Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit attributable to shareholders of 8.67 billion yuan in the first half of 2025, representing a 60% increase, driven by rising copper and cobalt prices along with increased production [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 4.73 billion yuan, showing a year-on-year increase of 41.2% and a quarter-on-quarter increase of 19.7% [1] - The operating cash flow is expected to reach 12.01 billion yuan [1] Production Outlook - The company is entering a production release year starting in 2023, positioning itself as one of the few large copper mining companies to maintain high growth in copper production [1] - With the commissioning of the KFM Phase II and TFM Phase III projects after 2027, the company's copper production is anticipated to reach 800,000 to 1,000,000 tons by 2028 [1] Market Conditions - Assuming the copper spot settlement price remains at 78,500 yuan per ton (up from 78,000 yuan per ton) and cobalt prices stabilize at 240,000 yuan per ton (up from 210,000 yuan per ton), the company is well-positioned for high earnings elasticity in response to copper and cobalt price fluctuations [1] - The cobalt hydroxide discount factor is set at 70%, with a 70% export quota from the Democratic Republic of the Congo [1] Strategic Positioning - The company possesses world-class copper and cobalt mines, and the expansion of its two major projects is expected to significantly enhance its copper production capacity [1] - The company maintains an "outperform the market" rating due to its strong production growth potential and favorable market conditions [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit attributable to shareholders of 8.67 billion yuan in the first half of 2025, representing a 60% increase, driven by rising copper and cobalt prices along with increased production [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 4.73 billion yuan, showing a year-on-year increase of 41.2% and a quarter-on-quarter increase of 19.7% [1] - The operating cash flow for the first half of 2025 was reported at 12.01 billion yuan [1] Production Outlook - The company is entering a production release year starting in 2023, positioning itself as one of the few large copper mining companies to maintain high growth in copper production [1] - With the commissioning of the KFM Phase II and TFM Phase III projects after 2027, the company's copper production is expected to reach 800,000 to 1 million tons by 2028 [1] Market Conditions - Assuming the copper spot settlement price remains at 78,500 yuan per ton (up from 78,000 yuan per ton) and cobalt prices stabilize at 240,000 yuan per ton (up from 210,000 yuan per ton), the company is well-positioned for high earnings elasticity in response to copper and cobalt price fluctuations [1] - The cobalt hydroxide discount factor is set at 70%, with a Congo export quota of 70% [1] Strategic Position - The company possesses top-tier global copper and cobalt mines, and the expansion of its two world-class projects is expected to significantly enhance its copper production capacity [1] - The company maintains an "outperform the market" rating due to its strong production growth and favorable market conditions [1]

Group 1 - The core viewpoint of the article highlights that Luoyang Molybdenum Co., Ltd. reported a significant increase in net profit for the first half of 2025, reaching 8.671 billion yuan, which represents a year-on-year growth of 60.07%, setting a new historical record for the same period [1] - The company benefited from rising prices of metals such as copper, cobalt, and molybdenum, with gross profit margins for these metals increasing by 1.27, 19.66, and 4.45 percentage points respectively during the first half of the year [1] - Luoyang Molybdenum produced 61,100 tons of cobalt in the first half of the year, generating revenue of 5.728 billion yuan from its cobalt mining operations, which is a year-on-year increase of 31.94% [1]

Core Insights - Luoyang Molybdenum's net profit for the first half of 2025 reached 8.671 billion yuan, a significant increase of 60.07% year-on-year, marking a historical high for the same period [2] - The company is accelerating its transformation into a "platform-type mining company" with a strategy focused on "multiple varieties," "multiple countries," and "multiple stages" to enhance development resilience [2][5] Financial Performance - Revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year, primarily due to a decline in the trading business [2] - Despite the revenue decline, net profit reached a historical high of 8.671 billion yuan, benefiting from rising prices of key products and effective cost control [2] - The gross margins for copper, cobalt, and molybdenum increased by 1.27, 19.66, and 4.45 percentage points respectively, driven by higher metal prices [2] Mining Segment Performance - The mining segment generated revenue of 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11% and 28% compared to the same period in 2024 and 2023 respectively [3] - Copper production reached 353,600 tons, a year-on-year increase of 12.68%, with copper mining revenue at 25.718 billion yuan, representing 65% of mining revenue [3] - Cobalt production was 61,100 tons with mining revenue of 5.728 billion yuan, a year-on-year increase of 31.94% [3] Management Changes and Future Plans - In April 2025, Luoyang Molybdenum underwent a significant management overhaul, forming a new team characterized by internationalization, professionalism, and youth [4] - The new management team aims to transform the company into a platform-type mining company, including plans for acquisitions [4] - In June 2025, the company acquired Lumina Gold for 581 million Canadian dollars, securing the Cangrejos gold mine in Ecuador, which contains 359 tons of gold [4] Strategic Development Directions - The company plans to expand in three directions: diversifying product offerings to include copper and gold, exploring opportunities in various countries, and considering both operating and green projects for future growth [5]

Core Viewpoint - Luoyang Molybdenum's strong performance in the first half of 2025 is driven by significant profit growth despite a decline in revenue, showcasing effective cost control and rising metal prices [1][2]. Financial Performance - The company's net profit attributable to shareholders reached 8.671 billion yuan, a substantial increase of 60.07% year-on-year, marking a historical high for the same period [1]. - Revenue for the first half of the year was 94.773 billion yuan, down 7.83% year-on-year, primarily due to a decline in the trading business [1]. - Operating costs decreased by 10.96% to 74.727 billion yuan, with financial expenses dropping significantly by 43.99% [1]. Mining Segment Performance - Mining revenue reached 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11% and 28% compared to the same periods in 2024 and 2023, respectively [2]. - Copper production was 353,600 tons, up 12.68% year-on-year, with copper mining revenue at 25.718 billion yuan, representing 65% of mining revenue [2]. - Cobalt production reached 61,100 tons, with mining revenue of 5.728 billion yuan, a year-on-year increase of 31.94% [2]. Management Changes and Strategy - In April, the company underwent a significant management overhaul, establishing a new team focused on internationalization and professionalism [3]. - The new management aims to transform the company into a platform-type mining company, with plans for acquisitions and mergers [3][4]. - In June, the company acquired Lumina Gold for 581 million Canadian dollars (approximately 307.6 million yuan), securing the Cangrejos gold mine in Ecuador, which contains 359 tons of gold [3]. Future Development Plans - The company plans to diversify its product offerings, focusing on copper and gold while expanding into molybdenum and tungsten [4]. - It aims to explore opportunities in various countries, particularly in Africa and South America, to create synergies [4]. - The strategy includes both expanding existing projects and considering green projects for future development [4].

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on various metals including molybdenum, tungsten, cobalt, and copper, with a comprehensive integrated industrial chain [2] Company Overview - Luoyang Molybdenum is one of the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2] - The company is also the second-largest producer of phosphate fertilizer in Brazil, holding 100% indirect rights to the CIL phosphate mine, covering the entire phosphate industry chain [2] Production and Financial Performance - The company has seen a significant increase in gold production, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year growth of 56% to 69% [2] - For the first half of 2025, the company reported a revenue of 94.77 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% [7] Market Activity - On August 27, the company's stock fell by 2.82%, with a trading volume of 2.86 billion yuan and a market capitalization of 250.53 billion yuan [1] - The stock has experienced a net outflow of 348 million yuan from main funds, indicating a reduction in investment interest [3][4] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95%, with the average circulating shares per person remaining at zero [6] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some increasing their holdings [7]

Core Viewpoint - The company reported a decline in revenue but significant growth in net profit and non-recurring net profit for the first half of 2025, indicating strong operational efficiency and cost management despite challenging market conditions [1][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders was 8.671 billion yuan, up 60.07% year-on-year, while the non-recurring net profit was 8.724 billion yuan, an increase of 55.08% year-on-year [1] - In Q2 2025, revenue was 48.767 billion yuan, down 13.99% year-on-year but up 6.00% quarter-on-quarter [1] Production and Pricing - The company saw production increases in copper and cobalt, with copper production at 353,600 tons and cobalt at 61,100 tons for the first half of 2025, representing year-on-year increases of 12.68% and 13.05% respectively [2] - The average spot price for copper in Q2 2025 was 78,000 yuan per ton, down 2.1% year-on-year, while the average spot price for cobalt was 238,800 yuan per ton, up 8.3% year-on-year [2] Cost Management and Profitability - The unit costs for copper and cobalt were 37,000 yuan per ton and 47,300 yuan per ton respectively, with year-on-year increases of 20.80% for copper and a decrease of 4.00% for cobalt [2] - The gross margin for copper and cobalt businesses was 53.63% and 61.83% respectively, with year-on-year increases of 1.27 percentage points and 19.65 percentage points [2] Strategic Expansion - The company completed the acquisition of Lumina Gold, which owns 100% of the Cangrejos gold mine in Ecuador, with a gold resource of 638 tons and an expected mine life of 26 years, positioning gold as a potential second growth driver [3] Financial Ratios - The overall gross margin for the first half of 2025 was 21.15%, an increase of 2.77 percentage points year-on-year [4] - The net profit margin for the first half of 2025 was 10.39%, up 4.23 percentage points year-on-year [4] - The company's debt ratio was 50.15%, a decrease of 9.01 percentage points year-on-year, indicating a strong balance sheet [4] - The return on equity (ROE) was 11.75%, an increase of 3.01 percentage points year-on-year [4] Investment Outlook - Given the production increases in copper and cobalt, the company has revised its net profit forecasts for 2025-2027 upwards, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company achieved a 60% year-on-year increase in net profit attributable to shareholders in H1 2025, reaching 8.67 billion yuan, driven by rising copper and cobalt prices alongside increased production [6][24]. - The company is actively pursuing a goal of reaching a copper production capacity of 1 million tons, with significant projects like KFM Phase II and TFM Phase III expected to commence production after 2027 [20][24]. - The report highlights that the company has successfully completed the acquisition of the Ecuadorian gold mine and is progressing with its development, aiming for production before 2029 [6][24]. Financial Performance - In Q2 2025, the company reported a net profit of 4.73 billion yuan, a 41.2% increase year-on-year and a 19.7% increase quarter-on-quarter [6][24]. - The copper production in Q2 2025 was 183,000 tons, a 10% increase year-on-year, while copper sales reached 199,000 tons, marking a 6.7% year-on-year increase and a significant 60.5% quarter-on-quarter increase [2][7]. - The company expects net profits for 2025-2027 to be 16.315 billion, 17.752 billion, and 18.924 billion yuan respectively, with year-on-year growth rates of 20.6%, 8.8%, and 6.6% [24][25]. Cost and Pricing - The copper production cost in Q2 2025 was calculated at 32,015 yuan per ton, indicating potential for cost reduction in the future [8][9]. - The report indicates that for every 5,000 yuan increase in copper price, the company's net profit would increase by 1.4 billion yuan [20][24]. Market Position and Future Outlook - The company is positioned as one of the few large copper mining companies maintaining high growth in copper production, with expectations to reach 800,000 to 1 million tons by 2028 [20][24]. - The report emphasizes the company's strong operational leverage to copper and cobalt prices, which could significantly enhance profitability [24].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing fluctuations in financing and stock performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financing Summary - On August 26, Luoyang Molybdenum had a financing buy-in of 291 million yuan and a financing repayment of 258 million yuan, resulting in a net financing buy of 32.47 million yuan [1]. - The total financing balance as of August 26 is 19.61 billion yuan, which accounts for 0.93% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company repaid 93,100 shares in short selling on the same day, with a short selling amount of 84,400 yuan, while the remaining short selling volume is 1.647 million shares, exceeding the 90th percentile of the past year [1]. Company Profile - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in 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%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the 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]. Shareholding 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, which increased its holdings by 6.948 million shares, and various ETFs that have also increased their positions [3].

格隆汇8月27日丨根据联交所最新权益披露资料显示，2025年8月21日，洛阳钼业(03993.HK)遭JPMorgan Chase & Co.以每股均价10.7237港元减持好仓706.86 万股，涉资约7580.2万港元。 减持后，JPMorgan Chase & Co.最新持好仓数目为233,272,833股，持好仓比例由6.11%下降至5.93%。 | 張格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 泉内 | 股份數目 | | (語參閱十犹*詩 | 有投票權股 期(日 / 月 / | | | | | | | | 份自分比 年) | | CS20250826E00238 | JPMorgan Chase & Co. 7,068,632(L) | 1201(L) | | HKD 10.7237 | 233.272.833(L) | 5.93(L)21/08/2025 | | | | | | ...