智汇矿业二次递表：凭矿“吃饭”，毛利率维持在30%-40%

Core Viewpoint - Zhihui Mining, a mining company from Tibet, has submitted its IPO application to the Hong Kong Stock Exchange, providing an opportunity to observe the growth logic of zinc concentrate enterprises and industry trends [1] Company Overview - Zhihui Mining operates in the mining sector, covering exploration, mining, and production of zinc, lead, and copper concentrates, ranking fifth, fourth, and fifth in Tibet for these products respectively [1] - The company has two mining operations: an open-pit mine in commercial operation since 2007 and an underground mine that began operations in the second quarter of 2025 [2] Financial Performance - The company's revenue and profit have shown significant volatility, with revenues of 482 million, 546 million, and 301 million yuan from 2022 to 2024, and net profits of 118 million, 155 million, and 55.85 million yuan during the same period [3] - In 2024, revenue decreased by 44.8% and net profit dropped by 63.9% due to production delays caused by weather and temporary suspensions of production lines for upgrades [3] - Despite a rise in average selling prices, total sales volume of concentrates fell sharply, with a 56.33% decrease in the quantity sold in 2024 [3] Revenue Structure - The company's revenue primarily comes from the sale of zinc concentrates, which accounted for approximately 61.4%, 50.1%, and 71.6% of total revenue from 2022 to 2024 [4] - Following the resumption of full operations and completion of processing upgrades in April 2025, revenue increased significantly to 257 million yuan, a 253.4% year-on-year growth [4] Industry Context - The demand for zinc in China is robust, driven by infrastructure and galvanizing industries, with domestic consumption reaching 6,642 thousand tons in 2024 [6] - The zinc concentrate market in China faces a supply shortage, necessitating imports due to domestic production declines, with a compound annual growth rate of -2.3% from 2018 to 2024 [7] - The industry is experiencing a favorable development opportunity due to strong demand and government policies promoting safety, environmental sustainability, and technological upgrades in mining [7] Challenges and Opportunities - Companies like Zhihui Mining must focus on cost reduction and efficiency improvements to maintain competitiveness amid market fluctuations [6] - The prices of zinc, lead, and copper are influenced by various factors, including global economic conditions and geopolitical events, which can impact the company's profitability and cash flow [8] - The cyclical nature of the mining industry presents both opportunities during economic booms and challenges during downturns, highlighting the need for strategic management of operational costs and production efficiency [8]