泉果基金调研耐普矿机，哥伦比亚铜金矿预计今年下半年可获批复并完成交割

Core Viewpoint - The report highlights the recent performance and future prospects of the company, particularly focusing on its mining investments and innovative products, despite facing challenges in revenue and profit margins due to specific project impacts. Group 1: Company Performance - The company reported a revenue of 413 million yuan for the first half of 2025, a decline of 34.04% year-on-year, but revenue remained stable when excluding EPC projects [2][3] - The net profit attributable to shareholders was 16.99 million yuan, down 79.86% year-on-year, but showed a 100.34% increase compared to the first quarter of 2025 [2][3] Group 2: Project Impact - The significant fluctuation in performance is attributed to the absence of EPC project revenues, which contributed 200 million yuan in the previous year [3] - Increased capital expenditures led to a 50% rise in fixed asset depreciation costs, reaching approximately 45 million yuan [3] - R&D expenses rose to 24.91 million yuan, an increase of 9.73 million yuan year-on-year, primarily due to costs associated with the trial phase of the second-generation composite liner product [3] Group 3: Mining Investments - The company has invested in the Cordoba mining project in Colombia, holding a 50% stake after a direct investment of 100 million USD [4] - The project has a proven reserve of 97.95 million tons, with copper grade at 0.41%, gold grade at 0.23 grams/ton, and silver grade at 2.63 grams/ton [4] - The project is awaiting EIA approval, with expectations to commence construction within two years after approval [5] Group 4: Future Growth Strategy - The company plans to continue its dual-driven strategy in mining investments, focusing on copper and gold due to favorable market conditions and customer concentration [6][7] - The second-generation forged composite liner product shows significant advantages in wear resistance and energy consumption, with a lifespan improvement of nearly 100% compared to traditional cast liners [8][9] - The company has established five overseas bases, aiming for a total production capacity of 3 billion yuan, driven by capacity release and new product breakthroughs [8][10] Group 5: Revenue Recognition and Client Base - The second-generation forged composite liners are currently in trial use at several domestic and foreign mining clients, with significant revenue recognition expected to begin in the fourth quarter of this year [9][10] - The company has secured trial agreements with foreign clients, anticipating widespread adoption in the coming year [9]