Core Viewpoint - The company, primarily engaged in the acquisition, exploration, development, and mining of mineral resources in China, operates two mines: Changshanhao Gold Mine in Inner Mongolia and Jiamacopper-gold polymetallic mine in Tibet [8]. Financial Performance - The company's revenue and net profit have shown significant year-on-year growth, with revenue growth rates of 178.36% in 2020, 64.69% in 2021, and 31.42% in 2022, while the net profit growth rates were 31.63% in 2021 and 58.42% in 2022 [9]. - In the first half of 2025, the company reported a net profit margin of 10.83%, an increase of 12.7 percentage points compared to the same period last year [17]. - The operating cash flow for the first half of 2025 was $335 million, while financing and investment cash flows were -$78.17 million and -$132 million, respectively [20]. Revenue Composition - The revenue composition for the first half of 2025 included gold ingots and other by-products, with gold ingots contributing $1.637 billion and other by-products $2.125 billion [10]. Asset and Liability Changes - As of the first half of 2025, the company's cash and cash equivalents increased by 49.38%, while fixed assets decreased by 3.51% [31]. - Long-term borrowings decreased by 32.88%, while short-term borrowings increased by 102.59% [34]. Liquidity Ratios - The company reported a current ratio of 1.70 and a quick ratio of 1.12 in the first half of 2025 [37].

Report Industry Investment Rating - No industry investment rating information provided in the report Core Viewpoints - For lead, with no expected increase in lead concentrate imports, processing fees are likely to rise but have not substantially affected refinery operations. Primary lead production remains stable, while secondary lead production is relatively low due to high waste lead - acid battery prices and limited supplies. With falling electrolytic lead factory inventories, the market's acceptance of high - priced secondary lead has improved, and secondary lead production is gradually recovering. Overall, supply and demand are both increasing, and lead prices are expected to trade in a range in the short term [1] - For zinc, refinery raw material stocks are sufficient, and zinc ore processing fees are rising. In the short term, the zinc market shows an increase in both ore and ingot supplies, while demand is in the off - season, and inventories are accumulating. Therefore, zinc prices are expected to trade in a range [1] Summary by Relevant Information Lead Price and Market Data - SMM1 lead ingot average price was 16,700 yuan/ton, up 0.91% from the previous day; the futures main contract closed at 16,750 yuan/ton, up 0.09% [1] - The LME3 - month lead futures closed at 1,963.50 dollars/ton, down 0.53%; the Shanghai - London lead price ratio was 8.53, up 0.62% [1] - Futures active contract trading volume was 46,198 lots, down 3.01%; open interest was 71,330 lots, down 6.56% [1] - LME lead inventory was 274,225 tons, unchanged; Shanghai lead warehouse receipts inventory was 59,007 tons, down 1.57% [1] Zinc Price and Market Data - SMM1 zinc ingot average price was 22,100 yuan/ton, down 0.58%; the futures main contract closed at 22,255 yuan/ton, down 0.29% [1] - The LME3 - month zinc futures closed at 2,754 dollars/ton, up 0.90%; the Shanghai - London zinc price ratio was 8.08, down 1.18% [1] - Futures active contract trading volume was 115,733 lots, up 10.10%; open interest was 102,725 lots, down 4.96% [1] - LME zinc inventory was 97,000 tons, unchanged; Shanghai zinc warehouse receipts inventory was 14,907 tons, down 0.50% [1] Industry News - The Inner Mongolia Autonomous Region Natural Resources Department issued an announcement on the review of mineral resource exploration and mining plans to implement the new Mineral Resources Law and ensure the effective connection between old and new systems [1] - As of August 4, the total inventory of SMM zinc ingots in seven regions was 10.73 tons, an increase of 0.41 tons from July 31 and 0.36 tons from July 28 [1] - Buenaventura's zinc production in the second quarter of 2025 was 0.78 tons, a year - on - year increase of 22% due to the mining plans of Uchucchacua and Yumpag [1]

8月1日晚间，藏格矿业（000408）股份有限公司(以下简称"藏格矿业")发布了2025年上半年成绩单。1 月份至6月份，公司实现营业收入16.78亿元，实现归属于上市公司股东的净利润18亿元，同比增长 38.8%。 藏格矿业的主营业务为氯化钾和碳酸锂的生产和销售，产品广泛应用于农业、新能源汽车、储能以及消 费电子等多个行业。此外，公司参股西藏巨龙铜业有限公司(以下简称"巨龙铜业")并持有其30.78%的股 份，巨龙铜业主要产品为矿产铜。报告期内，不同业务板块对公司的业绩贡献不一。 今年上半年，藏格矿业控股股东变更为紫金国际控股有限公司，其是紫金矿业（601899）集团股份有限 公司(以下简称"紫金矿业")下属子公司。藏格矿业表示，公司将依托紫金矿业，进一步提高公司自身矿 产资源开发水平，提高资源利用效率，加快实现成为国际一流矿业集团的战略目标。公司深耕青海与西 藏地区矿产资源开采，并在钾锂资源开发上形成了行业领先的成本控制能力，可与紫金矿业在全流程自 主技术、大规模系统工程研发实施能力形成互补，加快钾、锂板块资源潜力的释放，促进资源优势向经 济效益转化。 氯化钾业务营业收入同比增长24.6% 铜矿投资继续厚 ...

证券研究报告 | 公司点评报告 2025 年 07 月 27 日 西部矿业（601168.SH） 玉龙驱动利润增长 三期打开未来增长空间 周期/金属及材料 公司公布 2025 年中报。2025 年上半年收入和归母净利润分别 316.19、18.69 亿元，分别增长 26.59%、15.35%。Q2 单季度净利润 10.62 亿元，同比、环比 分别增 20.1%、31.4%。 铜量增价涨贡献主要利润增长：2025H1 主要矿产金属产量全面增长，且产量 全面超预期。矿产铜、锌、铅、钼产量分别 9.2 万吨、6.3 万吨、3.5 万吨、 2525 吨，分别同比增 7.65%、18.61%、24.63%、31.1%。其中铜精矿全年 产量目标 16.8 万吨，上半年产量超预期。其中玉龙铜矿产量 8.3 万吨，获各 琦铜矿 0.7 万吨。上半年电解铜价格 77770 元/吨，同比上涨 4.3%。 2025Q2 矿产铜产量 4.8 万吨，同比环比分别增 2.1%、8.1%；矿产锌产量 3.3 万吨，同比环比分别增 19%、9.9%；矿产铅产量 1.8 万吨，同比环比分别增 14.3%、10.4%；矿产钼产量 1277 吨， ...

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [4] Core Insights - The second China-Central Asia Five Nations Summit held in June 2025 resulted in multiple cooperation agreements, with mineral resources identified as a key area for collaboration [16] - Central Asia's rich mineral resources, combined with low levels of development, present significant investment potential for Chinese mining companies [16][19] - The macroeconomic environment is favorable, with the non-ferrous metals sector leading the market, driven by monetary policy adjustments and geopolitical factors [16] Summary by Sections 1. Central Asia's Mineral Resource Endowment and Development Status - Central Asia is rich in solid mineral resources, with significant reserves of chromium, uranium, gold, and coal, accounting for 48.0%, 13.1%, 7.3%, and 4.2% of global reserves respectively [19] - Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, and Turkmenistan are the five Central Asian countries with diverse mineral resources [19][20] 2. Market Trends: Copper and Aluminum Fluctuations, Strategic Metals Revaluation - The non-ferrous metals sector has shown strong performance, with lithium battery materials experiencing the highest price increases [16] - Industrial metals like copper and aluminum are expected to maintain a tight supply-demand balance, making price increases likely [16] 3. Policy Changes: New Mineral Resource Law Implementation - The revised Mineral Resources Law in China, effective July 1, 2025, aims to ensure national mineral resource security [2] - Various countries are intensifying policies for mineral resource protection and development, including significant tariff increases on steel and aluminum products in the U.S. [2] 4. Key Industry and Company Developments - Major mining companies are actively engaging in mergers, acquisitions, and project developments across Central Asia [3] - Notable transactions include Zijin Mining's proposed $1.2 billion acquisition of Kazakhstan's Raygorodok gold mine and other strategic investments in copper and rare metals [3][24][25]

Core Points - The establishment of the Ukraine Reconstruction Investment Fund aims to attract global investment into Ukraine, as per the agreement between Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump [1][3] Group 1: Agreement Details - Ownership and control of all resources remain with Ukraine, with the government having the authority to decide on resource extraction locations [3] - The fund will be managed equally by Ukraine and the U.S., with a 50:50 ownership structure, ensuring no dominant voting rights for either party [3] - The agreement does not involve privatization or changes in the management of state-owned enterprises, which will remain under Ukrainian ownership [3] - There are no debt obligations for Ukraine towards the U.S. under this agreement, focusing instead on cooperative investment to enhance economic potential [3] - The agreement aligns with Ukraine's constitutional and European integration processes, signaling reliability for long-term cooperation with global partners [3] - The fund will be financed entirely by new license revenues, specifically from key materials and oil and gas projects, excluding ongoing project revenues [3][4] - Legislative changes required for the fund's operation are minimal, needing only adjustments to the budget law and approval from the Ukrainian parliament [3] - The U.S. government will support the fund through the U.S. International Development Finance Corporation (DFC), facilitating investment and technology transfer from the U.S., EU, and other supportive nations [3] Group 2: Mineral Resources and Market Potential - Ukraine possesses 22 out of 50 key strategic materials recognized by the U.S. and 25 out of 34 recognized by the EU, including graphite, lithium, titanium, beryllium, and uranium [6] - Ukraine's graphite reserves rank among the top five globally, with approximately 19 million tons of ore and six known graphite mines [7] - Current graphite projects in Ukraine include the Balakhivske project with 44 million tons of reserves and the Zavallivskiy project with an annual capacity of 7,000 tons [7] - The known lithium and graphite reserves in Ukraine are sufficient to produce battery materials for approximately 20 million electric vehicles [7] - Graphite is primarily used in refractory materials, renewable energy, and military applications, but Ukraine lacks downstream processing capabilities for graphite sales [8] - New graphite mining projects require 3 to 5 years from development to production, indicating no immediate market impact [9]