公司点评 | 金诚信 铜矿业务超预期增长，矿服业务成长性依然可期 金诚信（603979.SH）25H1 半年报业绩点评 事件：公司发布半年报，25H1 公司实现营收 63.2 亿元，同比+47.8%；实 现归母净利11.1亿元，同比+81.3%。其中25Q2营收35.1亿元，同比+52.4%， 环比+24.7%；归母净利 6.9 亿元，同比+103.3%，环比+63.3%。 资源业务：铜矿业务加速放量，25Q2 铜产量 2.19 万吨，环比+25.4%。25H1 公司资源业务实现营收 29.1 亿元，同比+238.0%，实现毛利 13.9 亿元，同 比+276.8%，毛利率 47.7%。实现铜当量产量约 3.94 万吨，销量约 4.39 万 吨，其中 25Q2 实现产量 2.19 万吨，环比+25.4%；实现销量 2.50 万吨，环 比+32.3%。随着公司第二轮资源项目集中建设拉开序幕，2025 年资源开发 板块将进入全新发展阶段。其中鲁班比铜矿提产改造、L 矿西区稳产达产， 是资源开发板块工作的重中之重。远期来看，L 矿东区、鲁班比铜矿达产和 哥伦比亚 SanMatias 项目预计将继续贡献增量，扩产计划 ...

Group 1: General Information - The research object is Wanli Stone, belonging to the decoration and building materials industry, and the reception time was May 15, 2025 [17] - The listed company's reception staff included the company's chairman Hu Jingpei, the deputy general manager and financial controller Zhu Zhuxiang, the company's board secretary Yin Yilun, and the independent director Chen Zeyi [17] Group 2: Research Institutions - The research institutions included investors' online questions and others [20] Group 3: Main Content - Wanli Stone participated in the "2024 Annual Report Performance Briefing and Online Collective Reception Day for Investors in Xiamen Listed Companies" to communicate with investors [24] - According to the "Cooperation Framework Agreement" signed between Wanli Stone Hong Kong and Hafu Mining in August 2024, Hafu Mining will inject relevant uranium assets into the listed company after fulfilling necessary procedures, and the acquisition in Namibia is still in the due - diligence stage [24] - The salt lake lithium extraction business of Wanli New Energy is advancing steadily; the natural uranium acquisition projects in Kazakhstan and Namibia by Wanli Stone Hong Kong are progressing normally; and Wanli Stone Mining Resources Recycling Company has signed a strategic cooperation agreement with China National Uranium Corporation (Namibia) Mining Co., Ltd. for the extraction experiment of low - grade natural uranium tailings [24]