Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][26] Core Views - The company's net profit for the first half of 2025 was 70.1 million yuan, a year-on-year decline of 15%, while revenue increased by 6.34% to 906 million yuan [8][24] - The company is expected to gradually release its performance as various production capacities come online, with projected revenues for 2025-2027 of 2.693 billion, 3.553 billion, and 4.311 billion yuan, respectively, reflecting growth rates of 33.79%, 31.91%, and 21.32% [24][26] Financial Performance Summary - In the first half of 2025, the company achieved a gross profit margin of 44.02%, an increase of 8.73 percentage points year-on-year, while the net profit margin was 11.39%, down 1.14 percentage points [2][16] - The company's silver production increased by 13.06% year-on-year, while lead production decreased by 1.08% and zinc production increased by 4.63% [3][23] - The average spot price for silver in the first half of 2025 was 8,193 yuan per kilogram, up 21% year-on-year, and the average price for gold was 722 yuan per gram, up 39% [3][23] Future Outlook - The company plans to orderly advance the construction of related mines, with seven mining subsidiaries expected to have mineral resources of 7,156 tons of silver and 26.4 tons of gold by the end of 2024 [3][24] - The company aims to control mining production costs and promote the construction and production of various projects in the second half of the year [3][24]

Core Viewpoint - Shengda Resources (000603) reported a revenue increase but a decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 906 million yuan, up 6.34% year-on-year, while net profit was 70.1 million yuan, down 15.03% [1] - In Q2 2025, total revenue was 554 million yuan, a decrease of 5.99% year-on-year, and net profit fell by 32.28% to 61.8 million yuan [1] - Gross margin improved to 44.02%, an increase of 24.76%, while net margin decreased to 11.39%, down 9.08% [1] - Total expenses (selling, administrative, and financial) amounted to 174 million yuan, accounting for 19.17% of revenue, an increase of 6.22% [1] Cash Flow and Debt - Cash flow from operating activities decreased by 42.28%, attributed to increased tax payments related to higher business income [4] - The company’s cash and cash equivalents saw a significant decline, with a net increase of -502.27% due to investments in the Honglin Mining project [4] - Interest-bearing liabilities rose to 2.056 billion yuan, a 32.27% increase, indicating a growing debt burden [1] Investment and Market Position - The company’s return on invested capital (ROIC) was 10.98%, with a historical median of 15.48% over the past decade, suggesting average capital returns [2] - The company has experienced six years of losses since its listing, indicating potential concerns for value investors [2] Fund Holdings - The largest fund holding in Shengda Resources is the Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund, which holds approximately 10.1 million shares [3] - Other funds have shown varied movements, with some increasing their holdings while others have reduced their positions [3] Operational Insights - The company reported a 13.36% reduction in operating costs for non-ferrous metal mining in 2024 compared to 2023, with mixed results across different mining operations [6]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in precious metal prices [4][6]. Core Insights - The company reported a revenue of 906 million yuan in the first half of 2025, a year-on-year increase of 6.34%, but the net profit attributable to shareholders decreased by 15.03% to 70 million yuan [1]. - The increase in metal prices has led to a rise in gross margins, but the net profit margin has declined due to increased taxes and fees [2][3]. - The company is expected to see significant profit growth in the coming years, with projected net profits of 496 million yuan in 2025, 870 million yuan in 2026, and 1.415 billion yuan in 2027 [5]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 554 million yuan, a decrease of 5.99% year-on-year but an increase of 57.01% quarter-on-quarter [1]. - The gross profit from silver-lead and silver-zinc concentrates increased by 49.34% and 34.27% respectively, with overall gross margin rising to 44.02% [2]. - The main reason for the decline in net profit is attributed to a 119% increase in taxes and additional charges, amounting to approximately 46 million yuan [3]. Future Production and Growth Potential - The company is progressing well with its existing mines, with the Caiyuanzi copper-gold mine expected to enter trial production between July and September 2025, potentially yielding about 1 ton of gold annually [4]. - The company anticipates a significant increase in revenue and profit over the next few years, driven by the ongoing development of its mining projects and favorable market conditions for precious metals [4][5].

Group 1: Industry Overview - The non-ferrous metal industry is stabilizing in prices due to rising expectations of interest rate cuts by the Federal Reserve and a recovery in industrial demand during the peak season [1] - Precious metals and industrial metals prices have generally strengthened, with COMEX gold and silver rising by 1.05% and 2.26% respectively, while LME aluminum and copper prices have also seen slight increases [1] - Companies are enhancing their competitiveness through capacity expansion and strategic positioning, with a particular focus on Shengda Resources and Zijin Mining [1] Group 2: Shengda Resources - Shengda Resources reported a 44.24% year-on-year increase in revenue from its non-ferrous metal mining and selection business, reaching 640 million yuan [2] - The company's core mines exhibit high profitability, with a gross margin of 62.64%, showcasing both resource endowment and operational advantages [2] - Shengda has identified approximately 12,000 tons of silver and 34 tons of gold through its seven controlled mining subsidiaries, with ongoing efforts to integrate mining rights at its main mine [2] - The company is progressing with its capacity expansion plans, with new mines expected to gradually release production capacity, supported by the rising metal prices [2] Group 3: Zijin Mining - Zijin Mining has established Fujian Zijin Precious Metals Co., Ltd. with a registered capital of 5 billion yuan, extending its business into precious metal smelting and resource extraction [3] - This move aims to enhance the company's industrial chain and synergize with its existing copper and gold operations, improving comprehensive resource development capabilities [3] - Recent large transactions indicate institutional investors' recognition of Zijin Mining's long-term value, with a total of 43 large transactions amounting to 727 million yuan in the past three months [3] - The strategic actions and capital movements of Zijin Mining are positioned to capitalize on the favorable industry cycle, supported by macroeconomic policies and demand recovery [3]

Core Viewpoint - Shengda Resources has demonstrated strong performance in the non-ferrous metal mining sector, with significant revenue growth and robust operational capabilities [2][3]. Financial Performance - The company reported a revenue of 906 million yuan, representing a year-on-year increase of 6.34% [2]. - Revenue from non-ferrous metal mining reached 640 million yuan, showing a substantial increase of 44.24% [2]. - The gross profit margin for non-ferrous metal mining operations stands at 62.64%, indicating strong profitability [2]. Resource Reserves - Shengda Resources controls seven mining subsidiaries, with confirmed reserves of approximately 12,000 tons of silver and 34 tons of gold [2]. - The main mining asset, Yindu Mining, is noted for having the highest gross profit margin among listed companies in the silver polymetallic mining sector [2]. Mining Development - The company is advancing the integration of mining rights for the Bairenda Silver Polymetallic Mine, aiming to secure new mining licenses in the second half of the year [2]. - Jinshan Mining, the only gold and silver mine in production, has reported an increase of 1.82 million tons in verified ore reserves and an increase of 608.67 tons in silver reserves [3]. - The construction of several waiting-to-produce mines is progressing as planned, with some nearing completion of trial operations [3]. Future Outlook - The company plans to accelerate the construction and production of related mines while controlling production costs to achieve annual production targets [4]. - There is an intention to capitalize on favorable trends in metal prices and to develop effective sales strategies to maximize operational efficiency [4].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3] - The company’s wholly-owned subsidiary, Inner Mongolia Jinshan Mining Co., Ltd., received approval for a mineral resource reserve verification report, indicating significant increases in various mineral resources [3] Group 2 - The verified mineral resource report showed an increase of 1.82 million tons in ore resources, 608.67 tons of silver, 5,046.19 kilograms of gold, 7,527.39 tons of lead, and 7,018.44 tons of zinc, while manganese resources decreased by 87,141.36 tons [3] - This verification marks a significant achievement in the company's exploration and resource expansion efforts, contributing to the long-term development of the enterprise [3]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，盛达资源发布公告称，2025年半年度公司实现营业收入906，172，564.83 元，同比增长6.34%；归属于上市公司股东的净利润为70，096，439.02元，同比下降15.03%。 ...

智通财经APP讯，盛达资源(000603.SZ)发布2025年半年度报告，该公司营业收入为9.06亿元，同比增长 6.34%。归属于上市公司股东的净利润为7009.64万元，同比减少15.03%。归属于上市公司股东的扣除非 经常性损益的净利润为7395.88万元，同比减少4.75%。基本每股收益为0.1016元。 ...

格隆汇8月22日丨盛达资源(000603.SZ)公布2025年半年度报告，上半年公司实现营业收入9.06亿元，同 比增长6.34%；归属于上市公司股东的净利润7009.64万元，同比下降15.03%；归属于上市公司股东的扣 除非经常性损益的净利润7395.88万元，同比下降4.75%；基本每股收益0.1016元。 ...