Core Viewpoint - The company reported strong financial performance for the first half of 2025, exceeding expectations with significant year-on-year growth in revenue and net profit [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 21.09 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.06 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported revenue of 11.37 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82%. The net profit attributable to shareholders was 562 million yuan, reflecting an 18.76% year-on-year increase and a 12.61% quarter-on-quarter increase [1]. Production Volume - In H1 2025, the company maintained stable production levels, producing a total of 181,300 tons of non-ferrous metals, including 48,100 tons of tin, 69,800 tons of zinc, 62,500 tons of copper, and 937 tons of lead [1][2]. Resource Development - The company has received a quota of 688 tons for tungsten mining in 2025 and plans to enhance resource exploration and utilization, particularly in the Karafang mining area [2][3]. Price Trends - In Q2 2025, tin prices remained stable, while zinc and copper processing fees decreased. The average closing price for tin futures was 263,300 yuan per ton, a slight increase of 250 yuan per ton [2]. - The average processing fee for tin concentrate was 12,237 yuan per ton, down 947 yuan per ton, while the average processing fee for domestic zinc concentrate increased by 801 yuan per ton to 3,535 yuan per ton [2]. Market Outlook - The slow recovery of production in Myanmar is exacerbating the tight supply situation for tin, while the demand for consumer electronics is expected to increase, potentially leading to a rise in tin prices [3]. - The company is positioned to benefit from the anticipated increase in tin prices due to supply-demand imbalances [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company has significantly exceeded expectations in its non-recurring performance, with a net profit of approximately 1.062 billion yuan for the first half of 2025, representing a year-on-year growth of 32.76% [1]. - The company is a global leader in the tin and indium industries, benefiting from favorable resource endowments and expected increases in tin prices due to supply-demand imbalances [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 21.093 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.062 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported a revenue of 11.365 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82% [1]. Production and Resource Management - The company maintained stable production levels, with a total output of non-ferrous metals reaching 181,300 tons in the first half of 2025, including 48,100 tons of tin and 69,800 tons of zinc [2]. - The company plans to enhance resource exploration and utilization, particularly in the Kafang mining area, to improve its resource security and sustainable development [2]. Market Conditions - Tin prices remained stable in Q2 2025, with the average closing price for tin futures at 263,300 yuan per ton, reflecting a slight increase [3]. - The report highlights a potential strengthening of tin prices due to slow recovery in Myanmar's production and increasing demand from the consumer electronics sector [4]. Profit Forecast - The company is projected to achieve net profits of 2.317 billion yuan, 2.645 billion yuan, and 2.754 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14X, 12X, and 12X [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 13.33 billion yuan in the first half of 2025, a decrease of 3.34% year-on-year, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% year-on-year [1] - The titanium dioxide industry is facing a supply surplus and declining profit margins, while the profitability of iron-based products and new energy materials has improved [2] - The company is actively promoting upstream resource projects and maintaining a high dividend payout ratio to reward shareholders [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.282 billion yuan, a decrease of 3.50% year-on-year and a decrease of 11.01% quarter-on-quarter, with a net profit of 699 million yuan, down 9.24% year-on-year but up 1.90% quarter-on-quarter [1] - The average selling price of titanium dioxide decreased by 9.6% to 14,200 yuan per ton in H1 2025, with a gross margin decline of 6.4 percentage points to 27.1% [2] Production and Sales - The company produced 682,200 tons of titanium dioxide in H1 2025, an increase of 5.02% year-on-year, with sales of 612,000 tons, up 2.08% year-on-year [2] - The production of titanium dioxide via sulfate and chloride processes was 463,500 tons and 218,700 tons, respectively, with year-on-year growth of 2.16% and 11.64% [2] Upstream Resource Development - The company is advancing two key projects: the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [3] - The company has distributed over 19.3 billion yuan in dividends since its listing, with a cash dividend of 1.5 yuan per 10 shares in June 2025, totaling 1.186 billion yuan [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.957 billion yuan, 3.367 billion yuan, and 3.753 billion yuan, respectively [3] - The report provides a detailed financial forecast, including revenue growth rates and profit margins for the upcoming years [4][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 37.2 billion yuan in H1 2025, representing a year-on-year increase of 23.78%. The net profit attributable to shareholders was 2.711 billion yuan, up 62.26% year-on-year, while the net profit excluding non-recurring items was 2.587 billion yuan, an increase of 47.68% year-on-year [2][4]. - In Q2 2025, the company reported a revenue of 19.355 billion yuan, a quarter-on-quarter increase of 8.48%. The net profit attributable to shareholders was 1.459 billion yuan, up 16.51% quarter-on-quarter, and the net profit excluding non-recurring items was 1.36 billion yuan, an increase of 10.89% quarter-on-quarter [2][4]. - The strong profit growth is primarily driven by the overproduction of the wet nickel project and the rising cobalt prices, indicating sustainable profitability [4]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved a revenue of 37.2 billion yuan, with a year-on-year growth of 23.78%. The net profit attributable to shareholders was 2.711 billion yuan, reflecting a 62.26% increase year-on-year. The net profit excluding non-recurring items was 2.587 billion yuan, up 47.68% year-on-year [2][4]. Nickel Production - The company’s wet nickel MHP output reached approximately 120,000 tons in H1 2025, with an annualized capacity nearing 240,000 tons, exceeding the designed capacity of 180,000 tons by over 30%. The nickel product shipment was 139,400 tons, a year-on-year increase of 83.91% [8]. Cobalt Market Dynamics - Following the implementation of the cobalt export ban in the Democratic Republic of Congo, cobalt prices have risen, contributing to profit growth. The average price of cobalt in Q2 was approximately 240,000 yuan per ton, up from 190,000 yuan per ton in Q1 [8]. Lithium Battery Materials - The company reported a significant increase in the shipment of ternary cathode materials, reaching 39,600 tons in H1 2025, a year-on-year increase of 17.68%. The high-nickel 9 series products accounted for over 60% of the total shipments [8]. Cost Management - The company has effectively reduced costs, with the average financing cost decreasing by 30 basis points year-on-year and financial expenses down by 14.80% [8].

Core Viewpoint - Luoyang Molybdenum Industry (603993) expects a significant increase in net profit for the first half of 2025, driven by rising copper and cobalt prices, alongside increased production and sales of copper products [2][3]. Financial Performance - The company anticipates a net profit attributable to shareholders between 8.2 billion to 9.1 billion yuan, representing a year-on-year increase of 27.83 billion to 36.83 billion yuan, or a growth of 51.37% to 67.98% [2]. - The expected net profit excluding non-recurring items is projected to be between 8.3 billion to 9.2 billion yuan, an increase of 26.75 billion to 35.75 billion yuan, translating to a growth of 47.55% to 63.55% year-on-year [2]. Production and Sales - For the first half of 2025, copper production is expected to reach 353,600 tons, a year-on-year increase of approximately 12.68%, while cobalt production is projected at 61,100 tons, up about 13.05% [2][3]. - The completion rate for copper production based on the mid-point of the 2025 production guidance is 56% [3]. Market Trends - Copper prices have shown an upward trend in the first half of the year, with global exchanges reporting price increases between 5% to 20% [2]. - Cobalt prices have also surged, with a reported increase of approximately 50% from January 2 to June 30 [2]. Strategic Acquisitions - The company completed the acquisition of Lumina Gold for 581 million Canadian dollars, gaining 100% ownership of the Cangrejos Project in Ecuador, which adds significant gold resources to its portfolio [4]. - The Cangrejos Project has an estimated resource of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold, and is expected to have a service life of 26 years [4]. Future Outlook - The Cangrejos Project is planned to commence production in 2028, with an expected annual gold output of 11.5 tons [4]. - The company aims to leverage its experience in South America to enhance operational synergies and utilize advanced mining technologies for the new gold project [4].