Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of the recent 232 tariffs on copper, which do not include refined copper, leading to a significant drop in US copper prices. The week saw a decline in copper prices with LME copper down 2.51%, SHFE copper down 1.07%, and US copper down 23.45% [5][10]. - The report emphasizes the recovery in downstream copper demand, with the copper rod operating rate increasing by 2.36 percentage points to 71.73% [5]. - The report suggests monitoring the supply disruptions in Chile and the potential impact of the Federal Reserve's interest rate cuts in September [5]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes lower-than-expected job vacancies in the US and mixed employment data, indicating a cautious economic outlook [9]. - The non-ferrous metals sector underperformed, with the Shenwan non-ferrous index down 4.62%, lagging behind the Shanghai Composite Index by 3.68 percentage points [12]. 2. Industrial Metals Copper - LME copper prices fell by 2.51%, while SHFE copper prices decreased by 1.07%. LME copper inventory increased by 10.33% [26]. - The report notes a copper smelting profit of -2408 CNY/ton, indicating a narrowing loss [26]. Aluminum - LME aluminum prices dropped by 4.12%, and SHFE aluminum prices fell by 1.33%. The report indicates a decrease in aluminum smelting profit to 4116 CNY/ton, down 7.71% [37]. Lead and Zinc - LME lead prices decreased by 3.30%, and SHFE lead prices fell by 1.48%. LME zinc prices dropped by 4.59%, while SHFE zinc prices decreased by 2.19% [52]. - The report highlights a smelting profit of 346 CNY/ton for zinc, with mining profits down 6.47% to 6884 CNY/ton [52]. Tin and Nickel - LME tin prices fell by 5.10%, and SHFE tin prices decreased by 2.47%. LME nickel prices dropped by 4.08%, while SHFE nickel prices fell by 2.83% [66]. 3. Energy Metals Lithium - Lithium carbonate prices decreased by 2.13% to 71350 CNY/ton, while lithium hydroxide prices increased by 4.04% to 65670 CNY/ton [83]. - The report indicates a smelting profit of 862 CNY/ton for lithium from spodumene, while the profit from lithium from lepidolite was -4608 CNY/ton [83]. Cobalt - Domestic cobalt prices surged by 11.29% to 276000 CNY/ton, with significant increases in cobalt smelting profits [96]. 4. Market Performance - The report provides a detailed analysis of the performance of various non-ferrous metal stocks, highlighting the top gainers and losers in the market [12]. 5. Valuation Changes - The report notes that the PE_TTM for the non-ferrous sector is 20.54, with a decrease of 0.88, while the PB_LF is 2.37, down 0.11 [21].

Group 1 - The stock price of Western Mining (601168) closed at 17.03 yuan on August 1, 2025, with an increase of 2.04% and a turnover rate of 1.65% [1] - The company reported a total operating revenue of 31.619 billion yuan for the first half of 2025, representing a year-on-year growth of 26.59%, and a net profit attributable to shareholders of 1.869 billion yuan, up 15.35% year-on-year [1] - The company's liquidity ratios include a current ratio of 0.982 and a quick ratio of 0.642, with a debt-to-asset ratio of 58.97% [1] Group 2 - Western Mining has made investments in 34 companies and participated in 1,629 bidding projects [2] - The company holds 139 trademark registrations and 342 patent applications, along with 22 administrative licenses [2]

Group 1: Market Performance - On August 1, the industrial metals sector increased by 0.57% compared to the previous trading day, with Hailiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Group 2: Individual Stock Performance - Hailiang Co., Ltd. (002203) closed at 11.90, up 8.58% with a trading volume of 1.2272 million shares [1] - Jingyi Co., Ltd. (002295) closed at 10.46, up 5.76% with a trading volume of 271,100 shares [1] - Yuguang Gold Lead (600531) closed at 8.51, up 4.55% with a trading volume of 746,200 shares [1] - Other notable performers include Santai Wen (600595) up 2.83%, Pengxin Resources (600490) up 2.56%, and Ningbo Fubang (600768) up 2.22% [1] Group 3: Capital Flow Analysis - The industrial metals sector experienced a net outflow of 329 million yuan from institutional investors, while retail investors saw a net inflow of 69.45 million yuan [2] - Notable net inflows from retail investors were observed in Pengxin Resources (390.58 million yuan) and Yuguang Gold Lead (661.66 million yuan) [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively participating [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company reported a revenue of 31.619 billion yuan for the first half of 2025, representing a year-on-year growth of 26.59%. The net profit attributable to shareholders was 1.869 billion yuan, up 15.35% year-on-year [4]. - The increase in performance is primarily attributed to an 8% rise in copper production and an 11% increase in copper prices compared to the previous year [4]. - The company’s copper production for H1 2025 was 91,800 tons, a year-on-year increase of 7.65%, with significant contributions from various mines [5]. - The report highlights improvements in recovery rates for various minerals, indicating operational efficiency [5]. - The smelting capacity is gradually increasing, with significant year-on-year growth in production for copper, lead, and zinc [6]. - The company’s subsidiary, Yulong Copper Industry, achieved a net profit of 3.491 billion yuan, contributing significantly to the overall profitability [6]. - Future growth is supported by ongoing projects and expansions, including the approval of the Yulong Copper Mine Phase III, which is expected to increase production capacity significantly [7][9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 56.134 billion yuan, 59.120 billion yuan, and 63.471 billion yuan, respectively, with year-on-year growth rates of 12.21%, 5.32%, and 7.36% [9][11]. - The net profit attributable to shareholders is expected to reach 3.857 billion yuan in 2025, with a growth rate of 31.56% [11]. - Earnings per share (EPS) are projected to be 1.62 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 10.31, 9.71, and 9.01 for the years 2025, 2026, and 2027 [9][11].

证券代码：601168 证券简称：西部矿业 公告编号：临2025-036 登录新浪财经APP 搜索【信披】查看更多考评等级 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2025年8月1日（星期五）至8月7日（星期四）16:00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱wm@westmining.com进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 西部矿业股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 会议召开时间：2025年8月8日（星期五）15:00-17:00 财务负责人、董事会秘书：王伟先生 独立董事：黄大泽先生 四、投资者参加方式 （一）投资者可在2025年8月8日（星期五）15:00-17:00，通过互联网登录上证路演中心 （https://roadshow.sseinfo.com/），在 ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-036 西部矿业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ??会议召开时间：2025 年 8 月 8 日（星期五）15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 8 月 1 日（星期五）至 8 月 7 日（星期四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）已于 2025 年 7 月 26 日发布公司 营成果、财务状况，公司计划于 2025 年 8 月 8 日（星期五）15:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的 ...

Group 1 - The report from Guosen Securities on July 31 gives a rating to Western Mining (601168.SH, latest price: 16.69 yuan) [2] - Key reasons for the rating include the release of production capacity from the lead-zinc system at the Qiqi Copper Mine [2] - The report highlights improvements in zinc smelting profitability and marginal improvements in copper smelting [2] Group 2 - The report includes risk factors such as lower-than-expected capacity release and the risk of declining metal prices [2]

证券日报网讯7月31日晚间，西部矿业（601168）发布公告称，公司2025年半年度业绩说明会定于2025 年8月8日召开。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][32]. Core Views - The company achieved a revenue of 31.62 billion yuan in H1 2025, representing a year-on-year increase of 26.6%, and a net profit of 1.87 billion yuan, up 15.3% year-on-year [5][6]. - The main profit source is Yulong Copper Industry, which generated a net profit of 3.49 billion yuan in H1 2025, contributing significantly to the company's overall profitability [5][7]. - The company is expected to benefit from the copper price cycle, with a projected increase in copper production from the Yulong Copper Mine due to ongoing expansion projects [9][28]. Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 5.01 billion yuan, a slight decrease of 0.4% [5]. - The company’s revenue and net profit for Q2 2025 were 15.08 billion yuan and 1.06 billion yuan, respectively, showing a year-on-year increase of 7.7% and 20.1% [5][6]. - The company forecasts net profits of 3.783 billion yuan, 4.686 billion yuan, and 5.689 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 29.0%, 23.9%, and 21.4% [28][30]. Production and Operations - Yulong Copper Mine produced 83,413 tons of copper and 2,525 tons of molybdenum in H1 2025, with a projected annual copper production exceeding 210,000 tons after expansion [6][7]. - The zinc smelting segment has turned profitable with a net profit of 5.79 million yuan in H1 2025, while copper smelting continues to face losses [9][28]. - The company is enhancing its recovery rates in copper smelting, with improvements of 3.3 percentage points in total recovery and 2.09 percentage points in electrolytic recovery [9].

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-036 西部矿业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 8 月 8 日（星期五）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 二、说明会召开的时间、地点 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 8 月 1 日（星期五）至 8 月 7 日（星期四）16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 wm@westmining.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 西部矿业股份有限公司（以下简称"公司"）已于 2025 年 7 月 26 日发布公司 2025 年半年度报告，为便于 ...