登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601020 证券简称：华钰矿业 公告编号：临2025-065号 西藏华钰矿业股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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。 西藏华钰矿业股份有限公司（以下简称"公司"或"华钰矿业"）于2025年12月2日（星期二）上午10:00- 11:00在上证所信息网络有限公司上证路演中心平台（http://roadshow.sseinfo.com，以下简称"上证路演中 心"）通过网络文字互动的形式召开了"华钰矿业2025年第三季度业绩说明会"，现将具体情况公告如 下： 一、本次业绩说明会召开情况 公司于2025年12月2日（星期二）上午10:00-11:00召开了"公司2025年第三季度业绩说明会"，公司董事 长刘良坤先生、独立董事何佳先生、总经理陈旭先生、财务总监邢建军先生、董事会秘书李想先生出席 了本次业绩说明会，与投资者进行网络互动交流和沟通。本次投资者说明会召开前，公司已通过公司投 资者关系信箱（huayu ...

Group 1 - Daway Co., Ltd. announced that its lithium battery new energy project in Chenzhou is progressing, with the completion of the exploration rights transfer to mining rights process, marking a key step in resource development [1] - The company is currently working on the necessary procedures for the transfer, with the timeline dependent on government approvals [1] - The stock price has shown significant volatility, reflecting market sentiment, and investors are advised to monitor the approval progress and lithium price trends [1] Group 2 - Jiejia Weichuang's senior management has terminated their share reduction plan early, signaling positive sentiment towards the company's future [2] - The early termination of the reduction plan may help stabilize market expectations amid increased volatility in the photovoltaic equipment industry [2] - Investors should continue to focus on the company's order fulfillment and the pace of industry recovery [2] Group 3 - Fengyuan Co., Ltd. has successfully entered mass production of its high-density lithium iron phosphate products, with a total production capacity of 225,000 tons and an additional 75,000 tons under construction [3] - The company plans to adjust its production capacity in response to industry trends and customer demand, showcasing operational rationality [3] - The successful mass production of high-density products highlights the company's technical strength and adaptability to high-end market needs, although risks of industry overcapacity and price competition remain [3]

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook for the sector [1]. Core Insights - The report explores the behavior of coal expansion, highlighting the increasing trend of coal companies expanding their reserves. It emphasizes the long construction cycle for new coal mines, typically ranging from 5 to 8 years or longer. The report also discusses the advantages of conventional expansion versus acquisition expansion [2][3][4]. Summary by Sections 1. Introduction - The report is part of a series analyzing coal expansion behaviors, aiming to provide a multi-dimensional understanding of the coal industry's expansion activities [10]. 2. Conventional vs. Acquisition Expansion - New coal mine construction has a lengthy cycle, requiring various approvals and processes. Conventional expansion involves obtaining mining rights and constructing new mines, while acquisition expansion allows for quicker resource access but carries potential uncertainties [11][14][15]. 3. Exploration and Transition to Mining - The transition from exploration to mining is a critical step in coal mine development, requiring thorough geological assessments to determine resource quantities. The report outlines the different stages of exploration and their implications for resource pricing [18][20][21]. 4. Coal Mine Construction Cost Analysis - The average investment cost for new coal mines is reported at 702.89 CNY per ton, with significant variations across regions and mining methods. The report notes that costs have been rising, particularly in Shanxi and Shaanxi provinces, while Inner Mongolia shows lower costs for open-pit mining [29][40][42][46]. 5. Investment Return Model Simulation - The report simulates the profitability of new coal mines, indicating that rising construction costs and mining rights prices will likely increase production costs. It emphasizes the importance of scale in mitigating these cost increases [4][56][58]. 6. Investment Recommendations - The report suggests capturing investment opportunities during the expansion cycle, focusing on companies such as Shanxi Coal International, Jinko Coal Industry, Huayang Co., and others, as they navigate rising costs and market dynamics [4][5].

Core Viewpoint - The company is conducting a valuation adjustment for a 40% stake in Asia Pacific Mining and plans to further acquire an additional 11% stake, aiming to enhance its control over valuable gold resources and improve its core competitiveness [1][6]. Group 1: Investor Meeting Overview - The investor meeting was held on August 1, 2025, to discuss the valuation adjustment and further acquisition of Asia Pacific Mining [1]. - Key executives, including the chairman and financial director, participated in the meeting to engage with investors [1]. Group 2: Responses to Investor Questions - The company confirmed that the new mineral resources law positively impacts the transition from exploration to mining rights, and it will adhere to national policies [2]. - The company is actively evaluating further acquisition opportunities that align with its long-term development goals [2]. - Asia Pacific Mining's project has been included in a list of key mining projects by local authorities, which will facilitate project financing [2]. Group 3: Valuation Adjustment and Acquisition Details - The valuation adjustment is based on a 40% increase in value, and the company will negotiate the re-evaluated value with the transaction counterpart [4][5]. - The company aims to enhance its precious metal resource reserves and improve profitability through this acquisition [6]. - The previous valuation report indicated a significant increase in asset value from 2.595 billion to 3.478 billion and 4.38 billion, reflecting a substantial appreciation [7][10]. Group 4: Changes in Mining Operations - The mining operation has shifted to include oxidized ore, which has improved economic feasibility due to rising gold prices [8]. - The production process has been optimized to align with current environmental standards, reducing costs and improving efficiency [8]. Group 5: Financial Management and Debt - Asia Pacific Mining is expected to manage its debts through operational cash flows and financial institution loans, without relying on the parent company's funds [10]. - The company clarified that the higher interest rates on loans from non-financial institutions were due to the limited financing options available during the initial stages of operation [10].