格隆汇8月28日丨豫光金铅(600531.SH)发布2025年半年度报告，报告期实现营业收入224.41亿元，同比 增长18.93%；归属上市公司股东的净利润4.85亿元，同比增长15.12%；扣除非经常性损益后的归属于上 市公司股东的净利润4.52亿元，同比增长16.03%；基本每股收益0.4445元。 ...

每经AI快讯，豫光金铅（SH 600531，收盘价：9.11元）8月28日晚间发布公告称，公司第九届第二十一 次董事会会议于2025年8月28日以通讯方式召开。会议审议了《关于公司2025年半年度报告及摘要的议 案》等文件。 2024年1至12月份，豫光金铅的营业收入构成为：有色金属占比49.24%，贵金属占比46.1%，其他行业 占比2.45%，化工占比2.02%，其他业务占比0.19%。 截至发稿，豫光金铅市值为99亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 张喜威） ...

豫光金铅公告，2025年上半年营业收入224.41亿元，同比增长18.93%。净利润4.85亿元，同比增长 15.12%。 ...

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating stable growth despite high aluminum prices and production capacity constraints [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 10.581 billion yuan, up 7.67% year-on-year, and a net profit attributable to shareholders of 932 million yuan, up 3.27% year-on-year [1]. - The Q2 2025 revenue was 5.437 billion yuan, reflecting a year-on-year increase of 5.47% and a quarter-on-quarter increase of 5.69% [1]. - The gross profit margin for H1 2025 was 19.77%, an increase of 2.03 percentage points year-on-year, with Q2 2025 gross profit margin at 19.83%, up 0.12 percentage points quarter-on-quarter [2]. Cost and Expenses - The total expense ratio for H1 2025 was 6.52%, up 0.76 percentage points year-on-year, with Q2 2025 expense ratio at 6.94%, an increase of 0.87 percentage points quarter-on-quarter [2]. - The management expense ratio for Q2 2025 was 5.66%, up 1.86 percentage points year-on-year, primarily due to increased salary provisions [2]. Production Capacity and Projects - The company has a current lead-zinc metal production capacity of 420,000 tons per year and smelting capacity of 630,000 tons per year, with a primary germanium production capacity of 60 tons [3]. - A new zinc ingot project with a design capacity of 150,000 tons is in trial production, with expectations for further production in the second half of the year [3]. - The company has achieved an increase in lead-zinc resource reserves of 280,000 tons in H1 2025, maintaining a net growth in mineral resource reserves [3]. Strategic Planning - The company is focused on deepening its core business in lead, zinc, and germanium, enhancing resource security, and extending into high-value-added industrial chains [3]. - A draft of the company's "14th Five-Year Plan" has been completed and is under further revision to strengthen market competitiveness [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 with net profits of 1.938 billion, 2.143 billion, and 2.307 billion yuan, respectively, corresponding to EPS of 0.38, 0.43, and 0.46 yuan [4]. - The target price for the company is set at 6.95 yuan, based on a PE ratio of 18.3 for 2025 [4].

Group 1 - The core viewpoint of the announcement is the company's commitment to enhancing quality, efficiency, and returns through a structured action plan for 2024 and 2025, aligning with the Shanghai Stock Exchange's initiative [1][5] Group 2 2024 Action Plan Implementation - The company achieved a 20% year-on-year increase in resource exploration within mining areas, adding 482,700 tons of lead-zinc metal resources [1] - The company maintained its lead-zinc concentrate production cost in the top 25% of the industry, with a five-year consecutive reduction in zinc smelting processing costs [1][2] - The company reported a net profit of 1.293 billion yuan and an operating cash inflow of 2.366 billion yuan for the year [1] Technological Empowerment - The company made significant technological advancements, including breakthroughs in key technologies and the establishment of a digital and intelligent mining process [2] - The company received four first-class awards from the China Nonferrous Metals Industry Science and Technology Award and filed 132 new patents [2] Green Development - The company achieved zero environmental incidents and constructed four national-level green mines and factories, maintaining a 100% compliance rate for ecological restoration and pollutant discharge [2] Governance Improvement - The company implemented 42 reform tasks and 128 key reform measures, with a focus on enhancing governance efficiency [3][4] Market Value Management - The company announced a cash dividend of 1.40 yuan per 10 shares, totaling 713 million yuan, and initiated a share buyback plan [4] Group 3 2025 Action Plan - The company plans to implement 16 exploration projects, aiming for an increase of 280,000 tons in lead-zinc metal resources [5] - The company targets an operating revenue of 10.581 billion yuan and a net profit of 932 million yuan for the year [5] Innovation and Management - The company aims to enhance innovation by integrating artificial intelligence and big data into the mining process, with a focus on key technology breakthroughs [6] - The company has set a target completion rate of 98.95% for its reform tasks by the end of 2025 [7] Safety and Environmental Goals - The company aims to achieve zero environmental incidents and is actively pursuing carbon footprint certification for its products [8] Value Return Strategy - The company plans to implement a differentiated cash dividend strategy and has allocated 268 million yuan for share repurchases [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The lead market shows a situation where supply and demand both increase, with no obvious contradictions. The tight raw material supply and the expectation of the peak season support the lead price. It is expected that the lead price will be range - bound in the short term [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and domestic inventory continues to accumulate. However, the continuous decline of LME zinc inventory overseas provides some support. It is expected that the zinc price will be range - bound in the short term [1]. Summary by Related Catalogs Lead Market Price and Market Data - The average price of SMM1 lead ingots increased by 0.45% compared to the previous day, and the closing price of the main contract of Shanghai lead futures increased by 0.12% [1]. - The trading volume of the active lead futures contract decreased by 25.41%, and the open interest decreased by 5.44%. The trading - to - open - interest ratio decreased by 21.12%. The LME lead inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 2.43% [1]. Industry News - Due to the approaching "parade" event, relevant government departments in the Beijing - Tianjin - Hebei region issued notices. From August 25th, vehicles of National V and below are not allowed to enter the factories of recycled lead smelters in Henan, and the lifting of the restriction will be notified separately [1]. - The recycling of waste lead - acid batteries in the Beijing - Tianjin - Hebei region has temporarily slowed down, and the supply of raw materials for recycled lead smelting enterprises in North China has decreased. It is expected to return to normal after the event [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. The resumption of production of previously shut - down smelters has led to a steady increase in the production of primary lead. In the recycled lead sector, due to factors such as high prices of waste lead - acid batteries and limited supply of raw materials, some smelters have reduced or stopped production, and the overall production is at a relatively low level [1]. - The terminal market has not improved significantly, the peak - season effect has not been reflected, and dealers are mainly digesting inventory [1]. Zinc Market Price and Market Data - The average price of SMM1 zinc ingots increased by 0.27% compared to the previous day, and the closing price of the main contract of Shanghai zinc futures decreased by 0.11% [1]. - The trading volume of the active zinc futures contract decreased by 23.28%, and the open interest decreased by 0.51%. The trading - to - open - interest ratio decreased by 22.88%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory remained unchanged [1]. Industry News - Nexa Resources' Cerro Pasco mine in Peru has fully resumed normal operation. The short - term disruption is expected to cause a zinc production loss of about 1,200 metal tons, but the company expects to make up for the loss within a month and maintains its annual production guidance for 2025 [1]. - As of August 21st, the total inventory of SMM zinc ingots in seven regions was 132,900 tons, showing a decrease in domestic inventory [1]. Fundamental Analysis - The raw material inventory of zinc smelters is sufficient, and the zinc ore processing fee is expected to continue to rise, weakening the cost support. The profit and production enthusiasm of smelters have improved, and the production increase trend is obvious [1]. - The downstream mainly consumed existing inventory last week. Due to the good performance of black metal prices, some terminals stocked up, driving an increase in the galvanizing production rate [1].

Core Viewpoint - The recent announcement by Yuguang Jinlan to terminate its stock issuance plan has raised concerns about the company's decision-making rigor and transparency [1][2]. Group 1: Company Actions - Yuguang Jinlan's board initially approved a plan to raise up to 400 million yuan for working capital and bank loan repayment, with a share price set at 6.74 yuan, representing a 24% discount from the closing price on August 13 [1]. - The termination of the stock issuance plan occurred just one day after its approval, indicating a lack of thoroughness in the decision-making process [2]. - The company did not provide a detailed explanation for the termination, which has led to skepticism regarding its commitment to shareholder interests [1][2]. Group 2: Market Reaction - Following the announcement of the stock issuance plan, Yuguang Jinlan's share price fell by 3.85%, reflecting the negative sentiment among small investors [1]. - The rapid decision to terminate the plan may erode market trust and negatively impact the company's reputation [2]. Group 3: Financing History - Yuguang Jinlan has a history of frequent financing activities, including a 710 million yuan convertible bond issuance in August 2024, with a significant portion allocated to Yuguang Group [2]. - The company’s repeated attempts to raise funds for working capital within a short timeframe raise questions about the necessity and efficiency of its financing strategies [2]. Group 4: Recommendations - Companies should adopt a rigorous approach when implementing financing plans, ensuring that the necessity and pricing are well-justified to maintain investor confidence [3]. - There is a need to explore mechanisms that allow small investors to participate in financing activities, which could enhance market fairness and transparency [3].

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The lead market shows no significant contradictions with both supply and demand increasing. Supported by tight raw materials and peak - season expectations, the short - term lead price is expected to move in a range [1]. - For the zinc market, considering the macro situation and the increase in both zinc ore and zinc ingot supply during the off - season of demand, with continued inventory accumulation in the domestic market and a continuous decline in overseas LME zinc inventory providing some support, the short - term zinc price is also expected to move in a range [1]. 3. Summary by Related Catalogs Lead - **Price and Market Data**: The average price of SMM1 lead ingots remained flat compared to the previous day, while the closing price of the Shanghai lead futures main contract rose 0.30% from the previous day. The LME3 - month lead futures (electronic) closed at $1,973.50 per ton, up 0.13%. The trading volume of the active futures contract decreased by 10.92%, and the open interest decreased by 2.80%. The LME lead inventory remained unchanged, while the Shanghai lead warehouse receipt inventory decreased by 1.40%. The Shanghai - London lead price ratio increased by 0.17% [1]. - **Industry News**: Some small - scale secondary lead smelters in South China stopped production due to losses and stopped purchasing waste lead - acid batteries. They plan to resume production when the raw material inventory reaches around 5,000 tons. On August 18, the [LME0 - 3 lead] was at a discount of $44 per ton, and the open interest decreased by 522 to 159,114 contracts [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead smelters that had maintenance are gradually resuming production, with stable - to - increasing production. In the secondary lead sector, due to high waste battery prices, limited supply, and strong hoarding sentiment among recyclers, some smelters have reduced or stopped production, resulting in relatively low overall production. The demand side shows no significant improvement, with dealers mainly consuming inventory and producers producing based on sales [1]. Zinc - **Price and Market Data**: The average price of SMM1 zinc ingots decreased by 0.45% from the previous day, and the closing price of the Shanghai zinc futures main contract decreased by 0.60%. The trading volume of the active futures contract increased by 37.72%, and the open interest increased by 51.62%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory also remained unchanged. The LME3 - month zinc futures (electronic) closed at $2,770 per ton, down 0.25%. The Shanghai - London zinc price ratio decreased by 0.35% [1]. - **Industry News**: Peru's Romina zinc project has reached 50% completion and is expected to be officially put into production in Q2 2026. A zinc smelter in the northwest plans to continue its maintenance from September to October, with the expected impact to be made up in November - December. On August 18, the [LME0 - 3 zinc] was at a discount of $8.65 per ton, and the open interest increased by 3,010 to 193,998 contracts [1]. - **Fundamentals**: Zinc smelters have sufficient raw material inventories, and zinc ore processing fees are rising. The production of zinc is showing an upward trend. On the demand side, downstream enterprises mainly consume existing inventory, but due to concerns about future production cuts, some terminals have stockpiled goods, leading to a rebound in galvanizing production [1].

Group 1 - The controlling shareholder, Henan Yuguang Gold Lead Group Co., Ltd., holds convertible bonds worth 210,143,000 yuan, accounting for 29.60% of the total issuance of the company's convertible bonds [2] - After the recent pledge, the total pledged amount of convertible bonds by the controlling shareholder reaches 210,000,000 yuan, which is 99.93% of its holdings and 29.58% of the total issuance [2] - The pledge does not serve as collateral for major asset restructuring or performance compensation [2] Group 2 - As of the announcement date, the controlling shareholder has not engaged in non-operating fund occupation, illegal guarantees, or related party transactions that harm the company's interests [3] - The controlling shareholder has a good credit status and possesses the ability to repay funds, indicating that the pledge risk is within a controllable range [3] - The company will continue to monitor the controlling shareholder's convertible bond pledges and associated risks, fulfilling information disclosure obligations as required [3]

Group 1 - In July, China's lead production reached 629,000 tons, a year-on-year increase of 0.5% [1] - In July, China's zinc production was 617,000 tons, showing a significant year-on-year increase of 13.8% [1] - From January to July, China's cumulative lead production totaled 4,468,000 tons, reflecting a year-on-year decrease of 0.8% [1] - From January to July, China's cumulative zinc production reached 4,166,000 tons, with a year-on-year increase of 1.3% [1]