机构：民生证券 研究员：邱祖学/王作燊 人民币，同比增长39.15%，净利润14.40 亿人民币，同比增长160.44%；单季度看，2025 年第二季度公 司实现营收40.35 亿人民币，同比增长30.94%，环比增长37.35%，净利润7.81 亿人民币，同比增长 135.51%，环比增长18.41%。 风险提示：金属价格大幅波动，在建项目不及预期，海外地缘政治风险等。 点评：量价齐升驱动公司业绩，减值有所影响。量：2025 年上半年公司实现矿产金产量10.24 吨，同比 增长约13.77%，冶炼加工金产量4.05 吨，同比下降约3.08%；价：2025 上半年黄金均价约3077 美元/盎 司，同比增长39.8%；Q2 单季度黄金均价约3281 美元/盎司，同比增长40.3%，环比增长14.3%。成本： 公司上半年国内矿产金克金综合成本人民币216.20 元人民币╱克（2024 上半年约209.99 元人民币╱ 克），同比略有上升2.96%，主要原因系折旧增加所致；利润：毛利约为人民币30.5 亿人民币，同比大 幅增长约54.31%。毛利率由去年同期42.72%上升至43.74%。另外公司上半年其他收入及收 ...

煤价跌幅较大拖累业绩，压力最大时候或已过； 煤价下跌拉动化工毛利有所回升；资源扩张持续布 局，向"3亿吨"产能目标继续迈进。 煤价跌幅较大拖累业绩，压力最大时候或已过。1）2025Q1 商品煤产量3680.2 万吨/+6.26%，商品煤销 量3142.6 万吨/-8.07%，其中自产煤销量3,060 万吨/-1.70%。产量增加主要来自菏泽能化的万福煤矿试运 转，鲁西矿业、未来能源和、昊盛煤业产能爬坡拉动，销量下降主要受市场需求较差，贸易煤量下降影 响。2）2025Q1 自产煤均价543 元/吨，同比-132 元/吨，自产煤成本317 元/吨，同比-52 元/吨，吨煤毛 利227 元/吨，同比-81 元/吨。由于公司煤炭售价弹性较大，受市场煤价格大幅下跌拖累，煤炭板块盈利 能力下降，2025Q1煤炭业务实现毛利70 亿元，同比下降27%。展望二季度，4 月行业供需已经显现触 底态势，5 月电煤需求有望逐步进入迎峰度夏旺季。 煤价下跌拉动化工毛利有所回升。2025Q1 公司甲醇、醋酸、尿素等煤化工产品合计产量241.4 万吨，同 比+11.55%；销量201.8 万吨，同比+7.28%。煤化工板块实现收入63 ...

Financial Data and Key Metrics Changes - The company's revenue increased by 3.5% to RMB 303.6 billion, with profits rising by 53.7% to RMB 48.1 billion and net attributable profit up by 51.8% to RMB 32.1 billion [10] - Operating net cash flow rose by 32.6% to RMB 48.9 billion, while total assets increased by 15.6% year on year [11] - The share of net debt to EBITDA decreased by 28.6%, and the debt ratio dropped by 4.47% [11] - Earnings per share (EPS) increased by 51.3% year on year, and cash dividend payout rose by 53.5% [11] Business Line Data and Key Metrics Changes - Copper production reached 1,070,000 tonnes, contributing 45% to revenue, while gold output was 73 tonnes, contributing 30% [10][14] - Zinc production was 410,000 tonnes, with a gross profit margin of 41%, despite a 3.5% drop in output due to lower feed grades [15] - The gross profit margin for gold concentrate was nearly 68%, reflecting a significant increase over the previous year [15] Market Data and Key Metrics Changes - The company is ranked number four globally in copper output and number six in gold output, with significant growth in both resources and reserves [13][14] - The company faced rising costs in overseas operations but managed to reduce copper concentrate costs by 4.3% [13][14] Company Strategy and Development Direction - The company aims to enhance its international operations management and consolidate global competitiveness while focusing on ESG initiatives [7][8] - Plans include accelerating the construction of copper, gold, and lithium projects to strengthen output growth foundations [7][8] - The strategic focus for 2025 includes achieving production targets of 1,150,000 tonnes of copper and 85 tonnes of gold [32][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged complex challenges in the operating environment but emphasized the importance of cost control and profitability [4][9] - The company is optimistic about future growth, driven by strategic acquisitions and resource expansion [49][56] - Management highlighted the need for continuous improvement in ESG practices to support sustainable growth [34][36] Other Important Information - The company reported a significant increase in social contributions, reaching RMB 7.5 billion, and dividend payments of RMB 9.7 billion [6][7] - The company is committed to responsible mining practices and aims to produce cleaner, more sustainable copper [12] Q&A Session All Questions and Answers Question: How does the company participate in decision-making and supervision activities? - The independent director outlined participation through board meetings, site visits, and daily communications, emphasizing the importance of internal control and risk management [62][63] Question: What are the prospects for costs and expenses in 2025? - The CFO discussed the challenges of rising costs but expressed confidence in maintaining cost competitiveness through optimization and technological innovation [72][76] Question: What is the company's investment and acquisition strategy? - The chairman explained that the company will continue to pursue M&A opportunities while being prudent in selecting projects based on cost-effectiveness and resource potential [89][92] Question: What are the prospects for the lithium sector given the current market downturn? - Management confirmed that the adjustment in production guidance does not indicate a withdrawal from the sector, emphasizing ongoing commitment to improving technology and cost management [106][108] Question: What are the main achievements in resource expansion and future plans? - The company highlighted successful resource expansion efforts and outlined priorities for future growth, focusing on producing projects that can deliver profits [113]