Core Insights - Jinwei Mining Co., Ltd. reported a revenue of 1.18 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 7.01%, and a net profit attributable to shareholders of 346 million yuan, with a slight increase of 0.36% [1] Group 1: Business Overview - Jinwei Mining specializes in the exploration, mining, processing, and sales of mineral resources such as lead, zinc, and silver, with primary products being zinc and lead concentrates [1] - The company currently holds four mining rights and six exploration rights, achieving an ore selection capacity of 1.78 million tons per year, making it one of the larger and more efficient green mining enterprises in Gansu Province [1] Group 2: Strategic Developments - During the reporting period, Jinwei Mining actively advanced the integration of the Jiangluo mining area, completing the acquisition of the remaining equity in Gansu Haosen Mining Co., Ltd., achieving 100% control over the company [2] - The Haosen Company holds the exploration project for the Yangjiashan-Yuanjiaping lead-zinc polymetallic mine, with a total exploration area of 56.61 square kilometers and a detailed exploration area of approximately 3 square kilometers, having identified resources at a medium to large-scale deposit [2] - Jinwei Mining also progressed the exploration work for the Dongpo lead-zinc mine project, with a total exploration area of 11.79 square kilometers and a detailed exploration area of 3.2 square kilometers, completing drilling work totaling 11,045.75 meters, indicating high silver content and significant recovery value [2]

问：产品计价系数？ 每批次产品的计价系数取决于该批次产品的水分、金属含量， 计价系数不固定，大概在 90%-95%之间。 盛达金属资源股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他 长江证券（叶如祯）、方正证券（熊宇航）、国盛证券（张航、王 | | | 瀚晨）、国泰君安证券（兰洋）、华泰证券（马晓晨）、民生证券 | | | （王作燊）、浙商证券（沈家悦）、创金合信基金（黄超）、海富 | | 活动参与人员 | 通基金（蒋旭杰）、鹏华基金（曾欣）、平安基金（陈默、王华）、 | | | 中汇（北京）私募基金（忻盛溢）、东方证券资管（杨帅）、工银 | | | 安盛资管（赵博容）、深圳华安合鑫资管（张琪）、太平资管（邵 | | | 一真）、海港人寿保险（康子冉）（不同机构类别按拼音排序） | | 时间 | 年 月 日 2025 10 15 | | 地点 | 四川鸿林矿业有限公司 | | 形式 | 现场参观 ...

Financial Performance - In H1 2025, the company achieved revenue of 28.436 billion yuan, a year-on-year increase of approximately 87.9% [1] - The net profit attributable to shareholders reached 656 million yuan, up about 49.7% year-on-year, with a non-recurring net profit of 657 million yuan, also reflecting a growth of approximately 49.6% [1] - In Q2 2025, revenue was 15.315 billion yuan, a year-on-year increase of about 109.3%, and a quarter-on-quarter increase of 16.7% compared to Q1 2025 [1] - Q2 net profit attributable to shareholders was 323 million yuan, a year-on-year increase of 17.3%, but a quarter-on-quarter decrease of 2.7% [1] Production Data - In H1 2025, the company produced 37,344 kilograms of gold, a year-on-year increase of 37.97%, while antimony production decreased by 19.89% to 12,134 tons, and tungsten production increased by 12.97% to 554 standard tons [2] - Gold production from self-owned mines was 1,722 kilograms, down 12.2% year-on-year, while antimony production from self-owned mines was 7,712 tons, down 5.64% year-on-year; tungsten concentrate production increased by 23.11% to 505 standard tons [2] Price Trends - The London spot gold price increased by 24.31% since the beginning of the year, with an average price in H1 2025 rising by 39.21% year-on-year; the Shanghai Gold Exchange Au9999 gold price at the end of June also rose by 24.50% [3] - Domestic antimony prices showed a trend of rising and then falling, with the average price of domestic antimony ingots (99.65%) increasing by 83.0% year-on-year, and the average price of antimony trioxide (99.5%) rising by 86.2% year-on-year [3] Resource Development - The company focuses on resource reserves as a "lifeline," emphasizing exploration and reserve increase as core strategies, and is advancing a three-year exploration action plan (2024-2026) to enhance mineral resource security [4] - The company is also actively promoting key engineering projects, with the Gansu Jiaxin mineral resource utilization project successfully launched [4] Mining Rights - As of the end of the reporting period, the company owned and controlled 31 mining rights, including 19 exploration rights and 12 mining rights [5] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.585 billion yuan, 1.963 billion yuan, and 2.254 billion yuan, representing year-on-year growth rates of 87%, 24%, and 15%, respectively [6] - Corresponding price-to-earnings ratios are projected to be 22.35, 18.05, and 15.72 [6]

Investment Rating - The report maintains a "Buy" rating for Hunan Gold, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [8][16]. Core Views - The company has shown significant revenue growth, with a 2025H1 revenue of 28.436 billion yuan, representing a year-on-year increase of approximately 87.9% [4]. - The production of gold increased by 37.97% year-on-year, while antimony production decreased by 19.89% [5]. - Gold and antimony prices have risen significantly, with gold prices increasing by 24.31% since the beginning of the year and domestic antimony prices showing an average increase of 83.0% [6]. - The company is focusing on resource exploration and reserve enhancement, with 31 mining rights controlled, including 19 exploration rights and 12 mining rights [7]. Financial Performance - The company achieved a net profit attributable to shareholders of 656 million yuan in 2025H1, a year-on-year increase of approximately 49.7% [4]. - The forecast for net profit attributable to shareholders is projected to be 1.585 billion yuan in 2025, with a year-on-year growth of 87% [8]. - The company’s EBITDA is expected to grow significantly, reaching 2.261 billion yuan in 2025, with a growth rate of 42.09% [12]. Price and Valuation Metrics - The current price-to-earnings (P/E) ratio is 32.39, with future projections of 22.35 for 2025, 18.05 for 2026, and 15.72 for 2027 [2][12]. - The company’s market capitalization is 35.4 billion yuan, with a total share capital of 1.563 billion shares [2].

Core Viewpoint - 中金黄金 reported strong financial performance in the first half of 2025, with significant increases in revenue and net profit, driven by effective cost control and exploration efforts [2][3][4]. Financial Performance - The company achieved operating revenue of 35.067 billion yuan, a year-on-year increase of 22.90% [2][3]. - Net profit reached 2.695 billion yuan, reflecting a year-on-year growth of 54.64% [2][3]. - Total profit amounted to 4.081 billion yuan, up 57.32% compared to the previous year [4]. Production and Operations - In the first half of 2025, 中金黄金 produced 9.13 tons of mined gold and 19.32 tons of refined gold, with respective year-on-year changes of 2.35% and 1.47% [4]. - The company also produced 3.81 million tons of copper and 20.39 million tons of electrolytic copper, with year-on-year changes of -8.63% and 13.09% [4]. Exploration and Resource Expansion - The company invested 133 million yuan in geological exploration, completing 32,200 meters of pit exploration and 147,700 meters of drilling, resulting in an increase of 13.82 tons in gold reserves [5][6]. - 中金黄金 is actively guiding major mining enterprises in key mineralization areas to enhance resource reserves [4][5]. Cost Control and Efficiency - 中金黄金 implemented comprehensive cost control measures, achieving a cost reduction and efficiency increase of 153 million yuan in the first half of 2025 [6]. - The number of loss-making enterprises and the amount of losses decreased compared to the same period last year [6]. Investment and Innovation - The company invested 168 million yuan in research and development, receiving 16 provincial or industry awards and applying for 106 new patents [7]. - 中金黄金 completed investments of 555 million yuan in ongoing projects during the first half of 2025 [8]. Strategic Acquisitions - 中金黄金 plans to acquire shares from its controlling shareholder, 黄金集团, in four companies to enhance its gold business and resolve competition issues [9]. - The acquired companies include 内蒙古金陶, 河北大白阳, 辽宁天利, and 辽宁金凤, which collectively reported significant production and revenue figures in 2024 [9][10].

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3] - The company’s wholly-owned subsidiary, Inner Mongolia Jinshan Mining Co., Ltd., received approval for a mineral resource reserve verification report, indicating significant increases in various mineral resources [3] Group 2 - The verified mineral resource report showed an increase of 1.82 million tons in ore resources, 608.67 tons of silver, 5,046.19 kilograms of gold, 7,527.39 tons of lead, and 7,018.44 tons of zinc, while manganese resources decreased by 87,141.36 tons [3] - This verification marks a significant achievement in the company's exploration and resource expansion efforts, contributing to the long-term development of the enterprise [3]

Core Viewpoint - Henan Fandeng has established itself as a leading silver and lead-zinc producer in China, focusing on geological exploration and development in the rich mineral region of western Henan, with significant breakthroughs in resource discovery and sustainable development strategies [1][6]. Group 1: Company Overview - Founded in August 2004, Henan Fandeng specializes in geological exploration and development of lead, zinc, and silver mines, becoming one of China's top silver and lead-zinc producers over 20 years [1]. - The company has been consistently ranked among the top ten silver producers in China, contributing to the green energy sector by providing essential silver raw materials [1]. Group 2: Geological Exploration Achievements - From 2004 to 2024, the company has completed a total of 2.65 million meters of drilling and over 850,000 meters of pit exploration, with plans for 2025 to complete over 250,000 meters of drilling and nearly 70,000 meters of pit exploration [2]. - Significant breakthroughs in resource discovery have been achieved through strategic drilling in previously mined areas, enhancing resource utilization and increasing the resource volume of existing silver-lead-zinc veins [2][4]. Group 3: Resource Discovery and Future Plans - The company has made substantial discoveries in the Longmen West Ditch gold mine, estimating gold resources of 50 to 100 tons, and has identified high-silver veins with an estimated ore volume of over 9.5 million tons, containing over 1,700 tons of silver and nearly 250,000 tons of lead-zinc [4]. - Future exploration plans include expanding resource discovery in previously unexplored areas around existing veins, which is expected to lead to new breakthroughs in resource expansion and prolong the lifespan of mining operations [4][6]. Group 4: Financial Performance - In 2024, benefiting from strong prices of precious metals like gold and silver, the company achieved a historic performance milestone, ranking 59th in the "2024 Luoyang Top 100 Enterprises" list, an improvement of 8 positions from 2023 [6].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 655.56 billion yuan in 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 33.86 billion yuan, up 13.71% year-on-year [5] - In Q1 2025, the company achieved a revenue of 148.59 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84%. The net profit attributable to shareholders was 10.38 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [5] - The average gold price in 2024 was 2386 USD/ounce, up 23% year-on-year, with prices continuing to rise into 2025 [6] - The company invested 2.95 billion yuan in exploration in 2024, resulting in an increase of gold reserves by 30.3 tons and copper reserves by 114,800 tons [7] Financial Performance - The company expects net profits of 43.7 billion yuan, 48.5 billion yuan, and 52.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15, 14, and 13 [8] - The projected revenue for 2025 is 65,883 million yuan, with a slight year-on-year increase of 0.5% [11] - The gross profit margin is expected to improve from 15.2% in 2024 to 16.9% in 2027 [11]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 655.56 billion yuan in 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 33.86 billion yuan, up 13.71% year-on-year [5] - In Q1 2025, the company achieved a revenue of 148.59 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84%. The net profit attributable to shareholders was 10.38 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [5] - The average gold price in 2024 was 2386 USD/ounce, a year-on-year increase of 23%. The prices continued to rise, reaching 2660.3 USD/ounce in Q4 2024 and 2855.7 USD/ounce in Q1 2025 [6] - The company plans to produce 18.17 tons of gold and 79,400 tons of copper in 2025, with Q1 production of 4.51 tons of gold and 18,900 tons of copper, showing stable mining output [6] - The company invested 295 million yuan in exploration in 2024, completing significant drilling and exploration activities, which increased the reserves of gold and copper [7] Financial Summary - The company expects net profits of 43.7 billion yuan in 2025, 48.5 billion yuan in 2026, and 52.2 billion yuan in 2027, with corresponding P/E ratios of 15, 14, and 13 respectively [8] - Key financial metrics for 2024 include a revenue of 655.56 billion yuan, a net profit of 33.86 billion yuan, and a gross margin of 15.2% [9] - The projected revenue for 2025 is 65,883 million yuan, with a net profit of 43.66 billion yuan, reflecting a year-on-year growth of 29% [9]