Sinomine(SZ:002738) Xin Lang Cai Jing·2025-10-31 10:52Core Viewpoint - Zhongmin Resources is a leading player in the global cesium and rubidium salt fine chemical industry, with a comprehensive advantage in the rare light metal resource development and utilization sector [1] Group 1: Business Performance - In Q3 2025, Zhongmin Resources reported revenue of 4.818 billion yuan, ranking 4th in the industry, above the industry median of 2.283 billion yuan but below the industry average of 7.357 billion yuan [2] - The net profit for the same period was 191 million yuan, ranking 7th in the industry, above the industry median of 119 million yuan but below the industry average of 341 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 32.35%, an increase from 24.76% year-on-year, which is lower than the industry average of 44.55%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 19.66%, down from 35.46% year-on-year, and below the industry average of 20.16%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.15% to 58,600, while the average number of circulating A-shares held per account increased by 12.55% to 12,100 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5] Group 4: Business Highlights and Future Outlook - The company has seen improvements in Q3 2025, with the lithium business expected to turn profitable due to rising lithium prices [6] - Key projects include the Kitumba copper mine in Zambia, which commenced operations in July 2025 with a design capacity of 3.5 million tons of raw ore, and the Tsumeb project in Namibia, which is progressing well [6] - The company anticipates a recovery in profitability, projecting net profits of 370 million, 790 million, and 1.07 billion yuan for 2025, 2026, and 2027 respectively [6]