地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 制作日期： 2025/10/09 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.40%报 4060.60 美元/盎司， COMEX 白银期货涨 1.95%报 48.44 美元/盎司。美联储会议纪要显示官员对货币 政策路径存在分歧，为黄金提供支撑。美国政府停摆及财政赤字问题加剧避险 需求，国际贸易紧张局势也利好黄金。 2. 美油主力合约收涨 0.92 ...

怡球资源9月17日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 沪股通专用 | 2879.31 | | | 买二 | 国盛证券有限责任公司上海浦东新区世纪大道证券营业 部 | 2005.04 | | | 买三 | 华宝证券股份有限公司上海东大名路证券营业部 | 1769.96 | | | 买四 | 华泰证券股份有限公司总部 | 1591.45 | | | 买五 | 国新证券股份有限公司长沙韶山路证券营业部 | 1532.84 | | | 卖一 | 沪股通专用 | | 1694.57 | | 卖二 | 国信证券股份有限公司佛山南海大道证券营业部 | | 1492.43 | | 卖三 | 中国银河证券股份有限公司广州海明路证券营业部 | | 1331.19 | | 卖四 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | 1147.01 | | 卖五 | 中泰证券股份有限公司德州三八中路证券营业部 | | 1041.43 | 具体来看，今日上榜的营业部中，沪股通为第 ...

Group 1 - The company, Yiqiu Resources (601388.SH), stated on its interactive platform that it is not involved in the recycling of new energy batteries [1]

Financial Performance - Campine reported exceptional growth in H1 2025, with revenue more than doubling to €384 million from €169 million in H1 2024 [1] - EBITDA nearly tripled to €53.4 million, setting a new record for the first six months [1] Specialty Chemicals Division - Revenue for the Specialty Chemicals division rose to €293 million, four times higher than in 2024 (€74 million) [2] - Growth was primarily driven by antimony trioxide sales, with Campine becoming the global market leader following Chinese export restrictions at the end of 2024 [2] - EBITDA in this division increased from €6.0 million to €36.6 million [3] Circular Metals Division - Revenue in the Circular Metals division grew slightly to €114.4 million, a 2% increase [3] - The Metals Recovery unit saw revenue increase by more than 50%, driven by higher prices for gold, silver, and antimony [3] - EBITDA in this division rose from €13.7 million to €16.8 million, supported by lower purchase prices for battery scrap [4] Outlook for 2025 - Campine expects a record year, with EBITDA likely exceeding €80 million [5] - High profitability in Specialty Chemicals is anticipated to continue in the second half, despite a slight global decline in ATO demand [5] - The Circular Metals division continues to benefit from lower battery scrap costs, offsetting lower LME sales prices [5] Acquisition Plans - Campine is awaiting regulatory approval for the acquisition of three French Ecobat factories, which could further impact 2025 results [6]

Core Viewpoint - Xinghe Holdings (01891) reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in sales volume and average selling price of black scrap metal [1] Financial Performance - Revenue for the first half of 2025 was 725 million MYR, representing a year-on-year decrease of 16.2% [1] - Gross profit amounted to 61.7 million MYR, showing a slight decrease of 0.2% year-on-year [1] - Profit attributable to shareholders was 8.5 million MYR, reflecting a significant year-on-year decline of 26.0% [1] Industry Trends - The decrease in revenue is attributed to current industry trends, specifically the decline in sales volume and average selling price of black scrap metal [1] - The pressure on gross profit margin is linked to the reduction in revenue and the drop in average selling price of black scrap metal [1]

Core Viewpoint - Xinghe Holdings (01891) reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in sales volume and average selling prices of black scrap metal [1] Financial Performance - Revenue for the first half of 2025 was 725 million MYR, representing a year-on-year decrease of 16.2% [1] - Gross profit amounted to 61.7 million MYR, showing a slight decrease of 0.2% year-on-year [1] - Profit attributable to the company's owners was 8.5 million MYR, down 26.0% compared to the previous year [1] Industry Trends - The decline in revenue is attributed to current industry trends, specifically a drop in sales volume and average selling prices of black scrap metal [1] - The pressure on gross profit margin is linked to the decrease in revenue and the continued decline in average selling prices of black scrap metal [1]

Core Viewpoint - China Metal Resources Utilization (01636) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to insufficient operating capital and unfavorable conditions in the real estate sector [1] Financial Performance - The company achieved a revenue of 341 million yuan, representing a year-on-year decrease of 24.96% [1] - The loss attributable to shareholders was 208 million yuan, a year-on-year decrease of 6.16% [1] - The loss per share was 0.46 yuan [1] Sales and Operations - The company sold 4,877 tons of recycled copper products, generating sales revenue of 339 million yuan from these products [1] - The communication cable and power distribution cable businesses have not resumed operations due to a lack of operating capital and poor market conditions in the real estate sector [1] - Most products have been sold, and the company anticipates a recovery in these two downstream businesses once sufficient operating capital is obtained and the real estate market stabilizes [1]

Core Viewpoint - The financial performance of Yiqiu Resources (601388) for the first half of 2025 shows a mixed picture, with revenue growth but a significant decline in net profit, raising concerns about the company's financial health and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.581 billion yuan, an increase of 10.46% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was 29.39 million yuan, a decrease of 57.11% year-on-year [1]. - In Q2 2025, total revenue was 1.787 billion yuan, up 7.38% year-on-year, while net profit dropped 80.07% to 7.95 million yuan [1]. - The gross margin was 6.21%, down 23.46% year-on-year, and the net margin was 0.82%, down 61.17% [1]. - Total receivables accounted for 3329.77% of the latest annual net profit, indicating a significant concern regarding accounts receivable management [1][3]. Key Financial Metrics - The company reported a cash flow from operating activities of 0.06 yuan per share, a substantial increase of 135.03% year-on-year [1]. - The total liabilities decreased by 19.83% to 1.121 billion yuan, while cash and cash equivalents increased by 14.02% to 615 million yuan [1]. - The company's return on invested capital (ROIC) was 1.34%, indicating weak capital returns, with a historical median ROIC of 4.18% over the past decade [3]. Operational Insights - The company has faced challenges in maintaining profitability, with a significant drop in net profit margins and overall return on investment [3]. - The business model relies heavily on marketing-driven strategies, necessitating a deeper analysis of the underlying factors affecting sales performance [3]. - The company has seen a notable increase in contract liabilities by 64.11%, attributed to increased customer prepayments, which may indicate a shift in customer payment behavior [1].

Core Insights - The company reported a revenue of 3.581 billion yuan for the first half of 2025, representing a year-on-year growth of 10.46% [1] - The net profit attributable to shareholders decreased to 29.39 million yuan, a decline of 57.11% year-on-year [1] - The net profit after deducting non-recurring items was 32.79 million yuan, down 54.23% compared to the previous year [1] - The basic earnings per share stood at 0.01 yuan [1]

Group 1 - The company reported a revenue of 3.581 billion yuan for the first half of the year, representing a year-on-year increase of 10.46% [1] - The net profit attributable to shareholders of the listed company was 29.3897 million yuan, showing a year-on-year decline of 57.11% [1] - The basic earnings per share were 0.01 yuan [1]