董事會召開日期 中華人民共和國河南省洛陽市 二零二五年三月十日 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二五年三月二十一日（星期五）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二四年十二月三十一日止年度的全年業 績、建議派發末期股息，以及處理任何其他事項。 於本公告日期，本公司之執行董事為孫瑞文先生及李朝春先生；本公司之非執行 董事為袁宏林先生、林久新先生及蔣理先生；及本公司之獨立非執行董事為王開 國先生、顧紅雨女士及程鈺先生。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 洛陽欒川鉬業集團股份有限公司 CMOC Group Limited* 袁宏林 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 董事長 * 僅供識別 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上 ...

风险提示：新项目开展不及预期、刚果(金)政府矿产新政、新冠疫情反复。 | ● 核心数据 | | | | | | | --- | --- | --- | --- | --- | --- | | Tabl e_Excel1 | 2019 | 2020 | 2021E | 2022E | 2023E | | 营业收入（百万元） | 68,677 | 112,981 | 121,837 | 127,039 | 134,301 | | 增长率 | 164.5% | 64.5% | 7.8% | 4.3% | 5.7% | | 归母净利润 (百万元) | 1,857 | 2,329 | 4,654 | 6,040 | 8,494 | | 增长率 | -59.9% | 25.4% | 99.8% | 29.8% | 40.6% | | 每股收益（EPS） | 0.09 | 0.11 | 0.22 | 0.28 | 0.39 | | 市盈率（P/E） | 75.7 | 60.4 | 30.2 | 23.3 | 16.6 | | 市净率（P/B） | 0.7 | 0.7 | 0.6 | 0.6 | 0.5 | 公司深度研究 | ...

重要内容提示： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 股票代码：603993 股票简称：洛阳钼业 编号：2025—010 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 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。 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过35亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公司； 截至本公告披露日，公司对外担保总额占公司最近一期经审计净 资产的29.98%。敬请投资者注意相关风险。 2024年度对外担保额度预计的议案》，同意授权董事会或董事会授权 人士（及该等授权人士的转授权人士）批准公司直接或通过全资子公 司（含直接及间接全资子公司，下同）或控股子公司（含直接及间接 控股子公司，下同）为其他全资子公司、控股子公司 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—009 洛阳栾川钼业集团股份有限公司 关于实施回购股份注销暨股份变动的公告 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： 洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业" 或"公司"）本次将注销回购专用证券账户中的99,999,964股股 份，占注销前公司总股本21,599,240,583股的比例为0.46%。本次 注 销 完 成 后 ， 公 司 的 总 股 本 将 由 21,599,240,583 股 变 更 为 21,499,240,619股。 资本。公司回购专用证券账户中的二期库存股99,999,964股于2021 年9月1日至2021年12月17日期间回购，上述股份的使用期限已满36 个月。 公司于2024年10月28日召开第七届董事会第三次会议，于2024 年12月10日召开2024年第一次临时股东大会，审议通过《关于注销部 分回购股份并减少注册资本的议案》，同意对根据2021年第一期员工 持股计划回购的二期库存股99,999,964股进 ...

Investment Rating - The investment rating for Luoyang Molybdenum Co., Ltd. is "Buy" (maintained) [1]. Core Views - The company reported a significant increase in copper production and exceeded expectations for Q4 2024 earnings, with a projected net profit of 12.8 to 14.2 billion yuan for 2024, representing a year-on-year growth of 55% to 72% [6]. - The company aims to achieve an annual copper production of 800,000 to 1,000,000 tons over the next five years, positioning itself among the top global mining companies [6]. - The earnings forecast for 2024-2026 has been revised upwards due to higher-than-expected copper production, with projected net profits of 13.47 billion, 13.77 billion, and 14.37 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2023 is expected to be 186.27 billion yuan, with a year-on-year growth rate of 7.7%. For 2024, revenue is projected at 217.50 billion yuan, reflecting a growth rate of 16.8% [5]. - The net profit attributable to the parent company for 2023 is estimated at 8.25 billion yuan, with a significant increase of 238.6% in Q1-3 2024, leading to a forecast of 13.47 billion yuan for 2024 [5][7]. - The company’s gross margin is projected to be 15.7% in 2024, with a return on equity (ROE) of 18.7% [5].

Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year increase of 55.2%-72.1% [1] - The company has significantly increased its copper and cobalt production, with a notable rise in profits due to the elasticity of copper prices [1] - The company has set production guidance for 2025, forecasting copper production of 600,000-660,000 tons and cobalt production of 100,000-120,000 tons [1] Summary by Sections Performance Overview - In Q4 2024, the company achieved a net profit of 4.5-5.9 billion yuan, a quarter-on-quarter increase of 58.6%-107.6% [1] - The annual production of copper is expected to reach 650,000 tons, a year-on-year increase of 55%, and cobalt production is projected at 114,000 tons, a year-on-year increase of 106% [1] Project Development - The company has signed a cooperation agreement for the Nzilo II hydropower station, which will support long-term stable electricity supply for new capacity [2] - The company is focusing on internal growth potential, with ongoing development in the TFM West area and positive progress in KFM Phase II exploration [2] Market Outlook - Domestic macroeconomic policies are expected to support copper prices, with a projected increase in fiscal spending and a growing GDP [3] - The supply side shows a tightening of upstream ore supply, which may lead to increased profits concentrated in the upstream mining sector [3] Financial Forecast - The projected net profits for 2024-2026 are 13.23 billion, 13.73 billion, and 14.26 billion yuan, respectively, with corresponding P/E ratios of 11.6, 11.2, and 10.8 times [4] - Revenue is expected to grow from 186.27 billion yuan in 2023 to 208.43 billion yuan in 2024, reflecting a year-on-year growth rate of 11.9% [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.11 yuan [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year growth of 55.2%-72.1% [1]. - The fourth quarter performance exceeded expectations, primarily due to an increase in copper sales, with a projected net profit of 5.23 billion yuan for 24Q4, up 83% quarter-on-quarter [2]. - The company is optimistic about copper prices rising in 2025, as market concerns over a strong dollar and tariffs are expected to diminish [3]. Summary by Sections Financial Performance - The company anticipates a significant increase in copper and cobalt production in 2024, with copper production expected to rise by 55% year-on-year [2]. - The average copper price for 24Q4 is projected to be 75,500 yuan per ton, a 0.5% increase quarter-on-quarter [2]. - The estimated net profit for 2024-2026 is projected to be 12.9 billion, 12.0 billion, and 13.4 billion yuan respectively, with corresponding P/E ratios of 12, 13, and 11 times [4]. Production Capacity and Expansion - The TFM and KFM projects are set to expand, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, while KFM is expected to produce 150,000 tons of copper and 50,000 tons of cobalt [3]. - The company aims to reach an annual production of 800,000-1,000,000 tons of copper and 90,000-100,000 tons of cobalt by 2028 [3]. Market Outlook - The report suggests that the global copper concentrate production growth will slow in the first half of 2025, while demand from the electrical grid remains stable [3]. - The company is well-positioned to benefit from the anticipated increase in copper prices due to strong demand in the air conditioning sector in early 2025 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][13]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 12.8-14.2 billion yuan in 2024, representing a year-on-year growth of 55.15%-72.12%. The non-recurring net profit is expected to be 12.4-13.8 billion yuan, with a growth of 98.94%-121.40% [3]. - The Q4 net profit is anticipated to be between 4.53-5.93 billion yuan, showing a year-on-year change of -22% to +2.1% and a quarter-on-quarter increase of 59% to 108% [3]. - The core reasons for the profit exceeding expectations include the early recognition of sales from in-transit inventory and the normalization of the tax rate [3]. Production and Sales - For 2024, the company expects copper and cobalt production to reach 650,000 and 114,000 tons, respectively, with year-on-year growth of 55% and 106%. Molybdenum and tungsten production is projected at 15,400 and 8,300 tons, with changes of -2% and +4% [4]. - In Q4 2024, copper and cobalt production is expected to be 174,100 and 29,400 tons, with year-on-year growth of 30.6% and 61.2% [4]. - The company has confirmed a 20% sales right with a minority shareholder, which allows for earlier revenue recognition, thus reducing in-transit inventory [4]. Price and Taxation - The Q4 copper price is expected to be 75,500 yuan per ton, remaining stable quarter-on-quarter, while the cobalt price is projected at 16,300 yuan per ton, down 4.1% [4]. - The tax rate is expected to normalize to a range of 35-40% in Q4, contributing to increased profits [4]. Future Outlook - The company has set a conservative production guidance for 2025, with copper production expected to be 600,000-660,000 tons and cobalt at 100,000-120,000 tons [5]. - The company aims to enter the ranks of top global mining companies within five years, targeting annual production of 800,000-1,000,000 tons of copper and 90,000-100,000 tons of cobalt [5]. - Profit forecasts for 2024-2026 are 13.32 billion, 13.80 billion, and 14.48 billion yuan, with corresponding EPS of 0.62, 0.64, and 0.67 yuan [5][7].