格隆汇8月20日｜民生证券研报指出，铜陵有色实际经营稳健，期待米拉多铜矿二期投产。冶炼端，铜 加工费大幅致冶炼利润下降明显，但冲击有限，下降幅度远小于加工费下降幅度，或主要是副产品贡献 较多。从冶炼子公司利润来看，25H1金隆铜业实现净利润3.23亿元，同比下滑30%；赤峰金铜实现净利 润1.90亿元，同比下滑36%。公司冶炼端利润韧性明显或主要是由于冶炼副产品，公司上半年化工及其 他产品毛利率55.04%，同比增长39.05PCT。围绕铜产业链上下游补链、强链。上游：米拉多铜矿注入 完成，2024年自产铜产量达到15.5万吨，且二期项目将于2025年投产，届时自给率还将进一步提升。中 游：铜基新材料项目有序推进，冶炼产能预计提升，得益于交通和区位优势，冶炼成本位于成本曲线左 侧，成本优势明显。下游：铜箔年产能8万吨。铜产业链一体化发展持续推进，产能建设稳步进行，米 拉多铜矿二期投产在即，未来增量可期。维持"推荐"评级。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司铜属于铜色有陵提供吗？ 铜冠铜箔（301217.SZ）8月20日在投资者互动平台表示，公司向控股股东铜陵有色采购铜原料，供应稳 定，铜品质较高，且具有地域优势，采购价格参照市场公开报价。 （文章来源：每日经济新闻） ...

铜陵有色（000630.SZ）8月20日在投资者互动平台表示，截至目前，公司米拉多铜矿二期扩建项目试车 工作顺利进行，正在按既定方案进行轻载调试和相关系统参数进一步优化工作。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司的米拉多铜矿二期重负试车后是否顺利？是否 己全面投产？如果没投产，预计几月投产？ ...

8月17日，铜陵有色(000630.SZ)披露2025年上半年业绩。铜陵有色上半年实现营业收入760.80亿元，同 比增长6.39%；实现归属于上市公司股东的净利润14.41亿元，同比下降33.94%，主要系境外子公司分红 安排调整导致所得税费用增加。 铜陵有色计划不派发现金红利，不送红股，不以公积金转增股本。 | | 本报告期 | 上年间期 | 本製音期比上年同期增减 | | --- | --- | --- | --- | | 常重版人(元) | 76, 079, 875, 664, 31 | 71, 509, 487, 305, 69 | 6, 39% | | 归属于上市公司股东的净利 洞(元) | 1,440,925, 251, 21 | 2. 181. 335, 943. 91 | -33.94% | | 归属于上市公司最东的扣除 非公布性耐益的净利润(元) | 1. 431, 511, 463, 41 | 2, 208, 653, 320, 73 | -35. 19% | | 经营活动产生的现金流量净 膜(元) | 379, 022, 382, 41 | 2, 276, 425, 570, 52 | ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][4]. Core Views - The company reported a revenue of 76.08 billion yuan for the first half of 2025, a year-on-year increase of 6.39%, while the net profit attributable to shareholders decreased by 33.94% to 1.441 billion yuan [1]. - The copper price remained stable, but the spot TC (treatment charge) significantly decreased, while sulfuric acid prices surged [2]. - The company’s smelting profits showed resilience, primarily due to contributions from by-products, despite a notable decline in copper processing fees [2]. - A one-time tax expense adjustment led to a significant drop in reported profits, but the underlying operational performance remains stable when adjusted [3]. - The company is focused on strengthening its copper industry chain, with the Mirador copper mine's second phase expected to enhance self-sufficiency and production capacity [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 40.858 billion yuan, reflecting a 5.33% year-on-year increase and a 16.00% quarter-on-quarter increase. However, the quarterly net profit dropped to 312 million yuan, a decrease of 71.23% year-on-year [1]. - The company’s net profit forecast for 2025-2027 is projected to be 3.789 billion yuan, 4.694 billion yuan, and 5.715 billion yuan, respectively, with corresponding PE ratios of 14x, 12x, and 10x [4][5]. Market Conditions - The average price of electrolytic copper in Q2 2025 was 77,000 yuan/ton, showing a slight increase from Q1 2025, while the average price of sulfuric acid rose significantly [2]. - The copper concentrate TC spot index averaged -8.68 and -40.67 USD/ton in Q2 and Q1 2025, respectively, indicating a substantial year-on-year decrease [2]. Strategic Outlook - The company is advancing its copper-based new materials project and expects to enhance smelting capacity, benefiting from its geographical advantages [3]. - The Mirador copper mine is projected to produce 155,000 tons of copper in 2024, with further increases expected upon the completion of the second phase in 2025 [3].

Investment Rating - The investment rating for Tongling Nonferrous Metals Group Co., Ltd. is "Buy" (maintained) [6] Core Views - The company has demonstrated strong operational efficiency and cost control in its smelting segment, maintaining profitability despite a significant decline in copper concentrate processing fees [12][14] - The Mirador copper mine is expected to maintain stable and high production levels, with the second phase of the project fully completed, enhancing the company's copper concentrate self-sufficiency [14] - The company is projected to see a recovery in net profit from 2025 onwards, with expected net profits of 35.01 billion, 41.30 billion, and 47.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24.64%, 17.98%, and 14.30% [14][15] Financial Performance Summary - In H1 2025, the company achieved a revenue of 76.08 billion yuan, a year-on-year increase of 6.39%, while the net profit attributable to shareholders was 1.441 billion yuan, down 33.94% year-on-year [12] - The sales gross margin for H1 2025 was 7.96%, a decrease of 0.57 percentage points year-on-year, while Q2 2025 saw a gross margin of 8.22%, which was a slight improvement from the previous quarter [12][14] - The company’s smelting plants, Jinlong Copper Industry and Chifeng Jintong Copper Industry, reported a combined net profit of 515 million yuan in H1 2025, down 32.61% year-on-year [12][14] Production and Operational Highlights - The Mirador copper mine is projected to produce over 150,000 tons of copper concentrate in 2025, with production in the first seven months of 2025 reaching 123.56% of the planned target, marking a historical high for the same period since production began [14] - The processing capacity of the first and second phases of the Mirador project is expected to reach a total of 46.2 million tons per year, with an anticipated annual output of approximately 200,000 tons of copper metal [14]

（文章来源：每日经济新闻） 国信证券8月19日发布研报称，给予铜陵有色（000630.SZ）优于大市评级。评级理由主要包括：1） 2025H1归母净利润同比下降34%；2）成为全球最大铜冶炼公司；3）矿山铜产量提升，成本下降。风 险提示：铜价大幅波动风险，铜精矿加工费下跌风险。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17]. Core Views - The profitability of the Mirador copper mine is improving, with the second phase set to commence production soon. The company has become the largest copper smelting company globally, surpassing Jiangxi Copper, with a smelting capacity of 2.2 million tons [2][7]. - The company's revenue for H1 2025 was 76.1 billion yuan, an increase of 6.4% year-on-year, while the net profit attributable to shareholders decreased by 33.9% to 1.44 billion yuan [6][12]. - The Mirador copper mine's second phase is expected to increase copper production capacity to 310,000 tons, making it one of the largest copper producers in the A-share market [3][11]. Financial Performance Summary - For H1 2025, the company reported a revenue of 76.1 billion yuan and a net profit of 1.44 billion yuan, reflecting a year-on-year decline of 33.9% [6][12]. - The second quarter of 2025 saw a revenue of 40.9 billion yuan, with a net profit of 312 million yuan, down 71.2% year-on-year [6][12]. - The company anticipates net profits of 3.705 billion yuan, 5.727 billion yuan, and 6.551 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31.9%, 54.6%, and 14.4% [4][13]. Production and Cost Efficiency - The Mirador copper mine's second phase is projected to have a production cost of approximately 19,600 yuan per ton, significantly lower than the first phase's cost of 28,000 yuan per ton [3][11]. - The company has reduced its low-margin trading revenue, with trading business revenue accounting for only 0.8% of total revenue in H1 2025 [6][12]. Market Position and Competitive Advantage - The company has established itself as a leader in the copper smelting industry, with a competitive edge due to its large-scale production capacity and cost efficiency [2][7]. - The anticipated increase in copper production capacity and the reduction in production costs position the company favorably in the market, enhancing its resilience against price fluctuations [4][13].

Core Insights - The company reported a total revenue of 76.08 billion yuan for the first half of 2025, a year-on-year increase of 6.39%, while the net profit attributable to shareholders was 1.441 billion yuan, a year-on-year decrease of 33.94% [1] - In Q2, the total revenue was 40.858 billion yuan, up 5.33% year-on-year, but the net profit attributable to shareholders dropped significantly by 71.23% to 312 million yuan [1] - The company's accounts receivable were notably high, with accounts receivable accounting for 126.76% of the latest annual net profit [1] Financial Performance - The gross profit margin was 7.96%, down 6.74% year-on-year, and the net profit margin was 2.02%, a decrease of 48.28% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 942 million yuan, representing 1.24% of revenue, a year-on-year decrease of 19.32% [1] - Earnings per share were 0.11 yuan, down 35.29% year-on-year, while the operating cash flow per share was 0.03 yuan, a decrease of 83.35% [1] Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 83.35% due to a significant increase in inventory [2] - The net cash flow from financing activities increased by 5014.15% due to a substantial net inflow from bank loans [2] - The net increase in cash and cash equivalents rose by 245.17%, attributed to the large net inflow from financing activities [2] Historical Performance - The company's return on invested capital (ROIC) was 6.81% last year, indicating average capital returns, with a historical median ROIC of 4.48% over the past decade [3] - The net profit margin last year was 2.62%, suggesting low added value for the company's products or services [3] - The company has reported a loss in one of the 28 annual reports since its listing, indicating generally weak historical performance [3] Recommendations and Observations - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 47.68% [4] - The company’s debt situation is concerning, with an interest-bearing debt ratio reaching 35.66% [4] - The accounts receivable to profit ratio is at 126.76%, indicating potential liquidity issues [4] - The largest fund holding the company’s shares is the Guangfa Jufeng Mixed A Fund, with a scale of 2.276 billion yuan and a recent net value increase of 0.15% [4]