兴业银锡：有知名机构石锋资产参与的多家机构于7月31日调研我司

Core Viewpoint - The company is actively progressing in its mining projects, with significant expansions planned and a focus on diversifying its resource portfolio while maintaining its core operations in silver and tin. Group 1: Project Updates - The Yinnian Phase II project has received project approval and is currently in discussions with local authorities to obtain construction permits [2] - The Yubang Mining's 825,000-ton expansion project is in the process of applying for construction permits from the National Emergency Management Department [3] - The company is conducting exploration work for its key projects, including Yinnian Mining and Yubang Mining, with significant investments in exploration funds [9] Group 2: Production and Capacity - Upon completion of the Yinnian Phase II expansion, the production capacity is expected to double, with a current production scale of 1.65 million tons per year [8] - The Yubang Mining expansion project is projected to yield an annual silver output of 450 tons once operational [6] Group 3: Safety Management - The company has established a comprehensive safety management system, including a dedicated safety management team and advanced safety equipment [7] - Emphasis is placed on safety training and risk management, with initiatives to cultivate a safety-oriented culture among employees [7] Group 4: Financial Performance - For Q1 2025, the company reported a revenue of 1.149 billion yuan, a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [10] - The company's gross profit margin stands at 55.57%, with a debt ratio of 42.34% [10] Group 5: Strategic Direction - The company aims to maintain silver and tin as its core business while gradually integrating copper and gold resources to diversify its offerings [5]