Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Summary of Western Mining's Q1 2025 Conference Call Company Overview - **Company**: Western Mining - **Industry**: Mining and Metallurgy Key Financial Highlights - **Net Profit**: Q1 2025 net profit increased by 423% year-on-year to 2.615 billion yuan [2][3] - **Sales Revenue**: Q1 2025 sales revenue reached 16.5 billion yuan, a year-on-year increase of 50.74% [3] - **Operating Cash Flow**: Cash generated from operating activities was 2.615 billion yuan, up 423% year-on-year [3] - **Basic Earnings Per Share**: 0.34 yuan [3] - **Total Assets**: As of March 31, total assets were 57.4 billion yuan [3] Production and Operational Insights - **Copper Production Target**: The target for copper production in 2025 is set at 168,000 tons, slightly lower than the previous year's actual output, reflecting a conservative estimate to manage uncertainties [2][6] - **Copper Smelting Challenges**: The copper smelting business faced challenges with negative processing fees for imported copper concentrate, leading to a loss of 130 million yuan for Qinghai Copper [2][12] - **Lead and Zinc Production**: Q1 production was low due to winter shutdowns, but production is expected to improve as mines resume operations [2][16] Revenue Growth Drivers - **Revenue Growth Factors**: Revenue growth in Q1 was primarily driven by improvements in smelting processes and increased production volumes of copper, zinc, and lead, with copper smelting increasing by 55% [2][4] Investment and Expansion Plans - **Investment Losses**: The company reported an investment net loss of 266 million yuan, mainly due to futures hedging losses [5][21] - **Yulong Copper Mine Expansion**: The Yulong Copper Mine's third-phase expansion project is expected to complete documentation by the end of July 2025, with construction starting in August and completion anticipated by late 2026 [5][23][25] Market and Pricing Outlook - **Copper Smelting Industry Outlook**: The copper smelting industry is expected to face continued pressure from negative processing fees, with a forecast of limited improvement in the near term [12][13] - **Future Copper Price Expectations**: The company maintains an optimistic outlook on future copper prices, with minimal impact from global trade uncertainties due to low reliance on imports [40] Inventory and Sales Management - **Inventory Status**: As of March 31, the company had minimal inventory, with only 2,000 to 3,000 tons of metal stock remaining, indicating a balanced production and sales situation [10][37] Challenges and Risks - **Production Stability**: The company faces challenges in achieving production targets due to the instability of production indicators and reliance on external raw material supplies for lead and zinc [16][17] Conclusion Western Mining's Q1 2025 performance reflects significant growth in net profit and sales revenue, driven by operational improvements and increased production. However, challenges in the copper smelting sector and external market conditions pose risks to future performance. The company is strategically managing its production targets and expansion plans while maintaining a cautious outlook on market dynamics.

Core Viewpoint - Western Mining's Q1 financial data shows significant growth, with record high revenues and profits, indicating strong operational performance and cash flow generation [1][2]. Financial Performance - Q1 revenue reached 16.542 billion yuan, a year-on-year increase of 50.74% - Net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year - Net profit excluding non-recurring items was 781 million yuan, reflecting a 9.17% increase year-on-year - Copper production increased by 14.35% year-on-year, zinc production by 18.17%, and lead production by 38.38% [1]. Cash Flow and Capital Structure - Net cash flow from operating activities exceeded 2.6 billion yuan, a staggering increase of 423.69% year-on-year - The company's debt-to-asset ratio stood at 57.57%, the lowest for the same period since 2018 - The adjusted debt-to-asset ratio, excluding advance receipts, was 55.45%, the lowest since 2017 - Interest-bearing debt ratio decreased to 41.37%, down nearly 4 percentage points year-on-year, marking the lowest since 2013 [2]. Growth Prospects - Analysts predict net profits of 3.728 billion yuan, 4.361 billion yuan, and 4.993 billion yuan for 2023, 2024, and 2027 respectively, with growth rates of 27.16%, 16.99%, and 14.50% [2]. - The company's current price-to-earnings ratio is projected at 9.87 times, indicating it is undervalued within the copper sector [2]. Shareholder Activity - The controlling shareholder and related parties have consistently increased their holdings, completing a recent buyback plan within two weeks - The buyback involved acquiring 6,458,044 shares, representing 0.271% of the total share capital, with a total investment of approximately 96.74 million yuan [3]. - Institutional investors have also shown strong interest, with significant increases in holdings from various entities, including a notable purchase of over 8.82 million shares by the Shanghai-Hong Kong Stock Connect [3].

Group 1: Securities Market Regulation - The Shenzhen Stock Exchange took self-regulatory measures against 105 cases of abnormal trading behavior from April 21 to April 25, involving market manipulation and false declarations [1] - The exchange conducted investigations into 12 major corporate events and reported 2 cases to the China Securities Regulatory Commission for suspected violations [1] Group 2: Smartphone Market - In Q1 2025, China's smartphone market saw a 5% year-on-year increase, with shipments reaching 70.9 million units, driven by government subsidies and consumer recovery [1] - Xiaomi regained the top position with a shipment of 13.3 million units, marking a 40% increase and a market share of 19% [1] - Huawei followed closely with 13 million units shipped, maintaining double-digit growth, while Apple experienced an 8% decline in shipments, totaling 9.2 million units [1] Group 3: Low-altitude Economy - The "Low-altitude Economic Development Trend Report" predicts that by 2030, over 100 eVTOL companies will emerge in China, with several expected to obtain operational certifications by 2027 [2] Group 4: Corporate Investigations - Dongni Electronics was placed under investigation by the CSRC for suspected information disclosure violations, following multiple warning letters regarding similar issues [3] - Nord Shares and Hongtian Shares are both under investigation for failing to disclose related party transactions as required [5] Group 5: Financial Performance - Shuo Beid's Q1 2025 report showed a revenue of 518 million yuan, a 41.69% increase, and a net profit of 14.52 million yuan, up 276.05% year-on-year [6] - Luzhou Laojiao reported a 3.19% increase in revenue for 2024, totaling 31.196 billion yuan, with a net profit of 13.473 billion yuan, up 1.71% [7] - Hongchuan Wisdom's 2024 revenue decreased by 6.27% to 1.45 billion yuan, with a net profit drop of 46.57% to 158 million yuan [8] - Gree Electric's 2024 revenue fell by 7.26% to 189.164 billion yuan, while net profit increased by 10.91% to 32.185 billion yuan [9]

若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持! 特此公告。 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-028 西部矿业股份有限公司 关于股东大会开设网络投票提示服务的公告 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个别及连带责任。 公司拟于 2025年5月7日 14:30 召开 2024年年度股东大会，本次会议采用现 场投票和网络投票相结合的表决方式。具体内容详见公司于 2025年4月12日在上 海证券交易所网站(www.sse.com.cn)及相关指定媒体披露的《西部矿业关于召开 2024年年度股东大会的通知》(详见临时公告2025-021号)。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案 情况等信 ...

重要内容提示： 会议召开时间：2025 年 05 月 08 日（星期四） 15:00-17:00 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-027 西部矿业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 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/ ） 、 证 券 时 报 （ http://rs.stcn.com/ ） 、 全 景 路 演 (https://rs.p5w.net)。 会议召开方式：视频直播和网络互动 投资者可于 2025 年 04 月 28 日（星期一）至 05 月 07 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目、点击（全景）https://ir.p5w.net/zj/， 进入问题征集专题页面进行提问或通过公司邮箱 wm@westmining.com 进行提问。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601168 证券简称：西部矿业 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ ■ (二)持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥16,541,553,094, representing a 50.74% increase compared to ¥10,973,912,763 in the same period last year[2] - Net profit attributable to shareholders was ¥807,802,492, up 9.61% from ¥736,994,982 year-on-year[2] - The total profit for Q1 2025 was CNY 1.80 billion, with a net profit attributable to shareholders of CNY 808 million, reflecting a 9.61% increase year-over-year[10] - The total comprehensive income for the period was CNY 1,552,413,578, compared to CNY 1,191,159,574 in the previous year, indicating an increase of about 30%[18] Cash Flow and Liquidity - The net cash flow from operating activities surged to ¥2,615,211,547, a remarkable increase of 423.69% compared to ¥499,383,882 in the previous year[2] - In Q1 2025, the company reported a net cash flow from operating activities of CNY 2,615,211,547, a significant increase from CNY 499,383,882 in Q1 2024, representing a growth of approximately 423%[19] - The company generated CNY 18,996,064,772 in cash from sales of goods and services, a rise of approximately 48% compared to CNY 12,789,084,795 in Q1 2024[19] - The total cash inflow from operating activities was CNY 19,142,433,599, compared to CNY 12,838,124,363 in the previous year, showing a growth of approximately 49%[19] - The company’s cash and cash equivalents increased to CNY 6.41 billion from CNY 4.12 billion year-over-year[12] - Cash and cash equivalents at the end of Q1 2025 amounted to CNY 5,539,408,975, up from CNY 4,054,997,835 at the end of Q1 2024, marking an increase of about 36.5%[19] Production and Sales - The increase in operating revenue was primarily driven by higher production and sales volumes of copper, lead, and gold ingots compared to the previous year[5] - Copper production increased by 14.35% year-over-year to 44,085 tons, while zinc and lead production rose by 18.17% and 38.38%, respectively[10] - The company reported a significant increase in lead smelting output, with a year-over-year increase of 1,752.30% to 43,714 tons[10] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥57,380,082,307, marking a 4.44% increase from ¥54,939,668,740 at the end of the previous year[2] - The company reported a total asset increase to CNY 57.38 billion as of March 31, 2025, compared to CNY 54.94 billion at the end of 2024[12] - Current assets rose to CNY 15.47 billion, up from CNY 13.31 billion at the end of 2024[12] - The company's total liabilities increased to CNY 33.03 billion, compared to CNY 32.18 billion at the end of 2024[14] Shareholder Information - Basic earnings per share increased to ¥0.34, reflecting a growth of 9.68% from ¥0.31 in the same period last year[2] - The company's equity attributable to shareholders rose to ¥17,926,028,329, a 4.89% increase from ¥17,089,849,771 at the end of the previous year[3] - The total number of ordinary shareholders at the end of the reporting period was 106,597[6] Research and Development - Research and development expenses for Q1 2025 were CNY 208 million, up from CNY 132 million in Q1 2024[16] Non-Recurring Gains - The company reported non-recurring gains of ¥26,807,508, which included government subsidies and other income[4] Tax and Financing Activities - The company reported a tax refund of CNY 26,116,800 in Q1 2025, significantly higher than CNY 4,674,516 in Q1 2024, indicating improved tax recovery[19] - The net cash flow from financing activities was CNY 570,456,163, a turnaround from a negative cash flow of CNY -439,027,789 in the same period last year[19] - The company received CNY 3,906,995,027 in cash from borrowings, which is an increase from CNY 3,617,235,931 in Q1 2024[19] Investment Activities - The company incurred a net cash outflow from investing activities of CNY -956,091,795, compared to CNY -649,547,366 in Q1 2024, indicating increased investment activity[19] Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance production efficiency[10]

西部矿业（601168）公告，2025年第一季度营收为165.42亿元，同比增长50.74%；净利润为8.08亿元， 同比增长9.61%。 ...

2025年4月23日，公司收到西矿集团通知：西矿集团已办理完成上述82,272,404股股份解除质押手续。本 次解除质押股份占公司总股本的3.452%。截至本公告披露日，西矿集团及其一致行动人共持有公司股 份737,120,048股，占公司总股本的30.93%。具体如下： ■ 本次解除质押股份不再用于后续质押。 ■ 西部矿业股份有限公司 关于控股股东可交换公司债券解除股份质押的公告 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个别及连带责任。 公司控股股东西部矿业集团有限公司（下称"西矿集团"）于2022年4月7日以其所持公司部分A股股票为 标的非公开发行可交换公司债券（第一期）（下称"本次可交换债券"或"22西矿EB"），并将其持有公 司的138,000,000股股份（占本公司总股本的5.79%）办理了质押手续（详见临时公告2022-003号、2022- 013号）。2025年4月7日，西矿集团完成本次可交换公司债券的本息兑付及摘牌工作，公司于2025年4月 9日披露了《西部矿业关于控股股东非公开发行可交换公司债券拟办理可交换公司债 ...