Group 1 - The company will hold a half-year performance briefing on September 16, 2025, from 9:00 to 10:00 AM [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][5] - Investors can submit questions from September 9 to September 15, 2025, through the Roadshow Center website or via the company's email [2][4] Group 2 - The purpose of the briefing is to provide a comprehensive understanding of the company's half-year operating results and financial status [2][3] - The company will address common investor concerns during the briefing [3][4] - After the briefing, investors can access the main content and details of the event on the Roadshow Center website [6]

株冶集团9月4日披露，截至8月31日公司股东户数为41400户，较上期（8月20日）减少2200户，环比降 幅为5.05%。 证券时报·数据宝统计，截至发稿，株冶集团收盘价为14.26元，下跌4.23%，本期筹码集中以来股价累 计上涨9.95%。具体到各交易日，5次上涨，6次下跌。 公司发布的半年报数据显示，上半年公司共实现营业收入104.12亿元，同比增长14.89%，实现净利润 5.85亿元，同比增长57.83%，基本每股收益为0.5100元，加权平均净资产收益率17.57%。 机构评级来看，近一个月该股获4家机构买入评级。预计目标价最高的是东方证券，8月17日东方证券发 布的研报给予公司目标价16.48元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 融资融券数据显示，该股最新（9月3日）两融余额为3.40亿元，其中，融资余额为3.39亿元，本期筹码 集中以来融资余额合计减少825.81万元，降幅为2.38%。 ...

Group 1 - The company, Yuguang Gold Lead (600531), announced plans to hold a semi-annual performance briefing on September 16, 2025 [1]

Core Viewpoint - The company, Henan Yuguang Gold Lead Co., Ltd., is set to hold a half-year performance briefing on September 16, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 16, 2025, from 9:00 to 10:00 AM [1][2]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3]. - Investors can submit questions from September 9 to September 15, 2025, through the Roadshow Center website or via the company's email [2][3]. Group 2: Participants - Key participants in the meeting will include the General Manager, Financial Director, Board Secretary, and an Independent Director [2]. Group 3: Contact Information - For inquiries, investors can contact the Board Secretary's office via phone or email [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - The lead market is in a state of weak supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. With Powell's dovish remarks and positive domestic sentiment, lead prices will maintain range - bound consolidation [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory is accumulating. However, due to the low LME zinc inventory overseas, the LME 0 - 3 shifting to a back structure, and high capital concentration, LME zinc has been rising. In the short term, Shanghai zinc may show a strong - side consolidation under the influence of external markets and macro - sentiment [1]. 3) Summary by Relevant Catalogs Price and Market Data - **Lead**: SMM1 lead ingot average price was 16,725 yuan/ton with 0.00% change; futures主力合约收盘价 was 16,850 yuan/ton, down 0.03%. LME 3 - month lead futures (electronic) closed at 1,994 dollars/ton, down 0.47%. The trading volume of the active futures contract increased by 5.94% to 42,223 hands, and the open interest increased by 0.95% to 51,504 hands [1]. - **Zinc**: SMM1 zinc ingot average price was 22,080 yuan/ton, up 0.23%; futures主力合约收盘价 was 22,325 yuan/ton, up 0.68%. LME 3 - month zinc futures (electronic) closed at 2,865.5 dollars/ton, up 1.15%. The trading volume of the active futures contract decreased by 10.03% to 125,688 hands, and the open interest decreased by 7.34% to 107,662 hands [1]. Market News - **Lead**: A small - and - medium - sized lead - zinc mine project in Qinghai completed its 10 - day autumn maintenance, and production resumed in August. On September 1st, the [LME0 - 3 lead] was at a discount of 42.47 dollars/ton, and the open interest decreased by 686 hands to 160,389 hands [1]. - **Zinc**: Since September 1st, many galvanized sheet plants in Hebei have been on holiday due to the approaching National Day, and the resumption time is undetermined. Some plants in other regions have chosen to conduct maintenance or stop production due to vehicle transportation restrictions. On September 1st, the [LME0 - 3 zinc] was at a premium of 14.98 dollars/ton, and the open interest increased by 1,018 hands to 192,517 hands [1]. Fundamental Analysis - **Lead**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some primary lead smelters have maintenance plans, and the operating rate has declined slightly. For secondary lead, the price of waste lead batteries is likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost - price inversion. The terminal market shows no significant improvement, and dealers are mainly digesting inventory [1]. - **Zinc**: Smelters have sufficient raw material stocks, and zinc ore processing fees are rising. Domestic zinc concentrate processing fees remained flat at 3,900 yuan/metal ton last week, and the import zinc ore processing fee index increased to 93.75 dollars/dry ton. Smelter profits and production enthusiasm have improved, and production is increasing. However, due to the off - season and environmental protection restrictions in the north, some downstream industries' operating rates have weakened, and the enthusiasm for purchasing zinc ingots is limited [1].

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250902：区间整理 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/9/2 指标 单位 | | | | | 变动 近期趋势 | 今值 | | | | | | 元/吨 16,725.00 SMM1#铅锭平均价格 | | | | | 0.00% | | | | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 16,855.00 | | | | | -0.15% | | | | | | | 沪铅基差 元/吨 -130.00 | | | | | 25.00 | | | | | | | 元/吨 升贴水-上海 -20.00 升贴水-LME 0-3 美元/吨 -42.47 | | | | | - -1.40 | | | | | | | 升贴水-LME 3-15 美元/吨 -69.50 | | | | | -0.20 | | | | | | | 沪铅近月-沪铅连一 元/ ...

Core Points - The company announced that Mr. Tan Yizhong, the deputy general manager, submitted his resignation due to work changes on September 1, 2025 [1] - According to relevant regulations, Mr. Tan's resignation will take effect upon delivery to the company's board of directors [1] - After resigning, Mr. Tan will continue to hold positions as the deputy secretary and chairman of the labor union [1] - The board of directors expressed gratitude for Mr. Tan's positive contributions during his tenure [1]

| 铅锌日评20250901：区间整理 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/9/1 指标 单位 | | | | 今值 | 变动 近期趋势 | | | 元/吨 SMM1#铅锭平均价格 期货主力合约收盘价 元/吨 16,880.00 | 沪铅期现价格 | | 16,725.00 | | -0.15% -0.18% | | | 元/吨 -155.00 沪铅基差 | | | | | 5.00 | | | 升贴水-上海 元/吨 | | -20.00 | | | -20.00 | | | 升贴水-LME 0-3 美元/吨 | | -41.07 | | | 0.38 | | | 升贴水-LME 3-15 美元/吨 | | -69.30 | | | 1.20 | | | 沪铅近月-沪铅连一 元/吨 | 价差 | -40.00 | | | -20.00 | | | 元/吨 沪铅连一-沪铅连二 | | -20.00 | | | -30.00 | | | 铅 沪铅连二-沪铅连三 元/吨 | | -15.00 | | | 10.00 | | ...

Summary of Chihong Zn & Ge Co., Ltd. Conference Call Company Overview - Chihong Zn & Ge reported a revenue of 10.58 billion yuan for the first half of 2025, a year-on-year increase of 7.67% [1] - Net profit attributable to shareholders was 932 million yuan, up 3.27% year-on-year [1] - Operating cash flow reached 2.158 billion yuan, reflecting a significant increase of 34.73% [1] - The company's debt-to-asset ratio decreased to 26.44%, positioning it among the leaders in the non-ferrous metal industry [1] Production Capacity and Mining Operations - The company operates six active mines with a total lead-zinc metal production capacity of 420,000 tons per year and smelting capacity of 630,000 tons per year [2] - The lead-zinc resource reserves exceed 32 million tons [2] - The company plans to increase zinc alloy production capacity to 220,000 tons per year starting from the end of 2024 [2] - The company has invested in technological upgrades, increasing the smelting capacity in Hohhot to 300,000 tons [1][4] Financial Performance - The company achieved a mining recovery rate improvement, with smelting costs for new products decreasing by 27.85% year-on-year [1][10] - Four smelting enterprises under the company reported profitability in the first half of 2025 [10] - The company implemented a dividend of 657 million yuan for 2024 and announced a mid-year dividend plan for 2025, distributing 0.3 yuan per share [1][15] Strategic Initiatives - Chihong Zn & Ge is focusing on digital and green transformation, investing 281 million yuan in safety and environmental protection [1][14] - The company has established a joint venture with Chalco and others to create a high-value rare metal industry chain platform [4][33] - The company is committed to high shareholder returns, with a total dividend payout ratio of 68.19% [15] Technological and Environmental Innovations - The company has developed a comprehensive resource utilization and technological innovation strategy, focusing on clean production and recycling [5] - The ESG report has been rated A for four consecutive years, reflecting the company's commitment to environmental, social, and governance standards [14] Future Outlook and Expansion Plans - The company does not plan to build new smelting facilities but will enhance existing production processes based on market demand [16] - The focus will be on increasing the production ratio of zinc alloys, which contribute higher profits compared to traditional zinc products [17] - The company aims to optimize its mining operations and enhance production efficiency through smart mining initiatives [32] Challenges and Market Conditions - The company faced a decline in new product output due to maintenance activities, with a 6.98% year-on-year decrease in emerging product production [10] - Mining costs have slightly increased due to project construction and reduced high-grade ore production [26] Share Buyback and Market Management - In July 2025, the company completed a share buyback of 5.091 million shares, representing 1% of total shares [3][27] - The company has a dividend policy aiming for an average payout ratio of no less than 40% over the next three years [28] Conclusion Chihong Zn & Ge Co., Ltd. is positioned for steady growth with a focus on operational efficiency, shareholder returns, and sustainable practices. The company is leveraging technological advancements and strategic partnerships to enhance its market position in the non-ferrous metal industry.

Core Points - The company reported a total asset of approximately 19.47 billion yuan, an increase of 10.59% compared to the previous year [1] - The net profit attributable to shareholders reached approximately 484.65 million yuan, reflecting a growth of 15.12% year-on-year [1] - The operating income for the reporting period was approximately 22.44 billion yuan, representing an increase of 18.93% compared to the same period last year [1] Financial Summary - Total assets at the end of the reporting period were 19,471,494,462.46 yuan, up from 17,607,400,232.67 yuan [1] - Net assets attributable to shareholders were 5,753,709,283.04 yuan, an increase of 4.45% from 5,508,522,542.95 yuan [1] - The total profit for the period was 626,406,279.77 yuan, a rise of 17.27% from 534,155,459.49 yuan [1] Earnings Performance - The basic earnings per share were 0.4445 yuan, up 15.10% from 0.3862 yuan [1] - The diluted earnings per share were 0.4060 yuan, an increase of 5.13% from 0.3862 yuan [1] - The weighted average return on equity was 8.67%, a decrease of 0.25 percentage points from 8.42% [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 59,878 [1] - The largest shareholder, Henan Yuguang Group Co., Ltd., holds 29.61% of the shares, amounting to 322,799,737 shares [2] - Other significant shareholders include Jiyuan Investment Group Co., Ltd. with 6.89% and Hong Kong Central Clearing Limited with 3.13% [2]