SDR(SZ:000603) Xin Lang Zheng Quan·2025-12-23 11:42Core Insights - The company, Shengda Metal Resources Co., Ltd., held a specific object research meeting on December 23, 2025, attended by institutions including Fidelity International, Huafu Securities, and Heju Investment, discussing key topics such as mining operations, resource integration, expansion plans, and strategic planning [1][2] Mining Operations and Expansion - The focus of the research was on the mining production operations, with detailed explanations provided on cost control, production planning, and technological improvements at major mines [3] - Yindu Mining, the longest-operating mine, maintains strong profitability with the lowest silver production costs among the company's active mines. Although its licensed production capacity is 900,000 tons/year, the actual annual output is currently around 500,000 to 600,000 tons due to increased mining depth. As of November 30, 2023, proven resources include 20,912 tons of silver and 41,874 tons of zinc [3] - The company is working on integrating exploration rights with existing mining rights to expedite the acquisition of new mining licenses and commence mining operations [3] - Jinshan Mining's technological improvements have led to significant enhancements in silver and gold recovery rates, with plans to gradually increase capacity to 480,000 tons/year [3] - Honglin Mining's Caiyuzi copper-gold mine, currently in trial production, is expected to become a new growth point for gold and copper output due to its advantageous cost structure [4] Resource Integration and Exploration Progress - The company is making positive progress in resource reserves and integration, with the Dongsheng Mining Bayannur silver polymetallic mine project accelerating towards completion by 2026, expected to significantly boost silver production [5] - The resource reserves of the Jinshi Mining I copper-molybdenum mine have been confirmed, and the company is in the process of converting exploration rights to mining rights [5] - Deyun Mining, as a reserve mine, holds a mining right with a production capacity of 900,000 tons/year and is advancing further exploration and procedural work [5] Financial and Strategic Planning - Over the past three years (2022-2024), the company has distributed a total cash dividend of 120 million yuan, representing 40.03% of the average annual net profit [6] - The company plans to focus future acquisitions on high-quality primary mineral resources such as silver, gold, and copper, aiming for controlling stakes in mines with a service life of over 15 years [6] - The company emphasizes the importance of resource management and plans to enhance existing mining operations, increase exploration efforts, and accelerate resource development to ensure sustainable growth [6]