Group 1 - The TC benchmark is significantly lowered in 2025, leading to relaxed mining costs and a notable increase in copper prices, with copper mine profits potentially maintaining a high level of 60% since 2024, despite a downward trend in copper mine supply growth [1] - The overall copper mine production growth for 2025 is expected to be around -0.12%, indicating a downward adjustment compared to early 2024 [1][2] - The high interference rate in global copper mining, combined with cautious expansion and high production costs, suggests that long-term growth may not be optimistic, with a projected growth rate of about 2% for 2026 [2] Group 2 - China's copper mine reserves account for only 4% of the global total, while its production share is 8%, highlighting an imbalance in extraction and resource scarcity, prompting companies to expand into resource-rich regions [3] - Chinese copper mining companies are increasingly extending their operations into Africa and South America through mergers, acquisitions, and joint ventures to bolster reserves amid high costs and resource protectionism [3] - Infrastructure development is continuously improving, enhancing production and transportation efficiency to achieve long-term cost reduction [3] Group 3 - Recommended companies to focus on include Zijin Mining (601899.SH), Minmetals Resources (01208), Luoyang Molybdenum (603993.SH), Jincheng Mining (603979.SH), and Western Mining (601168.SH) [4]

Company and Industry Summary Company Overview - The company operates in the mining services sector, specifically focusing on mineral extraction and processing. Key Points and Arguments Financial Performance - Mining services revenue has seen a slow growth, with a year-on-year decline of approximately 13-14% in the first three quarters. However, gross profit margins improved in Q3, and the negative growth is expected to narrow for the full year [2][7] - The company reported a loss of 120 million yuan from the acquisition of an Australian company, and a loss of 65 million yuan from the Colombian project due to expense recognition. Additionally, a 21 million yuan impact from a loan was noted, all of which are considered one-time factors affecting overall profit [12] Production and Sales - In Q3, the company produced 5,100 tons and sold 5,600 tons of mineral resources at a cost of 4,660 yuan/ton. The Longxi mine produced 14,700 tons and sold 13,000 tons at a cost of 4,550 yuan/ton. The Lubanbi mine produced 4,600 tons and sold 5,600 tons, with a cumulative cost of nearly 9,000 yuan/ton for the first nine months [11] - The company expects the production capacity for the geological mine to reach 15,000 tons next year, with potential increases of 5,000 tons from the L mine, contingent on the production plan to be finalized by year-end [13] Project Developments - The company anticipates significant revenue from the K.K. mine if the water drainage and repair work are completed successfully by year-end, potentially leading to positive growth in the following year [2][8] - The Lubanbi project is expected to break even in Q3, with limited profitability anticipated post-technical upgrades in 2026. A new system is projected to be operational by 2027, significantly reducing costs and increasing output [9] Market Conditions and Risks - Recent global mining accidents have raised concerns about the risks associated with natural collapse methods. The company has implemented pressure balance control and remote operations to mitigate these risks, which have been recognized by project owners [5][6] - The company is aware that while natural collapse methods have cost advantages, the technical complexity may lead to cautious selection by international clients. However, interest from multiple project owners has been noted, indicating potential future business opportunities [6] Future Outlook - The company expects to achieve a monthly revenue of approximately 1 million USD from the subject examination project in Q4, potentially increasing to 1.8 million USD per month next year [7] - The Colombian project is projected to start contributing profits by 2028, with an expected annual output of around 20,000 tons of copper and over one ton of gold [3][16] Cost Management - The company anticipates that costs will remain stable, with the Lubanbi project’s costs expected to decrease to 6,000-6,200 yuan/ton post-technical upgrades. However, overall cost reductions may be limited due to inflation and rising labor and material costs [17] Technological Advancements - Future mining operations are expected to focus on deep mining, large-scale operations, mechanization, and automation. The company is actively developing technologies to support these advancements, aiming for a transition to more automated and intelligent operations [23][24] Additional Important Information - The company has faced some operational disruptions due to changes in local customs leadership, which temporarily affected sales but has since been resolved [4] - The company’s overall cost structure has shown a decline in cumulative costs for the first nine months of the year [11]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][20]. Core Insights - The company achieved a revenue of 9.933 billion yuan in the first three quarters, representing a year-on-year increase of 42.50%, and a net profit attributable to shareholders of 1.753 billion yuan, up 60.37% year-on-year [1][9]. - The mining service business saw a revenue of 5.264 billion yuan in the first three quarters, a year-on-year increase of 7.92%, but the gross profit decreased by 13.93% [2][12]. - The resource business reported a revenue of 4.567 billion yuan, a significant year-on-year increase of 131.26%, with a gross profit margin of 48.94%, up 4.69 percentage points [3][17]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.617 billion yuan, a year-on-year increase of 34.07%, and a net profit of 642 million yuan, up 33.68% year-on-year [1][9]. - The company’s cash flow from operating activities reached 2.614 billion yuan, a year-on-year increase of 91.82% [9]. Mining Service Business - The mining service business generated a revenue of 5.264 billion yuan in the first three quarters, with a gross profit margin of 22.72%, down 5.77 percentage points year-on-year [2][12]. - The decline in gross profit was attributed to the transition of Lubambe Copper Mine to an internal management unit and the impact of temporary work stoppages due to mining incidents [2][12]. Resource Business - The resource business reported a revenue of 4.567 billion yuan, with a gross profit of 2.235 billion yuan, reflecting a gross profit margin of 48.94% [3][17]. - The company produced approximately 64,100 tons of copper equivalent and sold about 68,200 tons in the first three quarters, with production increasing by 12.79% in Q3 compared to Q2 [3][17]. Future Projections - The company expects revenues of 14.064 billion yuan, 15.393 billion yuan, and 18.440 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 41.5%, 9.4%, and 19.8% [4][20]. - The projected net profit for the same years is 2.508 billion yuan, 2.878 billion yuan, and 3.557 billion yuan, with growth rates of 58.3%, 14.8%, and 23.6% [4][20].

资料显示，金诚信矿业管理股份有限公司位于北京市丰台区育仁南路3号院3号楼，成立日期2008年1月7 日，上市日期2015年6月30日，公司主营业务涉及矿山工程建设、采矿运营管理、矿山设计与技术研发 在内的矿山开发服务业务。主营业务收入构成为：阴极铜、铜精矿及磷矿石销售46.11%，采矿运营管 理39.63%，矿山工程建设11.85%，材料、设备及其他1.29%，矿山机械设备1.00%，矿山设计咨询 0.13%。 从基金十大重仓股角度 数据显示，国投瑞银基金旗下1只基金重仓金诚信。国投瑞银景气行业混合（121002）三季度持有股数 15.99万股，占基金净值比例为1.79%，位居第十大重仓股。根据测算，今日浮亏损失约55.33万元。 国投瑞银景气行业混合（121002）成立日期2004年4月29日，最新规模6.23亿。今年以来收益33.35%， 同类排名2795/8155；近一年收益30.85%，同类排名2731/8029；成立以来收益1028.96%。 国投瑞银景气行业混合（121002）基金经理为李达夫、吉莉。 10月28日，金诚信跌5.01%，截至发稿，报65.66元/股，成交5.29亿元，换手率1.27 ...

证券研究报告 | 2025年10月28日 金诚信（603979.SH）——三季报点评 优于大市 三季度业绩保持平稳，多个矿山资源项目同步推进 公司发布三季报：前三季度实现营收 99.33 亿元，同比+42.50%；实现归母 净利润 17.53 亿元，同比+60.37%。25Q3 实现营收 36.17 亿元，同比+34.07%， 环比 3.19%；实现归母净利润 6.42 亿元，同比+33.68%，环比-6.80%。公司 三季度利润保持相对平稳。 矿服业务：前三季度实现营收 52.64 亿元，同比+7.92%；实现毛利 11.96 亿 元，同比-13.93%；实现毛利率 22.72%，同比减少 5.77 个百分点。今年前三 季度矿服业务毛利同比下降，主要系因为：1）公司于 2024 年 7 月完成对 Lubambe 铜矿的收购，Lubambe 由矿服业务转为内部管理单位；2）公司于 2024 年 12 月完成对 Terra Mining 的收购，其主要为露天矿服业务且尚处业务开 展前期阶段，减少矿服业务毛利；3）受 25Q2 卡莫阿-卡库拉铜矿非承包矿 段矿震影响，相关作业区域实施阶段性停工所致。自 6 月以来 ...

Core Viewpoint - The company has released its third-quarter report for 2025, highlighting its financial performance and operational changes, particularly in the mining services and resource development sectors [13][12]. Financial Data - The financial report is unaudited and covers the period from the beginning to the end of the third quarter [3][10]. - The company has issued a total of 1,000,000 convertible bonds with a total value of 1 billion yuan, of which 504,069,000 yuan has been converted into shares, representing 6.92% of the total shares before conversion [7]. Operational Performance - The company's revenue and gross profit are primarily derived from mining services and resource development, with specific contributions detailed in the report [8]. - The gross profit from mining services has decreased due to several factors, including the transition of the Lubambe Copper Mine to internal management, the acquisition of Terra Mining, and operational disruptions caused by safety concerns at the Kamoa-Kakula Copper Mine [9]. Shareholder Information - The report includes details on the number of shareholders and the status of major shareholders, indicating that there are no significant changes in the top ten shareholders due to the lending and returning of shares [5][7]. Board Meeting - The board meeting held on October 27, 2025, approved the third-quarter report unanimously, confirming compliance with relevant regulations [13][14].

智通财经APP讯，金诚信(603979.SH)披露2025年第三季度报告，公司前三季度实现营收99.33亿元，同 比增长42.50%;归母净利润17.53亿元，同比增长60.37%;扣非净利润17.4亿元，同比增长59.85%;基本每 股收益2.81元。 ...

金诚信披露，前三季度公司业绩增长，主要是报告期内公司矿山资源开发业务产量及销量，较上年同期 增加，以及降本管控措施有效所致。 本报讯 （记者贺王娟）10月27日晚间，金诚信矿业管理股份有限公司（以下简称"金诚信"）披露三季 报，2025年前三季度金诚信实现营业收入99.33亿元，同比增长42.50%；归属于上市公司股东的净利润 17.53亿元，同比增长60.37%。 （编辑 郭之宸） ...

格隆汇10月27日丨金诚信(603979.SH)发布三季报，2025年前三季度实现营业总收入99.33亿元，同比增 长42.5%；归属母公司股东净利润17.53亿元，同比增长60.37%；基本每股收益为2.81元。 ...

格隆汇10月27日丨金诚信公告，2025年第三季度营收为36.17亿元，同比增长34.07%；净利润为6.42亿 元，同比增长33.68%。前三季度营收为99.33亿元，同比增长42.50%；净利润为17.53亿元，同比增长 60.37%。 ...