Company Overview - Jincheng Mining Management Co., Ltd. is located in Fengtai District, Beijing, and was established on January 7, 2008, with its listing date on June 30, 2015 [1] - The company specializes in mining engineering construction, mining operation management, mining design, and technology research and development [1] Financial Performance - For the first half of 2025, Jincheng achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82% [2] - The net profit attributable to shareholders for the same period was 1.111 billion yuan, showing a year-on-year increase of 81.29% [2] Stock Performance - As of September 8, Jincheng's stock price was 62.08 yuan per share, with a year-to-date increase of 73.17% [1] - Over the last five trading days, the stock has decreased by 10.09%, while it has increased by 24.01% over the last 20 days and 44.04% over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 16,600, a decrease of 13.57% from the previous period [2] - The average circulating shares per person increased by 15.70% to 37,570 shares [2] Dividend Distribution - Since its A-share listing, Jincheng has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the last three years [3] Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 13.8932 million shares, a decrease of 16.2626 million shares from the previous period [3]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the performance of the gold sector [3][4]. Core Insights - The report indicates that the gold sector is expected to benefit from rising interest rate cut expectations, with a long-term trend of central bank gold purchases anticipated due to low current gold reserves in China [4][23]. - The industrial metals segment shows a mixed performance, with copper prices expected to remain strong due to supply constraints and increasing demand from sectors like home appliances and power grid investments [4][36]. - The aluminum market is projected to experience a long-term upward trend in prices, supported by tightening supply-demand dynamics and potential policy support [4][49]. Weekly Market Review - The Shanghai Composite Index fell by 1.18%, while the non-ferrous metals index rose by 2.12%, outperforming the Shanghai Composite by 2.93 percentage points [5][11]. - Precious metals saw a significant increase, with gold prices rising by 3.52% and silver by 1.87% [4][17]. - Year-to-date performance shows precious metals up by 60.89%, aluminum by 23.36%, and copper by 60.11% [11][12]. Price Changes and Key Company Valuations - The report details price changes for various metals, with copper at $9,898 per ton, aluminum at $2,601 per ton, and gold at $3,640 per ounce [17][20]. - Key companies in the sector include Zijin Mining, Shandong Gold, and Huayou Cobalt, with respective valuations and earnings projections provided [20][21]. Supply and Demand Analysis - Copper supply is tightening, with domestic social inventory increasing to 141,000 tons, while demand remains robust with operating rates for copper products showing slight increases [36][49]. - The aluminum sector is experiencing a rise in downstream processing rates, with a current operating rate of 61.70% [49][51]. - Steel production is affected by short-term production limits in Hebei, leading to a decrease in output and an increase in steel prices [4][73].

Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Core Views - The report highlights that the expectation of interest rate cuts by the Federal Reserve, combined with seasonal demand in September and October, is likely to drive up industrial metal prices. The demand for copper is expected to remain strong despite a slight decline in production [2][3]. - For energy metals, the report anticipates a significant increase in cobalt prices due to reduced supply and strong demand, while lithium prices are expected to remain robust during the traditional peak season [3]. - In the precious metals sector, the report is optimistic about gold prices rising due to strong central bank purchases and geopolitical uncertainties, with silver also expected to perform well due to its industrial applications [4]. Summary by Sections Industrial Metals - The report notes that the SMM imported copper concentrate index increased by $0.63 per ton, indicating a positive trend in copper demand. The electrolytic copper production is expected to decline, which may support prices in the upcoming months [2]. - Aluminum production has slightly increased, and the demand side shows signs of support as downstream buyers are starting to stock up [2][19]. - The report recommends companies such as Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining as key investment opportunities in the industrial metals sector [2]. Energy Metals - Cobalt prices are expected to rise significantly due to supply shortages and increased purchasing activity from the market. Lithium demand is also projected to grow, leading to a tighter supply situation [3]. - The report suggests that companies like Huayou Cobalt and Ganfeng Lithium are worth watching due to their potential in the energy metals market [3]. Precious Metals - The report emphasizes a strong outlook for gold prices, driven by expectations of interest rate cuts and ongoing central bank purchases. Silver is also expected to see price increases due to its industrial demand [4]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zhaojin Mining [4].

Group 1 - The company held a half-year performance briefing on September 5, 2025, to discuss its operational results and financial status with investors [1] - Key executives, including the chairman and financial director, participated in the meeting to address investor inquiries [1] Group 2 - The company aims for sustainable development in its dividend policy, considering factors such as operational performance, future profitability, cash flow, and external financing environment [2] - The company reported its best half-year performance since inception, with stock prices reaching new highs [2] Group 3 - The Lubambe copper mine's technical transformation and production operations are generally aligned with the company's goals, although there are challenges with low capacity utilization and management issues [3][4] - The company has signed and renewed contracts worth approximately 71 billion for the first half of 2025, continuing to pursue a strategy focused on large markets and projects [4] Group 4 - The company has received approval from the regulatory authority for its convertible bonds, which are expected to improve financial efficiency and reduce overall debt levels [3][5] - The company maintains a suitable level of interest-bearing debt to support normal operations and future projects [5] Group 5 - The company emphasizes the importance of cash dividends as a means of returning value to investors and is committed to adhering to its profit distribution policy [6]

问题 2：董事长您好，首先祝贺公司获得了成立以来最好的半年报业绩，股 价也在前段时间达到了新高。在公司最近发布的半年报里，对鲁班比项目的描述 是"唯一未能实现'时间过半、任务过半'目标的项目"，目前鲁班比项目的技 改投入资金根据公司公告已有差不多按计划一半的规模，那么鲁班比项目目前技 公司董事长王青海、独立董事叶希善、财务总监孟竹宏、董事会秘书吴邦富 出席了本次说明会，在规定时间内就投资者关注的主要问题进行了回复。 二、投资者关注的主要问题及公司回复情况 问题 1：请问公司未来的分红计划和派息政策？ 回复：您好，公司着眼于长远和可持续发展，在制定分红方案时，将综合考 虑公司实际经营情况、未来盈利能力、经营发展规划、现金流量状况、资金需求 情况、社会资金成本以及外部融资环境等因素，在平衡股东的合理投资回报和公 司可持续发展的基础上，保持利润分配政策的连续性和稳定性，并保证公司长久、 持续、健康的经营能力。 | 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 金诚信矿业管理股份有限 ...

（编辑 任世碧） 证券日报网讯 9月4日晚间，金诚信发布公告称，截至本公告日，公司第二期员工持股计划所持有的公 司股票已全部出售完毕。根据《第二期员工持股计划》的相关规定，公司第二期员工持股计划管理委员 会将根据持有人会议授权完成本次持股计划资产清算、分配工作，待相关工作完成后，本次员工持股计 划将提前终止。 ...

Core Points - The company has completed the sale of all shares held under the second employee stock ownership plan [1][2] - The employee stock ownership plan was approved in October 2021 and involved the transfer of 6,119,910 shares, representing approximately 1.03% of the company's total share capital [2][3] - The lock-up period for the shares lasted 12 months, while the plan's total duration is 48 months, set to expire in December 2025 [2][3] Employee Stock Ownership Plan Details - The second employee stock ownership plan was initiated with a share transfer at a price of 8.17 yuan per share [2] - The plan's stock rights will be distributed in three phases based on annual performance targets from 2021 to 2023, with distribution ratios of 33%, 33%, and 34% [3] - The management committee of the plan has completed the first two phases of equity distribution in March 2023 and March 2024 [3] Sale and Termination of the Plan - The shares were sold through centralized bidding from December 14, 2022, to September 4, 2025, in compliance with market trading rules [3][4] - The management committee will finalize asset liquidation and distribution, leading to the early termination of the employee stock ownership plan [4]

| 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 金诚信矿业管理股份有限公司 关于第二期员工持股计划出售完毕暨终止的公告 一、本次员工持股计划的基本情况 （一）公司于 2021 年 10 月 7 日、2021 年 10 月 25 日分别召开第四届董事 会第十三次会议、第四届监事会第十二次会议以及 2021 年第三次临时股东大会， 审议通过了《金诚信矿业管理股份有限公司第二期员工持股计划（草案）及其摘 要》（以下简称"《第二期员工持股计划》"）及相关议案，具体内容详见公司 分别于 2021 年 10 月 8 日及 2021 年 10 月 26 日发布于上海证券交易所网站 （www.sse.com.cn）的相关公告。 （二）公司于 2021 年 12 月 14 日披露《金诚信关于第二期员工持股计划实 施进展的公告》，公司以非交易过户形式将公司回购专用证券账户中的 6,119,910 股公司股票过户至"金诚信矿业管理股份有限公司-第二期员工持股计划"证券 账户中，过户价格为 8.1 ...

Core Viewpoint - The report highlights the strong growth in copper production and sales for Jinchengxin (603979), with a positive outlook for future growth, leading to a "buy" rating for the company [1][7]. Financial Performance - In H1 2025, Jinchengxin achieved operating revenue of 6.316 billion yuan, a year-on-year increase of 47.82% - The net profit attributable to shareholders was 1.111 billion yuan, up 81.29% year-on-year - The net profit after deducting non-recurring gains and losses was 1.088 billion yuan, an increase of 78.51% year-on-year - The net cash flow from operating activities was 1.726 billion yuan, a significant increase of 255.08% year-on-year [2]. Mining Services - The mining services segment saw a revenue of 3.32 billion yuan in H1 2025, a slight increase of 0.57% year-on-year, with a gross margin of 23.10%, down 4.98 percentage points - Q1 revenue was 1.5 billion yuan, down 3.29% year-on-year, while Q2 revenue improved to 1.82 billion yuan, up 3.98% year-on-year - The decline in Q1 revenue was attributed to the transition of Lubambe Copper Mine's operations to internal management, reducing mining service income [3]. Copper and Phosphate Resource Development - The copper and phosphate resource development segment reported revenue of 2.91 billion yuan in H1 2025, a remarkable increase of 238.03% year-on-year, with a gross margin of 47.68%, up 4.91 percentage points - Copper production reached 39,400 tons, a year-on-year increase of 198.52%, while copper sales were 43,900 tons, up 247.65% - Phosphate rock production was 174,000 tons, up 6.48% year-on-year, with sales of 169,000 tons, a slight increase of 0.96% [4]. Incremental Projects - The company has invested approximately 54.89 million USD in the ongoing technical transformation of the Lubambe Copper Mine, which has a designed capacity of 2.5 million tons per year - Additionally, the company plans to invest 75.13 million USD in the development of the Lonshi Copper Mine East Zone, with a designed mining capacity of 2.5 to 3.5 million tons per year and a construction period of 4.5 years [5]. Profit Forecast - The company forecasts operating revenues of 12.76 billion yuan, 14.09 billion yuan, and 15.39 billion yuan for 2025, 2026, and 2027 respectively - The net profits attributable to shareholders are projected to be 2.245 billion yuan, 2.681 billion yuan, and 3.044 billion yuan for the same years - The current stock price corresponds to price-to-earnings ratios of 18.2, 15.2, and 13.4 times for 2025, 2026, and 2027 respectively [6].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported significant growth in copper production and sales, with a notable increase in revenue and net profit for the first half of 2025 [1] - The mining service segment experienced a decline in Q1 but showed improvement in Q2, indicating a recovery trend [2] - The copper and phosphorus resource development segment continued to exhibit high growth rates, with substantial increases in both revenue and production [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit of 1.111 billion yuan, up 81.29% [1] - The net cash flow from operating activities reached 1.726 billion yuan, reflecting a significant increase of 255.08% year-on-year [1] Mining Services - The mining services segment generated revenue of 3.32 billion yuan in H1 2025, a slight increase of 0.57% year-on-year, with a gross margin of 23.10% [2] - Q1 revenue was 1.5 billion yuan, down 3.29% year-on-year, while Q2 revenue improved to 1.82 billion yuan, up 3.98% year-on-year [2] Copper and Phosphorus Resource Development - The copper and phosphorus resource development segment reported revenue of 2.91 billion yuan in H1 2025, a remarkable increase of 238.03%, with a gross margin of 47.68% [3] - Copper production reached 39,400 tons, up 198.52% year-on-year, and copper sales were 43,900 tons, an increase of 247.65% [3] Future Projects - The company is focusing on the Lubambe project for technical upgrades and the expansion of the Lonshi project, with significant investments planned [7] - A total of 54.89 million USD has been invested in the Lubambe copper mine for operational improvements [7] Earnings Forecast - The company is projected to achieve revenues of 12.76 billion yuan, 14.09 billion yuan, and 15.39 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.245 billion yuan, 2.681 billion yuan, and 3.044 billion yuan [8]