Core Points - Luoyang Molybdenum Co., Ltd. announced that Mr. Xu Hui has been confirmed by the Stock Exchange to meet the qualifications to serve as the company secretary after the waiver period on November 4, 2025 [1] - Ms. Wu Xiuwai resigned as co-secretary of the company on November 6, 2025, following her resignation, Mr. Xu has been appointed as the company secretary [1] - After Ms. Wu's resignation, she also stepped down as the authorized representative under Listing Rule 3.05, with Mr. Xu replacing her as the authorized representative effective from November 6, 2025 [1] - Executive Director Mr. Liu Jianfeng continues to serve as another authorized representative [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. announced the appointment of Mr. Xu Hui as the company secretary following the resignation of Ms. Wu Xiuwai, effective November 6, 2025 [1] Group 1 - Mr. Xu Hui's qualification to serve as company secretary was confirmed by the Stock Exchange after the waiver period [1] - Ms. Wu Xiuwai resigned as co-company secretary and also as the authorized representative under Listing Rule 3.05 [1] - Mr. Xu Hui has been appointed as the authorized representative, effective from November 6, 2025 [1]

Group 1 - The announcement states that Mr. Xu Hui has been confirmed by the Stock Exchange to meet the qualifications to serve as the company secretary after the waiver period, effective November 4, 2025 [1] - Ms. Wu Xiuwai has resigned as co-company secretary on November 6, 2025, following her departure, she also resigned as the authorized representative under Listing Rule 3.05 [1] - Mr. Xu has been appointed as the authorized representative, effective from November 6, 2025 [1]

及 變更授權代表 我們提述洛陽欒川鉬業集團股份有限公司（「本公司」）日期為2022年10月8日及 2022年10月12日之公告，內容有關（其中包括）委任徐輝先生（「徐先生」）及伍秀 薇女士（「伍女士」）為本公司聯席公司秘書（各自及統稱為「聯席公司秘書」），及 香港聯合交易所有限公司（「聯交所」）向本公司授出的須嚴格遵守聯交所證券上市 規則（「上市規則」）第3.28及第8.17條規定的豁免（「豁免」），豁免期自委任徐先生 為聯席公司秘書之日起計，為期三年。 聯席公司秘書資格的更新及聯席公司秘書辭任 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年11月4日，聯交所確認徐 先生於豁免期後符合上市規則第3.28條項下擔任本公司公司秘書的資格。因此， 伍女士已於2025年11月6日辭任聯席公司秘書。伍女士已確認，彼與董事會並無 意見分歧，亦無有關其辭任的事宜須提呈聯交所及本公司股東垂注。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC ...

Core Viewpoint - JPMorgan has reduced its stake in Luoyang Molybdenum Co., Ltd. by selling approximately 2.883 million shares at a price of HKD 17.259 per share, totaling around HKD 49.7589 million, resulting in a new holding of approximately 234 million shares, representing 5.94% of the company [1] Summary by Category - **Shareholding Changes** - JPMorgan sold 2.883071 million shares of Luoyang Molybdenum [1] - The sale price was HKD 17.259 per share [1] - The total amount raised from the sale was approximately HKD 49.7589 million [1] - After the reduction, JPMorgan's remaining shares are approximately 234 million, equating to a 5.94% ownership stake [1]

Core Viewpoint - JPMorgan has reduced its stake in Luoyang Molybdenum Co., Ltd. by selling 2,883,071 shares at a price of HKD 17.259 per share, totaling approximately HKD 49.7589 million, resulting in a new holding of about 234 million shares, representing 5.94% of the company [1] Summary by Category - **Share Reduction Details** - JPMorgan sold 2,883,071 shares of Luoyang Molybdenum at HKD 17.259 per share [1] - The total amount from the sale was approximately HKD 49.7589 million [1] - **Post-Transaction Holdings** - After the reduction, JPMorgan's remaining shares in Luoyang Molybdenum are approximately 234 million [1] - The new ownership percentage stands at 5.94% [1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the mining industry, particularly in the production of various metals including cobalt, copper, and tungsten, with a focus on expanding its gold business and maintaining a diversified portfolio of precious metals [2][3][7]. Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, with cobalt products sold in international markets [2]. - The company operates in the non-ferrous metal mining sector, engaging in the mining, smelting, and deep processing of metals such as copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, and is among the top five molybdenum producers and the largest tungsten producer globally [2]. - The company has a comprehensive integrated industrial chain and is also the second-largest producer of phosphorus fertilizer in Brazil [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed over the past three years [9]. Production and Growth - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production of 16,000 ounces in 2022 and a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [3]. - In 2025, the company successfully completed the acquisition of Ecuador's Odin Mining (KGHM Gold Mine) and is advancing development with plans to commence production by 2029 [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a rise of 28.08% [8]. - The stock has seen a net inflow of 11.586 million yuan today, with a total market capitalization of 338.886 billion yuan [1][5].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Insights - The company achieved record high performance in Q1-Q3 2025, with total revenue of 145.485 billion yuan, a year-over-year decrease of 5.99%, and a total profit of 24.068 billion yuan, an increase of 43.87%. The net profit attributable to shareholders reached 14.280 billion yuan, up 72.61% year-over-year, surpassing the total for the previous year [1]. - The copper production significantly exceeded expectations, with a total output of 543,400 tons in the first three quarters, a year-over-year increase of 14.14%, achieving 86.25% of the production guidance. The sales volume for copper was 520,300 tons, up 10.56% year-over-year [2]. - The company is optimistic about the long-term price and volume growth of copper, gold, and cobalt, with an upward revision of net profit forecasts for 2025, 2026, and 2027 to 19.5 billion, 25.3 billion, and 28.9 billion yuan respectively [4]. Summary by Sections Performance - The company reported a total revenue of 1454.85 billion yuan in Q1-Q3 2025, with a net profit of 142.80 billion yuan, marking a historical high for the same period [1]. Production - Copper production reached 543,400 tons, a 14.14% increase year-over-year, with Q3 production at 189,800 tons, up 16.98% [2]. - Cobalt production was 88,000 tons, a 3.84% increase year-over-year, but sales were impacted by export bans, resulting in a 36.08% decrease in sales volume [2]. Cost and Profitability - The total operating cost decreased by 12.35% year-over-year, leading to an increase in gross margins for copper and cobalt, with copper gross margin at 54.07% and cobalt at 63.46% [3]. Expenses - The company managed to reduce its period expense ratio significantly, with financial expenses dropping by 93.87% year-over-year due to reduced borrowing [4]. Financial Forecast - The company expects revenue growth rates of 7.68%, 14.37%, and 7.76% for 2023, 2024, and 2025 respectively, with net profit growth rates of 35.98%, 64.03%, and 44.25% for the same years [5][12].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. experienced a decline of 3.91% in stock price on November 4, with a trading volume of 3.279 billion yuan and a market capitalization of 336.532 billion yuan [1]. Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, primarily selling cobalt products such as cobalt hydroxide in international markets [3]. - The company operates in the non-ferrous metal mining industry, focusing on the extraction, smelting, and deep processing of metals including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus [3]. - It ranks among the top five molybdenum producers and is the largest tungsten producer, as well as the second-largest cobalt and niobium producer globally [3]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [9]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed over the past three years [10]. Production and Growth Prospects - The company holds an 80% stake in the NPM copper-gold mine in Australia, which produced 16,000 ounces of gold in 2022, with a production guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [4]. - In 2025, Luoyang Molybdenum completed the acquisition of Ecuador's Odin Mining (Keg House Gold Mine) and is advancing development with plans to commence production by 2029 [4]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 304,200, up by 28.08% from the previous period [9]. - The stock has seen a net outflow of 634 million yuan from major investors today, with a total net outflow of 5.140 billion yuan over the past three days [5][6].

Core Insights - Luoyang Molybdenum Co., Ltd. has successfully positioned itself as a global mining giant, becoming the world's largest cobalt producer in 2023 and entering the top ten copper producers in 2024 [3][12][15] - The company's net profit for the first three quarters of this year reached 14.28 billion yuan, marking a fivefold increase compared to the entire year of 2020 [5][16] - Luoyang Molybdenum's market capitalization ranks 12th globally among mining companies and 2nd in China [6] Company Performance - The company has seen continuous growth in operating performance, with net profit increasing from 2.3 billion yuan in 2020 to an expected 13.5 billion yuan in 2024 [16] - Copper production increased from approximately 210,000 tons in 2020 to 420,000 tons in 2023, while cobalt production rose from 15,400 tons to 55,500 tons in the same period [12][16] - The company has achieved a 14% increase in copper production in the first three quarters of 2025, reaching 540,000 tons [15] Strategic Development - The successful development of the TFM and KFM mines in the Democratic Republic of Congo has been pivotal for the company's growth, attributed to strategic acquisitions made during the 13th Five-Year Plan [10][11] - The company plans to invest up to 1.084 billion USD in the KFM Phase II project to enhance its mining and processing capabilities [27] - Luoyang Molybdenum aims to reach a copper production capacity of 800,000 to 1,000,000 tons by 2028 [27] Market Dynamics - The copper market has been in a bullish phase since 2021, with prices rising from 7,750 USD per ton at the end of 2020 to a peak of 11,000 USD per ton [16] - The company has faced geopolitical risks, including disputes over mining rights and export restrictions in the DRC, but has managed to navigate these challenges effectively [17][21] Community Engagement - Luoyang Molybdenum has invested 184 million USD in community development projects since the operation of the TFM mine, focusing on education, healthcare, and infrastructure [25] - The company has received certification from The Copper Mark, indicating compliance with various social and environmental standards [25] Global Strategy - The company is enhancing its operational efficiency and risk management through global collaborations, leveraging partnerships with international suppliers to improve service delivery [23][34] - Luoyang Molybdenum's approach reflects a shift from resource acquisition to ecological integration, emphasizing sustainable practices and community development [33][35]