Core Viewpoint - Luoyang Molybdenum Industry (603993) reported a mixed performance in its 2025 interim financial results, with a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year [1]. - Net profit attributable to shareholders reached 8.671 billion yuan, reflecting a substantial increase of 60.07% year-on-year [1]. - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1]. - Gross margin improved to 21.15%, an increase of 15.1% year-on-year, and net margin rose to 10.39%, up 68.69% year-on-year [1]. Cost Management - Selling, general, and administrative expenses totaled 2.166 billion yuan, accounting for 2.29% of revenue, down 20.81% year-on-year [1]. - The company reported a significant reduction in interest-bearing debt, which decreased by 45.84% to 28.68 billion yuan [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.41 yuan, a rise of 64.0% year-on-year [1]. - The book value per share was reported at 3.39 yuan, up 19.9% year-on-year [1]. - Operating cash flow per share was 0.56 yuan, reflecting an increase of 11.92% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 14.69%, indicating strong capital returns [3]. - The average ROIC over the past decade was 6.07%, suggesting a generally weak investment return history [3]. - The company maintains a healthy cash position, with cash assets being robust [3]. Market Position - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with a scale of 4.695 billion yuan and a recent net value increase of 1.27% [5].

Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year - Net profit attributable to shareholders reached 8.671 billion yuan, an increase of 60.07% year-on-year - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1] - Gross margin improved to 21.15%, up 15.1% year-on-year, and net margin increased to 10.39%, up 68.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.166 billion yuan, accounting for 2.29% of revenue, a decrease of 20.81% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.41 yuan, a 64.0% increase year-on-year - Cash flow per share was 0.56 yuan, up 11.92% year-on-year - Net asset value per share increased to 3.39 yuan, a rise of 19.9% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 14.69%, indicating strong capital returns, although historical ROIC averages around 6.07%, suggesting generally weak investment returns [4] - The company's cash assets are reported to be very healthy, indicating good liquidity [4] Fund Holdings - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with 27.4225 million shares held, showing a reduction in holdings [5] - Other funds have newly entered or increased their positions in Luoyang Molybdenum, indicating growing interest from institutional investors [5]

作者：智投君 融券方面，当日融券卖出1.17万股，净买入4.66万股。 本文源自：金融界 8月22日，沪深两融数据显示，洛阳钼业获融资买入额2.00亿元，居两市第139位，当日融资偿还额1.97 亿元，净买入282.43万元。 最近三个交易日，20日-22日，洛阳钼业分别获融资买入1.86亿元、1.59亿元、2.00亿元。 ...

Core Viewpoint - Luoyang Molybdenum's strong performance in the first half of 2025 is attributed to significant growth in its mining segment, achieving record revenue and profit levels [1][2]. Financial Performance - The company reported a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan, marking a year-on-year increase of 60.07% [1][2]. - The mining segment's revenue reached a historical high of 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11 and 28 percentage points compared to the same periods in 2024 and 2023, respectively [2]. - Operating costs decreased by 10.96% year-on-year, contributing to improved profitability [3]. - Operating cash flow was 12.009 billion yuan, up 11.40% year-on-year, with a debt-to-asset ratio of 50.15%, down 9.01 percentage points [3]. Product Performance - Copper production reached 353,600 tons, a year-on-year increase of 12.68%, with copper revenue at 25.718 billion yuan, making up about 65% of mining revenue [2]. - Cobalt production was 61,100 tons, with cobalt revenue increasing by 31.94% to 5.728 billion yuan [2]. - Tungsten and molybdenum production also showed positive trends, with tungsten revenue growing by 26.19% to 1.109 billion yuan [2]. Strategic Initiatives - The company is actively expanding its portfolio in renewable energy metals, with significant investments in copper and cobalt [4]. - A recent acquisition of Lumina Gold for 581 million Canadian dollars (approximately 307.6 million yuan) adds a significant gold resource in Ecuador, with a total resource of 1.376 billion tons [4]. - Ongoing projects in the Democratic Republic of Congo aim to increase copper production to 800,000 to 1 million tons [5]. Market Outlook - The company maintains an optimistic outlook for copper prices, citing limited new production capacity and resilient demand from the energy sector [6]. - Cobalt prices are expected to remain high due to export bans and declining market inventories, with sustained demand anticipated [6]. - Tungsten and molybdenum prices are projected to remain stable and resilient, continuing to stay at historically high levels [6].

每经记者｜王佳飞 每经编辑｜魏官红 8月22日晚间，洛阳钼业（603993.SH，股价11.11元，市值2376.91亿元）发布了2025年半年度报告。报 告期内，公司营业收入947.73亿元，同比下降7.83%；归属于上市公司股东的净利润86.71亿元，同比增 长60.07%，创同期历史新高。 洛阳钼业相关工作人员向《每日经济新闻》记者表示："公司降本增效成果显著，营业成本同比下降 10.96%。分矿区看，TFM和KFM（均为位于刚果（金）境内的铜钴矿区）优化工艺流程，开展数智化 微创新等；中国区优化药剂研究等，钼、钨选矿回收率提升，钼铁成本下降。" 主要产品市场价格的上涨为公司利润增长提供了有力支撑。上半年，伦敦金属交易所现货铜均价为9431 美元/吨，同比上涨3.75%；Fastmarkets（金属与大宗商品价格评估机构）标准级钴金属低幅价格升至平 均13.16美元/磅，同比上涨7.69%，氢氧化钴中间品折价系数则同比飙升至69.1%；钼、铌价格则基本保 持稳定。 此外，洛阳钼业上半年完成厄瓜多尔奥丁矿业（凯歌豪斯金矿）收购并快速推进开发工作，意味着洛阳 钼业进入了黄金领域。据了解，凯歌豪斯金矿计划20 ...

Core Viewpoint - Luoyang Molybdenum's significant profit growth in the first half of 2025 is attributed to increased production and prices of copper, alongside improved management efficiency and reduced operational costs [2][4]. Financial Performance - The company reported a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan, marking a year-on-year increase of 60.07%, setting a historical high for the same period [2]. - Mining revenue reached a historical high of 39.402 billion yuan, up 25.64% year-on-year, with copper mining revenue at 25.718 billion yuan, an increase of 28.42% [2]. Production Achievements - The company achieved all production targets for the first half of the year, producing 353,600 tons of copper (up 12.68%) and 61,100 tons of cobalt (up approximately 13.05%) [2]. - Production of molybdenum, tungsten, niobium, and phosphate exceeded 50% of annual targets [2]. Market Conditions - The overall copper price trend was strong in the first half of 2025, with the average copper price on the Shanghai Futures Exchange at approximately 77,400 yuan per ton, a year-on-year increase of 4.1% [3]. - Domestic copper supply remained tight, with copper concentrate processing fees dropping to a record low of negative 45 USD per ton by the end of June [3]. Cost Management and Efficiency - The company achieved a 10.96% reduction in operating costs, with various mining areas optimizing processes and improving recovery rates [4]. - Organizational upgrades were made to create a more international, professional, and youthful management team [4]. Strategic Developments - The acquisition of Ecuador's Odin Mining (KGHM) was completed, enhancing the company's multi-national, multi-mineral, and multi-asset business layout [4]. - The company is progressing towards its goal of producing 800,000 to 1,000,000 tons of copper in the Democratic Republic of the Congo [4].

格隆汇8月22日丨洛阳钼业(03993.HK)公布2025年半年度报告，报告期实现营业收入947.73亿元，同比 下降7.83%；归属于上市公司股东的净利润86.71亿元，同比增长60.07%；归属于上市公司股东的扣除非 经常性损益的净利润87.24亿元，同比增长55.08%；基本每股收益0.41元。 公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同比增长约 12.68% ；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的50%。 ...

Core Viewpoint - Luoyang Molybdenum Industry Co., Ltd. reported a decrease in revenue but a significant increase in net profit for the first half of 2025, indicating strong operational performance despite revenue challenges [1] Financial Performance - The company achieved a revenue of 94.773 billion RMB, a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders was 8.671 billion RMB, reflecting a year-on-year increase of 60.07% [1] - Basic earnings per share were reported at 0.41 RMB [1] Production Achievements - The company met its production targets for all products in the first half of the year, exceeding the halfway mark of its annual goals [1] - Copper production reached 353,600 tons, representing a year-on-year growth of approximately 12.68% [1] - Cobalt production was recorded at 61,100 tons, showing a year-on-year increase of about 13.05% [1] - Production of molybdenum, tungsten, niobium, and phosphate fertilizer also exceeded 50% of the annual targets [1]

智通财经APP讯，洛阳钼业(03993)发布截至2025年6月30日止六个月的中期业绩，营业收入947.73亿元 (人民币，下同)，同比减少7.83%;归母净利润86.71亿元，同比增加60.07%;基本每股收益0.41元。 （原标题：洛阳钼业(03993)发布中期业绩 归母净利润86.71亿元 同比增加60.07%） 公告称，公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同 比增长约12.68%;产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的 50%。 ...

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