证券代码：000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 投资者关系活动记录表 今年以来，中金岭南深入践行 FAITH 经营理念，以"增资源、优结构、 强战新"为主线，内外发力提质增效，强力推进深化改革，深入开展科技 创新，加快优化产业结构，保持了稳中向好、稳中提质的发展态势。前三 季度，中金岭南实现营业总收入 485.05 亿元，同比增长 11.81%；实现归母 净利润 8.41 亿元，同比增长 5.18%。 3、请介绍公司未来发展战略。 公司秉承高效集约、绿色高端、安全智能、以人为本、融合发展的基 本要求，提出"一体两翼"新战略。"一体"即掌握丰富金属资源的行业头 部企业，"两翼"即：大力发展铜铅锌冶炼及精深加工产业，大力发展金、 银、镓、锗、铟、硒、碲、铋、铂、钯、铑等稀有稀散稀贵金属及新材料 精深加工产业，加快形成新质生产力，为国家供应链安全作贡献。公司坚 持"外延发展"与"内涵发展"并举，坚持"聚焦主业+资本运营"双轮驱 动，以项目建设、投资并购、资本运作为抓手，不断完善产业链布局，优 化产品结构，多措并举促进高质量、高效益发展。 编号：2025-08 投资者关系活动 类别 □ ...

文/李贝贝 12月4日，香港法院批准了碧桂园集团（下称"碧桂园"）（02007.HK）的境外债务重组计划。根据此前 披露的信息，若境外债重组计划获批，碧桂园预计降债规模约117亿美元，对应约人民币840亿元有息债 务。 在此之前，11月6日早间，碧桂园披露，其境外债务重组方案在11月5日的债权人会议上高票顺利通过。 根据公告，在两个债务组别的投票中，碧桂园均获得出席并投票的债权人中超过75%债权金额的赞成 票。 值得关注的是，今年9月29日，碧桂园8笔境内债券重组方案经债券持有人会议审议通过，涉及本金金额 合计约人民币133.32亿元；12月4日，碧桂园旗下债券"H16腾越2"的重组方案也获债权人会议通过。至 此，其境内债务重组所涉的9只债券的重组方案均已获得债权人会议通过，9只债券余额为138.58亿元。 "此次香港高等法院批准碧桂园的境外债务重组计划，从法理角度来说，碧桂园境外债重组完成。"中指 研究院企业研究总监刘水表示，境内债、境外债均重组完成，标志着碧桂园债务重组正式全部完成，企 业经营真正进入新阶段，增强了购房者、上下游供应商及金融机构对碧桂园的信心，有助于快速恢复正 常经营。 更早一些时候，在1 ...

近日，中国乳业"国家队"蒙牛集团在乳原料深加工领域取得重要成果，其首批深加工产品 —马斯卡彭、乳铁蛋白、披萨奶酪、脱盐乳清粉 D90 、胶束酪蛋白 MCC 等已完成测试， 其中马斯卡彭奶酪已率先上市，所有产品的性能与质量均达到国家标准要求。 据了解，该批产品取得的创新突破主要得益于蒙牛先进的创新技术与 GOSS 系统（无损有 序解析系统）。以马斯卡彭为例，依托其 GOSS 系统的先进技术赋能，该款奶酪具备三大 优势：一是配方醇净，产品未添加任何稳定剂和乳化剂，却依然保持了传统马斯卡彭奶酪的 质地与应用特性；二是生产更环保，全程践行 ESG 理念，实现了稀奶油营养组分的充分利 用和乳清零排放；三是风味与口感更出众，其独特的质构与增香技术，使产品在直接食用或 用于烘焙、甜点制作时，都更具风味和口感优势。 在此背景下，蒙牛积极践行"将原奶'吃干榨尽'"的深加工理念，推动产业向高附加值、高技 术含量方向延伸。 值得一提的是，在乳原料深加工领域，蒙牛构建了从工艺设计、过程控 制到质量验证的全链条数字化能力，有效保障产品稳定性与一致性。突破了由单一产品向产 品组合研发模式的转变，实现了单线单品向多品类柔性共线的转变，实现 ...

格隆汇11月26日丨北新建材(000786.SZ)公布，经北新集团建材股份有限公司于2022年4月29日召开的第 七届董事会第一次临时会议审议通过，公司全资子公司北新防水有限公司（简称"北新防水"）于2022年 4月29日与重庆智行达知企业管理合伙企业（有限合伙）（现更名为"河北裕秀企业管理合伙企业"，简 称"河北裕秀"）、北京远大洪雨防水材料有限责任公司（简称"北京远大洪雨"）及重庆欣兮智延企业管 理合伙企业（有限合伙）（现更名为"河北元昌企业管理合伙企业"，简称"河北元昌"）签署协议，约定 以受让股权及增资方式取得远大洪雨（唐山）防水材料有限公司（简称"唐山远大洪雨"）70%股权，以 受让股权方式取得远大洪雨（宿州）建材科技有限公司（简称"宿州远大洪雨"）70%股权，上述交易文 件签署后各方未实际履行。为落实公司"一体两翼"战略，补强华北区域市场份额，优化产业布局，北新 防水拟重新启动上述交易，与河北裕秀、北京远大洪雨、河北元昌、孙智宁等相关方重新签署《关于远 大洪雨（唐山）防水材料有限公司的股权转让协议》和《关于远大洪雨（宿州）建材科技有限公司的股 权转让协议》。根据该等协议约定，北新防水分别以33,5 ...

格隆汇11月26日丨北新建材(000786.SZ)公布，经北新集团建材股份有限公司于2022年4月29日召开的第 七届董事会第一次临时会议审议通过，公司全资子公司北新防水有限公司（简称"北新防水"）于2022年 4月29日与重庆智行达知企业管理合伙企业（有限合伙）（现更名为"河北裕秀企业管理合伙企业 <有限 合伙> "，简称"河北裕秀"）、北京远大洪雨防水材料有限责任公司（简称"北京远大洪雨"）及重庆欣 兮智延企业管理合伙企业（有限合伙）（现更名为"河北元昌企业管理合伙企业 <有限合伙> "，简称"河 北元昌"）签署协议，约定以受让股权及增资方式取得远大洪雨（唐山）防水材料有限公司（简称"唐山 远大洪雨"）70%股权，以受让股权方式取得远大洪雨（宿州）建材科技有限公司（简称"宿州远大洪 雨"）70%股权，上述交易文件签署后各方未实际履行。为落实公司"一体两翼"战略，补强华北区域市 场份额，优化产业布局，北新防水拟重新启动上述交易，与河北裕秀、北京远大洪雨、河北元昌、孙智 宁等相关方重新签署《关于远大洪雨（唐山）防水材料有限公司的 股权转让协议》和《关于远大洪雨 （宿州）建材科技有限公司的股权转让协议》。根据该 ...

Core Viewpoint - The company has demonstrated significant performance improvements through strategic transformation, achieving a remarkable increase in net profit and focusing on core technologies and high-value products [2][3][8] Financial Performance - In the first three quarters, the company reported revenue of 562 million, a year-on-year increase of 38.52% - The net profit attributable to shareholders reached 61.98 million, up 217.88% year-on-year - The net profit excluding non-recurring items surged by 793.57% to 59.80 million [2][3] Strategic Transformation - The company has undergone organizational changes, moving away from traditional hierarchical structures to enhance operational efficiency, resulting in a 6.21% reduction in operating costs for 2024 compared to 2023 [3][4] - The strategic focus is on core technologies and high-value products, moving away from low-margin projects [3][4] Business Structure - The company has established a "one body, two wings" strategy, where the core business is air pollution control, while CCUS and sodium battery businesses serve as growth engines [4][5] - The CCUS business is a natural extension of the main business, providing carbon capture solutions alongside air pollution control services [4][5] Growth Prospects - The company has signed a framework agreement for a project to produce 100,000 tons of sodium battery anode materials and 6 GWh of battery cells, with a total investment of approximately 3.2 billion [6][7] - The sodium battery business is expected to be a key growth driver in the next 3-5 years, with advantages in low-temperature performance, safety, and long-term cost [6][8] International Strategy - The company plans to expand internationally by enhancing product exports, establishing localized service systems in key markets, and potentially setting up overseas manufacturing and R&D teams [7][8] - Future acquisitions will focus on strengthening the supply chain in the low-carbon industry, particularly in the sodium battery and CCUS sectors [7][8]

Core Viewpoint - The company reported a slight beat in Q3 2025 earnings, driven by strong performance in non-subscription music business [1][2] Performance Review - Q3 2025 revenue reached 8.46 billion yuan, a year-on-year increase of 20.6% - Non-IFRS net profit attributable to the parent company was 2.41 billion yuan, up 32.6%, slightly above the expected 2.30 billion yuan, mainly due to better-than-expected performance in non-subscription music [1] Development Trends - Subscription business shows profitability resilience, while non-subscription business has significant growth potential - Subscription Revenue: Q3 2025 revenue increased by 17.2% to 4.49 billion yuan, with paid users increasing by 1.3 million to 126 million, and ARPPU rising by 10.2% to 11.9 yuan/month. Expected growth in Q4 2025 includes an additional 1.3 million paid users and ARPPU rising to 12.1 yuan/month [1] - Non-Subscription Revenue: Q3 2025 revenue surged by 50.3% to 2.48 billion yuan, with concert and artist economy revenues growing rapidly. The company anticipates a 35.7% year-on-year revenue growth for the full year [1] Profitability and Valuation - Q3 2025 gross margin decreased by 0.9 percentage points to 43.5%, with stable sales expenses and a 5.3% year-on-year increase in management expenses. The company indicated that investments in offline performances and IP economy are crucial for long-term growth [2] - The company maintains a "one body, two wings" strategy to explore the full value of the industry chain, enhancing collaboration with global record companies and innovating product functions and services [2] - Adjustments to profit forecasts for 2025 and 2026 reflect new business growth and potential investments, with Non-IFRS net profit estimates revised to 9.63 billion yuan and 10.75 billion yuan respectively. Current P/E ratios for US and Hong Kong stocks are 24/21 times and 25/22 times for 2025/2026 [2]

Core Viewpoint - The continuous strengthening of China's capital market has led to a deepening re-evaluation of the value of quality assets, with industry leaders like Tencent Music being a focal point for investors due to their robust growth trends demonstrated in recent financial reports [1] Financial Performance - Tencent Music reported total revenue of 8.46 billion RMB for Q3 2025, a year-on-year increase of 20.6%, and a non-IFRS net profit of 2.48 billion RMB, up 27.7% year-on-year, indicating a strong and stable growth trajectory [1] - The online music subscription business showed particularly strong performance, with paid user numbers increasing by 5.6% to 125.7 million and average revenue per paying user (ARPPU) rising by 10.2% to 11.9 RMB, contributing to a 17.2% increase in subscription revenue to 4.5 billion RMB [1] Growth Drivers - Tencent Music's growth is driven by its "one body, two wings" strategy, which focuses on deepening user value rather than merely expanding user scale, enhancing platform attractiveness and user willingness to pay [2][9] - The company has been actively introducing diverse and global content, enhancing its international influence, and hosting a series of concerts for well-known artists to boost content services [2][3] Non-Subscription Business Expansion - Tencent Music has innovated its advertising services and marketing models, exemplified by the "Sprite Cool" national campus music competition, which successfully engaged young consumers and deepened brand connections [5] - The platform has upgraded its features to provide immersive and engaging user experiences, optimizing its multi-tier membership system to cater to diverse user needs [5] Long-Term Growth Potential - The company is expected to maintain a clear growth path, with increasing user willingness to pay and significant market potential yet to be tapped, particularly among the post-2000 generation [8][9] - Tencent Music's ARPPU is anticipated to continue rising, supported by its differentiated content and services, particularly from SVIP users [9] Market Recognition - Tencent Music's consistent growth has garnered positive recognition from numerous financial institutions, with analysts from firms like CICC and Goldman Sachs raising their profit forecasts and target prices for the company [10][11] - The company's robust financial performance and sustainable growth in non-subscription revenue have led to an upward adjustment in long-term revenue growth expectations [11]

Core Viewpoint - The continuous strengthening of China's capital market has led to a deepening re-evaluation of the value of quality assets, with industry leaders that combine value and growth attributes, such as Tencent Music, receiving significant investor attention due to their robust growth trends reflected in recent financial reports [1] Financial Performance - Tencent Music reported total revenue of 8.46 billion RMB for Q3 2025, a year-on-year increase of 20.6%, and a net profit of 2.48 billion RMB, up 27.7% year-on-year, indicating strong growth [5] - The online music subscription business showed particularly strong performance, with paid user numbers increasing by 5.6% to 125.7 million and average revenue per paying user (ARPPU) rising by 10.2% to 11.9 RMB, contributing to a 17.2% increase in subscription revenue to 4.5 billion RMB [5][6] Strategic Initiatives - Tencent Music's growth is driven by its "one body, two wings" strategy, focusing on deepening user value rather than just expanding user scale, enhancing platform attractiveness and user willingness to pay [6][11] - The company has been diversifying and globalizing its content, hosting international concerts and events to enhance its global industry influence, such as the TIMA International Music Awards and G-DRAGON's world tour [6][8] Non-Subscription Business Growth - Tencent Music has expanded its non-subscription revenue sources through innovative advertising services and events, such as the "Sprite Cool" national campus music competition, which successfully engaged young consumers [8] - The platform has upgraded its features to provide a more immersive experience and optimized its multi-tier membership system to meet diverse user needs, enhancing user engagement and willingness to pay [8][11] Long-Term Growth Potential - The company is expected to maintain a clear growth trajectory, with increasing user willingness to pay and a significant market potential yet to be tapped, particularly among the post-2000 generation [11][12] - Tencent Music's ARPPU is anticipated to continue rising, supported by its differentiated content and services, particularly from SVIP users [12] Market Recognition - Tencent Music's consistent growth has garnered positive recognition from numerous financial institutions, with firms like CICC and Goldman Sachs raising their profit forecasts and target prices for the company based on its strong performance and growth potential [13][14]

Core Viewpoint - Tencent Music Entertainment Group reported steady growth in its financial performance for the third quarter ending September 30, 2025, with total revenue reaching 8.46 billion yuan, a year-on-year increase of 20.6%, and adjusted net profit of 2.48 billion yuan, up 27.7% [1] Financial Performance - Total revenue for the third quarter was 8.46 billion yuan, reflecting a 20.6% year-on-year growth [1] - Adjusted net profit for the quarter was 2.48 billion yuan, representing a 27.7% increase compared to the previous year [1] Online Music Business - Online music service revenue grew by 27.2% year-on-year to 6.97 billion yuan [1] - Average revenue per paying user increased from 10.8 yuan in the same quarter of 2024 to 11.9 yuan [1] Strategic Initiatives - The company attributes its robust growth to the deepening of its "content and platform" strategy [1] - Tencent Music has strengthened collaborations with global record companies and artists, hosting large-scale domestic and international tours, and expanding its own performance IP matrix [1] - Continuous innovation in product features and services aims to meet diverse user needs and create personalized music experiences [1] Future Outlook - Tencent Music plans to seize emerging opportunities and expand its music service offerings while collaborating with industry partners to promote healthy industry development [1]