Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown significant performance growth driven by the synergy of tin and antimony prices, with a notable increase in resource reserves potential [4][5]. - The company is positioned as a leader in the tin and antimony industry, with robust resource endowments and a strong market presence [45][46]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [1][13]. - In Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64% [1][13]. Production and Sales - The company’s tin concentrate production in H1 2025 was approximately 3,273.80 tons, a decrease of 6.18% year-on-year, while sales increased by 41.02% [2][22]. - The production of zinc ingots rose by 8.47% year-on-year, with sales also increasing by 8.06% [2][22]. Pricing and Margins - The average prices for the company's main products in H1 2025 were 262,100 yuan/ton for tin, 189,000 yuan/ton for antimony, and 23,100 yuan/ton for zinc, with significant year-on-year increases for antimony [3][26]. - The overall gross margin for H1 2025 was 36.36%, a decrease of 2.56 percentage points year-on-year [3][26]. Resource Development - The company has made progress in resource development, with significant increases in mineral reserves, particularly in the Fozichong lead-zinc mine, which saw a 93.59% increase in verified reserves [4][47]. - The company holds mining rights for three major mines, with a total resource amount of 89.591 million tons as of H1 2025 [4][47]. Future Outlook - The company is expected to achieve net profits of 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 12 [6][5]. - The anticipated demand surge, coupled with relaxed export policies, is expected to create a favorable market environment for tin and antimony [49].