Core Viewpoint - Bank of America Securities has raised its profit forecast for Luoyang Molybdenum (603993) for the fiscal year 2025 and the following years by 1% to 6%, driven by the company's commitment to efficient production, technological reforms, and the expansion of TFM/KFM, which will increase copper output by 1% to 6% in the coming years [1] Group 1 - The target price for Luoyang Molybdenum's Hong Kong stock has been increased from HKD 12 to HKD 14, while the A-share target price has been raised from RMB 12.5 to RMB 14.5 [1] - The company is expected to achieve stable growth over the next five years due to a solid balance sheet, a quality new management team, and potential mergers and acquisitions beyond the expansion of TFM and KFM mining areas [1] - The outlook for copper prices remains positive, attributed to tight copper concentrate supply, steady demand growth, and expectations of interest rate cuts [1] Group 2 - Copper supply is under continuous pressure due to operational disruptions, such as reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, with Chilean production only maintaining long-term average levels [1] - Demand for copper remains robust, benefiting from increased investment in China's power grid starting in the second half of the year and the peak season for electric vehicle sales [1]

Group 1 - The core viewpoint of the report is that Bank of America Securities has raised its earnings forecast for Luoyang Molybdenum (03993, 603993.SH) for the fiscal year 2025 and the following years by 1% to 6% due to the company's commitment to efficient production, technological reforms, and expansion of TFM/KFM, which will increase copper production by 1% to 6% in the coming years [1] - The target price for Luoyang Molybdenum's Hong Kong stock has been increased from HKD 12 to HKD 14, while the A-share target price has been raised from RMB 12.5 to RMB 14.5, with a reiterated "Buy" rating [1] - The report highlights Luoyang Molybdenum's strong balance sheet, a quality new management team, and potential acquisitions beyond the expansion of TFM and KFM mines as foundations for stable growth over the next five years [1] Group 2 - The outlook for copper prices remains positive due to tight supply conditions, driven by operational disruptions such as reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, along with Chilean production maintaining long-term average levels [1] - Demand for copper is expected to remain robust, supported by increased investment in China's power grid starting in the second half of the year and the peak season for electric vehicle sales [1]

Group 1 - The core viewpoint of the report is a positive outlook on copper prices due to tight supply, steady demand growth, and expectations of interest rate cuts [1] - Copper supply remains tight due to operational disruptions, including reduced output at Kamoa-Kakula Mine and the shutdown of Codeco's El Teniente Mine, with Chilean production only maintaining long-term average levels [1] - Demand for copper is robust, driven by increased investment in China's power grid and the peak season for electric vehicle sales in the second half of the year [1] Group 2 - Bank of America has raised its earnings forecast for Luoyang Molybdenum for the fiscal year 2025 and the following years by 1% to 6%, attributing this to the company's focus on efficient production, technological innovation, and expansion of TFM/KFM [1] - The expected increase in copper production for the coming years is projected to be between 1% to 6% [1] - The target price for Luoyang Molybdenum's H-shares has been raised from HKD 12 to HKD 14, while the A-shares target price has been adjusted from CNY 12.5 to CNY 14.5, with a reiterated "buy" rating [1]

Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. experienced a decline of 5.27% in its stock price, reaching 12.93 CNY per share, with a trading volume of 2.607 billion CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 276.628 billion CNY [1] - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [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] Group 2 - From the perspective of major fund holdings, one fund under Taikang Asset Management has heavily invested in Luoyang Molybdenum. The Taikang Advanced Materials Stock A Fund (016053) increased its holdings by 119,800 shares in the second quarter, holding a total of 248,100 shares, which accounts for 6.44% of the fund's net value, making it the second-largest holding [2] - The Taikang Advanced Materials Stock A Fund (016053) was established on July 26, 2022, with a latest scale of 25.1769 million CNY. Year-to-date returns are 18.31%, ranking 829 out of 4280 in its category; the one-year return is 25.25%, ranking 2340 out of 3778; and since inception, it has a loss of 1.93% [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a significant player in the non-ferrous metal mining industry, focusing on the production of various metals including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, with a comprehensive integrated industrial chain [3] Company Overview - Luoyang Molybdenum was established on December 22, 1999, and listed on October 9, 2012, with its main business involving the mining, selection, smelting, deep processing, and trading of precious metals [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 - As of June 30, 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 [8] - The company has a significant presence in the gold production sector, with an expected increase in gold equity production from 16,000 ounces in 2022 to a guidance of 25,000 to 27,000 ounces in 2023, representing a year-on-year growth of 56% to 69% [3] Market Position and Shareholder Information - Luoyang Molybdenum ranks as one of the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [3] - As of June 30, 2025, the number of shareholders was 237,500, a decrease of 15.95% from the previous period [8] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [9] Recent Market Activity - On September 3, the stock price of Luoyang Molybdenum fell by 1.23%, with a trading volume of 4.654 billion yuan and a turnover rate of 1.96%, leading to a total market capitalization of 292.032 billion yuan [1] - The stock has seen a net outflow of 251 million yuan from major funds today, with a continuous reduction in major fund positions over the past two days [4][5]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. shows strong trading activity with significant financing and margin trading, indicating investor interest and potential growth opportunities in the company [1][2]. 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% [2]. - The net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2]. Shareholder and Market Activity - As of September 2, 2023, Luoyang Molybdenum's financing buy-in amounted to 728 million yuan, with a net buy of 188 million yuan [1]. - The total financing and margin trading balance reached 2.530 billion yuan, indicating a high level of investor engagement [1]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [3]. Shareholding Structure - As of June 30, 2025, the number of shareholders decreased to 237,500, a reduction of 15.95% [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in their holdings [3].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is preparing for new opportunities in the mining sector, focusing on copper and gold resources amid tightening copper concentrate supply and increasing downstream demand [2][6]. Group 1: Company Strategy and Growth - The company has completed a series of acquisitions, including the recent acquisition of the Ecuadorian KGHM gold mine, marking its first acquisition since December 2020 [2][6]. - Luoyang Molybdenum's revenue has increased by 37.45 times and operating cash flow by 22.6 times since its international expansion began in 2013 [3]. - The company aims to strengthen its copper assets and expand into gold and other key mineral countries to become a "world-class mining company" [2][6]. Group 2: Mergers and Acquisitions - The company has successfully executed several strategic acquisitions, including the purchase of an 80% stake in the North Parkes copper mine from Rio Tinto for $820 million in 2013 [5]. - Significant acquisitions include the 56% stake in the TFM mine in the Democratic Republic of Congo and the 95% stake in the KFM copper-cobalt mine for $550 million in 2020 [6]. - The company is shifting its acquisition strategy towards greenfield projects rather than existing operations, aiming for substantial growth potential through effective management [9]. Group 3: Focus on Copper and Gold - Luoyang Molybdenum is concentrating on copper and gold, with a target to achieve copper production capacity of 800,000 to 1,000,000 tons by 2028 [7]. - The KGHM gold mine has a resource reserve of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [7]. - The company is exploring further resource potential at the KGHM site, with ongoing exploration and production process design [7]. Group 4: Operational Efficiency and Cost Management - The company is implementing innovative mining techniques to enhance the economic value of its mines, particularly in the Luoyang Luanchuan area [8]. - The operational cost efficiency of TFM and KFM mines is highlighted, with TFM achieving a cost ranking in the top 30% of the industry and KFM below the top 10% [6][8].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant trading activity and financial performance, with notable increases in net profit and high levels of financing and short selling [1][2][3] Financial Performance - For the period from January to June 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [2] - The company's net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2] Trading Activity - On September 1, 2023, Luoyang Molybdenum's stock price increased by 9.47%, with a trading volume of 4.793 billion yuan [1] - The financing buy-in amount for the same day was 594 million yuan, while the financing repayment was 309 million yuan, resulting in a net financing buy-in of 285 million yuan [1] - As of September 1, the total financing and securities lending balance was 2.337 billion yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Luoyang Molybdenum was 237,500, a decrease of 15.95% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 69.4089 million shares [3] Dividend Distribution - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed in the last three years [3] Market Position - The company's main business involves the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2] - The revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), and other metals [2]

Core Viewpoint - Goldman Sachs has raised its earnings forecast for Luoyang Molybdenum Co., Ltd. (603993) for 2025 to 2027 by 5% to 9%, citing expected increases in copper and other rare metal prices, which will drive a 38% growth in recurring profits for the year [1] Group 1: Earnings Forecast and Target Price - The target price for Luoyang Molybdenum's H-shares has been increased from HKD 9.5 to HKD 10.8 [1] - The target price for Luoyang Molybdenum's A-shares has been raised from CNY 11.5 to CNY 13 [1] Group 2: Financial Performance - Luoyang Molybdenum reported a net profit of CNY 8.67 billion for the first half of the year, representing a year-on-year increase of 60% [1] - Excluding one-time items, the recurring net profit was CNY 8.62 billion, a year-on-year growth of 52%, which exceeded market expectations but was 8% lower than Goldman Sachs' forecast due to higher-than-expected sales costs in the Democratic Republic of Congo [1]

公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 ...