Corporate Announcements - Aerospace Hongtu's controlling shareholder plans to transfer 5.1% of the company's shares, totaling 13.33 million shares at a price of 19 yuan per share, amounting to 253 million yuan [3] - Haitai Development intends to transfer 100% equity of its subsidiary for 90.66 million yuan, which is part of its strategic transformation to optimize asset structure [4] - G-Biosciences plans to invest approximately 150 million yuan to build an intelligent production and R&D base, expected to be completed by 2028 [5] - New China Life Insurance intends to invest 11.25 billion yuan to subscribe to a private fund, which has a total scale of 22.5 billion yuan [6] - Huaming Equipment has increased its share repurchase fund limit from 200 million yuan to 250 million yuan [7] Performance Updates - Jinxinnong reported a 1.23% year-on-year decline in pig sales revenue for the first half of 2025, totaling 763 million yuan [9] - Tianbang Foods reported a 4.01% month-on-month decline in June sales revenue for commodity pigs, totaling 675 million yuan [10] - GAC Group's June automobile sales were 150,100 units, a year-on-year decrease of 8.22% [11] - Pulit expects a net profit of 200 million to 240 million yuan for the first half of 2025, a year-on-year increase of 38.88% to 66.65% [12] - Zhuyue Group anticipates a net profit of 560 million to 650 million yuan for the first half of 2025, a year-on-year increase of 50.97% to 75.23% [14] - Xindong Lianke expects a net profit of 138 million to 169 million yuan for the first half of 2025, a year-on-year increase of 144.46% to 199.37% [15] - Zhongce Rubber expects a net profit of 2.24 billion to 2.38 billion yuan for the first half of 2025, a year-on-year decrease of 6.3% to 11.81% [16] - ST Sitong anticipates a net loss of 11 million to 17 million yuan for the first half of 2025, compared to a loss of 9.08 million yuan in the same period last year [17] Major Contracts - Hongsheng Huayuan's subsidiary is expected to win a bid for a Southern Power Grid project worth approximately 1.127 billion yuan, accounting for 11.12% of the company's 2024 revenue [19] - Times New Materials signed contracts worth approximately 2.711 billion yuan for wind turbine blade sales in the second quarter of 2025 [20] Shareholding Changes - Guojian Group's controlling shareholder reduced its holdings of convertible bonds by 900,000 units, accounting for 11.25% of the total issuance [22]

证券代码：600961 证券简称：株冶集团 公告编号：2025-018 株洲冶炼集团股份有限公司 2025 年半年度业绩预告 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法律责任。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）每股收益 0.31 元。 三、本期业绩预增的主要原因 （二）业绩预告情况 经初步测算，预计 2025 年半年度实现归属于母公司所有者的净利润 56,000 万元到 65,000 万元，与上年同期相比，将增加 18,905.35 万元到 27,905.35 万 元，同比增加 50.97%到 75.23%。 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 57,000 万元到 66,000 万元，与上年同期相比，将增加 25,503.65 万元到 34,503.65 万元，同比增加 80.97%到 109.55%。 1 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50%以上。 经初步测算，预 ...

Core Viewpoint - The company, Zhuyou Group, anticipates a significant increase in net profit for the first half of 2025, projecting a net profit attributable to shareholders of 560 million to 650 million yuan, representing a year-on-year increase of 189 million to 279 million yuan, or 50.97% to 75.23% [1] Financial Projections - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 570 million and 660 million yuan, which indicates an increase of 255 million to 345 million yuan compared to the same period last year, translating to a year-on-year growth of 80.97% to 109.55% [1]

Market Overview - On June 27, the Shanghai Composite Index fell by 0.7%, while the Shenzhen Component Index rose by 0.34% and the ChiNext Index increased by 0.47% [1] - A total of 52 stocks appeared on the daily trading list, with the highest net inflow of funds into Dawi Technology (600589.SH) amounting to 264 million yuan [1][4] Stock Performance - Dawi Technology saw a closing price increase of 6.61% with a turnover rate of 28.45%, and it accounted for 7.84% of the total trading volume [1][2] - The stock with the highest net outflow was Zhongfu Industrial (600595.SH), which experienced a net sell-off of 154 million yuan, representing 15.54% of its total trading volume, despite a closing price increase of 10.05% [4][6] Institutional Activity - Among the 27 stocks on the trading list, institutions were net buyers of 17 stocks and net sellers of 10 stocks, with a total net selling amount of 1.274 billion yuan [6][12] - The stock with the highest institutional net buying was Heertai (002402.SZ), which closed up by 10% and had a turnover rate of 13.07% [7] Northbound Capital - On June 27, northbound capital participated in 14 stocks, with a total net inflow of 915 million yuan [10] - The stock with the highest net inflow from northbound capital was Xiaoshangpin City (600415.SH), with a net purchase of 806 million yuan, accounting for 16.12% of its total trading volume [10][12] Summary of Key Stocks - The stocks that saw both institutional and northbound capital net buying included Hengbao Co., Maiwei Bio, Heertai, and Jinlongyu [12][14] - Conversely, stocks like Zhuyegroup and Zhongfu Industrial were net sold by both institutions and northbound capital [12][14]

Group 1 - 株冶集团 (600961) experienced a trading halt today with a daily turnover rate of 6.85% and a transaction amount of 569 million yuan, showing a fluctuation of 8.78% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.75%, with institutional investors net selling 5.82 million yuan and the Shanghai-Hong Kong Stock Connect net selling 619,400 yuan [2] - The top five trading departments accounted for a total transaction amount of 201 million yuan, with a net buying amount of 12.08 million yuan [2] Group 2 - As of June 26, the margin trading balance for the stock was 218 million yuan, with a financing balance of 218 million yuan and a securities lending balance of 238,800 yuan [3] - Over the past five days, the financing balance increased by 14.99 million yuan, representing a growth of 7.39%, while the securities lending balance decreased by 28,140 yuan, a decline of 54.09% [3] - The company's Q1 report indicated a revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 277 million yuan, a year-on-year increase of 74.07% [3]

Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3424.00 points, below the five-day moving average, with a decline of 0.71% [1] - The total trading volume of A-shares today is 12836.21 billion [1] Stocks Breaking the Five-Day Moving Average - A total of 319 A-shares have broken above the five-day moving average today [1] - The stocks with the largest deviation rates include: - Maiwei Biological with a deviation rate of 12.67%, closing at 28.62 yuan, up 20.00% [2] - Zhuyou Group with a deviation rate of 7.86%, closing at 11.28 yuan, up 10.05% [2] - Zhongfu Industrial with a deviation rate of 7.33%, closing at 4.48 yuan, up 9.80% [2] - Other notable stocks with smaller deviation rates include: - Dongxing Medical, Haipu Rui, and Laobaixing, which have just crossed the five-day moving average [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Jiayou International: 9.97% increase, 10.81 yuan latest price, 7.22% deviation [2] - Jinjing Pharmaceutical: 10.39% increase, 17.00 yuan latest price, 6.70% deviation [2] - Xin Henghui: 12.94% increase, 53.07 yuan latest price, 6.17% deviation [2] - Additional stocks with significant trading activity include: - Hasa Lian: 9.97% increase, 14.45 yuan latest price, 5.89% deviation [2] - Huayang New Materials: 9.97% increase, 6.84 yuan latest price, 5.85% deviation [2]

Group 1 - The non-ferrous metal sector showed strong performance, with electrical alloy hitting the 20% limit up, and stocks like Northern Copper, Zhongfu Industry, and Jinchengxin all rising over 5% [1] - Major companies such as Luoyang Molybdenum, Jiangxi Copper, and Shenhuo Co. also experienced significant stock price increases [1] - Goldman Sachs predicts that copper prices will peak at approximately $10,050 per ton by August 2025, driven by tightening supply outside the U.S. [2] Group 2 - The global copper market is facing a structural imbalance in supply and demand, with processing fees for copper concentrate declining and some smelters reducing output due to cost pressures [3] - The demand for copper is being supported by the transition to renewable energy and digitalization, with a surge in data center construction expected to significantly increase copper consumption [3] - Supply-side tensions are unlikely to ease in the short term, with traditional copper-producing countries like Chile and Peru facing rising production costs and slower-than-expected new capacity additions [3] Group 3 - There has been a noticeable shift in trade flows, with commodity traders rerouting copper originally destined for Asia to the U.S., leading to supply shortages in non-U.S. regions [3] - The London Metal Exchange's inventory has significantly decreased, with available stocks dropping to historical lows [3] - The recycled copper market is also under pressure, as price fluctuations affect the collection of scrap copper, leading to a temporary contraction in recycled copper supply [3] Group 4 - Companies like Luoyang Molybdenum and Jiangxi Copper are well-positioned to benefit from rising copper prices due to their advantages in capacity release and cost control [3] - Companies in niche sectors, such as electrical alloys, are also experiencing growth opportunities [3] - The technical outlook shows that Shanghai copper futures have stabilized above 80,000 yuan, reflecting market concerns over short-term supply tightness [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

Core Viewpoint - Zhuzhou Smelter Group Co., Ltd. has successfully transformed from a single smelting enterprise to a comprehensive industry leader through a significant asset restructuring, enhancing its core competitiveness and revitalizing the company [1][2]. Group 1: Asset Restructuring and Industry Position - The company initiated a major asset restructuring at the end of 2022, acquiring 100% of Shuikoushan Nonferrous Metals Co., Ltd., which provided it with lead and zinc mining resources [1][2]. - The company now possesses mining rights for Shuikoushan lead-zinc mine and Baifang copper mine, with an annual raw ore selection capacity of 860,000 tons [1]. - In zinc smelting, the company has an annual capacity of 300,000 tons for zinc smelting and 380,000 tons for zinc alloy deep processing, ranking among the top in the country [1][2]. Group 2: Financial Performance - In 2024, the company achieved total operating revenue of 19.759 billion yuan, a year-on-year increase of 1.82%, and a net profit of 730 million yuan, up 29.71% [2]. - In the first quarter of 2025, the company reported operating revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 283 million yuan, up 112.94% [2]. Group 3: Market Strategy and Product Development - The company plans to leverage the rising international gold prices, projecting a gold production of over 3,710 kilograms and sales exceeding 4,074 kilograms in 2024 [2]. - The company aims to enhance its full-chain advantages in mining, smelting, deep processing, and sales to achieve high-quality development [2]. Group 4: Technological Innovation - The company is investing in smart and automated mining technologies to improve efficiency and safety, while also utilizing IoT sensors for real-time monitoring [3]. - In smelting, the company maintains industry-leading process levels, producing zinc ingots with a purity of 99.995% and low impurity content [4]. Group 5: Synergistic Effects and Cost Management - The restructuring has released synergistic effects that are key to the company's performance growth, with improved raw material self-sufficiency and reduced smelting costs due to falling coal prices and optimized power supply [5].

Summary of the Conference Call for 中冶集团 Industry and Company Overview - 中冶集团 focuses on non-ferrous metal smelting, primarily producing zinc ingots, lead ingots, zinc alloys, gold, silver, and by-products like sulfur and sulfuric acid. The company has a smelting capacity of 680,000 tons and an annual lead production capacity of 100,000 tons, contributing to stable revenue [2][3] Key Points and Arguments - **Gold and Silver Production**: The company produces 1.8 to 2 tons of gold and 60 tons of silver annually, with precious metals accounting for approximately 49% of the gross profit [2][4][6] - **Resource Quality and Future Production**: 中冶集团 owns high-quality mineral resources, with an ore production scale of 860,000 tons, including over 40,000 tons of lead-zinc metal, 1.8 to 2 tons of gold, and 60 tons of silver. Full production is expected by 2025 and will be maintained through 2027 [2][7] - **Profitability from Processing Fees**: The company anticipates an increase in gross profit by 200 to 300 million yuan in 2025 due to rising zinc processing fees, which are expected to reach around 2,600 yuan per ton [2][8] - **Financial Health and Profit Forecast**: By the end of 2024, the company's debt-to-asset ratio is projected to drop to 50.8%, with a total asset turnover rate superior to peers. The net profit forecast for the next three years is 1.1 billion yuan, 1.22 billion yuan, and 1.33 billion yuan, with growth rates of 40%, 11%, and 9% respectively [2][5][11][15] - **Valuation Assessment**: The reasonable valuation range for the company is estimated between 15.4 yuan and 18.5 yuan, corresponding to a dynamic price-to-earnings ratio of 15 to 18, indicating significant upside potential compared to the current stock price [2][17] Additional Important Insights - **Impact of Geopolitical Factors**: The ongoing geopolitical tensions, particularly in the Middle East and the Russia-Ukraine conflict, are expected to drive funds towards safe-haven assets, positively influencing gold prices and thereby enhancing the company's gold business gross profit [2][12] - **Sulfuric Acid Business Outlook**: The price of sulfuric acid, a by-product of smelting, is expected to rise significantly in 2025, with an average price projected around 500 yuan per ton, contributing an additional 50 million yuan to gross profit [2][13] - **Small Metals Contribution**: The company recovers small metals like platinum, indium, and bismuth during production, contributing stable gross profits of approximately 150 to 200 million yuan annually [2][14] - **Potential Asset Injection**: There is a possibility of asset injection from the controlling shareholder, 中国五矿, which could significantly increase the company's lead-zinc and gold production, further boosting net profit [2][9][10]