华福证券研报指出，藏格矿业2025H1归母净利润18亿元，同比+38.8%；25Q2归母净利润10.53亿元，环 比+48%。202H1年巨龙铜业产铜9.28万吨，销量9.27万吨，公司持有巨龙铜业30.78%的股权，报告期内 公司取得投资收益12.64亿元，同比+48%，占公司归母净利润70.22%，成为公司重要收益来源。锂钾铜 三业务扩展持续推进。其中，巨龙铜矿二期采选改扩建工程已完成项目立项核准、环评批复等关键证照 手续办理，预计将于2025年底建成投产。考虑到公司成本优势显著以及铜业务稳步增长，维持"买入"评 级。 ...

Core Viewpoint - The research report on Cangge Mining (000408) indicates a strong performance in potassium chloride profitability and highlights the impressive results from Jilong Copper Mining, leading to a "buy" rating for the company [1]. Financial Performance - In H1 2025, Cangge Mining reported a revenue of 1.678 billion yuan, a decrease of approximately 4.7% compared to 1.762 billion yuan in the same period last year [2]. - The net profit attributable to shareholders reached 1.8 billion yuan, marking a year-on-year increase of about 38.8% from 1.297 billion yuan [2]. - The net profit excluding non-recurring gains and losses was 1.81 billion yuan, reflecting a year-on-year growth of approximately 41.6% [2]. - In Q2 2025, the company achieved a revenue of 1.126 billion yuan, a year-on-year decrease of about 1.8%, but a significant quarter-on-quarter increase of 103.9% from 552 million yuan in Q1 [2]. Product Performance - The potassium chloride production in H1 2025 was 485,200 tons, with sales of 535,900 tons, achieving 48.52% and 56.41% of the annual targets, respectively [3]. - The average selling price of potassium chloride was 2,845 yuan/ton, a year-on-year increase of 25.57%, while the average sales cost was 996 yuan/ton, a decrease of 7.36% [3]. - The average selling price of lithium carbonate was 67,470 yuan/ton, with an average sales cost of 41,478 yuan/ton, maintaining robust profitability despite price fluctuations [3]. Cost Management - The operating costs for H1 2025 were 719 million yuan, a decrease of 19.73% year-on-year [4]. - The operating cost for potassium chloride was 534 million yuan, down 8.08% year-on-year, while the cost for lithium carbonate was 185 million yuan, a significant decrease of 41.18% [4]. Future Growth Prospects - Jilong Copper Mining, in which Cangge Mining holds a 30.78% stake, produced 92,800 tons of copper and generated an investment income of 1.264 billion yuan, accounting for 70.22% of the company's net profit [5]. - The second phase of Jilong Copper Mining's expansion is underway, expected to be completed by the end of 2025, which will increase annual copper production capacity to 300,000-350,000 tons [5]. Profit Forecast - The projected net profits for Cangge Mining from 2025 to 2027 are 3.711 billion yuan, 5.477 billion yuan, and 5.958 billion yuan, representing year-on-year growth rates of 44%, 48%, and 9%, respectively [6].

经营范围含许可项目：城市配送运输服务（不含危险货物）。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）金属矿石销售；非金属矿及 制品销售；金属材料销售；新型金属功能材料销售；金属制品销售；高性能有色金属及合金材料销售； 金属结构销售；矿产资源储量评估服务；矿产资源储量估算和报告编制服务；国际货物运输代理；供应 链管理服务；矿物洗选加工。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称神州矿业（云南）有限公司法定代表人鲜方书注册资本10000万人民币国标行业采矿业>有色 金属矿采选业>常用有色金属矿采选地址云南省普洱市镇沅彝族哈尼族拉祜族自治县恩乐镇恩乐村芒寨 山集中安置点企业类型其他有限责任公司营业期限2025-8-5至无固定期限登记机关镇沅彝族哈尼族拉祜 族自治县市场监督管理局 天眼查App显示，近日，神州矿业（云南）有限公司成立，法定代表人为鲜方书，注册资本10000万人 民币，由南京神州锦润供应链有限公司全资持股。 序号股东名称持股比例1南京神州锦润供应链有限公司100% 来源：金融界 ...

（文章来源：每日经济新闻） 中金岭南（000060.SZ）8月6日在投资者互动平台表示，根据公司公开披露信息，截至2024年末，公司 保有铜金属资源量为143万吨。2025年计划完成铜金属量为1.2万吨，为公司自有矿山产出。 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好，根据贵公司报告，铜储量143万吨， 请问贵公司目前自有矿产金属铜产量多少，报告说1.2万吨，是否为自有矿？未来随着多米尼加迈蒙矿 的开发，自有矿金属铜产能又是多少呢？ ...

序号股东名称持股比例1弋阳蛇纹石矿有限公司100% 经营范围含企业管理，矿产资源储量评估服务，矿产资源储量估算和报告编制服务，固体废物治理，国 内贸易代理，园区管理服务，非金属废料和碎屑加工处理，金银制品销售，特种作业人员安全技术培 训，稀有稀土金属冶炼，矿山机械销售，非金属矿及制品销售，选矿，金属矿石销售，非金属矿物制品 制造，以自有资金从事投资活动（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称弋阳县弋樟矿业管理有限公司法定代表人余加勇注册资本500万人民币国标行业采矿业>有色 金属矿采选业>常用有色金属矿采选地址江西省上饶市弋阳县樟树墩镇政府旁企业类型有限责任公司 （非自然人投资或控股的法人独资）营业期限2025-8-5至无固定期限登记机关弋阳县市场监督管理局 天眼查App显示，近日，弋阳县弋樟矿业管理有限公司成立，法定代表人为余加勇，注册资本500万人 民币，由弋阳蛇纹石矿有限公司全资持股。 来源：金融界 ...

Core Insights - The performance of A-share listed companies in 2025 is mixed, with some benefiting from rising product prices while others in the downstream of the supply chain face challenges due to raw material price increases [1] Group 1: Company Performance - Western Mining reported a revenue of 31.619 billion yuan, a year-on-year increase of 27%, and a net profit of 1.869 billion yuan, up 15% [1] - The growth for Western Mining is attributed to an 8% increase in copper production and an 11% rise in copper prices compared to the previous year [3] - Cangge Mining's revenue for the first half of 2025 was 1.678 billion yuan, a decrease of 4.74%, but its net profit reached 1.8 billion yuan, a significant increase of 38.8% [3] - Cangge Mining's potassium chloride business achieved a gross margin of 61.84%, driven by a 25.57% year-on-year increase in average selling price [3] Group 2: Challenges Faced by Downstream Companies - Hanwei Technology reported a 87.86% decline in net profit due to rising material costs outpacing product price increases, leading to a decrease in gross margin [4] - In response to raw material price hikes, companies like Yinstar are adjusting their pricing models and maintaining safety stock to mitigate impacts [4] - Yinstar's products are primarily made from sintered neodymium-iron-boron, with significant cost contributions from praseodymium and neodymium metals, making them sensitive to price fluctuations [4] Group 3: Overseas Market Opportunities - Angel Yeast noted slight price increases for overseas products while maintaining stable domestic prices, with higher gross margins overseas due to significant investments in local sales channels [5] - The company sees substantial growth potential in markets like Africa, Europe, and Southeast Asia, supported by local subsidiaries and tailored market development [5] - Huagong Technology is actively pursuing a global strategy, establishing multiple industrial bases and research centers abroad, resulting in significant growth in export orders from Europe, North America, and the Middle East [5]

Group 1 - The core point of the article highlights the increase in China's copper ore and concentrate imports in May 2025, with a total volume of 2.4 million tons, representing a year-on-year growth of 6.6% [1] - The import value for the same period reached 6.39 billion USD, showing a year-on-year increase of 16.3% [1] - The data is sourced from Chinese customs and organized by Zhiyan Consulting, indicating a reliable basis for the reported figures [3]

Core Viewpoint - The recent crackdown on strategic mineral smuggling in China has led to a significant decline in antimony exports, but a shift in export management is expected to facilitate a recovery in export volumes and stabilize antimony prices [1][3][4]. Group 1: Export Control and Market Impact - In May, China initiated a special action to combat the smuggling of strategic minerals, resulting in a sharp decline in antimony exports, with volumes dropping from over 800 tons per month in February, March, and April to 225 tons and 138 tons in May and June, representing declines of 73% and 39% respectively [1][3]. - The export control measures have created a significant price gap between domestic and international markets, leading to increased smuggling activities [3]. Group 2: Price Trends and Future Outlook - Antimony prices have experienced fluctuations, with a notable decline due to reduced export demand and slower photovoltaic glass production. However, the recent easing of export management is expected to support price stabilization and potential recovery [2][4]. - Projections indicate that the third quarter may see a reversal in marginal supply and demand dynamics, with expectations of increased antimony prices as export volumes recover to levels seen earlier in the year [5]. Group 3: Recommendations and Key Players - Companies in the antimony sector, such as Hunan Gold, Huaxi Nonferrous Metals, Huayu Mining, and Yuguang Gold Lead, are recommended for attention as the market dynamics shift [6].

Group 1: Market Strategy - The short-term narrative of a strong US dollar has come to an end, with a focus on previously suppressed Hong Kong stocks and precious metals, while maintaining a balanced allocation in US stocks and emphasizing technology growth [1][9]. - The market is expected to shift back to a "weak dollar" narrative, benefiting precious metals like gold and silver, which have been under pressure from a strong dollar [8][9]. Group 2: Company Analysis - Cangge Mining - Cangge Mining's performance in H1 2025 was primarily driven by Jilong Copper, with a revenue of 1.678 billion yuan, a year-on-year decrease of 4.74%, and a net profit of 1.8 billion yuan, a year-on-year increase of 38.80% [2][11]. - The company has a cash dividend payout ratio of 87.14%, reflecting a strong commitment to shareholder returns, with a cash dividend of 10 yuan per 10 shares [12][13]. - Earnings per share (EPS) forecasts for 2025-2027 are 2.03, 2.55, and 3.23 yuan, with price-to-earnings (PE) ratios of 24, 19, and 15 respectively, maintaining a "buy" rating [12][13]. Group 3: Industry Insights - Nonferrous Metals - The price of potassium chloride has risen significantly due to large contracts and production cuts by major overseas manufacturers, with an average selling price of 2,845 yuan per ton, a year-on-year increase of 25.57% [12][13]. - The lithium carbonate market is currently in a bottoming phase, with prices fluctuating between 60,000 to 80,000 yuan per ton, leading to a revenue decline of 57.90% for the company's lithium carbonate business [12][13]. Group 4: Market Trends - North Exchange - The North Exchange market is experiencing a narrow fluctuation trend, with a focus on themes such as military industry, robotics, and new materials for potential rotation opportunities [3][15]. - The North Exchange A-share trading volume reached 199.7 billion yuan, with the North Exchange 50 index closing at 1,436.78, up 0.25% [15][30]. Group 5: Macro Economic Policy - The "anti-involution" policy initiated by the Central Economic Committee aims to address chaotic competition in various industries, which is expected to have a significant impact on the current low PPI prices and influence both equity and bond markets [4][19]. - The PPI is anticipated to stabilize and recover in the second half of the year, supported by the implementation of more proactive fiscal policies and moderate monetary policies [20][21].

国城矿业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 国城矿业股份有限公司（以下简称"公司"）第十二届董事会第三十七次会议 通知于 2025 年 7 月 31 日以邮件和电话的方式发出，会议于 2025 年 8 月 5 日以 现场与通讯表决相结合的方式在北京市丰台区南四环西路 188 号 16 区 19 号楼 次会议由董事长吴城先生主持，公司部分监事及高级管理人员列席本次会议。本 次会议的召集、召开和表决程序均符合法律法规、规范性文件及《公司章程》的 有关规定，会议经表决形成如下决议： 证券代码：000688 证券简称：国城矿业 公告编号：2025-057 审议通过《关于对参股公司增资暨关联交易的议案》 表决情况：3票赞成，0票反对，0票弃权，5票回避。 本议案已经公司独立董事专门会议审议通过。 特此公告。 国城矿业股份有限公司董事会 本议案涉及关联交易，关联董事吴城先生、吴标先生、万勇先生、熊为民先 生、邓自平先生回避表决。 具体内容详见与本公告同日刊登在公司指定信息披露媒体上的《关于对参股 公司增资暨关联交易的公告》。 ...