9月15日下午14:00 - 17:00，河钢资源通过全景网"投资者关系互动平台"（https://ir.p5w.net）以网络远程 的方式召开业绩说明会，接受投资者网上提问调研。公司总经理魏广民、董事会秘书赵青松、财务负责 人于超、独立董事王汀汀等接待人员对投资者提出的问题进行了回复。 责任编辑：小浪快报 投资者关系活动重要信息投资者活动关系类别：业绩说明会时间：2025年9月15日（周一）下午14:00 - 17:00地点：通过全景网"投资者关系互动平台"采用网络远程方式召开参与单位名称：投资者网上提问 上市公司接待人员姓名：总经理魏广民、董事会秘书赵青松、财务负责人于超、独立董事王汀汀 点击查看公告原文>> 投资者关系活动主要内容利润差异及成本问题：营业利润与净利润差异源于所得税费用及营业外净支 出，详情可见2025年半年度报告。销售费用与营业收入中同步扣除海运费。结算货币：主要结算货币为 美元，少量为南非兰特及欧元。与欧洲、美洲贸易主要用美元，销往欧洲的蛭石采用欧元结算。铜二期 项目：产量：设计采矿产能1100万吨/年，冶炼厂设计产能8万吨。预计2026年年底达产，规划年开采量 1100万吨。破碎机进 ...

证券代码：000923 证券简称：河钢资源 河钢资源股份有限公司 2025 年 9 月 15 日投资者关系活动记录表 编号：2025-09-15 谢谢提问，由于美国对南非加征 30%的关税，公司的蛭石部 分销售到美国市场，在关税生效期，公司已经在美国累库，今 年在美国的销售不存在影响，并密切关注关税政策。 23、公司目前铜业务收入占比多少？ 铜业务收入占比约 27% 24、请问总经理铜矿什么时候可以取代铁矿石成为主营业务 谢谢。 铜矿与铁矿石均为公司主营业务。 投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 9 月 15 日 (周一) 下午 14:00-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、总经理魏广民 2、董事会秘书赵青松 3、财务负责人于超 4、独立董事王汀汀 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进 ...

Investment Rating - The investment rating for the steel industry is Neutral, maintained [5] Core Insights - The steel industry continues to experience an oversupply situation, leading to a decline in steel prices and a year-on-year revenue decrease of 9% for the first half of 2025 and 8% for Q2 2025, although there was a quarter-on-quarter increase of 4% in Q2 [2][21] - On the cost side, the decline in raw material prices has been greater than that of finished steel, resulting in a year-on-year cost reduction of 11% for the first half of 2025 and 10% for Q2 2025, with a quarter-on-quarter increase of 3% in Q2 [2][24] - Profitability has significantly improved, with a year-on-year increase of 2540% in non-recurring profit for the first half of 2025 and 211% for Q2 2025, alongside a quarter-on-quarter increase of 47% [2][24] - The return on equity (ROE) for listed steel companies has shown recovery, with an ROE of 2.67% for the first half of 2025, up by 2.01 percentage points year-on-year, and 3.22% for Q2 2025, up by 1.87 percentage points year-on-year [2][24] Summary by Sections Revenue - The steel industry continues to face an oversupply, with revenues decreasing by 9% year-on-year in the first half of 2025 and 8% in Q2 2025, despite a quarter-on-quarter increase of 4% in Q2 [2][21][22] Cost - The cost of steel companies has decreased by 11% year-on-year in the first half of 2025 and by 10% in Q2 2025, with a quarter-on-quarter increase of 3% in Q2, driven by a larger decline in raw material prices compared to finished steel [2][24] Profit - Non-recurring profits have seen a substantial increase, with a year-on-year growth of 2540% in the first half of 2025 and 211% in Q2 2025, along with a quarter-on-quarter increase of 47% in Q2 [2][24] Return on Equity - The ROE for the steel industry has improved, reaching 2.67% in the first half of 2025, an increase of 2.01 percentage points year-on-year, and 3.22% in Q2 2025, an increase of 1.87 percentage points year-on-year [2][24]

Core Viewpoint - The company, Hebei Steel Resources, is a state-owned enterprise focused on mineral resource development and operations, with a diversified resource system including iron ore, copper, and vermiculite, showing strong competitive advantages in both local and international markets [1][2]. Group 1: Company Overview - Hebei Steel Resources was established in 1950 and listed on the Shenzhen Stock Exchange in 1999, with its headquarters in Zhangjiakou, Hebei Province [1]. - The company is indirectly controlled by Hebei Steel Group and operates through PMC for the mining, processing, and sales of copper, iron ore, and vermiculite, with a global market presence [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 1.707 billion in Asia and 837 million in Europe [1]. - The iron ore segment generated 1.83 billion in revenue, accounting for 64.84% of total revenue, with a high gross margin of 81.02% [1]. - The copper business contributed 26.63% to revenue with a gross margin of 18.44%, making the company one of the largest copper producers in South Africa [2]. - The vermiculite segment accounted for 6.55% of revenue, with a gross margin of 58.93%, and the company is a leading global producer of high-end vermiculite [2]. Group 3: Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.644 billion, 5.855 billion, and 6.137 billion respectively, with year-on-year growth rates of 1.11%, 3.74%, and 4.81% [3]. - Net profit forecasts for the same years are 602 million, 674 million, and 768 million, with growth rates of 6.25%, 12.10%, and 13.91% respectively [3]. - The company is expected to maintain a price-to-earnings ratio (PE) of 16.78x, 14.96x, and 13.14x for 2025, 2026, and 2027, indicating a premium compared to peers [3].

Market Overview - The steel raw materials sector increased by 1.45% on September 12, with Hebei Steel Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the steel raw materials sector showed the following performance: - Hebei Steel Resources (000923) closed at 16.52, up 2.93% with a trading volume of 175,600 shares and a turnover of 287 million yuan - Yidong Mining (601969) closed at 8.74, up 2.82% with a trading volume of 224,100 shares and a turnover of 193 million yuan - Other notable stocks include: - Dazhong Mining (001203) closed at 12.40, up 1.81% [1] Capital Flow - The steel raw materials sector experienced a net inflow of 151 million yuan from main funds, while retail investors saw a net outflow of 88.37 million yuan [1] - Detailed capital flow for selected stocks includes: - Hainan Mining (601963) had a main fund net inflow of 37.06 million yuan, but retail investors had a net outflow of 28.99 million yuan [2] - Fangda Carbon (600516) saw a main fund net inflow of 29.61 million yuan, with a retail net outflow of 42.71 million yuan [2] - Dazhong Mining (001203) had a main fund net inflow of 26.75 million yuan, while retail investors had a net inflow of 198,480 yuan [2]

Investment Rating - The report gives a "Buy" rating for the company, 河钢资源 (000923.SZ), based on its diversified resource system and strong market position [6][32][34]. Core Views - The company has a solid foundation in iron ore and is accelerating its layout in the copper sector. It operates a diversified resource system comprising iron ore, copper, and vermiculite, which provides a competitive edge in both local and international markets [1][6][12]. - The financial forecasts indicate a gradual recovery in revenue and profit growth from 2025 to 2027, with projected revenues of 56.44 billion yuan, 58.55 billion yuan, and 61.37 billion yuan, respectively [2][33]. Summary by Sections 1. Company Overview - 河钢资源 is a state-owned enterprise controlled by 河钢集团, focusing on mineral resource development and operations. The company has a strong global presence, with significant operations in South Africa [6][9][12]. 2. Business Layout - The company has a diversified resource portfolio, with iron ore contributing 64.84% to revenue and maintaining a high gross margin of 81.02%. The copper segment accounts for 26.63% of revenue, with a gross margin of 18.44%. Vermiculite contributes 6.55% to revenue, with a gross margin of 58.93% [12][22][30]. 3. Financial Data - In the first half of 2025, the company reported revenues of 28.22 billion yuan, a year-on-year decrease of 13.33%. The net profit attributable to shareholders was 2.62 billion yuan, down 45.11% year-on-year. The company has implemented cost control measures to stabilize expenses [15][24][32]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 56.44 billion yuan in 2025, with a growth rate of 1.11%. The net profit is projected to be 6.02 billion yuan, reflecting a growth rate of 6.25% [2][33]. The report suggests that the company has a premium valuation compared to its peers, with projected P/E ratios of 16.78x, 14.96x, and 13.14x for 2025-2027 [34].

证券之星消息，9月11日冶钢原料板块较上一交易日上涨0.57%，河钢资源领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000923 | 河钢资源 | 16.05 | 3.82% | 18.21万 | 2.89亿 | | 001203 | 大中矿业 | 12.18 | 1.42% | 14.09万 | 1.70亿 | | 600382 | 广东明珠 | 6.13 | 0.99% | 7.65万 | 4650.01万 | | 000629 | 钢钛股份 | 2.91 | 0.34% | 110.38万 | 3.20亿 | | 000655 | 金岭矿业 | 9.05 | 0.33% | 9.06万 | 8148.11万 | | 600295 | 鄂尔多斯 | 9.92 | 0.20% | 5.79万 | 5733.71万 | | 601969 | 后起越奥 | 8 ...

Group 1 - The company, Hebei Iron and Steel Resources Co., Ltd., will participate in the 2025 online collective reception day for investors in Hebei province, along with a half-year performance briefing [1][2] - The event is organized by the Hebei Listed Companies Association and Shenzhen Panorama Network Co., Ltd., aimed at enhancing interaction with investors [1] - The online event will take place on September 15, 2025, from 15:00 to 17:00, and investors can join via the "Panorama Roadshow" website or its mobile app [1] Group 2 - Key company representatives, including the General Manager and other executives, will address investor concerns regarding company performance, governance, development strategy, operational status, and sustainability [2] - The company encourages active participation from investors during this interactive session [2]

证券代码：000923 证券简称：河钢资源 公告编号：2025-26 河钢资源股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体接待日 暨 2025 年半年报业绩说明会的公告 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。 为进一步加强与投资者的互动交流，河钢资源股份有限公司有限公司(以下 简称 "公司")将参加由河北上市公司协会与深圳市全景网络有限公司联合举办 的"2025 年度河北辖区上市公司投资者网上集体接待日暨 2025 年半年报业绩说 明会活动"，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 9 月 15 日(周一)15:00-17:00。 届时公司董事、总经理魏广民，董事、副总经理兼董事会秘书赵青松，财务 负责人于超，独立董事王汀汀将在线就公司业绩、公司治理、发展战略、经营状 况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参 ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the performance of the gold sector [3][4]. Core Insights - The report indicates that the gold sector is expected to benefit from rising interest rate cut expectations, with a long-term trend of central bank gold purchases anticipated due to low current gold reserves in China [4][23]. - The industrial metals segment shows a mixed performance, with copper prices expected to remain strong due to supply constraints and increasing demand from sectors like home appliances and power grid investments [4][36]. - The aluminum market is projected to experience a long-term upward trend in prices, supported by tightening supply-demand dynamics and potential policy support [4][49]. Weekly Market Review - The Shanghai Composite Index fell by 1.18%, while the non-ferrous metals index rose by 2.12%, outperforming the Shanghai Composite by 2.93 percentage points [5][11]. - Precious metals saw a significant increase, with gold prices rising by 3.52% and silver by 1.87% [4][17]. - Year-to-date performance shows precious metals up by 60.89%, aluminum by 23.36%, and copper by 60.11% [11][12]. Price Changes and Key Company Valuations - The report details price changes for various metals, with copper at $9,898 per ton, aluminum at $2,601 per ton, and gold at $3,640 per ounce [17][20]. - Key companies in the sector include Zijin Mining, Shandong Gold, and Huayou Cobalt, with respective valuations and earnings projections provided [20][21]. Supply and Demand Analysis - Copper supply is tightening, with domestic social inventory increasing to 141,000 tons, while demand remains robust with operating rates for copper products showing slight increases [36][49]. - The aluminum sector is experiencing a rise in downstream processing rates, with a current operating rate of 61.70% [49][51]. - Steel production is affected by short-term production limits in Hebei, leading to a decrease in output and an increase in steel prices [4][73].