TMD(SZ:000762) Sou Hu Cai Jing·2025-10-29 22:40Core Viewpoint - Tibet Mining (000762) reported a significant decline in financial performance for Q3 2025, with total revenue dropping by 65.45% year-on-year to 203 million yuan and a net loss of 7.22 million yuan, marking a 104.74% decrease compared to the previous year [1]. Financial Performance Summary - Total revenue for Q3 2025 was 69.12 million yuan, down 64.54% year-on-year [1]. - The net profit attributable to shareholders for Q3 2025 was -8.09 million yuan, a decrease of 80.36% year-on-year [1]. - The gross profit margin fell to 31.96%, a decline of 35.7% year-on-year, while the net profit margin was -16.64%, down 151.81% [1]. - The total of financial, sales, and administrative expenses reached 93.32 million yuan, accounting for 46.01% of total revenue, an increase of 179.01% year-on-year [1]. - Earnings per share for Q3 2025 was -0.01 yuan, a decrease of 104.79% year-on-year [1]. Debt and Cash Flow Analysis - The company’s cash assets are reported to be healthy, with interest-bearing liabilities at 3.08 billion yuan, showing a slight decrease of 0.04% year-on-year [4]. - The cash flow per share for Q3 2025 was 0.13 yuan, down 83.3% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 2.23%, indicating weak capital returns over recent years [4]. - Historical data shows that the company has experienced five years of losses since its listing, suggesting a generally poor investment outlook [4]. Market Position and Strategy - The company focuses on lithium and chromium mining, aiming to enhance governance and steadily improve performance under the management of Baowu Steel Group [9]. - The sales strategy involves pricing products based on market rates from established metal pricing platforms [8]. Project Development Insights - The Zabuye Phase II project has faced delays in formal production due to various objective conditions, with a focus on meeting technical and operational standards [5]. - The energy supply for Zabuye Phase II will utilize a photovoltaic and thermal technology solution [6]. Regulatory Environment - The company benefits from stable and continuous environmental policies in Tibet, which emphasize ecological priorities while encouraging mining enterprises to invest in development [7]. - Central government policies provide support to the company, including financing channels and tax incentives, enhancing its competitive position [11].