Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Views - The company has achieved significant growth in copper and cobalt production, with all products exceeding targets [5] - The financial performance shows a strong increase in revenue and profit, driven by rising prices of copper and cobalt [7][10] - The company is actively expanding its production capacity in the Democratic Republic of Congo, preparing for future growth [9] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 94.773 billion yuan, with a net profit of 8.671 billion yuan, marking a 60.07% year-on-year increase [4] - The operating cash flow was 12.009 billion yuan, reflecting a stable growth of 11.40% [4] Production Data - Copper production reached 353,600 tons, up 12.68% year-on-year, while cobalt production was 61,100 tons, up 13.05% [5] - The company exceeded its production guidance for copper and cobalt by 50% [6] Revenue Breakdown - The mining segment generated revenue of 39.402 billion yuan, a 25.64% increase, with a gross profit of 20.656 billion yuan, up 40.56% [6][7] - Copper revenue was 25.718 billion yuan, increasing by 28.42%, while cobalt revenue rose to 5.728 billion yuan, up 31.94% [7] Future Outlook - The company forecasts revenues of 224.771 billion yuan for 2025, with net profits expected to reach 16.527 billion yuan [11] - The current price of copper is in an upward cycle, and the company has managed to reduce production costs [11] Dividend Policy - The company has committed to a cash dividend payout ratio exceeding 40% of net profit for the years 2024 to 2026, with a historical high cash dividend of 5.456 billion yuan for 2024 [10]

智通财经APP获悉，香港联交所最新资料显示，8月25日，小摩增持洛阳钼业(03993)383.6171万股，每 股作价11.6677港元，总金额约为4475.93万港元。增持后最新持股数目约为2.38亿股，最新持股比例为 6.05%。 ...

香港联交所最新资料显示，8月25日，小摩增持洛阳钼业（603993）(03993)383.6171万股，每股作价 11.6677港元，总金额约为4475.93万港元。增持后最新持股数目约为2.38亿股，最新持股比例为6.05%。 ...

有色金属 2025 年 8 月 28 日 洛阳钼业(603993.SH) 铜钴超产业绩高增，金矿打造新增长极 推荐（维持） 现价：11.71 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.cmoc.com | | 大股东/持股 | 鸿商产业控股集团有限公司 | | | /24.81% | | 实际控制人 | 于泳 | | 总股本(百万股) | 21394 | | 流通 A 股(百万股) | 17461 | | 流通 B/H 股(百万股) | 3630 | | 总市值（亿元） | 2461 | | 流通 A 股市值(亿元) | 2045 | | 每股净资产(元) | 3.39 | | 资产负债率(%) | 50.15 | 行情走势图 -40% -20% 0% 20% 40% 60% 80% 2024/8 2024/10 2024/12 2025/2 2025/4 2025/6 2025/8 洛阳钼业 沪深300 相关研究报告 《洛阳钼业（603993.SH）：持续成长的国际铜钴 龙头 》 2025-04-25 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit attributable to shareholders of 8.67 billion yuan in the first half of 2025, representing a 60% increase, driven by rising copper and cobalt prices along with increased production [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 4.73 billion yuan, showing a year-on-year increase of 41.2% and a quarter-on-quarter increase of 19.7% [1] - The operating cash flow is expected to reach 12.01 billion yuan [1] Production Outlook - The company is entering a production release year starting in 2023, positioning itself as one of the few large copper mining companies to maintain high growth in copper production [1] - With the commissioning of the KFM Phase II and TFM Phase III projects after 2027, the company's copper production is anticipated to reach 800,000 to 1,000,000 tons by 2028 [1] Market Conditions - Assuming the copper spot settlement price remains at 78,500 yuan per ton (up from 78,000 yuan per ton) and cobalt prices stabilize at 240,000 yuan per ton (up from 210,000 yuan per ton), the company is well-positioned for high earnings elasticity in response to copper and cobalt price fluctuations [1] - The cobalt hydroxide discount factor is set at 70%, with a 70% export quota from the Democratic Republic of the Congo [1] Strategic Positioning - The company possesses world-class copper and cobalt mines, and the expansion of its two major projects is expected to significantly enhance its copper production capacity [1] - The company maintains an "outperform the market" rating due to its strong production growth potential and favorable market conditions [1]

国信证券研报指出，洛阳钼业2025H1实现归母净利润86.7 亿元（+60.%），经营性净现金流120.1亿 元。2025Q2 归母净利润47.3亿元（同比+41.2%，环比+19.7%），公司盈利增长主因铜钴价格上涨，叠 加铜钴产量增加。自2023年开始公司进入产量释放年，是全球大型铜矿企中少有的保持铜高增长的企 业，随着KFM二期及TFM三期在2027年后陆续投产，2028年后公司铜产量有望达到80-100万吨，并且 厄瓜多尔黄金项目投产。假设2025-2027年铜现货结算价均为78500元/吨（原值78000元/吨），钴金属价 格维持24万元/吨（原值21万元/吨），氢氧化钴折价系数70%，刚果金出口配额70%。公司拥有全球顶 级铜钴矿山，两大世界级项目扩产将使公司铜产量迈向百万吨，对铜价和钴价具备高业绩弹性，维 持"优于大市"评级。 ...

Group 1 - The core viewpoint of the article highlights that Luoyang Molybdenum Co., Ltd. reported a significant increase in net profit for the first half of 2025, reaching 8.671 billion yuan, which represents a year-on-year growth of 60.07%, setting a new historical record for the same period [1] - The company benefited from rising prices of metals such as copper, cobalt, and molybdenum, with gross profit margins for these metals increasing by 1.27, 19.66, and 4.45 percentage points respectively during the first half of the year [1] - Luoyang Molybdenum produced 61,100 tons of cobalt in the first half of the year, generating revenue of 5.728 billion yuan from its cobalt mining operations, which is a year-on-year increase of 31.94% [1]

Core Insights - Luoyang Molybdenum's net profit for the first half of 2025 reached 8.671 billion yuan, a significant increase of 60.07% year-on-year, marking a historical high for the same period [2] - The company is accelerating its transformation into a "platform-type mining company" with a strategy focused on "multiple varieties," "multiple countries," and "multiple stages" to enhance development resilience [2][5] Financial Performance - Revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year, primarily due to a decline in the trading business [2] - Despite the revenue decline, net profit reached a historical high of 8.671 billion yuan, benefiting from rising prices of key products and effective cost control [2] - The gross margins for copper, cobalt, and molybdenum increased by 1.27, 19.66, and 4.45 percentage points respectively, driven by higher metal prices [2] Mining Segment Performance - The mining segment generated revenue of 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11% and 28% compared to the same period in 2024 and 2023 respectively [3] - Copper production reached 353,600 tons, a year-on-year increase of 12.68%, with copper mining revenue at 25.718 billion yuan, representing 65% of mining revenue [3] - Cobalt production was 61,100 tons with mining revenue of 5.728 billion yuan, a year-on-year increase of 31.94% [3] Management Changes and Future Plans - In April 2025, Luoyang Molybdenum underwent a significant management overhaul, forming a new team characterized by internationalization, professionalism, and youth [4] - The new management team aims to transform the company into a platform-type mining company, including plans for acquisitions [4] - In June 2025, the company acquired Lumina Gold for 581 million Canadian dollars, securing the Cangrejos gold mine in Ecuador, which contains 359 tons of gold [4] Strategic Development Directions - The company plans to expand in three directions: diversifying product offerings to include copper and gold, exploring opportunities in various countries, and considering both operating and green projects for future growth [5]

Core Viewpoint - Luoyang Molybdenum's strong performance in the first half of 2025 is driven by significant profit growth despite a decline in revenue, showcasing effective cost control and rising metal prices [1][2]. Financial Performance - The company's net profit attributable to shareholders reached 8.671 billion yuan, a substantial increase of 60.07% year-on-year, marking a historical high for the same period [1]. - Revenue for the first half of the year was 94.773 billion yuan, down 7.83% year-on-year, primarily due to a decline in the trading business [1]. - Operating costs decreased by 10.96% to 74.727 billion yuan, with financial expenses dropping significantly by 43.99% [1]. Mining Segment Performance - Mining revenue reached 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11% and 28% compared to the same periods in 2024 and 2023, respectively [2]. - Copper production was 353,600 tons, up 12.68% year-on-year, with copper mining revenue at 25.718 billion yuan, representing 65% of mining revenue [2]. - Cobalt production reached 61,100 tons, with mining revenue of 5.728 billion yuan, a year-on-year increase of 31.94% [2]. Management Changes and Strategy - In April, the company underwent a significant management overhaul, establishing a new team focused on internationalization and professionalism [3]. - The new management aims to transform the company into a platform-type mining company, with plans for acquisitions and mergers [3][4]. - In June, the company acquired Lumina Gold for 581 million Canadian dollars (approximately 307.6 million yuan), securing the Cangrejos gold mine in Ecuador, which contains 359 tons of gold [3]. Future Development Plans - The company plans to diversify its product offerings, focusing on copper and gold while expanding into molybdenum and tungsten [4]. - It aims to explore opportunities in various countries, particularly in Africa and South America, to create synergies [4]. - The strategy includes both expanding existing projects and considering green projects for future development [4].

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].