Group 1 - The company Tongling Nonferrous Metals reported a revenue of approximately 76.08 billion yuan for the first half of 2025, representing a year-on-year increase of 6.39% [2] - The net profit attributable to shareholders of the listed company was approximately 1.441 billion yuan, showing a year-on-year decrease of 33.94% [2] - The basic earnings per share were 0.11 yuan, which is a year-on-year decrease of 35.29% [2]

Core Viewpoint - The Supervisory Board of Tongling Nonferrous Metals Group Co., Ltd. has reviewed the company's 2025 semi-annual report and confirmed that the report is prepared in accordance with relevant laws and regulations, accurately reflecting the company's actual situation without any false statements or significant omissions [1] Summary by Relevant Sections - The review process of the 2025 semi-annual report complies with legal and regulatory requirements [1] - The content of the report is deemed true, accurate, and complete [1] - No misleading statements or major omissions were found in the report [1]

Group 1 - The company held its 14th meeting of the 10th Supervisory Board on August 14, 2025, in Tongling City, Anhui Province, with 6 supervisors eligible to attend and 5 present in person [1] - The meeting approved the full and summary report for the first half of 2025, with a unanimous vote of 6 in favor and no opposition or abstentions [1] - The meeting also approved a risk assessment report for Tongling Nonferrous Metals Group Finance Co., Ltd., with the same voting results [1] Group 2 - The company ensures that the disclosed information is true, accurate, and complete, with no false records or misleading statements [1]

Group 1 - The company reported a revenue of 76.079 billion yuan for the first half of 2025, representing a year-on-year increase of 6.39% [1] - The net profit attributable to shareholders of the listed company was 1.441 billion yuan, showing a year-on-year decrease of 33.94% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. reported a revenue of 76.079 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.39%. However, the net profit attributable to shareholders decreased by 33.94% to 1.441 billion yuan. The company announced that it will not distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]. Financial Performance - The company achieved a revenue of 76.079 billion yuan in the first half of 2025, which is a 6.39% increase compared to the previous year [1]. - The net profit attributable to shareholders was reported at 1.441 billion yuan, showing a significant decline of 33.94% year-on-year [1]. Dividend Policy - The company has decided not to distribute cash dividends, issue bonus shares, or utilize reserves for capital increase [1].

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. reported a 6.39% increase in revenue for the first half of 2025 compared to the same period last year, but net profit attributable to shareholders decreased significantly due to increased tax expenses from adjustments in overseas subsidiary dividend arrangements [3][5]. Financial Performance - Revenue for the first half of 2025 reached CNY 76.08 billion, up from CNY 71.51 billion in the previous year [3]. - Net profit attributable to shareholders was CNY 1.12 billion, a decrease of 35.29% from CNY 1.73 billion in the same period last year [3]. - Basic earnings per share dropped to CNY 0.11 from CNY 0.17, while diluted earnings per share fell to CNY 0.11 from CNY 0.16 [3]. - Total assets increased by 12.22% to CNY 90.84 billion compared to the end of the previous year [3]. Business Overview - The company operates as a large-scale integrated copper production enterprise, engaging in copper mining, smelting, processing, and trading, with key products including cathode copper, sulfuric acid, gold, silver, copper foil, and copper strips [4][5]. - The primary business model includes both self-mined and externally purchased copper raw materials for processing into cathode copper [4]. Industry Conditions - Copper prices fluctuated between CNY 71,320 and CNY 88,320 per ton in the first half of 2025, with an average spot price of CNY 77,520.77, reflecting a year-on-year increase of 3.98% [5]. - The supply side faced challenges with global mine output falling short of expectations, while demand from the new energy sector and traditional industries supported price increases [5]. - The copper smelting segment experienced pressure on profits due to low processing fees, although rising prices of by-products provided some relief [5]. Competitive Advantages - The company is one of the largest producers of cathode copper in China, with an annual production capacity exceeding 1.7 million tons and a strong position in copper foil production [6]. - Technological advancements and a focus on high-value-added products have strengthened the company's market position [6]. - The company's location in the economically vibrant Yangtze River Delta region provides logistical advantages and access to a significant consumer market [6].

Core Viewpoint - The report highlights the financial performance of Tongling Nonferrous Metals Group Co., Ltd. for the first half of 2025, indicating a revenue increase but a significant decline in net profit and earnings per share [1][5]. Financial Performance - The company's operating revenue for the reporting period reached approximately CNY 76.08 billion, representing a 6.39% increase compared to the same period last year [1]. - The net profit attributable to shareholders decreased to CNY 143.15 million, a decline of 35.19% year-on-year [4][5]. - Basic earnings per share fell to CNY 0.11, down 35.29% from CNY 0.17 in the previous year [1][4]. Financial Ratios - The weighted average return on equity decreased to 4.20%, down from 6.68% in the previous year, reflecting a decline of 2.48 percentage points [1]. - The total assets increased by 12.22% to approximately CNY 90.84 billion compared to the end of the previous year [1]. - The asset-liability ratio rose to 54.54%, an increase of 6.74% from 47.80% at the end of the previous year [4]. Shareholder Information - The largest shareholder, Tongling Nonferrous Metals Group, holds 47.77% of the shares, with no changes in the controlling shareholder during the reporting period [2][3]. - The top ten shareholders include various institutional investors, with no significant changes in their holdings reported [2][3]. Investment Activities - The company has partnered with several investment institutions to establish a venture capital fund, with a total fund size of CNY 1.004 billion, aimed at optimizing and extending the industrial chain [5]. - As of June 30, 2023, the company has completed its capital contribution to the partnership, amounting to CNY 85 million [5].

Group 1 - The board meeting of Tongling Nonferrous Metals Group Co., Ltd. was held on August 14, 2025, in Tongling City, Anhui Province, with 8 directors expected to attend, and 4 attending in person while 4 participated via remote voting [1] - The board approved the full and summary report of the company's 2025 semi-annual report, with all directors, supervisors, and senior management signing written confirmation [1] - The board also approved a risk assessment report related to Tongling Nonferrous Metals Group Financial Co., Ltd., with 5 non-related directors voting in favor after 3 related directors abstained from voting [1]

Group 1 - Company held its 10th Board of Directors meeting on August 14, 2025, in Tongling, Anhui Province, to review the risk assessment report of Tongling Nonferrous Metals Group Finance Co., Ltd. [1] - For the year 2024, the company's revenue composition is 96.63% from non-trade income and 3.37% from trade income [1] - The current market capitalization of the company is 55.3 billion yuan [1]

目 录 | | | 二、风险评估说明……………………………………………………第 3—7 页 关于铜陵有色金属集团财务有限公司的 风险评估报告 天健审〔2025〕15965 号 铜陵有色金属集团财务有限公司全体股东： 我们审核了后附的铜陵有色金属集团财务有限公司（以下简称铜陵有色财务 公司）管理层对 2025 年 6 月 30 日与其经营资质、业务和风险状况相关的风险评 估说明（以下简称风险评估说明）。 一、对报告使用者和使用目的的限定 本报告仅供报送证券交易所审核使用，不得用作任何其他目的。 二、管理层的责任 铜陵有色财务公司管理层的责任是建立健全内部控制并保持其有效性，同时 按照《企业集团财务公司管理办法》及相关规定编制风险评估说明。 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对铜陵有色财务公司管理层编制的 风险评估说明独立地提出鉴证结论。 四、工作概述 我们按照《中国注册会计师其他鉴证业务准则第 3101 号——历史财务信息 审计或审阅以外的鉴证业务》的规定执行了鉴证业务。上述规定要求我们计划和 实施鉴证工作，以对鉴证对象信息是否不存在重大错报获取合理保证。在鉴证过 第 1 页 共 7 页 ...