金石资源分析师会议-20250915

Report Summary 1. Report Industry - The report focuses on the mining industry [2] 2. Core Viewpoints - The company's Mongolia project is progressing smoothly and is expected to enter large - scale formal production of fluorite concentrate in 2026 [24] - The report is optimistic about the prices of fluorite and hydrofluoric acid in the fourth quarter due to factors such as production stoppages in northern mines and strong downstream demand [25] - The company is optimistic about the medium - to - long - term price trend of fluorite, with new application areas expected to drive price growth [27] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Jingshi Resources, belonging to the mining industry, and the reception time was September 15, 2025. The listed company's reception staff included the company's chairman, independent director, general manager, deputy general manager, board secretary, and financial director [17] 3.2 Detailed Research Institutions - The research institutions mainly include investors and others [20] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data - Mongolia Project Progress: The company started the Mongolia project in early 2024. It has completed the construction and installation of pre - treatment, pre - treated about 200,000 tons of raw ore, and produced about 40,000 tons of fluorite lump ore. The supporting concentrator is planned to be completed by the end of October 2025 [24] - Fluorite and Hydrofluoric Acid Price: Fluorite prices have rebounded since September. The price of high - quality 97% fluorite powder is around 3,400 yuan/ton, and the ex - factory price of anhydrous hydrofluoric acid is close to 10,000 yuan/ton [24] - Jinebo Anhydrous Hydrofluoric Acid: In the first half of 2025, Jinebo produced 103,000 tons of anhydrous hydrofluoric acid and sold 95,800 tons. The gross profit margin was 11.57%, a significant increase from the previous year. The single - consumption of fluorite powder for anhydrous hydrofluoric acid has been improved to 2.7 - 2.8 tons [26] - Hunan Jingshi Zhizao: From January to August, it signed sales contracts for 7 sets of charging vehicles with a total contract value of about 1.1 million yuan. It is expanding domestic and foreign markets and has made progress in product R & D [26] - Future Resource Acquisition Plan: The company adheres to the "resource - first, technology - supreme" development concept, aiming for global resource expansion, focusing on high - value - added scarce and strategic minerals, and emphasizing comprehensive resource utilization [27]