Group 1 - The company, Luoyang Molybdenum (SH 603993), announced a total external guarantee amount of RMB 29.53 billion, with guarantees to wholly-owned subsidiaries amounting to RMB 28.949 billion, representing 41.58% of the company's most recent audited net assets [1] - As of the announcement date, the exchange rate is approximately 6.89 RMB per USD based on the People's Bank of China's published rate on March 18, 2026 [1] Group 2 - The private credit fund sector is experiencing a redemption wave, with major firms only able to pay out about 70% of obligations, raising concerns reminiscent of the 2008 financial crisis [1] - The ongoing Middle East conflict and a record high in private credit defaults in the U.S. are contributing factors to the current market conditions [1]

证券代码：603993 证券简称：洛阳钼业 公告编号：2026-012 洛阳栾川钼业集团股份有限公司 关于对下属子公司及合营公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | 上海董禾商贸有限公司 | 万美元 5000 | 2.65 | 亿元人民币 | 是 | 否 | | 海南钼兴商贸有限公司 | | 2.72 | 亿元人民币 | 是 | 否 | | 上海董禾商贸有限公司 | 5000 万美元 | 2.65 | 亿元人民币 | 是 | 否 | | 海南钼兴商贸有限公司 | | 2.72 | 亿元人民币 | 是 | 否 | | 埃珂森（上海）企业管理有限公司 | 1200 万美元 | 3.54 | 亿美元 | 是 | 否 | ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a significant player in the non-ferrous metal mining industry, focusing on the extraction and processing of various metals, including molybdenum, tungsten, gold, cobalt, and phosphorus, with a comprehensive integrated industrial chain [2][12][19]. Company Overview - Luoyang Molybdenum was established on December 22, 1999, and listed on October 9, 2012. The company is located in Luoyang, Henan Province, China [19]. - The main business activities include mining, selection, smelting, deep processing, and trading of precious metals [19]. - 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%) [19]. Production and Financial Performance - The company is the world's second-largest producer of cobalt and the largest producer of tungsten, as well as a leading copper producer [2][12]. - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [9][20]. - The company has a significant presence in Brazil, being the second-largest producer of phosphate fertilizer, with a phosphate-related product revenue of 2.834 billion yuan in 2017, accounting for 11.82% of total revenue [3][12]. Recent Developments - The company has an 80% stake in the NPM copper mine in Australia, which 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][12]. - In 2025, the company plans to complete the acquisition of Ecuador's Odin Mining (Kaigehaos Gold Mine) and expedite development, aiming for production before 2029 [2][12]. Market Activity - On March 18, 2023, Luoyang Molybdenum's stock price decreased by 0.05%, with a trading volume of 3.605 billion yuan and a turnover rate of 1.07%, resulting in a total market capitalization of 415.264 billion yuan [1][11]. - The stock has shown a net outflow of 99.9195 million yuan today, with a lack of clear trends in major shareholder movements [4][15]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 304,200, up by 28.08% from the previous period [9][20]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 695 million shares, an increase of 47.472 million shares compared to the previous period [20].

Core Viewpoint - Luoyang Molybdenum (03993.HK) announced a board meeting scheduled for March 27, 2026, to consider and approve the release of the company's and its subsidiaries' annual performance for the year ending December 31, 2025, and to propose the distribution of a final dividend, along with addressing any other matters [1] Group 1 - The board meeting is set for March 27, 2026 [1] - The meeting will focus on the annual performance for the year ending December 31, 2025 [1] - The company plans to propose a final dividend during this meeting [1]

Core Viewpoint - Luoyang Molybdenum (03993.HK) announced a board meeting scheduled for March 27, 2026, to consider and approve the release of the annual results for the year ending December 31, 2025, and to propose a final dividend, along with addressing any other matters [1] Group 1 - The board meeting will focus on the approval of the company's annual performance and final dividend proposal [1] - The meeting is set to take place on a Friday, which may indicate a strategic timing for investor communications [1] - The financial results will cover the fiscal year ending December 31, 2025, highlighting the company's future performance outlook [1]

洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二六年三月二十七日（星期五）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二五年十二月三十一日止年度的全年業 績及建議派發末期股息，以及處理任何其他事項。 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （ 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：03993） 董事會召開日期 於本公告日期，本公司之執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職 工董事）；本公司之非執行董事為林久新先生、蔣理先生及馬飛先生；及本公司之 獨立非執行董事為王開國先生、顧紅雨女士及程鈺先生。 * 僅供識別 中華人民共和國河南省洛陽市 二零二六年三月十七日 ...

Core Viewpoint - IXM, a trading company under Luoyang Molybdenum Co., Ltd., is set to restart aluminum product trading, enhancing its product offerings in the commodities market [1] Group 1: Company Overview - IXM has primarily focused on physical commodity trading, with its main trading products including copper, cobalt, nickel, gold, and lead-zinc [1] - The company operates under a "mining + trading" dual-driven business model, which is a significant part of Luoyang Molybdenum's overall strategy [1] Group 2: Market Activity - The restart of aluminum product trading marks IXM's return to this segment, as it had previously engaged in aluminum trading before pausing the business [1] - Industry insiders indicate that this move is a strategic decision to re-enter the aluminum market, thereby diversifying IXM's trading portfolio [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing a decline in stock price, with a drop of 4.36% on March 13, resulting in a market capitalization of 422.52 billion yuan and a trading volume of 7.11 billion yuan [1]. Company Overview - The company operates in the non-ferrous metal mining industry, primarily engaged in the mining, smelting, and deep processing of copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, and is one of the top five molybdenum producers globally [2][3]. - Luoyang Molybdenum is the largest tungsten producer and the second-largest producer of cobalt and niobium in the world, as well as a leading copper producer [2][3]. - The company is also the second-largest producer of phosphate fertilizer in Brazil, holding 100% equity in the CIL phosphate mine, which covers the entire phosphate industry chain [3]. Production and Financial Performance - The company has a significant focus on gold production, with an 80% stake in the NPM copper-gold mine in Australia, which produced 16,000 ounces of gold in 2022. The guidance for 2023 indicates a production increase to between 25,000 and 27,000 ounces, representing a year-on-year growth of 56% to 69% [2]. - For the first nine months of 2025, Luoyang Molybdenum reported a revenue of 145.49 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [8]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a rise of 28.08% [8]. - The stock has seen a net outflow of 9.95 billion yuan from major investors today, with a continuous reduction in major funds over the past three days [4][5]. Technical Analysis - The average trading cost of the stock is 19.78 yuan, with recent rapid selling of shares observed. The current stock price is fluctuating between resistance at 20.86 yuan and support at 18.78 yuan, suggesting potential for range trading [6].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has experienced a decline in stock price recently, with a notable drop of 8.13% over the past five trading days, despite a year-to-date increase of 1.15% [2]. Group 1: Stock Performance - As of March 13, Luoyang Molybdenum's stock price was 20.23 CNY per share, with a trading volume of 28.03 billion CNY and a turnover rate of 0.79%, resulting in a total market capitalization of 432.07 billion CNY [1]. - The stock has seen a 15.27% increase over the past 60 days, but a decline of 8.75% over the last 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.485 billion CNY, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion CNY [2]. - The company has distributed a total of 21.562 billion CNY in dividends since its A-share listing, with 10.576 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Luoyang Molybdenum reached 304,200, an increase of 28.08% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 669.5 million shares, an increase of 47.472 million shares from the previous period [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 28.16 CNY [5][10]. Core Insights - The company is transitioning towards a growth-oriented international mining company driven by copper and gold, with significant potential for long-term growth in its gold business and stable profits from its multi-metal and trading platforms [2][10]. - The copper segment is entering a new volume cycle, which is expected to be the core driver of performance growth over the next two to three years, with projected copper production of approximately 741,149 tons in 2025, increasing to 760,000-820,000 tons in 2026 [10][12]. - The gold business is anticipated to open a second growth curve, with contributions expected from projects like Aurizona and the KGHM project in Ecuador, which could significantly enhance the company's performance [10][12]. Financial Summary - Total revenue is projected to grow from 186.27 billion CNY in 2023 to 277.77 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [4][14]. - Net profit attributable to shareholders is expected to increase from 8.25 billion CNY in 2023 to 42.27 billion CNY in 2027, with a CAGR of about 36.0% [4][14]. - Earnings per share (EPS) are forecasted to rise from 0.39 CNY in 2023 to 1.98 CNY in 2027 [4][14]. Production and Cost Projections - The copper production forecast for 2025-2027 is set at 741,149 tons, 760,000-820,000 tons, and 1 million tons respectively, with a significant increase in profitability expected as production ramps up [10][12]. - The company is also expected to see stable earnings from its cobalt, tungsten, niobium, and phosphate businesses, contributing to a robust profit and cash flow structure [10][12]. Valuation Metrics - The report suggests a price-to-earnings (P/E) ratio of 16 times for 2026, aligning with comparable companies in the sector [10][15]. - The current price-to-book (P/B) ratio is noted at 5.6, indicating a premium valuation compared to industry peers [7][10].