（文章来源：证券日报） 证券日报网讯 9月5日晚间，金石资源发布公告称，公司计划于2025年9月15日15：00-16：00举行2025 年半年度业绩说明会。 ...

证券代码：603505 证券简称：金石资源 公告编号：2025-039 金石资源集团股份有限公司 关于召开 2025 年半年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。 重要内容提示： ? 会议召开时间：2025 年 9 月 15 日(星期一) 下午 15:00-16:00 （一） 会议召开时间：2025 年 9 月 15 日下午 15:00-16:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心视频录播和网络互动 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频录播和网络互动 ? 投资者可于 2025 年 9 月 8 日(星期一) 至 9 月 12 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 webmaster@chinesekings.co ...

证券代码：603505 证券简称：金石资源 公告编号：2025-039 金石资源集团股份有限公司 关于召开 2025 年半年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。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 9 月 8 日(星期一) 至 9 月 12 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 webmaster@chinesekings.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 金石资源集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日披 露了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 15 日下午 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说 ...

以下为研究报告摘要： 市场行情走势 过去一周（8.23-8.29），基础化工指数涨跌幅为1.11%，沪深300指数涨跌幅为2.71%， 基础化工板块跑输沪深300指数1.60个百分点，涨跌幅居于所有板块第11位。基础化工子行 业涨跌幅靠前的有：锦纶（5.68%）、橡胶助剂（5.44%）、钾肥（4.65%）、食品及饲料添 加剂（2.99%）、氟化工（2.99%）。 化工品价格走势 周涨幅排名前五的产品分别为：NYMEX天然气（11.11%）、粗酚（7.12%）、烟酰胺 （5.78%）、酚油（5.16%）、氢氟酸（5.00%）。周跌幅前五的产品分别为：液氯 （-75.00%）、钠（-6.78%）、煤焦油（-4.17%）、蒽油（-4.11%）、碳酸锂（工业级） （-4.09%）。 行业重要动态 化工上市公司2025年半年报密集公布。根据iFinD数据统计，2025年上半年，基础化工 （申万）实现营业收入11238.25亿元，同比+3.03%，实现归母净利润697.24亿元，同比 +4.43%；其中，2025Q2实现营业收入5870.98亿元，同比+0.80%，环比+9.38%，实现归母净 利润357.17亿元，同比 ...

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a revenue of 1.726 billion yuan in the first half of 2025, representing a year-on-year increase of 54.2%, while the net profit attributable to shareholders decreased by 24.7% to 126 million yuan [1][2] - The decline in net profit is attributed to several factors, including low overall industry gross margins for AHF products, reduced profits from a subsidiary due to technical upgrades, foreign exchange losses from a project in Mongolia, and losses from lithium-related businesses [2] - The company is advancing key projects as planned, which supports future growth, including the processing of raw ore in Mongolia and improvements in production efficiency at its fluorite operations [3] Financial Summary - The company expects continued high revenue growth in 2025, driven by the scale effects of its projects, with adjusted net profit forecasts of 305 million yuan, 470 million yuan, and 510 million yuan for 2025, 2026, and 2027 respectively [4][9] - The current price-to-earnings ratio is projected to be 47, 30, and 28 times for the years 2025, 2026, and 2027 [4]

Market Overview - The Shanghai Composite Index closed at 3857.93 points, above the annual line, with a change of 0.37% [1] - The total trading volume of A-shares reached 28,301.97 billion yuan [1] Stocks Breaking Annual Line - A total of 22 A-shares have surpassed the annual line today, with notable stocks including Guoan Co., Transsion Holdings, and ST Huawen, showing divergence rates of 6.70%, 5.14%, and 4.43% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Changjiang Electric, ST Zhongzhuang, and Laobaigan Liquor [1] Top Divergence Rates - The top three stocks with the highest divergence rates are: - Guoan Co. (10.07% increase, 6.70% divergence) - Transsion Holdings (7.17% increase, 5.14% divergence) - ST Huawen (4.86% increase, 4.43% divergence) [1] Additional Stock Performance - Other notable stocks include: - Shenyang Machine Tool (4.49% increase, 3.75% divergence) - Shangong Shenbei (4.20% increase, 3.64% divergence) - ST Boda (4.10% increase, 3.48% divergence) [1]

Market Overview - On August 29, the chemical products sector rose by 0.89%, with Aipu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Chemical Sector - Aipu Co., Ltd. (603020) closed at 10.87, up 10.02% with a trading volume of 402,700 shares and a turnover of 424 million yuan [1] - Jianye Co., Ltd. (603948) closed at 29.17, up 9.99% with a trading volume of 49,200 shares and a turnover of 144 million yuan [1] - AkzoNobel (603722) closed at 56.46, up 8.16% with a trading volume of 63,500 shares and a turnover of 347 million yuan [1] - JuHua Co., Ltd. (600160) closed at 38.69, up 6.88% with a trading volume of 792,300 shares and a turnover of 3.027 billion yuan [1] Top Losers in Chemical Sector - ST Quantai (300225) closed at 5.16, down 7.03% with a trading volume of 300,300 shares and a turnover of 159 million yuan [2] - Matsui Co., Ltd. (688157) closed at 40.36, down 6.57% with a trading volume of 55,000 shares and a turnover of 226 million yuan [2] - Kaimete Gas (002549) closed at 15.98, down 4.65% with a trading volume of 1,144,000 shares and a turnover of 1.873 billion yuan [2] Fund Flow Analysis - The chemical products sector experienced a net outflow of 1.219 billion yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling and retail buying [2] Individual Stock Fund Flow - Sanmei Co., Ltd. (603379) had a net inflow of 90.6979 million yuan from institutional investors, while retail investors had a net outflow of 11.25% [3] - Newhan New Materials (301076) saw a net inflow of 90.5876 million yuan from institutional investors, with a retail net outflow of 8.07% [3] - Silicon Treasure Technology (300019) had a net inflow of 78.6861 million yuan from institutional investors, but retail investors experienced a net outflow of 5.19% [3]

金石资源（603505.SH） 1H25 公司利润短期承压，关注金鄂博项目产能逐步释放 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,896 | 2,752 | 3,657 | 4,585 | 5,196 | | 增长率 yoy（%） | 80.5 | 45.2 | 32.9 | 25.4 | 13.3 | | 归母净利润（百万元） | 349 | 257 | 303 | 486 | 658 | | 增长率 yoy（%） | 56.9 | -26.3 | 17.7 | 60.6 | 35.3 | | ROE（%） | 17.8 | 11.8 | 12.7 | 17.9 | 20.5 | | EPS 最新摊薄（元） | 0.41 | 0.31 | 0.36 | 0.58 | 0.78 | | P/E（倍） | 39.9 | 54.1 | 45.9 | 28.6 | 21.1 | | P/B（倍） | 8.5 | 8.7 | 7.4 | 6.3 | 5.1 ...

Core Viewpoint - Jinshi Resources reported significant revenue growth in the first half of 2025, but net profit declined due to various factors impacting profitability [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 1.726 billion yuan, a year-on-year increase of 54.24%, while net profit attributable to shareholders was 126 million yuan, down 24.74% [1] - In Q2 2025, revenue reached 867 million yuan, a year-on-year growth of 29.22%, but net profit fell to 59 million yuan, a decrease of 44.63% year-on-year [1][2] AHF Contribution and Profitability Issues - The sales of anhydrous hydrofluoric acid (AHF) contributed to revenue growth, with sales volume increasing by 46,800 tons year-on-year, generating revenue of 906.74 million yuan, up 114.96% [2] - Despite revenue growth, the overall profitability was affected by low industry margins and specific operational challenges, leading to a decline in net profit [2] Project Progress and Production Capacity - The company’s projects are progressing well, with production targets being met. The domestic single fluorite mine produced 185,900 tons, and the Baotou project produced 390,000 tons of fluorite powder [3] - Key projects include the enhancement of mining capabilities at Xiangzhen Mining and the ongoing construction of the Mongolia project, which is expected to start trial production by the end of October 2025 [3] Resource Scale and Industry Position - Jinshi Resources holds a leading position in fluorite resource reserves in China, with approximately 27 million tons of exploitable resources, representing a significant market share [4] - The company operates eight mining rights for single fluorite mines and has a production capacity of 1.12 million tons per year, positioning it as a dominant player in the domestic market [4] Investment Outlook - The company is expected to continue its revenue growth trajectory, with projected revenues of 4.219 billion yuan in 2025, 4.930 billion yuan in 2026, and 5.587 billion yuan in 2027, reflecting year-on-year growth rates of 53.3%, 16.9%, and 13.3% respectively [6] - Net profit forecasts for the same period are 521 million yuan, 706 million yuan, and 908 million yuan, indicating substantial growth potential [6]