株洲冶炼集团股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 8 月 株洲冶炼集团股份有限公司 2025 年第二次临时股东大会会议材料 目 录 | 序号 | 议案名称 | | --- | --- | | 1 | 关于调整 2025 年度日常关联交易预计额度的议案 | | 2 | 关于改聘会计师事务所的议案 | | 3 | 关于修订《公司章程》的议案 | | 4 | 关于修订《股东大会议事规则》的议案 | | 5 | 关于修订《董事会议事规则》的议案 | 2 株洲冶炼集团股份有限公司 2025 年第二次临时股东大会会议材料 议案 1 株洲冶炼集团股份有限公司 关于调整 2025 年度日常关联交易预计额度的议案 一、日常关联交易基本情况 因生产经营需要，本公司（含子公司，下同）拟调整与关联 公司的日常关联交易预计额，预计与部分公司关联采购调增 32,500 万元、与部分公司关联采购调减 69,000 万元；预计与部 分公司关联销售调增 16,800 万元，具体如下表： 单位：万元 | 关联 | | | 2025 年原 | 2025 年 1-7 | 本次 | 本次调整 | | | --- | - ...

Group 1 - The industrial metal sector is experiencing a rebound, with significant gains in various companies [1] - Innovative Materials has reached the daily limit increase, indicating strong market interest [1] - Other companies such as Luoping Zinc Electric, Huayu Mining, Yian Technology, Jintian Co., Zhuhai Group, New Weiling, and Hongchuang Holdings have also seen upward movement in their stock prices [1]

Group 1 - The metal zinc concept declined by 0.02% as of the close on August 18, ranking among the top declines in the concept sector, with companies like Shengtun Mining, Zijin Mining, and Zhuhai Group experiencing significant drops [1] - Among the 15 stocks that rose, *ST Jinglan, China Nonferrous Metal, and Dazhong Mining led with increases of 5.26%, 2.30%, and 2.19% respectively [1] - The metal zinc concept saw a net outflow of 1.194 billion yuan from major funds today, with 25 stocks experiencing outflows, and 5 stocks seeing outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stocks in the metal zinc concept included Zijin Mining with a net outflow of 514.97 million yuan, Shengtun Mining with 345.54 million yuan, and Hunan Silver with 103.19 million yuan [3] - Conversely, the stocks with the highest net inflows included China Nonferrous Metal, Zhongjin Lingnan, and CITIC Metal, with inflows of 48.08 million yuan, 20.43 million yuan, and 18.70 million yuan respectively [2][3] - The trading volume for Zijin Mining was 1.27%, while Shengtun Mining had a turnover rate of 7.04% [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].

Group 1 - The core point of the article highlights the performance and holdings of the Invesco Great Wall State-Owned Enterprise Value Mixed A fund, which has shown positive returns since its inception [1] - The fund's latest net value is 1.3793 yuan, with a weekly return of 2.43%, a three-month return of 12.44%, and a year-to-date return of 14.46% [1] - The fund was established on May 30, 2023, and as of June 30, 2025, it has a total scale of 295 million yuan [1] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Mobile, Shenhuo Holdings, Tencent Holdings, China National Offshore Oil Corporation, Chuan Yi Co., Ltd., Sinopharm Holdings, Zhuhai Yinhai Group, Yun Aluminum, and CRRC Corporation, with a combined holding percentage of 52.32% [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.48 CNY, based on a PE valuation of 16X for comparable companies [5][3]. Core Views - The precious metals sector is expected to see both volume and price increases, contributing to sustained performance growth for the company [11]. - The company reported a net profit of 585 million CNY for the first half of 2025, representing a year-on-year growth of 57.83%, aligning with market expectations [10]. - The company is actively enhancing its supply chain resilience and safety by advancing resource exploration projects, which are anticipated to improve production capacity significantly [10]. Financial Forecasts - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.03 CNY, 1.21 CNY, and 1.33 CNY, respectively, reflecting slight upward revisions from previous estimates [3]. - Projected revenues for 2025 are 22,447 million CNY, with a year-on-year growth of 13.6% [4]. - The gross margin is expected to improve to 10.7% in 2025, with net profit margins projected at 4.9% [4]. Business Segment Performance - The precious metals segment is expected to contribute significantly to profits, with gold and silver bullion businesses accounting for nearly 40% of gross profit [10]. - The zinc smelting segment is also performing well, contributing approximately 12% to gross profit amid rising smelting fees [10]. Market Conditions - There is a growing expectation of interest rate cuts, which could lead to a new upward trend in precious metal prices, further enhancing the company's profitability [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a revenue of 10.4 billion yuan for H1 2025, representing a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% year-on-year [2]. - In Q2 2025, the company achieved a revenue of 5.61 billion yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, with a net profit of 310 million yuan, up 46% year-on-year and 12% quarter-on-quarter [2]. - The report highlights a significant increase in gold and silver prices, with gold prices rising by 32% compared to 2024, and silver prices increasing by 16% [4]. Financial Performance Summary - Zinc product revenue for H1 2025 was 4 billion yuan, down 27.4% year-on-year, with a gross profit of 148 million yuan, down 51.8% year-on-year, and a gross margin of 3.7%, down 1.87 percentage points [3]. - Gold ingot revenue reached 1.451 billion yuan, up 36.5% year-on-year, with a gross profit of 294 million yuan, up 311% year-on-year, and a gross margin of 20.27%, up 13.54 percentage points [3]. - Silver ingot revenue was 1.115 billion yuan, up 26.36% year-on-year, with a gross profit of 207 million yuan, up 8% year-on-year, and a gross margin of 18.59%, down 3.16 percentage points [3]. - Lead product revenue was 818 million yuan, up 0.5% year-on-year, with a gross profit of 48 million yuan, up 17.96% year-on-year, and a gross margin of 5.84%, up 0.86 percentage points [3]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.208 billion yuan, 1.277 billion yuan, and 1.329 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 10 times, indicating good valuation attractiveness [4].

Market Overview - On August 14, the industrial metals sector declined by 0.45%, with electrical alloys leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Stock Performance - Notable gainers in the industrial metals sector included: - Jintian Co., Ltd. (601609) with a closing price of 10.35, up 9.99% [1] - Yian Technology (300328) at 13.31, up 3.02% with a trading volume of 1.31 million shares and a turnover of 1.768 billion [1] - Mengmei New Materials (002988) at 46.27, up 2.25% with a trading volume of 66,600 shares and a turnover of 308 million [1] - Major decliners included: - Electrical Alloy (300697) at 15.62, down 5.33% with a trading volume of 400,500 shares and a turnover of 641 million [2] - Hesheng Co., Ltd. (002824) at 18.54, down 4.73% with a trading volume of 182,600 shares and a turnover of 343 million [2] - Lidao New Materials (603937) at 11.47, down 4.26% with a trading volume of 314,000 shares and a turnover of 380 million [2] Capital Flow - The industrial metals sector experienced a net outflow of 1.389 billion from institutional investors, while retail investors saw a net inflow of 1.143 billion [2][3] - Specific stock capital flows indicated: - Yian Technology (300328) had a net inflow of 138.579 million from institutional investors [3] - Electrical Alloy (300697) saw a net outflow of 142 million from institutional investors [3]

Group 1 - The company's net profit attributable to shareholders increased by 57.8% year-on-year in H1 2025, reaching 585 million yuan, with total revenue of 10.4 billion yuan, a 14.9% increase [1] - In Q2 2025, the net profit attributable to shareholders was 309 million yuan, up 45.6% year-on-year and 11.4% quarter-on-quarter, while the non-recurring net profit was 311 million yuan, reflecting a 70.9% year-on-year increase [1] - The significant profit growth in H1 2025 was driven by rising gold prices and recovery in processing fees for zinc concentrate, alongside increased sulfuric acid prices [1][2] Group 2 - The company has a production capacity of 860,000 tons for lead, zinc, and copper, with annual production exceeding 40,000 tons of lead and zinc metals, and approximately 1.8-2 tons of gold and 60 tons of silver [2] - The average gold price in H1 2025 was 722 yuan per gram, up 38.6% year-on-year, while the average silver price increased by 20.3% to 8,171 yuan per kilogram [2] - The company's gross profit for H1 2025 was 1.27 billion yuan, a 44.9% increase compared to 870 million yuan in H1 2024 [2] Group 3 - The company increased its R&D expenses significantly in H1 2025 to 160 million yuan, compared to 80 million yuan in H1 2024, indicating a stronger focus on research and development [2] - The company has restructured and acquired key lead and zinc assets, enhancing its position in the market [3] - Future profit projections for 2025-2027 indicate net profits of 1.19 billion, 1.38 billion, and 1.49 billion yuan respectively, with expected growth rates of 51%, 16%, and 8% [3]

Core Insights - 株冶集团 reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 10.412 billion yuan, a year-on-year increase of 14.89%, and net profit attributable to shareholders at 585 million yuan, up 57.83% [1] - The company's gross margin improved to 12.19%, reflecting a year-on-year increase of 26.12%, while the net margin rose to 5.66%, an increase of 34.91% [1] Financial Performance - Total revenue for 2025 was 10.412 billion yuan, compared to 9.063 billion yuan in 2024, marking a 14.89% increase [1] - Net profit attributable to shareholders was 585 million yuan, up from 371 million yuan in 2024, representing a 57.83% increase [1] - The company's gross margin increased to 12.19% from 9.66%, a rise of 26.12%, and net margin improved to 5.66% from 4.20%, an increase of 34.91% [1] - Operating expenses, including sales, management, and financial costs, totaled 342 million yuan, accounting for 3.28% of revenue, down 9.13% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents increased significantly by 93.38% to 1.321 billion yuan, attributed to increased cash reserves due to higher operating income [3] - The company reported a 47.24% increase in operating cash flow per share, reaching 1.01 yuan [1][6] - The company's total liabilities decreased by 19.53% to 2.114 billion yuan, indicating improved financial health [1] Investment and Market Position - The company has seen a strong return on invested capital (ROIC) of 13.09%, although historical data shows a median ROIC of 6.97% over the past decade [6] - Analysts expect the company's performance for 2025 to reach 1.191 billion yuan, with an average earnings per share of 1.11 yuan [6] Fund Holdings - The largest fund holding株冶集团 is the Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund, which holds 14.06 million shares and has seen a decrease in holdings [7] - Other funds have also adjusted their positions, with some increasing their stakes in the company [7]