公司点评报告 · 有色金属行业 锂价下跌锂业务承压，铯铷盐板块支撑业绩 --2025 年半年报点评 2025 年 08 月 22 日 | 中矿资源（股票代码：002738.SZ） | | --- | | 推荐 | | --- | | 维持评级 | 分析师 华立 ：021-20252629 ：huali@chinastock.com.cn www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 资料来源：Wind，中国银河证券研究院 分析师登记编码：S0130516080004 | 市场数据 | 2025-08-21 | | --- | --- | | 股票代码 | 002738 | | A 股收盘价(元) | 40.67 | | 上证指数 | 3,771.10 | | 总股本(万股) | 72149.19 | | 实际流通 A 股(万股) | 71104.17 | | 流通 A 股市值(亿元) | 289 | 相对沪深 300 表现图 2025-08-21 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% 40% 50% 6 ...

Summary of Zhongmin Resources Conference Call Industry and Company Overview - The conference call pertains to Zhongmin Resources, focusing on the lithium and copper sectors, with significant developments in their operations and market strategies [2][3][4][5]. Key Points and Arguments Lithium Sector Developments - Expected shipment volume for lithium carbonate and spodumene is over 40,000 tons in 2025, with the lithium battery segment becoming a crucial performance support starting in 2024 [2][3]. - The company is implementing cost-reduction measures for lithium carbonate production, including the commissioning of optical-electrical sorting equipment in Zimbabwe, which is anticipated to lower costs by approximately 5,000 RMB per ton [2][6][8]. - The total production cost is projected to be under 70,000 RMB per ton, with production costs around 50,000 RMB per ton [9]. Copper Projects Progress - The copper project in Zambia is progressing well, with product output expected by mid-2026 [5]. - The Namibia copper smelting plant is set to close in Q3 2025, with a rotary kiln already on-site and expected to produce by Q4 2025 [5]. Cost Management and Production Lines - The company has two flexible production lines in Jiangxi, with a 25,000-ton line undergoing renovation expected to complete in 2025, aimed at further cost reduction [7][8]. - The company is responding to Zimbabwe's planned ban on lithium concentrate exports by developing on-site lithium sulfate processing, which could significantly reduce costs and improve logistics [9][10]. Market Conditions and Future Outlook - The lithium market is currently under pressure due to price declines, but this presents opportunities for cost reduction [3][4]. - The company maintains a multi-metal strategy, with plans to increase copper production capacity from 50,000 tons to 100,000 tons over the next five years [4][16]. - The small metals segment has shown rapid growth, with revenues increasing from over 100 million RMB in 2019 to 1.4 billion RMB in 2024, indicating a positive market outlook [16]. Strategic Positioning - Zhongmin Resources has shifted focus from external geological exploration to enhancing its own mining reserves and seeking quality mineral resources, particularly in Africa [17]. - The company aims to strengthen its influence in the rare metals market, particularly in rubidium and strontium, by increasing production capacity and planning for long-term development [18]. Additional Important Insights - The company has a unique geological exploration background, which supports its multi-metal strategy and resource acquisition capabilities [15]. - The integration of fire and wet processing methods for product development is underway, with a total investment of approximately 200 million USD for the wet processing segment [4][13]. - The company has set ambitious targets, including achieving 100,000 tons of copper, 100,000 tons of aluminum, and 1 billion RMB in profits from the small metals segment [16]. This summary encapsulates the critical developments and strategic directions of Zhongmin Resources as discussed in the conference call, highlighting their operational advancements, market conditions, and future growth plans.