“沈阳女首富”范秀莲，再次冲击IPO！她曾是A股医药巨头创始人，人称“医药女王”，如今跨界搞矿山

Core Insights - Zhihui Mining has submitted its second application to the Hong Kong Stock Exchange, focusing on zinc, lead, and copper mining and production in Tibet [1] - The company has shown signs of recovery in its financial performance for the first seven months of 2025 after a decline in 2024 [1][3] - The future development of zinc concentrate, which is the largest revenue category for the company, is a key area of interest [1] Financial Performance - Revenue for Zhihui Mining from 2022 to 2024 was 482 million, 546 million, and 301 million respectively, with net profit dropping from over 100 million to 55.85 million in 2024 [3] - The decline in performance was attributed to production line upgrades and weather-related delays, leading to a decrease in annual ore processing to 321,800 tons [3] - However, after the completion of the processing plant upgrades in October 2024, there has been an increase in concentrate production and revenue for the first seven months of 2025 [3] Market Outlook - The demand for domestic zinc concentrate is expected to grow at a compound annual growth rate of 2.2% from 2025 to 2028 due to downstream industry development [4] - The company’s reliance on a small number of customers poses a significant risk, with the top five customers accounting for approximately 93.9%, 90.1%, 88.1%, and 81.7% of total revenue from 2022 to 2025 [4] Leadership and Management - Founder Fan Xiulian transitioned from the pharmaceutical industry to mining, controlling 55.72% of the company’s shares alongside partners [2] - The management team includes experienced professionals from finance and mining sectors, enhancing operational capabilities [2]