重要内容提示: 证券代码：603505 证券简称：金石资源 公告编号：2025-043 金石资源集团股份有限公司 关于控股股东部分股份解除质押的公告 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。 本次股份解除质押后，金石实业若存在后续质押计划，其将根据实际质押情 况及时履行告知义务，公司将及时履行信息披露义务。 二、股东累计质押股份情况 截至本公告日，公司控股股东金石实业及其一致行动人累计质押股份情况如 金石资源集团股份有限公司（以下简称"公司"或"本公司"）控股股东 浙江金石实业有限公司（以下简称"金石实业"）持有公司股份 420,875,804 股， 占公司总股本的 50.00%。近日，金石实业将此前质押的本公司股份 5,600,000 股 办理完成了质押解除手续。本次解除质押后，金石实业累计质押公司股份 84,240,000 股，占其持有公司股份总数的 20.02%，占公司总股本的 10.01%。 金石实业及其一致行动人共持有公司股份 460,345,588 股，占公司总股 本的 54.69%。本次解除质押后，金石实业 ...

Investment Rating - The report gives a bullish outlook on the refrigerant industry, indicating a potential increase in the Shanghai Composite Index by 20% or more within the next six months [72]. Core Viewpoints - The refrigerant prices have been steadily increasing since 2025, with significant price hikes noted in August and September. As of September 19, 2025, the prices for R32, R134a, and R125 have risen by 44.19%, 22.35%, and 8.33% respectively [7][66]. - The supply-demand relationship for second and third-generation refrigerants remains tight due to quota reductions and strong downstream demand, suggesting continued high profitability for related production companies [66]. - Major companies in the refrigerant sector, such as Juhua Co., Sanmei Co., and Yonghe Co., have reported substantial year-on-year profit growth, indicating a robust industry outlook [66]. Summary by Sections Refrigerant Prices and Production - As of August 29, 2025, the prices for R32, R125, and R134a are 60,000 CNY/ton, 45,500 CNY/ton, and 51,500 CNY/ton, reflecting increases of 9.09%, 0.00%, and 3.00% respectively compared to the end of July [7][15]. - Domestic production of R32, R134a, and R125 in August 2025 has increased by 63.05%, 66.77%, and 35.64% year-on-year [16]. - The total inventory of R32, R134a, and R125 has decreased by 6.31%, 5.34%, and 4.66% respectively, indicating a tightening supply [19]. Company Performance - Haohua Technology reported a revenue of 7.76 billion CNY for the first half of 2025, a year-on-year increase of 19.45%, with a net profit of 725 million CNY, up 29.68% [58][59]. - Sanmei Co. achieved a revenue of 2.83 billion CNY, a 38.58% increase, and a net profit of 995 million CNY, reflecting a 159.22% growth year-on-year [60][61]. Market Outlook - The report anticipates that the refrigerant industry will maintain high prosperity levels, with companies expected to continue improving their profitability due to favorable market conditions [66]. - The report suggests focusing on leading companies in the refrigerant sector and those with a well-established industrial chain, such as Juhua Co. and Sanmei Co. [66].

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Jinshi Resources, including stock price fluctuations and revenue growth [1][2] - As of September 22, Jinshi Resources' stock price was 16.90 CNY per share, with a market capitalization of 14.224 billion CNY and a trading volume of 1.25 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 12.7469 million CNY, with significant selling pressure observed in large orders [1] Group 2 - For the first half of 2025, Jinshi Resources reported a revenue of 1.726 billion CNY, reflecting a year-on-year growth of 54.24%, while the net profit attributable to shareholders decreased by 24.74% to 126 million CNY [2] - The company has distributed a total of 624 million CNY in dividends since its A-share listing, with 340 million CNY distributed over the past three years [2] - Jinshi Resources specializes in the investment and development of fluorite mines, with its main business revenue composition being 52.55% from anhydrous hydrofluoric acid, 38.03% from fluorite concentrate, and 9.42% from other products [1]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

Group 1 - The company held its 2025 semi-annual performance briefing on September 15, 2025, via video recording and online interaction at the Shanghai Stock Exchange Roadshow Center [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's operational results and financial indicators for the first half of 2025 [2] Group 2 - The company reported progress on its Mongolia project, which began in early 2024, including the completion of pre-treatment construction and trial production of approximately 40,000 tons of fluorite ore [3] - The company anticipates that the project will enter large-scale formal production of fluorite powder by 2026 [3] Group 3 - The company noted a recent increase in fluorite and hydrofluoric acid prices, with fluorite powder prices recovering from a low of around 2,900 yuan per ton to approximately 3,400 yuan per ton [4] - The company is optimistic about the fourth-quarter prices due to seasonal production halts and strong downstream demand [4] Group 4 - The company produced 103,000 tons of anhydrous hydrofluoric acid in the first half of 2025, achieving a gross margin of 11.57%, significantly up from 0.39% in the same period last year [5][6] - The company has improved the consumption of fluorite powder in its production processes, reducing it to approximately 2.7 to 2.8 tons per ton of anhydrous hydrofluoric acid [6] Group 5 - The company has signed contracts for seven sets of loading vehicles worth approximately 11 million yuan in the first eight months of 2025, and is actively expanding its market presence [6] - The company is also advancing its research and development efforts for new technologies and products in the mining equipment sector [6] Group 6 - The company aims to enhance its resource acquisition strategy by focusing on both resource and technology development, with plans for international resource expansion and diversification into high-value minerals [7] - The company maintains a positive long-term outlook on fluorite prices, driven by stable demand in traditional sectors and growth in emerging applications [7]

证券代码：603505 证券简称：金石资源 公告编号：2025-042 金石资源集团股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 金石资源集团股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日下午 15:00-16:00 在上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 以视频录播和网络互动方式召开了 2025 年半年度业绩说明会。现将召开情况公 告如下： 一、 业绩说明会召开情况 二、 投资者提出的主要问题及公司的回复情况 在本次业绩说明会上，公司就投资者关心的问题给予了答复，并对相关问题 进行了梳理和合并。主要问题及答复如下： 1.公司蒙古国项目的进展情况？ 答：公司从 2024 年初开始布局蒙古国项目。目前总体进展顺利：一是完成 预处理的建设安装，今年以来进行试生产及投产，预处理了大概 20 万吨原矿， 生产了 40%-45%的萤石块矿约 4 万吨，后续等浮选厂投产后，继续加工成萤石精 粉后销售到国内 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Jinshi Resources Group Co., Ltd., indicating a total of 89,840,000 shares pledged, which represents 21.35% of the shares held by the shareholder and 10.67% of the total share capital of the company [2][5]. Group 1: Share Pledge Details - The controlling shareholder, Zhejiang Jinshi Industrial Co., Ltd., holds 420,875,804 shares, accounting for 50.00% of the company's total share capital [2]. - Recently, Jinshi Industrial pledged 30,000,000 shares to CITIC Securities and completed the release of previously pledged shares totaling 42,420,000 [2][4]. - After these transactions, the total pledged shares by Jinshi Industrial and its concerted parties amount to 89,840,000, which is 19.52% of their total holdings and 10.67% of the company's total share capital [2][5]. Group 2: Financial Health and Impact - Jinshi Industrial has a good credit status, with repayment sources including its own funds, stock dividends, and investment income, indicating sufficient repayment capability [5]. - The pledge does not involve any major asset restructuring or performance compensation guarantees, and it will not lead to a change in the company's actual control or affect its main business operations [3][5]. - In the event of risks such as forced liquidation during the pledge period, Jinshi Industrial plans to take measures like additional pledges or early repayments [5].

Core Viewpoint - The fluorite market is experiencing a recovery, with prices returning to last year's levels, driven by increased domestic investment in Mongolian fluorite mines and expectations of supply tightening in the fourth quarter [1][2]. Group 1: Market Trends - The latest fluorite prices have risen to 3200-3400 RMB/ton, aligning with last year's figures and remaining at a relatively high level compared to previous years [1]. - After a decline in fluorite prices during the first seven months of the year, a bottom was reached in August, followed by a gradual recovery [1]. - Analysts indicate that the sentiment among fluorite manufacturers is one of reluctance to sell, anticipating significant price increases, which has led to a tight market supply [1]. Group 2: Investment in Mongolia - Companies such as Jinshi Resources, Jiangxi Geological Construction Investment Group, and Tongzheng Mining have invested in Mongolian fluorite mines, achieving a combined annual capacity of 530,000 tons [2]. - The total fluorite production in China is projected to reach 6.6 million tons in 2024, with new investments contributing to this growth [2]. - The decision to invest in Mongolia is primarily driven by cost considerations, as domestic mining costs are high and construction periods are lengthy, while Mongolian mining rights are relatively cheaper and have shorter construction timelines [2]. Group 3: Production Challenges - The projects in Mongolia have completed basic construction and are entering initial production phases, but output is expected to be limited due to seasonal shutdowns caused by low temperatures [2]. - Concerns exist regarding the potential impact of increased supply from new projects on future fluorite price trends, despite the limited output expected in the short term [2].