Core Insights - The company reported a revenue of 1.033 billion yuan for Q3 2025, representing a year-on-year increase of 45.21% [1] - The net profit attributable to shareholders for Q3 2025 was 109 million yuan, showing a year-on-year growth of 32.29% [1] - Basic earnings per share for Q3 2025 stood at 0.13 yuan [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.758 billion yuan, which is a year-on-year increase of 50.73% [1] - The net profit attributable to shareholders for the first three quarters was 236 million yuan, reflecting a year-on-year decline of 5.88% [1] - Basic earnings per share for the first three quarters were 0.28 yuan [1]

证券代码：603505 证券简称：金石资源 公告编号：2025-045 金石资源集团股份有限公司 第五届董事会第七次会议决议公告 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法律责任。 表决结果：8 票同意，0 票反对，0 票弃权。 本议案已经公司第五届董事会审计委员会第四次会议审议通过，并同意提交 公司董事会审议。 具体内容详见同日公司在上海证券交易所网站（http://www.sse.com.cn） 披露的《2025 年第三季度报告》。 2.审议通过了《关于公司 2025 年前三季度利润分配预案的议案》； 表决结果：8 票同意，0 票反对，0 票弃权。 一、董事会会议召开情况 金石资源集团股份有限公司（以下简称"公司"）第五届董事会第七次会议 于 2025 年 10 月 23 日以直接送达、电子邮件等方式向全体董事发出会议通知， 会议于 2025 年 10 月 28 日在公司总部会议室以现场结合通讯方式召开。会议应 出席的董事 8 人，实际出席的董事 8 人。本次会议由董事长王锦华先生主持，公 司高级管理人员列席了会议。本次会议的 ...

一、利润分配方案内容 根据公司 2025 年前三季度财务报表（未经审计），公司 2025 年 1-9 月合并 报表归属于母公司股东的净利润 235,627,977.49 元；截至 2025 年 9 月 30 日， 公司合并财务报表中期末可供分配利润为 885,138,626.12 元，公司母公司报表 中期末可供分配利润为 361,817,203.41 元。 根据《公司法》《上市公司监管指引第 3 号——上市公司现金分红》《上 市公司章程指引》等相关法律、法规、规范性文件及《公司章程》的规定，《公 司未来三年（2023 年-2025 年）股东分红回报规划》《公司 2025 年度"提质增 效重回报"行动方案》的有关要求，为维护公司价值及股东权益，进一步加大投 资者回报力度，提高投资者获得感，结合公司实际情况，经董事会决议，公司 2025 年前三季度拟以实施权益分派股权登记日登记的总股本（扣除公司回购专 证券代码：603505 证券简称：金石资源 公告编号：2025-046 金石资源集团股份有限公司 2025 年前三季度利润分配方案公告 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 ...

Core Viewpoint - Jinshi Resources reported a significant increase in revenue and net profit for the third quarter of 2025, driven by production capacity release and increased sales of key products [1] Financial Performance - The company's revenue for Q3 reached 1.033 billion, marking a year-on-year growth of 45.21% [1] - Net profit for Q3 was 109 million, reflecting a year-on-year increase of 32.29% [1] - For the first three quarters, total revenue amounted to 2.758 billion, with a year-on-year growth of 50.73% [1] - Net profit for the first three quarters was 236 million, showing a year-on-year decline of 5.88% [1] Operational Highlights - The performance improvement is attributed to the capacity release of the Baotou "selection and processing integration" project, increased sales volumes of anhydrous hydrofluoric acid and fluorite powder, and higher production and sales from the company's own fluorite mines [1] - The company plans to distribute a cash dividend of 0.70 per 10 shares (tax included), totaling 58.77 million (tax included), which accounts for 24.94% of the net profit for the first three quarters [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,032,749,586.59, representing a year-on-year increase of 45.21%[4] - The total profit for the quarter was ¥158,637,700.48, reflecting a growth of 53.63% compared to the same period last year[4] - The net profit attributable to shareholders was ¥109,483,079.21, which is an increase of 32.29% year-on-year[4] - The basic earnings per share for the quarter was ¥0.13, up by 30.00% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥2,758,308,544.81, a significant increase of 50.7% compared to ¥1,829,996,982.63 in the same period of 2024[23] - Net profit for the first three quarters of 2025 was ¥301,183,352.69, compared to ¥266,109,856.22 in 2024, marking an increase of 13.2%[24] - The total comprehensive income for the first three quarters of 2025 was ¥301,531,021.74, compared to ¥266,121,961.53 in 2024, showing an increase of 13.3%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥7,260,497,752.60, marking a 9.12% increase from the end of the previous year[5] - The company's total assets reached ¥7,260,497,752.60, an increase from ¥6,653,440,850.44, representing a growth of 9.1%[20] - The company's total liabilities increased to ¥4,836,009,631.55 from ¥4,502,801,211.77, representing a growth of 7.4%[20] - The equity attributable to shareholders increased to ¥1,803,166,305.20, a rise of 13.01% compared to the previous year[5] - The total equity attributable to shareholders rose to ¥1,803,166,305.20, up from ¥1,595,635,909.78, indicating an increase of 13.0%[20] Cash Flow - The company reported a net cash flow from operating activities of ¥462,233,702.32 for the year-to-date, which is a 24.80% increase compared to the same period last year[4] - The cash inflow from operating activities for the first three quarters of 2025 was CNY 2,045,501,241.55, an increase of 27% compared to CNY 1,610,745,823.93 in the same period of 2024[26] - The net cash flow from operating activities was CNY 462,233,702.32, up from CNY 370,376,141.59 in the previous year, representing a growth of 25%[26] - Cash inflow from financing activities totaled CNY 1,363,968,952.00, an increase from CNY 1,298,135,134.76 in 2024, marking a growth of 5%[27] - The ending cash and cash equivalents balance was CNY 397,131,455.84, compared to CNY 378,853,578.98 at the end of the same period in 2024, reflecting an increase of 5%[27] Production and Sales - The increase in revenue is attributed to the capacity release of the Baotou "selection and processing integration" project and increased sales of hydrofluoric acid and fluorite powder[10] - 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[14] - The Baotou "selection and processing integration" project produced approximately 620,000 tons of fluorite powder, with sales of about 140,000 tons, representing a significant year-on-year increase of 55%[14] - The company plans to produce 100,000 to 120,000 tons of fluorite concentrate in the fourth quarter of 2025[16] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥42,540,214.34, a decrease of 21.5% from ¥54,139,310.36 in the previous year[23] - The company reported an investment income of ¥82,673,330.68, which is an increase from ¥72,434,250.76 in the same period last year, reflecting a growth of 14.5%[24] Other Financial Information - Non-recurring gains and losses for the quarter totaled ¥6,882,791.74, with significant contributions from the disposal of mining rights[8] - The company's cash and cash equivalents stood at approximately 466.3 million yuan, up from 386.7 million yuan at the end of 2024[17] - The company's accounts receivable increased to approximately 456.6 million yuan from 382.3 million yuan year-on-year[17] - The company's inventory was approximately 851.4 million yuan, slightly down from 859 million yuan at the end of 2024[18] - The company's short-term borrowings increased to approximately 1.06 billion yuan from 922 million yuan at the end of 2024[18] - The company reported a net loss of approximately 31 million yuan for Jiangshan New Materials and a net loss of about 11 million yuan for Jiangxi Jinling during the reporting period[15] - The cash outflow for purchasing goods and services was CNY 1,028,397,483.28, compared to CNY 813,749,475.42 in 2024, indicating a rise of 26%[26] - The net cash flow from investing activities was -CNY 505,473,769.56, a decrease in outflow compared to -CNY 746,850,754.51 in the previous year[27] - The total cash outflow for financing activities was CNY 1,214,700,303.05, compared to CNY 745,148,475.61 in the previous year, indicating an increase of 63%[27] - The impact of exchange rate changes on cash and cash equivalents was CNY 57,093.29, a positive change compared to -CNY 919,508.41 in 2024[27]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price has seen an increase due to intensified sanctions by the U.S. and Canada on Russian oil companies, with WTI crude futures rising by 6.53% and Brent crude futures by 7.09% from October 17 to October 24, 2025 [6]. - Geopolitical tensions, particularly regarding the fragile ceasefire in Gaza and the ongoing conflict between Russia and Ukraine, continue to impact oil prices [6]. - The U.S. government plans to purchase 1 million barrels of oil to replenish its strategic reserves, which may provide short-term support for oil prices [6]. - In the fluorochemical sector, the supply of popular refrigerants is tight, leading to sustained price increases, with domestic demand for refrigerants expected to rise in the fourth quarter [6]. - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, driven by domestic substitution [7]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of U.S. sanctions on Russian oil companies and geopolitical tensions on oil prices [6]. - Basic data tracking indicates a slight decrease in U.S. commercial crude oil inventories, while gasoline and jet fuel inventories continue to decline [6][15]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to oil price fluctuations [7]. Fluorochemicals - The supply of second-generation refrigerants is decreasing due to policy restrictions, while demand for third-generation refrigerants is expected to grow, driven by government incentives [6]. - The report notes that the production of household air conditioners is projected to increase significantly in the last quarter of 2025, which will boost demand for refrigerants [6]. Semiconductor Materials - The semiconductor materials sector is witnessing an upward cycle, with inventory reduction trends and improving end-market conditions [7]. - The report recommends focusing on companies in the semiconductor materials sector that are benefiting from domestic substitution and cyclical recovery [7].

Group 1 - The core viewpoint of the news is that Jinshi Resources has shown fluctuations in stock performance, with a recent increase of 2.11% in share price, reaching 17.90 CNY per share, and a total market capitalization of 15.066 billion CNY [1] - As of June 30, the number of shareholders for Jinshi Resources increased by 19.87% to 20,300, while the average circulating shares per person decreased by 16.99% to 29,689 shares [2] - The company reported a revenue of 1.726 billion CNY for the first half of 2025, marking a year-on-year growth of 54.24%, while the net profit attributable to shareholders decreased by 24.74% to 126 million CNY [2] Group 2 - Jinshi Resources specializes in the investment and development of fluorite mines, as well as the production and sales of fluorite products, with its main business revenue composition being 52.55% from anhydrous hydrofluoric acid, 38.03% from fluorite concentrate, and 9.42% from other sources [1] - The company is categorized under the Shenwan industry classification of basic chemicals - chemical products - fluorine chemicals, and is involved in several concept sectors including fluorine chemicals, scarce resources, civil explosives, share buybacks, and margin financing [1]

Group 1 - The core viewpoint of the news is that Jinshi Resources has shown a mixed performance in stock price and financial metrics, with a notable increase in revenue but a decline in net profit [1][2]. Group 2 - As of October 21, Jinshi Resources' stock price increased by 2.04% to 18.00 CNY per share, with a market capitalization of 15.15 billion CNY [1]. - The company has seen a net inflow of main funds amounting to 1.80 million CNY, with large orders accounting for 7.88% of total buying [1]. - Year-to-date, the stock price has risen by 6.38%, but it has decreased by 3.02% over the last five trading days [1]. - Jinshi Resources specializes in the investment and development of fluorite mines, with main business revenue sources being anhydrous hydrofluoric acid (52.55%) and fluorite concentrate (38.03%) [1]. - The company reported a revenue of 1.726 billion CNY for the first half of 2025, representing a year-on-year growth of 54.24%, while the net profit attributable to shareholders decreased by 24.74% to 126 million CNY [2]. - Since its A-share listing, Jinshi Resources has distributed a total of 624 million CNY in dividends, with 340 million CNY distributed in the last three years [3].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].