Core Insights - The company achieved a total operating revenue of 13.571 billion yuan in 2024, representing a year-on-year growth of 17.68% [1][2] - The net profit attributable to shareholders reached 2.983 billion yuan, with a basic earnings per share of 0.92 yuan [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 1.291 billion yuan [1] Financial Performance - The main business revenue was 11.811 billion yuan, with a year-on-year increase of 12.77% and a gross margin of 46.55% [2] - The company completed 104.36% of its annual operational target [2] Market and Industry Context - The molybdenum market remained stable in 2024, with the average international price of molybdenum oxide at 21.3 USD per pound, down 11.76% year-on-year [1] - Domestic molybdenum iron price averaged 233,000 yuan per ton, a decrease of 10.90% year-on-year [1] Strategic Initiatives - The company is focused on becoming a world-class molybdenum leader, emphasizing a "material and equipment integration, high-end green" strategy [1] - The company has developed a comprehensive industrial chain covering mining, smelting, chemical processing, metal processing, research, and trade [2] Production and Innovation - The company achieved record high production levels across its main molybdenum products, with significant increases in various product lines [3] - R&D investment reached 351 million yuan, with 33 patents granted and 50 research projects completed [3] Future Outlook - For 2025, the company targets an operating revenue of 13 billion yuan, focusing on new industry projects and growth points [4] - The company aims to enhance its modern industrial system and governance structure, striving for a "quality, efficiency, and quantity" growth plan [4]

Core Viewpoint - The company reported a revenue of 13.571 billion yuan for 2024, representing a year-on-year increase of 17.68%, while the net profit attributable to shareholders decreased by 3.76% to 2.983 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 3.473 billion yuan, which is a slight decrease of 0.89% quarter-on-quarter but an increase of 29.68% year-on-year [1] - The net profit for Q4 2024 was 788 million yuan, showing a quarter-on-quarter increase of 14.49% and a year-on-year increase of 3.32% [1] - The Q4 2024 molybdenum concentrate price was 3,676 yuan per ton, reflecting a quarter-on-quarter decrease of 0.70% but a year-on-year increase of 18.27% [2] Operational Insights - The fluctuation in gross margin may be attributed to changes in the proportion of self-produced ore, with an increase in self-produced ore sales contributing to improved profitability in Q4 [2] - The company plans to enhance its downstream layout, with production of molybdenum powder and molybdenum plate increasing by 12% and 44% respectively, and production of gold-molybdenum wire increasing by 29% in 2024 [2] - R&D expenses significantly increased in Q4 2024, rising by 93.83% to 157 million yuan, indicating a strong commitment to innovation and development [2] Dividend Policy - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling 1.29 billion yuan, with a dividend payout ratio of 43%, an increase of 1.63 percentage points year-on-year [3] - Despite a decline in net profit, the dividend amount remains unchanged, reflecting a commitment to high dividend distribution [3] Market Outlook - The company is optimistic about the rising molybdenum prices, with expectations of improved profitability as the steel industry stabilizes and supply chain dynamics evolve [3] - The anticipated recovery in production of 316/duplex stainless steel is expected to alleviate the current price stagnation in molybdenum, providing further upside potential for the company [3] Earnings Forecast - Revenue projections for 2025-2027 are estimated at 14.3 billion, 15.6 billion, and 18.3 billion yuan respectively, with net profits expected to be 3.2 billion, 3.5 billion, and 3.8 billion yuan [4] - The estimated earnings per share (EPS) for the same period are projected to be 0.98, 1.07, and 1.19 yuan, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [4]

Core Viewpoint - Company performance meets expectations with a stable dividend policy, indicating resilience despite a slight decline in net profit [1][3] Financial Performance - In 2024, the company achieved revenue of 13.571 billion, a year-on-year increase of 17.68%, while net profit attributable to shareholders was 2.983 billion, a decrease of 3.76% [1] - In Q4 2024, revenue was 3.473 billion, a quarter-on-quarter decrease of 0.89% but a year-on-year increase of 29.68%; net profit for the same period was 788 million, a quarter-on-quarter increase of 14.49% and a year-on-year increase of 3.32% [1] Margin and Cost Structure - Q4 2024 molybdenum concentrate price decreased by 0.70% quarter-on-quarter but increased by 18.27% year-on-year to 3,676 per ton; the gross margin improved due to increased sales of self-produced ore [2] - The company maintained high R&D investment, with R&D expenses in Q4 2024 increasing by 93.83% quarter-on-quarter to 157 million, representing 4.52% of revenue [2] Dividend Policy - The company plans to distribute a cash dividend of 4 per 10 shares, totaling 1.29 billion, with a payout ratio of 43%, an increase of 1.63 percentage points year-on-year; the dividend yield is estimated at 3.98% [3] Market Outlook - The company is optimistic about the rising molybdenum prices, expecting improved performance due to industry supply optimization and cost reductions; the current stable operation of its mines positions the company to benefit from price increases [3] Earnings Forecast - Revenue projections for 2025-2027 are 14.3 billion, 15.6 billion, and 18.3 billion, with net profits expected to be 3.2 billion, 3.5 billion, and 3.8 billion respectively; corresponding EPS estimates are 0.98, 1.07, and 1.19, with PE ratios of 11, 10, and 9 [4]

4月2日晚间，金钼股份（601958）发布2024年年报，2024年公司实现营业总收入135.71亿元，同比增长 17.68%；实现归母净利润29.83亿元，同比减少3.76%。报告期内，国内外钼市场价格高位运行，公司加 快延链补链强链，紧抓市场机遇，优化产品结构，对内挖潜增效，严控成本费用，顺利完成了年度经营 计划，受钼产品价格较上年同期下跌影响，公司盈利同比略有减少。 2024年，金钼股份通过自主研发，成功实现了特殊规格高纯钼粉、高端钼合金等核心产品的国产化替 代，提升了市场竞争力。全年新开发客户164家，新产品销量300余吨，为销售增长提供了新动力 （300152）。公司与多家知名科研院所、跨国公司开展长期产学研合作，形成了"科学家+工程师+创客 室+工匠"和"专家+工匠"人才创新驱动机制。 公司全年研发投入3.51亿元，研发支出创历史新高。报告期内，公司取得授权专利33件，完成科研项目 50项，获得"三新三小"奖励19项，顺利通过国家高新技术企业复审。公司多项"国之重器"项目取得重大 突破，历史上首次获批2项国家科技重大专项，并承研2项省级科研项目，为公司在高端领域的发展奠定 坚实基础。此外，公司企业 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance met expectations, with a revenue of 13.571 billion RMB, up 17.68% year-on-year, and a net profit attributable to shareholders of 2.983 billion RMB, down 3.76% year-on-year [1] - The company is increasing its downstream layout and maintaining high investment in R&D, with significant growth in production of molybdenum products [2] - The company plans to distribute a cash dividend of 4 RMB per 10 shares, maintaining a high dividend payout ratio of 43% [3] - The outlook for molybdenum prices is optimistic, with expectations of significant earnings elasticity for the company as it benefits from stable mining operations [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.473 billion RMB, a decrease of 0.89% quarter-on-quarter but an increase of 29.68% year-on-year [1] - The gross profit margin fluctuated due to changes in the proportion of self-produced ore, with Q4 gross profit increasing by 8.57% quarter-on-quarter [2] - The company’s revenue for 2025-2027 is projected to be 14.3 billion, 15.6 billion, and 18.3 billion RMB respectively, with net profits of 3.2 billion, 3.5 billion, and 3.8 billion RMB [4] R&D and Operational Strategy - The company is focusing on expanding its downstream processing capabilities, with production of molybdenum powder and molybdenum plate increasing by 12% and 44% respectively [2] - R&D expenses rose significantly, reflecting the company's commitment to innovation and market expansion [2] Dividend Policy - The company plans to maintain its dividend distribution despite a slight decline in net profit, indicating a strong commitment to returning value to shareholders [3] Market Outlook - The report anticipates a recovery in molybdenum prices, driven by industry supply optimization and cost reductions, which could enhance the company's earnings potential [3]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

JA C 金堆城铝业股份有限公司 金堆城铝业股份有限公司 2024年度独立董事述职报告 2024 年,本人作为金堆城钥业股份有限公司（以下简称"公 司"）独立董事，严格按照《公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《公司章程》《公司独立董事 制度》等有关规定,忠实、勤勉履行职责,独立、负责地行使职 权,及时了解公司生产经营信息,全面关注公司发展状况,积极 出席公司股东大会、董事会、董事会专门委员会和独立董事专 门会议,参与重大经营决策并独立、客观的发表意见,充分发挥 独立董事应有作用,有效维护公司、全体股东尤其是中小股东合 法权益。现将本人 2024 年度主要工作情况报告如下: 一、个人基本情况 本人没有在公司担任除独立董事以外的其他职务,不受公 司主要股东、实际控制人影响。具备上市公司运作的基本知识, 熟悉相关法律、行政法规、规章及制度，具有履行独立董事职 责所必需的工作经验。具体如下： 王军生先生，1965 年生，应用经济学博士、教授，博士生 导师。曾任中国建设银行咸阳分行办公室主任、支行副行长（主 管财务、会计工作 )、行长，西安财经大学研究生部副主任（主 持工作 )、教务处处长;现任 ...

【】 " 金堆城钥业股份有限公司 本人没有在公司担任除独立董事以外的其他职务,不受公 司主要股东、实际控制人影响。具备上市公司运作的基本知识, 熟悉相关法律、行政法规、规章及制度，具有履行独立董事职 责所必需的工作经验。具体如下: 报告期内,本着勤勉尽责的态度,本人积极参加公司召开 - 1 - JDC 金堆城铝业股份有限公司 的相关会议，认真审阅会议材料,参与各项议案的讨论,并对 会议审议事项发表独立意见,出席公司董事会和股东大会情况 如下： (二)出席公司股东大会情况 朵堆城铝业股份有限公司 2024年度独立董事述职报告 张金钰先生,1982年生,工学博士、教授,博士研究生导 师。曾任西安交通大学材料科学与工程学院讲师、副教授； 现 任西安交通大学教授,中国机械工程学会理事,中国材料研究 学会疲劳分会理事，公司独立董事。 2024 年,本人作为金堆城钥业股份有限公司（以下简称"公 司"）独立董事，严格按照《公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《公司章程》《公司独立董事 制度》等有关规定,忠实、勤勉履行职责,独立、负责地行使职 权,及时了解公司生产经营信息,全面关注公司发展状况,积极 出 ...

报告期内,本着勤勉尽责的态度,本人积极参加公司召开 的相关会议,认真审阅会议材料,参与各项议案的讨论,并对 会议审议事项发表独立意见,出席公司董事会和股东大会情况 如下： JQC 金堆城钥业股份有限公司 2024年度独立董事沭职报告 2024 年,本人作为金堆城钥业股份有限公司（以下简称"公 司"）独立董事，严格按照《公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《公司章程》《公司独立董事 制度》等有关规定,忠实、勤勉履行职责,独立、负责地行使职 权,及时了解公司生产经营信息,全面关注公司发展状况,积极 出席公司股东大会、董事会、董事会专门委员会和独立董事专 门会议,参与重大经营决策并独立、客观的发表意见,充分发挥 独立董事应有作用,有效维护公司、全体股东尤其是中小股东合 法权益。 现将本人 2024 年度主要工作情况报告如下: 一、个人基本情况 本人没有在公司担任除独立董事以外的其他职务,不受公 司主要股东、实际控制人影响。具备上市公司运作的基本知识, 熟悉相关法律、行政法规、规章及制度,具有履行独立董事职 责所必需的工作经验。具体如下： 李富有先生,1953年生,经济学博士,西安交通大学金融学 ...

【___ 金堆城钥业股份有限公司 金堆城铝业股份有限公司 2024年度独立董事述职报告 | | | (三)在各专门委员会履行职责及参与独立董事专门会议情况 2024 年,本人作为金堆城钥业股份有限公司（以下简称"公 司"）独立董事，严格按照《公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《公司章程》《公司独立董事 制度》等有关规定,忠实、勤勉履行职责,独立、负责地行使职 权,及时了解公司生产经营信息,全面关注公司发展状况,积极 出席公司股东大会、董事会、董事会专门委员会和独立董事专 门会议,参与重大经营决策并独立、客观的发表意见,充分发挥 独立董事应有作用,有效维护公司、全体股东尤其是中小股东合 法权益。现将本人 2024 年度主要工作情况报告如下: 一、个人基本情况 本人没有在公司担任除独立董事以外的其他职务,不受公 司主要股东、实际控制人影响。具备上市公司运作的基本知识， 熟悉相关法律、行政法规、规章及制度，具有履行独立董事职 责所必需的工作经验。具体如下： 季成先生,1975年生,硕士研究生学历，拥有中国执业律 师、中国律师香港执业资格。 曾任德衡律师集团（北京）律师 事务所律师；现任北京德 ...