New Stock Issuance - New stock for Beikang Testing (920160) issued at a price of 6.70 on November 3, 2025[1] - New stock for Danna Biology (920009) issued at a price of 17.10 on November 3, 2025[1] Market Alerts - ST Zhongdi (000609) announced significant abnormal fluctuations on October 30, 2025[1] - Jiangbolong (301308) reported severe abnormal fluctuations on October 30, 2025[1] - Xiangnan Chip (300475) disclosed abnormal fluctuations on October 24, 2025[1] - Shangtai Technology (001301) announced abnormal fluctuations on November 3, 2025[1] - Hainan Development (002163) reported abnormal fluctuations on November 3, 2025[1] - Zhongrui Co., Ltd. (002374) disclosed abnormal fluctuations on November 3, 2025[1] - Fujian Jinsen (002679) announced abnormal fluctuations on November 3, 2025[1] - Yongxing Materials (002756) reported abnormal fluctuations on November 3, 2025[1] - Xinhongze (002836) disclosed abnormal fluctuations on November 3, 2025[1] - Guocheng Mining (000688) announced abnormal fluctuations on November 3, 2025[1]

Group 1 - The company's stock (trading name: Guocheng Mining, stock code: 000688) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days (October 29, 30, and 31, 2025) [1] - The company held its 28th meeting of the 12th Board of Directors and the 14th meeting of the 11th Supervisory Board on December 17, 2024, where it approved the proposal regarding the major asset acquisition and related transactions, following the necessary information disclosure procedures [1] - The company has published progress announcements regarding the major asset restructuring on specified disclosure media on January 18, February 17, March 18, April 17, May 17, June 16, July 15, August 14, September 13, and October 11, 2025 [2] Group 2 - The company confirmed that there are no other significant undisclosed matters that should have been disclosed [3] - The company did not find any recent media reports that could have significantly impacted its stock trading price with undisclosed major information [4] - The company's daily operations are normal, and there have been no significant changes in the internal and external operating environment [5] Group 3 - The Board of Directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's listing rules [6] - The company conducted inquiries with its controlling shareholder, Guocheng Holdings Group, and its concerted actors, confirming that they have no undisclosed significant matters and did not trade the company's stock during the abnormal fluctuation period [5]

Core Viewpoint - The stock of Guocheng Mining has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from October 29 to October 31, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Guocheng Mining has deviated significantly, with a cumulative increase of over 20% in three trading days [1] - **Company Disclosures** - The company has disclosed a major asset acquisition and related transaction plan, confirming that there are no other undisclosed significant matters [1] - The company has verified that prior disclosures do not require corrections or supplements [1] - **Market Environment** - There have been no significant changes in the company's daily operations or external business environment [1] - **Insider Trading Confirmation** - The company has confirmed with its controlling shareholder, Guocheng Holdings Group Co., Ltd., and other related parties that they have not engaged in any trading of the company's stock during the period of abnormal fluctuation [1] - **Information Disclosure Compliance** - The board of directors has confirmed that there are no undisclosed matters that should be disclosed, and there is no violation of fair information disclosure [1] - **Investor Advisory** - The company has designated specific media outlets for information disclosure and has reminded investors to invest rationally and be aware of risks [1]

国城矿业股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000688 证券简称：国城矿业 公告编号：2025-083 一、股票交易异常波动的情况介绍 国城矿业股份有限公司（以下简称"公司"）股票（证券简称：国城矿业， 证券代码：000688）连续 3 个交易日（2025 年 10 月 29 日、10 月 30 日、10 月 31 日）收盘价格涨幅偏离值累计超过 20%，根据深圳证券交易所的有关规定， 属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司对有关事项进行了核查，现就有关核实情 况说明如下： 1、2024 年 12 月 17 日，公司召开第十二届董事会第二十八次会议、第十一 届监事会第十四次会议，审议通过了《关于<国城矿业股份有限公司重大资产购 买暨关联交易预案>及其摘要的议案》等相关议案，并履行了相关信息披露程序。 具体内容详见公司于 2024 年 12 月 18 日刊登在指定信息披露媒体上的相关公告。 公司分别于2025年1月18日、2025年2月17日、2025 ...

Core Viewpoint - Guocheng Mining is a significant player in the domestic lead-zinc mining sector, showcasing full industry chain advantages and investment value [1] Group 1: Business Performance - In Q3 2025, Guocheng Mining achieved a revenue of 1.718 billion yuan, ranking 9th in the industry out of 14 companies [2] - The company's net profit for the same period was 450 million yuan, placing it 8th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Guocheng Mining's debt-to-asset ratio was 58.82%, higher than the industry average of 50.54% [3] - The gross profit margin for Q3 2025 was 9.40%, significantly lower than the industry average of 25.75% [3] Group 3: Executive Compensation - The chairman, Wu Cheng, received a salary of 1.5 million yuan in 2024, unchanged from 2023 [4] - The general manager, Zhu Shengli, saw a substantial salary increase to 2.2 million yuan in 2024, up from 217,200 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.25% to 26,400 [5] - The average number of circulating A-shares held per shareholder decreased by 2.20% to 42,700 [5]

Summary of Guocheng Mining Conference Call Industry and Company Overview - **Company**: Guocheng Mining - **Industry**: Mining, specifically focusing on molybdenum and lithium resources Key Points and Arguments 1. **Acquisition and Financial Position**: Guocheng Mining sold Yubang Mining to raise funds and acquired the stable and high-quality Dazhuji Molybdenum Mine, enhancing its position as a major molybdenum player in the A-share market [2][4][5] 2. **Resource Reserves**: The company’s alumina reserves increased to 1.12 million tons, and lithium carbonate reserves are approximately 2 million tons, with mining capacity expanding from 1 million tons to a planned 5 million tons, indicating significant growth potential in lithium business [2][4][6] 3. **Molybdenum Price Trends**: Molybdenum prices have risen from 3,700-3,800 RMB/ton to 4,300-4,400 RMB/ton, with expectations for further increases, positively impacting Guocheng Mining's profitability [2][7] 4. **Future Profit Projections**: By 2028, under current price assumptions, molybdenum and lithium resources are expected to contribute 1.2 billion and 2 billion RMB in profits, respectively, leading to total profits exceeding 3.2 billion RMB, with potential to reach over 5 billion RMB with new asset injections [3][18] 5. **Operational Expansion**: The Dazhuji Molybdenum Mine has a high grade of 0.12% and an open-pit reserve of 140,000 tons, with plans to increase mining volume to 8 million tons, potentially contributing around 700 million RMB in equity profits annually [9][10][13] 6. **Lithium Business Growth**: The lithium business is projected to significantly contribute to future profits, with expectations of non-recurring profits reaching 500-600 million RMB this year, and 1.2-1.3 billion RMB next year [8][15] 7. **Market Conditions**: The molybdenum market is currently in an upward phase with low inventory levels and strong demand from the military and special steel sectors, suggesting continued price increases [14] 8. **Capital Operations**: Guocheng Mining has engaged in significant capital operations, including the sale of Yubang Mining and the acquisition of Dazhuji Molybdenum Mine, which have strengthened the company's fundamentals and investment value [5][11] 9. **Shareholder Influence**: Guocheng Group, holding 74% of the company, exerts strong control and has facilitated the company's turnaround through asset restructuring and capital operations [11] 10. **Other Business Segments**: The company also has interests in multi-metal resources, including lead, zinc, and sulfur, with stable profits expected from these segments [12][17] Additional Important Insights - **Future Catalysts**: Key upcoming events include the delivery and consolidation of the molybdenum mine and the potential approval of mining licenses for the lithium business, which could enhance market expectations [19][20] - **Cost Reduction Initiatives**: The company is implementing cost reduction measures to improve overall profitability, particularly in the lithium segment [8][12]

Core Insights - The titanium dioxide sector experienced a 0.73% increase, ranking fifth among concept sectors, with five stocks rising, including Zhenhua Co., which hit the daily limit, and Guocheng Mining, Tianyuan Co., and Jinpu Titanium, which rose by 8.45%, 6.23%, and 3.36% respectively [1] Group 1: Market Performance - The titanium dioxide concept saw a net inflow of 90 million yuan from main funds, with Tianyuan Co. leading the inflow at 86.26 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium with inflows of 76.28 million yuan, 46.07 million yuan, and 13.72 million yuan respectively [2][3] - The top stocks by net inflow ratio included Tianyuan Co. at 8.61%, Guocheng Mining at 5.65%, and Jinpu Titanium at 5.44% [3] Group 2: Stock Performance - Zhenhua Co. recorded a 10% increase, while Guocheng Mining and Tianyuan Co. rose by 8.45% and 6.23% respectively [1][3] - The stocks with the largest declines included Daon Co. at -9.32%, followed by Titan Chemical at -1.93% and Huiyun Titanium at -1.84% [1][4]

Core Insights - The industrial metal sector saw a slight increase of 0.31% on October 30, with Chang Aluminum leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Chang Aluminum (002160) closed at 6.25, up 10.04% with a trading volume of 2.1065 million shares and a transaction value of 1.291 billion [1] - Guocheng Mining (000688) closed at 17.20, up 8.45% with a trading volume of 481,000 shares and a transaction value of 815 million [1] - China Aluminum (601600) closed at 10.31, up 4.04% with a trading volume of 5.5071 million shares and a transaction value of 5.632 billion [1] - Nanshan Aluminum (600219) closed at 4.75, up 3.94% with a trading volume of 9.4189 million shares and a transaction value of 4.454 billion [1] Fund Flow Analysis - The industrial metal sector experienced a net outflow of 758 million from institutional investors, while retail investors saw a net inflow of 299 million [2] - Major stocks like China Aluminum and Chang Aluminum had varying net inflows and outflows from institutional and retail investors [3] - For instance, China Aluminum had a net inflow of 226 million from institutional investors but a net outflow of 15.68 million from retail investors [3]

Group 1 - The A-share market for lithium mining stocks has seen a significant rise, with notable stocks such as Tibet City Investment (600773) and Tianqi Lithium (002466) hitting the daily limit up [1] - Guocheng Mining (000688) also reached the daily limit up, while other companies like Ganfeng Lithium (002460), Tibet Mining (000762), Shengxin Lithium Energy, and Zhongkuang Resources (002738) experienced upward movement [1]

Group 1 - The A-share market for lithium mining stocks has seen a significant increase, with companies such as Tibet City Investment and Tianqi Lithium hitting the daily limit up [1] - Guocheng Mining also reached the daily limit up, while other companies like Ganfeng Lithium, Tibet Mining, Shengxin Lithium Energy, and Zhongkuang Resources experienced upward movement [1]