Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 6.7 billion yuan for H1 2025, a year-on-year decrease of 35%, with a net profit attributable to shareholders of 310 million yuan, down 43% year-on-year. The second quarter of 2025 saw revenues, net profit, and net profit excluding non-recurring items of 3.1 billion, 130 million, and 130 million yuan, respectively, reflecting year-on-year declines of 43%, 52%, and 51% [5][13] - The company is facing pressure on its revenue due to weak trading volumes and prices for coking coal in H1 2025. The trading volume of coking coal was 2.22 million tons, compared to 3.16 million tons in H1 2024. The company is focusing on its integrated investment and operation model, with projects in Mongolia and Croatia as benchmarks for its ongoing transformation [14][16] - There are signs of improvement in coking coal prices in H2 2025, which may provide better profit elasticity. The current price corresponds to a PE ratio of 10x for 2025, maintaining the "Buy" rating [16] Summary by Sections Financial Performance - In H1 2025, the company's revenue was 6.7 billion yuan, down 35% year-on-year, with a net profit of 310 million yuan, down 43% year-on-year. The second quarter figures were 3.1 billion yuan in revenue, 130 million yuan in net profit, and 130 million yuan in net profit excluding non-recurring items, reflecting year-on-year declines of 43%, 52%, and 51% respectively [5][13] - The company’s gross margin for H1 2025 was 13.1%, with a year-on-year increase of 3.1 percentage points. The gross margins for engineering, resource equipment supply chain, and power operations were 17.4%, 0.7%, and 70.5%, respectively [15] Business Transformation - The company is steadily advancing its integrated investment and operation model, with significant projects such as the Mongolia mining integration project and the Croatia wind power project. The transformation is ongoing and is expected to enhance profitability [16] Future Outlook - The company forecasts revenues of 20.8 billion, 22.7 billion, and 24.7 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9% for each year. The net profit attributable to shareholders is expected to be 1.2 billion, 1.3 billion, and 1.4 billion yuan for the same years, with growth rates of 14%, 9%, and 8% respectively [16][17]

在项目建设过程中，中色股份坚持做优标志性项目，充分发挥自身专业的技术团队和丰富的项目管理经 验，克服了诸多困难和挑战。公司管理层多次深入一线督导工作，项目部坚守岗位，精准掌握施工调试 动态，及时协调各方资源，第一时间解决技术难点和设备故障等问题，确保了项目的关键节点按时达 成。 7月31日，中色股份（000758）(000758.SZ)发布2025年第二季度经营合同情况公告。公告显示，公司二 季度新签项目项下合同金额合计3.93亿元，且在执行未完工项目合同金额高达349.37亿元，充足强劲的 项目储备为公司的持续稳健发展奠定了坚实基础。在这些项目中，印尼阿曼铜冶炼项目无疑是中色股份 的标志性工程之一，近期该项目再传捷报，为公司国际化业务增添了亮丽的一笔。 印尼项目工艺贯通，工程服务模式创新破局 7月15日，印尼阿曼铜冶炼厂成功熔铸首块"1公斤标准金锭"，其纯度达到99.995%，符合伦敦金银市场 协会(LBMA)基准的国际通用标准，这标志着中色股份承建的印尼阿曼铜冶炼EPC项目稀贵生产冶炼工 艺全部贯通。该项目采用世界领先的"双闪"工艺，涵盖冶金、烟气净化、制酸、渣选等全流程技术，兼 具高效、环保等优势，彰显 ...