Chihong Zinc(SH:600497) Xin Lang Cai Jing·2025-08-28 05:25Core Viewpoint - The company reported its 2025 semi-annual results, showing a steady growth in revenue and net profit, indicating a positive outlook for the lead-zinc industry [1] Financial Performance - In the first half of 2025, the company's operating revenue reached 10.581 billion yuan, a year-on-year increase of 7.67% [1] - The net profit attributable to shareholders was 932 million yuan, up 3.27% year-on-year, while the net profit excluding non-recurring items was 919 million yuan, reflecting a 12.11% increase [1] Production and Pricing - The lead-zinc concentrate production in H1 2025 was 151,600 tons, an increase of 3,400 tons year-on-year, with lead and zinc production changing by +13.8% and +1.3% respectively [1] - Zinc processing fees showed a significant upward trend, although the refined lead-zinc product output decreased by 6.98% year-on-year to 329,200 tons due to maintenance impacts [1] Cost and Expenses - The company's sales, management, and R&D expenses were 32 million, 554 million, and 63 million yuan respectively, with year-on-year changes of +44.10%, +23.91%, and +41.06%, primarily due to increased salary provisions [1] Future Outlook - The company is a leading player in the lead-zinc industry with excellent resource endowment, holding over 32 million tons of lead-zinc resources and maintaining production costs in the top 25% of the industry [1] - Asset injection is ongoing, with the 100% equity of Qinghai Hongxin already injected into the company and the formal management of Yun Copper [1] Investment Recommendations - The company is expected to maintain growth due to its rich lead-zinc resources, with projected net profits of 1.862 billion, 2.017 billion, and 2.363 billion yuan for 2025-2027, and corresponding EPS of 0.37, 0.40, and 0.47 yuan per share [1]