Core Insights - Company conducted an institutional research meeting on July 15, 2025, with participation from various fund representatives [1] Sales and Market Outlook - In Q2, the company's antimony product sales were impacted by a decline in downstream demand, with most sales directed to intermediaries and traders. Future sales strategies will be adjusted to enhance antimony sales as export conditions improve and domestic demand recovers [2] Production Expansion Plans - The company has plans for gold production expansion, including the Gansu Jiaxin copper-gold mining project, which commenced on June 26, 2025, with a mining capacity of 500,000 tons per year. Additionally, resource integration at the Wangu mining area is underway, with efforts to complete asset acquisition [3] Dividend Strategy - The company emphasizes investor returns and plans to increase the dividend payout ratio while ensuring normal operations and long-term development [4] Cost Trends - The company has experienced a rise in overall costs due to deeper underground mining operations, increased safety investments, lower ore grades, and rising labor costs [6] Financial Performance - In Q1 2025, the company reported a main revenue of 13.121 billion, a year-on-year increase of 67.83%. The net profit attributable to shareholders was 332 million, up 104.63%, with a gross margin of 4.87% [6] Analyst Ratings - Over the past 90 days, 10 institutions rated the stock, with 8 buy ratings and 2 hold ratings. The average target price set by analysts is 23.34 [7]

Group 1: Sales and Market Outlook - In Q2, the company's antimony product sales were impacted by a decline in downstream demand, with most sales directed to intermediaries and traders [2] - Antimony exports decreased, and domestic demand also fell, leading traders and customers to adopt a wait-and-see approach [2] - Future sales strategies will be adjusted to increase antimony sales as exports recover and domestic demand improves [2] Group 2: Expansion Plans - The company plans to expand gold production capacity through several key projects, including the Gansu Jiaxin South Copper Gold Mine project, which commenced on June 26, 2025, with a mining capacity of 500,000 tons per year [3] - The company is actively communicating with the controlling shareholder and the local government regarding the resource integration project in the Wangu mining area to expedite asset acquisition [3] Group 3: Dividend Policy - The company emphasizes investor returns and plans to increase the dividend payout ratio while ensuring normal operations and long-term development [3] Group 4: Cost Changes - The company has experienced a certain degree of cost increase in recent years due to several factors, including deeper underground mining operations leading to higher system construction and safety costs [3] - The decline in ore grade at some mines has resulted in increased unit costs for products [3] - Labor costs have also risen significantly [3] Group 5: Regulatory Oversight - The Hunan Provincial State-owned Assets Supervision and Administration Commission does not directly assess the company [3]