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]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][4]. Core Viewpoints - The macroeconomic environment is favorable, with a continuous recovery during the peak season. The expectation of interest rate cuts by the Federal Reserve has increased, and the domestic manufacturing PMI showed a slight rebound in August, indicating a good macro atmosphere. Various metal prices are expected to strengthen, particularly for rigid supply varieties like copper and aluminum [4][5]. Summary by Sections Market Overview - The number of listed companies in the industry is 141, with a total market value of 40,523.71 billion and a circulating market value of 38,091.88 billion [2]. - Domestic industrial metal prices showed mixed performance, with the LME copper, aluminum, lead, and zinc prices changing by 1.1%, -0.1%, -0.2%, and 0.3% respectively, while SHFE prices changed by -0.9%, 0.5%, 0.6%, and -0.6% [5][25]. Economic Factors - The manufacturing PMI in China for August is reported at 49.4, slightly up from 49.3, with production and new orders indices at 50.8 and 49.5 respectively [8][35]. - The U.S. PPI showed a year-on-year increase of 3.3% in July, while the CPI remained stable at 2.7% [8][45]. - The Eurozone's economic sentiment index has declined, with CPI growth steady at 2% [8][43]. - Global manufacturing PMI fell to 49.7 in July, indicating a slight deterioration in business conditions [8][49]. Basic Metals - The recovery in the peak season continues, particularly for electrolytic aluminum, with signs of increasing downstream demand [9][51]. - The electrolytic aluminum industry saw a capacity increase of 10,000 tons, with operational capacity reaching 44,035,000 tons [10][52]. - The average operating rate for aluminum processing enterprises increased by 0.7%, indicating a recovery trend as the peak season approaches [10][53]. Aluminum and Alumina - The alumina price is experiencing accelerated declines, with a current price of 3,209 yuan/ton, down 1.26% [12][97]. - Domestic alumina inventory has risen to 4,316,000 tons, surpassing historical levels [12][99]. Copper - The processing fee for copper has declined, with domestic electrolytic copper production reported at 238,000 tons, an increase of 1.61% year-on-year [14][116]. - Domestic copper inventory has decreased to 202,200 tons, down 0.88% from the previous week [14][116]. Zinc - The processing fee for refined zinc has increased, with domestic production reported at 138,400 tons, up 4.05% year-on-year [15][116]. - Domestic zinc inventory has continued to rise, reaching 144,500 tons [15][116].

Core Insights - A-share semi-annual report reveals a number of companies with better-than-expected performance [1] - According to statistics from Securities Times·Data Treasure, 130 stocks are identified as having exceeded performance expectations in the first half or second quarter of this year [1] Group 1: Performance Highlights - Among the stocks with better-than-expected performance, 41 were held by social security funds at the end of the second quarter [1] - Seven of these stocks have a market value exceeding 1 billion yuan held by social security funds, including SANY Heavy Industry (600031), Yun Aluminum (000807), Chint Electric (601877), Jincheng Holdings (603979), Pengding Holdings (002938), Western Superconducting (600989), and Chifeng Gold (600988) [1]

Group 1 - The stock of Jincheng Mining Management Co., Ltd. increased by 5.04% on September 1, reaching a price of 66.96 CNY per share, with a trading volume of 408 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 41.768 billion CNY [1] - Jincheng Mining was established on January 7, 2008, and listed on June 30, 2015. The company's main business includes mining engineering construction, mining operation management, and mining design and technology research and development [1] - The revenue composition of Jincheng Mining is as follows: sales of cathode copper, copper concentrate, and phosphate rock account for 46.11%, mining operation management 39.63%, mining engineering construction 11.85%, materials, equipment, and others 1.29%, mining machinery and equipment 1.00%, and mining design consulting 0.13% [1] Group 2 - Yimin Fund has one fund heavily invested in Jincheng Mining, specifically the Yimin Core Growth Mixed Fund (560006), which held 16,000 shares in the second quarter, representing 3.03% of the fund's net value, making it the largest holding [2] - The Yimin Core Growth Mixed Fund was established on August 16, 2012, with a latest scale of 24.5055 million CNY. Year-to-date returns are 9.11%, ranking 5871 out of 8254 in its category; the one-year return is 21.93%, ranking 5555 out of 8037; and since inception, the return is 40.1% [2] Group 3 - The fund managers of Yimin Core Growth Mixed Fund are Wang Yong and Guan Xu. Wang Yong has a tenure of 2 years and 187 days, with total assets of 105 million CNY, achieving a best return of 79.71% and a worst return of -7.89% during his tenure [3] - Guan Xu has a tenure of 1 year and 340 days, managing total assets of 404 million CNY, with a best return of 13.43% and a worst return of 9.34% during his tenure [3]