中矿资源集团股份有限公司 2025 年半年度报告全文 中矿资源集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 中矿资源集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人王平卫、主管会计工作负责人姜延龙及会计机构负责人(会计主管人员)姜 延龙声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 公司存在的风险因素，敬请广大投资者注意。详细内容见本报告"第三节管理层讨论 与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社 ...

Group 1 - The stock price of Zhongmin Resources is reported at 40.77 yuan, down 0.86 yuan or 2.07% from the previous trading day [1] - The stock reached a high of 42.45 yuan and a low of 40.62 yuan during the trading session, with a volatility of 4.40% [1] - The total trading volume for the day was 311,241 hands, with a total transaction amount of 1.282 billion yuan [1] Group 2 - Zhongmin Resources specializes in the exploration and development of mineral resources, focusing on non-ferrous metals such as lithium and cesium [1] - The company is registered in Beijing and operates within the energy metals industry [1] Group 3 - On August 20, Zhongmin Resources experienced a rapid decline, with a drop of over 2% within five minutes, reaching a price of 41.55 yuan at 10:03 AM, with a transaction amount of 369 million yuan at that time [1] - The net outflow of main funds for the day was 13.41 million yuan, with a cumulative net outflow of 81.92 million yuan over the past five trading days [1]

Core Viewpoint - The lithium industry is experiencing significant performance divergence among companies, driven by low lithium carbonate prices, highlighting the importance of resource advantages and cost control capabilities for sustainable development [1][2]. Group 1: Performance Forecasts - Companies like Tianqi Lithium and Cangge Mining expect to achieve profitability in the first half of 2025, with Tianqi Lithium projecting a net profit of up to 155 million yuan, a 102.98% increase from the previous year [2]. - Zhongkuang Resources anticipates a net profit of 65 to 90 million yuan, representing a decline of approximately 80.97% to 86.26% compared to the previous year's 473 million yuan [2]. - Companies such as Ganfeng Lithium and Shengxin Lithium are expected to report losses, with Shengxin Lithium forecasting a loss of 720 to 850 million yuan, compared to a loss of 187 million yuan in the same period last year [2][3]. Group 2: Market Dynamics - The decline in lithium prices is cited as a primary reason for the performance downturn, with Ganfeng Lithium noting that the sales prices of lithium salts and battery products have continued to drop [3]. - The average price of battery-grade lithium carbonate was reported at 79,500 yuan per ton as of August 12, remaining below 100,000 yuan per ton [4]. - Analysts predict that the lithium market may achieve supply-demand balance next year, with potential price recovery, although the industry must first undergo a capacity clearing process [4]. Group 3: Strategic Adjustments - Companies are actively adjusting their operational strategies to cope with the downturn, focusing on cost reduction and efficiency improvements [6]. - Ganfeng Lithium is increasing production capacity through low-cost projects and technological advancements, while Tianqi Lithium is enhancing its internal control structure and management efficiency [6]. - Some companies are strategically increasing resource investments despite short-term cost pressures, positioning themselves for future price rebounds [7].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [5][7]. Core Views - The report highlights that supply disruptions and expectations of interest rate cuts are likely to support commodity prices in the near term [1][2]. - Industrial metals are expected to see price increases due to the upcoming "golden September and silver October" season, despite some weakness in demand [2][3]. - Energy metals, particularly cobalt and lithium, are projected to experience price increases due to supply constraints and strong demand [3]. - Precious metals are anticipated to rise in price, driven by central bank gold purchases and changing tariff policies [4]. Summary by Sections Industrial Metals - The report notes that copper prices are supported by rising production rates and demand from downstream cable consumption, with the SMM import copper concentrate index showing a slight increase [2][3]. - Aluminum production remains high, but demand is weak, leading to an increase in social inventory [2][21]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][5]. Energy Metals - Cobalt prices are expected to rise due to supply shortages, while lithium prices are also increasing due to tight supply conditions [3]. - Key companies recommended include Huayou Cobalt and Ganfeng Lithium [3]. Precious Metals - Gold prices are expected to rise due to ongoing central bank purchases and geopolitical uncertainties, with a target of breaking the $3,500 per ounce mark [4]. - Key companies recommended include Shandong Gold and Zhongjin Gold [4][5].

Market Performance - The small metals sector increased by 2.32% on August 15, with Baowu Magnesium leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Baowu Magnesium (002182) closed at 13.22, up 5.00% with a trading volume of 388,500 shares and a transaction value of 508 million [1] - Shenghe Resources (600392) closed at 23.18, up 4.79% with a trading volume of 2,325,500 shares and a transaction value of 5.366 billion [1] - Zhongkuang Resources (002738) closed at 41.46, up 4.14% with a trading volume of 266,400 shares and a transaction value of 1.092 billion [1] - Other notable performers include Jinyao Co. (601958) up 4.08%, and China Tungsten High-tech (000657) up 3.72% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.028 billion from institutional investors, while retail investors experienced a net outflow of 395 million [1] - Major stocks like Shenghe Resources and Baowu Magnesium had significant net inflows from institutional investors, indicating strong interest [2] - Retail investors showed a net outflow in several stocks, including Shenghe Resources and Zhongkuang Resources, suggesting a cautious sentiment among retail participants [2]

Core Insights - The rare metals theme index rose by 2.12% as of August 15, 2025, with significant gains in constituent stocks such as Zhongke Sanhuan (up 8.73%) and Platinum New Materials (up 8.02%) [1][3] - The rare metals ETF (562800) also saw a half-day increase of 2.12%, indicating strong market interest [1] Trading Activity - The rare metals ETF had a turnover rate of 4.49% with a half-day trading volume of 64.58 million yuan [3] - Over the past week, the ETF averaged daily trading of 127 million yuan, ranking first among comparable funds [3] - The ETF's scale increased by 143 million yuan in the past week, also the highest among comparable funds [3] - The ETF's shares grew by 19.5 million in the past week, marking significant growth and leading in new share issuance among comparable funds [3] - In the last five trading days, the ETF attracted a total of 125 million yuan in inflows [3] Performance Metrics - As of August 14, 2025, the rare metals ETF's net value increased by 65.05% over the past year, ranking 354 out of 2961 index stock funds, placing it in the top 11.96% [3] - The ETF achieved a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative increase of 29.68% [3] - The average return during rising months was 8.13% [3] - The ETF outperformed its benchmark with an annualized excess return of 8.17% over the past three months [3] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the rare metals theme index included Northern Rare Earth, Salt Lake Co., Luoyang Molybdenum, and others, collectively accounting for 55.85% of the index [3] Market Developments - The shutdown of the world's largest single lithium mica mine operated by CATL due to expired mining licenses is expected to increase lithium prices and reduce supply, impacting manufacturers of cathode materials, battery manufacturers, and end vehicle manufacturers [4] - Despite a currently relaxed lithium carbonate market, the uncertainty in resource availability reinforces the "lithium scarcity" narrative, favoring leading companies with compliant mining licenses [4] - Tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while international supply increases are below expectations [5]

Market Overview - The small metals sector experienced a decline of 0.4% on August 14, with Zhongkuang Resources leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Notable gainers included: - Northern Rare Earth (600111) with a closing price of 38.35, up 2.02% and a trading volume of 2.8679 million shares, totaling 10.997 billion yuan [1] - Huaxi Nonferrous (600301) closed at 25.76, up 1.94% with a trading volume of 219,500 shares, totaling 571 million yuan [1] - Major decliners included: - Zhongkuang Resources (002738) closed at 39.81, down 3.70% with a trading volume of 295,200 shares, totaling 1.194 billion yuan [2] - Tian Gong Co. (920068) closed at 19.90, down 2.93% with a trading volume of 57,400 shares, totaling 1.15 billion yuan [2] Capital Flow Analysis - The small metals sector saw a net outflow of 36.8741 million yuan from institutional investors, while retail investors had a net inflow of 166 million yuan [2] - Specific stock capital flows included: - Northern Rare Earth had a net inflow of 736 million yuan from institutional investors, while retail investors saw a net outflow of 471 million yuan [3] - Yunnan Province (002428) had a net inflow of 41.9803 million yuan from institutional investors, with retail investors experiencing a net outflow of 15.5967 million yuan [3]

Summary of Conference Call on Lithium Carbonate Market Industry Overview - The conference call focuses on the lithium carbonate industry, particularly the supply disruptions and price fluctuations affecting the market [1][2][3]. Key Points and Arguments 1. **Supply Disruptions**: - Ningde Times' Yichun mine has ceased operations due to the expiration of mining rights, requiring re-approval, with a recovery time expected to be at least three months, potentially extending to six months, impacting approximately 5% of annual lithium carbonate supply [1][3][5]. - The current policy environment is tightening, with local government requiring new resource reports, complicating the recovery process for the Yichun mine [1][5]. - Other mines are also facing similar re-approval processes, leading to ongoing supply disturbances until at least the end of September [1][6]. 2. **Price Trends**: - Lithium carbonate prices have rebounded quickly to over 80,000 yuan, with expectations of rising to between 90,000 and 100,000 yuan in the short term [2][14]. - If prices stabilize above 100,000 yuan, it may incentivize the resumption of high-cost Australian mines, although the scale of this potential increase remains uncertain [1][9]. 3. **Demand Outlook**: - Downstream demand is expected to remain neutral, with stable growth rates of approximately 35-40% for energy storage and 25% for electric vehicles by 2025 [12]. - Significant supply disruptions could shift the market from surplus to a tight balance, particularly if major mines in Yichun and Qinghai are fully halted [12][13]. 4. **Market Dynamics**: - Recent market strength in lithium carbonate is attributed to event-driven factors, particularly the shutdown of Ningde Times' Yichun mine, which has led to a surge in stock prices across the lithium sector [3][4]. - The overall supply-demand balance is shifting towards a tighter market due to both domestic and international supply constraints, including issues at the overseas Albemarle mine in Chile [11][10]. 5. **Investment Opportunities**: - Recommended investment targets include stable companies like Zhongkuang Resources, flexible companies like Ganfeng Lithium and Tianqi Lithium, and smaller high-potential firms like Shunxin Mining and Jiangte Electric [2][19][24]. - The current market environment presents opportunities for investors, particularly if lithium prices continue to rise [19][24]. 6. **Future Price Projections**: - Short to medium-term projections suggest lithium carbonate prices will remain between 90,000 and 100,000 yuan, with a long-term upward trend dependent on supply and demand dynamics [14][24]. - The industry is expected to see a recovery in performance if lithium prices stabilize and do not experience significant fluctuations [22]. Additional Important Insights - The tightening of policies and the need for new resource reports indicate a more stringent regulatory environment that could hinder rapid recovery in lithium production [5][6]. - The potential for supply disruptions from both domestic and international sources highlights the volatility in the lithium market, necessitating careful monitoring of developments [11][12]. - Historical trends suggest that the current price movements may not revert to previous lows, indicating a shift in market dynamics influenced by both supply constraints and demand growth [14][15].

Summary of Zhongmin Resources Conference Call Industry and Company Overview - **Company**: Zhongmin Resources - **Industry**: Lithium and minor metals mining, copper mining Key Points and Arguments Lithium Market Dynamics - A recent mine shutdown may shift the lithium carbonate market from surplus to shortage, potentially maintaining prices between 80,000 to 90,000 RMB, with further upside possible [2][3] - The shutdown of a lithium mica mine in Jiangxi has significantly impacted market supply, changing the monthly surplus from 3,000-4,000 tons to a potential shortage of 1,000-3,000 tons [3] Lithium Business Profitability - The Bikita mine in Zimbabwe has an annual capacity of 50,000 tons of lithium carbonate equivalent, with a production cost of approximately 60,000 RMB per ton, yielding a net profit of at least 10,000 RMB per ton at current prices [2][4] - The market valuation target for the lithium business is estimated to reach between 10 billion to 15 billion RMB [5] Minor Metals Business Growth - The salt business contributed approximately 500 million RMB in net profit last year, with an expected growth of over 20% this year [2][6] - The Namibia germanium business is projected to generate an annual net profit of 200-300 million RMB next year, with a target of over 1 billion RMB in net profit by 2026 [6] Copper Mining Project Potential - The Kasumba copper mine in Zambia has reserves exceeding 900,000 tons, with a planned annual capacity of 60,000 tons of copper, expected to start production in 2026 [2][7] - The project is anticipated to generate an annual net profit of 800 million RMB based on current copper prices [7] Diversification and Risk Management - Zhongmin Resources' diversified operations in lithium, minor metals, and copper enhance its risk resilience and earnings flexibility, raising the overall market valuation target to 38 billion RMB [2][8] Management Background and Impact - The management team has extensive experience in geological exploration, which has facilitated the company's strategic acquisitions and diversification into various mining sectors [9][10] Production Cost Advantages - The production cost for lithium salts in Africa is approximately 60,000 RMB per ton, with ongoing cost reduction measures expected to lower this further [16][17] Future Plans and Market Expansion - The company plans to build a lithium sulfate plant in Zimbabwe, which could reduce production costs by at least 5,000 RMB per ton if successful [17] - The Tanco mine in Canada is undergoing upgrades to increase its lithium production capacity, although its current contribution is limited [18] Valuation Assessment - The valuation methodology includes segment-based assessments, estimating the lithium business at 15 billion RMB, minor metals at 15 billion RMB, and copper at 8 billion RMB, leading to a total market valuation target of 38 billion RMB, indicating over 25% upside potential from the current valuation [20]

8月12日，A股三大指数早间小幅高开。深证成指、创业板指盘初跳水翻绿，随后大幅拉升。截至发稿，三大指数集体飘红。 | 3662.31 | | --- | 盘面上，上午大金融持续发力，医疗保健、贵金属、煤炭、航运等板块走高，光模块、消费电子代工、鸡产业等概念股活跃；稀土、锂 矿板块明显回调。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 医疗器械 2.79% | 光模块(CPO) 1.92% | 脑机接口 1.87% | 鸡产业 1.67% | | 射频及天线 1.66% | 消费电子代工 1.49% | 液冷服务器 1.30% | 央企银行 1.16% | | 航运 1.14% | 煤炭开采 1.07% | 锂电正极 -1.30% | 硅脂源 -1.33% | | 超硬材料 -1.36% | 水泥制造 -1.38% | PEEK材料 -1.45% | 卫星互联网 -1.50% | | 锂矿 -1.83% | 培育钻石 -1.85% | 點期標題 -1.90% | 稀土 -2.03% | 港股市场上午窄幅震荡，截至发稿，三大指数小幅下跌；康师傅控股跌超3%，领 ...