诺里尔斯克镍业2025Q1镍产量环比减少29%至4.2万吨，铜产量环比增长3%至10.9万吨

Investment Rating - The report recommends the industry [5] Core Insights - In Q1 2025, the total nickel production decreased by 1% year-on-year to 41,617 tons and saw a significant decrease of 29% quarter-on-quarter due to planned maintenance at key facilities [1][7] - Copper production remained stable year-on-year at 109,355 tons, with a 3% increase quarter-on-quarter, attributed to improved operational efficiency [2][7] - Palladium production decreased by 0.6% year-on-year to 741,000 ounces, while platinum production increased by 0.6% year-on-year to 180,000 ounces, reflecting variations in metal content in processed materials [3][7] Production Guidance - The company has set a nickel production guidance for 2025 (excluding Trans-Baikal operations) at 204,000 to 211,000 tons and copper production guidance at 353,000 to 373,000 tons [4][8] - For the Trans-Baikal division, the copper production guidance for 2025 is set at 66,000 to 70,000 tons [4][8]