金石资源集团股份有限公司 2025 年第三季度报告 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 证券代码：603505 证券简称：金石资源 金石资源集团股份有限公司 2025 年第三季度报告 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： | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,032,749,586.59 | 45.21 | 2,758,308,544.81 | 50.73 | | 利润总额 | 158,637 ...

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].

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East have eased, leading to a continued downward trend in oil prices. WTI crude futures fell by 1.00% and Brent crude futures by 1.21% during the period from October 10 to October 17, 2025 [6]. - OPEC's latest monthly market report maintains its global oil demand growth forecast for the next two years, predicting an increase of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through upstream and downstream integration and diversifying their oil and gas sources [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions have decreased, resulting in a downward trend in oil prices. The easing of risks is reflected in the signing of a ceasefire agreement in Gaza and calls for further implementation of the ceasefire by the UN [6]. - The U.S. government is facing a budget impasse, which is impacting economic operations and creating uncertainty regarding fiscal policies [6]. - The report suggests that while short-term oil price risks may persist, the long-term outlook remains anchored by fundamental demand growth [7]. Fluorochemicals - The supply of popular fluorinated refrigerants is tight, leading to continued price increases. R32 refrigerant prices remain high, and R134a prices are also on the rise due to supply constraints and increasing domestic demand [6][7]. - The report highlights that the production of second-generation refrigerants is declining, while third-generation refrigerants have limited quota increases, stabilizing market competition [6]. Semiconductor Materials - The semiconductor sector is experiencing an upward cycle, supported by improving fundamentals and domestic substitution trends. The report recommends focusing on companies like Nanda Optoelectronics and Shanghai Xinyang [7].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report emphasizes that the refrigerant trend remains unchanged, suggesting to actively seize layout opportunities after market corrections [4][22] - The fluorochemical industry chain has entered a long prosperity cycle, with significant growth potential across various segments, including fluorite, refrigerants, and high-end fluorinated materials [22] Summary by Sections 1. Industry Overview - The fluorochemical index decreased by 8.97% from October 13 to October 17, underperforming the Shanghai Composite Index by 7.50% [6][24] - The average price of fluorite (97% wet powder) as of October 17 is 3,620 CNY/ton, down 0.44% week-on-week, but up 3.12% year-on-year [19][34] 2. Refrigerant Market - As of October 17, prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 53,000 CNY/ton, R410a at 53,000 CNY/ton, and R22 at 16,000 CNY/ton [20][23] - The market for R32 and R134a is expected to remain warm due to slight recovery in domestic production demand and seasonal export orders [21][22] 3. Key Companies and Performance - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][22] - Sanmei Co. expects a net profit of 1.524 to 1.646 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 171.73% to 193.46% [10]

Core Viewpoint - The company has approved a profit distribution plan for 2024 and a mid-term dividend plan for 2025, which includes cash dividends and stock bonuses for shareholders [2][3]. Group 1: Profit Distribution and Shareholder Benefits - The company will distribute a cash dividend of 0.05 yuan per share (tax included) and issue 0.4 bonus shares for every share held, based on a total share capital of 601,802,523 shares, excluding 2,136,799 shares held in the repurchase account [2]. - The profit distribution plan was approved during the board meetings held on April 22, June 3, and the annual shareholders' meeting on June 25, 2025 [2]. Group 2: Capital Changes and Corporate Structure - Following the implementation of the profit distribution plan, the company's total share capital increased from 601,802,523 shares to 841,668,813 shares, and the registered capital rose from 601,802,523 yuan to 841,668,813 yuan [3]. - The company has completed the registration changes with the Zhejiang Provincial Market Supervision Administration and received a new business license reflecting the updated registered capital and corporate information [3].

Core Points - Jinshi Resources announced the schedule for its fifth board meetings and the 2024 annual shareholders' meeting, set for April 22, June 3, and June 25, 2025 respectively [2] - The company approved a profit distribution plan for 2024, which includes a cash dividend of 0.05 yuan per share and a stock dividend of 0.4 shares for every share held, based on a total share capital of 601,802,523 shares, excluding 2,136,799 shares in the repurchase account [2] - The company has completed the necessary business registration changes and received a new business license from the Zhejiang Provincial Market Supervision Administration [2]