Group 1 - The stock of Jincheng Mining Management Co., Ltd. increased by 5.04% on September 1, reaching a price of 66.96 CNY per share, with a trading volume of 408 million CNY and a turnover rate of 1.00%, resulting in a total market capitalization of 41.768 billion CNY [1] - Jincheng Mining was established on January 7, 2008, and listed on June 30, 2015. The company's main business includes mining engineering construction, mining operation management, and mining design and technology research and development [1] - The revenue composition of Jincheng Mining is as follows: sales of cathode copper, copper concentrate, and phosphate rock account for 46.11%, mining operation management 39.63%, mining engineering construction 11.85%, materials, equipment, and others 1.29%, mining machinery and equipment 1.00%, and mining design consulting 0.13% [1] Group 2 - Yimin Fund has one fund heavily invested in Jincheng Mining, specifically the Yimin Core Growth Mixed Fund (560006), which held 16,000 shares in the second quarter, representing 3.03% of the fund's net value, making it the largest holding [2] - The Yimin Core Growth Mixed Fund was established on August 16, 2012, with a latest scale of 24.5055 million CNY. Year-to-date returns are 9.11%, ranking 5871 out of 8254 in its category; the one-year return is 21.93%, ranking 5555 out of 8037; and since inception, the return is 40.1% [2] Group 3 - The fund managers of Yimin Core Growth Mixed Fund are Wang Yong and Guan Xu. Wang Yong has a tenure of 2 years and 187 days, with total assets of 105 million CNY, achieving a best return of 79.71% and a worst return of -7.89% during his tenure [3] - Guan Xu has a tenure of 1 year and 340 days, managing total assets of 404 million CNY, with a best return of 13.43% and a worst return of 9.34% during his tenure [3]

Core Viewpoint - Jinchengxin (603979.SH) is solidifying its sustainable development in the mining sector by issuing convertible bonds to raise up to 2 billion yuan for investment in various projects, including the Zambia Luban Copper Mine [1][2] Group 1: Financial Performance - From 2022 to 2024, the company's net profit is projected to increase from 611 million yuan to 1.584 billion yuan, representing a growth of 159.25% [1][5] - For the first half of 2025, the company expects a net profit of 1.07 billion to 1.12 billion yuan, with a year-on-year increase of 74.62% to 82.78% [1][6] - Revenue is anticipated to grow from 5.355 billion yuan in 2022 to 9.942 billion yuan in 2024, marking an increase of 85.66% [5] Group 2: Investment and Projects - The company plans to allocate 800 million yuan for the Zambia Luban Copper Mine project, which has a designed capacity of 2.5 million tons per year but has not yet reached production [2] - The project is expected to yield a post-tax internal rate of return of 17.36% and a payback period of 7.4 years [2] - Jinchengxin has expanded its resource projects to five across four countries, focusing on copper, silver, gold, and phosphate mining [3] Group 3: Market Expansion - Jinchengxin has been active in overseas markets for over 20 years, with foreign revenue reaching 7.038 billion yuan in 2024, accounting for 70.78% of total revenue [1][4] - The company has made significant investments in projects such as the Congo (DRC) Lonshi Copper Mine and the Alacran copper-gold-silver mine in Colombia [4]

Financial Performance - The company achieved operating revenue of 1.395 billion CNY, a year-on-year increase of 19.87% [3] - The net profit attributable to shareholders was 71.671 million CNY, reflecting a year-on-year growth of 8.26% [4] Growth Drivers - The dual growth in revenue and profit is primarily due to increased demand for mining development services and steady growth in orders [5] - Enhanced mechanization and improved operational efficiency contributed to the growth [5] Industry Outlook - The mining development service industry is experiencing unprecedented opportunities due to a significant increase in global demand for strategic mineral resources, particularly copper [6] Future Development Plans - The company aims to implement a "going out" strategy, focusing on management and technological innovations to enhance quality and efficiency [7] - Plans include establishing a research center for new mining engineering technologies and achieving breakthroughs in key technologies for smart mining [7] Dividend Policy - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 42.05 million CNY, pending shareholder approval [8] Fundraising and Utilization - In 2024, the company raised a net amount of 229.7654 million CNY, allocated for the construction of a new technology research center and equipment purchases [10] Market Characteristics - The high-end mining development service market is characterized by large project scales, high technical requirements, and significant entry barriers [11] - The number of high-end service providers is expected to remain stable in the short term, while smaller service providers may decrease due to regulatory changes [11] Research and Development - The company invested 30.4086 million CNY in R&D in 2024, a year-on-year increase of 19.06%, resulting in 26 authorized patents [12] 2025 Business Plan - The company plans to focus on high-quality development, enhance management and technological innovations, and expand market share in 2025 [13]

Core Viewpoint - Jinchengxin (603979.SH) is intensifying its overseas mining layout by acquiring a 5% stake in Colombia's CMH company and investing $231 million in the Alacran copper-gold-silver mine project [2][3][5]. Group 1: Acquisition and Investment - The company plans to acquire an additional 5% stake in CMH for $10 million, with potential additional payments of $4.4 million or $15.4 million, aiming to gain control over the San Matias project, which includes the Alacran mine [3][4]. - Jinchengxin will invest approximately $231 million in the construction of the Alacran open-pit mining project, contingent upon completing the acquisition of CMH [3][4]. Group 2: Business Performance - Jinchengxin has shown consistent growth in revenue and net profit from 2017 to 2024, with revenue increasing from 2.44 billion yuan in 2017 to 9.94 billion yuan in 2024, a growth of approximately 307% [6][7]. - The net profit also saw significant growth, rising from 205 million yuan in 2017 to 1.584 billion yuan in 2024, an increase of over 600% [6][7]. - In Q1 2025, the company reported revenue of 2.811 billion yuan, a year-on-year increase of 42.49%, and a net profit of 422 million yuan, up 54.10% [7]. Group 3: Resource Development and R&D - The company has expanded its resource projects to five across four countries, focusing on copper, silver, gold, and phosphate production [5][6]. - Jinchengxin's resource sales revenue reached 3.209 billion yuan in 2024, a staggering increase of 412.85% year-on-year, contributing to 32.28% of total revenue [8]. - The company has invested 450 million yuan in R&D over the past five years, maintaining a leading position in geological exploration technology [8][9].