Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is unstable. The supply of zinc ore and ingots is increasing, while demand is in the off - season with inventory accumulation. However, the continuous decline of overseas LME zinc inventory provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Relevant Information Lead Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 lead ingot average price was 16,675 yuan/ton, down 0.15%; the futures main contract closing price was 16,775 yuan/ton, down 0.45%; the LME3 - month lead futures closing price (electronic) was 1,971 dollars/ton, down 0.50% [1]. - **Inventory**: LME lead inventory was 260,475 tons, unchanged; Shanghai lead warehouse receipt inventory was 62,225 tons, up 0.71% [1]. - **Trading Volume and Position**: The trading volume of the active lead futures contract was 30,595 lots, down 6.15%; the position was 49,496 lots, down 3.34% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Pre - maintenance smelters are gradually resuming production. For secondary lead, scrap lead - acid battery prices are likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost inversion. Terminal demand has not improved significantly [1]. - **Industry News**: An East - China large secondary lead smelter plans to stop production for 1 month, expected to affect August secondary refined lead output. Dongying Xinsanyuan's 200,000 - ton lead - acid battery environmental utilization project has determined the winning bidder [1]. Zinc Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 zinc ingot average price was 22,230 yuan/ton, down 0.67%; the futures main contract closing price was 22,340 yuan/ton, down 0.73%; the LME3 - month zinc futures closing price (electronic) was 2,777 dollars/ton, down 0.70% [1]. - **Inventory**: LME zinc inventory was 75,850 tons, unchanged; Shanghai zinc warehouse receipt inventory was 32,538 tons, up 62.53% [1]. - **Trading Volume and Position**: The trading volume of the active zinc futures contract was 80,217 lots, down 3.61%; the position was 69,630 lots, down 8.80% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. In August, zinc concentrate processing fees are expected to continue rising. Downstream demand is mainly consuming existing inventories, but some terminal demand has increased due to concerns about zinc price increases [1]. - **Industry News**: Indian Zinc (HZL) plans to build a zinc tailings re - processing plant in Rajasthan and expand its metal (zinc + lead) production capacity [1].

河南日报客户端记者 赵珊珊 "142万元退税，不仅是宝贵的现金流，更是国家对企业绿色低碳循环发展路径的肯定。"近日，河南金 马能源股份有限公司财务负责人庞吏义收到资源综合利用增值税退税税款后，倍感振奋。在当前氢能技 术研发投入巨大的起步阶段，这笔"真金白银"为企业扩大绿色生产规模注入了强劲信心。 据了解，为有效服务企业绿色技改、循环发展，济源税务部门专门组建"绿色转型服务专班"，主动下沉 重点企业，深入调研、把脉问需，"一对一"梳理政策，定制"绿色税惠政策清单"，清单精准涵盖环保节 能及安全生产专用设备投资额抵免、研发费用加计扣除、水资源税减免等多项针对性政策。 此外，济源税务部门还积极探索跨部门协同机制，与水利、财政等部门建立信息共享平台，动态跟踪企 业用水等关键数据，为符合条件的企业高效享受水资源税减征等联动优惠政策提供支撑。 税惠"活水"有效缓解了企业转型的资金压力，浇灌出累累"硕果"。 在济源钢铁（集团）有限公司，得益于量身定制的高新技术企业税收优惠等政策支持，企业将每年节省 的超千万元资金持续投入研发，成功突破"超高纯净度电渣钢锭技术"，显著提升了产品竞争力。 河南豫光金铅集团有限责任公司今年上半年 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].

中国经济网北京8月15日讯豫光金铅（600531）(600531.SH)昨日晚间发布关于终止向特定对象发行股票 并签署终止协议的公告。 本次发行的股票种类为境内上市人民币普通股(A股)，每股面值为人民币1.00元。本次发行的股票将在 上海证券交易所上市交易。本次向特定对象发行股票数量为不超过59,347,181股(含本数)，发行数量不 超过本次发行前公司总股本的30%。 本次向特定对象发行股票募集资金总额不超过40,000万元(含本数)，扣除发行费用后拟全部用于补充流 动资金及偿还银行贷款。 据公司前次募集资金使用情况的专项报告，经中国证监会批复(证监许可〔2024〕887号)核准，公司于 2024年8月12日向不特定对象发行面值总额71,000万元可转换公司债券，期限6年，每张面值为人民币 100元，发行数量710.00万张，募集资金总额为人民币710,000,000.00元。扣除发行费用人民币 13,677,575.47元(不含税)后，募集资金净额为人民币696,322,424.53元。上述募集资金到位情况已经中勤 万信会计师事务所(特殊普通合伙)予以验证，并由其出具《验证报告》(勤信验字〔2024〕第0 ...

河南豫光金铅股份有限公司 第九届董事会独立董事专门会议 河南豫光金铅股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日以通讯方式 召开第九届董事会独立董事专门会议 2025 年第七次会议。本次会议应到独立董事 3 名， 实到 3 名。本次会议的召集、召开符合《中华人民共和国公司法》（以下简称《公司法》） 和本公司《公司章程》《独立董事工作制度》的规定。经与会独立董事认真审议，基于 独立、客观判断的立场，就相关审议事项形成会议决议如下： 一、审议通过《关于终止公司 2025 年度向特定对象发行股票并签署相关终止协议 的议案》 根据《公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》等 相关法律、法规及规范性文件的规定，结合实际情况，为更好地维护公司及全体股东的 利益，经审慎研究，公司决定终止本次向特定对象发行股票事项，并同意与认购对象签 署《附生效条件的股份认购协议之终止协议》。 独立董事认为，公司终止向特定对象发行股票事项并签署终止协议，主要是综合 考虑目前公司实际情况做出的审慎决策，不会对公司的正常经营和持续稳定造成重大影 响，不存在损害公司及全体股东特别是中小股东利益的情形， ...

证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-073 债券代码：110096 债券简称：豫光转债 公司于 2025 年 8 月 14 日召开第九届董事会第二十次会议，审议通过了《关于 终止 2025 年度向特定对象发行股票并签署相关终止协议的议案》，同意公司终止 本次向特定对象发行股票，并与豫光集团签署《终止协议》。豫光集团为公司控股 股东，根据《上海证券交易所股票上市规则》的有关规定，本次发行构成关联交易。 本次董事会涉及的关联董事已履行相应回避表决程序，相关议案由非关联董事表决 通过。本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、终止向特定对象发行股票事项的原因 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》等相关法律、法规及规范性文件的规定，结合公司实际情况，为 更好地维护公司及全体股东的利益，经审慎研究，公司决定终止本次向特定对象发 行股票事项。 河南豫光金铅股份有限公司 关于终止向特定对象发行股票 并签署终止协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其 ...

中国经济网北京8月14日讯豫光金铅（600531）(600531.SH)昨晚披露2025年度向特定对象发行股票预 案，本次向特定对象发行股票的发行对象为公司控股股东豫光集团。豫光集团拟以现金方式认购公司本 次发行的全部股票。 本次发行的定价基准日为第九届董事会第十九次会议决议公告日。发行价格为6.74元/股，不低于定价 基准日前20个交易日公司股票交易均价的80%。 据公司前次募集资金使用情况的专项报告，经中国证监会批复(证监许可〔2024〕887号)核准，公司于 2024年8月12日向不特定对象发行面值总额71,000万元可转换公司债券，期限6年，每张面值为人民币 100元，发行数量710.00万张，募集资金总额为人民币710,000,000.00元。扣除发行费用人民币 13,677,575.47元(不含税)后，募集资金净额为人民币696,322,424.53元。上述募集资金到位情况已经中勤 万信会计师事务所(特殊普通合伙)予以验证，并由其出具《验证报告》(勤信验字〔2024〕第0033号)。 据公司2025年一季报，报告期内，公司实现营业收入103.95亿元，同比增长21.29%；归属于上市公司股 东的净 ...

Report Industry Investment Rating No information provided. Core Viewpoints - For the lead market, supply and demand are both increasing with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment fluctuates. Fundamentally, both zinc ore and zinc ingot supplies are increasing, demand is in the off - season, inventories are accumulating, and the continuous decline of LME zinc inventories overseas provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Related Catalogs Lead Market Price and Market Indicators - SMM1 lead ingot average price was 16,750 yuan/ton, down 0.15% [1]. - Futures main contract closing price was 16,930 yuan/ton, up 0.09% [1]. - Shanghai lead basis was - 180 yuan/ton, down 40 yuan [1]. - LME3 - month lead futures closing price (electronic trading) was 1,988 dollars/ton, down 1.39% [1]. - Shanghai - London lead price ratio was 8.52, up 1.50% [1]. Supply - related Information - The "Limit Specification for Harmful Elements in Heavy Non - ferrous Metal Concentrate Products" will be implemented on September 1, 2025, mainly restricting the entry of imported lead concentrates with excessive harmful elements, but currently having no obvious impact on supply [1]. - Some lead smelting enterprises in Henan may face vehicle transportation restrictions during August 26 - September 3 due to environmental protection emergency control [1]. - South American mining company Nexa Resources' Cerro Pasco complex partially shut down temporarily, but it has not had a substantial impact on production [1]. Market Fundamentals - Lead concentrate imports have no expected increase, processing fees are likely to rise, but it has not affected smelter operations significantly. Primary lead production is stable with a slight increase [1]. - For recycled lead, waste lead - acid battery prices are likely to rise, raw materials are in short supply, some smelters cut or stop production, and the overall production is at a relatively low level [1]. Demand - side Situation - Some battery enterprises' operations declined last week due to high temperatures and poor demand, and downstream purchasing was cautious after the lead price rebounded [1]. Zinc Market Price and Market Indicators - SMM1 zinc ingot average price was 22,490 yuan/ton, up 0.27% [1]. - Futures main contract closing price was 22,600 yuan/ton, down 0.13% [1]. - Shanghai zinc basis was - 110 yuan/ton, up 90 yuan [1]. - LME3 - month zinc futures closing price (electronic trading) was 2,811.5 dollars/ton, down 1.28% [1]. - Shanghai - London zinc price ratio was 8.04, up 1.16% [1]. Supply - related Information - Zinc smelters have sufficient raw material stocks, zinc concentrate processing fees are rising, and production is expected to increase [1]. Market Fundamentals - The cost - side support for zinc is weakening, smelter profits and production enthusiasm are improving, and the output is increasing significantly [1]. Demand - side Situation - Downstream zinc buyers purchased more when the price was low last week, and the restocking sentiment weakened after the price rebounded [1].

Group 1 - The company's net profit attributable to shareholders increased by 57.8% year-on-year in H1 2025, reaching 585 million yuan, with total revenue of 10.4 billion yuan, a 14.9% increase [1] - In Q2 2025, the net profit attributable to shareholders was 309 million yuan, up 45.6% year-on-year and 11.4% quarter-on-quarter, while the non-recurring net profit was 311 million yuan, reflecting a 70.9% year-on-year increase [1] - The significant profit growth in H1 2025 was driven by rising gold prices and recovery in processing fees for zinc concentrate, alongside increased sulfuric acid prices [1][2] Group 2 - The company has a production capacity of 860,000 tons for lead, zinc, and copper, with annual production exceeding 40,000 tons of lead and zinc metals, and approximately 1.8-2 tons of gold and 60 tons of silver [2] - The average gold price in H1 2025 was 722 yuan per gram, up 38.6% year-on-year, while the average silver price increased by 20.3% to 8,171 yuan per kilogram [2] - The company's gross profit for H1 2025 was 1.27 billion yuan, a 44.9% increase compared to 870 million yuan in H1 2024 [2] Group 3 - The company increased its R&D expenses significantly in H1 2025 to 160 million yuan, compared to 80 million yuan in H1 2024, indicating a stronger focus on research and development [2] - The company has restructured and acquired key lead and zinc assets, enhancing its position in the market [3] - Future profit projections for 2025-2027 indicate net profits of 1.19 billion, 1.38 billion, and 1.49 billion yuan respectively, with expected growth rates of 51%, 16%, and 8% [3]

Core Insights - 株冶集团 reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 10.412 billion yuan, a year-on-year increase of 14.89%, and net profit attributable to shareholders at 585 million yuan, up 57.83% [1] - The company's gross margin improved to 12.19%, reflecting a year-on-year increase of 26.12%, while the net margin rose to 5.66%, an increase of 34.91% [1] Financial Performance - Total revenue for 2025 was 10.412 billion yuan, compared to 9.063 billion yuan in 2024, marking a 14.89% increase [1] - Net profit attributable to shareholders was 585 million yuan, up from 371 million yuan in 2024, representing a 57.83% increase [1] - The company's gross margin increased to 12.19% from 9.66%, a rise of 26.12%, and net margin improved to 5.66% from 4.20%, an increase of 34.91% [1] - Operating expenses, including sales, management, and financial costs, totaled 342 million yuan, accounting for 3.28% of revenue, down 9.13% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents increased significantly by 93.38% to 1.321 billion yuan, attributed to increased cash reserves due to higher operating income [3] - The company reported a 47.24% increase in operating cash flow per share, reaching 1.01 yuan [1][6] - The company's total liabilities decreased by 19.53% to 2.114 billion yuan, indicating improved financial health [1] Investment and Market Position - The company has seen a strong return on invested capital (ROIC) of 13.09%, although historical data shows a median ROIC of 6.97% over the past decade [6] - Analysts expect the company's performance for 2025 to reach 1.191 billion yuan, with an average earnings per share of 1.11 yuan [6] Fund Holdings - The largest fund holding株冶集团 is the Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund, which holds 14.06 million shares and has seen a decrease in holdings [7] - Other funds have also adjusted their positions, with some increasing their stakes in the company [7]