Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved record high performance in 2023, with revenue of 1.896 billion yuan, a year-on-year increase of 80.5%, and a net profit attributable to shareholders of 349 million yuan, up 56.9% year-on-year [2]. - The company is expected to benefit from new projects in Inner Mongolia, contributing to growth in 2024 [2]. - The report highlights the scarcity of fluorite resources and increasing demand driven by the transition to new energy and refrigerants, suggesting a long-term upward trend in fluorite prices [2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 741 million yuan, a quarter-on-quarter increase of 24.3%, but a net profit decline of 14.2% [2]. - The company’s fluorite concentrate production and sales reached 427,000 tons and 441,000 tons respectively in 2023, with an average price of 2,621 yuan per ton, reflecting a year-on-year increase of 254 yuan per ton [2]. - The report projects net profits for 2024, 2025, and 2026 to be 718 million yuan, 1.24 billion yuan, and 1.464 billion yuan respectively, with corresponding P/E ratios of 25.6, 14.8, and 12.6 [2][6]. Operational Highlights - The company has established a light asset model to leverage resources, with plans to acquire fluorite mines in Mongolia, aiming for a production capacity of 150,000 tons [2]. - The report indicates that the company’s single fluorite mine is expected to produce 400,000 to 500,000 tons in 2024, with additional contributions from associated projects [2]. - The company’s strategic initiatives include the efficient construction and orderly production of the Baotou "selection and processing integration" project, which is expected to enhance overall performance [2].

请务必阅读正文之后的免责声明及其项下所有内容 萤石量价齐升叠加新项目贡献利润，2023 年营收及净利润齐创历史新高。公司发布 《2023 年年度报告》：2023 年，得益于萤石业务量价齐升、包钢"选-化一体 化"项目贡献利润、江西金岭锂云母精矿项目当年投产即盈利等，公司实现营 业收入 18.96 亿元（同比+80.54%），实现归母净利润 3.49 亿元（同比+56.89%）， 业绩创下历史新高。其中，包头"选化一体"项目/江西金岭尾泥提锂项目分别 贡献利润 7392/1937 万元。2023 年公司实现加权 ROE 23.45%，拟派发现金红利 1.81 亿元，分红率 51.9%。2023 年年底，包头项目库存萤石精粉共 31.29 万吨。 公司将筑牢萤石行业龙头地位，发展迈入新篇章。2023 年全年，公司共自产萤石 精矿、无水氟化氢、锂云母精矿分别 42.66、3.06、4.73 万吨；销售量分别为 44.13、2.89、1.85 万吨；售价分别 2621、8951、5120 元/吨（不含税），毛利 率分别 47.3%、5.2%、61.63%。随着各矿山和选矿厂建设和改造的陆续完成，叠 加稀土共伴生萤石资 ...

关于全资子公司为公司提供担保的公告 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： 被担保人名称：金石资源集团股份有限公司（以下简称"公司"或"本 公司"） 本次担保金额：公司全资子公司浙江兰溪市金昌矿业有限公司（以下简 称"金昌矿业"）与中国邮政储蓄银行股份有限公司杭州市分行签订《最高额保 证合同》为公司提供最高额不超过人民币 30,000 万元的连带责任保证。截至本 公告披露日，金昌矿业已实际为公司提供的担保余额为人民币 38,000 万元（含 本次）。 证券代码：603505 证券简称：金石资源 公告编号：2024-022 金石资源集团股份有限公司 本次担保是否有反担保：无 对外担保逾期数量：无 一、担保情况概述 （一）担保基本情况 近日，公司全资子公司金昌矿业与中国邮政储蓄银行股份有限公司杭州市分 行签订了《最高额保证合同》（合同编号：[2024]邮银杭州 GSXD024）为公司提 供最高额不超过人民币 30,000 万元的连带责任保证。 （二）本次担保履行的内部决策程序 根据《上海证券交易所上市公司自 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 1,895,877,238.30, representing an increase of 80.54% compared to CNY 1,050,137,978.87 in 2022[37]. - Net profit attributable to shareholders for 2023 was CNY 348,898,949.72, a growth of 56.89% from CNY 222,386,070.67 in the previous year[37]. - The net profit after deducting non-recurring gains and losses was CNY 351,193,538.44, up 62.23% from CNY 216,478,708.68 in 2022[37]. - The company's total assets increased by 63.92% to CNY 5,013,506,192.90 in 2023, compared to CNY 3,058,532,341.71 in 2022[37]. - Basic earnings per share for 2023 were CNY 0.58, reflecting a 56.76% increase from CNY 0.37 in 2022[38]. - The weighted average return on equity rose to 23.45% in 2023, an increase of 6.21 percentage points from 17.24% in 2022[38]. - The company reported a negative net cash flow from operating activities of CNY -195,890,235.22 in Q4 2023, indicating cash flow challenges[41]. - The company’s net profit for 2023 was significantly boosted by new projects, contributing a total of 93.92 million RMB, which accounted for 26.74% of the total net profit[50]. Tax and Liabilities - Deferred tax liabilities amounted to CNY 139,830.88 million as of December 31, 2022[1]. - The company reported an income tax expense of CNY 53,059.68 million for the fiscal year 2022[1]. - The company has a total guarantee balance of CNY 0, excluding guarantees to subsidiaries[19]. - Total guarantees provided by the company to subsidiaries during the reporting period amounted to 336 million RMB[21]. - The total balance of guarantees to subsidiaries at the end of the reporting period was 950 million RMB[21]. - The total amount of guarantees (including those to subsidiaries) was 950 million RMB, which accounts for 58.17% of the company's net assets[21]. Research and Development - The company invested 48.53 million RMB in R&D, representing 2.56% of revenue, with a year-on-year increase of 43.06% in R&D spending[84]. - The company has a total of 200 patents, with 37 new patents granted in the reporting period, supporting its innovation-driven development[84]. - The company is focusing on R&D projects related to lithium mica selection, fluorite selection, and intelligent green mining technologies[183]. - The company has established strategic partnerships with several research institutions and universities to enhance its technical capabilities and innovation[141]. Production and Sales - The production of acid-grade fluorite powder and high-grade fluorite block ore reached approximately 426,600 tons, an increase of about 1,610 tons compared to 2022[50]. - The sales volume of self-produced acid-grade fluorite powder and high-grade fluorite block ore was 441,300 tons, an increase of approximately 2,890 tons year-on-year[50]. - The company produced 30,600 tons of anhydrous hydrofluoric acid during the trial production period, with sales of 28,900 tons[50]. - The company achieved a total revenue of RMB 1,895.88 million in 2023, primarily from the sales of fluorite concentrate, anhydrous hydrofluoric acid, and lithium mica concentrate[146]. - The sales volume of self-produced fluorite concentrate was 44.13 million tons, an increase of 7.01% compared to the previous year[173]. Market and Strategic Focus - The company is focusing on global strategic investments in fluorite resources, particularly in Mongolia, which is a key source for fluorite imports to China[109]. - The company is expanding its global footprint, with plans to target markets in South Africa and South America, viewing Mongolia as a starting point for international expansion[111]. - The company’s strategic focus on "resource + technology" has led to significant growth and expansion in overseas strategic resources[75]. - The company is transitioning from primary fluorochemical products to high-end fluorochemical products, driven by stable demand in traditional refrigerants and emerging industries[92]. Environmental and Social Responsibility - The company’s environmental protection measures include comprehensive waste treatment processes and pollution control facilities, ensuring compliance with environmental standards[80]. - The company’s ESG rating improved to A in 2023, placing it in the top 10% of the "metals, non-metals, and mining" industry[84]. - The company has developed a unique "new green mining development model," focusing on resource conservation and recycling, which includes zero wastewater discharge and comprehensive utilization of tailings[142]. Shareholder and Equity Management - The company executed a stock dividend distribution, issuing 0.4 shares for every share held, affecting the calculation of earnings per share[40]. - The company’s total cash dividend distribution reflects a commitment to returning value to shareholders[58]. - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares (including tax), totaling approximately 180.54 million RMB, which accounts for 51.75% of the net profit attributable to shareholders for the year 2023[66]. - The number of ordinary shareholders increased from 15,044 to 15,739 during the reporting period[64]. - The largest shareholder, Zhejiang Jinshi Industrial Co., Ltd., holds 300,625,574 shares, accounting for 49.71% of the total shares[64].

Investment Rating - The report assigns a rating of "Accumulate" with a target price of 31.32 CNY [4][22]. Core Insights - The company achieved a record high performance in 2023, driven by the production of the "Selection and Chemical Integration" project and the tailings lithium extraction project, alongside a significant increase in both volume and price of fluorite [5][24]. - The company plans to leverage its technology to enhance resource extraction efficiency and expand its operations internationally, particularly in Mongolia, to mitigate domestic resource constraints [14][22]. Financial Performance Summary - In 2023, the company reported revenue of 1.896 billion CNY, an increase of 81% year-on-year, and a net profit attributable to shareholders of 349 million CNY, up 57% year-on-year [1][6]. - The fourth quarter of 2023 saw revenue of 741 million CNY, a year-on-year increase of 87% and a quarter-on-quarter increase of 24% [1]. - The company forecasts revenues of 3.688 billion CNY, 4.928 billion CNY, and 5.401 billion CNY for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 94.52%, 33.63%, and 9.61% [6][22]. Project Developments - The company has initiated trial production of its third mineral processing line, which produced 502,400 tons of fluorite powder in 2023, with costs reduced to below 1,000 CNY per ton [14]. - The lithium extraction project has also commenced production, contributing significant profits within a short timeframe [14]. Market Position and Strategy - The company is focusing on expanding its production capacity in Mongolia, aiming to double its single mine capacity within 3-5 years by utilizing its proprietary technology [14][22]. - The report highlights the company's strategy of "light asset technology leveraging heavy asset resources," which is expected to continue delivering results [27].

目 录 1、 专项审计报告 关于金石资源集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 2、 附表 委托单位：金石资源集团股份有限公司 审计单位：天健会计师事务所（特殊普通合伙） 联系电话：0571-89722900 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明 … 二、非经营性资金占用及其他关联资金往来情况汇总表 …………… 第 3 页 总题童 _ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 t 11 the 金石资源公司管理层的责任是提供真实、合法、完整的相关资料,按照《上 市公司监管指引第8号 -- 上市公司资金往来、对外担保的监管要求》(证监会 公告(2022)26号)和《上海证券交易所上市公司自律监管指南第2号 -- 业 务办理(2023年12月修订》(上证函(2023)3870号)的规定编制汇总表,并 保证其内容真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 诚信 公正 务实 专业 第 1 页 共 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审 ...

表决结果：8 票同意，0 票反对，0 票弃权。 本议案已经公司第四届董事会审计委员会第十一次会议审议通过，并同意提 交公司董事会审议。 证券代码：603505 证券简称：金石资源 公告编号：2024-018 金石资源集团股份有限公司 第四届董事会第二十四次会议决议公告 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。 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"）第四届董事会第二十四次 会议于 2024 年 3 月 18 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 2024 年 3 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 监事和部分高级管理人员列席了会议。本次会议的召集、召开符合《公司法》和 《公司章程》的规定。 二、董事会会议审议情况 本次会议审议通过了如下议案： 1.审议通过了《关于公司 2023 年年度报告及摘要的议案》； 具体内容详见同日公司在上海证券交易所网站（http://ww ...

金石资源集团股份有限公司 董事会审计委员会 2023 年度履职情况报告 根据中国证监会《上市公司治理准则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《公司章程》《公 司董事会审计委员会实施细则》等相关规定和要求，金石资源集团股份有限公司 （以下简称"公司"）董事会审计委员会（以下简称"审计委员会"）本着勤勉尽 责的原则，认真履行监督职责。现对董事会审计委员会 2023 年度的履职情况报 告如下： 一、董事会审计委员会基本情况 报告期内，公司董事会审计委员会由独立董事马笑芳女士、独立董事王红雯 女士和董事王福良先生三名成员组成，其中主任委员由会计专业人士马笑芳女士 担任。 根据《公司法》《公司章程》及《上市公司独立董事管理办法》等相关规定， 公司于 2024 年 1 月 3 日召开第四届董事会第二十次会议，审议通过了《关于调 整公司第四届董事会专门委员会委员的议案》，对董事会审计委员会成员进行了 调整，调整后，公司第四届董事会审计委员会由独立董事马笑芳女士、独立董事 王红雯女士和独立董事程惠芳女士三名成员组成，其中主任委员由会计专业人士 马笑芳女士担任。 二 ...

金石资源集团股份有限公司 2023 年度会计师事务所履职情况评估报告 金石资源集团股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师事务所"）作为公司 2023 年度财务及内部 控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘 会计师事务所管理办法》，公司对天健会计师事务所 2023 年审计过程中的履职 情况进行评估，具体情况如下： 一、资质条件 1.会计师事务所基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | --- | --- | --- | --- | | 成立日期 | 2011 年 7 月 18 日 | 组织形式 特殊普通合伙 | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 | 128 号 | | | 首席合伙人 | 王国海 | 上年末合伙人数量 人 | 238 | | 上年末执业人 | 注册会计师 | 人 | 2,272 | | 员数量 | | 签署过证券服务业务审计报告的注册会计师 人 | 836 | | 2023 年（经审 | 业务收入总额 | 34.83 亿元 | | | 计）业务收入 | ...

金石资源集团股份有限公司 会计师事务所选聘制度 金石资源集团股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为规范金石资源集团股份有限公司（以下简称"公司"）选聘会计师 事务所的有关行为，提高财务信息披露质量，切实维护股东利益，根据《中华人 民共和国公司法》《中华人民共和国证券法》《国有企业、上市公司选聘会计师 事务所管理办法》等相关的法律法规、规范性文件及《金石资源集团股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，结合公司实际情况制定本 制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报表发表审计意见、出具审计报告的行为。公 司选聘会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，公司 可参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审计 委员会"）审核，提交董事会审议，并由股东大会决定。公司聘用会计师事务所 必须由股东大会决定，董事会不得在股东大会决定前委任会计师事务所。会计师 事务所的审计费用由股东大会决定。 第四条 公司应当保证向聘用的会计师事务所提供真实、完整的会计凭证、 ...