Summary of Jinshi Resources Conference Call Industry and Company Overview - **Company**: Jinshi Resources - **Industry**: Mining and Resource Extraction Key Points and Arguments Financial Performance - Jinshi Resources reported a **45% year-over-year revenue growth** in the first three quarters, primarily driven by the capacity release of the Baotou integrated project, which significantly contributed to profits and offset losses from other projects [2][3] - The **third-quarter profit reached 110 million yuan**, marking a **30% increase year-over-year** and an **85% increase quarter-over-quarter** [2][3] - The Baotou integrated project generated a profit of **170 million yuan** in the first three quarters, with Baogang's production increasing by **50% to 620,000 tons** [2][6] Cost Management - The cost of single mine operations decreased significantly from **2,000 yuan/ton in Q4 last year to approximately 1,600 yuan/ton** in the first three quarters, with September's costs dropping to **1,450-1,500 yuan/ton** [2][5] - The company demonstrated effective cost control, maintaining costs for hydrogen fluoride production below **750 yuan** [2][6] Project Updates - The Baotou integrated project and other projects contributed a total profit of **365 million yuan** in the first three quarters, with a net profit attributable to shareholders of **170 million yuan** [4] - The company is undergoing technical upgrades to enhance lithium hexafluorophosphate production, with expectations to complete these upgrades by **March or April 2026** [4][11] Challenges and Losses - Jinshi Resources is currently facing losses from several projects, including an e-commerce project with a loss of **31 million yuan**, a Jiangxi project with over **10 million yuan** in losses, and a Mongolian project with a loss of **18 million yuan** [7] - Despite losses, the Mongolian project is nearing breakeven, indicating potential for future profitability [2][7] Seasonal and Operational Factors - Seasonal factors have influenced sales, with lower demand in May, June, and July, but overall production improved in the third quarter due to higher operational rates [8] - Northern region companies, including those in Mongolia, typically halt operations from late October or November until April, but Jinshi plans to extend production using heating technology [10] Production Capacity and Future Outlook - The production capacity of Baogang and Jinshi is expected to exceed **800,000 tons**, surpassing the annual plan of **600,000 to 700,000 tons** due to effective tailings processing technology and collaboration with Baogang [9] - The Mongolian project is projected to process **400,000 tons of raw ore annually** with an expected output of **100,000 tons of concentrate** once the processing plant is operational [15] Market Trends - Recent fluctuations in fluorite prices were noted, but overall performance remains strong [5] - Silverstone prices have stabilized around **3,600 yuan**, with expectations for stability due to limited supply and reasonable demand [12] Future Production Plans - The vertical shaft renovation at Xiangzheng Mining is expected to be completed by the end of **2025**, with plans to gradually increase production thereafter [14] This summary encapsulates the key insights from the conference call, highlighting Jinshi Resources' financial performance, operational challenges, project updates, and market outlook.

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a significant increase in net profit by 84.69% quarter-on-quarter, with revenue reaching a historical high. The performance across various projects shows continuous potential for growth [6][7] - For the first three quarters of 2025, the company achieved a revenue of 2.758 billion yuan, representing a year-on-year increase of 50.73%. The net profit attributable to the parent company was 236 million yuan, down 5.88% year-on-year. In Q3 alone, revenue was 1.033 billion yuan, up 45.21% year-on-year and 19.17% quarter-on-quarter, marking a record high for a single quarter [6][7] Financial Summary - The company’s revenue and profit forecasts for 2025-2027 are as follows: - Net profit attributable to the parent company is expected to be 298 million yuan in 2025, 412 million yuan in 2026, and 665 million yuan in 2027, with corresponding EPS of 0.35 yuan, 0.48 yuan, and 0.79 yuan [6][9] - The company’s revenue is projected to grow from 3.099 billion yuan in 2025 to 5.642 billion yuan in 2027, with a year-on-year growth rate of 12.6% in 2025 and 20.6% in 2027 [9][11] Project Progress - The company has made significant progress in various projects: 1. Single mine production and sales of fluorite products reached approximately 300,000 tons and 278,000 tons respectively, with Q3 sales of 123,600 tons, a substantial increase of 39.82% from Q2 [7] 2. The Baotou "selection and chemical integration" project produced about 620,000 tons of fluorite powder, with a significant year-on-year increase of 55% [7] 3. The Mongolian project is operating normally, producing approximately 85,000 tons of fluorite ore with 41,000 tons already shipped to China for processing or sales [7]

Core Viewpoint - The A-share market for lithium mining stocks has seen a collective surge, driven by increased confidence in large-scale battery storage demand and supportive government policies aimed at expanding storage system capacity [1] Group 1: Market Performance - Lithium mining stocks such as Dazhong Mining, Keli Yuan, and Chuaneng Power reached the daily limit of 10% increase, while Hainan Mining, Shengxin Lithium Energy, and Guocheng Mining saw gains exceeding 7% [1] - The most actively traded lithium carbonate contracts on the Guangzhou Futures Exchange have risen for five consecutive trading days, with spot market prices hitting a two-month high, although they remain approximately 85% lower than the peak in 2022 [1] Group 2: Government Policies and Industry Outlook - Recent government measures aim to expand storage system capacity and investment, including establishing compensation mechanisms to ensure sufficient energy storage during peak usage [1] - China plans to double its storage system capacity to 180 GW by 2027 to support intermittent wind and solar power generation, which is expected to drive up demand for lithium and other battery materials [1] Group 3: Company Performance Metrics - Dazhong Mining: 10.03% increase, market cap of 24.3 billion, year-to-date increase of 90.02% [2] - Keli Yuan: 10.03% increase, market cap of 11.9 billion, year-to-date increase of 72.64% [2] - Chuaneng Power: 10.01% increase, market cap of 22.5 billion, year-to-date increase of 16.07% [2] - Hainan Mining: 7.17% increase, market cap of 19.4 billion, year-to-date increase of 39.02% [2] - Shengxin Lithium Energy: 7.08% increase, market cap of 21.5 billion, year-to-date increase of 70.10% [2]

Core Insights - The report highlights the acceleration of demand and continuous improvement in profitability for the companies analyzed, particularly in the semiconductor and copper industries, with significant year-on-year growth in revenue and net profit [12][13][14]. Company Summaries Unigroup Guowei (002049.SZ) - The company reported a revenue of 4.904 billion yuan for Q1-Q3 2025, representing a 15.1% year-on-year increase, and a net profit of 1.263 billion yuan, up 25.0% year-on-year [12]. - In Q3 2025 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, with net profit soaring by 109.6% to 571 million yuan [12]. - The growth is attributed to the recovery in special business demand, stable development in traditional consumer markets, and accelerated expansion in eSIM and automotive safety chips [14]. Luoyang Copper (603993) - The company achieved a revenue of 145.49 billion yuan for Q1-Q3 2025, a decrease of 6.0% year-on-year, but net profit surged by 72.6% to 14.28 billion yuan, driven by rising copper prices and increased production and sales [13][14]. - Q3 2025 revenue was 50.71 billion yuan, down 2.4% year-on-year but up 4.0% quarter-on-quarter, with net profit increasing by 96.4% year-on-year to 5.61 billion yuan [14]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, and has acquired Lumina Gold Company to diversify its mineral portfolio [14]. Other Companies - The report also covers various companies such as Nanjing Bank, which reported a revenue of 419 billion yuan for 9M25, up 8.8% year-on-year, and a net profit of 180 billion yuan, up 8.1% year-on-year, indicating a stable performance [20]. - New Australia Co. is highlighted for benefiting from the rising prices of Australian wool, with expectations of significant performance elasticity due to favorable supply and demand dynamics [19]. Industry Insights - The semiconductor industry is experiencing a new cycle of prosperity, driven by increased demand for special integrated circuits and advancements in high-end AI visual perception and automotive electronics [14]. - The copper industry is seeing a rebound in prices and production, with companies like Luoyang Copper capitalizing on this trend to enhance profitability and expand operations [14]. - The report emphasizes the importance of technological modernization and structural optimization in traditional industries as key components of future growth strategies [11].

Core Insights - Jinshi Resources (603505.SH) reported its Q3 2025 results on October 29, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 28, 2025, six institutional investors disclosed holdings in Jinshi Resources A-shares, totaling 466 million shares, which represents 55.33% of the company's total share capital [1] - The institutional investors include Zhejiang Jinshi Industrial Co., Ltd., Hangzhou Zishi Investment Partnership (Limited Partnership), Hangzhou West Lake Education Foundation, Shanghai Xunli Asset Management Co., Ltd. - Xunli Shengyuan No. 1 Private Securities Investment Fund, Shanghai Yongtuo Investment Management Co., Ltd. - Yongtuo Investment Jiuying No. 1 Private Securities Investment Fund, and Huatai Baoxing Value Growth A [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 3.55 percentage points [1] Public Fund Activity - During this period, one new public fund was disclosed, namely Huatai Baoxing Value Growth A [1] - A total of 41 public funds were not disclosed compared to the previous quarter, including Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, GF CSI 1000 ETF, Caitong Asset Management Value Growth Mixed A, and Fortune CSI 1000 ETF [1]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [1][14][22] Financial Data - The company reported a net profit attributable to shareholders of 235,627,977.49 yuan for the first three quarters of 2025, with a total distributable profit of 885,138,626.12 yuan [15][26] - The proposed cash dividend is 0.70 yuan per 10 shares (including tax), amounting to a total of 58,767,240.98 yuan, which represents 24.94% of the net profit for the first three quarters [14][15][26] Production and Operations - In the first nine months of 2025, the company produced approximately 300,000 tons of fluorite products and sold about 278,000 tons, with production and sales increasing by approximately 20,000 tons and 25,000 tons year-on-year, respectively [6][7] - The Baotou "selection and processing integration" project produced 620,000 tons of fluorite powder, with a significant year-on-year increase of 55% [6][7] - The Mongolian project produced approximately 85,000 tons of fluorite ore, with 41,000 tons already transported to China for processing or sale [6][7] Future Plans - The company plans to produce 100,000 to 120,000 tons of fluorite concentrate in the fourth quarter of 2025 [7][8] - The Baotou project aims to produce 180,000 to 200,000 tons of fluorite powder, while the Jin Ebo project plans to produce 50,000 to 60,000 tons of anhydrous hydrofluoric acid [8] - The Mongolian processing plant is expected to undergo trial runs after construction is completed, with further operations resuming in April 2026 due to winter weather constraints [8]

Core Insights - The company reported a revenue of 1,032,749,586.59 yuan for the third quarter of 2025, representing a year-on-year increase of 45.21% [2] - The net profit attributable to shareholders of the listed company was 109,483,079.21 yuan, showing a year-on-year growth of 32.29% [2] Financial Performance - Revenue for Q3 2025: 1,032.75 million yuan, up 45.21% year-on-year [2] - Net profit for Q3 2025: 109.48 million yuan, up 32.29% year-on-year [2]

Core Insights - The company reported a revenue of 2.758 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50.73% [1] - The net profit attributable to shareholders decreased to 236 million yuan, reflecting a year-on-year decline of 5.88% [1] - The non-recurring net profit was 231 million yuan, showing a year-on-year decrease of 8.05% [1] - The basic earnings per share stood at 0.28 yuan [1]

Core Viewpoint - The company has nearly completed the construction and installation of its mining plant in Mongolia, with plans to conduct single machine debugging soon, but full production will be delayed until after April 2026 due to harsh winter conditions [1] Group 1: Project Status - The mining plant project in Mongolia is expected to start single machine debugging shortly [1] - Construction and installation of the plant have been largely completed [1] - Full production and related construction activities are anticipated to resume in April 2026 due to winter weather constraints [1] Group 2: Production and Sales - From January to September this year, the mining project has produced approximately 85,000 tons of fluorite ore with a grade of about 40% after pre-treatment [1] - Of the produced ore, 41,000 tons have been transported to domestic facilities for processing or sale [1]

Core Viewpoint - Jinshi Resources reported significant revenue growth in Q3 2025, with a year-on-year increase of 45.21% to reach 1.033 billion yuan, while net profit attributable to shareholders rose by 32.29% to 109 million yuan [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.758 billion yuan, reflecting a year-on-year growth of 50.73% [2] - The net profit attributable to shareholders for the same period was 236 million yuan, showing a decline of 5.88% compared to the previous year [2] - Basic earnings per share for Q3 2025 were reported at 0.13 yuan, while for the first three quarters, it was 0.28 yuan [2]