（文章来源：证券日报） 证券日报网讯 12月11日，大中矿业在互动平台回答投资者提问时表示，公司湖南锂矿项目采用全流程 自营的采选冶一体化运营模式，从采矿、选矿到冶炼加工，核心生产环节均由公司专业团队自主运营管 理。现规划在选矿及冶炼生产环节，将有价有素进行收集，并根据市场需求，进一步加工成副产品销 售，实现额外收益。特别在冶炼环节，项目采用公司自主研发的硫酸法提锂新工艺，在提高锂回收率的 同时，实现对副产物的有价回收，构建"一矿多产、综合利用"的生产模式，从而降低整体生产成本。 ...

Core Viewpoint - The issuance of the mining license for the Jijiao Mountain lithium mine in Linwu County, Hunan Province, marks a new phase in the development of lithium resources in Hunan, being the first project in the province to directly convert exploration rights to mining rights [1] Group 1: Project Details - The total lithium ore resource in the mining area is 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [1] - The planned annual mining scale is 20 million tons, with an expected annual production of 80,000 tons of lithium carbonate [1] - The development model will integrate mining, selection, and smelting, laying a solid foundation for the lithium battery new energy industry chain [1] Group 2: Company and Operational Strategy - The company aims to accelerate project construction to achieve the goal of 20 million tons of mining and selection, and 20,000 tons of lithium carbonate production annually [1] - The mining method will be "open-pit first, then underground," ensuring resource extraction continuity and sustainability [1] - A lithium slag harmless comprehensive utilization project will be initiated, employing advanced lithium slag treatment technology to promote green development [1] Group 3: Regulatory and Industry Implications - The approval of the mining license is a practical implementation of the new mineral resources law's "separation of rights and certificates" system [1] - The direct conversion of exploration rights to mining rights after professional evaluation significantly simplifies the approval process [1] - The project has passed national-level reserve reviews and strict environmental protection plan audits, providing a reference for efficient and compliant development of mineral resources nationwide [1]

Group 1: Lithium Mining Projects - The Sichuan lithium project has a cost advantage due to high-grade spodumene ore and self-operated mining and selection [2] - The Hunan lithium project benefits from an integrated mining and smelting process, allowing for adjustments in concentrate grade and recovery rate based on market prices [2] - The Hunan project has a planned capacity of 2 million tons/year, producing 80,000 tons of lithium carbonate annually, with phased construction [3] Group 2: Capital Expenditure and Financing - The company plans to focus on exploration, mining, and selection for the Sichuan project without immediate plans for a smelting plant due to sufficient local smelting capacity [3] - The Hunan project investment scale has been disclosed in previous announcements, and the company currently has stable operating cash flow to support project construction [3] - There are no immediate plans for capital market financing; future needs will be assessed based on market conditions [3] Group 3: Iron Ore Production and Market Impact - The expected production of the Ximangdu iron mine may lead to downward price pressure in the market [4] - The company maintains strong cost control, with an average sales cost of iron concentrate at 374.11 RMB/ton and a gross margin of 54.79% [4] - Strategies to maintain profitability include a clear expansion plan and leveraging the quality of iron concentrate to enhance pricing power [5] Group 4: Technological Advancements - The company has made significant progress in the new lithium extraction process using sulfuric acid, achieving a lithium recovery rate of 90% and reducing waste by 50% [6] - The new process allows for the simultaneous recovery of valuable elements like potassium, enhancing overall production efficiency [6] - The extraction of by-products such as rubidium and cesium is integrated into the cost structure, although their sales have not yet been factored into cost reductions [6]

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, with a focus on increasing iron ore sales and ongoing lithium mining projects [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.972 billion yuan, a year-on-year decrease of 0.07% - The net profit attributable to shareholders was 406 million yuan, down 12.32% year-on-year - The non-recurring net profit was 400 million yuan, a decrease of 12.66% year-on-year - In Q2 2025, revenue was 1.047 billion yuan, a year-on-year decrease of 0.58% but a quarter-on-quarter increase of 13.15% - The net profit attributable to shareholders was 181 million yuan, down 18.18% year-on-year and down 19.59% quarter-on-quarter [1]. Iron Ore Sales and Pricing - Iron ore sales saw a slight increase, with iron concentrate production at 1.8618 million tons and sales at 1.6941 million tons, a year-on-year increase of 12.54% - The average selling price of iron concentrate in H1 2025 was 827 yuan/ton, a decrease of 11.61% year-on-year - The company's gross margin was 49.31%, down 4.29 percentage points year-on-year, with Q2 gross margin at 46.36%, down 4.45 percentage points year-on-year and down 6.27 percentage points quarter-on-quarter [2][3]. Resource Reserves and Lithium Projects - The company has rich resource reserves, with iron ore reserves increasing to 690 million tons and sulfur iron ore reserves at 70.8541 million tons - The lithium mining projects in Hunan and Sichuan have a lithium carbonate equivalent resource of over 4.72 million tons, leading in domestic resource volume with significant future expansion potential [2][3]. Cost Control and Competitive Advantage - The company has a significant cost advantage due to its integrated mining, selection, and smelting operations - In H1 2025, the unit sales cost of iron concentrate was 374.11 yuan/ton, with a gross margin of 54.79%, indicating a strong position in the industry [3][4]. Profit Forecast and Investment Recommendation - The company is expected to gradually release new production capacity from iron ore expansion and lithium mining projects, with projected net profits of 826 million yuan, 899 million yuan, and 1.143 billion yuan for 2025-2027, corresponding to PE ratios of 22, 20, and 16 times, respectively - The recommendation to maintain a "buy" rating reflects confidence in the company's growth potential [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6][54]. Core Insights - The company's revenue for H1 2025 was 1.972 billion yuan, a slight decrease of 0.07% year-on-year, while the net profit attributable to shareholders was 406 million yuan, down 12.32% year-on-year [1][10]. - The company is experiencing a decline in profit margins due to falling iron ore prices, despite an increase in sales volume [2][17]. - The company is accelerating the construction of lithium mining projects, with significant resource reserves and technological advancements in lithium extraction [3][47]. Summary by Sections Event Overview - The company released its H1 2025 report, showing a revenue of 1.972 billion yuan and a net profit of 406 million yuan, both reflecting year-on-year declines [1][10]. Performance Review - Iron ore sales volume increased by 12.54% year-on-year, but the average selling price of iron concentrate fell by 11.61%, leading to a decrease in gross margin [2][17]. - In Q2 2025, the company reported a revenue of 1.047 billion yuan, a year-on-year decrease of 0.58%, and a net profit of 181 million yuan, down 18.18% year-on-year [1][10]. Future Core Highlights - The company has rich resource reserves, with iron ore reserves increasing to 690 million tons and lithium resources amounting to over 472 million tons of lithium carbonate equivalent [3][49]. - The construction of the Hunan Jijieshan lithium mine is progressing, with significant advancements in lithium extraction technology, achieving a lithium recovery rate of 90% [3][47]. - The company benefits from a vertically integrated production model, which enhances cost control and profitability [4][40]. Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 826 million yuan, 899 million yuan, and 1.143 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 20, and 16 [5][54].

Core Viewpoint - The report highlights that the decline in lithium prices has negatively impacted the performance of Yongxing Materials, but the company has demonstrated excellent cost control measures to mitigate some of the adverse effects [2][3]. Financial Performance - In the first half of 2025, Yongxing Materials reported a revenue of 3.693 billion yuan, a year-on-year decrease of 17.78%. The net profit attributable to shareholders was 401 million yuan, down 47.84% year-on-year, while the net profit excluding non-recurring items was 326 million yuan, a decrease of 45.96% year-on-year [2]. - For Q2 2025, the company recorded a revenue of 1.905 billion yuan, a year-on-year decline of 13.1% but a quarter-on-quarter increase of 6.5%. The net profit attributable to shareholders was 209 million yuan, down 30.26% year-on-year, with a quarter-on-quarter increase of 9.39% [2]. - The average price of battery-grade lithium carbonate in Jiangxi for the first half of 2025 was 70,600 yuan per ton (including tax), a 32% year-on-year drop. In Q2, the average price was 65,000 yuan per ton (including tax), a 14% decrease from Q1 and a 39% decline year-on-year [2]. Cost Control - The company has shifted its sales model from primarily spot sales to a combination of spot and futures sales, which has helped reduce the impact of price fluctuations on profitability. In the first half of 2025, the sales volume of lithium carbonate was 12,050 tons, with a calculated unit cost of 41,200 yuan per ton, a year-on-year decrease of 19% [3]. - The company's ability to control costs effectively has been significant, with a unit gross profit of 20,300 yuan per ton, down 37% year-on-year [3]. Investment Outlook - Yongxing Materials is recognized as a leading player in the domestic lithium mica market, with significant cost advantages. The company is expected to maintain its market share during the industry downturn and is actively pursuing integrated expansion in mining and metallurgy to enhance resource security [3]. - The projected net profits for 2025-2027 are 872 million yuan, 1.197 billion yuan, and 1.491 billion yuan, respectively, with corresponding earnings per share (EPS) of 1.62 yuan, 2.22 yuan, and 2.77 yuan, leading to price-to-earnings (PE) ratios of 22x, 16x, and 13x [3].

Investment Rating - The report maintains a "Recommended" rating for Yongxing Materials [3] Core Views - The company's performance has been negatively impacted by declining lithium prices and weak downstream demand in the steel sector. The average price of battery-grade lithium carbonate in Jiangxi was 70,600 CNY/ton in the first half of 2025, a 32% year-on-year decrease [8] - Despite the challenges, the company has demonstrated excellent cost control, which has mitigated some of the adverse effects of price declines. The sales model has shifted to a combination of spot and futures sales to reduce the impact of price volatility [8] - The company is a leading player in lithium mica in China, maintaining market share during industry downturns and actively pursuing integrated expansion in mining and metallurgy to enhance resource security [8] Financial Forecast Summary - Revenue is projected to decline from 80.74 billion CNY in 2024 to 76.71 billion CNY in 2025, with a revenue growth rate of -33.76% in 2024 and -4.98% in 2025 [2] - The net profit attributable to the parent company is expected to decrease from 10.43 billion CNY in 2024 to 8.72 billion CNY in 2025, reflecting a profit growth rate of -69.37% in 2024 and -16.43% in 2025 [2] - The gross profit margin is forecasted to decline from 18.15% in 2024 to 13.38% in 2025, with an expected recovery to 19.21% by 2027 [2] - The diluted EPS is projected to decrease from 1.94 CNY in 2024 to 1.62 CNY in 2025, with a gradual increase to 2.77 CNY by 2027 [2]

Core Insights - Company reported strong financial performance in the first half of 2025, with revenue of 1.82 billion yuan, a year-on-year increase of 23.21%, and net profit of approximately 51.22 million yuan, up 187.23% [1] - The company is focusing on core business areas while investing in technology innovation, particularly in solid-state and semi-solid batteries [1][4] Financial Performance - Revenue for the first half of 2025 reached 1.82 billion yuan, a 23.21% increase year-on-year [1] - Net profit attributable to shareholders was approximately 51.22 million yuan, a significant increase of 187.23% [1] - Non-recurring net profit was 47.29 million yuan, up 266.69% year-on-year [1] - Net cash flow from operating activities was 278 million yuan, a 134.39% increase [1] Business Segments - HEV power battery business saw substantial growth, with sales of HEV foam nickel reaching 1.35 million square meters, a 41% increase, and sales revenue of approximately 118 million yuan, up 30% [2] - Sales revenue from HEV positive and negative electrode plates was approximately 634 million yuan, a 36% increase [2] - Lithium resource total reserves are 12 million tons, equivalent to 400,000 tons of lithium carbonate [2] Energy Storage Development - The company successfully connected independent energy storage stations to the grid, including projects in Hebei with capacities of 200MW/400MWh and 100MW/200MWh [3] - It is expected to complete the construction and grid connection of energy storage projects totaling no less than 4GWh in 2025 [3] - Ongoing projects include independent energy storage stations in Inner Mongolia and Shandong [3] Technological Innovation - The company has made breakthroughs in dry electrode technology and is collaborating with research institutions to develop key materials for solid-state batteries [4] - Market application of semi-solid battery products is expected by the end of 2025 to 2026 [4] - The company’s subsidiary has developed a three-dimensional porous copper-manganese alloy for SOFC applications, achieving domestic production of key components [4] Industry Outlook - The growth in battery and materials business, along with the rise in lithium battery materials and the explosive growth of energy storage in Q2, positions the company favorably to meet its performance targets for 2025 [5]

Core Viewpoint - The company, Hunan Keli Yuan New Energy Co., Ltd., reported significant growth in its 2025 semi-annual report, driven by the expansion of HEV power battery, consumer batteries, and energy storage sectors, achieving a revenue of 1.822 billion yuan, a year-on-year increase of 23.21% [2] Group 1: Financial Performance - The net profit attributable to shareholders reached approximately 51.22 million yuan, a year-on-year increase of 187.23% [2] - The net profit after deducting non-recurring gains and losses was 47.29 million yuan, up 266.69% year-on-year [2] - The net cash flow from operating activities amounted to 278 million yuan, an increase of 134.39% year-on-year [2] Group 2: Business Segments - The HEV power battery business saw a significant increase in sales volume due to higher order volumes from major customers, with sales of foam nickel for HEV reaching 1.3484 million square meters, a year-on-year increase of 41%, generating sales revenue of approximately 118 million yuan, up 30% [2] - Sales revenue from HEV positive and negative electrode plates was approximately 634 million yuan, reflecting a year-on-year growth of 36% [2] - The consumer battery segment also maintained rapid growth, achieving sales revenue of 542 million yuan, a year-on-year increase of 28% [3] Group 3: Technological Innovation and Development - The company is focusing on technological innovation, having made breakthroughs in dry electrode technology and is working on solid-state and semi-solid-state battery research [3] - The company has established partnerships with leading hydrogen production companies for the development of electrolysis water hydrogen production materials, opening up growth opportunities [2] - The company aims to achieve market application of semi-solid-state battery products by the end of 2025 to 2026, while accelerating the transformation of solid-state battery results [3] Group 4: Energy Storage Initiatives - The company has successfully connected independent energy storage power stations in Hebei, with a total capacity of 300 MW/600 MWh, which has exceeded investment return expectations [3] - The company plans to achieve steady growth in revenue from energy storage products and power station operations through continuous development and investment in energy storage stations [3] - The company is also focusing on the solid oxide fuel cell (SOFC) technology route, having developed a three-dimensional porous foam copper-manganese alloy for SOFC stack applications [3]