金石资源（603505）12月21日晚公告，公司拟以2.57亿元的对价，现金方式受让诺亚氟化工股东绍兴上 虞龙仓股权投资合伙企业等6名股东所合计持有的标的公司15.71%股权，对应诺亚氟化工注册资本及实 缴资本均为1310.6万元。本次交易完成后，公司将持有诺亚氟化工15.71%股权，成为其第二大股东，持 股比例与第一大股东相差0.14%。 金石资源作为氟化工源头原材料萤石行业的龙头企业，近年来业务已从萤石资源延伸至基础氟化工产品 如无水氟化氢、无水氟化铝，以及下游锂电材料如六氟磷酸锂等产品。公司本次对外投资购买股权，旨 在依托公司上游萤石矿以及氟化工基础产品的核心优势，布局具有高增长潜力的精细氟化工赛道，利用 范围经济拓展新质业务，符合公司"资源+技术"两翼驱动战略以及新质氟化工垂直一体化布局的战略方 向，是公司作为氟化工上游龙头企业，向下游精细氟化工进行战略性延伸以及价值链深化、产业整合的 重要布局。 因诺亚氟化工股东人数较多，为做好内幕信息防范工作，截至公告日，金石资源已获得持有诺亚氟化工 51.73%股权的股东出具的放弃优先购买权文件。尚未取得的其余股东关于放弃优先购买权/共同出售权 的文件，将于本次 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a revenue of 2.76 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 50.7%. The net profit attributable to shareholders was 240 million yuan, down 5.9% year-on-year, while the net profit excluding non-recurring items was 230 million yuan, down 8.1% year-on-year. In Q3 alone, the revenue reached 1.03 billion yuan, up 45.2% year-on-year and 19.2% quarter-on-quarter, with a net profit of 110 million yuan, up 32.3% year-on-year and 84.7% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.76 billion yuan, a 50.7% increase year-on-year. The net profit attributable to shareholders was 240 million yuan, a decrease of 5.9% year-on-year, and the net profit excluding non-recurring items was 230 million yuan, down 8.1% year-on-year. In Q3, the revenue was 1.03 billion yuan, reflecting a year-on-year increase of 45.2% and a quarter-on-quarter increase of 19.2%. The net profit for Q3 was 110 million yuan, up 32.3% year-on-year and 84.7% quarter-on-quarter [2][6]. Market and Project Updates - The Q3 average price of 97% wet fluorite was 3,401 yuan/ton, down 6.1% year-on-year and 7.9% quarter-on-quarter due to weak market demand. The company produced approximately 300,000 tons of fluorite products from its single mine in the first nine months of 2025, with sales of about 278,000 tons, both showing increases compared to the previous year. In Q3, the single mine produced about 114,000 tons of fluorite products, a year-on-year increase of 17.8% and a quarter-on-quarter increase of 5.7% [12]. Project Developments - The Baogang mining integration project showed good results, producing approximately 620,000 tons of fluorite powder in the first nine months of 2025, with sales of about 140,000 tons. The production in Q3 was about 230,000 tons, reflecting a year-on-year increase of 56.3% and a quarter-on-quarter increase of 21.1%. The Jiangxi lithium extraction project remains under pressure, while the Mongolian project is progressing steadily [12]. Future Outlook - The outlook for the fluorite market is positive, with prices recovering from previous lows. As of October 28, the price of 97% fluorite powder was 3,574 yuan/ton. The Mongolian project is nearing completion of its pre-treatment phase, and the company is also enhancing its mining capabilities to support future production scale expansion [12]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 380 million yuan, 580 million yuan, and 710 million yuan for the years 2025, 2026, and 2027, respectively, driven by its fluorite mining operations and technological advancements [12].