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]

Core Viewpoint - China Metallurgical Group Corporation (the company) has announced a change in its continuous supervision sponsor representatives due to work adjustments of the previous representatives [1]. Group 1: Announcement Details - The company received a letter from CITIC Securities regarding the replacement of its continuous supervision sponsor representatives [1]. - The previous representatives, Mr. Huang Ci and Mr. Yang Bin, will no longer be responsible for the company's continuous supervision related to its initial public offering (IPO) of A-shares [1]. - Ms. Yu Mengyao and Mr. Zhao Wei have been appointed as the new sponsor representatives to continue the supervision duties [1]. Group 2: Responsibilities and Regulations - The new sponsor representatives will fulfill the continuous supervision obligations related to the use of raised funds until the funds from the company's IPO are fully utilized [1]. - The sponsor representatives are required to comply with relevant regulatory requirements during their tenure [1]. Group 3: Background of New Representatives - Ms. Yu Mengyao holds a master's degree and is a registered sponsor representative with experience in various IPO and refinancing projects, including those for Debon Logistics and China Eastern Airlines [3]. - Mr. Zhao Wei is a senior vice president at CITIC Securities with a master's degree and has participated in multiple investment banking projects, ensuring compliance with relevant regulations [4].

Group 1 - The core viewpoint is that Western Securities Co., Ltd. has given China Metallurgical Group Corporation (China MCC) an initial rating of "Accumulate" for its A-shares [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced the replacement of its sponsoring representatives for the ongoing supervision of its initial public offering (IPO) of A-shares by CITIC Securities [1] Group 1 - China MCC received a letter from CITIC Securities regarding the change of sponsoring representatives [1] - The previous sponsoring representatives, Mr. Huang Ci and Mr. Yang Bin, are no longer responsible for the continuous supervision of the company's IPO due to work adjustments [1] - Ms. Yu Mengyao and Mr. Zhao Wei have been appointed as the new sponsoring representatives to continue the supervisory duties for China MCC [1]

中国中冶（601618）(01618)发布公告，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公司的保荐代表人，继续履行对公司的持续督导职责。本次保荐代表 人更换后，负责公司持续督导工作的保荐代表人为于梦尧女士和赵巍先生。 ...

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八 月 二十一 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-043 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 中國冶金科工股份有限公司 ...

A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-043 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遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 本公司于近日收到中信证券股份有限公司（以下简称"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（简历附后）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。本次保荐代表人更换后，负责公司持续督导工作的保荐代 表人为于梦尧女士和赵巍先生。根据相关监管规定，上述保荐机构及保荐代表人将履行 与募集资金有关的持续督导义务，直至本公司首次公开发行 A 股股票的募集资金使用 完毕。 特此公告。 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 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].

Summary of Key Points from Conference Call Records Industry Overview - The conference call focuses on the mining resources industry, particularly copper, cobalt, nickel, gold, and coal, with specific emphasis on companies like China Metallurgical Group Corporation (China MCC), China Railway Group, China Power Construction Corporation, and Shanghai Construction Group. Core Insights and Arguments - **China MCC's Copper Projects**: China MCC has significant copper mining projects in Afghanistan and Pakistan, expected to contribute approximately 3 billion RMB in annual profits, with a potential market value increase of around 30 billion RMB, enhancing the company's overall valuation [1][4]. - **Nickel and Cobalt Production**: China MCC's nickel and cobalt business is projected to generate 2.97 billion RMB in revenue in 2024, contributing 460 million RMB to the total profit, which is 5% of the company's total profit [1][5]. - **Copper Production Forecast**: The Sandak copper-gold mine is expected to produce 24,000 tons of copper in 2024, generating 1.74 billion RMB in revenue and contributing 203 million RMB to profits, accounting for 2.2% of the total [1][6]. - **Impact of Rising Copper Prices**: An increase in copper prices is expected to significantly benefit mining resource companies. If copper prices remain high, China MCC's profit could double to approximately 14 billion RMB, leading to a total market value of around 90 billion RMB [1][9]. - **China Railway Group's Resource Holdings**: China Railway Group holds substantial resources, including 595,800 tons of molybdenum and 6,459,400 tons of copper, with a projected net profit of no less than 3 billion RMB in 2024, corresponding to a market value of 36 billion RMB [1][12]. - **China Power Construction's Investment Returns**: The Congo-based Huagang project, in which China Power Construction has a stake, contains over 8 million tons of copper and 540,000 tons of cobalt, generating 1 billion RMB in annual investment returns [3][13]. - **Shanghai Construction Group's Gold Mining**: Shanghai Construction Group's Koka gold mine is expected to sell 61,200 ounces of gold in 2024, achieving 1.067 billion RMB in revenue, with a gross profit margin of 51% [3][15]. Other Important Insights - **Strategic Resource Acquisition**: Construction companies are acquiring mining resources as part of their business transformation, particularly under the Belt and Road Initiative, allowing them to diversify and enhance profitability [2]. - **Market Timing for Asset Valuation**: The focus on hidden assets of construction companies is timely due to the approaching traditional peak season and expectations of U.S. interest rate cuts, which may drive up prices for commodities like copper and nickel [8]. - **Future Profitability Projections**: China MCC's total mineral resource reserves, including copper, nickel, and cobalt, are expected to significantly enhance its profitability, with projections indicating that profits could account for over 20% of total earnings post-expansion [10]. - **North International's Coal Trade**: North International, primarily engaged in Mongolian coal trade, anticipates a profit increase of 25% in the second half of the year due to rising coal prices [18]. This summary encapsulates the critical insights and projections regarding the mining resources industry and the performance of key companies within this sector.