Core Points - The newly revised Mineral Resources Law, effective from July 1, marks the first major amendment in 29 years, emphasizing the importance of regulating mineral resource management and promoting green, high-quality development in the mining industry [1][2] - The law reflects a consensus across various sectors on ensuring national mineral resource security and adapting to new requirements, incorporating principles such as coordinated development and safety, resource allocation through the market, and the obligation of restoration by those who extract [2] Group 1 - The revised law upgrades the basic geological survey from departmental responsibility to a national obligation, indicating a shift from project management to systematic institutional support for long-term geological investigations [2] - The Ministry of Natural Resources is actively working on implementing the ecological restoration system established by the new law, including drafting guidelines and notifications to ensure effective transition from old to new systems [3] Group 2 - The law addresses urgent issues in mineral administration, including land use for mining, strategic mineral resource land acquisition, and the integration of oil and gas exploration and extraction [2] - The law aims to provide resource support for China's modernization by focusing on key areas and major issues in mineral resource development and protection [2]

Core Viewpoint - The independent directors of Xinjiang Baodi Mining Co., Ltd. have provided an independent opinion on the assessment of the independence of the evaluation agency, the reasonableness of the evaluation assumptions, the relevance of the evaluation methods to the evaluation purpose, and the fairness of the transaction pricing in relation to the acquisition of an 82% stake in Xinjiang Congling Energy Co., Ltd. [1][2] Group 1: Evaluation Agency Independence - The asset evaluation agency, Tianjin Huaxia Jinxin Asset Appraisal Co., Ltd., possesses qualifications for securities and futures business, while the mining rights evaluation agency, Beijing Jingwei Asset Appraisal Co., Ltd., is a professional evaluation agency registered with the China Mining Rights Appraisal Association [1] - The selection process for the evaluation agencies is legal and compliant, with no existing relationships or conflicts of interest between the agencies and the company or the transaction parties [1][2] Group 2: Reasonableness of Evaluation Assumptions - The evaluation assumptions and limitations set by the evaluation agencies comply with national regulations and market practices, reflecting the actual situation of the evaluated assets [2] - The purpose of the asset evaluation is to determine the market value of the target assets as of the evaluation benchmark date, serving as a reference for pricing in the transaction [2] Group 3: Fairness of Transaction Pricing - The evaluation agencies adhered to principles of independence, objectivity, scientific rigor, and fairness during the evaluation process, employing compliant methods that align with the actual situation of the evaluated assets [2] - The evaluation results objectively and fairly reflect the actual situation of the evaluated objects as of the evaluation benchmark date, ensuring that the pricing does not harm the interests of the company and its shareholders, particularly minority shareholders [2]

Core Viewpoint - The independent directors of Xinjiang Baodi Mining Co., Ltd. have reviewed and approved the company's plan to issue shares and pay cash for asset acquisition, which aligns with relevant laws and regulations [1][2][3] Group 1: Compliance and Legal Framework - The transaction complies with the Company Law, Securities Law, and other relevant regulations, indicating a reasonable and operable plan [1] - The draft report for the transaction adheres to legal requirements, ensuring proper disclosure and compliance [2] - The agreements related to the transaction meet the necessary legal standards and regulations [2][3] Group 2: Transaction Details and Implications - The transaction is expected to enhance the company's asset quality and scale, improving market competitiveness and sustainable operation capabilities [3] - The controlling shareholder's participation in the fundraising reflects confidence in the company's long-term development [3] - The assessment agency involved in the transaction is independent, and the valuation methods used are deemed reasonable and fair [3] Group 3: Investor Protection and Disclosure - The company has established measures to protect the immediate returns of investors, complying with government guidelines on investor rights [3] - Adequate confidentiality measures have been implemented to protect sensitive information related to the transaction [4][5] - The company has fulfilled all necessary legal procedures and disclosure obligations regarding the transaction [5]

Core Insights - China has developed a new method to extract ultra-pure rubidium chloride from brine containing only trace amounts of rubidium, which is crucial for its high-tech and defense sectors [1][5]. Group 1: Strategic Importance - Rubidium is essential for applications in atomic clocks, perovskite solar cells, aerospace systems, and specialty glass [6]. - The breakthrough is a significant step towards securing the supply of critical minerals for the nation [3]. Group 2: Dependency and Supply Chain - China has historically relied on imports for rubidium, with Canada supplying two-thirds of its imports [4][8]. - In 2021, China imported over 19,500 tons of rubidium concentrate, with a dependency rate of 66.3% [8]. Group 3: Technological Advancements - The research team at the Qinghai Salt Lake Research Institute developed a high-fidelity model to track rubidium distribution during potassium salt processing, revealing the challenges of rubidium enrichment [8]. - The integrated process developed includes ore washing, rubidium leaching, enrichment, solvent extraction, and purification, successfully producing 99.9% pure rubidium chloride from previously unusable low-grade materials [8][9]. Group 4: Economic Impact - The new extraction method significantly reduces production costs, with a cost analysis indicating that the price of rubidium chloride produced through this method is only one-third of the market price at that time [8].

Group 1 - The Greenland autonomous government is seeking foreign investors to develop local mineral resources, including interest from the US and Europe, while not ruling out Chinese investment [1][3] - Naaja Nathanielsen, the Minister of Business and Mineral Resources, expressed a desire for diversification in Greenland's commercial development through foreign partnerships [1] - Although Greenland has significant mineral reserves, the extraction of these resources is challenging, with experts noting that the rare earth resources sought by the US are difficult to mine and of average quality [3] Group 2 - Currently, there is limited interest from Chinese investors in Greenland's mining projects, with only two Chinese companies involved as minor shareholders, and their projects are currently on hold [3] - Nathanielsen indicated that Chinese investors might adopt a wait-and-see approach to avoid unnecessary complications [3] - The Greenland government has a complex attitude towards the US, expressing a desire to collaborate on mineral development while rejecting the notion of being annexed by the US, as previously suggested by President Trump [3]

证券代码：002785 证券简称：万里石 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访  业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（电话会议） | | | 参与单位名称 | 投资者网上提问 | | | 及人员姓名 | | | | 时间 | 2025 年 5 月 日（周四）下午 15:40-17:00 | 15 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程的方 | | | | 式召开业绩说明会 | | | | 公司董事长：胡精沛先生； | | | 上市公司接待 | 公司副总经理、财务总监：朱著香女士； | | | 人员姓名 | 公司董事会秘书：殷逸伦先生； | | | | 公司独立董事：陈泽艺女士。 | | | | 为进一步加强与投资者的互动交流，厦门万里石股份有限公司（以下简称"公 | | | | 司"）参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合举 | | | | 办的"厦门辖区上市 ...

4月22日，在自然资源部"从山顶到海洋"科技成果巡展重庆首站现场，重庆市地矿局测试中心科技创新研究院总工程师李珂团队自主研发的数字化智能 重选摇床吸引了参观群众的目光。"智能重选摇床就像是一个聪明的选矿工人，即便是再细微的矿物特征，都逃不过它锐利的'眼睛'。"李珂介绍道。 地质力学及成矿系列理 NIC SIR 12 il DI 1181 s 李珂（右）在自然资源部"从山顶到海洋"科技成果巡展重庆首站现场向参观群众介绍数字化智能重选摇床 作为重庆市地矿局领军人才，去年，他和团队在继承传统选冶手段优势的基础上，引入人工智能视觉识别和数字化远程操控技术，研发出了重庆市首台 数字化智能重选摇床。 初衷：提升选冶实验效率和准确性 硕士和博士期间分别攻读重庆交通大学水土结构专业和重庆大学岩石工程专业的李珂，经常思考怎样才能让传统的地质检测和灾害防治手段智能化。于 是，他利用业余时间学习了大量有限元分析计算和编程相关知识，并研发了落石运动分析与被动防治辅助设计软件2．0版、泥石流防治结构计算程序、变截 面型钢砼结构计算程序等成果。 2023年，李珂作为高级人才被引进到重庆市地矿局测试中心主攻矿产资源高效利用相关研究。实验过 ...

Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by the resource development segment, while the mining services segment faced challenges [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion, up 53.59% [1]. - For Q1 2025, the company reported operating revenue of 2.810 billion, a year-on-year increase of 42.49%, but a quarter-on-quarter decline of 5.41%. The net profit attributable to shareholders was 422 million, reflecting a year-on-year growth of 54.10% but a quarter-on-quarter decline of 14.01% [1]. Resource Development Segment - The resource development segment saw a significant increase in revenue, with sales reaching 3.21 billion in 2024, a staggering growth of 412.85%, accounting for 32% of total revenue. In Q1 2025, this segment's revenue share rose to 46% [2]. - The gross profit from the resource development segment was 1.36 billion in 2024, representing 43% of the company's total gross profit, which increased to 62% in Q1 2025 [2]. - The company produced 48,700 tons of copper and 357,000 tons of phosphate rock in 2024, with plans to increase copper production to 79,400 tons and phosphate rock to 300,000 tons in 2025 [2]. Mining Services Segment - The mining services segment faced pressure, completing 93.4% of its production target with revenues of 6.54 billion in 2024, remaining flat year-on-year. This trend continued into Q1 2025, where gross profit dropped by 14.61% to 350 million [2][3]. - The company completed a total mining volume of 41.49 million tons and a total excavation volume of 4.1717 million cubic meters in 2024, slightly below targets [2]. Profit Drivers and Challenges - The increase in net profit for 2024 was primarily driven by gross profit growth from the resource segment, while rising costs from taxes and financial expenses posed challenges [3]. - In Q1 2025, the growth in net profit was attributed to gross profit increases, particularly from the mining resource development segment, which saw a year-on-year revenue increase of 232.7% and gross profit growth of 247.26% [3]. Future Outlook - The company is expected to continue benefiting from both the mining services and resource segments, with ongoing expansion in high-margin overseas operations and resource volume growth anticipated [3][4].

Group 1 - The 27th China International Mining Conference will be held from October 23 to 25, 2025, in Tianjin, with the theme "Mutual Integration, Co-construction, and Sharing" [1] - A secondary market transfer trading platform for mining rights is expected to trial run during the conference, aiming to create a transparent and fair trading environment to attract various capital for mineral resource exploration and development [1][2] - The platform will innovate trading models such as mining rights auctions and enhance the mining market trading mechanism, promoting the rational flow and optimization of mineral resource elements [1][2] Group 2 - The current mining rights trading is primarily in the primary market, dominated by government participation through bidding, auctioning, and listing, while the secondary market is underdeveloped due to unclear responsibility divisions [2] - The China Mining Association is actively promoting the construction of the secondary market for mining rights, hoping to stimulate exploration and development of mineral resources [2] - The conference will also release several important industry reports, including the "China Mineral Resources Report 2025" and the "2025 China Mining Listed Companies Research Report" [2] Group 3 - The exhibition at the conference will be larger, more comprehensive, and more professional, with an increased focus on mining equipment and digital mining technologies [3] - The conference will highlight technological innovations in the mining sector, emphasizing green development and showcasing high-tech achievements [3] - International participation will be encouraged, with invitations extended to mining ministers from relevant countries and the top 50 international mining companies [3]