名称 | 中矿资源集团股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码：002738 公告编号：2025-036号 证券简称：中矿资源 | | | | | | | | 中矿资源集团股份有限公司 | | | | | | | | 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。 | | | | | | | | 中矿资源集团股份有限公司（以下简称"公司"或"本公司"） 于 2025 年 | | | | | | | | 文。经公司核查发现，2024 年年度报告部分事项内容需要更正。本次更正不会 | | | | | | | | 对 2024 年年度财务状况和经营成果造成影响。具体内容更正如下： | | | | | | | | 因填报系统数据错行导致的列报错误，误将"销售商品、提供劳务收到的现 | | | | | | | | 金"数据填报在"客户存款和同业存放款项净增加额"一栏中。公司在 2025 年 | | | | | | | | 更正前： | | ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-036号 中矿资源集团股份有限公司 关于2024年年度报告更正的公告 单位：元 | 项目 | 2024 年度 | 2023 年度 | | --- | --- | --- | | 一、经营活动产生的现金流量： | | | | 销售商品、提供劳务收到的现金 | | | | 客户存款和同业存放款项净增加额 | 5,476,116,010.50 | 7,595,858,092.28 | | 向中央银行借款净增加额 | | | 更正后： 单位：元 | 项目 | 2024 年度 | 2023 年度 | | --- | --- | --- | | 一、经营活动产生的现金流量： | | | | 销售商品、提供劳务收到的现金 | 5,476,116,010.50 | 7,595,858,092.28 | | 客户存款和同业存放款项净增加额 | | | | 向中央银行借款净增加额 | | | 2、"第十节 财务报告"之"七、合并财务报表项目注释-5、应收账款-（2） 按坏账计提方法分类披露-按单项计提坏账准备" 本公司及董事会全体成员保证信 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers from management, outlines the report's structure, and defines key terms for clarity [1.1 Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board, supervisory board, and all senior executives guarantee the truthfulness, accuracy, and completeness of this annual report, free from false records, misleading statements, or major omissions, with all directors attending the board meeting reviewing this report - Company management ensures the truthfulness, accuracy, and completeness of the annual report and assumes corresponding legal responsibilities[4](index=4&type=chunk) - The company's 2024 profit distribution plan is to distribute a cash dividend of **5.00 Yuan (tax included)** per 10 shares to all shareholders based on the total share capital as of December 31, 2024, with no bonus shares or capital increase from the capital reserve[4](index=4&type=chunk) [1.2 Definitions](index=5&type=section&id=1.2%20Definitions) This section defines abbreviations for key company entities, related parties, and professional terms used in the report, such as "Bikita" for Bikita Minerals (Private) Limited, "Tanco" for Tanco Mining Corporation of Canada, and "LCE" for Lithium Carbonate Equivalent, providing a basis for understanding the report content - The report clarifies abbreviations for the company and its major domestic and overseas subsidiaries, such as Bikita Mine and Tanco Mine, facilitating investor understanding of the company's complex equity structure and business entities[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) The company's business has diversified from mineral exploration to lithium new energy and rare light metals, with 2024 financial performance showing significant declines in revenue and net profit due to market conditions [2.1 Company Information and Main Business Changes](index=6&type=section&id=2.1%20Company%20Information%20and%20Main%20Business%20Changes) Sinomine Resource Group Co., Ltd. (stock code: 002738) has transformed its main business since its 2014 listing from solely solid mineral exploration services to three core segments: lithium new energy raw materials, rare light metal (cesium, rubidium) resource development and utilization, and traditional solid mineral exploration and mining rights development, through a series of acquisitions - The company's main business has expanded through multiple acquisitions from initial mineral exploration services to three major segments: lithium new energy raw materials, rare light metal resource development and utilization, and solid mineral exploration and mining rights development[18](index=18&type=chunk) [2.2 Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2024, the company's performance significantly declined due to market conditions, with operating revenue down 10.80% to **5.36 billion Yuan** and net profit attributable to shareholders down 65.72% to **757 million Yuan**, while total assets grew by 8.23% | Indicator | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 5,363,854,702.53 | 6,013,324,070.79 | -10.80% | | **Net Profit Attributable to Shareholders (Yuan)** | 756,974,637.04 | 2,208,162,354.73 | -65.72% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (Yuan)** | 602,573,892.31 | 2,130,116,103.05 | -71.71% | | **Net Cash Flow from Operating Activities (Yuan)** | 500,018,302.86 | 3,002,095,050.03 | -83.34% | | **Basic Earnings Per Share (Yuan/share)** | 1.0498 | 3.1506 | -66.68% | | **Weighted Average Return on Net Assets** | 6.25% | 20.95% | -14.70% | | **Total Assets (Yuan)** | 17,192,842,452.12 | 15,884,832,497.44 | 8.23% | | **Net Assets Attributable to Shareholders (Yuan)** | 12,181,272,440.60 | 12,177,935,356.68 | 0.03% | [2.3 Quarterly Key Financial Indicators](index=8&type=section&id=2.3%20Quarterly%20Key%20Financial%20Indicators) The company's 2024 performance showed a front-loaded to back-loaded trend, with Q4 revenue significantly increasing sequentially, but net profit fluctuating, and operating cash flow turning positive in Q4 after being negative in the first three quarters | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,126,629,911.71 | 1,295,102,034.28 | 1,147,617,368.97 | 1,794,505,387.57 | | **Net Profit Attributable to Shareholders** | 256,150,429.61 | 216,841,155.72 | 72,762,533.07 | 211,220,518.64 | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses** | 228,330,766.83 | 216,584,641.72 | -29,515,754.45 | 187,174,238.21 | | **Net Cash Flow from Operating Activities** | -105,936,459.82 | -1,224,234.93 | -61,128,450.22 | 668,307,447.83 | [2.4 Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=2.4%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2024, the company's non-recurring gains and losses totaled **154 million Yuan**, a significant increase from **78.05 million Yuan** in 2023, primarily from government subsidies, reversal of impairment provisions for receivables, and other items | Item | 2024 Amount (Yuan) | 2023 Amount (Yuan) | | :--- | :--- | :--- | | Government subsidies recognized in current profit or loss | 51,653,592.78 | 73,340,380.52 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 43,744,694.31 | - | | Other profit and loss items meeting the definition of non-recurring gains and losses | 49,355,434.43 | 2,113,101.52 | | **Total** | **154,400,744.73** | **78,046,251.68** | [Part III Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main operations, core competencies, financial performance, asset and liability status, investment activities, and future development outlook [3.1 Industry Overview During the Reporting Period](index=10&type=section&id=3.1%20Industry%20Overview%20During%20the%20Reporting%20Period) The company operates in industries facing both opportunities and challenges, with the lithium new energy sector benefiting from global decarbonization but experiencing price volatility, rare light metals gaining strategic value, and solid mineral exploration supported by national resource security policies - The lithium battery industry benefits from new energy vehicle penetration exceeding **50%** and the expansion of the energy storage market, showing strong growth resilience, but lithium salt market price fluctuations have intensified[29](index=29&type=chunk)[30](index=30&type=chunk)[38](index=38&type=chunk) | Product Name | 2023 Production Volume (10,000 tons) | 2024 Production Volume (10,000 tons) | YoY Change | | :--- | :--- | :--- | :--- | | Lithium Carbonate | 51.79 | 70.1 | 35.35% | | Lithium Hydroxide | 31.96 | 41.4 | 29.54% | | **Total** | **85.5** | **113.9** | **33.22%** | - Cesium and rubidium are indispensable critical minerals for strategic emerging industries, with scarce global resources, and the company's controlled Canadian Tanco Mine is the world's only existing producing pollucite primary mine, possessing significant resource advantages[57](index=57&type=chunk) - National policies emphasize energy and resource security, encouraging increased exploration and development of strategic mineral resources, providing a favorable policy environment for the company's solid mineral exploration business[65](index=65&type=chunk) [3.2 Main Businesses During the Reporting Period](index=18&type=section&id=3.2%20Main%20Businesses%20During%20the%20Reporting%20Period) The company operates three main businesses: lithium new energy raw material development, rare light metal (cesium, rubidium) resource development, and solid mineral exploration and mining rights development, covering a full value chain from mining to processing with significant resource holdings and production capacities - The company is an integrated lithium new energy raw material enterprise, with products including battery-grade lithium carbonate, lithium hydroxide, and lithium fluoride, where lithium fluoride has entered the **Tesla supply chain**[68](index=68&type=chunk)[69](index=69&type=chunk) - Zimbabwe's Bikita Mine has undergone three reserve increases, with LCE resources now reaching **2.8847 million tons**, and new projects have reached production capacity, significantly increasing raw material self-sufficiency; the company collectively possesses **66,000 tons/year** of battery-grade lithium salt production capacity[70](index=70&type=chunk)[73](index=73&type=chunk) - The company is a global leader in cesium and rubidium salt fine chemicals, possessing two major high-quality cesium resources at Canada's Tanco and Zimbabwe's Bikita mines, with cesium formate products holding an absolute market share in the global high-temperature and high-pressure oil and gas well market[84](index=84&type=chunk)[85](index=85&type=chunk) - The company holds **73 mining rights**, including **15 mining permits** and **44 exploration permits**, with rich resource reserves covering various metals such as lithium, cesium, copper, germanium, gallium, and zinc[66](index=66&type=chunk)[96](index=96&type=chunk) [3.3 Core Competitiveness Analysis](index=27&type=section&id=3.3%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from synergistic advantages across its three business segments, including significant resource and production capacity in lithium, global leadership in rare light metals, and extensive overseas exploration experience in mineral prospecting - Lithium battery business: Possesses two major mine resources in Zimbabwe's Bikita and Canada's Tanco, with a combined beneficiation capacity of **4.18 million tons/year** and battery-grade lithium salt capacity of **66,000 tons/year**, ensuring high raw material self-sufficiency[107](index=107&type=chunk)[108](index=108&type=chunk) - Rare light metal business: Controls major high-quality cesium mineral resources globally (Canada's Tanco Mine), possessing significant resource advantages and global pricing power in the cesium salt business[111](index=111&type=chunk) - Mineral exploration business: As one of China's first "going out" commercial comprehensive geological exploration technical service enterprises, it possesses rich overseas experience, cross-border resource integration capabilities, and technological advantages, demonstrating a clear first-mover advantage in overseas exploration[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [3.4 Main Business Analysis](index=29&type=section&id=3.4%20Main%20Business%20Analysis) In 2024, operating revenue decreased by 10.80% to **5.36 billion Yuan** and net profit by 65.72% to **757 million Yuan**, primarily due to the lithium battery segment's decline, while rare light metals showed strong growth and high profitability, driving the company's multi-metal transformation | Indicator | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (10,000 Yuan)** | 536,385.47 | 601,332.41 | -10.80% | | **Net Profit Attributable to Shareholders (10,000 Yuan)** | 75,697.46 | 220,816.24 | -65.72% | | **Total Assets (10,000 Yuan)** | 1,719,284.25 | 1,588,483.25 | 8.23% | | By Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Operating Revenue Change | YoY Operating Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Lithium New Energy** | 3,129,280,435.76 | 2,546,472,667.11 | 18.62% | -26.25% | 42.14% | -39.15% | | **Rare Light Metals** | 1,395,246,555.55 | 302,849,168.05 | 78.29% | 24.16% | -24.33% | 13.91% | - The company's geological exploration advantages facilitate mining rights development, with the acquisition of **65% equity** in Zambia's Kitumba Copper Mine project and **98% equity** in Namibia's Tsumeb project in 2024, officially entering the strategic metals of copper, germanium, and gallium[126](index=126&type=chunk)[129](index=129&type=chunk) - The company actively rewards shareholders through dividends and share repurchases and cancellations, distributing **722 million Yuan** in cash for 2023 and completing **302 million Yuan** in share repurchases and cancellations[134](index=134&type=chunk)[135](index=135&type=chunk) - Net cash flow from operating activities significantly decreased by **83.34%**, primarily due to the price correction of lithium battery materials; cash inflow from investing activities significantly increased by **237.44%**, mainly due to the recovery of time deposits; cash inflow from financing activities significantly decreased by **61.95%**, mainly because of non-public offering fundraising in the prior year[172](index=172&type=chunk) [3.5 Analysis of Assets and Liabilities](index=50&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) As of year-end 2024, total assets reached **17.19 billion Yuan**, growing by 8.23%, with increased proportions of fixed and intangible assets due to project capitalization and acquisitions, while monetary funds decreased and short-term borrowings rose | Item | Amount at 2024 Year-End (Yuan) | % of Total Assets | Amount at 2024 Year-Start (Yuan) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,084,374,474.63 | 23.76% | 4,915,300,196.12 | 30.94% | -7.18% | | Inventories | 2,142,235,084.28 | 12.46% | 1,444,864,790.98 | 9.10% | 3.36% | | Fixed Assets | 3,133,336,602.85 | 18.22% | 2,177,955,358.83 | 13.71% | 4.51% | | Intangible Assets | 2,430,567,716.12 | 14.14% | 1,852,634,132.41 | 11.66% | 2.48% | | Short-term Borrowings | 1,485,883,353.05 | 8.64% | 913,668,144.58 | 5.75% | 2.89% | - The company has a high proportion of overseas assets, primarily held through Hong Kong subsidiaries, accounting for over **79%** of the company's net assets, with no significant impairment risk[175](index=175&type=chunk) [3.6 Investment Status Analysis](index=53&type=section&id=3.6%20Investment%20Status%20Analysis) Total investments in the reporting period were **1.301 billion Yuan**, down 24.74%, including strategic equity acquisitions in copper, germanium, and gallium, and significant non-equity investments in lithium salt and lithium mine projects, with hedging activities to mitigate price risks - Major equity investments during the reporting period primarily involved the acquisition of Namibia's Tsumeb Smelter and Zambia's Kitumba Copper Mine, totaling approximately **605 million Yuan**, aimed at expanding the multi-metal business layout[182](index=182&type=chunk) - Major non-equity investment projects, such as Chunpeng Lithium's **35,000 tons/year** high-purity lithium salt project, Bikita Lithium Mine's **2 million tons/year** construction project, and **1.2 million tons/year** expansion project, are progressing as planned, but due to lithium battery market fluctuations, they did not achieve expected returns during the reporting period[183](index=183&type=chunk)[185](index=185&type=chunk) - The company uses lithium carbonate futures for hedging to mitigate product market price fluctuation risks, incurring an actual loss of **7.7883 million Yuan** during the reporting period[190](index=190&type=chunk) - In 2023, **2.974 billion Yuan** was raised through non-public offerings, with **2.798 billion Yuan** cumulatively used, reaching a utilization rate of **93.27%**, primarily for lithium salt and lithium mine project construction[194](index=194&type=chunk) [3.7 Outlook on Company's Future Development](index=61&type=section&id=3.7%20Outlook%20on%20Company%27s%20Future%20Development) The company's future strategy focuses on "main business foundation, global expansion, multi-polar growth" to build a multi-driven industrial structure encompassing new energy metals, bulk metals, and rare strategic metals, while enhancing competitiveness through innovation and ESG | Business Segment | Strategic Goal | | :--- | :--- | | **Lithium New Energy** | Maintain industry-leading costs, complete **30,000 tons/year** lithium sulfate capacity layout in Africa by 2026 | | **Copper Mineral Resources** | Complete Kitumba Copper Mine's **60,000 tons/year** integrated construction by 2026, achieving over **100,000 tons/year** copper capacity within 5 years | | **Rare Strategic Metals** | Complete Tsumeb multi-metal recovery project's pyrometallurgical construction and Bikita cesium beneficiation plant construction by 2025 | | **Mineral Exploration** | Actively promote the value conversion of proprietary mining rights, acquiring high-quality resources such as copper, gold, cesium, lithium, and germanium globally | - The company will continue to strengthen technological innovation, promoting the industrial chain towards high-end and green development, currently holding a total of **142 valid patents**, including **78 invention patents**[207](index=207&type=chunk)[208](index=208&type=chunk) - The company will optimize and improve its ESG system, establish an ESG Management Department, and has released its first ESG report, firmly committing to a green development path[209](index=209&type=chunk)[210](index=210&type=chunk) - The company faces major risks including exchange rate fluctuations, market and price volatility, increased environmental protection costs, and geopolitical changes; countermeasures include using stable currency settlements, signing long-term agreements, futures hedging, enhancing environmental standards, and purchasing policy-based credit insurance[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) [Part IV Corporate Governance](index=65&type=section&id=Part%20IV%20Corporate%20Governance) The company continuously improves its corporate governance structure and internal control system, ensuring compliance with regulations, achieving high ratings for information disclosure, and actively managing investor relations [4.1 Basic Status of Corporate Governance](index=65&type=section&id=4.1%20Basic%20Status%20of%20Corporate%20Governance) The company adheres to laws and regulations, continuously improving its corporate governance structure and internal control system, with 12 revised or new internal management policies implemented to enhance operational efficiency and compliance, earning an A-grade for information disclosure - During the reporting period, the company revised or added **12 internal policies**, including the "Articles of Association," "Working Rules for Independent Directors' Special Meetings," and "Market Value Management System," to adapt to new regulatory requirements and enhance governance levels[221](index=221&type=chunk) - The company's information disclosure work is standardized, earning an **A-grade** evaluation for information disclosure from the Shenzhen Stock Exchange for the 2023-2024 period[229](index=229&type=chunk) - The company actively manages investor relations, organizing **4 earnings calls** and publishing **8 investor activity records** during the reporting period, covering over **1,000 domestic and international investment institutions**[230](index=230&type=chunk) [4.2 Directors, Supervisors, and Senior Management](index=68&type=section&id=4.2%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the basic information, tenure, shareholding changes, and compensation of the company's directors, supervisors, and senior management, highlighting their industry expertise and the link between compensation and performance | Name | Position | Total Pre-tax Compensation from Company (10,000 Yuan) | Whether compensated by company's related parties | | :--- | :--- | :--- | :--- | | Wang Pingwei | Chairman, President | 208.00 | No | | Zhang Jinwei | Director, Vice President & Board Secretary | 139.00 | No | | Zhang Xueshu | Vice President | 126.00 | No | | Wang Zhenhua | Vice President | 133.00 | No | | Jiang Yanlong | CFO & Senior Manager of Financial Management Dept. | 105.00 | No | - During the reporting period, Board Secretary Mr. Zhang Jinwei increased his holdings by **10,000 shares**, and Vice President Mr. Wang Zhenhua and CFO Mr. Jiang Yanlong increased their shares by **120,000 shares** and **156,800 shares** respectively through option exercise[237](index=237&type=chunk)[238](index=238&type=chunk) [4.3 Internal Control System Construction and Implementation](index=78&type=section&id=4.3%20Internal%20Control%20System%20Construction%20and%20Implementation) The company continuously improved its internal control system and strengthened internal audit supervision, maintaining effective internal controls over financial reporting in all material aspects as of December 31, 2024, with no material weaknesses identified, and receiving a standard unqualified audit opinion - The company's internal control evaluation report concluded that as of December 31, 2024, the company maintained effective internal controls over financial reporting in all material aspects, with no material weaknesses identified[270](index=270&type=chunk)[272](index=272&type=chunk) - Ernst & Young Hua Ming LLP issued a standard unqualified audit report on the effectiveness of the company's internal controls over financial reporting as of December 31, 2024[275](index=275&type=chunk) [Part V Environmental and Social Responsibility](index=81&type=section&id=Part%20V%20Environmental%20and%20Social%20Responsibility) The company, including its key subsidiaries, is designated as a major polluter, adhering strictly to environmental regulations, implementing energy-saving and carbon reduction measures, and addressing environmental incidents promptly [5.1 Major Environmental Issues](index=81&type=section&id=5.1%20Major%20Environmental%20Issues) The company and its subsidiaries are designated as key polluting units, strictly complying with environmental laws, with one instance of a **30,000 Yuan** fine for a monitoring equipment malfunction, and actively implementing energy-saving and carbon reduction initiatives - The company's domestic subsidiaries Jiangxi Sinomine New Materials and Jiangxi Sinomine Lithium, as well as overseas subsidiaries Bikita, Tanco, and Tsumeb Smelter, are all identified as key polluting units[278](index=278&type=chunk) - During the reporting period, Jiangxi Sinomine New Materials was fined **RMB 30,000** for the abnormal operation of its atmospheric pollutant automatic monitoring equipment; the company immediately replaced the equipment and restored normal operation[294](index=294&type=chunk) - The company actively implements energy-saving and carbon reduction measures, including establishing a photovoltaic energy storage structure at Bikita Mine, optimizing tailings management at Tanco Mine, and installing energy-saving drive devices at Tsumeb Smelter[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk) [Part VI Significant Matters](index=91&type=section&id=Part%20VI%20Significant%20Matters) The company completed two major strategic acquisitions in copper, germanium, and gallium, actively returned value to shareholders through dividends and share repurchases, and engaged in significant related-party transactions for transportation services [6.1 Major Asset and Equity Acquisitions](index=100&type=section&id=6.1%20Major%20Asset%20and%20Equity%20Acquisitions) During the reporting period, the company completed two major strategic acquisitions: **65% equity** in Zambia's Kitumba copper mine for **$58.5 million** and **98% equity** in Namibia's Tsumeb smelter, marking its entry into copper, germanium, and gallium - The company acquired **65% equity** in Zambia's Kitumba Copper Mine project for **$58.5 million**, with plans to invest **$563 million** in an integrated project to produce **60,000 tons/year** of cathode copper[334](index=334&type=chunk) - The company acquired **98% equity** in Namibia's Tsumeb Smelter, gaining tailings resources containing **746.21 tons of germanium**, **409.6 tons of gallium**, and **209,500 tons of zinc**, with plans to invest **$223 million** in a multi-metal comprehensive recycling project[336](index=336&type=chunk) [6.2 Share Repurchase and Profit Distribution](index=100&type=section&id=6.2%20Share%20Repurchase%20and%20Profit%20Distribution) The company actively returned value to shareholders by completing the 2023 profit distribution of **722 million Yuan** in cash dividends and canceling **8.32 million** repurchased shares totaling **302 million Yuan** - Completed 2023 equity distribution, distributing **10 Yuan** per 10 shares, totaling **722 million Yuan** in cash dividends[333](index=333&type=chunk) - Completed share repurchase plan, cumulatively repurchasing **8,319,817 shares** for a total of **302 million Yuan**, all of which were canceled on October 21, 2024[337](index=337&type=chunk) [6.3 Significant Related-Party Transactions](index=95&type=section&id=6.3%20Significant%20Related-Party%20Transactions) Significant related-party transactions during the reporting period primarily involved the procurement of lithium concentrate transportation services from S&S Resources International Co., Limited for **301 million Yuan** and Beijing Xiangda Logistics Co., Ltd. for **72.06 million Yuan**, both within approved annual limits | Related Party | Related Transaction Content | Amount Incurred This Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | S&S Resources International Co., Limited | Lithium Concentrate Transportation Services | 30,056.13 | 36,250.00 | No | | Beijing Xiangda Logistics Co., Ltd. | Lithium Concentrate Transportation Services | 7,205.90 | 15,000.00 | No | [Part VII Share Changes and Shareholder Information](index=102&type=section&id=Part%20VII%20Share%20Changes%20and%20Shareholder%20Information) The company's total share capital decreased from **728 million** to **721 million** shares due to share repurchases and cancellations, partially offset by equity incentive exercises, with detailed information on shareholders and actual controllers [7.1 Share Change Status](index=102&type=section&id=7.1%20Share%20Change%20Status) During the reporting period, the company's total share capital decreased from **728 million shares** to **721 million shares**, primarily due to the cancellation of repurchased shares, partially offset by equity incentive exercises - The company's total share capital changed from **728,431,054 shares** at the beginning of the period to **721,491,877 shares** at the end, a net decrease of **6,939,177 shares**, due to share repurchases and cancellations and equity incentive exercises[343](index=343&type=chunk)[344](index=344&type=chunk) - Share changes primarily resulted from the cancellation of **8,319,817 repurchased shares** and an increase of **1,380,640 shares** from stock option exercises[344](index=344&type=chunk)[345](index=345&type=chunk) [7.2 Shareholders and Actual Controllers](index=105&type=section&id=7.2%20Shareholders%20and%20Actual%20Controllers) As of the end of the reporting period, the company had **59,504** common shareholders, with Sinomine Mining Group Co., Ltd. as the controlling shareholder (**14.13%**), and the actual controllers being seven natural persons acting in concert | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | :--- | | Sinomine Mining Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.13% | 101,920,000 | | Wei Wei | Domestic Natural Person | 4.23% | 30,522,322 | | HKSCC Nominees Limited | Overseas Legal Person | 1.82% | 13,135,492 | | Sun Meichun | Domestic Natural Person | 1.72% | 12,374,368 | | Postal Savings Bank of China - Oriental New Energy Vehicle Theme Mixed Fund | Other | 1.67% | 12,027,472 | - The company's actual controllers are seven natural persons: Liu Xinguo, Wang Pingwei, Ou Xuegang, Wang Fangmiao, Wei Yunfeng, Wu Zhihua, and Chen Haizhou, who control the company through concerted action[359](index=359&type=chunk) [Part X Financial Report](index=111&type=section&id=Part%20X%20Financial%20Report) The financial report includes an unqualified audit opinion from Ernst & Young Hua Ming LLP, detailing the company's balance sheet, income statement, and cash flow statement, reflecting asset growth, profit decline, and changes in cash flows [10.1 Audit Report](index=111&type=section&id=10.1%20Audit%20Report) Ernst & Young Hua Ming LLP issued a standard unqualified audit opinion on the company's 2024 financial statements, confirming fair presentation in accordance with accounting standards, with key audit matters being "goodwill impairment" and "revenue recognition" - The audit opinion is a standard unqualified opinion, issued by Ernst & Young Hua Ming LLP[369](index=369&type=chunk) - Key audit matters are goodwill impairment and revenue recognition; auditors have performed relevant procedures and consider management's treatment reasonable[372](index=372&type=chunk)[374](index=374&type=chunk) [10.2 Financial Statements](index=113&type=section&id=10.2%20Financial%20Statements) The financial statements for 2024 show total assets growing to **17.19 billion Yuan**, but a decline in net profit to **754 million Yuan**, with significant increases in fixed assets, intangible assets, and inventories, and shifts in cash flow activities Consolidated Balance Sheet Key Items (Unit: Yuan) | Item | Period-End Balance | Period-Start Balance | | :--- | :--- | :--- | | Monetary Funds | 4,084,374,474.63 | 4,915,300,196.12 | | Accounts Receivable | 776,364,988.13 | 373,636,622.90 | | Inventories | 2,142,235,084.28 | 1,444,864,790.98 | | Fixed Assets | 3,133,336,602.85 | 2,177,955,358.83 | | Construction in Progress | 588,638,341.78 | 796,606,675.74 | | Intangible Assets | 2,430,567,716.12 | 1,852,634,132.41 | | Goodwill | 1,226,538,018.74 | 1,226,538,018.74 | | Short-term Borrowings | 1,485,883,353.05 | 913,668,144.58 | | Long-term Borrowings | 341,913,530.71 | 553,183,000.00 | | **Total Assets** | **17,192,842,452.12** | **15,884,832,497.44** | | **Total Liabilities** | **4,704,787,109.12** | **3,661,359,349.19** | | **Total Owners' Equity** | **12,488,055,343.00** | **12,223,473,148.25** | Consolidated Income Statement Key Items (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Total Operating Revenue | 5,363,854,702.53 | 6,013,324,070.79 | | Total Operating Cost | 4,519,931,446.61 | 3,650,464,334.49 | | R&D Expenses | 113,351,521.80 | 172,111,720.94 | | Total Profit | 960,252,790.32 | 2,420,200,697.67 | | Net Profit | 753,812,491.93 | 2,202,291,386.32 | | Net Profit Attributable to Parent Company Shareholders | 756,974,637.04 | 2,208,162,354.73 | Consolidated Cash Flow Statement Key Items (Unit: Yuan) | Item | 2024 Annual | 2023 Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 500,018,302.86 | 3,002,095,050.03 | | Net Cash Flow from Investing Activities | -881,033,129.74 | -2,660,735,481.53 | | Net Cash Flow from Financing Activities | -356,944,626.80 | 1,813,003,173.67 | | Net Increase in Cash and Cash Equivalents | -726,686,695.82 | 2,145,535,699.42 |

Core Viewpoint - The article analyzes the performance and market capitalization trends of major lithium mining companies in China over the past few years, suggesting that the strong players are likely to remain dominant in the future [2]. Market Capitalization Trends - The article compares the market capitalization of several companies including Tianqi, Rongjie, Shengxin, Ganfeng, Yongxing, and Zhongmin from July 2020 to the present [3]. - Key market capitalization points are highlighted, with Zhongmin set as the baseline (A), showing that other companies have varying multiples of this baseline [9][12][16][19][23]. Production Capacity Changes - Tianqi's equity capacity increased from 70,000 tons to 95,000 tons, with future expectations around 100,000 tons [24]. - Rongjie expanded from 5,000 tons to 25,000 tons, with equity capacity projected to reach 10,000 to 20,000 tons [24]. - Shengxin's capacity grew from 40,000 tons to 137,000 tons, with equity capacity expected to reach 25,000 to 30,000 tons [25]. - Ganfeng's equity capacity rose from over 40,000 tons to 110,000 tons, with total capacity at 260,000 tons and future expectations of 150,000 tons in equity [26]. - Yongxing's capacity increased from 10,000 tons to 30,000 tons, with equity capacity projected to reach 50,000 tons [26]. - Zhongmin's capacity grew from 3,000 tons to 70,000 tons, with equity capacity expected to reach 100,000 tons [26]. Industry Outlook - The article emphasizes that the lithium mining sector is interconnected, and the focus should be on the future growth of equity production capacity, which is crucial for long-term value [26]. - It notes that many high-quality mines have already been acquired, making it challenging to significantly increase equity capacity [27].

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]

Group 1 - The rare earth permanent magnet sector in the A-share market has weakened, with Baotou Steel falling nearly 8% and Northern Rare Earth and Huicheng Environmental Protection dropping over 5% [1] - Other companies such as Zhongmin Resources, Yahua Group, and Ashi Chuang experienced declines of over 4%, while Dadi Bear, China Aluminum, Jiuling Technology, Benlang New Materials, and Zhongse Co. fell over 3% [1] Group 2 - Baotou Steel's market capitalization is 121.8 billion, with a year-to-date increase of 44.62% despite a recent drop of 7.88% [2] - Northern Rare Earth has a market capitalization of 135.3 billion, with a year-to-date increase of 76.66% and a recent decline of 5.43% [2] - Huicheng Environmental Protection's market capitalization is 33.3 billion, with a year-to-date increase of 74.35% and a recent drop of 5.30% [2] - Zhongmin Resources has a market capitalization of 26 billion, with a year-to-date increase of 3.01% and a recent decline of 4.96% [2] - Yahua Group's market capitalization is 16.1 billion, with a year-to-date increase of 19.91% and a recent drop of 4.51% [2] - Ashi Chuang has a market capitalization of 5.672 billion, with a year-to-date increase of 53.93% and a recent decline of 4.09% [2] - Dadi Bear's market capitalization is 3.610 billion, with a year-to-date increase of 52.97% and a recent drop of 3.84% [2] - China Aluminum has a market capitalization of 127.6 billion, with a year-to-date increase of 1.22% and a recent decline of 3.75% [2] - Jiuling Technology has a market capitalization of 4.16 billion, with a year-to-date increase of 243.03% and a recent drop of 3.67% [2] - Benlang New Materials has a market capitalization of 3.361 billion, with a year-to-date increase of 135.93% and a recent decline of 3.65% [2] - Zhongse Co. has a market capitalization of 11.8 billion, with a year-to-date increase of 20.63% and a recent drop of 3.59% [2] - Xiamen Aluminum has a market capitalization of 36.7 billion, with a year-to-date increase of 22.51% and a recent decline of 3.50% [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Group 1: ETF Performance - The Rare Metals ETF has a turnover rate of 6.87% with a transaction volume of 83.93 million yuan, and it ranks first among comparable funds in terms of average daily trading volume over the past week at 131 million yuan [3] - The latest scale of the Rare Metals ETF reached 1.22 billion yuan, marking a one-year high and ranking first among comparable funds [3] - The ETF's shares reached 1.843 billion, a three-month high, also ranking first among comparable funds [3] - Over the past six days, the Rare Metals ETF has seen continuous net inflows, with a single-day peak of 50.91 million yuan, totaling 177 million yuan in net inflows [3] - As of July 28, 2025, the ETF's net value has increased by 59.46% over the past year, ranking 267 out of 2938 in the index stock fund category, placing it in the top 9.09% [3] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gains being three months and the longest gain percentage being 14.06%, averaging a monthly return of 7.76% [3] - The ETF has outperformed its benchmark with an annualized return of 9.87% over the past three months [3] Group 2: Market Insights - Huatai Securities notes that the domestic "anti-involution" policies are intensifying, combined with recent overseas fiscal and monetary easing, leading to strong performance in the metals sector [4] - The price of polysilicon has successfully recovered, boosting market confidence, which has spilled over into lithium carbonate and alumina [4] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with independent factors driving price increases, such as stricter mining rights reviews for lithium and strategic enhancements and shortages for rare earths [4] - Zhongyou Securities highlights that the Democratic Republic of the Congo has banned cobalt exports since February, with extensions in June, leading to a depletion of in-transit cobalt mines, and anticipates that the peak season in September and October will drive inventory reductions [4] - The top ten weighted stocks in the China Rare Metals Theme Index as of June 30, 2025, include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Western Superconducting, Zhongmin Resources, and Xiamen Tungsten, collectively accounting for 54.07% of the index [4]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].