株冶集团2025年上半年归母扣非净利同比增长88.63%

Core Viewpoint - The significant growth in the performance of Zhuzhou Smelter Group Co., Ltd. in the first half of 2025 is attributed to both external factors, such as rising metal prices and recovering processing fees, and internal factors, including technological upgrades and management improvements [1][2]. Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 10.412 billion yuan, representing a year-on-year increase of 14.89% - The net profit attributable to shareholders, excluding non-recurring gains and losses, was about 594 million yuan, reflecting a year-on-year growth of 88.63% [1]. Market Demand - The domestic zinc market showed strong consumption performance, particularly in the home appliance and automotive sectors, driven by the "old-for-new" policy, leading to a noticeable increase in demand for zinc and zinc alloys [1]. - The company has entered the supply chain of new energy vehicles, with new products showing significantly higher gross margins compared to traditional products [1]. Lead and Lead Alloy Market - In the first half of 2025, lead prices experienced fluctuations due to tight supply of lead concentrate and waste batteries, alongside a decline in recycled lead production influenced by raw material supply and environmental policies [2]. - The demand for lead and lead alloys remained favorable, supported by strong performance in automotive, motorcycle, energy storage, and export sectors [2]. Technological and Management Initiatives - The company completed multiple research projects and signed contracts for industry-academia-research cooperation, implementing ten major technological innovation projects [2]. - The company is advancing technological upgrades, production line modifications, and product research and development, while also promoting refined management practices, including the implementation of the Amoeba management model [2]. Environmental Commitment - The company emphasizes sustainable development by achieving zero industrial wastewater discharge through advanced treatment technologies and systems [2]. - The commitment to both economic and environmental goals reflects the company's strategy of balancing profitability with ecological responsibility [2]. Strategic Insights - The rapid growth in the company's performance is seen as a result of the interplay between processing fee recovery, precious metal price increases, capacity release, and management optimization [2]. - The sustainability of short-term growth is contingent on zinc price trends, while long-term prospects depend on resource integration, technological upgrades, and new market developments [2].