驰宏锌锗：4月30日召开业绩说明会，投资者参与

Core Viewpoint - The company, Chihong Zn & Ge Co., Ltd., is focused on enhancing its profitability through resource management, technological advancements, and strategic operational improvements, while also planning significant increases in related party transactions for 2025. Group 1: Profit Growth Drivers - The main drivers for future profit growth include maintaining a resource-first strategy with over 32 million tons of lead-zinc resources, enhancing zinc alloy and germanium processing capabilities, and advancing digital and intelligent integration in operations [2][3]. - The company has increased its zinc alloy production capacity to 220,000 tons per year by the end of 2024, with a growing market share [2]. - A focus on cost management and operational efficiency has led to a stable cost structure for lead-zinc concentrate and a continuous decrease in processing costs for zinc products over the past five years [2]. Group 2: Financial Performance - In Q1 2025, the company reported revenue of 5.144 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 494 million yuan, up 1.4% [3][7]. - The net cash flow from operating activities reached 1.132 billion yuan, reflecting a significant increase of 58.97% [3][7]. - The company’s debt ratio stands at 27.71%, indicating a solid financial position [7]. Group 3: Shareholder Engagement and Dividends - The company has outlined a dividend policy for 2024-2026, committing to distribute at least 30% of the annual distributable profits in cash, with a cumulative payout of no less than 40% of the average annual distributable profits over the last three years [4]. - Historically, the company has implemented cash dividends 19 times since its listing, with a total distribution of 6.686 billion yuan, achieving a payout ratio of 74.42% [4]. Group 4: Market and Competitive Position - The company is actively addressing competition with its indirect controlling shareholders and has completed acquisitions to streamline operations and enhance market position [5][6]. - The company is also focused on expanding its financing channels, leveraging a strong asset structure and financial performance to maintain a favorable credit rating and access to capital markets [7]. Group 5: Future Development Directions - In 2025, the company aims to enhance operational efficiency through technological innovation and digital transformation, focusing on high-value product development and sustainable practices [3][6]. - The company plans to optimize its governance structure and improve decision-making processes to align with modern regulatory requirements [6].