Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - The company expects a net profit attributable to shareholders of 8.2 to 9.1 billion yuan for the first half of 2025, representing a year-on-year increase of 51.37% to 67.98% [6] - In the first half of 2025, copper production is projected to be 353,600 tons, up 12.68% year-on-year, and cobalt production is expected to be 61,100 tons, up 13.05% year-on-year [7] - The company completed the acquisition of Lumina Gold in June 2025, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which has a resource reserve of 1.376 billion tons and a gold content of 638 tons [8] - The projected net profits for 2025, 2026, and 2027 are 16.217 billion, 18.093 billion, and 18.759 billion yuan respectively, with corresponding P/E ratios of 10.67, 9.57, and 9.23 [9] Financial Summary - The company anticipates a revenue of 213.029 billion yuan in 2024, with a year-on-year growth of 14.4%, and projected revenues of 223.839 billion, 232.065 billion, and 240.274 billion yuan for 2025, 2026, and 2027 respectively [11] - The gross profit margin is expected to be 16.5% in 2024, increasing to 17.0% by 2026 and remaining stable in 2027 [11] - The return on equity (ROE) is projected to be 19.1% in 2024, peaking at 20.2% in 2025, and then declining to 18.3% by 2027 [11]

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].

Core Viewpoint - China has strategically increased its nickel reserves in response to geopolitical tensions and market conditions, particularly in light of the U.S.-China trade war initiated by Trump, which has led to a significant drop in nickel prices due to increased production from Indonesia [1][3]. Group 1: Nickel Procurement Strategy - Since December of the previous year, China has purchased up to 100,000 tons of nickel, with 77,000 tons acquired in the first five months of this year, indicating a potential doubling of reserves by 2025 [1][3]. - The price of nickel has fallen by 40% due to increased production from Indonesia, allowing China to capitalize on this opportunity to stockpile nickel at historically low prices [3]. Group 2: Importance of Nickel - Nickel is a critical alloying element in stainless steel, and China, being the largest stainless steel producer globally, requires substantial nickel reserves [5]. - The growing application of nickel in the electric vehicle industry, particularly in battery production, underscores the necessity for China to secure its nickel supply amid the booming demand for electric vehicles [7]. - Nickel-based alloys are also essential for national defense materials, including components for aircraft engines and rockets, further emphasizing the strategic importance of nickel reserves [7]. Group 3: Timing and Geopolitical Considerations - The timing of China's nickel procurement aligns with the geopolitical landscape, as actions were taken shortly after Trump's election, anticipating potential trade conflicts and supply chain disruptions [9]. - The increasing tensions in the Taiwan Strait and the likelihood of U.S. actions against China in critical mineral sectors necessitate proactive measures to ensure resource security [9].

Core Viewpoint - The company, Sichuan Hebang Biotechnology Co., Ltd., is actively responding to regulatory inquiries regarding its 2024 annual report, particularly focusing on its mining operations and financial disclosures related to its mineral resources [1][2]. Mining Operations - The company holds a total of 40 mining rights, including 34 exploration rights and 6 mining rights, with an investment of approximately 620 million yuan for acquiring these rights [1][2]. - The mining sector has become a core contributor to the company's operating profits, with an expected profit contribution of 250 million yuan from phosphate rock sales in 2024 [1][2]. - The company employs a phased investment and rolling development strategy in its mining operations to manage risks and ensure cash flow [1][2]. Financial Performance - The company reported a total operating income of 8.547 billion yuan in 2024, a decrease of 3.13% year-on-year, with a net profit of 31 million yuan, down 97.55% from the previous year [1][12]. - The phosphate and salt mines have generated significant revenue, with phosphate sales expected to increase as construction projects are completed [5][12]. Investment Strategy - The company is strategically expanding into the mining sector, aligning with macroeconomic policies and market conditions, while leveraging its existing resources and personnel expertise [9][10]. - The company has established a robust management structure and has recruited over 180 new employees in the mining sector since 2024, enhancing its operational capabilities [8][9]. Risk Management - The company utilizes a joint venture model for overseas mining projects to mitigate risks and ensure compliance with local regulations [10][11]. - A comprehensive risk control framework is in place for both domestic and international mining operations, focusing on environmental protection, safety, and regulatory compliance [10][11]. Sales and Revenue Breakdown - The company has achieved significant sales in its mining operations, with phosphate and salt mines contributing to the majority of its revenue [5][12]. - The sales model primarily involves internal sales within the group, with a high collection rate of 90% on receivables [5][12].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：企业公告 7月2日，赣锋锂业发布公告称， 公司已向Leo Lithium交付收购Mali Lithium股权的全部对价款，并完成 股权交割工作。 截至本公告披露日，赣锋锂业持有MaliLithium100%股权，Mali Lithium旗下马里Goulamina锂辉石项目 一期年产能50.6万吨锂精矿已正式投产，产能逐步释放。 从马里发往中国的锂矿出口运输线顺利开通， 标志着公司在非洲的锂矿资源布局已迈入实质性产出阶段，为公司提供稳定优质的锂资源供应，有利于提 升公司锂资源自给率，提高公司的盈利能力，对公司未来的经营业绩有积极影响。 原公告如下： END 2025（第三届）中国固态电池 技 术 发 展 与 市 场 展 望 高 峰 论 坛 ...

证券研究报告 | 公司深度报告 2025 年 07 月 03 日 中国有色矿业（01258.HK） 铜业先驱，多项目投产驱动产能跃升 周期/金属及材料 公司于 2011 年通过重组赞比亚四家铜企而设立，现已发展为全球领先的垂直整 合铜生产商。作为中国首个境外有色金属矿山开发者，公司以谦比希铜矿为起 点，逐步向刚果（金）拓展产业版图，最终构建 "赞比亚-刚果（金）双核心" 战略布局，成为中资企业在非洲的矿业龙头。 强烈推荐（首次） 当前股价：7.5 港元 基础数据 | 总股本（百万股） | 3902 | | --- | --- | | 香港股（百万股） | 3902 | | 总市值（十亿港元） | 28.4 | | 香港股市值（十亿港元） | 28.4 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 17.7 | | 资产负债率 | 27.1% | | 主要股东 | 中国有色矿业集团有限公司 | | 主要股东持股比例 | 66.6319% | 股价表现 % 1m 6m 12m 绝对表现 36 50 19 相对表现 32 26 -17 资料来源：公司数据、招商证券 -40 -20 0 20 ...

Group 1 - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource layout in Africa [1] - The Goulamina lithium spodumene project, with an annual production capacity of 506,000 tons of lithium concentrate, has officially commenced production, indicating a transition to substantial output [1] - This acquisition strengthens Ganfeng Lithium's position in the global lithium market and lays a solid foundation for future growth, contributing to the stability of its global lithium supply chain [1] Group 2 - Tianci Materials' subsidiary has filed a lawsuit for trade secret infringement against several companies, with an expected economic loss of 887 million yuan and legal fees of 1.15 million yuan [2] - The lawsuit is anticipated to have no direct negative impact on the company's current profits, but the case's outcome will be determined by the court [2] - The significant amount involved in the lawsuit may affect investor sentiment, and the market will closely monitor the case's progress and its long-term implications for the company [2] Group 3 - Fulian Precision has signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [3] - The joint venture aims to build a 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing Fulian Precision's capacity in the lithium battery materials sector [3] - This collaboration reinforces Fulian Precision's position in the core supply chain of new energy vehicle components and is expected to contribute to regional economic development [3]

Core Viewpoint - Jiangxi Ganfeng Lithium Co., Ltd. has successfully acquired the remaining 40% stake in Mali Lithium B.V. for USD 34.27 million, enhancing its lithium resource supply and operational capabilities [1] Group 1: Acquisition Details - The company approved the acquisition of Mali Lithium's stake during the 78th meeting of the fifth board of directors on May 6, 2025 [1] - The acquisition was executed through Ganfeng International, a wholly-owned subsidiary, using its own funds [1] - The total payment for the acquisition has been completed, and the share transfer has been finalized, resulting in the company holding 100% of Mali Lithium [1] Group 2: Operational Impact - Mali Lithium's Goulamina spodumene project has commenced production with an annual capacity of 506,000 tons of lithium concentrate [1] - The establishment of a shipping route for lithium ore exports from Mali to China has been successfully initiated, marking a significant step in the company's resource layout in Africa [1] - This acquisition is expected to provide a stable and high-quality lithium resource supply, improving the company's self-sufficiency in lithium resources and enhancing profitability [1]

Goulamina锂辉石项目位于非洲马里南部地区，是非洲最大的锂矿之一，矿区面积约100平方公里，目前 已勘探的矿石资源总量约为2.11亿吨，对应锂资源总量约合714万吨LCE，平均氧化锂品位1.37%。 Goulamina锂辉石项目一期规划年产能50.6万吨锂精矿，项目二期年产能将计划扩建到100万吨锂精矿。 去年12月15日，赣锋锂业发布公告称，全资子公司赣锋国际旗下非洲马里Goulamina锂辉石项目一期于 12月15日在当地举办了投产仪式，标志着Goulamina锂辉石项目一期正式投产。项目一期正式投产后， 公司将积极加快推动该项目产能爬坡进度，随着产能的逐步释放，公司的资源优势将进一步转化为成本 优势，不断提升公司在全球市场的核心竞争力。赣锋锂业将拥有一期产能最高100%的包销权。 在主要锂辉石资源中，马里Goulamina项目的总资源量排在第二位，仅次于1187万吨碳酸锂当量的澳大 利亚Pilgangoora项目。 赣锋锂业（002460）7月2日晚间公告，Mali Lithium B.V.(下称"Mali Lithium")旗下马里Goulamina锂辉石 项目一期年产能50.6万吨锂精矿已正式 ...

Core Viewpoint - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource expansion in Africa with the commencement of production at the Goulamina lithium spodumene project, which has an annual capacity of 506,000 tons of lithium concentrate [1] Group 1 - Ganfeng Lithium has delivered the full payment for the acquisition of Mali Lithium's equity and completed the equity transfer [1] - The Goulamina lithium spodumene project has officially commenced production, with a first-phase annual capacity of 506,000 tons of lithium concentrate [1] - This acquisition signifies a substantial advancement in the company's lithium resource layout in Africa, entering a phase of tangible output [1]