Company Overview - Jinjing Technology's stock price on August 26 was 5.08 yuan, down 0.01 yuan from the previous trading day, a decrease of 0.20% [1] - The stock reached a high of 5.11 yuan and a low of 5.03 yuan during the trading session, with a total transaction volume of 1.13 billion yuan [1] Business Operations - The company's main business includes construction and energy-saving glass, soda ash, photovoltaic glass, and sandstone [1] - Jinjing Technology is advancing the construction of the Linyi mining project, expected to be completed and put into production by the end of 2025, which will provide upstream raw materials for float glass production lines [1] - The company has made breakthroughs in TCO conductive coating glass technology, with the Tengzhou second line achieving its first batch of mass production [1] Financial Performance - According to the 2025 semi-annual report, the company achieved total operating revenue of 2.394 billion yuan in the first half of the year, a year-on-year decrease of 32.56% [1] - The net profit attributable to shareholders was a loss of 96.27 million yuan, compared to a profit of 275 million yuan in the same period last year [1] - The net cash flow from operating activities was 224 million yuan, down 57.86% year-on-year [1] Share Buyback - The company previously announced a plan to repurchase shares worth 100 million to 200 million yuan, and as of July 31, it had repurchased 20.35 million shares, accounting for 1.42% of the total share capital [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected price-to-earnings (PE) ratio of 19, 15, and 12 for the years 2025, 2026, and 2027 respectively [3][5]. Core Views - The company reported a revenue of 2.473 billion yuan for the first half of 2025, a year-on-year increase of 12.50%, while the net profit attributable to shareholders decreased by 9.93% to 796 million yuan [1]. - The decline in profit is attributed to short-term factors such as safety production accidents, construction delays, and equipment maintenance, which led to a decrease in ore quality and production [1][2]. - The company has significant silver reserves, ranking first in Asia and eighth globally, with a total silver reserve of 24,537 tons, accounting for 34.56% of China's total silver reserves [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.324 billion yuan, a year-on-year decrease of 7.68%, but a quarter-on-quarter increase of 15.19%. The net profit for the same quarter was 421 million yuan, down 35.58% year-on-year but up 12.54% quarter-on-quarter [1][2]. - The average price of silver in the first half of 2025 was 8,144 yuan per kilogram, a 21% increase year-on-year, while the average price of tin was 262,000 yuan per ton, up 9.2% year-on-year [2]. Growth Prospects - The company is expanding its production capacity with the ongoing construction of the Silver Mine Phase II project, which is expected to increase processing capacity from 1.65 million tons per year to 2.97 million tons per year [3]. - The acquisition of Atlantic Tin Industry is progressing smoothly, with the company successfully acquiring 96.04% of its shares, aiming for complete control [3]. Profit Forecast - The projected net profit for the company from 2025 to 2027 is estimated to be 1.964 billion yuan, 2.489 billion yuan, and 2.940 billion yuan respectively, with corresponding PE ratios of 19, 15, and 12 [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.01 CNY, compared to the current price of 17.14 CNY [4]. Core Views - The company has shown steady performance with record high earnings, achieving a revenue of 31.619 billion CNY in the first half of 2025, a year-on-year increase of 26.59%. The net profit attributable to shareholders reached 1.869 billion CNY, up 15.35% year-on-year [2][4]. - The increase in revenue is primarily driven by rising prices of copper, zinc, and molybdenum, with the average domestic copper price rising by 4.2% year-on-year [7][4]. - The company’s core performance is largely attributed to the Yulong Copper Mine, which reported a profit of 3.49 billion CNY, a 37% increase [7][4]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 15.08 billion CNY, a year-on-year increase of 7.7% but a quarter-on-quarter decrease of 8.8%. The net profit for the same period was 1.06 billion CNY, up 20.1% year-on-year and 31.4% quarter-on-quarter [2][4]. - The company’s total assets are valued at 54.94 billion CNY, with a debt-to-asset ratio of 58.97% [4][8]. - The company expects to achieve net profits of 3.75 billion CNY, 4.15 billion CNY, and 4.54 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of 27.8%, 10.8%, and 9.5% [8][4]. Production and Project Development - The Yulong Copper Mine produced 83,000 tons of copper and 2,525 tons of molybdenum in the first half of 2025, with significant improvements in recovery rates [7][4]. - Key projects are progressing, including the upgrade of the Xinyuan Mining 800,000 tons/year processing plant and the technical upgrade of the Su Bei Bolun iron ore processing plant [7][4]. Market Comparison - The company’s stock performance over the past 12 months shows a comparative increase against the CSI 300 index, indicating a positive market sentiment [6][4].