2025年上半年，公司生产端持续发力，累计采选系统产出精矿铜铅锌钼金属量13.05万吨，其中精矿含 铜3.18万吨，精矿含锌8.36 万吨，精矿含铅1.49万吨，精矿含钼 174 吨；冶炼系统生产铜锌铅金属产品 总量42.62万吨，其中生产阴极铜19.7万吨，生产电铅1.38万吨，生产锌产品21.54万吨，生产黄金11， 773千克，生产白银270.54吨，生产硫酸107.46万吨，核心产品产量保持稳定水平，为营收增长提供有力 支撑。 重点项目建设是公司夯实产业基础的关键抓手。报告期内，白银有色加快推进多项关键项目落地：绿色 选矿药剂技术改造项目(一期)进展顺利，黄药一车间1.5万吨生产线已正式投产，黄药二车间1.5万吨生 产线正按计划推进建设；铜冶炼智能工厂项目建设取得阶段性成果，已完成28个子项目施工，当前正集 中推进IT资源建设、锅炉烟尘自动输送等配套工程，智能化升级将进一步提升生产效率与绿色发展水 平。 海外及国内矿产配套项目同步推进。其中，首信秘鲁公司2#尾矿库第二阶段排放一期筑坝及配套工程已 建设完成，获秘鲁能矿部下属矿业总局批复的排放运营许可并正式投用；第一黄金Gedex 矿山资源回收 项目一、 ...

Group 1: Company Performance - In the first half of 2025, the company achieved an operating income of 31.089 billion yuan, a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders was 559 million yuan, reflecting a year-on-year growth of 3.12% [1] - The company produced 125,400 tons of refined lead and zinc metals, with domestic mines contributing 76,000 tons [1] Group 2: Stock Issuance and Financial Strategy - The company plans to issue A-shares to raise no more than 1.5 billion yuan, aimed at supplementing working capital and repaying bank loans [2] - The funding from the controlling shareholder, Guangsheng Holdings Group, is expected to help reduce the asset-liability ratio and alleviate financial pressure [2] - The issuance is pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertain timelines for approval [2] Group 3: Resource and Exploration Activities - The company prioritizes resource strategy, aiming to build a globally competitive non-ferrous metal industry chain [3] - As of the end of 2024, the company holds metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, and 1.43 million tons of copper [3] - The company has successfully acquired several mining rights in Guangdong Province, enhancing its resource development capabilities [3] Group 4: New Materials Sector - The company has entered the high-end new materials sector through innovation and acquisitions, focusing on advanced materials [4] - Its subsidiary, Zhongjin Technology, specializes in high-performance powder materials and has received multiple national awards [4] - In 2023, the company acquired a leading domestic enterprise in the thermal bimetal sector, furthering its capabilities in composite metal materials [5]