Report Industry Investment Rating - Not provided in the report Core Viewpoints - For lead, the lead market shows both supply and demand growth, but refinery operations are below expectations due to factors like raw materials, leading to tight spot circulation and low social inventories. With the lead price rising significantly, refineries are profitable and the import window is open. There is a need to be vigilant about the lead price's potential to rise and then fall [1]. - For zinc, the macro - sentiment has improved, and the domestic ore supply situation has tightened. The zinc price has some support at the bottom, but considering the weak domestic end - market, the upward momentum for the zinc price may be insufficient [1]. Summary by Relevant Information Lead - **Price and Market Data**: The average price of SMM1 lead ingots decreased by 0.29% compared to the previous day, and the closing price of the Shanghai lead main contract dropped by 0.43% compared to the previous day. The trading volume of the active futures contract increased by 2.78%, and the open interest increased by 0.65%. The LME inventory and Shanghai lead warehouse receipt inventory remained unchanged at 232,375 tons and 23,048 tons respectively. The Shanghai - London lead price ratio decreased by 0.43% to 8.69 [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, causing a slight fluctuation in primary lead production. For recycled lead, refineries that had previously undergone maintenance are gradually resuming production, increasing supply. The terminal market has improved, and lead - acid battery enterprises are operating well, with demand increasing [1]. - **Company News**: Shengda Resources' subsidiary, Dongsheng Mining, received approval for the resumption of work on its 250,000 - ton/year mining project of the Bayanwula silver polymetallic mine. The mine has not been completed and put into production, and the accident did not have a significant impact on the company's current operating performance [1]. - **Trading Strategy**: Consider lightly shorting at high levels [1]. Zinc - **Price and Market Data**: The average price of SMM1 zinc ingots increased by 0.09% compared to the previous day, and the Shanghai zinc main contract rose by 0.04% compared to the previous day. The trading volume of the active futures contract decreased by 7.96%, and the open interest increased by 0.85%. The LME inventory remained unchanged at 37,050 tons, and the Shanghai zinc warehouse receipt inventory decreased by 0.19% to 65,724 tons. The Shanghai - London zinc price ratio increased by 0.04% to 7.41 [1]. - **Fundamentals**: Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The domestic zinc concentrate processing fee decreased to 3,250 yuan/metal ton last week, and the imported zinc ore processing fee index decreased to 110.25 US dollars/dry ton. Refineries mainly purchase domestic ores. The refinery profit and production enthusiasm have improved, with an expected monthly output of around 600,000 tons. The demand has not improved significantly, but the zinc ingot export window may open as the Shanghai - London ratio continues to decline [1]. - **Trading Strategy**: Temporarily observe [1].

Core Insights - The company reported a revenue of 1,179,625,789.26 yuan for the first three quarters of 2025, representing a year-on-year growth of 7.01% [1] - The net profit attributable to shareholders of the listed company was 346,017,764.69 yuan, showing a slight increase of 0.36% year-on-year [1] Financial Performance - Revenue for the first three quarters of 2025: 1,179,625,789.26 yuan [1] - Year-on-year revenue growth: 7.01% [1] - Net profit for the first three quarters of 2025: 346,017,764.69 yuan [1] - Year-on-year net profit growth: 0.36% [1]

Core Insights - The company reported a revenue of 388 million yuan for Q3 2025, reflecting a year-on-year growth of 0.55% [1] - The net profit attributable to shareholders decreased by 30.26% to 92.89 million yuan [1] - For the first three quarters, the company achieved a revenue of 1.18 billion yuan, which is a year-on-year increase of 7.01% [1] - The net profit attributable to shareholders for the first three quarters was 346 million yuan, showing a slight increase of 0.36% [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., has a mining license for the Jinpo Lead-Zinc Mine expiring on December 25, 2024, after which all mining activities will cease until a new license is obtained [1] Group 1 - The Jinpo Lead-Zinc Mine's mining license will expire on December 25, 2024, leading to a halt in mining activities [1] - A new mining license was obtained from the Anshun Natural Resources Bureau on September 26, 2025 [1] - The Jinpo Lead-Zinc Mine also received a property certificate (mining rights) on September 26, 2025, from the Anshun Natural Resources Bureau [1]

Core Viewpoint - The announcement details the revisions to the Independent Director System of Yunnan Chihong Zinc & Germanium Co., Ltd., aimed at enhancing corporate governance and ensuring independent directors fulfill their responsibilities effectively [1][2]. Summary by Sections Revision Purpose - The revisions are made to improve the governance structure of the company, promote standardized operations, and ensure independent directors can effectively perform their duties [1][2]. Definition of Independent Directors - Independent directors are defined as those who do not hold any other positions within the company and have no direct or indirect interests that could affect their independent judgment [3]. Obligations of Independent Directors - Independent directors owe a duty of loyalty and diligence to the company and all shareholders, and must act in accordance with relevant laws, regulations, and the company's articles of association [4]. Composition of the Board - The board must include at least one-third independent directors, with at least one being a professional accountant [4]. Independence Criteria - Specific criteria are outlined for determining the independence of directors, including restrictions on relationships with major shareholders and the company itself [5][6]. Annual Self-Assessment - Independent directors are required to conduct an annual self-assessment of their independence and submit the results to the board [5][6]. Nomination and Election Process - Procedures for nominating and electing independent directors are specified, including the requirement for independent candidates to meet certain qualifications [9][10]. Reporting and Disclosure - Independent directors must report their opinions on significant matters to the board or shareholders, ensuring transparency and accountability [12][13]. Special Powers - Independent directors have special powers, including the ability to hire external consultants and propose the convening of extraordinary shareholder meetings [19][20]. Annual Reporting - Independent directors must submit an annual report detailing their activities and participation in board meetings, which will be disclosed to shareholders [15][16]. Implementation - The revised Independent Director System will take effect upon approval by the company's shareholders [24].

Group 1 - The company reported a revenue of 16.072 billion yuan for the first quarter of 2025, representing a year-on-year decrease of 10.78% [1] - The net profit for the same period was 273 million yuan, showing a year-on-year increase of 14.07% [1]

Core Viewpoint - 中金岭南在2024年年报中显示出盈利能力显著提升，尽管营业总收入有所下降 [2][8] Operating Overview - 公司2024年营业总收入为598.62 billion, a decrease of 8.81% year-on-year, while net profit attributable to shareholders reached 10.82 billion, an increase of 57.30% [2] Quarterly Performance - In Q4, total revenue was 141.4 billion, up 10.48% year-on-year, with net profit of 2.82 billion, a remarkable increase of 1100.29% [3] Profitability - The gross profit margin for the reporting period was 6.08%, an increase of 25.37%, and the net profit margin was 2.21%, up 39.28% [4] Cash Flow Situation - Operating cash flow per share was 0.21, down 49.35% year-on-year, indicating cash flow pressure [5] Asset and Liability Situation - As of the end of the reporting period, monetary funds were 26.76 billion, down 25.95%, and interest-bearing liabilities were 200.32 billion, up 10.82% [6] Dividends and Financing - The cumulative financing amount since listing is 43.19 billion, with total dividends of 40.65 billion, indicating a generous dividend policy [7] Summary - Overall, 中金岭南 shows significant improvement in profitability in 2024, especially in Q4, but faces cash flow pressure and high interest-bearing liabilities [8]

Core Viewpoint - The company reported a decline in operating revenue for 2024, while net profit showed significant growth, indicating a potential shift in financial performance dynamics [1] Financial Performance - The operating revenue for 2024 is 59.812 billion yuan, representing a year-on-year decrease of 8.82% [1] - The net profit attributable to shareholders of the listed company is 1.082 billion yuan, reflecting a year-on-year increase of 57.30% [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.87 yuan (including tax) for every 10 shares to all shareholders [1] - No bonus shares will be issued, and there will be no capital reserve fund conversion into share capital [1]

Financial Performance - The company's basic earnings per share decreased by 14.25% to 0.2539 yuan in 2024 from 0.2961 yuan in 2023 [1] - Net profit fell by 14.2% to 1.293 billion yuan in 2024 compared to 1.507 billion yuan in 2023 [1] - Operating revenue declined by 14.8% to 18.803 billion yuan in 2024 from 22.069 billion yuan in 2023 [1] - The return on equity decreased by 16.51% to 7.79% in 2024 from 9.33% in 2023 [1] - The company's net assets per share increased by 3.23% to 3.2 yuan in 2024 from 3.1 yuan in 2023 [1] - The undistributed profits per share increased by 53.85% to 0.40 yuan in 2024 from 0.26 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 236,463.51 million shares, accounting for 46.44% of the circulating shares, with a decrease of 4,827.48 million shares compared to the previous period [1] - Yunnan Metallurgical Group Co., Ltd. remains the largest shareholder with 194,414.28 million shares, representing 38.19% of the total share capital [2] - China Aluminum Corporation holds 9,998.01 million shares, accounting for 1.96% of the total share capital, with no change [2] - Hong Kong Central Clearing Limited decreased its holdings by 647.65 million shares [2] - New China Life Insurance Co., Ltd. reduced its holdings by 188.67 million shares [2] Dividend Distribution - The company announced a dividend distribution of 1.3 yuan per share (including tax) [3]