锂矿概念震荡走高，大中矿业涨停，芳源股份、盛新锂能、欣旺达、盐湖股份等涨幅居前。 ...

Core Viewpoint - The company has obtained a mining license for the Hunan Jijia Mountain lithium mine, marking its first large-scale lithium mining license, with significant resource and production potential [1] Group 1: License and Resource Details - The mining license is valid for 30 years and was issued by the Ministry of Natural Resources [1] - The lithium resource amount is reported to be 48,987.2 million tons, equivalent to approximately 324.43 thousand tons of lithium carbonate [1] - The approved open-pit mining scale is 20 million tons per year, which can produce 80 thousand tons of lithium carbonate annually based on industry experience and company tests [1] Group 2: Strategic Implications - The acquisition of this license highlights the company's strategic move into the lithium mining sector, leveraging its resource advantages [1] - The scale of the mining operation positions the company favorably within the growing lithium market, which is critical for battery production and electric vehicle industries [1]

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-117 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 2、采矿权人：郴州市城泰矿业投资有限责任公司 3、企业类型：有限责任公司 4、矿山名称：郴州市城泰矿业投资有限责任公司湖南省临武县鸡脚山矿区 通天庙矿段锂矿 5、矿山地址：湖南省郴州市临武县 大中矿业股份有限公司 关于全资孙公司取得湖南鸡脚山锂矿采矿许可证的公告 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。 大中矿业股份有限公司（以下简称"公司"）全资孙公司郴州市城泰矿业投 资有限责任公司（以下简称"郴州城泰"）于近日取得了自然资源部核发的湖南 鸡脚山锂矿期限为 30 年的《采矿许可证》。据此前通过自然资源部评审的《湖 南省临武县鸡脚山矿区通天庙矿段锂矿矿产资源开发利用方案》，该矿开采方式 为先露天开采、后地下开采，露天开采规模为 2,000 万吨/年，地下开采规模为 800 万吨/年。根据行业经验及公司试验，湖南鸡脚山锂矿每年 2,000 万吨原矿 开采可生产 8 万吨碳 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 3.025 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.60%. However, the net profit attributable to shareholders decreased by 10.67% to 594 million yuan [5][18]. - The decline in performance is primarily attributed to the drop in iron concentrate prices, which fell by 10.59% year-on-year for the first three quarters [5][18]. - The company is focusing on its core iron ore business while developing lithium mining as a new growth driver, with significant resources and production capacity in both sectors [6][14]. Company Overview - The latest closing price of the company's stock is 15.04 yuan, with a total market capitalization of 22.7 billion yuan [4]. - The company has a debt-to-asset ratio of 57.8% and a price-to-earnings ratio of 29.49 [4]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.053 billion yuan, with a net profit of 188 million yuan, reflecting a year-on-year increase of 4.88% in revenue but a decrease of 6.93% in net profit [5][18]. - The average price of iron concentrate decreased by 5.29% year-on-year in Q3 2025, although it showed a quarter-on-quarter increase of 3.35% [5][18]. Lithium Mining Development - The company owns two major lithium mines, with a total lithium resource of 530 million tons and a lithium carbonate equivalent of over 4.72 million tons [7][14]. - The Hunan Jijiashan lithium mine is set to invest 1.762 billion yuan in a project expected to process 20 million tons of multi-metal resources annually, with production anticipated to start in 2026 [7][15]. - The Sichuan Jiada lithium mine's extraction plan has been approved, aiming for an annual production capacity of 2.6 million tons, which can yield approximately 50,000 tons of lithium carbonate [7][15]. Profitability Outlook - The company expects steady growth in profitability, with projected revenues of 4.024 billion yuan in 2025, 4.322 billion yuan in 2026, and 5.018 billion yuan in 2027, reflecting year-on-year growth rates of 4.72%, 7.41%, and 16.10% respectively [9][11]. - The net profit attributable to shareholders is forecasted to be 799 million yuan in 2025, 859 million yuan in 2026, and 1.070 billion yuan in 2027, with corresponding growth rates of 6.41%, 7.44%, and 24.62% [9][11].

Core Insights - Dazhong Mining's subsidiary has successfully passed the expert review for the mining plan of the Jiada Lithium Mine, marking a significant breakthrough in the company's lithium mining strategy [1][2] Group 1: Mining Project Details - The exploration area for the Jiada Lithium Mine is 21.2247 square kilometers, with the first mining area covering 2.056 square kilometers [1] - The approved lithium ore resource in the first mining area is 43.436 million tons, with an average grade of 1.38%, translating to approximately 148.42 thousand tons of lithium carbonate equivalent [1] - The mining plan involves underground mining with a scale of 2.6 million tons per year, which is expected to produce about 50 thousand tons of lithium carbonate annually once fully operational [1] Group 2: Technological Advancements - The Jiada Lithium Mine project has set industry records in technical aspects, following the success of the Hunan lithium project, which achieved a monthly excavation record of 1,101 meters [2] - The successful review of the mining plan further validates the company's technical integration capabilities under complex geological conditions, providing experience for large-scale development [2] Group 3: Company Overview and Strategy - Dazhong Mining's main business includes iron ore mining and processing, with a resource reserve of 690 million tons and an annual production capacity of approximately 14.8 million tons [2] - Since 2022, the company has accelerated its entry into the lithium mining sector, establishing a dual-track strategy of "traditional energy + new energy" [2] - The approval of the mining plan is a critical step in advancing the application for mining rights at the Jiada Lithium Mine, indicating significant progress in the project [2]

Core Viewpoint - Dazhong Mining's subsidiary has successfully passed the expert review for the mining plan of the Gada Lithium Mine, marking a significant milestone in the project development [1] Group 1: Project Development - The mining plan submitted by Anhui Dazhong New Energy Investment Co., Ltd. has been approved by the expert panel organized by the Ministry of Natural Resources [1] - The approved mining method for the Gada Lithium Mine is underground mining, with an annual extraction capacity of 2.6 million tons [1] - Upon reaching full production, the mine is expected to yield approximately 50,000 tons of lithium carbonate per year [1]

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-116 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于全资子公司《加达锂矿矿产资源开采方案》通过专家审查的公告 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。 《开采方案》编制符合《矿产资源开采方案临时服务指南》要求，同意通过 1 审查。 二、对公司的影响及风险提示 公司全资子公司所属的四川加达锂矿探矿权勘查面积为 21.2247 平方公里。 首采区（2.056 平方公里）已通过自然资源部评审备案的锂矿资源矿石量为 4,343.60 万吨，平均品位为 1.38%，Li2O 矿物量为 60.09 万吨，折合碳酸锂当量 约为 148.42 万吨。首采区之外资源增储潜力较大。 近日，大中矿业股份有限公司（以下简称"公司"）全资子公司安徽省大中 新能源投资有限责任公司提交的《加达锂矿矿产资源开采方案》（以下简称"《开 采方案》"）通过了自然资源部油气资源战略研究中心组织的专家审查，并出具 了专家组审查意见。现将 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Viewpoint - The company has reported significant changes in its financial metrics for the third quarter, indicating both growth in certain areas and challenges in others, particularly in cash flow and investment activities [3][7]. Financial Data Summary - The company experienced a 78.78% increase in cash and cash equivalents compared to the end of the previous year, attributed to operational accumulation [6]. - Accounts receivable increased by 169.79%, reflecting a rise in credit limits [6]. - The company reported a 370.87% increase in investment income, primarily due to higher earnings from equity method accounting for a subsidiary [6][7]. - The company’s total liabilities saw a significant increase in accounts payable, which rose by 409.25% due to increased purchases of raw materials [6]. Non-Recurring Gains and Losses - The company reported non-recurring gains primarily from tax refunds and VAT reductions, although specific amounts were not detailed [4]. Shareholder Information - As of September 30, 2025, the company’s repurchase account held 41,483,448 shares, representing 2.75% of total shares, making it one of the top ten shareholders [8]. Other Important Matters - The company’s wholly-owned subsidiary obtained a mining license for the Zhouyoufang Iron Mine, increasing its production capacity from 450 million tons to 650 million tons per year, marking a significant advancement in its iron ore expansion efforts [9]. - A change in the board of directors occurred with the election of a new vice chairman following the resignation of a previous director [10]. - The company paid interest on its convertible bonds on August 18, 2025, with a coupon rate of 1.00% [11].

Core Viewpoint - The company reported a slight increase in revenue for the first three quarters of 2025, but experienced a decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 3.025 billion yuan, representing a year-on-year growth of 1.60% [1] - The net profit attributable to shareholders of the listed company was 594 million yuan, showing a year-on-year decrease of 10.28% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 592 million yuan, down 8.65% year-on-year [1] - The basic earnings per share stood at 0.39 yuan [1]