香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年中期業績公告 概 要 本公司於2025年6月30日的財務狀況及截至2025年6月30日止六個月期 間 的 經 營 結 果 如 下： 註： 增 減 比 例 採 用 元 版 數 據 計 算。 – 1 – • 營業收入為2,375.33億 元， 較2024年上半年的2,988.42億元減少 613.09億 元（降 幅20.52%）。 • 利潤總額為52.79億 元，較2024年上半年的56.81億元減少4.02億 元（降 幅7.08%）。 • 歸屬上市公司股東淨利潤為30.99億 元，較2024年上半年的41.50億 元減少10.51億 元（降 幅25.31%）。 • 基本每股收益為0.09元，2024年上半年的基本每股收益為0.11元。 • 資產總額於2025年6月30日為8,574.06億元，較2024年12月31日的8,080 ...

Core Viewpoint - The demand for mineral resources in China is increasing due to economic recovery and the rise of emerging markets, particularly in strategic emerging industries such as new energy and new materials, driving the rapid development of the mining engineering construction industry [1][13]. Industry Overview - Mining engineering refers to a series of engineering activities aimed at the exploration, design, extraction, and waste treatment of mineral resources [2]. - The mining engineering construction industry focuses on the development of mineral resources, encompassing exploration, design, construction, and operational phases [2]. Development History - Before the establishment of New China, mining production was nearly paralyzed; post-establishment, mining became a key focus for the state, leading to the development of coal, iron, and other mineral resources [4]. - The industry transitioned from a single public ownership model to a diversified ownership model post-reform, with private capital entering the small and medium mining sectors [4][5]. Market Policies - The Chinese government has issued various policies to regulate mining engineering construction, focusing on resource development, safety production, and environmental protection [7][8]. Industry Chain - The mining engineering construction industry includes suppliers of construction materials (steel, cement, explosives), mining machinery suppliers, geological exploration companies, and mineral resource assessment agencies [9][10]. Current Market Status - The market size of China's mining engineering construction industry is projected to reach 57.39 billion yuan in 2024, with a year-on-year growth of 2.7% [1][13]. - The energy mining sector accounts for approximately 48.5% of the construction, while metal and non-metal mining sectors account for 32.2% and 19.3%, respectively [1][13]. Competitive Landscape - Major state-owned enterprises dominate the mining engineering construction market, leveraging strong financial resources and project management experience [11][14]. - Notable companies include China Railway 17th Bureau Group, China Metallurgical Group, and others, which have secured significant national and large-scale mining projects [11][14]. Future Development Trends - The industry is expected to embrace intelligent technologies across design, construction, and operation, creating a digital closed-loop process [17][18]. - The concept of "zero-waste mining" will drive technological breakthroughs in tailings utilization, while ecological restoration standards will lead to new market opportunities through cross-industry integration [17][18].

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

从资金流向上来看，当日专业工程板块主力资金净流入2507.61万元，游资资金净流出1009.12万元，散户 资金净流出1498.49万元。专业工程板块个股资金流向见下表： 证券之星消息，8月25日专业工程板块较上一交易日上涨2.5%，森特股份领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603098 | 森特股份 | 14.73 | 10.01% | 32.72万 | 4.65亿 | | 603929 | 亚翔集成 | 38.59 | 10.01% | 6.93万 | 2.61亿 | | 603163 | 圣晖集成 | 38.83 | 10.00% | 8.00万 | 3.10亿 | | 605289 | 爱曼股份 | 46.37 | 8.59% | 8.62万 | 3.87亿 | | 300712 | 永福股份 | 27.33 | 6.30% | 9.17万 ...

Core Insights - The report highlights significant developments in copper and other mineral projects in Afghanistan and Pakistan, with a focus on the expected operational advancements by 2025 and the historical production achievements in 2024 [1][2][3]. Group 1: Project Developments - The Afghanistan Aynak copper mine is projected to achieve substantial progress by the end of 2025, with a resource increase of 1.28 million tons, raising the total resource to 12.36 million tons [2]. - The Pakistan Saindak copper-gold mine has reached record production levels, with a copper resource estimate of 1.809 million tons by the end of 2024, and a sales volume of 22,760 tons of copper [3]. - The Pakistan Saindak mine achieved an average production rate of 124.6% and generated revenue of 1.74 billion yuan, with a profit of 203 million yuan [3]. Group 2: Market Performance - The LME copper price closed at $9,760 per ton on August 15, reflecting a year-on-year increase of 6.8% [4]. - The nickel and cobalt resources at the Ramu nickel-cobalt mine in Papua New Guinea have increased to 1.842 million tons and 209,000 tons, respectively, with significant production and sales figures reported [4]. - The LME nickel price decreased by 6.9% year-on-year, closing at $15,195 per ton on August 15 [4]. Group 3: Resource Estimates and Financial Performance - The Duddar lead-zinc mine in Pakistan is estimated to have lead resources of 321,100 tons and zinc resources of 642,900 tons by the end of 2024, with expectations for resource doubling by 2025 [5]. - The Duddar mine achieved a production rate of 102.6% in 2024, with revenues of 760 million yuan and a profit of 250 million yuan [5].

Group 1: Zhongtong Express (中通快递) - Profitability under pressure, adjusted net profit for Q2 2025 decreased by 26.8% YoY, with a single ticket net profit of 0.21 CNY, down 12 cents YoY [2][7][10] - Revenue for Q2 2025 reached 11.8 billion CNY, a 10.3% increase YoY, while H1 2025 revenue was 22.7 billion CNY, up 9.8% YoY [7][9] - Market share increased to 19.5% in Q2 2025, with a package volume of 9.85 billion pieces, up 16.5% YoY [9][10] - Capital expenditure for 2025 expected to remain flat or slightly decrease, with H1 2025 capital expenditure at 3.1 billion CNY [9][10] - Mid-term dividend of 0.3 USD per share, with a payout ratio of 40% [9][10] Group 2: Yuanda Pharmaceutical (远大医药) - Revenue for H1 2025 was 6.107 billion HKD, a 1.0% increase YoY, with net profit of 1.169 billion HKD, slightly down by 5.9% YoY [3][12] - The nuclear medicine segment saw a revenue increase of 105.5% YoY, contributing significantly to overall growth [12][13] - Revenue projections for 2025-2027 are 12.254 billion, 13.376 billion, and 14.779 billion HKD, with net profits of 2.185 billion, 2.462 billion, and 2.706 billion HKD respectively [14] Group 3: Yuandong Bio (苑东生物) - H1 2025 revenue was 654 million CNY, down 2.3% YoY, with net profit of 137 million CNY, down 6.8% YoY [4][16] - The company is focusing on self-research and strategic investments to accelerate innovation [16][17] - Revenue projections for 2025-2027 are 1.501 billion, 1.795 billion, and 2.202 billion CNY, with net profits of 282 million, 345 million, and 431 million CNY respectively [18] Group 4: Pop Mart (泡泡玛特) - H1 2025 revenue reached 13.876 billion CNY, a 204.4% increase YoY, with net profit of 4.574 billion CNY, up 396.5% YoY [19][20] - The company is expanding its global presence, with significant growth in the Americas and Asia-Pacific regions [19][20] - Revenue projections for 2025-2027 are 11.128 billion, 15.332 billion, and 20.295 billion CNY, with substantial YoY growth rates [21] Group 5: Nanjing Steel (南钢股份) - H1 2025 revenue was 28.944 billion CNY, down 14.06% YoY, while net profit increased by 18.63% to 1.463 billion CNY [23][24] - High-end products contributed significantly to profit, with advanced steel materials accounting for 29.77% of total sales [24] - The company is expanding its overseas operations, including a new coke production base in Indonesia [24] Group 6: Huayang Group (华阳集团) - H1 2025 revenue was 5.311 billion CNY, a 26.65% increase YoY, with net profit of 341 million CNY, up 18.98% YoY [26][27] - The automotive electronics and precision die-casting segments are driving growth, with significant new orders from major global clients [26][27] - Revenue projections for 2025-2027 are 12.71 billion, 15.89 billion, and 19.17 billion CNY, with net profits of 870 million, 1.15 billion, and 1.43 billion CNY respectively [27] Group 7: Shenhuo Co. (神火股份) - H1 2025 revenue was 20.428 billion CNY, up 12.12% YoY, while net profit decreased by 16.62% to 1.904 billion CNY [29][30] - The aluminum business is the main contributor to revenue, while coal business faced significant price declines [30][31] - Revenue projections for 2025-2027 are 2.41, 2.67, and 2.96 CNY per share, with corresponding PE ratios of 8, 7, and 7 [31] Group 8: Beixin Building Materials (北新建材) - H1 2025 revenue was 13.558 billion CNY, a slight decrease of 0.29% YoY, with net profit down 12.85% [33][34] - The gypsum board business is under pressure, while waterproof and paint businesses are showing growth [34][35] - Revenue projections for 2025-2027 are 3.935 billion, 4.464 billion, and 4.952 billion CNY, with corresponding EPS of 2.33, 2.64, and 2.93 CNY [35]

Core Insights - The completion of the access road for the Aynak copper mine project in Afghanistan marks a significant milestone for the investment consortium formed by China Metallurgical Group Corporation and Jiangxi Copper Corporation [1] - China Metallurgical Group, a leading player in the metallurgical construction sector, aims to enhance its core metallurgy business and improve profit margins through a diversified business model [1] - The Aynak copper mine, with a high-grade resource of 12.36 million tons, is expected to start mining operations by the end of this year, potentially leading to a revaluation of the company's mineral assets [2] Company Overview - China Metallurgical Group is a major player in the metallurgical construction industry, having been involved in the development of key steel projects in China since 1948 [1] - The company underwent a strategic restructuring in 2015, becoming part of China Minmetals, with a significant shareholding structure where the controlling shareholder holds 49.18% as of Q1 2025 [1] - The company has set a medium to long-term goal to balance its core metallurgy business with construction and municipal infrastructure, targeting a 50% share for each segment [1] Financial Performance - As of the end of 2024, the company has three operational mining projects with a combined revenue of 5.47 billion yuan and a total profit attributable to the Chinese side of 913 million yuan, representing 9.87% of the company's total profit [2] - The company anticipates a steady increase in net profit for the years 2025 to 2027, projecting figures of 6.749 billion, 7.054 billion, and 7.359 billion yuan respectively, with corresponding EPS of 0.33, 0.34, and 0.36 yuan [2]

A股简称：中国中冶 A股代码：601618 公告编号：临2025-043 赵巍先生简历 中国冶金科工股份有限公司董事会 2025年8月21日 于梦尧女士简历 于梦尧女士，中信证券股份有限公司总监，硕士研究生学历，注册保荐代表人，曾负责和参与了德邦物 流IPO及再融资项目、东方航空非公开H股增发项目、滨江地产再融资项目、苏州工业园IPO项目、正元 智慧IPO项目、杭萧钢构再融资项目、招商轮船再融资项目、环旭电子再融资项目、钱江水利再融资项 目、万科A重大资产重组项目、中粮地产重大资产重组项目、祥源文旅重大资产重组项目、招商轮船重 大资产重组项目、云南旅游重大资产重组暨借壳上市项目、新城控股换股吸收合并新城地产B股项目、 冠豪高新换股吸收合并粤华包B股项目以及万科、滨江集团、新城控股、中洲控股、华侨城公司债及中 票等债务融资等项目。于梦尧女士在保荐业务执业过程中严格遵守《证券发行上市保荐业务管理办法》 等相关规定，执业记录良好。 中国冶金科工股份有限公司 关于变更持续督导保荐代表人的公告 中国冶金科工股份有限公司（以下简称"本公司"、"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 ...

西部证券股份有限公司给予中国中冶A股增持的初始评级。 ...

（编辑 姚尧） 证券日报网讯 8月21日晚间，中国中冶发布公告称，本公司于近日收到中信证券股份有限公司（简 称"中信证券"）《关于更换保荐代表人的函》。原公司持续督导保荐代表人黄慈先生和杨斌先生因工作 调整原因，不再负责公司首次公开发行A股股票持续督导的保荐代表人工作，中信证券委派于梦尧女士 和赵巍先生接替黄慈先生和杨斌先生担任本公司的保荐代表人，继续履行对公司的持续督导职责。 ...