: 603993.SH | 03993.HK 2025- • 'S ~ ¢4- ‡%Þ8 « p…Þ"- ®! Ã6Æ9 ÍUª'$8+- ð¢»Õ 重要提示 無 六、 前瞻性陳述的風險聲明 除歷史事實陳述外，本報告涉及未來計劃、發展戰略等前瞻性陳述，受諸多可變因素的影響，未來的實 際結果或發展趨勢可能會與這些前瞻性陳述出現重大差異。本報告中的前瞻性陳述為本公司2025年8月 22日作出，本公司沒有義務或責任對該等前瞻性陳述進行更新，且不構成公司對投資者的實質承諾，投 資者及相關人士均應當對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 敬請投資者注意投資風險。 二零二五中期報告 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席董事會會議，審計及風險委員會、監事會已審閱本公司截至2025年6月30日止6個月 的財務報表，認為該報表符合相關會計準則，而本公司已做出適當的相關披露。 三、 本半年度報告未經審計。 四、 公司負責人劉建鋒、主管會計工作負責人陳 ...

Investment Rating - CMOC Group Ltd is rated as HOLD with a target price of HK$10.74 [4][5][6] - RemeGen Co Ltd is rated as HOLD with a target price of HK$90.00 [7][9][10] - Poly Property Service is rated as BUY with a target price of HK$45.65 [12][13][14] Core Insights - CMOC Group Ltd's net profit surged 60% YoY to RMB8.67 billion in 1H25, driven by higher metal prices and reduced expenses [4][6] - RemeGen Co Ltd's revenue reached RMB1.09 billion, a 48% YoY increase, with a narrowing net loss of 42% to RMB450 million, indicating strong drug sales momentum [7][10] - Poly Property Service's revenue grew 6.6% YoY to RMB8.39 billion, with basic property management revenue increasing by 13.1% YoY [12][14] Summary by Sections CMOC Group Ltd - The company experienced a significant profit increase due to rising metal prices and lower interest expenses [4][6] - Earnings are expected to grow by 32% HoH in 2H25, supported by a RMB1.5 billion disposal gain [5][6] - The stock has outperformed the market by 71% in the past three months, leading to a downgrade to HOLD [5][6] RemeGen Co Ltd - The company reported strong revenue growth and a significant reduction in net loss, with expectations of breakeven by 2026 [7][10] - Key catalysts for future growth include data publications and regulatory submissions for its drug candidates [8][9] - The target price reflects anticipated peak sales for its key products in China and overseas [9][11] Poly Property Service - The company’s revenue growth was in line with expectations, with strong performance in core property management services [12][14] - Despite a decline in gross margin for other sectors, community value-added services saw an improvement [13][14] - EPS forecasts for 2026-27 have been increased due to accelerated property management revenue growth [13][14]

民生证券研报指出，洛阳钼业2025H1实现归母净利润86.71亿元，同比增长60.07%，单季度看，2025Q2实现归母净利润47.25亿元，同比增长41.24%，环比增长19.75%，业绩符合此前业绩 ...

Core Viewpoint - Morgan Stanley has adjusted the profit forecast for Luoyang Molybdenum (603993) down by 2% for 2025 due to the extended export ban in Congo, while increasing the profit forecasts for 2026 and 2027 by 5% and 8% respectively [1] Group 1: Profit Forecast Adjustments - The profit forecast for Luoyang Molybdenum in 2025 has been reduced by 2% [1] - Profit forecasts for 2026 and 2027 have been increased by 5% and 8% respectively [1] Group 2: Target Price Changes - The A-share target price has been raised from 10 RMB to 14 RMB [1] - The H-share target price has been increased from 8.2 HKD to 13.5 HKD [1] Group 3: Market Performance and Influencing Factors - Luoyang Molybdenum's stock price rose on the previous day, driven by strong performance in the first half of the year and increasing expectations of interest rate cuts in the US [1] - The company is experiencing strong growth in copper and cobalt production, approaching the upper limit of its annual guidance [1] - The export ban in Congo may negatively impact the gross profit of the cobalt business in the third quarter, but investors are likely to overlook this factor as copper prices are seen as the key driver for the stock price [1]

Core Viewpoint - Morgan Stanley has adjusted the profit forecast for Luoyang Molybdenum (603993.SH, 03993) for 2025 down by 2% due to the extended export ban in Congo, while increasing the profit forecasts for 2026 and 2027 by 5% and 8% respectively [1] Group 1: Profit Forecast Adjustments - The profit forecast for 2025 has been reduced by 2% to reflect the impact of the extended export ban in Congo [1] - Profit forecasts for 2026 and 2027 have been increased by 5% and 8% respectively [1] Group 2: Target Price Changes - The A-share target price has been raised from 10 RMB to 14 RMB [1] - The H-share target price has been increased from 8.2 HKD to 13.5 HKD [1] Group 3: Stock Performance and Market Factors - Luoyang Molybdenum's stock price rose on the previous day, driven by strong performance in the first half of the year and increasing expectations of interest rate cuts in the US [1] - The company is experiencing strong growth in copper and cobalt production, which is gradually reaching the upper limit of annual guidance [1] - The export ban in Congo may negatively impact the gross profit of the cobalt business in the third quarter, but investors are likely to overlook this factor as copper prices are seen as the key driver for stock performance [1]

两融数据显示，该股最新（8月25日）两融余额为19.50亿元，其中，融资余额为19.29亿元，近10日增加 1565.81万元，环比增长0.82%。 洛阳钼业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有12个交易日股价刷新历史 纪录。截至09:56，该股目前上涨0.08%，股价报12.09元，成交7063.08万股，成交金额8.44亿元，换手 率0.40%，该股最新A股总市值达2111.02亿元，该股A股流通市值2111.02亿元。 证券时报·数据宝统计显示，洛阳钼业所属的有色金属行业，目前整体跌幅为0.37%，行业内，目前股价 上涨的有55只，涨幅居前的有中色股份、华钰矿业、云铝股份等，涨幅分别为5.50%、5.40%、4.43%。 股价下跌的有82只，跌幅居前的有翔鹭钨业、章源钨业、天工股份等，跌幅分别为8.00%、7.32%、 5.23%。 公司发布的半年报数据显示，上半年公司共实现营业收入947.73亿元，同比下降7.83%，实现净利润 86.71亿元，同比增长60.07%，基本每股收益为0.4100元，加权平均净资产收益率11.70%。（数据宝） （文章来源：证券时报网） 机构评级来 ...

该行将洛阳钼业2025年盈利预测下调2%，以反映刚果出口禁令延长的影响，同时将2026及27年盈利预 测分别上调5%及8%；A股目标价由10元上调至14元，H股目标价由8.2港元上调至13.5港元，维持"增 持"评级。 摩根大通发表研报指，洛阳钼业A股股价昨日上升，主要受上半年稳健业绩及美国降息预期升温推动。 该行认为铜及钴产量强劲增长，正逐步达至全年指引上限。刚果的出口禁令或对第三季钴业务毛利构成 负面影响，但投资者倾向忽略有关因素，因铜价才是推动股价更关键的因素。 ...

Group 1 - The core viewpoint of the article is that Minsheng Securities has given a recommendation rating to Luoyang Molybdenum (603993.SH) based on strong financial performance projections for 2025 [1] - The projected net profit attributable to shareholders for the first half of 2025 is expected to grow by 60.07% year-on-year, reaching a historical high [1] - In the second quarter of 2025, the net profit attributable to shareholders is anticipated to increase by 41% year-on-year and by 20% quarter-on-quarter [1]

Core Viewpoint - Luoyang Molybdenum's performance in the first half of 2025 reached new heights, with a significant increase in net profit driven by rising prices and production of key products like copper and cobalt [1][2]. Financial Performance - The company reported a revenue of 94.77 billion yuan, a year-on-year decrease of 7.83%, while net profit reached 8.671 billion yuan, marking a 60.07% increase compared to the previous year, setting a record for the same period [1][2]. - Operating costs decreased by 10.96% year-on-year, contributing to improved profitability [4]. Production and Sales - Copper production increased by 12.68% year-on-year, totaling 353,600 tons, with copper mining revenue reaching 25.718 billion yuan, accounting for approximately 65% of the mining segment's total revenue [2][3]. - The mining segment's revenue hit a historical high of 39.402 billion yuan, up 25.64% year-on-year, representing about 42% of total revenue [2]. Product Diversification - In addition to copper, the company saw positive trends in cobalt, tungsten, and molybdenum production, with cobalt production at 61,100 tons and revenue of 5.728 billion yuan, a 31.94% increase [3]. - The company is expanding its resource portfolio by acquiring the Cangrejos Project in Ecuador for approximately 5.81 million Canadian dollars (about 307.6 million yuan), which is expected to produce around 11.5 tons of gold annually starting in 2028 [6]. Asset Growth - The total asset scale of the company increased to 178.6 billion yuan by the end of the first half of 2025, reflecting a steady growth trend [1][7].

Group 1 - The core viewpoint of the report is that Luoyang Molybdenum (603993.SH) is rated as a "buy" by Open Source Securities due to strong projected growth and stable production plans [1] - The forecast for H1 2025 indicates a year-on-year increase of 60.07% in net profit attributable to shareholders, setting a new historical high for the same period [1] - The company's annual production plan is progressing steadily, with major product output meeting the targets set for the first half of the year [1] - Luoyang Molybdenum is expanding its footprint in gold resources, positioning itself for significant growth opportunities [1]