Core Viewpoint - Luoyang Molybdenum (603993) successfully issued a $1.2 billion one-year zero-coupon convertible bond, enhancing its financial flexibility while limiting dilution risk [1] Group 1: Financial Performance - As of the announcement date, the bond issuance will convert into approximately 333.7 million H-shares, representing about 8.48% of the existing issued H-shares and approximately 1.56% of the total issued shares of the company [1] - According to a report by Daiwa Capital Markets, Luoyang Molybdenum's preliminary performance for 2025 is expected to meet forecasts, driven by copper production exceeding guidance [1] Group 2: Production Outlook - Management has indicated that copper production is projected to grow by 2.6% year-on-year to 10.7% in 2026 [1] - The cobalt export quota from the Democratic Republic of the Congo reflects a structural tightening in global supply, positively impacting prices and benefiting large producers like Luoyang Molybdenum [1] Group 3: Market Activity - The stock price of Luoyang Molybdenum experienced fluctuations, initially dropping nearly 4% before rising by 2.81% to HKD 21.48, with a trading volume of HKD 393 million [1]

Core Viewpoint - Dahua Jiexian's report indicates that Luoyang Molybdenum (603993)(03993) is expected to meet preliminary performance expectations for 2025, primarily driven by copper production exceeding guidance [1] Group 1: Company Performance - Management has guided that copper production will further increase by 2.6% to 10.7% year-on-year in 2026 [1] - The issuance of $1.2 billion in zero-coupon convertible bonds has enhanced the company's financial flexibility with limited dilution risk [1] Group 2: Market Conditions - The cobalt export quota from the Democratic Republic of Congo reflects a structural tightening in global supply, which has significantly impacted prices favorably for large producers like Luoyang Molybdenum [1] Group 3: Investment Rating - The firm maintains a "Buy" rating and has raised the target price to HKD 24 from the previous HKD 20.3 [1]

Group 1 - The core viewpoint of the article indicates that Luoyang Molybdenum (03993) is expected to meet preliminary performance expectations for 2025, primarily driven by copper production exceeding guidance [1] - Management has guided that copper production will further increase by 2.6% to 10.7% year-on-year in 2026 [1] - The cobalt export quota from the Democratic Republic of Congo reflects a structural tightening in global supply, positively impacting prices and benefiting large producers like Luoyang Molybdenum [1] Group 2 - The company has enhanced its financial flexibility by issuing $1.2 billion in zero-coupon convertible bonds, with limited dilution risk [1] - The rating has been maintained at "Buy," with the target price raised to HKD 24 from the previous HKD 20.3 [1]

消息面上，近日，洛阳钼业发盈喜，预计2025年净利润为200亿至208亿元人民币(下同)，同比增长48% 至54%。大摩指出，公司符合市场预期202亿元，单计去年第四季净利润介乎57至65亿元，按季升2%至 16%。管理层表示，业绩理想主要受惠于产量及价格同步上升，加上成本控制得宜。公司计划2026年铜 产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿的黄金产量为6吨至 8吨，目标今年第一季完成收购。 大华继显表示，洛阳钼业2025年初步业绩符合预期，主要受铜产量超越指引所带动，管理层更指引2026 年铜产量将进一步按年增长2.6%至10.7%。该行续指，刚果钴出口配额反映全球供应结构性收紧，并已 推动价格显着反应，对洛阳钼业等大型生产商有利。此外，公司透过发行12亿美元零息可换股债券增强 了资金灵活性，且摊薄风险有限。 洛阳钼业（603993）(03993)涨近2%，截至发稿，涨1.76%，报21.94港元，成交额8.71亿港元。 ...

智通财经APP获悉，洛阳钼业(03993)涨近2%，截至发稿，涨1.76%，报21.94港元，成交额8.71亿港元。 消息面上，近日，洛阳钼业发盈喜，预计2025年净利润为200亿至208亿元人民币(下同)，同比增长48% 至54%。大摩指出，公司符合市场预期202亿元，单计去年第四季净利润介乎57至65亿元，按季升2%至 16%。管理层表示，业绩理想主要受惠于产量及价格同步上升，加上成本控制得宜。公司计划2026年铜 产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿的黄金产量为6吨至 8吨，目标今年第一季完成收购。 大华继显表示，洛阳钼业2025年初步业绩符合预期，主要受铜产量超越指引所带动，管理层更指引2026 年铜产量将进一步按年增长2.6%至10.7%。该行续指，刚果钴出口配额反映全球供应结构性收紧，并已 推动价格显着反应，对洛阳钼业等大型生产商有利。此外，公司透过发行12亿美元零息可换股债券增强 了资金灵活性，且摊薄风险有限。 ...

大华继显发表研究报告指，洛阳钼业2025年初步业绩符合预期，主要受铜产量超越指引所带动，管理层 更指引2026年铜产量将进一步按年增长2.6%至10.7%。该行指，刚果的钴出口配额反映全球供应结构性 收紧，并已推动价格显著反应，对洛阳钼业等大型生产商有利。此外，公司透过发行12亿美元零息可换 股债券增强了资金灵活性，且摊薄风险有限；维持"买入"评级，将目标价由20.3港元上调至24港元。 ...

1月20日上榜港股通成交活跃榜个股中，洛阳钼业为近一个月首次上榜。 （文章来源：证券时报网） 洛阳钼业为近一个月首次上榜，当日港股通成交额为5.27亿港元，成交净卖出0.98亿港元，该股当日收 盘下跌1.01%。（数据宝） 1月20日港股通成交活跃股榜单 证券时报·数据宝统计显示，1月20日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 318.29亿港元，占当日港股通成交金额的32.72%，净买入金额8.08亿港元。 上榜的成交活跃股中，腾讯控股成交额为63.88亿港元，成交金额居首；其次是阿里巴巴-W、小米集团- W，成交金额分别为48.94亿港元、46.53亿港元。 以上榜次数统计，1月20日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜18次，最受港股通资金关注。 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾 ...

Group 1 - The core transaction on January 20 involved a block trade of 490,000 shares of Luoyang Molybdenum Co., Ltd., with a transaction value of 11.3043 million yuan and a price of 23.07 yuan per share [1][2] - Over the past three months, Luoyang Molybdenum has recorded a total of 17 block trades, amounting to a cumulative transaction value of 401 million yuan [1] - The closing price of Luoyang Molybdenum on the day of the transaction was 23.07 yuan, reflecting a decrease of 1.03%, with a daily turnover rate of 1.78% and a total trading volume of 7.1 billion yuan [1] Group 2 - The latest margin financing balance for Luoyang Molybdenum is 4.246 billion yuan, which has increased by 314 million yuan over the past five days, representing a growth rate of 7.98% [2] - Luoyang Molybdenum was established on December 22, 1999, with a registered capital of 4.2788620352 billion yuan [2]

Group 1 - The company plans to issue $1.2 billion of zero-coupon convertible bonds due in 2027 through its indirect subsidiary CMOC Capital Limited, with the company providing guarantees for the issuance [1] - The initial conversion price is set at HKD 28.03 per H share, representing a premium of approximately 28.70% over the last closing price of HKD 21.78 on January 19, 2026, and a premium of about 26.17% over the average closing price of HKD 22.22 for the five trading days prior to the announcement [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 333,739,565 H shares, accounting for about 8.48% of the existing issued H shares and approximately 1.56% of the total issued shares [2] Group 2 - The net proceeds from the bond issuance, estimated to be around $1,187.5 million after deducting commissions and other estimated expenses, will be used to support the expansion, optimization, and ongoing capital expenditures of the company's overseas resource projects, enhance operational flexibility, and for general corporate purposes [2] - The converted shares will rank equally with the existing H shares as of the relevant record date [2]

Group 1 - The company, Luoyang Molybdenum Co., Ltd., announced the issuance of $1.2 billion convertible bonds through its overseas subsidiary CMOC Capital Limited, which will be guaranteed by the company [1] - The bond issuance is a significant financing measure aimed at expanding the company's financing channels, particularly in the context of a recovering Hong Kong stock market [1] - The initial conversion price for the bonds is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the last closing price on January 19 and about 26.17% over the average closing price of the last five trading days [1] Group 2 - The maturity date for the convertible bonds is January 24, 2027, and the proceeds will be used to support the expansion of overseas resource projects, optimize capital expenditures, and enhance operational flexibility [1] - The chairman of the company, Liu Jianfeng, stated that the issuance will enhance operational capital flexibility, reduce financing costs, and provide strong support for the company's overall strategy [2] - The bond issuance achieved nearly 10 times oversubscription, marking the highest conversion premium for a one-year convertible bond in Hong Kong history and the largest issuance scale in the past five years [2]