IEE MINING COMPANY LINTED 股票代码：000408 2025半年度报告 2025米年度报告 1 - Sep 2017 - 1 藏格矿业股份有限公司 ZANGGE MINING COMPANY LIMITED 诚信经营，科学发展，优质高效，服务社会， 为社会创造价值，实现公司、股东和员工利益最大化 Honest operation, scientific development, high quality and efficiency, serve the society, create value for the society, and maximize the interests of the company, shareholders and employees 经营活动产生的现金流量净额 （万元） 目录 | 第一节 重要提示和释义 . | | --- | | 第二节 公司简介和主要财务指标 . | | 第三节 管理层讨论与分析 | | 第四节 公司治理、环境和社会 034 | | 第五节 重要事项 | | 第六节 股份变动及股东情况 | | --- | | 第七节 债券相关情况 ...

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。 证券代码：000408 证券简称：藏格矿业 公告编号：2025-069 藏格矿业股份有限公司 关于2025年半年度利润分配方案的公告 一、审议程序 藏格矿业股份有限公司（以下简称"公司"）于 2025 年 8 月 1 日召开第十 届董事会第四次会议，以同意 9 票，反对 0 票，弃权 0 票审议通过了《关于公司 2025 年半年度利润分配方案的议案》，本议案尚需提交公司 2025 年第三次临时 股东会进行审议。 二、利润分配方案基本情况 根据 2025 年半年度财务报表（未经审计），公司 2025 年半年度实现合并报 表净利润 1,795,227,464.54 元（归属于公司股东的净利润 1,800,205,233.31 元）， 母公司报表净利润 1,204,844,257.49 元。截至 2025 年 6 月 30 日，公司合并报表 和母公司报表的累计可供分配利润情况如下： 单位：人民币元 | 项目 | 合并报表 | 母公司报表 | | --- | --- | --- | | 期初经审计未分配利润 | 9,67 ...

Market Overview - On August 1, the energy metals sector rose by 0.05% compared to the previous trading day, with ST Shengtun leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - ST Shengtun (600711) closed at 7.91, up 5.05% with a trading volume of 862,000 shares and a turnover of 668 million yuan [1] - Other notable performers included: - Shengxin Lithium Energy (002240) at 15.82, up 1.93% [1] - Yongxing Materials (002756) at 35.54, up 1.51% [1] - Rongjie Co., Ltd. (002192) at 34.97, up 1.33% [1] - Ganfeng Lithium (002460) at 36.18, up 0.50% [1] Capital Flow - The energy metals sector experienced a net outflow of 13.4468 million yuan from institutional investors, while retail investors saw a net outflow of 14.5 million yuan [2] - Conversely, speculative funds recorded a net inflow of 158 million yuan [2] Individual Stock Capital Flow - ST Shengtun had a net inflow of 1.07 million yuan from institutional investors, but a net outflow of 49.7793 million yuan from speculative funds and 57.5723 million yuan from retail investors [3] - Ganfeng Lithium (002460) saw a net inflow of 79.7184 million yuan from institutional investors, while retail investors experienced a net outflow of 97.8754 million yuan [3] - Other stocks like Rongjie Co., Ltd. and Yongxing Materials also showed mixed capital flows with varying degrees of net inflows and outflows from different investor types [3]

证券之星消息，7月31日能源金属板块较上一交易日下跌3.89%，盛新锂能领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002240 | 盛新理能 | 15.52 | -4.84% | 53.90万 | | 8.45 乙 | | 000408 | 藏格矿业 | 45.95 | -4.57% | 17.35万 | | 8.06亿 | | 002466 | 天齐锂业 | 38.23 | -4.14% | 71.23万 | | 27.53 乙 | | 600711 | ST盛屯 | 7.53 | -4.08% | 104.87万 | | 7.9867 | | 002192 | 融捷股份 | 34.51 | -3.95% | 13.70万 | | 4.78亿 | | 002460 | 赣锋锂业 | 36.00 | -3.64% | 43.55万 | | ...

Market Overview - On July 30, the energy metals sector declined by 0.89%, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Individual Stock Performance - Notable gainers included: - Cangge Mining (Code: 000408) with a closing price of 48.15, up 0.99% [1] - Shengxin Lithium Energy (Code: 002240) with a closing price of 16.31, up 0.55% [1] - Significant decliners included: - Tengyuan Cobalt (Code: 301219) with a closing price of 57.59, down 2.46% [2] - Tianqi Lithium (Code: 002466) with a closing price of 39.88, down 1.29% [2] Trading Volume and Capital Flow - The energy metals sector experienced a net outflow of 7.91 billion yuan from institutional investors, while retail investors saw a net inflow of 6.3 billion yuan [2][3] - The trading volume for key stocks included: - Cangge Mining with 89,100 shares traded [1] - Shengxin Lithium Energy with 531,300 shares traded [1] Capital Flow Analysis - Major stocks with significant capital flow included: - Yongshan Lithium (Code: 6655209) with a net inflow of 34.89 million yuan from institutional investors [3] - Ronger Co. (Code: 002192) with a net outflow of 52.62 million yuan from institutional investors [3] - Retail investors showed a preference for stocks like Yongshan Lithium, which had a net inflow of 20.97 million yuan [3]

Market Overview - The energy metals sector increased by 0.59% on July 29, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Boqian New Materials (605376) closed at 42.28, up 4.21%, with a trading volume of 102,200 shares and a turnover of 427 million yuan [1] - Huayou Cobalt (603799) closed at 46.48, up 2.38%, with a trading volume of 850,800 shares and a turnover of 3.968 billion yuan [1] - Tengyuan Mining (301219) closed at 59.04, up 2.06%, with a trading volume of 127,000 shares and a turnover of 758 million yuan [1] - Other notable performances include: - Sai Rui Mining (300618) at 38.55, up 1.10% [1] - Yongxing Materials (002756) at 36.58, up 0.61% [1] - Cangge Mining (000408) at 47.68, up 0.51% [1] Capital Flow - The energy metals sector experienced a net outflow of 36.08 million yuan from institutional investors, while retail investors saw a net outflow of 13.8 million yuan [2] - Conversely, speculative funds recorded a net inflow of 174 million yuan [2] Individual Stock Capital Flow - Tengyuan Mining (301219) had a net inflow of 66.62 million yuan from institutional investors, while retail investors faced a net outflow of 80.57 million yuan [3] - Boqian New Materials (605376) saw a net inflow of 65.08 million yuan from institutional investors, with retail investors also experiencing a net outflow of 53.37 million yuan [3] - Huayou Cobalt (603799) had a net outflow of 21.46 million yuan from institutional investors, while speculative funds recorded a net inflow of 9.79 million yuan [3]

交易所调控压力之下，商品期货市场明显降温。 继上周五涨停后，7月28日碳酸锂期货主力2509合约出现跌停，前期涨幅明显的焦煤、玻璃等期货主力合约也以跌停收盘。 上周末广期所宣布，经研究决定，自2025年7月28日交易时起，非期货公司会员或者客户在碳酸锂期货LC2509合约上单日开仓量不得超过3000手。 而在过去的一个月时间里，受到"反内卷"政策预期、规范矿权审核和部分企业停产检修等多个供给端利好刺激，碳酸锂期货在短短月余时间里最大涨幅达到 37.88%，其背后伴随着该品种的交投活跃度迅速增加，以及期现价差发生明显变化。 根据21世纪经济报道记者统计，6月23日碳酸锂2509合约成交持仓比(衡量期货品种投机度的核心指标，数值过高叠加期货单边市易引发交易所调控)为0.73， 此后逐步提升至2以上，直至7月24日该指标达到4.05的阶段性峰值。 锂价过低引发的企业检修、规范矿权带来的临时停产，均直接作用于过剩问题突出的供给端，这直接点燃了市场做多锂价的热情，市场交投活跃大幅提升。 6月23日，碳酸锂2509合约成交量为26万手，此后逐步提升至7月中旬的78万手左右，上周五个交易日的单日成交量则始终保持在100万手 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

Group 1 - Lithium carbonate futures prices have been on a continuous rise, with a maximum intraday increase of 7.86% on July 24, reaching 77,140 yuan/ton, and closing at 76,680 yuan/ton, up over 20% since the beginning of the month [1] - The average price of battery-grade lithium carbonate in Shanghai has rebounded to 70,150 yuan/ton as of July 24, marking a 14.9% increase since the start of July [1] - The price increase is attributed to a combination of policy guidance, supply adjustments, and improved demand, with policies aimed at reducing excess capacity and increasing strategic reserves [1] Group 2 - Local authorities in Yichun, Jiangxi Province, have mandated eight lithium mining companies to compile resource verification reports by September 30, tightening regulations on lithium resource development [2] - Cangge Mining's subsidiary has been ordered to cease illegal mining activities and rectify compliance issues before resuming production [2] - Industry experts suggest that the market is nearing a clearing phase, with prices expected to stabilize if further capacity reductions and substantial downstream demand materialize [2] Group 3 - Several lithium-related companies have reported positive earnings forecasts for the first half of 2025, with Tianqi Lithium expecting a net profit of 0 to 155 million yuan, a turnaround from a loss of 5.206 billion yuan in the previous year [3] - Welling New Energy anticipates a net profit of 0 to 5 million yuan, recovering from a loss of 51 million yuan, due to diversification into multi-metal mining [3] - Tibet Summit Resources expects a net profit of 204 million to 306 million yuan, a year-on-year increase of 59.31% to 138.96%, while Cangge Mining forecasts a profit of 1.75 billion to 1.9 billion yuan, up 34.93% to 46.49% [3] Group 4 - The positive earnings outlook for lithium companies is driven by cost optimization and price rebounds, although there are concerns that supply-side stabilization could pressure prices and affect second-half performance [4]