Core Viewpoint - Luoyang Molybdenum (03993) saw a stock increase of over 5%, reaching HKD 13.34 with a trading volume of HKD 405 million, driven by heightened investor interest in computing power and AI sectors following Oracle's substantial USD 300 billion procurement contract [1][1][1] Company Summary - The cobalt materials used in transistor contact layers have significantly enhanced device performance, particularly in advanced processes like 5nm, where cobalt silicide can greatly reduce contact resistance, thus improving transistor switching speed and supporting the performance leap of high-end AI chips [1][1] - The copper-cobalt business continues to contribute positively to the company's growth in both volume and price, with production in the first half of 2025 exceeding targets [1][1] - Future plans include promoting the TFM East District 17K process technology upgrade project to increase production and reduce costs, alongside intensified exploration efforts to increase reserves [1][1] Industry Summary - North American cloud providers are experiencing positive returns from AI investments and are increasing their investments in AI infrastructure, leading to strong demand for AI computing hardware [1][1] - The temporary suspension of cobalt exports from the Democratic Republic of Congo for four months, combined with declining market inventory levels, is expected to support high cobalt prices, positively impacting the company's revenue [1][1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is experiencing growth in its gold production and has a diversified portfolio in the mining sector, particularly in precious and industrial metals [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, smelting, deep processing, and trading of precious metals such as molybdenum, tungsten, and gold [7]. - The company's revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [7]. Production and Financial Performance - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2]. - For the first half of 2025, the company reported operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [8]. Market Position and Industry Standing - Luoyang Molybdenum is among the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2][3]. - The company is also the second-largest producer of phosphate fertilizer in Brazil, with a complete phosphate industry chain covering all aspects of production [3]. Shareholder and Institutional Holdings - As of June 30, 2025, the company had 237,500 shareholders, a decrease of 15.95% from the previous period. The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 648 million shares, an increase of 6.949 million shares [8][9].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price appreciation and strong financial performance, indicating potential investment opportunities in the company [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [2]. - The company's main business revenue composition includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Stock Performance - As of September 11, Luoyang Molybdenum's stock price increased by 99.94% year-to-date, with a 2.81% rise over the last five trading days, 19.87% over the last 20 days, and 70.60% over the last 60 days [2]. - On September 11, the stock price reached 12.79 CNY per share, with a trading volume of 8.27 billion CNY and a turnover rate of 0.37%, resulting in a total market capitalization of 273.63 billion CNY [1]. Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.77 billion CNY, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.67 billion CNY [2]. - The company has distributed a total of 21.56 billion CNY in dividends since its A-share listing, with 10.58 billion CNY distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 648 million shares, and various ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company's H1 performance exceeded expectations, with a historical high in net profit and a strong long-term growth outlook [5][6] - The copper and cobalt business continues to contribute positively with both volume and price increases, supported by operational improvements and market conditions [5] - The acquisition of the Ecuadorian Odin Mining (KGHM) is expected to enhance the company's resource portfolio, with plans for gold production starting by 2029 [5] Financial Performance - In H1 2025, the company achieved revenue of 94.773 billion yuan, a year-over-year decrease of 7.83%, while total profit reached 14.903 billion yuan, an increase of 33.62%, and net profit attributable to shareholders was 8.671 billion yuan, up 60.07% [1] - The company's asset-liability ratio stands at 50.15%, a decrease of 9.01 percentage points year-over-year [1] Production and Efficiency - The company produced 353,600 tons of copper, a year-over-year increase of 12.68%, and 61,100 tons of cobalt, up 13.05%, both exceeding production guidance [2] - Other products such as molybdenum, tungsten, niobium, and phosphate also showed significant production progress, with completion rates above 50% [2] Cost Management - Operating costs for H1 2025 were 74.727 billion yuan, a decrease of 10.96% year-over-year, attributed to improved recovery rates and reduced procurement costs [3] - Financial expenses decreased by 43.96% year-over-year due to a reduction in borrowing scale and interest expenses [4] Future Projections - The company expects continued growth in revenue and net profit, with projections for net profit attributable to shareholders increasing to 16.7 billion yuan in 2025, 19 billion yuan in 2026, and 21.1 billion yuan in 2027 [5][6] - The estimated P/E ratios for 2025, 2026, and 2027 are 16x, 14x, and 13x respectively [5]

Core Insights - Luoyang Molybdenum Co., Ltd. has been recognized in the Wind ESG "AAA" rating and has made it to the top 100 list of best practices in ESG among large-cap companies for 2025 [1] Environmental Performance - The company has achieved a leading environmental performance, with copper product carbon emissions density lower than 70% of global mining companies, 36% of global renewable energy usage, and 81% of water being recycled [1] - Luoyang Molybdenum has initiated greenhouse gas scope 3 accounting and disclosed its data and methodology for the first time, along with a complete TCFD report [1] Social Responsibility - The company emphasizes employee rights protection and community investment, implementing localized and diversified employment strategies to create an inclusive work environment [2] - In 2024, all mining sites passed ISO45001 occupational health and safety certification, and the company contributed approximately 191 billion yuan to the global economy, with 292 million yuan invested in community development projects [2] Governance and Economic Practices - Luoyang Molybdenum has established a clear three-tier ESG governance structure involving the board, executive management, and business units, with senior management responsible for ESG strategy and policy execution [2] - The company is committed to ethical business practices in its operations and supply chain, emphasizing anti-corruption, protection of trade secrets, conflict of interest disclosures, and prohibition of improper transactions [2] Recognition and Future Commitment - The company has received external recognition for its ESG performance, maintaining an AA rating from MSCI ESG for three consecutive years, ranking in the top 11% of the global non-ferrous metals industry [3] - Luoyang Molybdenum aims to continue implementing high-standard ESG principles across its global mining sites and share development outcomes with stakeholders [3]

香港联交所最新资料显示，9月4日，摩根大通增持洛阳钼业（603993）(03993)294.3812万股，每股均价 12.113港元，总金额约为3565.84万港元。增持后最新持股数目约为2.38亿股，最新持股比例为6.04%。 ...

Group 1 - Morgan Stanley increased its stake in Luoyang Molybdenum Co., Ltd. by purchasing 2.943812 million shares at an average price of HKD 12.113 per share, totaling approximately HKD 35.6584 million [1] - After the purchase, Morgan Stanley's total shareholding in Luoyang Molybdenum reached approximately 238 million shares, representing a holding percentage of 6.04% [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock performance with a year-to-date increase of 100.41%, despite a recent decline of 7.24% over the last five trading days [1] Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and went public on October 9, 2012 [1] - The main revenue sources include refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [2] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 shares per shareholder [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and several ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3]

Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and was listed on October 9, 2012 [1] - The main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Stock Performance - As of September 8, Luoyang Molybdenum's stock price was 12.64 CNY per share, with a market capitalization of 270.42 billion CNY [1] - The stock has increased by 97.59% year-to-date, but has decreased by 6.58% in the last five trading days [1] - The stock has shown a 28.72% increase over the last 20 days and a 66.40% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum reported operating revenue of 94.773 billion CNY, a year-on-year decrease of 7.83% [2] - The net profit attributable to shareholders for the same period was 8.671 billion CNY, reflecting a year-on-year increase of 60.07% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 237,500, a decrease of 15.95% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings [3]

Core Viewpoint - Bank of America Securities has raised its profit forecast for Luoyang Molybdenum (03993, 603993.SH) for the fiscal year 2025 and the following years by 1% to 6%, primarily due to the company's commitment to efficient production, technological reforms, and the expansion of TFM/KFM, which is expected to increase copper production by 1% in the coming years [1] Group 1 - The company has a robust balance sheet and a high-quality new management team, which, along with potential acquisitions beyond the expansion of TFM and KFM mines, lays a solid foundation for stable growth over the next five years [1] - The bank has maintained a positive outlook on copper prices since the second half of this year, citing various reasons for this optimism [1]