1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures fluctuated slightly. Macroeconomically, the extension of Sino - US tariffs, the moderate growth of US CPI but the unexpected increase in PPI, and the changing expectations of the Fed's interest rate cut in September led to the stabilization of the US dollar. In China, the financial and economic data in July were weak, indicating a slow economic recovery, although the new fiscal policies for personal consumption loan subsidies were helpful for economic repair [3][12]. - Fundamentally, the temporary shutdown of Nexa's mines had no substantial impact on production. The recovery of zinc concentrates was smooth, and the processing fees improved, boosting refinery profits and maintaining a high supply of refined zinc. On the demand side, the approaching military parade in early September affected the black - metal industry, with some stocking behaviors. The start - up rates of different downstream industries varied. Overseas, LME continued to reduce inventories, which supported zinc prices [4][12][13]. - Overall, the fundamental contradiction is concentrated overseas. The LME inventory reduction strongly supports zinc prices, but the repeated interest - rate cut expectations and the digestion of the inventory - reduction benefits limit the upside of zinc prices. Considering the uncertainty of the Russia - Ukraine situation and the upcoming speech by Powell, zinc prices are expected to fluctuate this week [4][13]. 3. Summary According to Relevant Catalogs 3.1 Transaction Data | Contract | 8/8 | 8/15 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Zinc | 22515 | 22505 | - 10 | Yuan/ton | | LME Zinc | 2834 | 2796.5 | - 37.5 | US dollars/ton | | SHFE - LME Ratio | 7.94 | 8.05 | 0.10 | | | SHFE Inventory | 65917 | 76803 | 10886 | Tons | | LME Inventory | 81500 | 76325 | - 5175 | Tons | | Social Inventory | 11.69 | 10.37 | - 1.32 | Ten thousand tons | | Spot Premium | - 30 | - 50 | - 20 | Yuan/ton | [5] 3.2 Market Review - The main contract of Shanghai zinc (ZN2510) first rose and then fell last week. Market risk appetite changed with interest - rate cut expectations. The US dollar first fell and then rose, and zinc prices followed a similar trend. Eventually, it closed at 22505 yuan/ton, with a weekly decline of 0.04%. LME zinc fluctuated sideways, supported by continuous low - level inventory reduction but restricted by the rebound of the US dollar, closing at 2796.5 US dollars/ton, with a weekly decline of 1.32% [6]. - In the spot market as of August 15, prices in different regions varied, with downstream demand mainly for rigid needs, and spot transactions were mostly among traders, with a slight spot discount [7]. - In terms of inventory, as of August 15, LME zinc inventory decreased by 5175 tons, while SHFE inventory increased by 10886 tons. As of August 14, social inventory increased by 1.60 million tons compared with last Thursday, mainly due to low downstream提货 during the off - season and the impact of the upcoming military parade in Tianjin [8]. - Macroeconomically, in the US, the CPI in July increased moderately, but the PPI growth exceeded expectations. There were different views among Fed officials on interest - rate cuts. Sino - US tariffs were extended for 90 days. In China, the financial data in July were weak, but new fiscal policies for personal consumption loan subsidies were introduced [9][10][11]. 3.3 Industry News - As of August 15, the average weekly domestic TC price of SMM Zn50 remained unchanged at 3900 yuan/metal ton, and the SMM imported zinc concentrate index rose by 8.05 US dollars/dry ton to 90.3 US dollars/dry ton [14]. - According to 29Metals' second - quarter report, its zinc concentrate production in the second quarter was 12,300 tons, a 28% decrease from the previous quarter, mainly due to the decrease in zinc grade and recovery rate. Its production guidance for 2025 is 60,000 - 70,000 tons [14]. - On August 12, Nexa Resources' Cerro Pasco mining complex was partially shut down due to illegal blockades, but it had no substantial impact on production, and the production guidance remained unchanged [15].

Core Viewpoint - The company, Jinhui Co., Ltd. (603132.SH), reported a strong performance in its 2025 mid-year report, showing continuous growth in revenue, net profit, and cash flow from operating activities compared to the same period last year [1][2]. Financial Performance - The total operating revenue for the company reached 792 million yuan, an increase of 75.19 million yuan year-on-year, representing a growth of 10.50% [1]. - The net profit attributable to shareholders was 253 million yuan, up by 41.53 million yuan from the previous year, marking a year-on-year increase of 19.62% [1]. - The net cash inflow from operating activities was 337 million yuan, which is an increase of 55.08 million yuan compared to the same period last year, reflecting a year-on-year growth of 19.51% [1]. Profitability Metrics - The latest gross profit margin stood at 64.18%, which is an increase of 2.33 percentage points from the previous quarter and up by 3.91 percentage points year-on-year [2]. - The return on equity (ROE) was reported at 7.77%, an increase of 1.00 percentage point compared to the same period last year [2]. - The diluted earnings per share were 0.26 yuan, an increase of 0.04 yuan year-on-year, representing an 18.18% growth [2]. Efficiency Ratios - The total asset turnover ratio was recorded at 0.11 times [2]. - The inventory turnover ratio was 10.01 times, which is an increase of 1.99 times year-on-year, reflecting a growth of 24.82% [2]. Shareholder Information - The number of shareholders was reported at 22,300, with the top ten shareholders holding 901 million shares, accounting for 92.10% of the total share capital [2]. Leverage - The company's debt-to-asset ratio was reported at 56.75% [3].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-ferrous metals industry maintains a strong operational trend due to macroeconomic sentiment and supply disruptions [1][2][3] - The U.S. and China have agreed to pause tariff increases for 90 days, which may positively impact trade relations [1] - Recent U.S. CPI data has increased expectations for a potential interest rate cut by the Federal Reserve, although PPI data suggests inflation may rise in the coming months [2][3] - The U.S. has expanded the range of steel and aluminum import tariffs, affecting hundreds of products [3] - Zambia's copper production has declined, raising concerns about meeting the government's annual production target of 1 million tons [5][19] Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [9] - Key stocks that performed well include Bowei Alloy (+39.60%) and Jintian Co. (+34.32%) [9] 2. Key Focus & Metal Prices & Inventory Changes 2.1 Industrial Metals - Copper prices on LME were $9,760/ton, down 0.08% week-on-week, while SHFE prices were ¥79,060/ton, up 0.73% [21][23] - Aluminum prices on LME were $2,603/ton, down 0.46%, and SHFE prices were ¥20,770/ton, up 0.41% [21][23] 2.2 Precious Metals - COMEX gold prices were $3,381.70/oz, down 2.21%, while SHFE gold prices were ¥775.80/g, down 1.52% [35][36] 2.3 Energy Metals - Battery-grade lithium carbonate prices rose to ¥82,000/ton, up 14.69% week-on-week [40][41] 2.4 Strategic Metals - Prices for praseodymium oxide reached ¥568,100/kg, up 5.46% week-on-week [44] 3. Core View Updates and Key Stock Tracking - For industrial metals, companies like Zijin Mining and Western Mining are recommended due to supply constraints and strong price support [54][56] - In precious metals, companies such as Chifeng Jilong Gold and Shandong Gold are favored due to ongoing U.S. tariff policies and debt issues [54] - Strategic metals like tungsten and antimony are expected to see valuation reconstruction opportunities, with recommendations for companies like Bowei Alloy [55]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing fluctuations due to expectations of interest rate cuts by the Federal Reserve, with domestic copper inventories showing a slight increase [5] - Aluminum prices are expected to remain stable amid rising inventories, while lithium prices are on the rise due to increased demand and supply disruptions [5] - Cobalt prices are anticipated to rise as raw material inventories are expected to be consumed faster due to export bans from the Democratic Republic of Congo [5] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has shown a strong performance, with the Shenwan non-ferrous index rising by 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [11] - The report notes significant price movements in various metals, with copper and lithium showing notable increases [11][20] 2. Industrial Metals Copper - Copper prices have fluctuated, with LME copper up by 0.31% and SHFE copper up by 0.73%. Domestic copper inventories have increased by 5.4% [25] Aluminum - Aluminum prices are expected to remain stable, with SHFE aluminum rising by 0.34% and inventories increasing [36] Lead and Zinc - Lead prices have decreased slightly, while zinc prices have shown minor increases. The report notes changes in inventory levels for both metals [48] Tin and Nickel - Tin prices have decreased, while nickel prices have remained stable. The profitability of nickel enterprises has improved [61] 3. Energy Metals Lithium - Lithium prices have surged, with lithium carbonate up by 15.02% to 82,700 yuan/ton, and spodumene concentrate up by 20.98% to 940 USD/ton [77] Cobalt - Cobalt prices have shown a slight decline domestically, but the report anticipates a potential increase due to supply constraints from export bans [89]

Core Viewpoint - Jin Hui Co., Ltd. reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 792 million yuan, a year-on-year increase of 10.5% [1] - Net profit attributable to shareholders was 253 million yuan, up 19.62% year-on-year [1] - In Q2 alone, revenue was 449 million yuan, reflecting a 7.46% increase year-on-year, while net profit for the quarter was 159 million yuan, up 20.33% [1] - Gross margin improved to 64.18%, an increase of 6.49% year-on-year, and net margin rose to 31.76%, up 9.09% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 175 million yuan, accounting for 22.1% of revenue, which is a 20.11% increase year-on-year [1] - Management expenses increased by 26.15% due to new costs associated with the closure of a tailings pond at the Jiangluo mining area [3] Cash Flow and Assets - Operating cash flow per share was 0.34 yuan, a year-on-year increase of 19.51% [1] - The company experienced a significant increase in accounts receivable, which rose by 81.23% to 24.30 million yuan [3] - Cash and cash equivalents decreased by 24.65% to 587 million yuan [3] Debt and Liabilities - Interest-bearing liabilities increased by 51.38% to 3.863 billion yuan [1] - The company’s debt-to-asset ratio reached 50.82%, indicating a high level of leverage [5] - Long-term borrowings rose by 65.94% due to increased loans from financial institutions [3] Return on Investment - The company's return on invested capital (ROIC) was reported at 9.97%, with a historical median ROIC of 11.31% since its listing [4]

Core Insights - The company achieved a significant increase in net profit attributable to shareholders, reaching $340 million in the first half of 2025, a year-on-year increase of 1511% driven by strong production growth from Las Bambas, Khoemacau, and Kinsevere copper mines, alongside rising prices for copper, gold, silver, and zinc [1][2] - The balance sheet continues to improve, with net debt and leverage ratios hitting historical lows since the acquisition of Las Bambas [1] Production and Sales Growth - In the first half of 2025, copper and zinc production reached 259,000 tons and 108,000 tons, respectively, representing year-on-year increases of 64% and a slight decrease of 1%, with by-product gold and silver production also increasing by 36% and 13% [1][2] - The three major copper mines showed significant production increases: Las Bambas, Khoemacau, and Kinsevere produced 211,000 tons, 22,000 tons, and 25,000 tons of copper, respectively, with year-on-year growth rates of 67%, 120%, and 19% [2] Cost Reduction and Efficiency Improvement - The C1 costs for copper at Las Bambas and Khoemacau were $1.06/lb and $2.05/lb, respectively, both lower than previous guidance ranges, indicating improved operational efficiency [2] - The company has seen a reduction in cash outflows for investment activities, with significant expenditures from the previous year related to the acquisition of Khoemacau no longer impacting the current financials [2] Investment Outlook - The company's half-year performance exceeded expectations, benefiting from strong resource endowments and operational improvements that reduced costs, alongside rising metal prices [2] - Profit forecasts for 2025-2027 have been revised upwards to $610 million, $820 million, and $870 million, reflecting year-on-year growth rates of 275%, 35%, and 5% respectively, with corresponding EPS estimates of $0.05, $0.07, and $0.07 [2]

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 16 日 [Table_Title] Alphamin 2025Q2 锡产销量分别环比减少 4%至 4,106 吨、环比增加 19%至 4,587 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 生产经营业绩 2025Q2，矿石加工量为 168,141 吨，环比增加 5%，同比 增加 1%。矿石品位为 3.16%，上季度为 3.55%。 2025Q2，锡产量为 4,106 吨，环比减少 4%，同比增加 2%。该季度产量低于 5,000 吨的季度目标产量，原因是 2025 年 3 月 13 日因安全问题暂时停产，以及自 2025 年 4 月 15 日 起分阶段复工。2025 年 5 月和 6 月，锡产量为 3,361 吨，符合 20,000 吨的年化目标。加工厂表现良好，高于目标，本季度工 厂整体回收率平均为 77%（第一季度：75%）。 2025Q2，锡销量为 4,587 吨，环比增加 19%，同比增加 41%。环比增加主要系第一季度积压的销售订单已全部清仓。 20 ...

Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Tibet Summit Resources Co., Ltd. as of August 15, 2025, showing significant revenue and profit growth [1] - The company's total operating revenue for Q1 2025 reached 573 million yuan, representing a year-on-year increase of 86.67% [1] - The net profit attributable to shareholders for the same period was 126 million yuan, reflecting a substantial year-on-year growth of 610.60% [1] Group 2 - The company has a current ratio of 0.398 and a quick ratio of 0.290, indicating its liquidity position [1] - The asset-liability ratio stands at 37.85%, suggesting a moderate level of financial leverage [1] - Tibet Summit has made investments in six external companies and has participated in one bidding project [2]

Core Viewpoint - The company, Jinhui Co., Ltd. (603132.SH), reported its mid-year financial results for 2025, showing significant revenue and profit figures. Financial Performance - The total operating revenue for the company was 792 million yuan [2] - The net profit attributable to shareholders was 253 million yuan [2] - The net cash inflow from operating activities was 337 million yuan [2] Financial Ratios - The latest debt-to-asset ratio stood at 56.75%, an increase of 2.03 percentage points from the previous quarter and an increase of 9.63 percentage points year-on-year [4] - The latest gross profit margin was 64.18% [5] - The return on equity (ROE) was reported at 7.77% [5] Earnings and Efficiency - The diluted earnings per share were 0.26 yuan [6] - The total asset turnover ratio was 0.11 times, a decrease of 0.01 times compared to the same period last year, representing a year-on-year decline of 10.79% [6] - The inventory turnover ratio was 10.01 times [6] Shareholder Information - The number of shareholders was 22,300, with the top ten shareholders holding 901 million shares, accounting for 92.10% of the total share capital [7]

Group 1 - The company has disclosed the acquisition and integration of mining rights around the Huasheng gold mine in its Q1 2025 report [2] - The company is currently promoting the resource reserve assessment and filing work for the Huasheng gold mine [2] - If the relevant information meets the disclosure standards, the company will announce it in a timely manner [2]