Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

金堆城钼业股份有限公司 第五届董事会第二十三次会议决议公告 股票代码：601958 股票简称：金钼股份 公告编号： 2024-020 金堆城钼业股份有限公司董事会 2025 年 7 月 22 日 1 个 人 简 历 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。 金堆城钼业股份有限公司（以下简称公司）第五届董事会第二十三 次会议通知和材料于 2025 年 7 月 18 日以电子邮件的形式送达全体董事， 会议于 2025 年 7 月 21 日以通讯方式召开。应参会董事 11 人，实际参会 董事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定，合 法有效。与会董事审议通过《关于聘任公司副总经理的议案》，形成会 议决议如下： 该议案已经公司董事会提名与薪酬委员会事前审核；同意聘任王继 宇先生和周新文先生担任公司副总经理，聘期自董事会聘任之日起至第 五届董事会届满之日止。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 王继宇先生和周新文先生个人简历附后。 特此公告。 王继宇先生：1983 年生，大学本科学历 ...

Mergers and Acquisitions - Dongfang Yuhong plans to acquire 100% equity of Chilean building materials retailer Construmart S.A. for approximately $123 million [1] Major Asset Restructuring - Hongming Co. has terminated its plan to acquire 83% equity of Shenzhen Chisu Automation Equipment Co. due to failure to reach a final agreement [2] Performance Disclosure - Sumeida reported a net profit of 646 million yuan for the first half of the year, a year-on-year increase of 12.62%, with total revenue of 55.101 billion yuan, down 1.52% [3] - Jintong Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with total revenue of 6.959 billion yuan, up 5.55% [4] - Microchip Biotech expects a net profit of approximately 30.06 million yuan for the first half of 2025, a year-on-year increase of 173%, with revenue expected to be around 407 million yuan, up 35% [5] Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24%, equating to a maximum of 3.567 million shares [6] - Yutai Micro's shareholder Li Haihua intends to reduce his stake by up to 3%, totaling no more than 2.4 million shares [7] - Hongqiang Co.'s controlling shareholder Liu Lianjun plans to reduce his stake by up to 3%, amounting to no more than 6.3478 million shares [8] Legal Issues - Jintong Ling has been prosecuted for financial fraud and false issuance of stocks, accused of providing false financial data for six consecutive years, resulting in significant investor losses [9][10]

Group 1 - Datang Power achieved a total on-grid electricity of approximately 123.99 billion kWh for the first half of 2025, a year-on-year increase of 1.30%, with wind and solar power generation increasing by 31.27% and 36.35% respectively [1] - North Self Technology signed an equipment procurement contract with a total amount of 164 million yuan [1] - Jinchuan Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with operating revenue of 6.96 billion yuan, an increase of 5.55% [1][2] Group 2 - Microchip Biotech expects a revenue of 407 million yuan for the first half of 2025, a year-on-year increase of 35%, and a net profit of approximately 30.06 million yuan, a year-on-year increase of 173% [3] - Zongheng Co. anticipates a revenue of 135 million yuan for the first half of 2025, a year-on-year increase of 61.72%, with a net loss of 34.68 million yuan, reducing losses by 18.34 million yuan compared to the previous year [5] - Tuojing Technology expects a revenue of 1.21 billion to 1.26 billion yuan for the second quarter of 2025, a year-on-year increase of 52% to 58%, with a net profit of 238 million to 247 million yuan, a year-on-year increase of 101% to 108% [7] Group 3 - Star Power reported a net profit of 73.42 million yuan for the first half of 2025, a year-on-year decrease of 13.44%, with total revenue of 1.52 billion yuan, an increase of 13.70% [8] - Xiamen Tungsten reported a net profit of 972 million yuan for the first half of 2025, a year-on-year decrease of 4.41%, with operating revenue of 19.18 billion yuan, an increase of 11.75% [9] - Yikang Pharmaceutical's subsidiary received approval for clinical trials of YKYY029 injection for hypertension [11] Group 4 - Mould Technology received a project designation for luxury car exterior parts, with an expected total sales of 2.044 billion yuan over a five-year lifecycle [13] - Jinzhik Technology won multiple projects from the State Grid and Southern Power Grid, with a total bid amount of 133 million yuan [14] - Changjiang Media plans to use up to 700 million yuan of idle funds to purchase financial products [16] Group 5 - Ningbo Gaofa plans to invest up to 20 million USD to establish a production base in Morocco [20] - Xuantai Pharmaceutical's subsidiary received EU GMP certification for solid dosage production lines [22] - Changhua Group received a project designation for key metal structural components from a domestic new energy vehicle company, with an expected total sales of 235 million yuan over a four-year lifecycle [23]

Financial Performance Summary - The company reported total operating revenue of 695,895.90 million RMB, an increase of 5.55% compared to the same period last year [1] - Operating profit decreased to 181,888.02 million RMB, down 8.39% year-on-year [1] - Total profit was 181,893.51 million RMB, reflecting a decline of 8.73% compared to the previous year [1] - Net profit attributable to shareholders was 137,961.86 million RMB, a decrease of 8.45% year-on-year [1] - Basic earnings per share were 0.428 RMB, down 8.35% from the previous year [1] - The weighted average return on equity decreased by 1.58 percentage points to 7.77% [1] Operational Analysis - The decline in profit was attributed to a strategic shift towards increasing high value-added product raw material reserves, while sales volume in the processing segment saw a slight decrease [2] - The company implemented measures to mitigate adverse impacts, including scientific production organization and timely adjustments to sales structure [2] - Plans for the second half of the year include strengthening production and sales coordination, expanding market efforts, and enhancing cost control to achieve annual operational goals [2]

[Key Financial Data and Indicators](index=1&type=section&id=Item%201.%20Key%20Financial%20Data%20and%20Indicators) The company's preliminary H1 2025 financial data shows total operating revenue of 6.959 billion yuan (up 5.55%) and net profit attributable to shareholders of 1.380 billion yuan (down 8.45%) Key Financial Data and Indicators | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (million yuan)** | 6,958.96 | 6,593.25 | 5.55 | | **Operating Profit (million yuan)** | 1,818.88 | 1,985.48 | -8.39 | | **Total Profit (million yuan)** | 1,818.94 | 1,993.00 | -8.73 | | **Net Profit Attributable to Shareholders (million yuan)** | 1,379.62 | 1,506.91 | -8.45 | | **Net Profit Excluding Non-recurring Items (million yuan)** | 1,335.74 | 1,490.62 | -10.39 | | **Basic Earnings Per Share (yuan)** | 0.428 | 0.467 | -8.35 | | **Weighted Average Return on Net Assets (%)** | 7.77 | 9.35 | Decrease of 1.58 percentage points | | **Total Assets (million yuan)** | 21,921.90 | 20,637.63 (Beginning of Period) | 6.22 | | **Shareholders' Equity Attributable to Parent (million yuan)** | 18,449.23 | 17,012.68 (Beginning of Period) | 8.44 | [Explanation of Operating Performance and Financial Position](index=1&type=section&id=Item%202.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company experienced revenue growth without profit increase, as total operating revenue rose by 5.55% while total profit and net profit declined due to increased raw material reserves for high-value-added products [Changes in Operating Performance](index=1&type=section&id=(I)%20Changes%20in%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of 6.959 billion yuan, a 5.55% increase, while total profit decreased by 8.73% to 1.819 billion yuan, and net profit attributable to shareholders decreased by 8.45% to 1.380 billion yuan Performance Indicators | Performance Indicator | Amount (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 6,958.96 | +5.55% | | Total Profit | 1,818.94 | -8.73% | | Net Profit Attributable to Parent | 1,379.62 | -8.45% | [Analysis of Operating Performance Changes](index=2&type=section&id=(II)%20Analysis%20of%20Operating%20Performance%20Changes) The primary reason for the profit decline is the company's increased raw material reserves for high-value-added products, leading to a slight decrease in processing segment sales, with plans to enhance market expansion and cost control in the second half of the year - Profit decline reason: The company increased its own raw material reserves for high-value-added products in line with its development strategy, leading to a slight year-on-year decrease in processing segment sales[5](index=5&type=chunk) - Countermeasures and outlook: The company mitigated adverse effects through scientific production organization and timely sales structure adjustments, planning to strengthen production-sales synergy, expand markets, and enhance cost control in the second half of the year[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Item%203.%20Risk%20Warning) The company confirms no significant uncertainties affecting the accuracy of this performance express report, but reminds investors that the disclosed data is preliminary and may differ from the final semi-annual report, advising caution regarding investment risks - The data contained in this announcement are preliminary and unaudited, and may differ from the final data disclosed in the 2025 semi-annual report[1](index=1&type=chunk)[6](index=6&type=chunk) [Reference Documents](index=2&type=section&id=Item%204.%20Reference%20Documents) Comparative balance sheets and income statements, signed and sealed by the company's legal representative, chief accountant, and head of accounting, are available as reference documents - Reference documents include comparative balance sheets and income statements signed and sealed by the company's senior management[7](index=7&type=chunk)

Core Viewpoint - Jinmoly Co., Ltd. (stock code: 601958) reported a revenue of 6.959 billion yuan in the first half of 2025, representing a year-on-year growth of 5.55%. However, the net profit decreased by 8.45% to 1.38 billion yuan [1]. Financial Performance - The company achieved an operating income of 6.959 billion yuan, which is a 5.55% increase compared to the previous year [1]. - The net profit for the period was 1.38 billion yuan, reflecting a decline of 8.45% year-on-year [1]. - The basic earnings per share also saw a year-on-year decrease due to the decline in net profit attributable to shareholders [1]. Strategic Developments - During the reporting period, the company focused on its development strategy by increasing the reserve of raw materials for high value-added products [1]. - The sales volume in the processing segment experienced a slight decline, which contributed to the overall decrease in total profit and net profit attributable to shareholders [1].

Investment Rating - The report indicates a positive outlook for the copper and aluminum industries, with copper showing a stable upward trend and aluminum stabilizing at the bottom [14][15][16]. Core Insights - The copper market is experiencing a slight price decline, with LME copper down 1.92% to $9,663.00 per ton, while domestic copper inventory has increased slightly [15]. - The aluminum market shows a minor price increase, with LME aluminum up 0.17% to $2,602.00 per ton, and a decrease in domestic electrolytic aluminum ingot inventory [16]. - Gold prices have increased by 0.71% to $3,370.30 per ounce, driven by geopolitical tensions and increased demand for safe-haven assets [17]. - The rare earth sector is expected to see price increases due to tightening supply and rising demand, with strategic government actions enhancing the sector's outlook [39]. - The antimony market is stabilizing, with expectations of price recovery supported by reduced domestic production and increased demand from new regulations [40]. - Molybdenum prices are rising, supported by low inventory levels and strong demand from the steel industry [41]. - Lithium prices have shown a mixed trend, with carbonate prices increasing while hydroxide prices have slightly decreased [44]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a robust upward trend, while aluminum is stabilizing at lower levels. Precious metals are accelerating due to fiscal expansion policies [14]. 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.92% to $9,663.00 per ton, with slight increases in domestic inventory and production rates expected to rise [15]. 2.2 Aluminum - LME aluminum price increased by 0.17% to $2,602.00 per ton, with a decrease in domestic inventory [16]. 2.3 Precious Metals - Gold prices increased by 0.71% to $3,370.30 per ounce, influenced by geopolitical tensions [17]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is expected to benefit from supply constraints and increasing demand, with government actions enhancing market conditions [39]. 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for rare earth elements are expected to rise due to tightening supply and strategic government actions [39]. 4.2 Antimony - Antimony prices are stabilizing, with expectations of recovery supported by reduced production and new regulations [40]. 4.3 Molybdenum - Molybdenum prices are increasing due to low inventory levels and strong demand from the steel industry [41]. 4.4 Lithium - Lithium carbonate prices increased by 2.43% to 63,200 CNY per ton, while hydroxide prices decreased slightly [44].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend with LME copper prices increasing by 2.26% to $9,879.00 per ton, while domestic copper prices rose by 2.47% to 79,900 yuan per ton. Supply-side pressures are evident as the processing fee for imported copper concentrate has dropped to -$44.81 per ton, indicating potential supply constraints [1][13] - The aluminum market is stabilizing at the bottom, with LME aluminum prices up by 1.31% to $2,595.00 per ton. However, the operating rate of leading aluminum cable enterprises has decreased to 61.8%, reflecting ongoing demand challenges [2][14] - Gold prices have decreased by 2.90% to $3,286.10 per ounce, influenced by geopolitical tensions and a reduction in SPDR gold holdings, indicating a temporary decline in gold's safe-haven appeal [3][15] - The rare earth sector is experiencing upward momentum, driven by export controls and stable production levels, with expectations of improved supply-demand dynamics and potential price support [3][27][30] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices are on the rise, with a slight increase in inventory and a decrease in processing fees indicating potential supply issues [1][13] - Aluminum prices are stabilizing, but demand remains weak as indicated by declining operating rates in the industry [2][14] - Precious metals, particularly gold, are facing downward pressure due to geopolitical factors and reduced investment interest [3][15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The copper market is experiencing a robust demand outlook, with potential supply constraints due to declining processing fees and reduced operating rates in key sectors [1][13] 2.2 Aluminum - The aluminum market is stabilizing, but the demand outlook remains weak, as evidenced by declining operating rates in the aluminum cable sector [2][14] 2.3 Precious Metals - Gold prices are under pressure due to geopolitical tensions and a decrease in ETF holdings, reflecting a temporary decline in its safe-haven status [3][15] 3. Updates on Minor Metals and Rare Earths - The rare earth sector is expected to benefit from improved supply-demand dynamics and stable production levels, with potential price support anticipated [3][27][30] - The antimony market is facing downward price pressure, but upcoming regulatory changes may provide a demand boost [4][31] - Molybdenum prices are stabilizing, with low inventory levels and strong demand from the steel sector indicating a positive outlook [4][32] 4. Updates on Energy Metals - Lithium prices have shown slight declines, but production levels are increasing, indicating a stable supply outlook [5] - Cobalt prices have increased, reflecting strong demand in battery applications, while nickel prices are mixed with slight fluctuations [5]

股票代码：601958 股票简称：金钼股份 公告编号： 2025-017 金堆城钼业股份有限公司 第五届董事会第二十二次会议决议公告 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个别及连带责任。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 三、审议通过《关于为金堆城钼业光明（山东）股份有限公司提供委 托贷款的议案》。 金堆城钼业股份有限公司（以下简称公司）第五届董事会第二十二次 会议通知和材料于 2025 年 6 月 24 日以电子邮件的形式送达全体董事，会 议于 2025 年 6 月 27 日以通讯方式召开。应参会董事 11 人，实际参会董 事 11 人。本次会议的召开符合《公司法》和《公司章程》的规定，合法 有效。与会董事审议提交本次会议的 3 项议案并逐项进行表决，形成会议 决议如下： 一、审议通过《关于增补公司第五届董事会审计委员会委员的议案》。 同意增补董事李少博为公司第五届董事会审计委员会委员。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《关于为金堆城钼业汝阳有限责任公司提供委托贷款的 ...