Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd. in the small metals industry, indicating a relatively low PE ratio compared to the industry average [1][2] - As of July 18, Luoyang Molybdenum's closing price was 8.21 yuan, with a PE ratio of 11.40 and a total market capitalization of 175.65 billion yuan [1] - The company ranks 5th in the small metals industry, which has an average PE ratio of 63.07 and a median of 53.34 [1][2] Group 2 - The latest financial report for Q1 2025 shows that Luoyang Molybdenum achieved a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while net profit increased by 90.47% to 3.946 billion yuan [1] - The gross profit margin for the company stands at 22.33% [1] - A total of 70 institutions hold shares in Luoyang Molybdenum, with a combined holding of 139.7292 million shares valued at 1.177 billion yuan [1]

Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - The company expects a net profit attributable to shareholders of 8.2 to 9.1 billion yuan for the first half of 2025, representing a year-on-year increase of 51.37% to 67.98% [6] - In the first half of 2025, copper production is projected to be 353,600 tons, up 12.68% year-on-year, and cobalt production is expected to be 61,100 tons, up 13.05% year-on-year [7] - The company completed the acquisition of Lumina Gold in June 2025, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which has a resource reserve of 1.376 billion tons and a gold content of 638 tons [8] - The projected net profits for 2025, 2026, and 2027 are 16.217 billion, 18.093 billion, and 18.759 billion yuan respectively, with corresponding P/E ratios of 10.67, 9.57, and 9.23 [9] Financial Summary - The company anticipates a revenue of 213.029 billion yuan in 2024, with a year-on-year growth of 14.4%, and projected revenues of 223.839 billion, 232.065 billion, and 240.274 billion yuan for 2025, 2026, and 2027 respectively [11] - The gross profit margin is expected to be 16.5% in 2024, increasing to 17.0% by 2026 and remaining stable in 2027 [11] - The return on equity (ROE) is projected to be 19.1% in 2024, peaking at 20.2% in 2025, and then declining to 18.3% by 2027 [11]

Core Viewpoint - The strong performance of leading mining companies, Zijin Mining and Luoyang Molybdenum, is attributed to resource premium realization and capacity structure optimization, despite their stock prices remaining relatively stable after earnings announcements [1][4]. Group 1: Financial Performance - Zijin Mining is expected to achieve a net profit of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% from 151 billion yuan [3][4]. - Luoyang Molybdenum anticipates a net profit between 82 billion and 91 billion yuan for the same period, reflecting a year-on-year increase of 51.37% to 67.98% [3][4]. - Both companies reported significant increases in production volumes for key minerals, with Zijin Mining's copper and gold production rising by 10% and 17% respectively, while Luoyang Molybdenum's copper and cobalt production increased by approximately 12.68% and 13.05% [3][4]. Group 2: Market Dynamics - Despite strong earnings, the stock prices of Zijin Mining and Luoyang Molybdenum have shown limited movement, indicating that market participants may be cautious about potential cyclical peaks in commodity prices [5][6]. - Analysts suggest that the current risk premium for strategic resources like gold and copper is in an upward cycle, which could enhance the overall value of related stocks [6][7]. Group 3: Strategic Actions - Both companies are actively pursuing acquisitions to expand their resource base, with Zijin Mining planning to acquire a large gold mine in Kazakhstan for $1.2 billion and Luoyang Molybdenum completing a deal for a gold mine in Ecuador [8][9]. - Luoyang Molybdenum has expressed intentions to continue exploring operational efficiencies and potential new acquisitions in copper and gold projects [9].

重要内容提示： 洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业" 或"公司"）本次将注销回购专用证券账户中的104,930,443股股 份，占注销前公司总股本21,499,240,619股的比例为0.49%。本次 注 销 完 成 后 ， 公 司 的 总 股 本 将 由 21,499,240,619 股 变 更 为 21,394,310,176股。 回购股份注销日：2025年7月16日。 股票代码：603993 股票简称：洛阳钼业 编号：2025—041 洛阳栾川钼业集团股份有限公司 关于实施回购股份注销暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司于2022年5月24日召开第六届董事会第四次会议，审议通过 《关于以集中竞价交易方式回购A股股份（第三期）的议案》，同意 公司使用不高于人民币5亿元的自有资金，以不高于人民币7.25元/ 股的价格回购A股股份。截止2022年6月8日，公司已完成此次股份回 购，公司通过集中竞价交易方式回购股份104,930,443股，成交总金 额为499,934,733元（不 ...

Core Viewpoint - Bank of America Securities has reiterated a "Buy" rating for Luoyang Molybdenum Co., with a target price of HKD 8.5 for its H-shares, following the company's positive earnings forecast for the first half of the year, indicating significant year-on-year profit growth [1][2] Group 1: Production Costs and Profit Forecast - Management expects production costs to remain stable quarter-on-quarter in Q2 2025 but decrease year-on-year, with TFM copper mine costs projected between USD 5,500 and 6,000 per ton, and KFM copper mine costs between USD 3,000 and 3,500 per ton [1] - The company anticipates net profit for the first half of the year to reach between RMB 8.2 billion and 9.1 billion, representing a year-on-year increase of 51% to 68%, aligning with Bank of America's predictions and exceeding market consensus [1] Group 2: Factors Driving Profit Growth - Profit growth is primarily driven by rising copper and cobalt prices, with Q2 2025 copper prices expected at USD 9,538 per ton, a 2% year-on-year decline but a 2% quarter-on-quarter increase; cobalt hydroxide prices increased by 61% quarter-on-quarter to RMB 188,000 per ton [2] - Increased production and sales volumes contributed to profit growth, with copper metal output for the first half of the year at 354,000 tons, a 13% year-on-year increase, and cobalt metal output at 61,000 tons, also a 13% year-on-year increase [2] - Q2 copper production is projected at 183,000 tons, reflecting a 10% year-on-year increase and a 7% quarter-on-quarter increase, with annualized production exceeding 700,000 tons, surpassing the company's guidance of 600,000 to 660,000 tons for the year [2]

Core Viewpoint - Luoyang Molybdenum's significant profit growth in the first half of 2025 is attributed to rising prices of key products such as copper and cobalt, alongside increased production and sales volumes [2] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of between 8.2 billion to 9.1 billion yuan, representing a year-on-year increase of 51.37% to 67.98% [2] - The non-recurring net profit is projected to be between 8.3 billion to 9.2 billion yuan, reflecting a growth of 47.55% to 63.55% year-on-year [2] Group 2: Production and Sales - The production of cobalt metal reached 61,100 tons, marking a year-on-year increase of approximately 13.05% [2] - Copper metal production was 353,600 tons, showing a year-on-year growth of about 12.68% [2] - The completion rate for the 2025 production guidance is 56% [2] Group 3: Strategic Developments - The company has successfully acquired 100% ownership of the Cangrejos Project in Ecuador, which has a resource reserve of 1.376 billion tons and an average gold grade of 0.46 g/t, containing 638 tons of gold [5] - The project is expected to commence production in 2028, with an anticipated annual output of 11.5 tons of gold [5] - The company aims to enhance its organizational structure and management to achieve its annual operational goals and foster significant growth [5] Group 4: Market Conditions - The Congolese government has extended a ban on cobalt raw material exports, but the company believes this will not have a significant impact on its operations [3][4]

Core Viewpoint - Luoyang Molybdenum Industry (603993) expects a significant increase in net profit for the first half of 2025, driven by rising copper and cobalt prices, alongside increased production and sales of copper products [2][3]. Financial Performance - The company anticipates a net profit attributable to shareholders between 8.2 billion to 9.1 billion yuan, representing a year-on-year increase of 27.83 billion to 36.83 billion yuan, or a growth of 51.37% to 67.98% [2]. - The expected net profit excluding non-recurring items is projected to be between 8.3 billion to 9.2 billion yuan, an increase of 26.75 billion to 35.75 billion yuan, translating to a growth of 47.55% to 63.55% year-on-year [2]. Production and Sales - For the first half of 2025, copper production is expected to reach 353,600 tons, a year-on-year increase of approximately 12.68%, while cobalt production is projected at 61,100 tons, up about 13.05% [2][3]. - The completion rate for copper production based on the mid-point of the 2025 production guidance is 56% [3]. Market Trends - Copper prices have shown an upward trend in the first half of the year, with global exchanges reporting price increases between 5% to 20% [2]. - Cobalt prices have also surged, with a reported increase of approximately 50% from January 2 to June 30 [2]. Strategic Acquisitions - The company completed the acquisition of Lumina Gold for 581 million Canadian dollars, gaining 100% ownership of the Cangrejos Project in Ecuador, which adds significant gold resources to its portfolio [4]. - The Cangrejos Project has an estimated resource of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold, and is expected to have a service life of 26 years [4]. Future Outlook - The Cangrejos Project is planned to commence production in 2028, with an expected annual gold output of 11.5 tons [4]. - The company aims to leverage its experience in South America to enhance operational synergies and utilize advanced mining technologies for the new gold project [4].

2025 年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 91 亿元,与上年同期（法定披露数据，下同）相比增加 27.83 亿元到 36.83 亿元，同比增加 51.37%到 67.98%。 股票代码：603993 股票简称：洛阳钼业 编号：2025—040 洛阳栾川钼业集团股份有限公司 2、预计 2025 年上半年实现归属于上市公司股东的扣除非经常性 损益的净利润 83 亿元到 92 亿元，与上年同期相比增加 26.75 亿元到 35.75 亿元，同比增加 47.55%到 63.55%。 一、本期业绩预告情况 （一）业绩预告期间：2025年1月1日至2025年6月30日。 （二）业绩预告情况 1 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 9 ...

智通财经7月14日电，洛阳钼业(603993.SH)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润为82亿元到91亿元，同比增加51.37%到67.98%。主要原因是主要产品铜钴价格同比上升，叠加铜 产品产销量增长，带动业绩提升。公司主要产品产量实现增长，其中铜金属产量同比增长约12.68%， 钴金属产量同比增长约13.05%。 洛阳钼业：上半年净利同比预增51.37%-67.98% ...

Summary of Luoyang Molybdenum Co. Conference Call Industry Overview - The U.S. has imposed a 25% tariff on copper, exceeding market expectations, with limited impact on demand and supply but affecting global logistics [2][4] - If Chile receives exemptions or tariffs are implemented in phases, copper prices may rebound, presenting buying opportunities during price dips [2][4] Company Performance - Luoyang Molybdenum has become the largest cobalt producer globally, with a projected 38% of global production in 2024 and 50% from the Democratic Republic of Congo [2][5] - The company’s tungsten inventory was sold out by Q2, potentially impacting Q3 profits, but H1 profits have already matched the previous year's total [2][5] - Copper production growth is leading among global copper mining companies, with an expected annual compound growth rate of approximately 9% over the next five years, primarily driven by TFM mine expansion and KFM project contributions [2][6][11] Project Developments - The KFM project has exceeded expectations, with annual production capacity increased to over 200,000 tons, benefiting from shared infrastructure with TFM [2][9] - The company acquired an Ecuadorian gold mine with reserves of 638 tons, expected to produce 11.6 tons of gold annually starting in 2028, with a design life exceeding 20 years [2][10] Future Projections - Luoyang Molybdenum aims to expand copper production capacity to 800,000 to 1,000,000 tons by 2028, with significant contributions from TFM and KFM projects [2][6][11] - The company’s copper production forecast is conservative, with potential for further increases if copper prices rise to favorable levels [2][7] Financial Sensitivity - A rise of 5,000 RMB/ton in copper prices could increase profits by approximately 1.3 billion RMB, while a 30,000 RMB/ton increase in cobalt prices could add 600-700 million RMB to net profits [3][12] - The company's profit center is estimated at around 15.6 billion RMB under baseline assumptions [3][12] Resource Comparison - As of 2023, Luoyang Molybdenum has a resource volume of 27 million tons, significantly lower than leading global companies like Codelco and BHP, but comparable to some large mining firms [2][8]