Core Viewpoint - The company reported a decline in revenue but significant growth in net profit and non-recurring net profit for the first half of 2025, indicating strong operational efficiency and cost management despite challenging market conditions [1][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders was 8.671 billion yuan, up 60.07% year-on-year, while the non-recurring net profit was 8.724 billion yuan, an increase of 55.08% year-on-year [1] - In Q2 2025, revenue was 48.767 billion yuan, down 13.99% year-on-year but up 6.00% quarter-on-quarter [1] Production and Pricing - The company saw production increases in copper and cobalt, with copper production at 353,600 tons and cobalt at 61,100 tons for the first half of 2025, representing year-on-year increases of 12.68% and 13.05% respectively [2] - The average spot price for copper in Q2 2025 was 78,000 yuan per ton, down 2.1% year-on-year, while the average spot price for cobalt was 238,800 yuan per ton, up 8.3% year-on-year [2] Cost Management and Profitability - The unit costs for copper and cobalt were 37,000 yuan per ton and 47,300 yuan per ton respectively, with year-on-year increases of 20.80% for copper and a decrease of 4.00% for cobalt [2] - The gross margin for copper and cobalt businesses was 53.63% and 61.83% respectively, with year-on-year increases of 1.27 percentage points and 19.65 percentage points [2] Strategic Expansion - The company completed the acquisition of Lumina Gold, which owns 100% of the Cangrejos gold mine in Ecuador, with a gold resource of 638 tons and an expected mine life of 26 years, positioning gold as a potential second growth driver [3] Financial Ratios - The overall gross margin for the first half of 2025 was 21.15%, an increase of 2.77 percentage points year-on-year [4] - The net profit margin for the first half of 2025 was 10.39%, up 4.23 percentage points year-on-year [4] - The company's debt ratio was 50.15%, a decrease of 9.01 percentage points year-on-year, indicating a strong balance sheet [4] - The return on equity (ROE) was 11.75%, an increase of 3.01 percentage points year-on-year [4] Investment Outlook - Given the production increases in copper and cobalt, the company has revised its net profit forecasts for 2025-2027 upwards, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company achieved a 60% year-on-year increase in net profit attributable to shareholders in H1 2025, reaching 8.67 billion yuan, driven by rising copper and cobalt prices alongside increased production [6][24]. - The company is actively pursuing a goal of reaching a copper production capacity of 1 million tons, with significant projects like KFM Phase II and TFM Phase III expected to commence production after 2027 [20][24]. - The report highlights that the company has successfully completed the acquisition of the Ecuadorian gold mine and is progressing with its development, aiming for production before 2029 [6][24]. Financial Performance - In Q2 2025, the company reported a net profit of 4.73 billion yuan, a 41.2% increase year-on-year and a 19.7% increase quarter-on-quarter [6][24]. - The copper production in Q2 2025 was 183,000 tons, a 10% increase year-on-year, while copper sales reached 199,000 tons, marking a 6.7% year-on-year increase and a significant 60.5% quarter-on-quarter increase [2][7]. - The company expects net profits for 2025-2027 to be 16.315 billion, 17.752 billion, and 18.924 billion yuan respectively, with year-on-year growth rates of 20.6%, 8.8%, and 6.6% [24][25]. Cost and Pricing - The copper production cost in Q2 2025 was calculated at 32,015 yuan per ton, indicating potential for cost reduction in the future [8][9]. - The report indicates that for every 5,000 yuan increase in copper price, the company's net profit would increase by 1.4 billion yuan [20][24]. Market Position and Future Outlook - The company is positioned as one of the few large copper mining companies maintaining high growth in copper production, with expectations to reach 800,000 to 1 million tons by 2028 [20][24]. - The report emphasizes the company's strong operational leverage to copper and cobalt prices, which could significantly enhance profitability [24].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing fluctuations in financing and stock performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financing Summary - On August 26, Luoyang Molybdenum had a financing buy-in of 291 million yuan and a financing repayment of 258 million yuan, resulting in a net financing buy of 32.47 million yuan [1]. - The total financing balance as of August 26 is 19.61 billion yuan, which accounts for 0.93% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company repaid 93,100 shares in short selling on the same day, with a short selling amount of 84,400 yuan, while the remaining short selling volume is 1.647 million shares, exceeding the 90th percentile of the past year [1]. Company Profile - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [2]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3]. Shareholding Structure - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.948 million shares, and various ETFs that have also increased their positions [3].

格隆汇8月27日丨根据联交所最新权益披露资料显示，2025年8月21日，洛阳钼业(03993.HK)遭JPMorgan Chase & Co.以每股均价10.7237港元减持好仓706.86 万股，涉资约7580.2万港元。 减持后，JPMorgan Chase & Co.最新持好仓数目为233,272,833股，持好仓比例由6.11%下降至5.93%。 | 張格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 泉内 | 股份數目 | | (語參閱十犹*詩 | 有投票權股 期(日 / 月 / | | | | | | | | 份自分比 年) | | CS20250826E00238 | JPMorgan Chase & Co. 7,068,632(L) | 1201(L) | | HKD 10.7237 | 233.272.833(L) | 5.93(L)21/08/2025 | | | | | | ...

| 大见更懂都!最高自我人员参 作出版器的 真人 / 漫出回去及的 面板的平均價 | | | | 持有權益的股份數目 貼已發行的有關事件的日 相關注課股份債權賠償品 | | --- | --- | --- | --- | --- | | | | | | 【黄金属上的"起，有我需要的第(日/月/ ■益 | | Concession in the station of the control of the contribution of the con- - In the University of the consisted in the contribution of the Real | | managements on the such of | of Acres of the Catal Property | Nature of Catalog Children on | | CS20250826E00238 UPMorgan Chase & Co. | (1201(L) | 7.068,632(L | HKD 10.7237 | 5.93(L)21/08/2025 233,272,833(L) | | ...

Core Viewpoint - The company reported its 2025 semi-annual results, showing a decline in revenue but a significant increase in net profit, indicating strong operational performance and production exceeding expectations [1] Financial Performance - In the first half of the year, the company achieved revenue of 94.77 billion yuan, a year-on-year decrease of 7.8%, while net profit attributable to shareholders was 8.67 billion yuan, an increase of 60.1% [1] - The second quarter alone saw revenue of 48.77 billion yuan, a quarter-on-quarter increase of 6.0%, and net profit of 4.73 billion yuan, a quarter-on-quarter increase of 19.8% [1] Production and Sales - The company exceeded production targets for most products, with copper production reaching 353,600 tons (up 12.7% year-on-year) and cobalt production at 61,100 tons (up 13.1% year-on-year) [1] - In Q2, copper production was 183,000 tons (up 1.2% quarter-on-quarter) and sales were 199,000 tons (up 7.5% quarter-on-quarter) [2] Price Trends - The average LME copper price in Q2 was $9,471 per ton, a quarter-on-quarter increase of 0.5%, while the average MB cobalt price was $15.23 per pound, a quarter-on-quarter increase of 37% [2] Segment Performance - The copper segment generated revenue of 13.3 billion yuan in Q2, with a gross profit of 6.9 billion yuan, maintaining a gross margin of 72% [2] - The molybdenum segment achieved revenue of 1.6 billion yuan in Q2, with a gross profit of 630 million yuan, reflecting a gross margin of 6.5% [3] - The niobium segment reported stable production and sales, with revenue of 910 million yuan in Q2 and a gross profit of 440 million yuan [3] Strategic Developments - The company successfully completed the acquisition of the Ecuadorian KGH gold mine, which is expected to start production in 2028, with estimated annual output of approximately 11.5 tons of gold [4] - The mine has a total gold resource of 638 tons and a planned lifespan of 26 years [4] Investment Outlook - The company forecasts revenues of 230.1 billion yuan, 248.5 billion yuan, and 268.4 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 17.6 billion yuan, 19.3 billion yuan, and 20.3 billion yuan [4]

Group 1 - Morgan Stanley reduced its stake in Luoyang Molybdenum (603993)(03993) by 7.068632 million shares at a price of 10.7237 HKD per share, totaling approximately 75.8019 million HKD [1] - After the reduction, the latest number of shares held by Morgan Stanley is approximately 233 million, representing a holding percentage of 5.93% [1]

智通财经APP获悉，香港联交所最新资料显示，8月21日，摩根大通减持洛阳钼业(03993)706.8632万 股，每股作价10.7237港元，总金额约为7580.19万港元。减持后最新持股数目约为2.33亿股，最新持股 比例为5.93%。 ...

: 603993.SH | 03993.HK 2025- • 'S ~ ¢4- ‡%Þ8 « p…Þ"- ®! Ã6Æ9 ÍUª'$8+- ð¢»Õ 重要提示 無 六、 前瞻性陳述的風險聲明 除歷史事實陳述外，本報告涉及未來計劃、發展戰略等前瞻性陳述，受諸多可變因素的影響，未來的實 際結果或發展趨勢可能會與這些前瞻性陳述出現重大差異。本報告中的前瞻性陳述為本公司2025年8月 22日作出，本公司沒有義務或責任對該等前瞻性陳述進行更新，且不構成公司對投資者的實質承諾，投 資者及相關人士均應當對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 敬請投資者注意投資風險。 二零二五中期報告 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席董事會會議，審計及風險委員會、監事會已審閱本公司截至2025年6月30日止6個月 的財務報表，認為該報表符合相關會計準則，而本公司已做出適當的相關披露。 三、 本半年度報告未經審計。 四、 公司負責人劉建鋒、主管會計工作負責人陳 ...

Investment Rating - CMOC Group Ltd is rated as HOLD with a target price of HK$10.74 [4][5][6] - RemeGen Co Ltd is rated as HOLD with a target price of HK$90.00 [7][9][10] - Poly Property Service is rated as BUY with a target price of HK$45.65 [12][13][14] Core Insights - CMOC Group Ltd's net profit surged 60% YoY to RMB8.67 billion in 1H25, driven by higher metal prices and reduced expenses [4][6] - RemeGen Co Ltd's revenue reached RMB1.09 billion, a 48% YoY increase, with a narrowing net loss of 42% to RMB450 million, indicating strong drug sales momentum [7][10] - Poly Property Service's revenue grew 6.6% YoY to RMB8.39 billion, with basic property management revenue increasing by 13.1% YoY [12][14] Summary by Sections CMOC Group Ltd - The company experienced a significant profit increase due to rising metal prices and lower interest expenses [4][6] - Earnings are expected to grow by 32% HoH in 2H25, supported by a RMB1.5 billion disposal gain [5][6] - The stock has outperformed the market by 71% in the past three months, leading to a downgrade to HOLD [5][6] RemeGen Co Ltd - The company reported strong revenue growth and a significant reduction in net loss, with expectations of breakeven by 2026 [7][10] - Key catalysts for future growth include data publications and regulatory submissions for its drug candidates [8][9] - The target price reflects anticipated peak sales for its key products in China and overseas [9][11] Poly Property Service - The company’s revenue growth was in line with expectations, with strong performance in core property management services [12][14] - Despite a decline in gross margin for other sectors, community value-added services saw an improvement [13][14] - EPS forecasts for 2026-27 have been increased due to accelerated property management revenue growth [13][14]