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, and a leading copper producer [2]. - The company is also the second-largest producer of phosphate fertilizer in Brazil, holding 100% indirect equity in the CIL phosphate mine, covering the entire phosphate industry chain [2]. - The company was established on December 22, 1999, and went public on October 9, 2012, with its main business involving the mining, selection, smelting, deep processing, and trading of precious metals [6]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while the net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [7]. - Cumulative cash dividends since the company's A-share listing amount to 21.562 billion yuan, with 10.576 billion yuan distributed over the past three years [8]. Recent Developments - The company has a 30% stake in the 60,000-ton nickel metal wet smelting project in Indonesia, which began production in December last year and is currently ramping up capacity [2]. - The NPM copper mine in Australia, where the company holds an 80% stake, produced 16,000 ounces of gold in 2022, with a production guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [2]. Market Activity - On July 30, the company's stock rose by 0.97%, with a trading volume of 2.006 billion yuan and a turnover rate of 1.22%, bringing the total market capitalization to 199.823 billion yuan [1].

洛阳钼业股价创出历史新高，截至9:46，该股上涨1.73%，股价报9.41元，成交量4998.05万股，成交金 额4.69亿元，换手率0.29%，该股最新A股总市值达1643.07亿元，该股A股流通市值1643.07亿元。 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0.05%，行业内，目前股价 上涨的有44只，涨幅居前的有金钼股份、斯瑞新材、上大股份等，涨幅分别为4.52%、2.67%、2.27%。 股价下跌的有92只，跌幅居前的有中钨高新、惠同新材、盛和资源等，跌幅分别为6.32%、4.69%、 4.49%。 公司发布的一季报数据显示，一季度公司共实现营业收入460.06亿元，同比下降0.25%，实现净利润 39.46亿元，同比增长90.47%，基本每股收益为0.1800元，加权平均净资产收益率5.49%。 7月15日公司发布上半年业绩预告，预计实现净利润82.00亿元至91.00亿元，同比变动区间为 51.37%~67.98%。（数据宝） （文章来源：证券时报网） 两融数据显示，该股最新（7月29日）两融余额为19.49亿元，其中，融资余额为19.34亿元，近10日减少 1.80 ...

Group 1 - As of July 29, 2025, Luoyang Molybdenum's stock price was 9.25 yuan, up 0.98% from the previous trading day, with a trading volume of 1.4532 million shares and a transaction amount of 1.334 billion yuan [1] - Luoyang Molybdenum is a leading global producer of tungsten, molybdenum, copper, and cobalt, with operations across Asia, Africa, South America, and Australia [1] - The government of the Democratic Republic of the Congo has implemented a cobalt export ban since February 24, which was extended for an additional three months on June 21, 2025 [1] Group 2 - The cobalt export ban has had a limited impact on Luoyang Molybdenum's operations in the first half of the year, although its trading subsidiary IXM has been unable to fulfill certain contractual obligations [1] - Customs data indicates that China's imports of cobalt products from the Democratic Republic of the Congo decreased by 60.8% month-on-month in June [1] - Industry insiders predict a potential shortage of cobalt raw materials from August to September, which may lead to further increases in cobalt prices [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing fluctuations in financing and stock performance, with a notable decrease in financing net purchases and a high level of short selling, indicating potential market concerns about the company's stock [1][2]. Financing Summary - On July 25, Luoyang Molybdenum had a financing buy amount of 146 million yuan and a financing repayment of 189 million yuan, resulting in a net financing outflow of 43.54 million yuan [1]. - The total financing balance as of July 25 is 1.989 billion yuan, which accounts for 1.23% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company’s short selling activity on the same day included a repayment of 93,600 shares and a sale of 56,400 shares, with a total selling amount of approximately 519,400 yuan, while the short selling balance is at 13.6 million yuan, exceeding the 90th percentile of the past year [1]. Company Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition of the company includes refined metal products (58.08%), concentrate products (30.34%), copper (19.65%), cobalt (4.10%), molybdenum (2.96%), and other minor contributions [2]. Financial Performance - For the first quarter of 2025, Luoyang Molybdenum reported a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while the net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [2]. Dividend Information - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed over the past three years [3]. Institutional Holdings - As of March 31, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 578 million shares, a decrease of 41.905 million shares from the previous period [3]. - Other notable shareholders include various ETFs, all of which have seen a reduction in their holdings compared to the previous period [3].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has achieved significant growth, with a market capitalization exceeding 200 billion yuan and a revenue of 213.03 billion yuan in 2024, ranking 138th in the Fortune China 500 list. The company is focused on sustainable growth through resource acquisitions and project expansions [1][4]. Group 1: Financial Performance - In the first half of the year, the company expects a net profit attributable to shareholders between 8.2 billion and 9.1 billion yuan, representing a year-on-year increase of 51.37% to 67.98% [4]. - The average price of LME copper increased by only 2.5% in the first half, yet the company anticipates a 12.68% increase in copper production to approximately 360,000 tons [4][8]. - The cobalt price has rebounded significantly due to an export ban from the Democratic Republic of Congo, with the average price rising from $9.95 per pound to over $16 per pound [5][6]. Group 2: Project Development - The company maintains its production capacity targets for the TFM and KFM projects, with a goal of reaching 800,000 to 1,000,000 tons of copper capacity by 2028 [10][15]. - The Cangrejos gold mine in Ecuador is expected to start production before 2029, with an average annual gold output of approximately 370,000 ounces (11.5 tons) [11][15]. - The company has a strong cash flow, with operating cash inflow expected to reach 32.4 billion yuan in 2024, a 108.4% increase year-on-year [12]. Group 3: Acquisition Strategy - The company is focusing on acquisitions primarily in copper and gold, while also considering opportunities in other metals [13]. - The company does not prioritize short-term price fluctuations but evaluates acquisition opportunities based on a long-term perspective of 10 to 20 years [2][14]. - The company has identified multiple potential acquisition projects and is well-prepared for future resource acquisitions [13][15].

洛阳栾川钼业集团股份有限公司的主营业务是基本金属、稀有金属的采、选、冶等矿山采掘及加工业务 和矿产贸易业务。公司的主要产品是矿山采掘及加工、钼、钨、铜（不含NPM）、钴、铌、磷、铜金 （NPM）、矿产贸易、矿物金属贸易、精炼金属贸易。 从行业市盈率排名来看，公司所处的小金属行业市盈率平均64.24倍，行业中值55.44倍，洛阳钼业排名 第5位。 本文源自：金融界 截至2025年一季报，共有212家机构持仓洛阳钼业，其中基金212家，合计持股数42257.90万股，持股市 值35.58亿元。 作者：行情君 7月21日，洛阳钼业今日收盘8.63元，上涨5.12%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.98倍，创13天以来新低，总市值1846.33亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入460.06亿元，同比-0.25%；净利润39.46亿元，同 比90.47%，销售毛利率22.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1洛阳钼业11.9813.642.511846.33亿行业平均 64.2468.404.35221.77亿行业中值55.4457 ...

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 ...