by significant price increases of its main product, acetamiprid [2] - Shenghe Resources forecasts a net profit of 740 million to 820 million yuan for the first three quarters of 2025, indicating a year-on-year growth of 696.82% to 782.96% due to favorable market demand and price increases in rare earth products [3] Corporate Governance and Management Changes - Guo Da Special Materials announced that its actual controller and chairman, Xu Weiming, has been placed under detention, with daily operations managed by the executive team [4] Shareholder Activities - Hainan Huatie's controlling shareholder increased its stake by acquiring 5.604 million shares, raising its ownership from 13.78% to 14.06% [5] - Shareholder Hu Danfeng also increased his stake by purchasing 6.38 million shares, increasing his ownership from 8.86% to 9.18% [5] Legal Matters - Longbai Group's subsidiary, Yunnan Xinli, has filed a lawsuit for technology infringement, claiming damages of 1.3105 billion yuan [7] Other Corporate Actions - Mindray Medical plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder and regulatory approvals [6]

Group 1 - Multiple leading companies in various industries have announced significant earnings growth for the third quarter, indicating a positive outlook for their financial performance [1][3] - Xiaogoods City reported a total operating income of 13.061 billion yuan for the first three quarters, a year-on-year increase of 23.07%, and a net profit attributable to shareholders of 3.457 billion yuan, up 48.45% [2] - ILE Home achieved a total operating income of 1.055 billion yuan for the first three quarters, a year-on-year increase of 2.18%, with a net profit of 138 million yuan, reflecting a growth of 70.92% [2] Group 2 - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, an increase of 83.9% to 98.5% year-on-year, driven by improved operational efficiency and rising gold prices [3] - Shenghe Resources anticipates a net profit of 740 million to 820 million yuan for the first three quarters, representing a year-on-year increase of 696.82% to 782.96% due to favorable market demand and rising product prices [3] - Rockchip is projected to achieve a net profit of 760 million to 800 million yuan for the first three quarters, reflecting a year-on-year growth of 116% to 127% due to strong performance in AIoT platforms [3] Group 3 - Gigabit expects a net profit of 1.032 billion to 1.223 billion yuan for the first three quarters, a year-on-year increase of 57% to 86%, attributed to new game launches contributing to incremental profits [4] - Jinjiang Shipping forecasts a net profit of approximately 1.17 billion to 1.2 billion yuan for the first three quarters, a growth of 62.72% to 66.89% year-on-year, supported by active trade in the Asian region and supply chain synergies [4] - The container shipping volume in the Asian region has steadily increased, with a year-on-year growth of 5.5% from January to August 2025, contributing to Jinjiang Shipping's positive performance [4]

Group 1 - Galaxy Magnetics expects the Ministry of Commerce's export control decision on certain rare earth items to have a certain impact on its export business, with sales from samarium-cobalt magnets and hot-pressed neodymium-iron-boron magnets accounting for 9.47% of total sales in 2024 [4] - New Lai Materials' stock has seen a significant deviation from the growth of the ChiNext Index, indicating potential market overheating, although the company's fundamentals remain unchanged [5][6] - Longbai Group's subsidiary has filed a lawsuit for infringement of trade secrets, with the amount involved totaling 1.311 billion yuan [7] Group 2 - Chengdu Huamei has successfully launched its first zero-intermediate frequency RF transceiver chip, which is still in the early stages of market introduction and faces uncertainties in market demand [8] - Zhuhai Port has received approval from the China Securities Regulatory Commission to issue up to 1 billion yuan in technology innovation corporate bonds [9] - Yingjian Technology has warned investors about the risks of recent stock price increases, as its stock has deviated significantly from the market index [10] Group 3 - Xianda Co. expects a net profit increase of 2807.87% to 3211.74% year-on-year for the first three quarters, driven by significant price increases in its main product [13] - Shenghe Resources anticipates a net profit increase of 696.82% to 782.96% year-on-year for the first three quarters, supported by favorable market demand for rare earth products [14] - Xianggang Technology expects a net profit increase of 182% to 200% year-on-year for the first three quarters, attributed to ongoing market expansion efforts [15] Group 4 - Chongqing Steel is projected to incur a loss of 210 million to 230 million yuan for the first three quarters, an improvement from a loss of 1.35 billion yuan in the same period last year [22][25] - Yuanda Intelligent expects to turn a profit in the first three quarters, with a projected net profit of 33.84 million to 50.74 million yuan, compared to a loss in the previous year [23] - China Metallurgical Group reported a 14.7% year-on-year decline in new contract amounts for the first nine months, totaling 760.67 billion yuan [24][25]

【山东黄金前三季度业绩预增，黄金市场前景向好】10月14日晚，山东黄金(600547)发布2025年第三季 度业绩预告，延续上半年增长态势。前三季度预计净利润38亿 - 41亿元，同比增加17.3亿 - 20.3亿元， 增幅83.9% - 98.5%。 2025年一至三季度，山东黄金抓住金价上行机遇，优化生产布局，攻关核心技 术，提升管理水平，实现生产、资源利用与项目建设协同提升。 近日，黄金价格持续走高。截至14 日，国际金价盘中突破4170美元/盎司创历史新高，国内实物黄金价格同步上涨，10月14日周大福等品 牌金价达1190元/克，较8日涨约3%。 金价攀升，行业聚焦资源布局。山东黄金"自主探矿+优质并购"构 建壁垒，国内三山岛等项目推进，海外卡蒂诺试生产，纳米比亚项目选厂待建。 今年以来，其他黄金 企业业绩亮眼。紫金矿业上半年归母净利润232.92亿元，同比增54.4%；赤峰黄金上半年净利润同比增 55%；招金矿业前三季度营收124.3亿元，归母净利润21.2亿元。 业内人士指出，黄金企业业绩普涨依 赖两大因素，一是金价高位支撑，2025年国际金价涨幅约45%；二是产能释放与效率提升，放大盈利弹 性。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 2025年前三季度業績預增公告 本公告由山東黃金礦業股份有限公司（「本公司」，連 同 其 附 屬 公 司「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及第13.10B條 以及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 上 市 規 則）作 出。 重 要 內 容 提 示： 經 初 步 測 算，本 公 司 預 計2025年1-3季度實現歸屬於母公司所有者的淨利潤為 人民幣38.0億元至人民幣41.0億 元，與 上 年 同 期 相 比 增 加 人 民 幣17.3億元到人民 幣20.3億 元，同 比 ...

Core Viewpoint - Shandong Gold (600547) announced a significant increase in net profit for the first three quarters, projecting a net profit of 3.8 billion to 4.1 billion yuan, representing a year-on-year growth of 83.90% to 98.50% [1] Financial Performance - The company expects net profit for the first three quarters to be between 3.8 billion and 4.1 billion yuan, indicating a substantial increase compared to the previous year [1] - The stock closed at 42.89 yuan, down 1.63%, with a trading volume of 3.942 billion yuan and a turnover rate of 2.47% [1] - Over the past five days, the stock has increased by 9.97% [1] Market Reaction - Statistics show that 77.78% of stocks with a profit forecast increase of over 50% saw their prices rise on the announcement day, with 8 stocks hitting the daily limit up [1] - After the profit forecast announcement, 80.56% of stocks experienced price increases over the following five days [1] Capital Flow - The stock experienced a net outflow of 129 million yuan in principal funds today, while the net inflow over the past five days was approximately 99.97 million yuan [1] - As of October 13, the margin trading balance was 1.909 billion yuan, with a financing balance of 1.899 billion yuan, reflecting a 4.08% increase from the previous trading day and a cumulative increase of 7.38% over the past five days [1]