Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [4]. Core Insights - The tin ore production in Q1 2025 decreased by 40% year-on-year to 3,215 tons, with a guidance for 2025 indicating a 10.6% increase in tin ore production to 21,500 tons [1][6]. - The average selling price of refined tin increased by 20% to $32,495 per metric ton compared to $27,071 per metric ton in the previous year [2][7]. - The company achieved a net profit of 116.86 billion Indonesian Rupiah in Q1 2025, exceeding its target by 20% [3]. Summary by Sections Production and Sales - In Q1 2025, the total production of tin ore was 3,215 tons, down from 5,360 tons in Q1 2024, with onshore production at 1,598 tons (down 51%) and offshore production at 1,617 tons (down 23%) [1][7]. - The production of refined tin was 3,095 tons, a decrease of 31% from 4,475 tons in the same quarter last year [2][7]. - Refined tin sales were 2,874 tons, down 18% from 3,524 tons year-on-year [2][7]. Financial Performance - The company's revenue for Q1 2025 was 21 trillion Indonesian Rupiah, a 2.1% increase from 20.6 trillion Indonesian Rupiah in Q1 2024, attributed to the rise in average tin prices [3]. - Operating profit for Q1 2025 was 148 billion Indonesian Rupiah, up from 93 billion Indonesian Rupiah in Q1 2024 [3]. - The company's total assets decreased by 2% to 12.49 trillion Indonesian Rupiah, while liabilities fell by 9% to 4.85 trillion Indonesian Rupiah [5]. 2025 Guidance - The company anticipates that the average price of tin metal in 2025 will exceed that of 2024, driven by increased demand from electronics and advancements in digital technology [6]. - Key targets for 2025 include tin ore production of 21,500 tons (up 10.6%), refined tin production of 21,545 tons (up 13.9%), and sales of refined tin at 19,065 tons (up 8.9%) [6].

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - The tin ore supply in Asia may shift from shortage to surplus within the next year as projects come online, but in the short term, the supply situation depends on the resumption of production at the Manxiang tin mine in Myanmar [2][33]. Summary by Relevant Catalogs Global Tin Ore Distribution - In 2023, the world's publicly disclosed tin ore reserves were about 4.3 million tons, mainly concentrated in a few countries. China ranked first with 1.1 million tons, accounting for about 26% of the world's known reserves; Myanmar followed with 700,000 tons, accounting for about 16.3%. Australia and Russia had reserves of 620,000 tons and 460,000 tons, respectively, accounting for 14.5% and 10.8% [4]. - In 2024, global tin ore production was 296,000 tons, a year-on-year decrease of 5.5%. Asia, Africa, and South America were the main tin ore - producing regions. China, Indonesia, and Myanmar produced 69,000 tons, 50,000 tons, and 34,000 tons respectively, accounting for 23%, 17%, and 12% of the global supply [4]. China's Major Tin Ore Projects Yinman Mining - Yinman Mining, a subsidiary of Inner Mongolia Xingye Yinxing Mining Co., Ltd., has tin ore resources of 195,600 tons with an average tin grade of 0.74%. After a technical transformation in 2023, the ore grade increased from 0.76% in 2022 to 1.2% in 2023, and the beneficiation recovery rate increased from 50% to 60%. In 2024, the company's tin metal output reached about 8,900 tons [6][11]. - The Yinman Phase II project was approved at the beginning of this year. The project scale will be expanded from 1.65 million tons/year to 2.97 million tons/year. After completion, the production capacity and output are expected to double, with silver reaching over 360 tons and tin over 16,000 tons [11]. Huaxi Non - ferrous - Huaxi Non - ferrous is the only state - owned non - ferrous metal listed platform in Guangxi. It operates three mines, with a total of 238,000 tons of tin metal reserves [16]. - The Tongkeng Mine, the company's main mine, is promoting a project to develop tin - zinc ore resources, with a new production capacity of 1.65 million tons/year, mainly producing zinc, and the total mine production capacity will exceed 3 million tons in the future [16]. - The Gaofeng Tin Mine is promoting the deep - mining project of the 105th ore body. After completion, the production capacity of the 105th ore body will increase to 450,000 tons/year. In 2023, the mine produced 4,451 tons of tin concentrate [17]. Indonesia PT Timah - In 2024, after obtaining the export license, PT Timah's production recovered rapidly. As of the third quarter of 2024, its tin ore output was 15,189 tons, a 36% increase compared to the same period in 2023; tin metal output increased by 25% to 14,440 tons; and tin metal sales increased by 21% to 13,441 tons. In 2025, the company plans to increase ore output from 19,437 tons to 21,500 tons and tin metal output from 18,915 tons to 21,545 tons [21]. Myanmar Manxiang Tin Mine - Myanmar's tin ore resources are mainly concentrated in the W邦 Manxiang Mining Area, which accounted for over 90% of the country's output. The mine has been shut down for nearly 20 months. A symposium on resuming production was held on April 23, 2025. It is estimated that it will take at least two months to fully resume normal mining [22][26][27]. Malaysia MSC - Malaysia Smelting Corporation (MSC) is an important integrated producer of tin metal and tin - based products in Malaysia. In 2023, the tin concentrate output of its RHT project was nearly 26,000 tons, and the tin ingot output of the Pulau plant was 20,700 tons. Since the RHT project is mature and has no expansion plan, there will be no significant increase in tin supply in the short term [28][31]. Kazakhstan Syrymbet Mine - The Syrymbet Mine in Kazakhstan has total resources of 483,000 tons and reserves of 145,000 tons, with an average grade of 0.4%. The project is expected to have an annual output of about 6,500 tons of tin concentrate. It is expected to be completed, commissioned, and even launched in 2025, but the actual commissioning time is unknown [32].