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].

从资金流向上来看，当日工业金属板块主力资金净流出13.89亿元，游资资金净流入2.45亿元，散户资金 净流入11.43亿元。工业金属板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 668109 | 影等处,亦 | | 2.19 Z | 7.41% | -1.42 Z- | -4.82% | -7657.55万 | -2.60% | | 60160a | 美田股份 | | 9986.53万 | 10.80% | -6402.34万 | -6.92% | -3584.19万 | -3.87% | | 000737 | 北方铜业 | | 1571.92万 | 1.01% | -892.68万 | -0.58% | -679.23万 | -0.44% | | 300328 | 宜安科技 | | 1385.79万 | 0.78% | 2487.80万 | 1.41% | -3873. ...

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]

据证券之星公开数据整理，近期株冶集团（600961）发布2025年中报。截至本报告期末，公司营业总收 入104.12亿元，同比上升14.89%，归母净利润5.85亿元，同比上升57.83%。按单季度数据看，第二季度 营业总收入56.09亿元，同比上升20.98%，第二季度归母净利润3.09亿元，同比上升45.63%。本报告期 株冶集团盈利能力上升，毛利率同比增幅26.12%，净利率同比增幅34.91%。 预付款项变动幅度为21.8%,原因:根据市场情况，增加了采购业务的款项预付。 本次财报公布的各项数据指标表现尚佳。其中，毛利率12.19%，同比增26.12%，净利率5.66%，同比增 34.91%，销售费用、管理费用、财务费用总计3.42亿元，三费占营收比3.28%，同比减9.13%，每股净资 产3.18元，同比增36.75%，每股经营性现金流1.01元，同比增47.24%，每股收益0.51元，同比增64.52% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 90.63亿 | 104.12 乙 | 14.89 ...

Core Insights - The report provides a summary of stock holdings and market values for various companies as of the end of the first half of 2025, highlighting significant investments in specific firms [1]. Group 1: Company Holdings - Dongfang Yuhong (证券代码: 002271.SZ) holds 9,473.55 million shares with a market value of 101,651.19 million yuan [1]. - Jinpai Titanium Industry (证券代码: 000545.SZ) has 3,221.90 million shares valued at 8,924.67 million yuan [1]. - Satellite Chemical (证券代码: 002648.SZ) possesses 2,353.39 million shares with a market value of 40,784.21 million yuan [1]. - Hongfa Technology (证券代码: 600885.SH) holds 2,211.85 million shares valued at 49,346.41 million yuan [1]. - Ninebot (证券代码: 689009.SH) has 1,974.93 million shares with a market value of 116,856.63 million yuan [1]. - Huaming Equipment (证券代码: 002270.SZ) holds 982.57 million shares valued at 16,448.14 million yuan [1]. - Weixing New Materials (证券代码: 002372.SZ) has 982.04 million shares valued at 10,173.90 million yuan [1]. - Zhuhai Group (证券代码: 600961.SH) possesses 903.02 million shares with a market value of 10,095.81 million yuan [1]. - Haida Group (证券代码: 002311.SZ) holds 857.68 million shares valued at 50,251.24 million yuan [1]. - Shaanxi Jinye (证券代码: 000812.SZ) has 793.19 million shares valued at 3,720.05 million yuan [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][43]. Core Views - The company's net profit attributable to shareholders for the first half of 2025 increased by 57.8% year-on-year, driven by rising gold prices and a recovery in zinc smelting processing fees [1][8]. - The company achieved a revenue of 10.4 billion yuan in 2025H1, representing a 14.9% increase, with a net profit of 585 million yuan, and a non-recurring net profit of 594 million yuan, which is an 88.63% increase [1][8]. - The significant profit growth is attributed to the substantial rise in gold prices and the recovery of zinc concentrate processing fees starting from Q4 2024 [1][9]. Summary by Sections Financial Performance - In 2025H1, the average gold price on the Shanghai Gold Exchange was 722 yuan per gram, up 38.6% year-on-year, while the average silver price increased by 20.3% to 8171 yuan per kilogram [3][9]. - The company reported a gross profit of 1.27 billion yuan in 2025H1, a 44.9% increase from 870 million yuan in 2024H1 [9]. - Research and development expenses rose significantly to 160 million yuan in 2025H1 from 80 million yuan in 2024H1, indicating increased investment in R&D [3][9]. Production Capacity - The company has a production capacity of 860,000 tons for lead, zinc, and copper mining, with 680,000 tons for zinc products and 100,000 tons for lead products [2][8]. - The annual production of lead and zinc metals exceeds 40,000 tons, with gold production estimated at 1.8 to 2 tons and silver at approximately 60 tons [2][8]. Profit Forecast - The company is expected to achieve net profits of 1.19 billion yuan, 1.38 billion yuan, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 51%, 16%, and 8% [4][44]. - The diluted EPS for the same years is projected to be 1.11 yuan, 1.29 yuan, and 1.39 yuan, with corresponding P/E ratios of 11.0, 9.5, and 8.8 [4][44].

从单个季度看，今年一二季度，公司实现的营业收入分别为48.03亿元、56.09亿元，同比增长8.5%、 20.98%；归母净利润分别为2.77亿元、3.09亿元，同比增长74.07%、45.63%。公司两个季度的归母净利 润均为快速增长。 针对上半年的经营业绩快速增长，株冶集团解释，贵金属价格同比增长和锌冶炼加工费回暖，公司积极 把握市场节奏，同时通过实施精细化管理，不断提升运营效能与成本控制水平，业绩同比实现较大增 长。 株冶集团原本仅从事锌及锌合金产品的生产、研发与销售的单一业务，专注于锌冶炼环节。2023年，公 司分别作价33.16亿元、5.81亿元收购水口山有限100%股权和株冶有色金属20.8333%股权，合计作价 38.91亿元。同时公司还募集配套资金11.71亿元，扣除相关费用后的募资净额约为11.58亿元。 借此次重组，株冶集团新增了贵金属业务，结束了业务过于单一的现状，公司经营业绩也因此持续向 好。2023年、2024年，公司实现的营业收入分别为194.06亿元、197.59亿元，归母净利润分别为6.11亿 元、7.87亿元，同比增长23.99%、28.70%；扣非净利润分别为5.62亿元、 ...

Group 1 - The core point of the article is that Zhuhai Group reported significant financial growth for the first half of 2025, with a notable increase in both revenue and net profit [2] - The company achieved operating revenue of 10,411,729,810.94 yuan, representing a year-on-year growth of 14.89% [2] - The net profit attributable to shareholders of the listed company was 585,449,810.33 yuan, showing a substantial year-on-year increase of 57.83% [2]

今日公布半年报公司一览 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688270 | 臻镭科 技 | 0.2900 | 6231.97 | 1006.99 | 20486.70 | 73.64 | | | 扬帆新 | | | | | | | 300637 | 材 | 0.1000 | 2313.72 | 208.94 | 47295.46 | 47.93 | | 000970 | 中科三 环 | 0.0366 | 4399.31 | 160.82 | 292202.81 | -11.17 | | 430476 | 海能技 术 | 0.0700 | 547.15 | 139.03 | 13606.80 | 34.87 | | 300409 | 道氏技 术 | 0.3192 | 23038.75 | 108.16 | 365382.86 | -11.64 | | 300999 | 金龙鱼 | 0 ...

公司最新毛利率为12.19%，较上季度毛利率增加0.15个百分点，实现2个季度连续上涨，较去年同期毛 利率增加2.52个百分点，实现4年连续上涨。最新ROE为12.43%，较去年同期ROE增加3.14个百分点。 公司摊薄每股收益为0.51元，较去年同报告期摊薄每股收益增加0.20元，同比较去年同期上涨64.52%。 公司最新总资产周转率为1.13次，较去年同期总资产周转率增加0.13次，同比较去年同期上涨12.58%。 最新存货周转率为4.68次，较去年同期存货周转率增加0.76次，同比较去年同期上涨19.34%。 公司股东户数为4.10万户，前十大股东持股数量为6.62亿股，占总股本比例为61.73%。 2025年8月13日，株冶集团(600961.SH)发布2025年中报。 公司营业总收入为104.12亿元，较去年同报告期营业总收入增加13.49亿元，同比较去年同期上涨 14.89%。归母净利润为5.85亿元，较去年同报告期归母净利润增加2.15亿元，同比较去年同期上涨 57.83%。经营活动现金净流入为10.89亿元，较去年同报告期经营活动现金净流入增加3.49亿元，实现2 年连续上涨，同比较去年同期上 ...