Core Points - The audit committee of Henan Yuguang Gold Lead Co., Ltd. held its fifth meeting of the ninth board, confirming the legality and validity of the meeting [1] - The committee reviewed the company's 2025 semi-annual report and found it to be in compliance with relevant regulations, ensuring the report's authenticity and completeness [1] - The committee unanimously approved the semi-annual report and its summary for submission to the board for further review [1] Summary by Sections - **Meeting Legality**: The meeting was attended by three committee members, and it complied with the Shanghai Stock Exchange listing rules and other relevant regulations [1] - **Report Review**: The audit committee conducted a thorough examination of the 2025 semi-annual report, concluding that it met all regulatory requirements without any false statements or significant omissions [1] - **Approval Process**: The voting results showed unanimous support for the report, with three votes in favor and no opposition or abstentions [1]

Group 1 - The company reported a revenue of 1.811 billion yuan for the first half of 2025, representing a year-on-year increase of 2.80% [1] - The company experienced a net loss of 74.9946 million yuan, compared to a net profit of 58.343 million yuan in the same period last year [1]

证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-077 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 关于公司控股股东部分可转债解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 公司控股股东河南豫光金铅集团有限责任公司（以下简称"豫光集团"）持 有公司可转债 210,143,000 元，占公司可转债总发行量的 29.60%。2025 年 8 月 元。 河南豫光金铅股份有限公司（以下简称 "公司"）于近日接到控股股东豫 光集团通知，获悉豫光集团所持有的公司可转债已在中国证券登记结算有限责任 公司办理了部分解除质押手续。豫光集团共持有公司可转债 210,143,000 元， 占公司可转债总发行量的 29.60%，其中 2025 年 8 月 15 日，豫光集团将其所持 有的 210,000,000 元公司可转债（占其所持可转债比例 99.93%）办理了质押手 续，2025 年 8 月 28 日解除了部分可转债质押。 一、股东部分可转债解除质押的具体情 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lead market shows a situation of increasing supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. With Powell's dovish remarks, the market's expectation of a Fed rate cut in September increases, and lead prices are expected to remain range - bound [1] - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory continues to accumulate. However, the overseas LME zinc inventory is decreasing. Powell's dovish remarks provide some support, and short - term zinc prices are expected to be range - bound [1] Summary by Related Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,750 yuan/ton, down 0.15% from the previous day. The closing price of the futures main contract was 16,910 yuan/ton, up 0.12% [1] - The LME3 - month lead futures closing price (electronic disk) was 1,983.50 dollars/ton, down 0.05%. The Shanghai - London lead price ratio was 8.53, up 0.17% [1] - The trading volume of the futures active contract was 34,152 lots, down 30.90%, and the open interest was 49,909 lots, down 0.01%. The trading - to - open - interest ratio was 0.68, down 30.89% [1] - LME lead inventory was 262,500 tons, unchanged, and Shanghai lead warrant inventory was 58,151 tons, down 0.21% [1] Industry News - A large recycled lead smelter in East China will stop production in early September due to equipment maintenance, which may affect the recycled lead output by about 0.85 tons in September [1] - In September, SMMpb50TC price dropped 50 yuan/metal ton to 450 yuan/metal ton, and SMMpb60TC price dropped 30 dollars/dry ton to - 90 dollars/dry ton. The supply of lead concentrate remains tight [1] Fundamental Analysis - On the supply side, the supply of imported lead concentrate is tight, and the processing fee adjustment of domestic lead concentrate is relatively stable. The start - up of primary lead smelters is rising steadily, while the start - up of recycled lead smelters is at a relatively low level [1] - On the demand side, the terminal market shows no significant improvement, the peak - season effect is not obvious, and dealers mainly digest inventory [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,060 yuan/ton, down 0.63% from the previous day. The closing price of the futures main contract was 22,170 yuan/ton, down 0.63% [1] - The LME3 - month zinc futures closing price (electronic disk) was 2,787 dollars/ton, up 0.83%. The Shanghai - London zinc price ratio was 7.95, down 1.45% [1] - The trading volume of the futures active contract was 156,406 lots, up 36.01%, and the open interest was 114,628 lots, up 6.31%. The trading - to - open - interest ratio was 1.36, up 27.94% [1] - LME zinc inventory was 58,000 tons, unchanged, and Shanghai zinc warrant inventory was 36,037 tons, down 0.49% [1] Industry News - On August 27, Hudbay Minerals resumed operations in Snow Lake after the wildfire. The company expects full - scale operations to resume in early September [1] - On August 27, Ivanhoe Mines announced that the capacity - expansion bottleneck renovation project of the Kipushi zinc mine in Congo (Kinshasa) was completed ahead of schedule and under budget, with improved processing capacity and efficiency [1] Fundamental Analysis - On the supply side, smelters have sufficient raw material reserves, zinc ore processing fees are rising, and the production profit and enthusiasm of smelters are improving, with an obvious upward trend in output [1] - On the demand side, downstream enterprises mainly consume existing inventory. Some terminal enterprises stock up due to concerns about future production cuts, driving an increase in galvanizing start - up [1]

格隆汇8月28日丨豫光金铅(600531.SH)发布2025年半年度报告，报告期实现营业收入224.41亿元，同比 增长18.93%；归属上市公司股东的净利润4.85亿元，同比增长15.12%；扣除非经常性损益后的归属于上 市公司股东的净利润4.52亿元，同比增长16.03%；基本每股收益0.4445元。 ...

每经AI快讯，豫光金铅（SH 600531，收盘价：9.11元）8月28日晚间发布公告称，公司第九届第二十一 次董事会会议于2025年8月28日以通讯方式召开。会议审议了《关于公司2025年半年度报告及摘要的议 案》等文件。 2024年1至12月份，豫光金铅的营业收入构成为：有色金属占比49.24%，贵金属占比46.1%，其他行业 占比2.45%，化工占比2.02%，其他业务占比0.19%。 截至发稿，豫光金铅市值为99亿元。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 张喜威） ...

豫光金铅公告，2025年上半年营业收入224.41亿元，同比增长18.93%。净利润4.85亿元，同比增长 15.12%。 ...

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating stable growth despite high aluminum prices and production capacity constraints [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 10.581 billion yuan, up 7.67% year-on-year, and a net profit attributable to shareholders of 932 million yuan, up 3.27% year-on-year [1]. - The Q2 2025 revenue was 5.437 billion yuan, reflecting a year-on-year increase of 5.47% and a quarter-on-quarter increase of 5.69% [1]. - The gross profit margin for H1 2025 was 19.77%, an increase of 2.03 percentage points year-on-year, with Q2 2025 gross profit margin at 19.83%, up 0.12 percentage points quarter-on-quarter [2]. Cost and Expenses - The total expense ratio for H1 2025 was 6.52%, up 0.76 percentage points year-on-year, with Q2 2025 expense ratio at 6.94%, an increase of 0.87 percentage points quarter-on-quarter [2]. - The management expense ratio for Q2 2025 was 5.66%, up 1.86 percentage points year-on-year, primarily due to increased salary provisions [2]. Production Capacity and Projects - The company has a current lead-zinc metal production capacity of 420,000 tons per year and smelting capacity of 630,000 tons per year, with a primary germanium production capacity of 60 tons [3]. - A new zinc ingot project with a design capacity of 150,000 tons is in trial production, with expectations for further production in the second half of the year [3]. - The company has achieved an increase in lead-zinc resource reserves of 280,000 tons in H1 2025, maintaining a net growth in mineral resource reserves [3]. Strategic Planning - The company is focused on deepening its core business in lead, zinc, and germanium, enhancing resource security, and extending into high-value-added industrial chains [3]. - A draft of the company's "14th Five-Year Plan" has been completed and is under further revision to strengthen market competitiveness [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 with net profits of 1.938 billion, 2.143 billion, and 2.307 billion yuan, respectively, corresponding to EPS of 0.38, 0.43, and 0.46 yuan [4]. - The target price for the company is set at 6.95 yuan, based on a PE ratio of 18.3 for 2025 [4].

Group 1 - The core viewpoint of the announcement is the company's commitment to enhancing quality, efficiency, and returns through a structured action plan for 2024 and 2025, aligning with the Shanghai Stock Exchange's initiative [1][5] Group 2 2024 Action Plan Implementation - The company achieved a 20% year-on-year increase in resource exploration within mining areas, adding 482,700 tons of lead-zinc metal resources [1] - The company maintained its lead-zinc concentrate production cost in the top 25% of the industry, with a five-year consecutive reduction in zinc smelting processing costs [1][2] - The company reported a net profit of 1.293 billion yuan and an operating cash inflow of 2.366 billion yuan for the year [1] Technological Empowerment - The company made significant technological advancements, including breakthroughs in key technologies and the establishment of a digital and intelligent mining process [2] - The company received four first-class awards from the China Nonferrous Metals Industry Science and Technology Award and filed 132 new patents [2] Green Development - The company achieved zero environmental incidents and constructed four national-level green mines and factories, maintaining a 100% compliance rate for ecological restoration and pollutant discharge [2] Governance Improvement - The company implemented 42 reform tasks and 128 key reform measures, with a focus on enhancing governance efficiency [3][4] Market Value Management - The company announced a cash dividend of 1.40 yuan per 10 shares, totaling 713 million yuan, and initiated a share buyback plan [4] Group 3 2025 Action Plan - The company plans to implement 16 exploration projects, aiming for an increase of 280,000 tons in lead-zinc metal resources [5] - The company targets an operating revenue of 10.581 billion yuan and a net profit of 932 million yuan for the year [5] Innovation and Management - The company aims to enhance innovation by integrating artificial intelligence and big data into the mining process, with a focus on key technology breakthroughs [6] - The company has set a target completion rate of 98.95% for its reform tasks by the end of 2025 [7] Safety and Environmental Goals - The company aims to achieve zero environmental incidents and is actively pursuing carbon footprint certification for its products [8] Value Return Strategy - The company plans to implement a differentiated cash dividend strategy and has allocated 268 million yuan for share repurchases [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The lead market shows a situation where supply and demand both increase, with no obvious contradictions. The tight raw material supply and the expectation of the peak season support the lead price. It is expected that the lead price will be range - bound in the short term [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and domestic inventory continues to accumulate. However, the continuous decline of LME zinc inventory overseas provides some support. It is expected that the zinc price will be range - bound in the short term [1]. Summary by Related Catalogs Lead Market Price and Market Data - The average price of SMM1 lead ingots increased by 0.45% compared to the previous day, and the closing price of the main contract of Shanghai lead futures increased by 0.12% [1]. - The trading volume of the active lead futures contract decreased by 25.41%, and the open interest decreased by 5.44%. The trading - to - open - interest ratio decreased by 21.12%. The LME lead inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 2.43% [1]. Industry News - Due to the approaching "parade" event, relevant government departments in the Beijing - Tianjin - Hebei region issued notices. From August 25th, vehicles of National V and below are not allowed to enter the factories of recycled lead smelters in Henan, and the lifting of the restriction will be notified separately [1]. - The recycling of waste lead - acid batteries in the Beijing - Tianjin - Hebei region has temporarily slowed down, and the supply of raw materials for recycled lead smelting enterprises in North China has decreased. It is expected to return to normal after the event [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. The resumption of production of previously shut - down smelters has led to a steady increase in the production of primary lead. In the recycled lead sector, due to factors such as high prices of waste lead - acid batteries and limited supply of raw materials, some smelters have reduced or stopped production, and the overall production is at a relatively low level [1]. - The terminal market has not improved significantly, the peak - season effect has not been reflected, and dealers are mainly digesting inventory [1]. Zinc Market Price and Market Data - The average price of SMM1 zinc ingots increased by 0.27% compared to the previous day, and the closing price of the main contract of Shanghai zinc futures decreased by 0.11% [1]. - The trading volume of the active zinc futures contract decreased by 23.28%, and the open interest decreased by 0.51%. The trading - to - open - interest ratio decreased by 22.88%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory remained unchanged [1]. Industry News - Nexa Resources' Cerro Pasco mine in Peru has fully resumed normal operation. The short - term disruption is expected to cause a zinc production loss of about 1,200 metal tons, but the company expects to make up for the loss within a month and maintains its annual production guidance for 2025 [1]. - As of August 21st, the total inventory of SMM zinc ingots in seven regions was 132,900 tons, showing a decrease in domestic inventory [1]. Fundamental Analysis - The raw material inventory of zinc smelters is sufficient, and the zinc ore processing fee is expected to continue to rise, weakening the cost support. The profit and production enthusiasm of smelters have improved, and the production increase trend is obvious [1]. - The downstream mainly consumed existing inventory last week. Due to the good performance of black metal prices, some terminals stocked up, driving an increase in the galvanizing production rate [1].