炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年8月31日，工业金属行业（据申万二级）A股上市公司已完成2025年半年报的披露，对此我 们挑选了58家具有代表性的上市公司进行业绩比对分析。在我们选取的58家工业金属公司中，多数上市 公司业绩双增。 在我们所选的58家上市公司中，有一半实现了业绩双增，包含紫金矿业、天山铝业等29家上市公司；洛 阳钼业、江西铜业及中孚实业3家上市公司不增收却增利；宁波富邦、永茂泰等16家上市公司增收不增 利；闽发铝业、鑫铂股份、金钟股份业绩双降；万顺新材、宏创控股、宜安科技、白银有色、罗平锌 电、利源股份、丽岛新材（维权）7家上市公司业绩陷入亏损。以下，我们重点看一下业绩双降的企业 和净利润陷入亏损的企业。 | | | 工业金属公司2025年上半年业绩-业绩亏损 | | | | --- | --- | --- | --- | --- | | 公司名称 | 营收 | 同比-营收 | 归母净利润 | 同比-归母净利润 | | 万顺新材 | 26.92 | -10.11% | -0.53 | ...

Core Viewpoint - The industrial metals sector in A-share listed companies has shown a mixed performance in the first half of 2025, with many companies experiencing revenue growth but facing challenges in profit margins [1] Group 1: Performance Overview - Among the 58 selected industrial metal companies, half achieved both revenue and profit growth, including companies like Zijin Mining and Tianshan Aluminum [1] - 3 companies, including Luoyang Molybdenum and Jiangxi Copper, reported profit growth despite stagnant revenues [1] - 16 companies, such as Ningbo Fubon and Yongmaotai, saw revenue increases but no profit growth [1] - 7 companies, including Wanshun New Materials and Hongchuang Holdings, reported losses [1] Group 2: Companies with Revenue Growth but No Profit Growth - Companies with revenue growth but no profit growth include Yongmaotai, Jingyi Co., and Haomei New Materials, with varying revenue increases from 4.12% to 51.66% [2][3] - Specific companies like Xinjiang Zhonghe and Shenhuo Co. reported revenue increases of 10.95% and 12.12%, respectively, but faced significant profit declines [2] Group 3: Companies with Declining Performance - Companies with declining performance include Minfa Aluminum, Xinbo Co., and Jinzong Co., with revenue decreases of 24.89%, 4.11%, and 4.98%, respectively [3] - The losses reported by companies like Wanshun New Materials and Hongchuang Holdings were significant, with net profits of -0.53 billion and -1.18 billion, respectively [4] Group 4: Notable Financial Metrics - Li Yuan Co. reported a revenue decline of 46.66% and a net profit loss of 0.58 billion, marking its eighth consecutive half-year loss [5] - Baiyin Nonferrous Metals experienced a revenue drop of 15.28% and a drastic net profit decline of 1859.82% [6] - Tongling Nonferrous Metals had a revenue increase of 6.39% but a net profit decrease of 33.94%, attributed to increased tax expenses from dividend adjustments [6]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, highlighting strong performance in precious metals and significant increases in minor metals [2][6]. Core Insights - The non-ferrous metals industry achieved a total revenue of 1,819.7 billion yuan in the first half of 2025, representing a year-on-year growth of 6.49%, with a net profit attributable to shareholders of 95.4 billion yuan, up 36.55% [6][14]. - The precious metals sector saw a remarkable revenue increase of 27.15% year-on-year, reaching 188.3 billion yuan, with net profits soaring by 64.71% to 9.7 billion yuan [6][26]. - The industrial metals sector reported a revenue of 13,585.3 billion yuan, a 3.46% increase, and a net profit of 697.4 billion yuan, up 24.42% [6][37]. - The energy metals sector experienced a revenue of 812.4 billion yuan, growing by 6.20%, with net profits skyrocketing by 1,389.33% to 53.1 billion yuan [6][37]. - The minor metals sector's revenue reached 137.7 billion yuan, a 14.24% increase, with net profits rising by 40.01% to 7.6 billion yuan [6][37]. Summary by Sections Overall Performance of Non-Ferrous Metals Industry - The non-ferrous metals industry maintained a stable operation in the first half of 2025, with 73.76% of the 141 listed companies reporting revenue growth [14][21]. - The overall gross margin for the industry was 12.04%, an increase of 0.67 percentage points year-on-year, while the net margin rose to 6.35%, up 0.98 percentage points [14][20]. Precious Metals - The precious metals sector's gross margin was 13.52%, with a net margin of 6.27%, both showing improvements compared to the previous year [26][27]. - The international gold price reached a peak of 3,500 USD/ounce in the first half of 2025, reflecting a significant increase in demand driven by geopolitical risks and inflation concerns [30][27]. Industrial Metals - The industrial metals sector's gross margin was 11.25%, with a net margin of 6.20%, indicating a healthy profitability despite market fluctuations [37][39]. - The average price of copper in the first half of 2025 was 77,562 yuan/ton, showing a year-on-year increase of 3.3% [49][50]. Energy Metals - The energy metals sector's performance was notably strong, with lithium salt prices stabilizing and a significant increase in net profits [6][37]. - The sector's gross margin was not explicitly stated, but the dramatic rise in net profits indicates robust demand and effective cost management [6][37]. Minor Metals and New Metal Materials - The minor metals sector's revenue growth was driven by strong demand in emerging technologies, with a focus on rare earth elements and tungsten [6][37]. - The new metal materials sector reported a revenue of 539.3 billion yuan, a 6.63% increase, with net profits rising by 4.70% [6][37]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) in the precious metals sector, and Tianshan Aluminum (002532) and Luoyang Molybdenum (603993) in the industrial metals sector [6][37].

Company Overview - Tianshan Aluminum Industry Co., Ltd. is located at 9th Floor, ProLogis Building, No. 2389 Zhangyang Road, Pudong New District, Shanghai, established on November 3, 1997, and listed on December 31, 2010 [1] - The company specializes in the production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, and alumina [1] Financial Performance - For the first half of 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, reflecting a year-on-year growth of 0.51% [2] - Cumulative cash dividends since the A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the last three years [3] Stock Performance - As of September 5, Tianshan Aluminum's stock price increased by 2.04%, reaching 10.52 yuan per share, with a total market capitalization of 48.938 billion yuan [1] - The stock has risen 37.12% year-to-date, with a 4.26% increase over the last five trading days, 8.68% over the last twenty days, and 26.29% over the last sixty days [1] - The number of shareholders as of June 30 was 49,700, an increase of 4.44% from the previous period, while the average circulating shares per person decreased by 4.25% to 83,175 shares [2] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares, a decrease of 10.084 million shares from the previous period [3] - The main business revenue composition includes 65.26% from the sale of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1] Market Position - Tianshan Aluminum is classified under the Shenwan industry as non-ferrous metals - industrial metals - aluminum, and is associated with concepts such as battery foil, non-ferrous aluminum, lithium batteries, social security heavy positions, and Xinjiang revitalization [1]

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

Group 1 - The core viewpoint of the news is that the CSI 500 Quality Growth Index has experienced a decline of 2.06% as of September 4, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include GaiBao Pet (301498) with an increase of 5.74%, XinQuan Co. (603179) up by 3.57%, and Yunda Holdings (002120) rising by 2.49% [1] - Conversely, the worst performers include Shengyi Electronics (688183) leading the decline, followed by Huagong Technology (000988) and Baiyin Nonferrous Metals (601212) [1] Group 2 - The CSI 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 stocks with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index [2] - As of August 29, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Dongwu Securities (601555), Huagong Technology (000988), and Kaiying Network (002517), with the top ten accounting for 21.48% of the index [2] - The CSI 500 Quality Growth ETF has seen a recent trading volume of 3.1911 million yuan, with an average daily trading volume of 6.5860 million yuan over the past year [1]

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [10] Core Views - Tianshan Aluminum's H1 2025 revenue increased by 11.19% year-on-year to 15.328 billion yuan, while net profit attributable to shareholders rose by 0.51% to 2.084 billion yuan. The company reported a significant increase in cash flow from operating activities, up 47.09% to 3.280 billion yuan [1][2] Production and Sales Summary - The production volume of electrolytic aluminum in H1 2025 remained stable at 585,400 tons, while alumina production increased by 9.76% to 1.1999 million tons. The average selling price of self-produced electrolytic aluminum rose by approximately 2.8% to 20,250 yuan per ton, and the average selling price of self-produced alumina increased by about 6% to 3,700 yuan per ton [2][3] - The external sales volume of electrolytic aluminum increased by approximately 2% year-on-year, and the external sales volume of alumina rose by about 7% [2] Financial Performance Summary - In H1 2025, Tianshan Aluminum's total revenue was 15.328 billion yuan, with a gross profit of 3.100 billion yuan, reflecting a year-on-year increase of 3.01%. The revenue contribution from various segments was 65.26% from raw aluminum, 24.20% from alumina, 2.10% from high-purity aluminum, 6.89% from aluminum foil, and 1.55% from other segments [3] - The company forecasts revenues of 33.874 billion yuan, 35.207 billion yuan, and 37.396 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.594 billion yuan, 4.858 billion yuan, and 5.233 billion yuan for the same years [10][12]

Core Viewpoint - UBS reports that the performance of non-ferrous metal companies in the first half of the year remains robust, with Luoyang Molybdenum and Zijin Mining leading with profit growth exceeding 50% [1] Group 1: Company Performance - Luoyang Molybdenum and Zijin Mining show strong profit growth of over 50% [1] - China Hongqiao and Jiangxi Copper follow, while China Aluminum and Tianshan Aluminum's profits remain relatively flat [1] Group 2: Industry Trends - The copper industry focuses on mergers and acquisitions, production growth, and niche metal business expansion [1] - The aluminum sector emphasizes dividend distribution and share buybacks [1] Group 3: Earnings Forecast Adjustments - UBS raises full-year profit forecasts for Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper by 6%, 11%, and 26% respectively [1] - The target prices for Zijin Mining and Luoyang Molybdenum are increased to HKD 32.5 and HKD 16.5 respectively [1] - Jiangxi Copper's rating is upgraded to "Buy" with a target price raised to HKD 27.1 [1] Group 4: Preferred Stocks - China Hongqiao remains UBS's top pick in the aluminum sector due to its potential for deleveraging and commitment to shareholder returns, maintaining a target price of HKD 26.8 and a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [6] Core Views - The company reported its 2025 mid-year results, which met expectations, with a revenue of 15.33 billion yuan in H1 2025, reflecting a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 2.08 billion yuan, up 0.5% year-on-year [6] - The company plans to distribute a total cash dividend of 9.2 billion yuan for H1 2025, which is 44% of the net profit for that period, and aims for a cumulative dividend payout ratio of at least 50% for the year 2025, exceeding the previous year's ratio of 41.42% [6] - A 240,000-ton expansion project for electrolytic aluminum is progressing steadily, with the company aiming to increase its annual production capacity from 1.16 million tons to 1.4 million tons [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 31.13 billion yuan, with a year-on-year growth rate of 10.8% [2] - Net profit attributable to shareholders is projected to be 5.03 billion yuan for 2025, representing a 12.8% increase year-on-year [2] - Earnings per share are expected to be 1.08 yuan for 2025, with a gross margin of 23.2% [2] - The return on equity (ROE) is forecasted to be 16.7% for 2025 [2] Market Data - The closing price of Tianshan Aluminum on September 3, 2025, was 10.49 yuan, with a market capitalization of 43.32 billion yuan [3] - The company has a price-to-earnings (PE) ratio of 10 for 2025 [3] - The dividend yield is calculated at 3.81% based on the most recent dividend announcement [3]

Core Viewpoint - The industrial metals sector in A-share listed companies has shown mixed performance in the first half of 2025, with many companies experiencing growth in revenue and profit, while others faced declines in both metrics [1][2]. Performance Analysis - Among the 58 selected industrial metal companies, half achieved double growth in performance, including notable companies like Zijin Mining and Tianshan Aluminum [1][2]. - Three companies, including Luoyang Molybdenum, Jiangxi Copper, and Zhongfu Industrial, reported profit growth despite no revenue increase [1][2]. - Sixteen companies, such as Ningbo Fubon and Yongmaotai, saw revenue growth but no profit increase [1][2][3]. - Three companies, including Minfa Aluminum, Xinbo Co., and Jinchong Co., experienced declines in both revenue and profit [2][5]. - Seven companies, including Wanshun New Materials and Hongchuang Holdings, reported losses [1][5]. Companies with Revenue Growth but No Profit Increase - Companies that reported revenue growth without profit increase include Ningbo Fubon, Yongmaotai, and several others, with varying degrees of revenue growth and profit decline [3][4]. Companies with Declining Performance - Minfa Aluminum reported revenue of 775 million yuan, down 24.89%, and a net profit of 3 million yuan, down 81.13% [2][5]. - Xinbo Co. had revenue of 3.996 billion yuan, down 4.11%, and a net profit of 37 million yuan, down 75.74% [2][5]. - Jinchong Co. reported revenue of 501 million yuan, down 4.98%, and a net profit of 24 million yuan, down 51.2% [2][5]. Companies Reporting Losses - Wanshun New Materials reported revenue of 2.692 billion yuan, down 10.11%, with a net loss of 53 million yuan [6]. - Hongchuang Holdings had revenue of 1.448 billion yuan, down 13.82%, with a net loss of 118 million yuan [6]. - Yian Technology reported revenue of 722 million yuan, down 6.95%, with a net loss of 19 million yuan [6]. - Baiyin Nonferrous Metals reported revenue of 4.4559 billion yuan, down 15.28%, with a net loss of 217 million yuan [6]. - Luoping Zinc Electric reported revenue of 521 million yuan, down 25.97%, with a net loss of 92 million yuan [6]. Notable Declines - Luoping Zinc Electric experienced the largest decline in net profit, with a drop of 3964% due to various operational challenges, including raw material supply risks and regulatory penalties [7].