10月11日，根据精艺股份公告信息，眉山东坡区国资以10.86亿元通过公开竞买获得公司29.9%股份，交 易完成后公司实控人将变更为眉山市东坡区国资局。 标的处于传统行业但基本面稳健 受益于光伏组件、储能系统等新能源产业的铜材需求快速增长，公司新能源相关产品营收占比逐步提 升。另外，新能源汽车用铜超微线、光伏用铜箔等产品已通过宁德时代、比亚迪等头部企业认证，相关 订单也在持续增长。 2024年，公司实现营业收入37.54亿元，同比增长38.43%。全年归母净利润达2770万元，同比增长 15.57%。尽管铜加工行业同质化竞争加剧导致毛利率维持在3.38%的行业中等水平，但营收规模的快速 扩张，仍然带来了一定的利润空间。 资产结构方面，截至2024年末公司资产总计20.88亿元，负债合计7.32亿元，资产负债率35.03%，财务 杠杆处于安全区间。 现金流方面，2024年末公司现金及现金等价物净增加额为1.58亿元，年末现金余额达到3.53亿元。其 中，经营活动产生的现金流量净额为1.16亿元，同比增长36.23%。现金流状况较为健康。 竞买激烈，32万人围观，77次出价 原控股股东南通三建控股有限公司持有精艺 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35]. Core Views - The company's revenue for the first half of the year reached 167.71 billion yuan, a year-on-year increase of 11.50%, while the net profit attributable to shareholders was 23.29 billion yuan, up 54.41% year-on-year. The significant growth in gold production and prices contributed to this performance [1][9]. - The company plans to spin off its overseas gold mining assets into a separate entity, which is expected to enhance its valuation and facilitate rapid expansion in overseas gold operations [2][30]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 88.78 billion yuan, a year-on-year increase of 17.38% and a quarter-on-quarter increase of 12.49%. The net profit attributable to shareholders was 13.13 billion yuan, up 48.75% year-on-year and 29.10% quarter-on-quarter [1][9]. - The company’s core mineral product output for the first half of the year included 41.19 tons of gold (up 16.3% year-on-year) and 566,900 tons of copper (up 9.3% year-on-year) [1][13]. Cost Management - The unit operating cost for gold was 261.97 yuan per gram, an increase of 15.41% year-on-year. The company is focused on strict cost control and enhancing management efficiency [2][16]. Dividend Policy - The company plans to distribute a mid-term cash dividend of 2.2 yuan per 10 shares (tax included), totaling approximately 5.847 billion yuan, which accounts for 25.10% of the net profit attributable to shareholders for the first half of the year [2][25]. Strategic Initiatives - The spin-off of the overseas gold segment is a significant strategic move, expected to create a dedicated platform for overseas gold operations and lead to a revaluation of the company's overall business structure [2][30]. - The company is actively pursuing international expansion and diversification into new energy materials, aiming to position itself among the top global mining enterprises [3][35]. Financial Forecast - The company’s revenue projections for 2025-2027 are 365.1 billion yuan, 381.7 billion yuan, and 400.5 billion yuan, with corresponding net profits of 46.06 billion yuan, 52.66 billion yuan, and 58.48 billion yuan [3][36].