Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The company achieved a total revenue of 59.862 billion yuan in 2024, with nearly 80% from the entity business, reflecting a year-on-year growth of 19.29%. Trade revenue decreased to 20.77%, down 51.97% year-on-year. Total profit reached 1.603 billion yuan, a 34.35% increase, while net profit attributable to shareholders was 1.082 billion yuan, up 57.3%, marking a historical high [2][5] - As of the end of 2024, the company holds significant metal resources: zinc 7.13 million tons, lead 3.66 million tons, copper 1.43 million tons, silver 6,607 tons, gold 90 tons, nickel 92,400 tons, tungsten 16,500 tons. The company added 1.5145 million tons of lead, zinc, and copper resources, along with 24 tons of gold and 10,000 tons of tungsten throughout the year [2][9] - The company emphasizes the development of new productive forces, upgrading traditional industries, and enhancing the recycling of rare metals, while promoting green and circular development through technological innovation [2][7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 59.862 billion yuan, with entity revenue accounting for nearly 80%, a growth of 19.29%. Trade revenue fell to 20.77%, a decrease of 51.97%. The total profit was 1.603 billion yuan, a 34.35% increase, and net profit attributable to shareholders was 1.082 billion yuan, up 57.3% [2][5] Resource Management and Exploration - The company manages significant metal resources across its mining operations, with a total of over 10 million tons of confirmed resources in lead, zinc, copper, and other non-ferrous metals, with a potential value exceeding 100 billion yuan. In 2024, the company successfully acquired exploration rights for new mining projects, adding nearly 700,000 tons of lead, zinc, and copper resources [3][10] Technological Innovation - In 2024, the company invested 503 million yuan in R&D, a 15.79% increase, and holds 527 valid patents. The company has received over 160 provincial and ministerial-level scientific and technological awards, and collaborates with several universities to accelerate digital transformation and key technology breakthroughs [4][6][14][15] Future Development Strategy - The company plans to adhere to a development philosophy focused on efficiency, sustainability, and intelligence, proposing a new strategy that combines external and internal growth. It aims to optimize its industrial chain layout and product structure while achieving production goals for various metals in 2025 [4][11][12] New Materials Industry - The company has made significant strides in the high-end new materials sector through innovation and acquisitions, with subsidiaries focusing on advanced materials and high-performance composites. The company has achieved breakthroughs in recycling technologies and aims to enhance local economic growth through new projects [13]

Financial Performance - The company achieved an operating revenue of 59.812 billion yuan in 2024, with a net profit attributable to shareholders of 1.082 billion yuan, representing a year-on-year growth of 57.30% [1][11] - The cash dividend for 2024 was 0.87 yuan per 10 shares, totaling 325 million yuan, which accounts for 30.06% of the net profit attributable to shareholders [11] Resource Expansion - The company completed 340 drilling holes with a total drilling length of 51,264.14 meters, resulting in an increase of 1.5145 million tons of metal resources (including 1.0129 million tons of lead, zinc, and copper) [2] - The company has successfully acquired high-quality exploration rights for the Yunfu Xinxing Paradise copper-lead-zinc mine [2] Industry Outlook - The overall performance of the non-ferrous metal industry in 2024 showed record production levels for ten types of non-ferrous metal products, with fixed asset investment maintaining a high growth rate [3] - Domestic market prices for major non-ferrous metals increased year-on-year, with copper and lead prices reaching five-year highs [3] Business Segment Performance - The revenue from the mining, smelting, and sales of lead, zinc, and copper reached approximately 45.36 billion yuan, while aluminum, nickel, and zinc processing and sales generated about 2.60 billion yuan [3][6] - The trading business of non-ferrous metals achieved a revenue of approximately 12.44 billion yuan [3] Strategic Initiatives - The company launched a cost reduction and efficiency enhancement initiative with 26 key measures across five dimensions: increasing volume and efficiency, improving quality and efficiency, reducing costs and enhancing efficiency, innovating for efficiency, and enhancing collaboration [10][11] - The company is focusing on the transformation and upgrading of traditional industries towards high-end, intelligent, and green practices [5][8] Financial Health - The asset-liability ratio at the end of 2024 was 61.63%, an increase of 1.41 percentage points from the beginning of the year, attributed to business expansion [6] - The company’s return on equity showed an upward trend, indicating improved profitability [6] New Materials Development - The company has entered the high-end new materials sector through internal innovation and external acquisitions, focusing on high-performance powder materials and energy storage materials [8] - The subsidiary, Zhongjin Technology, has been recognized as a national-level "little giant" enterprise and has received multiple awards for technological advancements [8]

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The price of germanium has surged significantly in the second half of 2024, driven by a substantial increase in supply from regions rich in germanium resources such as Guangxi and Inner Mongolia. The total germanium production from major domestic companies is estimated to be around 183 tons, with an increase of approximately 37 tons, accounting for 20% of the total production [1][13] - The demand for germanium is expected to be greatly boosted by the advancement of commercial satellite projects, with projections indicating that by 2030, the demand for germanium from commercial satellites could reach about 70 tons, representing a 38% increase compared to the current demand [15] - The long-term price center for germanium is anticipated to rise above 10,000 yuan per kilogram, supported by the high production costs in the Inner Mongolia region, which is a significant source of supply [19][20] Summary by Sections 1. Germanium Price Trends - In the second half of 2024, germanium prices soared to a peak of 18,850 yuan per kilogram, before retreating to around 15,000 yuan per kilogram in early 2025 due to increased supply and export restrictions [12][13] 2. Supply Sources - Inner Mongolia's Xilin Gol League is a crucial source of new germanium supply, with proven reserves of 3,458 tons, accounting for 68% of China's total germanium reserves and 38% of the world's reserves. The Ulan Tuogai open-pit mine in this region is currently the largest germanium mine in China [2][19] 3. Production Costs - The complete production cost of germanium in Inner Mongolia is estimated to be over 10,000 yuan per kilogram, which may serve as a future price equilibrium point [20] 4. Demand Projections - The G60 and GW satellite constellation plans are projected to significantly increase germanium demand, with annual increments expected to reach 2,600 tons by 2030 [18] 5. Market Overview - The overall performance of the non-ferrous metals sector has shown fluctuations, with the Shenyin Wanguo Metal New Materials Index reporting a decrease of 0.89% month-on-month but a year-on-year increase of 23.19% [22][24]

Group 1 - The company, Shenzhen Zhongjin Lingnan Nonfemet Company Limited, will hold its 2024 annual performance briefing on April 25, 2025, from 15:00 to 17:00 via an online platform [1] - The briefing aims to provide investors with insights into the company's operational development for the year 2024 [1] - Key personnel attending the briefing include the company's Party Secretary and Chairman Yu Hong, Vice Chairman and President Pan Wenhao, and Secretary of the Board and General Counsel Wan Lei [1] Group 2 - The company is soliciting questions from investors in advance of the annual performance briefing to enhance communication and address investor concerns [2] - Investors can submit their questions until April 24, 2025, at 12:00 through a designated webpage [2] - The company encourages active participation from investors in the upcoming online performance briefing [2]

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市中金岭南有色金属股份有限公司（以下简称"公 司"）于 2025 年 4 月 15 日发布了《2024 年年度报告》。为便 于投资者了解公司 2024 年度经营发展情况，公司定于 2025 年 4 月 25 日（星期五）下午 15:00-17:00 在全景网举行 2024 年度业绩说明会。本次年度业绩说明会将采用网络远程和文 字互动的方式举行，投资者可登陆全景网"全景路演"平台 （https://rs.p5w.net）参与年度业绩说明会。 出席本次年度业绩说明会的人员有：公司党委书记、董 事长喻鸿，党委副书记、董事、总裁潘文皓，董事会秘书、 总法律顾问万磊。 1 入问题征集专题页面。公司将在 2024 年度业绩说明会上， 对投资者普遍关注的问题进行 ...

Core Viewpoint - 中金岭南在2024年年报中显示出盈利能力显著提升，尽管营业总收入有所下降 [2][8] Operating Overview - 公司2024年营业总收入为598.62 billion, a decrease of 8.81% year-on-year, while net profit attributable to shareholders reached 10.82 billion, an increase of 57.30% [2] Quarterly Performance - In Q4, total revenue was 141.4 billion, up 10.48% year-on-year, with net profit of 2.82 billion, a remarkable increase of 1100.29% [3] Profitability - The gross profit margin for the reporting period was 6.08%, an increase of 25.37%, and the net profit margin was 2.21%, up 39.28% [4] Cash Flow Situation - Operating cash flow per share was 0.21, down 49.35% year-on-year, indicating cash flow pressure [5] Asset and Liability Situation - As of the end of the reporting period, monetary funds were 26.76 billion, down 25.95%, and interest-bearing liabilities were 200.32 billion, up 10.82% [6] Dividends and Financing - The cumulative financing amount since listing is 43.19 billion, with total dividends of 40.65 billion, indicating a generous dividend policy [7] Summary - Overall, 中金岭南 shows significant improvement in profitability in 2024, especially in Q4, but faces cash flow pressure and high interest-bearing liabilities [8]

2025年4月15日，中金岭南(000060.SZ)发布2024年年度报告。截至2025年4月14日，共有227个机构投资 者披露持有中金岭南A股股份，合计持股量达16.89亿股，占中金岭南总股本的45.18%。其中，前十大 机构投资者包括广东省广晟控股集团有限公司、中铜投资有限公司、中国农业银行股份有限公司-中证 500交易型开放式指数证券投资基金、全国社保基金四一三组合、香港中央结算有限公司、云南铜业股 份有限公司、广东广晟有色金属集团有限公司、中国工商银行-广发聚丰混合型证券投资基金、南方中 证申万有色金属ETF、华夏中证500指数增强A，前十大机构投资者合计持股比例达42.60%。相较于上 一季度，前十大机构持股比例合计下跌了0.56个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括广发聚丰混合A、中加中证500指数增 强A，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计5个，包括南方中证500ETF、 国泰君安中证500指数增强A、兴银中证500指数增强A、安信中证500指数增强A、中加心享混合A，持 股减少占比达0.29%。本期较上一季度新披露的公募基金共计213个 ...

2025年4月15日，深圳市 中金岭南 有色金属 股份有限公司（以下简称"中金岭南"）发布2024年年度报 告。报告期内，公司实现营业收入598.12亿元，同比下降8.82%；归属于上市公司股东的净利润为10.82 亿元，同比增长57.30%。然而，经营活动产生的现金流量净额为7.96亿元，同比减少49.35%。本文将对 该公司年报进行深入解读，分析各项财务指标变化背后的原因及潜在风险。 关键财务指标解读 营业收入：2024年公司营业收入为59,812,478,789.84元，较2023年的65,596,396,916.18元下降8.82%。从 业务板块来看，有色金属贸易业务收入降幅明显，为51.97%，收入金额从25,890,817,457.93元降至 12,435,787,129.26元；而 铅 锌 铜采掘、冶炼及销售业务收入增长18.33%，达到45,363,621,279.20元。这 表明公司业务结构有所调整，对贸易业务依赖度降低，而核心的采掘冶炼业务增长显著。 净利润：归属于上市公司股东的净利润为1,081,867,493.96元，同比增长57.30%。主要原因在于公司在 降本增效方面取得成效，同时 ...

中信建投证券股份有限公司关于 深圳市中金岭南有色金属股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"） 作为深圳市中金岭南有色金属股份有限公司（以下简称"中金岭南"、"公司"） 公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》以及《深圳证券交易所上市公司自律监管指引第 13号——保荐业务》等有关法律法规和规范性文件的要求，对公司2024年度募集 资金存放与实际使用情况进行了审慎核查，现将核查情况说明如下： 一、2020年公开发行可转债募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准深圳市中金岭南有色金属股份有限公 司公开发行可转换公司债券的批复》（证监许可[2020]1181号）核准，深圳市中 金岭南有色金属股份有限公司公开发行面值总额人民币380,000.00万元的可转换 公司债券，期限6年，募集资金总额人民币3,800,000,000.00元，扣除相关发行费 ...

深圳市中金岭南有色金属股份有限公司 审 计 报 告 众环审字(2025)0500427 号 目 录 | | 起始页码 | | --- | --- | | 审计报告 | 1 | | 财务报表 | | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 审 计 报 告 众环审字(2025)0500427 号 深圳市中金岭南有色金属股份有限公司全体股东： 一、 审计意见 我们审计了深圳市中金岭南有色金属股份有限公司（以下简称"贵公司"）财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公 司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 贵公司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和现 金 ...