NFC(SZ:000758) Chang Jiang Shang Bao·2026-01-05 00:21Core Viewpoint - China Nonferrous Metal Industry Co., Ltd. (中色股份) is actively pursuing a dual strategy of domestic capacity expansion and overseas acquisitions to enhance its resource layout and drive growth in its engineering contracting and resource development sectors [1][5]. Domestic Expansion - The company plans to invest CNY 1.741 billion in the expansion of its lead-zinc mining project in Chifeng, which will increase the annual processing capacity from 990,000 tons to 1.65 million tons, representing a 66.67% increase [2]. - The funding for this project will be sourced 30% from the company's own funds and 70% through bank loans, with total construction costs amounting to CNY 1.668 billion [2]. - As of the end of Q3 2025, the company has 29 ongoing projects with a total contract value of CNY 34.688 billion, providing a solid foundation for future revenue recognition [1][6]. Overseas Acquisition - The company is set to acquire a 99.9004% stake in Peru's Raura Company for approximately USD 10.592 million (CNY 7.45 billion), which includes valuable zinc polymetallic mining assets [4]. - To support this acquisition, the company will increase its subsidiary's registered capital by USD 1.2 billion, enhancing its financial capacity for overseas asset integration [4]. - This acquisition marks the company's first mining rights outside Asia, significantly bolstering its resource reserves and global resource layout [4]. Financial Performance - For the first three quarters of 2025, the company reported revenues of CNY 6.931 billion and a net profit of CNY 481 million, reflecting a year-on-year growth of 42.84% [3]. - The company's international market revenue exceeded 50% for the first time, reaching 50.90% in 2024, and further increased to 60.28% in the first half of 2025, indicating a strong growth trajectory in overseas markets [6]. Strategic Alignment - The company's dual strategy of engineering contracting and resource development aligns with its long-term growth objectives, leveraging its established presence in international markets such as Kazakhstan, Indonesia, and Congo [5]. - Analysts are optimistic about the company's future, anticipating significant increases in lead-zinc concentrate production due to the combined effects of domestic expansions and overseas acquisitions [6].