Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.96 CNY per share [4]. Core Views - The company's Q2 performance showed a significant recovery, with a year-on-year revenue increase of 9.79% and a remarkable net profit growth of 103.32% [2]. - Price increases in metals, particularly silver, are identified as the main driver for the company's performance growth [2]. - The company has substantial growth potential in silver production, supported by ongoing projects and resource reserves [2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 852 million CNY, a 4.27% increase year-on-year, and a net profit of 82 million CNY, up 34.90% year-on-year [2]. - The company’s Q2 2024 revenue reached 589 million CNY, with a quarter-on-quarter growth of 123.67% [2]. - The average price of silver in H1 2024 was 24.07 USD/ounce, a 5.68% increase year-on-year, while domestic silver prices rose by 41.34% [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 212 million CNY, 483 million CNY, and 835 million CNY, respectively, with corresponding PE ratios of 33, 15, and 8 [2][5]. Production and Resource Development - The company has nearly 10,000 tons of silver resources and an annual mining capacity of approximately 2 million tons, with a service life of over 15 years for its mines [2]. - Key projects include the East Sheng Mining with 556.32 tons of silver resources and ongoing construction of the Bayan Ula silver polymetallic mine [2]. - The Jinshan Mining's technical transformation is expected to be completed by September 2024, enhancing production capacity [2].

证券代码：000603 证券简称：盛达资源 公告编号：2024-096 一、基本情况 盛达金属资源股份有限公司（以下简称"公司"）控股子公司内蒙古金山矿 业有限公司（以下简称"金山矿业"）已完成采矿工程技术改造项目，即完成了 深部基建工程及 2 号井、5 号井断面扩修等其他配套工程及设施改造，并于近日 收到了内蒙古自治区矿山安全监管局颁发的《安全生产许可证》。《安全生产许可 证》基本内容如下： 编号：（蒙）FM 安许证字〔2024〕006903 号 企业名称：内蒙古金山矿业有限公司额仁陶勒盖矿区Ⅲ-Ⅸ矿段银矿（一采 区）深部工程（460m 至 225m） 主要负责人：赵继仓 单位地址：内蒙古自治区呼伦贝尔市新巴尔虎右旗阿镇乌尔逊大街 盛达金属资源股份有限公司 关于控股子公司金山矿业技术改造进展暨 采矿工程技术改造项目完成的公告 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、备查文件 盛达金属资源股份有限公司董事会 二〇二四年九月三日 经济类型：有限责任公司 有效期：2024 年 8 月 30 日至 2027 年 8 月 29 日 许可范围：银矿、金、锰地 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a profit turnaround with continued production growth in precious metals [1] - In H1 2024, the company achieved operating revenue of 852 million yuan, a year-on-year increase of 4.27%, and a net profit attributable to the parent company of 82.49 million yuan, up 34.9% year-on-year [1] - The average prices of silver and gold in H1 2024 were 6,785.3 yuan/kg and 521.2 yuan/g, representing year-on-year increases of 28.2% and 20.1% respectively [1] - The company plans to complete the construction of the Caiyuanzi copper-gold mine by 2025, with a proven gold resource of 17,049 kg and an average grade of 2.82 g/t [1] - The company expects continuous growth in its gold and silver business, with projected net profits of 274 million yuan, 371 million yuan, and 485 million yuan for 2024, 2025, and 2026 respectively [1][2] Financial Performance Summary - In H1 2024, the company reported a net profit of 91.27 million yuan, a year-on-year increase of 103.32% [1] - The company's operating revenue is projected to grow from 2.254 billion yuan in 2023 to 3.443 billion yuan in 2026, with a compound annual growth rate of 18.5% [2][5] - The gross profit margin is expected to improve from 32.0% in 2023 to 40.4% in 2026 [2][5] - The company's return on equity (ROE) is projected to increase from 4.7% in 2023 to 11.5% in 2026 [2][5] Production and Sales Insights - The company reduced sales of lead concentrate with high silver content due to expectations of rising silver prices, resulting in a year-on-year decrease in zinc, lead, and silver sales by 34.73%, 25.90%, and 15.35% respectively [1] - The company anticipates a recovery in production and sales in the second half of the year, supported by rising metal prices [1]

证券代码：000603 证券简称：盛达资源 公告编号：2024-095 盛达金属资源股份有限公司 关于回购公司股份方案实施完成暨股份变动的公告 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。 公司实施回购股份的资金总额、回购股份价格、回购股份数量、回购实施期 限等，符合公司董事会审议通过的回购方案。公司回购金额已达回购股份方案中 的回购资金总额下限，且未超过回购股份方案中的回购资金总额上限，公司已按 回购方案完成回购股份，回购股份实际执行情况与原披露的回购方案不存在差异。 盛达金属资源股份有限公司（以下简称"公司"）于 2024 年 1 月 5 日召开第 十届董事会第二十八次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金或自筹资金以集中竞价交易的方式回购公司部分已发行的 人民币普通股（A 股）股票，用于后续实施股权激励或员工持股计划。回购资金 总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）；回购价格 不超过人民币 15 元/股（含）。回购股份的实施期限为自董事会审议通过本次回 购股份方案之日起 12 个 ...

Financial Performance - The company achieved a revenue of CNY 852.15 million in the first half of 2024, an increase of 4.27% year-on-year [3] - The net profit attributable to shareholders was CNY 82.49 million, reflecting a year-on-year increase of 34.90% [3] - In Q2 2024, revenue reached CNY 588.88 million, up 9.79% year-on-year, with net profit of CNY 91.27 million, a significant increase of 103.32% [3] Production and Sales - The mining volume slightly increased, but the number of days for ore processing decreased due to cold weather, leading to a reduction in processed ore [3] - Lead metal production decreased by 6.92% year-on-year, while zinc metal production fell by 23.14% [3] - Silver metal production increased by 12.51% year-on-year due to higher silver grades [3] - Zinc metal sales decreased by 34.73% year-on-year, while lead metal sales dropped by 25.90% and silver metal sales decreased by 15.35% [3] Resource Development - The company is actively advancing exploration and resource increase in its subsidiary, Yindu Mining, with a focus on the Bairendaba silver polymetallic mine [4] - The exploration area for the Bairendaba mine is 1.43 square kilometers, and the company is working on integrating mining rights [4] - Jinshan Mining is undergoing technical upgrades, expected to be completed by the end of September 2024, to enhance mining efficiency and safety [4][5] Future Prospects - The company anticipates a continued upward trend in silver prices in the second half of the year [3] - The development of the Bayan Ula silver polymetallic mine, with a production scale of 250,000 tons/year, is progressing, with necessary permits obtained [4][5] - The company is also focusing on mergers and acquisitions of high-quality precious metal resources to enhance its profitability [6]

北京海润天睿律师事务所 关于盛达会属资源股份有限公司 2024 年员工持股计划之 法律意见书 海润天睿律师事务所 HAI RUN LAW FIRM 中国 · 北京 朝阳区建外大街甲 14 号广播大厦 5、9、10、13、17 层 邮政编码:100022 电话: (010) 65219696 传真: (010) 88381869 二〇二四年八月 法律意见书 北京海润天睿律师事务所 关于盛达金属资源股份有限公司 2024 年员工持股计划之 法律意见书 致:盛达金属资源股份有限公司 北京海润天睿律师事务所(以下简称"本所")受盛达金属资源股份有限公司 (以下简称"盛达资源"或"公司")的委托,担任感达资源 2024年员工持股计 划之专项法律顾问。本所根据《中华人民共和国公司法》《中华人民共和国证券 法》《关于上市公司实施员工持股计划试点的指导意见》《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》《律师事务所从事证券法律 业务管理办法》《律师事务所证券法律业务执业规则(试行)》等有关法律、法规 和规范性文件的规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神, 出具本法律意见书。 4 ...

Financial Performance - Revenue for the reporting period was RMB 852.15 million, a 4.27% increase year-over-year[10] - Net profit attributable to shareholders of the listed company was RMB 82.49 million, up 34.90% compared to the same period last year[10] - Operating cash flow surged to RMB 226.87 million, a 299.19% increase year-over-year[10] - Basic earnings per share (EPS) rose to RMB 0.1201, a 35.55% increase from the previous year[10] - Total assets at the end of the reporting period were RMB 6.55 billion, a slight decrease of 0.06% compared to the end of the previous year[10] - Equity attributable to shareholders of the listed company increased by 1.32% to RMB 3.17 billion[10] - Revenue increased by 4.27% YoY to RMB 852.15 million, with net profit attributable to shareholders rising by 34.90% YoY to RMB 82.49 million[21] - Q2 revenue grew by 9.79% YoY to RMB 588.88 million, with net profit attributable to shareholders surging by 103.32% YoY to RMB 91.27 million[21] - Total revenue for the first half of 2024 reached 852.15 million yuan, a 4.3% increase compared to 817.25 million yuan in the same period of 2023[125] - Net profit for the first half of 2024 was 106.74 million yuan, up 27.7% from 83.58 million yuan in the first half of 2023[125] - Total assets as of the end of the first half of 2024 amounted to 4.34 billion yuan, a 4.8% increase from 4.14 billion yuan at the end of the first half of 2023[122][123] - Long-term equity investments increased by 4.9% to 2.77 billion yuan in the first half of 2024, compared to 2.64 billion yuan in the same period of 2023[122] - Other receivables rose by 10% to 1.12 billion yuan in the first half of 2024, up from 1.02 billion yuan in the first half of 2023[122] - Total liabilities increased by 12.7% to 965.52 million yuan in the first half of 2024, compared to 794.63 million yuan in the same period of 2023[123] - Operating profit for the first half of 2024 was 131.74 million yuan, a 31.5% increase from 100.15 million yuan in the first half of 2023[125] - Financial expenses surged by 46.3% to 40.46 million yuan in the first half of 2024, compared to 27.66 million yuan in the same period of 2023[125] - Investment income grew by 33.8% to 34.80 million yuan in the first half of 2024, up from 26.01 million yuan in the first half of 2023[125] - Total equity increased by 0.9% to 3.37 billion yuan in the first half of 2024, compared to 3.34 billion yuan in the same period of 2023[123] Non-Recurring Gains and Losses - Non-recurring gains and losses include government subsidies of 1,398,989.00 yuan and financial asset gains of 1,980,265.65 yuan[12] - The company's total non-recurring profit for the period is 4,847,401.19 yuan[13] Market and Industry Trends - China's GDP grew by 5.0% year-on-year in the first half of 2024, driving strong demand for non-ferrous metals[14] - Domestic photovoltaic installations reached 102.48GW in the first half of 2024, a year-on-year increase of 30.68%[15] - London silver spot prices rose by 22.39% in the first half of 2024, with an average price of 24.07 USD/oz, up 5.68% year-on-year[15] - COMEX gold prices increased by 12.8% in the first half of 2024, with an average price of 2,343.8 USD/oz, up 14.67% year-on-year[15] - Domestic lead metal production fell by 3.7% year-on-year to 388.9 million tons in the first half of 2024[15] - Domestic zinc metal production increased by 5.5% year-on-year to 355.4 million tons in the first half of 2024[15] - SMM1 electrolytic nickel prices rose by 5.80% in the first half of 2024, with an average price of 137,692.52 yuan/ton, down 28.61% year-on-year[16] - Silver, lead, and zinc spot prices increased by 28.41%, 11.41%, and 0.20% YoY respectively[21] - Silver production increased by 12.51% YoY, while lead and zinc production decreased by 6.92% and 23.14% YoY respectively[21] - Zinc metal sales decreased by 34.73% YoY, lead metal sales decreased by 25.90% YoY, and silver metal sales decreased by 15.35% YoY[21] Mining Operations and Subsidiaries - The company's main business is non-ferrous metal mining and beneficiation, with no cash dividends, stock dividends, or capital reserve transfers planned[1] - The company has 7 mining subsidiaries, including Yindu Mining, Jinshan Mining, Guangda Mining, Jindu Mining, Dongsheng Mining, Honglin Mining, and Deyun Mining, with a total annual mining and processing capacity of nearly 2 million tons[17][20] - Yindu Mining completed the resource reserve review and filing for the Bayan Daba (North Mining Area) silver polymetallic mine, marking a milestone in the company's exploration and reserve expansion efforts[17] - Jinshan Mining is undergoing technical upgrades, expected to be completed by the end of Q3 2024, and is actively exploring the western area of the Eren Tolgoi silver mine, covering 11.04 square kilometers[17] - Dongsheng Mining obtained a mining license for the Bayan Wula silver polymetallic mine with a production capacity of 250,000 tons/year, and construction is expected to start this year[17] - Honglin Mining's Caiyuanzi copper-gold mine project has received temporary land use approval and tailings reservoir construction approval, with construction currently underway[17] - Deyun Mining obtained a mining license for the Bayan Baolege silver polymetallic mine with a production capacity of 900,000 tons/year, and the company is advancing the project development[17] - The company's subsidiary, Jinye Environmental Protection, focuses on the resource utilization of solid and hazardous waste containing nickel, copper, and chromium, aiming to improve economic benefits through secondary nickel resource utilization[17] - The company's main products include silver ingots, gold ingots, lead concentrates containing silver, and zinc concentrates containing silver, with silver ingots and gold ingots being the primary products of Jinshan Mining[18] - The company's sales channels include direct sales to smelters, metal processing companies, and traders, with silver and gold ingots also traded on the Shanghai Futures Exchange and Shanghai Gold Exchange[19] - The company has a total silver resource reserve of nearly 10,000 tons, with Yindu Mining's Bayan Daba silver polymetallic mine being one of the highest-margin mines among domestic listed companies[20] - The company owns 7 mining subsidiaries with significant silver resources, with proven silver reserves close to 10,000 tons[22] - The company's subsidiary, Inner Mongolia Yindu Mining Co., Ltd., generated a net profit of 114.09 million yuan, contributing significantly to the company's overall profitability[49] - Inner Mongolia Guangda Mining Co., Ltd., another subsidiary, reported a net profit of 17.37 million yuan, further bolstering the company's financial performance[49] - The company's subsidiary, Chifeng Jindu Mining Co., Ltd., achieved a net profit of 17.02 million yuan, adding to the company's diversified revenue streams[50] - The company's subsidiary, Inner Mongolia Jinshan Mining Co., Ltd., experienced a net loss of 40.93 million yuan, highlighting potential risks in certain operational areas[50] - The company's subsidiaries primarily engage in the mining and processing of non-ferrous metals, contributing significantly to the company's revenue and profitability[49][50] - The company is exposed to industry cyclical risks due to its reliance on the non-ferrous metals market, and it plans to adjust production, sales, and hedging strategies to mitigate these risks[50] Environmental and Sustainability - Dust removal efficiency in the crushing and screening workshops of the concentrator exceeds 99%[63] - The concentrator's wastewater treatment capacity is 600m³/day[63] - The company has a general solid waste warehouse of approximately 2,600m² and a hazardous waste warehouse of 6,000m²[63] - Environmental governance and protection costs for Yindu Mining in the first half of 2024 amounted to 122,110.00 yuan[65] - Jinshan Mining's environmental governance and protection costs for the first half of 2024 were 494,225.14 yuan[65] - Guangda Mining's environmental governance and protection costs for the first half of 2024 were 231,606.09 yuan[65] - Jindu Mining's environmental governance and protection costs for the first half of 2024 were 21,466.22 yuan[65] - Jinye Environmental Protection's environmental governance and protection costs for the first half of 2024 were 3,632,547.53 yuan[65] - Yindu Mining's environmental protection tax payment for the first half of 2024 was 7,011.07 yuan[65] - Jinye Environmental Protection's environmental protection tax payment for the first half of 2024 was 55,290.09 yuan[65] Financial Assets and Investments - The company's financial assets decreased by 6,004,498.32 yuan, with a total of 367,861,447.61 yuan at the end of the period[36] - The company's restricted assets at the end of the reporting period amounted to 19,345,439.56 yuan, a decrease from 23,470,228.17 yuan at the beginning of the period[37] - The company's total fixed assets, intangible assets, and long-term equity investments amounted to 2,375,210,763.15 yuan, an increase from 1,888,253,446.34 yuan at the beginning of the period[38] - The company invested 110,000,000.00 yuan in Sichuan Honglin Mining Co., Ltd., acquiring a 42.91% stake[39] - After the capital increase, the company holds 53% of Sichuan Honglin Mining Co., Ltd., making it a subsidiary and consolidating it into the company's financial statements[40] - The company's investment in Jinmo Technology resulted in a loss of 5,313,298.32 yuan, with a final book value of 8,126,220.96 yuan[41] - The company's derivative investments for hedging purposes amounted to 891.37 yuan at the end of the period, accounting for 0.28% of the company's net assets[42] - The company's derivative investments in the Shanghai Futures Exchange resulted in a profit of 2.75 million yuan, with a final investment amount of 6.94 million yuan, accounting for 0.22% of the company's net assets at the end of the reporting period[45] - The company has implemented stringent risk control measures for derivative investments, including setting a maximum loss limit of 6 million yuan to mitigate market and liquidity risks[45] - The company's derivative investments are funded entirely by its own capital, ensuring no reliance on external financing for these activities[45] - The company has established comprehensive internal controls and risk management protocols for derivative investments, including strict approval processes and continuous risk monitoring[46] Guarantees and Share Repurchases - The company's total approved guarantee amount during the reporting period was 54,000 million RMB, with actual guarantees issued totaling 49,796.56 million RMB[94] - The company's total actual guarantee balance at the end of the reporting period was 163,335.35 million RMB, accounting for 51.57% of the company's net assets[94] - The company repurchased 5,381,500 shares, accounting for 0.78% of the total share capital, with a total repurchase amount of 50,297,133.34 RMB[98] - The company repurchased 5,381,500 shares, accounting for 0.78% of the total shares, with a total transaction value of RMB 50,297,133.34[105] - The company adjusted the upper limit of the repurchase price from RMB 15 per share to RMB 14.93 per share after the 2023 annual equity distribution[105] Strategic Agreements and Certifications - The company became a member of the Shanghai Gold Exchange during the reporting period[98] - The company signed a strategic cooperation framework agreement with the China Chemical Geology and Mine Bureau for cooperation in mineral exploration, mining rights investment, and environmental restoration[98] - The company received a total of 70 million RMB in returned deposits from Dong Ying and Bai Guanghui, and obtained a 30% equity pledge in Guizhou Dingshengxin[98] - The company's subsidiary, Yindu Mining, completed the integration of mining rights and peripheral exploration rights, achieving a phased result[100] - Yindu Mining received the "High-tech Enterprise Certificate" with a validity period of three years[100] - The company's subsidiary, De Yun Mining, obtained a mining license for the Bayanbaolege lead-zinc polymetallic mine with an annual production capacity of 900,000 tons and a mining area of 2.3206 square kilometers[101] - Jin Ye Environmental Technology, a subsidiary, was awarded the national "Green Factory" title[102] - Hong Lin Mining received various permits for the Caiyuanzi copper-gold mine, including the use of 0.7472 hectares of grassland and 14.7705 hectares of forest land[102] - Dong Sheng Mining received approval for the safety facility design of the Bayanwula silver polymetallic mine project with an annual production capacity of 250,000 tons[102] Revenue Breakdown - Revenue from renewable new energy metals surged by 65.06% to 125,608,869.67 yuan, accounting for 14.74% of total revenue[30] - Revenue from lead concentrate (including silver) increased by 8.76% to 283,777,403.07 yuan, representing 33.30% of total revenue[30] - Revenue from zinc concentrate (including silver) decreased by 15.48% to 144,466,949.07 yuan, accounting for 16.95% of total revenue[30] - Revenue from outside Inner Mongolia Autonomous Region grew by 9.22% to 707,029,629.11 yuan, representing 82.97% of total revenue[30] - Gross profit margin for non-ferrous metal mining increased by 5.98% to 61.12%, driven by a 1.69% revenue increase and an 11.87% cost reduction[31] - Gross profit margin for renewable new energy metals stood at 16.63%, with revenue and costs increasing by 65.06% and 56.36% respectively[32] Cash Flow and Investments - Operating cash flow surged by 299.19% YoY to RMB 226.87 million, driven by increased sales collections from mining operations[29] - Investment cash flow turned positive at RMB 70.13 million, a 175.12% YoY increase, mainly due to the recovery of equity acquisition deposits[29] - Net cash flow from financing activities decreased by 179.18% to -213,092,324.45 yuan, mainly due to increased repayment of borrowings and share repurchases[30] - Net increase in cash and cash equivalents rose by 35.66% to 83,914,176.69 yuan, driven by increased sales collections from mining operations[30] Financial Instruments and Risk Management - The company uses expected credit loss (ECL) as the basis for impairment accounting of financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial guarantee contracts[182] - For financial assets purchased or originated that have experienced credit impairment, the company recognizes loss provisions based on the cumulative changes in expected credit losses over the entire life of the asset[182] - The company assesses whether the credit risk of financial instruments has increased significantly since initial recognition and measures loss provisions accordingly, with three stages of credit risk assessment[182] - Financial instruments with low credit risk are assumed not to have experienced a significant increase in credit risk since initial recognition[183] - Evidence of credit impairment includes observable information such as significant financial difficulties of the issuer or debtor, breach of contract, or bankruptcy likelihood[184] - The company determines ECL based on both individual and portfolio assessments, considering past events, current conditions, and reasonable forecasts of future economic conditions[184] - For financial assets where full or partial recovery of contractual cash flows is no longer reasonably expected, the company directly writes down the carrying amount[185] - Financial assets and liabilities are presented separately in the balance sheet and are not offset unless specific conditions are met[186] - The company divides receivables into portfolios based on credit risk characteristics to calculate ECL when individual assessment is not feasible[187] - For commercial acceptance bills, the company calculates ECL using default risk exposure and lifetime expected credit loss rates[187]

盛达金属资源股份有限公司（以下简称"公司"）于 2024 年 8 月 31 日披露 《2024 年半年度报告》，为便于广大投资者进一步了解公司 2024 年半年度经营 情况，公司定于 2024 年 9 月 9 日（星期一）15:00-16:00 在"价值在线"（www.ir- online.cn）举办 2024 年半年度业绩说明会，本次业绩说明会将采取网络互动方式 举行。 公司董事长赵庆先生，董事、总经理刘金钟先生，董事、副总经理兼董事会 秘书王薇女士，财务总监孙延庆先生将出席本次业绩说明会（如遇特殊情况，参 会人员可能进行调整）。 为充分尊重投资者、提升交流的针对性，广泛听取投资者的意见和建议，投 资者可于 2024 年 9 月 9 日前通过网址 https://eseb.cn/1h5BzxvQ9uE 或使用微信 扫描下方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次业绩说明会。 特此公告。 证券代码：000603 证券简称：盛达资源 公告编号：2024-094 盛达金属资源股份有限公司 关于举办 2024 年半年度业绩说 ...

盛达金属资源股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：赵庆 主管会计工作负责人：孙延庆 会计机构负责人：孙延庆 单位：万元 | | | 占用方与上市公司 | 上市公司核算的 | 2024 年期 | 2024 年半年度占 | 2024 年半年 | 2024 年半年 | 2024 年半年 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 的关联关系 | 会计科目 | 初占用资 | 用累计发生金额 | 度占用资金的 | 度偿还累计 | 度末占用资金 | 原因 | 占用性质 | | | | | | 金余额 | （不含利息） | 利息（如有） | 发生金额 | 余额 | | | | 控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 制人及 ...