Group 1: Company Overview - The company primarily engages in the exploration and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloys [2][3] - It has established an integrated production system covering upstream exploration, mining, midstream smelting, and downstream deep processing, making it one of the few companies in China with a complete tungsten industry chain production capacity [2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [4] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [4][5] Group 3: Cost and Procurement - Mining costs are influenced by geological conditions, ore grades, management levels, and labor costs, leading to variability across different mines [7] - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, ensuring stable supply through rigorous supplier evaluations [8] Group 4: Market Impact and Sales Performance - The rise in tungsten concentrate prices positively impacts the company, but significant fluctuations in raw material prices can affect production costs and operational performance [9] - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons [10][11] Group 5: Future Development - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloy R&D and production [11] - Plans include integrating mining resources, advancing digital transformation in production, and establishing a sustainable development system to promote green and high-quality ESG growth [11]

2025 Interim Results Investor Presentation August 2025 Contents 1. Results Highlights 5. ESG Development 2. Scale & Profitability Strengths 6. Outlook 3. Financial Stability Strengths 7. Appendices 4. Competitive Development Strengths Beijing | Corniche 1. Results Highlights 2025 Interim Results Highlights Sales remained among the top in the industry Contracted sales 120.15b Leading sales scale in first-tier cities Contracted sales in Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen 55.64b Leading marke ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.50 [3]. Core Views - The company reported revenue growth of 11.6% year-on-year to HKD 25.90 billion and a net profit increase of 14.3% to HKD 3.51 billion for the fiscal year 2024/25, indicating stable growth in its core business segments [1][6]. - The company maintains a high dividend payout ratio of over 80%, which is attractive to investors [1]. - The focus on fashion functional technology apparel and continuous improvement in channel management are expected to drive revenue growth in the future [1][6]. Revenue and Profit Forecast - For FY26, the company expects revenue growth of approximately 10% for its main brand, Bosideng, and around 20% for the Snow Flying brand, driven by innovative products and an extended Spring Festival peak season [2][6]. - The company anticipates a revenue of HKD 28.47 billion for FY26, with a year-on-year growth of 9.91% [9]. Margin and Efficiency - The gross margin for FY25 decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [4]. - Despite the margin pressure, operating profit margin improved by 0.3 percentage points to 19.2% due to enhanced operational efficiency and reduced distribution and administrative expenses [4]. ESG Performance - The company has achieved an ESG rating upgrade from A to AA by MSCI, positioning it as a leader in the textile and apparel industry in terms of sustainability [5]. - The company has implemented a comprehensive ESG strategy focusing on sustainability across its entire value chain [5]. Valuation Metrics - The company is projected to have a PE ratio of 13.9x for FY26, reflecting its operational efficiency and leading ESG development [6]. - The estimated EPS for FY26 is projected at RMB 0.36, with a dividend yield of 5.74% [9].

Group 1: Core Strategy and Vision - Lanzhou Bank aims to build a "respected and distinctive boutique bank," focusing on the dynamic balance of "quality, efficiency, and scale" to optimize its asset-liability structure, improve asset quality, enhance profitability, and advance digital transformation [1] Group 2: Corporate Governance - The bank has prioritized optimizing its corporate governance system, establishing a modern governance framework based on "three meetings and one layer," ensuring clear responsibilities and effective checks and balances among governance bodies [2] - In August of last year, Lanzhou Bank completed the re-election of its board of directors and supervisory board, further optimizing its governance structure [2] - The bank actively promotes the independent director system, ensuring their decision-making, supervision, and consultation roles are effectively fulfilled [2][3] Group 3: Information Disclosure and ESG Practices - Lanzhou Bank adheres to relevant laws and regulations to enhance its information disclosure quality, ensuring compliance and timely, accurate, and fair information dissemination to protect investors' rights [4] - The bank has been recognized for its investor relations management, holding regular investor communication events and receiving awards for its annual report practices [4] - Lanzhou Bank has committed to sustainable development, voluntarily disclosing its first ESG report in April 2024 and receiving multiple awards for its ESG practices [4] Group 4: Financial Performance and Shareholder Returns - Over the past three years, Lanzhou Bank has distributed a total cash dividend of 2.108 billion yuan, exceeding its total fundraising amount, demonstrating its commitment to shareholder returns [5] Group 5: Internal Control and Talent Development - The bank is enhancing its internal control system through organizational optimization and digital transformation, aiming to improve compliance management and operational efficiency [7] - Lanzhou Bank collaborates with local universities for talent recruitment and has developed a comprehensive training system, receiving numerous awards for its human resource management practices [7] Group 6: Growth Metrics - Since its listing, Lanzhou Bank has seen a 20.14% increase in total assets, a 17.95% increase in loans, and a 17.85% increase in deposits [8] - The bank ranked 330th in the "Global 1000 Banks" list by The Banker magazine in 2024 and has maintained an AAA credit rating for seven consecutive years [8]