锌业股份：公司无自有矿山，所需原料全部外购，导致毛利率较低

Core Viewpoint - The company is facing low profit margins in its smelting operations, with a reported gross profit margin of only 3.88%, primarily due to high costs and external sourcing of raw materials [1]. Group 1: Company Challenges - The company has been impacted by the continuous expansion of global metal smelting capacity and the release of domestic non-ferrous metal production, leading to low processing fees for zinc and copper concentrates [1]. - The absence of self-owned mines means the company relies entirely on external procurement for its raw materials, contributing to its low gross profit margin [1]. Group 2: Company Strategies - To address the unfavorable market conditions, the company is implementing several measures, including dynamically adjusting production structures and innovating raw material usage to reduce energy and auxiliary material costs [1]. - The company is conducting market trend research to align with demand, aiming to increase the procurement of high-value-added raw materials by deepening relationships with resource suppliers [1]. - The company is expanding its sales channels by developing new quality customers and exploring direct sales markets for zinc ingots, which helps to capitalize on price increases for gold, silver, and sulfuric acid, thereby enhancing overall profitability [1].