证券代码：601020 证券简称：华钰矿业 公告编号：临 2026-001 号 西藏华钰矿业股份有限公司 第五届董事会第九次会议决议公告 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法律责任。 一、董事会会议召开情况 西藏华钰矿业股份有限公司（以下简称"公司"）第五届董事会第九次会议 于 2026 年 1 月 6 日在公司北京分公司会议室以现场会议和电话会议相结合的形 式召开。全体董事一致同意豁免本次董事会的通知时限，本次会议通知和会议材 料已于近日向全体董事和部分高级管理人员以书面、电子等方式发出。 本次会议由公司董事长刘良坤先生主持，会议应到董事 8 人，实到董事 8 人，公司高级管理人员列席了本次会议。本次会议的召集、召开和表决程序符合 《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件及《西藏 华钰矿业股份有限公司章程》（以下简称"《公司章程》"）的规定。 为保障贵州亚太矿业有限公司（以下简称"亚太矿业"）项目露天金矿业务 正常经营，尽早实现硐采业务顺利投产，同意公司为亚太矿业提供人民币 3 亿元 流动资金贷款事项 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

（文章来源：证券日报） 证券日报网讯 12月26日，华钰矿业在互动平台回答投资者提问时表示，公司所有重大事项将严格按照 相关法律法规履行信息披露义务，请以公司对外公告为准。 ...

（文章来源：证券日报） 证券日报网讯 12月26日，华钰矿业在互动平台回答投资者提问时表示，公司主要产品的销售价格已在 定期报告及临时公告中详细披露。 ...

Core Viewpoint - Huayu Mining's stock price has shown significant volatility, with a year-to-date increase of 116.38% and a recent decline of 12.42% over the past 20 days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Huayu Mining, established on October 22, 2002, and listed on March 16, 2016, operates in the non-ferrous metal mining sector, focusing on mining, mineral processing, geological exploration, and trading [1]. - The company's revenue composition includes 45.30% from foreign gold production, 33.37% from domestic lead-antimony concentrate (including silver), 14.87% from domestic zinc concentrate, 5.63% from foreign antimony, and minor contributions from copper concentrate and other sources [1]. Financial Performance - For the period from January to September 2025, Huayu Mining reported a revenue of 1.459 billion yuan, reflecting a year-on-year growth of 57.60%, and a net profit attributable to shareholders of 801 million yuan, marking a substantial increase of 423.89% [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 55.626 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Huayu Mining had 66,700 shareholders, a decrease of 14.31% from the previous period, with an average of 12,290 circulating shares per shareholder, which is an increase of 16.70% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.9712 million shares, and new entrants like Golden Stock ETF and Dachen New Industry Mixed A [3].

市公司 时时彩公司书 型入(维持) | 市场数据: | 2025 年 12 月 19 日 | | --- | --- | | 收盘价（元） | 26.99 | | 一年内最高/最低（元） | 35.17/11.75 | | 市净率 | 5.2 | | 股息率%（分红/股价） | 0.15 | | 流通 A 股市值 (百万元) | 22,131 | | 上证指数/深证成指 | 3,890.45/13,140.21 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产 (元) | 5.22 | | 资产负债率% | 38.11 | | 总股本/流通 A 股 (百万) | 820/820 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盛对比走势： 华娱乐矿业 an Transman Career of Children Collection of Children Collecti 相关研究 陈松涛 A0230523090002 chenst@swsresearch.com 申万宏源研究微 ...

Core Viewpoint - Huayu Mining's stock has shown significant growth this year, with a year-to-date increase of 118.84%, despite recent fluctuations in the short term [1][2]. Group 1: Stock Performance - As of December 22, Huayu Mining's stock price reached 27.53 CNY per share, with a trading volume of 4.94 billion CNY and a market capitalization of 225.74 billion CNY [1]. - The stock experienced a net inflow of 10.54 million CNY from major funds, with large orders accounting for 22.80% of purchases and 21.24% of sales [1]. - Over the past five trading days, the stock has increased by 1.21%, while it has decreased by 9.50% over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huayu Mining reported a revenue of 1.459 billion CNY, representing a year-on-year growth of 57.60%, and a net profit attributable to shareholders of 800 million CNY, up 423.89% year-on-year [2]. - The company has distributed a total of 281 million CNY in dividends since its A-share listing, with 55.63 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Huayu Mining had 66,700 shareholders, a decrease of 14.31% from the previous period, with an average of 12,290 circulating shares per shareholder, an increase of 16.70% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.97 million shares, and new entrants like Golden Stock ETF and Dachen New Industry Mixed A [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company is positioned as a high-elasticity player in the antimony market, with expected rapid growth as multiple incremental mining projects begin to release production. The company focuses on mineral resource development, with plans both domestically and internationally. It currently operates three production mines in China and one in Ethiopia, with further projects expected to drive growth [6][8]. - Global antimony supply and demand are tightening, leading to strong antimony prices. The company’s antimony business is expected to benefit from this price strength, with domestic antimony ingot production down 15.5% year-on-year as of November 2025. The average domestic antimony price has increased by 41.29% compared to 2024 [8]. - Gold prices are on the rise, positively impacting the company's projects such as the Takin and Nibao gold mines. The Nibao project has significant gold reserves and is expected to contribute to revenue starting in 2027-2028 [8]. - The company's forecast for net profit in 2025 has been raised to 988 million yuan, with projections for 2026 and 2027 at 1.214 billion and 1.683 billion yuan, respectively. Corresponding P/E ratios for 2025-2027 are estimated at 22, 18, and 13 [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1.614 billion yuan in 2024 to 5.191 billion yuan by 2027, with a compound annual growth rate of 85.3% in 2024 and 42.2% in 2027 [7][10]. - The net profit attributable to the parent company is expected to increase significantly, from 253 million yuan in 2024 to 1.683 billion yuan in 2027, reflecting a growth rate of 242.9% in 2024 and 38.7% in 2027 [7][10]. - The gross margin is projected to improve from 54.6% in 2024 to 59.3% in 2027, indicating enhanced operational efficiency [7].

西藏华钰矿业股份有限公司 2025年第五次临时股东会决议公告 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法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 证券代码：601020 证券简称：华钰矿业 公告编号：临2025-070号 (一)股东会召开的时间：2025年12月19日 (二)股东会召开的地点：西藏华钰矿业股份有限公司北京分公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由董事长刘良坤先生主持。本次股东会以现场投票与网络投票相结合的方式对本次股东会通知中列 明的事项进行了投票表决。出席本次股东会现场会议的股东以记名表决的方式对本次股东会进行了投票 表决，并按照法律法规进行了计票、监票。本次股东会的召集、召开及表决方式符合《公司法》《公司 股东会议事规则》等法律法规及《公司章程》的有关规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事8人，出席8人； 2、公司董事会秘书李 ...

Group 1 - The core point of the article is that Huayu Mining announced the approval of an increase in the number of board members during its fifth extraordinary general meeting of shareholders in 2025 [2] Group 2 - The company has revised its articles of association and related attachments as part of the board member increase [2]