证券代码：000603 证券简称：盛达资源 公告编号：2025-064 盛达金属资源股份有限公司 关于股东部分股份解除质押及质押的公告 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。 （三）股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 公司于近日收到控股股东甘肃盛达集团有限公司（以下简称"盛达集团"） 通知，获悉其所持有本公司的部分股份解除质押及质押，具体事项如下： | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质押 股份数量（股） | 占其所持 股份比例 | 占公司总 股本比例 | | 起始日 | | | 解除日期 | | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | | | | | | | | 甘肃盛达集 | | 3,800,000 | 1.88% | 0.55% | 2023 | 年 9 月 | 11 日 | 2025 | 年 ...

Market Overview - A-shares experienced a decline in the morning session, with the Shanghai Composite Index down by 0.19%, Shenzhen Component down by 1.27%, and ChiNext down by 1.51% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 164.8 billion yuan compared to the previous trading day [4] Sector Performance - The banking sector showed strong performance, with all bank stocks rising. Notable increases included China Merchants Bank up by 2.92% and Industrial Bank up by over 3% [7][8] - The insurance sector also saw gains, with major companies like China Life and New China Life rising over 1% [11][12] - Conversely, the gold sector faced a collective downturn, with stocks like Shengda Resources dropping over 5% and several others declining by more than 3% [19][21] - The innovative drug sector experienced significant declines, with stocks like Changshan Pharmaceutical falling by 17.09% [24][27] Banking Sector Details - Major banks such as Agricultural Bank of China and Industrial and Commercial Bank of China saw their stock prices increase, with market capitalizations of 27,792 billion yuan and 26,792 billion yuan respectively [8] - The overall performance of the banking sector reflects a positive sentiment in the market, contrasting with other sectors [6][7] Insurance Sector Insights - The five major A-share listed insurance companies reported a total revenue of 23,739.81 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 13.6% [13] - The net profit attributable to shareholders reached 4,260.39 billion yuan, representing a 33.5% increase year-on-year, indicating a strong operational performance [13] Gold Sector Analysis - The gold sector is experiencing a downturn, with several companies reporting significant declines in stock prices. For instance, Zhongjin Gold fell by 3.57% and Shandong Gold by 3.28% [20][21] - Despite the drop in stock prices, some gold jewelry brands have reported an increase in domestic gold jewelry prices, with prices reaching 1,265 yuan per gram [23] Innovative Drug Sector Developments - The innovative drug sector is facing challenges, with several companies reporting substantial stock price declines. For example, Heng Rui Medicine fell by over 1.15% [25][26] - The recent national medical insurance negotiations introduced a new mechanism for commercial insurance innovative drug directories, which may alleviate some financial pressures on high-value innovative drugs [31]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][24] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 116% in the third quarter and a 62% increase for the first three quarters of 2025 [1][7] - The substantial performance improvement is attributed to both volume and price increases, with the average tax-inclusive spot price of silver rising by 23.51% year-on-year [1][7] - The company is expected to see a notable increase in gold production in 2026 due to the commencement of trial production at Honglin Mining [3][18] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.652 billion yuan, a year-on-year increase of 18.29%, and a net profit of 323 million yuan, up 61.97% [1][7] - The gross margin for the first three quarters was 55.89%, significantly up from 43.47% in the previous year, while the net margin improved to 23.83% [2][11] - In the third quarter alone, revenue reached 746 million yuan, reflecting a year-on-year increase of 36.98% and a quarter-on-quarter increase of 34.80% [1][7] Production and Capacity Expansion - The company acquired a 53% stake in Honglin Mining in December 2023, with plans to acquire the remaining 47% by October 2024 [3][18] - The core asset of Honglin Mining, the Caiyuanzi Copper-Gold Mine, has gold resources of 17.1 tons and is expected to start formal production in 2026 [3][18] Future Projections - Revenue projections for 2025-2027 are estimated at 2.785 billion yuan, 3.406 billion yuan, and 3.955 billion yuan, with year-on-year growth rates of 38.4%, 22.3%, and 16.1% respectively [4][22] - The net profit attributable to shareholders is projected to be 584 million yuan, 857 million yuan, and 1.091 billion yuan for the same period, with growth rates of 49.7%, 46.8%, and 27.3% respectively [4][22]

Core Viewpoint - Shengda Resources is a leading domestic silver enterprise with a full industry chain advantage, focusing on the production and sales of silver-containing lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] Group 1: Business Performance - In Q3 2025, Shengda Resources reported revenue of 1.652 billion yuan, ranking 10th among 14 companies in the industry, while the top company, Zhongjin Lingnan, achieved revenue of 48.459 billion yuan [2] - The net profit for the same period was 394 million yuan, also ranking 10th, with the industry leader, Xingye Yinxin, reporting a net profit of 1.354 billion yuan [2] - The company's asset-liability ratio stood at 46.91%, lower than the industry average of 50.54%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 55.89%, significantly higher than the industry average of 25.75%, reflecting strong profitability [3] Group 2: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.24% to 39,700, while the average number of circulating A-shares held per shareholder decreased by 12.46% to 16,800 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and an increase by Qianhai Kaiyuan Gold and Silver Jewelry Mixed A [5] Group 3: Future Outlook - The company is expected to see significant growth in revenue and net profit in the coming years, with projected net profits of 604 million, 952 million, and 1.16 billion yuan for 2025, 2026, and 2027, respectively [6] - The main mining operations, including Jinshan Mining, are undergoing technical upgrades, which are anticipated to enhance production and profitability [6] - The development of reserve mines is progressing, with the Caiyuzi Copper Gold Mine expected to produce approximately 129 kg of gold and 222 tons of copper in 2025, reaching full production by 2026 [6][7]

Group 1 - The generator concept sector experienced a decline of 1.68% [1] - Key companies such as KOTAI Power fell by 4.92%, Weichai Heavy Machinery decreased by 3.53%, and Zhongjian Technology dropped by 3.1% [1] - ST Yundong and Smart Agriculture both saw declines exceeding 3% [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE of 30/21/16X for the years 2025-2027 respectively [6][9]. Core Insights - The company reported Q3 earnings that exceeded expectations, with a revenue of 750 million yuan in Q3 2025, representing a year-on-year growth of 37% and a quarter-on-quarter growth of 34.8%. The net profit attributable to shareholders reached 250 million yuan, a year-on-year increase of 116.4% and a quarter-on-quarter increase of 308.6% [3][6]. - The rise in metal prices, particularly silver, has significantly improved the company's profitability. The average price of silver in the first three quarters of 2025 was 8566 yuan/kg, up 23% year-on-year, while the Q3 average price was 9413 yuan/kg, up 26% year-on-year [4][6]. - The company is progressing well with its existing mining projects, with the Caiyuanzi gold mine entering trial production and expected to reach an annual gold output of approximately 1.2 tons once fully operational [6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.65 billion yuan, a year-on-year increase of 18.3%, and a net profit of 320 million yuan, a year-on-year increase of 62%. The net profit excluding non-recurring items was 330 million yuan, a year-on-year decrease of 71.5% [3]. - The gross margin for the first three quarters was 55.9%, up 12.4 percentage points year-on-year, while the net margin was 23.8%, up 5.3 percentage points year-on-year [4]. Profit Breakdown - In Q3 2025, the company's net profit attributable to shareholders increased by 136 million yuan year-on-year, primarily driven by a gross profit increase of 218 million yuan. Other income sources contributed positively, while expenses and taxes had a negative impact [5][6]. Project Developments - The company has successfully completed technical upgrades at the Jingshan Mining project to enhance silver and gold recovery rates and reduce processing costs. The Dongsheng Mining project is expected to commence production in 2026, with a processing capacity of 250,000 tons per year [6]. Earnings Forecast - The company forecasts net profits of 519 million yuan, 735 million yuan, and 995 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 30, 21, and 16 [6][8].

Group 1 - The company, Shengda Resources, announced that it and its subsidiaries have not provided guarantees to entities outside the scope of the consolidated financial statements [1] - There are no overdue guarantees or guarantees related to litigation [1]

Core Viewpoint - Shengda Resources (000603) clarified on October 28 that Jinye Environmental has not invested in the homestay project, and any significant matters regarding external investments should be referenced in the company's announcements published in designated media [1] Group 1 - Shengda Resources responded to investor inquiries on an interactive platform [1] - The company emphasized that Jinye Environmental's investment status in the homestay project is not confirmed [1] - The company advised stakeholders to refer to official announcements for details on major external investments [1]

Core Points - As of October 20, 2025, the number of shareholders for Shengda Resources (000603) is reported to be 39,993 [1] Summary by Category - **Company Information** - Shengda Resources has a total of 39,993 shareholders as of the specified date [1]

一、担保情况概述 公司分别于 2025 年 4 月 28 日、2025 年 5 月 20 日召开第十一届董事会第八 次会议、2024 年度股东大会，审议通过了《关于公司及子公司 2025 年度担保额 度预计的议案》，同意公司为子公司提供担保、子公司之间互相提供担保、子公 司为公司提供担保额度合计不超过人民币 60 亿元。担保范围包括但不限于流动 资金贷款、项目贷款、并购贷款、银行委托贷款、融资租赁、银行承兑汇票、保 函、保理、开立信用证、票据贴现、资产证券化等融资业务，担保方式包括一般 保证、连带责任保证、抵押、质押等，担保额度有效期限自公司 2024 年度股东 大会审议通过之日起至 2025 年度股东大会召开之日止。公司为子公司提供担保、 子公司之间互相提供担保、子公司为公司提供担保的额度包括 2025 年度新增担 保及原有担保展期或续保，实际担保金额以最终签订的担保合同为准，上述担保 额度可循环使用。具体内容详见公司于 2025 年 4 月 29 日披露的《关于公司及子 公司 2025 年度担保额度预计的公告》（公告编号：2025-024）。 公司于 2025 年 4 月 28 日召开第十一届董事会第八次 ...