Core Viewpoint - The report highlights the challenges faced by Zhongkuang Resources due to declining lithium prices, while the cesium and rubidium salt segment remains a stable performance driver, leading to a "buy" rating for the company [1] Financial Performance - In the first half of 2025, Zhongkuang Resources achieved operating revenue of 3.267 billion yuan, a year-on-year increase of 34.89% [2] - The net profit attributable to shareholders was 89 million yuan, down 81.16% year-on-year, with a non-recurring net profit of 8 million yuan, down 98.31% year-on-year [2] - In Q2 2025, the company reported operating revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [2] Lithium Business Challenges - The company sold 17,869 tons of lithium salts in the first half of 2025, a year-on-year increase of approximately 6.37% [3] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton, while battery-grade lithium carbonate prices dropped by 32.15% year-on-year to 70,385.38 yuan/ton [3] - Revenue from the lithium battery raw materials segment decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [3] Cesium and Rubidium Segment Growth - The cesium and rubidium salt segment generated operating revenue of 708 million yuan, a year-on-year increase of 50.43%, with gross profit of 511 million yuan, up 50.15% [4] - The fine chemical business for cesium and rubidium salts achieved revenue of 407 million yuan, a year-on-year increase of 24.93% [4] - The formic acid cesium rental business saw revenue growth of 107.63% to 301 million yuan [4] Mining and Resource Development - The company is leveraging its geological exploration advantages to enhance mining rights development, with progress in copper and other multi-metal layouts [5] - The Kitumba copper mine project has completed preliminary design work, with a planned capacity of 350 million tons/year for raw ore and 60,000 tons/year for cathode copper [5] - The Tsumeb project in Namibia is set to produce 33 tons/year of germanium and 11 tons/year of gallium, with construction of the first rotary kiln underway [5] Investment Outlook - The company maintains a leading position in the global cesium and rubidium market, with stable growth in performance [6] - Future improvements in the lithium battery raw materials segment are anticipated as lithium prices recover from recent lows [6] - The strategic layout in multi-metals, including the Zambian copper mine and Namibian recycling project, is expected to contribute significantly to future earnings growth [6]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's lithium business is under pressure due to falling lithium prices, while the cesium and rubidium salt segment supports overall performance [1][5] - The company achieved a revenue of 3.267 billion yuan in the first half of 2025, a year-on-year increase of 34.89%, but net profit attributable to shareholders decreased by 81.16% to 89 million yuan [4] - The cesium and rubidium salt segment saw a revenue increase of 50.43% to 708 million yuan, indicating strong performance in this area [4][5] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [4] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton in the first half of 2025 [4] - The lithium battery raw material segment's revenue decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [4] Business Segment Performance - The cesium and rubidium salt segment's gross profit increased by 50.15% to 511 million yuan, with the fine chemical business contributing significantly [4] - The company is enhancing its lithium salt production capacity through technological upgrades and new projects, aiming for a total capacity of 418,000 tons/year of lithium concentrate and 71,000 tons/year of battery-grade lithium salt [4][5] - The company is making progress in its copper and multi-metal strategic layout, with ongoing projects in Zambia and Namibia [4]

Core Viewpoint - Zhongkuang Resources reported a significant increase in revenue for the first half of 2025, but a substantial decline in net profit and earnings per share [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 3.267 billion yuan, representing a year-on-year increase of 34.89% [2] - The net profit attributable to shareholders was about 89.13 million yuan, showing a year-on-year decrease of 81.16% [2] - Basic earnings per share were 0.1235 yuan, which also reflects a year-on-year decrease of 81.16% [2]

Group 1 - The company, Zhongmin Resources, held its 18th meeting of the 6th Board of Directors on August 21, 2025, to review the 2025 semi-annual report [2] - For the first half of 2025, the company's revenue composition was as follows: 40.01% from lithium battery new energy raw material development and utilization, 21.67% from rare light metal (cesium and rubidium) resource development and utilization, 21.11% from other business income, 16.83% from trade, and 0.38% from solid mineral exploration technical services [2]

Group 1 - The company reported a revenue of 3.267 billion yuan, representing a year-on-year increase of 34.89% [1] - The net profit attributable to shareholders of the listed company was 89.1289 million yuan, showing a year-on-year decline of 81.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.75 million yuan, reflecting a year-on-year decrease of 98.31% [1]

Core Viewpoint - The document outlines the information disclosure management system of Zhongmin Resources Group Co., Ltd., emphasizing the importance of timely, accurate, and complete information disclosure to protect the rights of investors and other stakeholders [1][2][3]. Group 1: General Principles of Information Disclosure - The company must ensure that all disclosed information is truthful, accurate, complete, and understandable, avoiding any misleading statements or omissions [4][5]. - Information disclosure obligations apply to the company, its directors, senior management, shareholders, and other relevant parties [2][3]. - The company is required to disclose information simultaneously to all investors, ensuring no selective disclosure occurs [6][7]. Group 2: Fair Information Disclosure - The company must adhere to the principle of fair disclosure, ensuring all investors have equal access to significant information [13][14]. - Any communication with specific parties, such as analysts or institutional investors, must not include undisclosed material information [15][16]. - The company should conduct investor meetings and presentations in a manner that allows all investors to participate equally [18][19]. Group 3: Content and Standards of Disclosure - The company is obligated to disclose periodic reports, including annual and semi-annual reports, which must contain essential financial and operational information [26][27]. - Significant events that could impact the company's stock price must be disclosed immediately, including changes in management, financial performance, or legal issues [45][46]. - The company must ensure that all disclosures comply with relevant laws and regulations, including those set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [12][13]. Group 4: Management of Disclosure Affairs - The board of directors is responsible for overseeing the company's information disclosure practices, with the chairman being the primary responsible person [54][55]. - The company must maintain a dedicated securities affairs department to manage disclosure activities and ensure compliance with regulations [60][61]. - All employees involved in the disclosure process must be diligent and ensure timely reporting of any significant information [62][63].

General Principles - The purpose of the insider information management system is to standardize the management of insider information, improve confidentiality, and ensure fair and just information disclosure in accordance with relevant laws and regulations [1][2] - The board of directors is responsible for managing insider information, ensuring accurate and complete records of insider information personnel, with the chairman bearing primary responsibility [2][3] Scope of Insider Information - Insider information refers to non-public information that could significantly impact the company's operations, finances, or stock market prices [3][4] - Examples of insider information include major changes in business strategy, significant asset transactions exceeding 30% of total assets, and major losses or debts [4][5] Registration and Record-Keeping of Insider Information Personnel - Insider information personnel must report any insider information to the board secretary immediately, who will then inform them of confidentiality obligations [6][7] - The company must maintain accurate records of insider information personnel, including their names, relationships to the company, and the nature of the insider information they are privy to [9][13] Confidentiality Management - Insider information personnel are prohibited from disclosing insider information before it is publicly announced and must not use such information for personal gain [20][21] - The company must ensure that confidentiality agreements are signed before disclosing any insider information to personnel [20][22] Accountability and Penalties - The company will impose penalties on insider information personnel who leak information or engage in insider trading, which may include disciplinary actions or legal consequences [15][17] - The company reserves the right to pursue legal action against any party that causes damage through unauthorized disclosure of insider information [15][16]

中矿资源集团股份有限公司 投资者关系管理制度（2025 年 8 月修订） 第一章 总则 第一条 为进一步完善中矿资源集团股份有限公司（以下简称"公司"）治理 结构，规范公司投资者关系管理工作，加强公司与投资者及潜在投资者（以下统 称"投资者"）之间的有效沟通，促进公司和投资者之间长期、稳定的良好关系， 切实保护投资者特别是中小投资者合法权益，根据《中华人民共和国公司法》 （以 下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上 市公司投资者关系管理工作指引》《深圳证券交易所股票上市规则》（以下简称 "《股票上市规则》"）《深圳证券交易所上市公司自律监管指引第1号——主板 上市公司规范运作》（以下简称"《规范运作指引》"）等法律、法规、规章、规 范性文件及《中矿资源集团股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指上市公司通过便利股东权利行使、信息披露、 互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资 者对上市公司的了解和认同，以提升上市公司治理水平和企业整体价值，实现尊 重投资者、回报投资 ...

Core Points - The article outlines the revised working rules of the Audit Committee of Zhongmin Resources Group Co., Ltd. to enhance the board's decision-making capabilities and ensure effective supervision of financial and operational activities [1][19] - The Audit Committee is established as a specialized body under the board of directors, responsible for communication, supervision, and verification of internal and external audits [1][2] Group 1: General Provisions - The Audit Committee aims to strengthen the company's internal control system and protect the rights of shareholders and stakeholders [1] - The committee operates independently and is not subject to interference from other departments within the company [2] Group 2: Composition of the Committee - The Audit Committee consists of three directors, including two independent directors, with at least one being a professional in accounting [2][3] - The committee's chairperson is an independent director who is also an accounting professional, nominated by the chairman and approved by the board [2] Group 3: Responsibilities and Authority - The Audit Committee is responsible for supervising and evaluating the work of external auditors, reviewing financial reports, and proposing the hiring or replacement of external audit firms [5][12] - The committee has the authority to inspect the company's finances, supervise the actions of directors and senior management, and propose the convening of temporary board or shareholder meetings [12][13] Group 4: Meetings and Procedures - The Audit Committee must hold at least one regular meeting each quarter and can convene temporary meetings as necessary [26] - Meeting notifications must be sent out in advance, detailing the time, location, and agenda [28][29] - Decisions require the presence of at least two-thirds of the committee members and must be approved by a majority [31]

General Provisions - The management system for the holding and trading of company stocks by directors and senior management is established to strengthen oversight based on relevant laws and regulations [1][2] - This system applies to the management of shares held by the company's directors and senior management [1] Trading Restrictions - Directors and senior management are prohibited from engaging in margin trading or derivative transactions involving the company's stocks [2] - There are specific circumstances under which shares held by directors and senior management cannot be transferred, including within one year of the company's stock listing and within six months after leaving the company [6] Trading Periods - Directors and senior management are restricted from trading company stocks during certain periods, such as 15 days before the annual and semi-annual reports and 5 days before quarterly reports [3][4] Share Transfer Management - The number of shares that can be transferred by directors and senior management is calculated based on the last trading day of the previous year, with specific rules for newly acquired shares [5] - A reduction plan must be reported to the Shenzhen Stock Exchange 15 trading days before the first sale, detailing the number of shares, time frame, and reasons for the reduction [11] Disclosure Requirements - Directors and senior management must report any changes in their shareholdings within two trading days and disclose details such as the number of shares held before and after the transaction [28][29] - The company must ensure that related parties do not engage in insider trading based on confidential information [31] Compliance and Reporting - The company is responsible for managing the identity and shareholding data of its directors and senior management, ensuring compliance with reporting obligations [19][20] - Any violations of trading regulations will result in the company taking necessary actions, including recovering profits from illegal trades [16]