公司新技术快速布局，全球化战略持续推进。公司"龙泉二号"10Ah 全固态电池成功下线，能量密度达 300Wh/kg、主要面向人形机器人、低空飞行器、AI 等高端装备应用领域。同时，公司设立固态电池研 究院成都量产基地，一期将于2025年12 月建成，具备60Ah电池制造能力；二期计划于2026年12月实现 100MWh年产能交付。全球化方面，公司马来西亚小圆柱基地正持续爬坡、储能基地预计2025 年底到 2026 年初建成投产，匈牙利基地布局稳步推进。此外，公司CLS 模式首个落地项目ACT 公司按计划推 进产能建设，助力北美商用车市场加快电动化。国内CLS 合作工厂陆续实现满产满销，协同满足下游 客户持续增长交付需求。 公司2025Q3 实现归母净利润12.11 亿元，同比+15%。公司2025 年前三季度实现营收450.02 亿元，同比 +32%；实现归母净利润28.16 亿元，同比-12%。若剔除股权激励费用、单项坏账计提影响，公司2025 年前三季度实现归母净利润36.75亿元、同比+18%。公司2025Q3 实现营收168.32 亿元，同比+36%、环 比+9%；实现归母净利润12.11 亿元，同比 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 43.29, representing a potential upside of 36% from the current price of HKD 31.76 [2][5]. Core Insights - The company demonstrated strong resilience with performance exceeding market expectations, driven by both gold and copper production [5]. - The company has a diversified global mineral portfolio, effectively mitigating risks associated with price fluctuations of individual metals [5]. - The long-term growth strategy is clear, with ongoing expansions at major mines expected to support production growth in the coming years [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company reported revenues of CNY 293.4 billion, a 9% increase year-over-year, and a net profit of CNY 21.1 billion, reflecting a 5.4% growth [3][6]. - The forecast for 2025 predicts revenues of CNY 363.2 billion, a 20% increase, and net profit of CNY 53.1 billion, a significant 65.7% growth [3][6]. - The company achieved a third-quarter revenue of CNY 86.5 billion in 2025, an 8.14% year-over-year increase, with net profit reaching CNY 14.6 billion, up 57.14% [5]. Production and Operational Highlights - Gold production in the first three quarters of 2025 reached 65 tons, a 20% increase, primarily from projects in Ghana, Shanxi, Guizhou, and Serbia [5]. - Copper production for the same period was 830,000 tons, a 5.1% increase, despite a slight decline due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [5]. - The company is set to enhance copper production by 150,000 to 200,000 tons with the completion of the tailings dam at the Jilong copper mine by the end of 2025 [5]. Financial Metrics - The company’s earnings per share (EPS) is projected to grow from CNY 0.80 in 2023 to CNY 2.00 in 2025, reflecting a 65.1% increase [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 40.9 in 2023 to 16.4 in 2025, indicating improved valuation as earnings grow [3][6]. - The dividend per share is forecasted to rise from CNY 0.26 in 2023 to CNY 0.64 in 2025, with a dividend yield increasing from 0.8% to 1.9% [3][6].

证券代码：600282 证券简称：南钢股份 公告编号：临 2025-058 南京钢铁股份有限公司 | 品种 | | 经营指标 | 2025 年 | 2024 年 | 增减幅度 | | --- | --- | --- | --- | --- | --- | | | | | 月 7-9 | 月 7-9 | （%） | | | 合金钢棒材 合金钢线材 | 产量（万吨） 产量（万吨） | 50.60 13.53 | 43.29 12.08 | 16.89 12.02 | | | | 销量（万吨） | 49.13 | 42.06 | 16.82 | | | | 平均售价（元/吨）（不含税） | 3,872.98 | 4,065.83 | -4.74 | | 特钢长材 | | 销量（万吨） | 13.38 | 12.31 | 8.76 | | | | 平均售价（元/吨）（不含税） | 4,003.46 | 4,163.07 | -3.83 | | | 合金钢带材 | 产量（万吨） | 25.48 | 19.62 | 29.85 | | | | 销量（万吨） | 25.13 | 19.73 | 27.37 | | | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a net profit attributable to shareholders of 1.211 billion yuan in Q3 2025, representing a year-on-year increase of 15%. For the first three quarters of 2025, the company reported revenue of 45.002 billion yuan, up 32% year-on-year, but a net profit of 2.816 billion yuan, down 12% year-on-year. Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders for the first three quarters would be 3.675 billion yuan, reflecting an 18% year-on-year increase [1][4]. - The company's energy storage battery shipments are rapidly increasing, with a total shipment of 83.0 GWh in the first three quarters of 2025, a 47% year-on-year increase. The shipments for Q3 2025 alone reached 32.8 GWh, a 20% increase from the previous quarter [2][4]. - The company is advancing its global strategy and rapidly deploying new technologies, including the successful launch of the "Longquan No. 2" all-solid-state battery, which has an energy density of 300 Wh/kg [3][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 16.832 billion yuan, a 36% year-on-year increase and a 9% quarter-on-quarter increase. The net profit attributable to shareholders was 1.211 billion yuan, a 15% year-on-year increase and a 140% quarter-on-quarter increase [1][4]. - The company expects to achieve net profits of 4.505 billion yuan, 7.525 billion yuan, and 9.611 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 67%, and 28% [4][5]. Market Trends - The company is experiencing a strong demand for its energy storage batteries, with significant partnerships in the electric vehicle sector, including collaborations with BMW, Xiaopeng, and others, which are expected to enhance market share [2][3]. - The company is also expanding its production capacity in Malaysia and Hungary, with plans for a solid-state battery production base in Chengdu [3][4]. Future Outlook - The company anticipates continued growth in both its energy storage and power battery segments, driven by high capacity utilization rates and stable pricing [2][4]. - The forecast for the company's revenue growth is robust, with expected revenues of 64.918 billion yuan in 2025, 91.005 billion yuan in 2026, and 112.856 billion yuan in 2027, reflecting growth rates of 33.5%, 40.2%, and 24% respectively [5][21].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 一、公司主要财务数据 注 1："本报告期"指本季度初至本季度末 3 个月期间，下同。 海外監管公告 此乃南京鋼鐵股份有限公司在二零二五年十月二十四日登載於中 華人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年第三季度主要經營數據的公告。南京鋼鐵股份有限公司為中國 中信股份有限公司的附屬公司。 证券代码：600282 证券简称：南钢股份 公告编号：临 2025-058 南京钢铁股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 相关规定，南京钢铁股份有限公司（以下简称公司）现将 2025 年第三季度的主 要经营数据公告如下： | | | | | 单位：元 币种：人民币 ...

Core Viewpoint - The report from First Shanghai maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic and strong financial performance in Q3 2025 [1] Financial Performance - In Q3 2025, the company's revenue reached CNY 86.489 billion, a year-on-year increase of 8.14%, while the net profit attributable to shareholders was CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue amounted to CNY 254.2 billion, reflecting a year-on-year growth of 10.33%, with a net profit of CNY 37.864 billion [1] Gold Production and Copper Mining - The company's gold production in the first three quarters of 2025 reached 65 tons, representing a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [1] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, showing year-on-year increases of 11.22 and 4.71 percentage points [1] Global Diversification and Risk Management - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, demonstrating strong capabilities in resource acquisition and integration [1] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have not only increased the company's gold resource reserves but also expanded its global influence [1] - The company has strategically entered the new energy metal sector, particularly in lithium resources, although the lithium business currently contributes less to overall revenue [1]

Core Insights - The modern tea brand BaWang ChaJi has officially opened a store at the iconic Oriental Pearl Tower in Shanghai, which is considered a prime location due to its significant natural foot traffic [1] - BaWang ChaJi is accelerating its global expansion strategy, moving beyond shopping centers to establish a presence in globally influential tourist landmarks [1] - The brand recently opened its highest store in Bangkok, Thailand, on October 15, located on the 74th floor of the King Power Mahanakhon building [1] - In September, BaWang ChaJi launched its largest "super tea warehouse" in Hong Kong, covering over 1,000 square meters across two floors, featuring traditional tea art experience areas [1]

每经记者｜可杨 每经编辑｜陈俊杰 丨 2025年10月24日 星期五丨 NO.1 王兴兴任宇树科技董事长 点评：在AI投资进入"应用变现"下半场的今天，LiblibAI的模式，为其他AI企业提供了"可借鉴的路 径"——选择垂直场景，构建生态闭环，实现商业化落地。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.2 马斯克称AI5芯片不会取代英伟达 近日，特斯拉CEO马斯克在电话会议上透露，台积电、三星将参与特斯拉人工智能5号芯片（AI5）的 设计工作。"我们不会取代英伟达"。AI5芯片被用来驱动自动驾驶及机器人产品线。此前他曾表示，AI5 芯片性能是AI4的40倍，算力提升8倍，内存增加9倍。 点评：尽管特斯拉在芯片设计上取得了显著进展，但在全球半导体产业链中，仍面临着诸多挑战。芯片 制造的复杂性、供应链的稳定性以及技术标准的统一等问题，都可能对特斯拉的芯片战略产生影响。 NO.3 LiblibAI完成1.3亿美元B轮融资 近日，多模态AI生成平台LiblibAI完成1.3亿美元B轮融资，由红杉中国、CMC资本等联合领投。这也是 今年到目前为止中国 AI 应用领域 ...

Core Insights - The company has adopted a "technology service operator" strategic positioning to enhance competitiveness and drive future value growth through technology investment and a revenue-sharing model [1][2][4] Group 1: Financial Performance - In Q3, the company secured new orders worth RMB 1.273 billion, a decrease of 14.4% year-on-year [1] - New orders from the Iraq market amounted to approximately RMB 542 million, reflecting an increase of 8.4% compared to the same period last year [1] - New orders from other overseas markets dropped by 54.4% year-on-year, totaling around RMB 160.6 million [1] - In the Chinese market, new orders were approximately RMB 570 million, down 10.2% year-on-year [1][2] Group 2: Market Strategy - The company is focusing on high-quality large project execution in the Chinese market, with various service projects being awarded [2] - The company is actively expanding its presence in the Middle East, particularly in Iraq, while also entering the South American market for the first time [2][3] - The company aims to strengthen its brand and market presence by managing early indicators and exploring opportunities in other regions such as Africa and Southeast Asia [4] Group 3: Global Operations and Management - The company inaugurated its Dubai Global Operations Center in September, which will serve as a strategic hub for resource integration and international business coordination [3] - The company is enhancing its internal management systems, focusing on optimizing human resources and financial management to support global business expansion [3][5] - The company is committed to building a diversified financing platform to improve capital allocation efficiency and support stable business growth [5] Group 4: Future Outlook - The global oil and gas market is expected to remain volatile due to supply dynamics and geopolitical factors, prompting the company to advance its globalization strategy [4] - The company plans to deepen its focus on technology solutions and innovation to maintain a competitive edge in the industry [5]

香港交易所及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 公告 二零二五年第三季度運營情況及二零二五年第四季度展望 安東油田服務集團（「本公司」，連同其附屬公司，合稱「本集團」）董事會（「董事 會」）欣然公告二零二五年七月一日至九月三十日之三個月（「本季度」）的運營情況 及在手訂單。 二零二五年第三季度運營概述 第三季度，國際油價寬幅震蕩，全球油氣投資保持活躍，中東地區持續推進產能 擴張。天然氣在發電與工業領域需求穩健增長，全球產業鏈機遇凸顯，項目開發 需求旺盛。 期內，本集團立足中國特色優勢與全球化布局，創新提出「技術服務作業者」戰略 定位，通過技術投入參與油氣資源獲取與開發，以「技術應用+自主開採+收益分 成」模式推進新業務落地。該模式有效強化公司業務競爭力，為未來突破性價值 增長奠定基礎。 二零二五年第三季度訂單情況 第三季度，本集團新增訂單人民幣1,272.9百萬元，較去年同期下降14.4%，其 中，伊拉克市場新增訂單約人民幣542.2百萬元，較去年同 ...