A股医药创始人跨界搞矿山，“沈阳女首富”范秀莲，再次冲击IPO

Core Viewpoint - Tibet Zhihui Mining Co., Ltd. has submitted its second application to the Hong Kong Stock Exchange, focusing on zinc, lead, and copper exploration, mining, and production in Tibet. The company has shown signs of recovery in its financial performance for the first seven months of 2025 after a decline in 2024, raising questions about the future of its primary revenue source, zinc concentrate [1][3]. Financial Performance - The company's revenue from 2022 to 2024 was 482 million, 546 million, and 301 million respectively, with net profit dropping significantly from over 100 million to 55.85 million in 2024. The decline was attributed to production line upgrades and weather-related delays, which reduced annual ore processing to 321,800 tons, leading to a near halving of concentrate sales revenue [3]. - Following the completion of processing plant upgrades in October 2024, the company has seen an increase in concentrate production and revenue for the first seven months of 2025, although the overall performance for 2025 remains uncertain [3]. Market Demand and Risks - The domestic demand for 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 faces significant customer concentration 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. This reliance on a few customers poses a major risk to financial stability, as any reduction in orders could lead to substantial revenue losses [4].