Core Viewpoint - Zijin Mining has signed a project cooperation and equity transfer agreement with Jintong Co., focusing on the integrated development and deep processing of the Shapinggou molybdenum mine in Jinzhai County, Anhui Province [1] Group 1: Project Details - Zijin Mining acquired 84% of the equity in Jinsan Molybdenum, which holds 100% rights to the Shapinggou molybdenum mine, for 5.91 billion yuan in October 2022 [1] - The Shapinggou molybdenum mine is the largest single molybdenum deposit globally, with a metal resource of 2.1 million tons, and is expected to produce an average of 22,100 tons of molybdenum annually after reaching full production [1] - The total investment for the project is approximately 30 billion yuan, with production expected to commence in 2029, increasing Zijin Mining's equity molybdenum resources to 2.9 million tons, accounting for one-third of the national total [1] Group 2: Equity Transfer and Cooperation - Zijin Mining will transfer 24% of Jinsan Molybdenum's equity to Jintong Co. for 1.731 billion yuan, resulting in a new ownership structure of 60% for Zijin Mining, 34% for Jintong Co., and 6% for Jinzhai County Urban Development Investment Co. [1] - Jintong Co. will lead the establishment of a new smelting company in the county, holding 51% of the shares, while Jinsan Molybdenum will hold 49%, ensuring collaboration in smelting and deep processing [2] - Jintong Co. is required to initiate the establishment and funding of the smelting company promptly, with a deadline for completion by December 2026; failure to meet obligations allows Zijin Mining to reclaim the 24% equity at a price determined by a third-party assessment or the original transfer price [2] Group 3: Company Performance - Zijin Mining is a leading global mining company with operations in gold, copper, zinc, and molybdenum, showing steady growth in financial performance [3] - Revenue projections for 2022-2024 are 270.33 billion yuan, 293.40 billion yuan, and 303.64 billion yuan, reflecting year-on-year growth rates of 20.09%, 8.54%, and 3.49% respectively; net profit for the same period is expected to be 20.04 billion yuan, 21.12 billion yuan, and 32.05 billion yuan, with growth rates of 27.88%, 5.38%, and 51.76% [3] - In the first three quarters of 2025, Zijin Mining achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.86 billion yuan, surpassing the total for 2024 with a growth of 55.45% [3]

智通财经APP获悉，大和发布研报称，洛阳钼业(03993)发盈喜，料2025年净利润同比升47.8%至 53.7%，达200亿至208亿元人民币(下同)，经常性净利润预期升55.5%至61.6%，达204亿至212亿元，胜 市场预期。该行现予其"买入"评级。 2025年第四季，洛阳钼业的铜产量为19.8万吨，同比增长13.6%; 钴产量为3万吨，同比微增0.4%; 去年所 有产品的实际产量均超过公司原先指引。公司同时指引2026全年铜产量目标为76万至82万吨，同比增长 3%至11%; 钴产量目标10万至12万吨，同比变动幅度为下降15%至增长2%。 该行估算，单计第四季，洛阳钼业净利润介乎57.2亿至65.2亿元，同比升9%至24%，按季升2%至16%。 而经常性净利润预测则为58.6亿至66.6亿元，同比升28至46%，按季升1%至15%。管理层将强劲业绩归 因于产量和价格上升，以及有效成本控制。 ...

2025年第四季，洛阳钼业的铜产量为19.8万吨，同比增长13.6%; 钴产量为3万吨，同比微增0.4%; 去年所 有产品的实际产量均超过公司原先指引。公司同时指引2026全年铜产量目标为76万至82万吨，同比增长 3%至11%; 钴产量目标10万至12万吨，同比变动幅度为下降15%至增长2%。 智通财经APP获悉，大和发布研报称，洛阳钼业(03993)发盈喜，料2025年净利润同比升47.8%至 53.7%，达200亿至208亿元人民币(下同)，经常性净利润预期升55.5%至61.6%，达204亿至212亿元，胜 市场预期。该行现予其"买入"评级。 该行估算，单计第四季，洛阳钼业净利润介乎57.2亿至65.2亿元，同比升9%至24%，按季升2%至16%。 而经常性净利润预测则为58.6亿至66.6亿元，同比升28至46%，按季升1%至15%。管理层将强劲业绩归 因于产量和价格上升，以及有效成本控制。 ...

Core Viewpoint - Morgan Stanley has set a target price of HKD 23.2 for Luoyang Molybdenum H-shares and CNY 22.5 for A-shares, both rated as "Overweight" [1] Financial Performance - Luoyang Molybdenum expects a net profit of CNY 20 billion to CNY 20.8 billion for 2025, representing a year-on-year growth of 48% to 54%, aligning with market expectations of CNY 20.2 billion [1] - The net profit for the fourth quarter of last year is projected to be between CNY 5.7 billion and CNY 6.5 billion, reflecting a quarter-on-quarter increase of 2% to 16% [1] - The company's strong performance is attributed to simultaneous increases in production and prices, along with effective cost control [1] Production Plans - The company plans to achieve copper production of 760,000 to 820,000 tons in 2026, indicating a year-on-year growth of 7% based on the median estimate [1] - Luoyang Molybdenum aims to produce 6 to 8 tons of gold annually from a newly acquired Brazilian gold mine, with the acquisition expected to be completed in the first quarter of this year [1]

摩根士丹利发布研报称，现予洛阳钼业（603993）H股(03993)目标价23.2港元，洛阳钼业A股 (603993.SH)目标价22.5元人民币，均予"增持"评级。 洛阳钼业发盈喜，料2025年净利润为200亿至208亿元人民币(下同)，同比增长48%至54%，符合市场预 期的202亿元。单计去年第四季净利润介乎57至65亿元，按季升2%至16%。管理层表示，业绩理想主要 受惠于产量及价格同步上升，加上成本控制得宜。 公司计划2026年铜产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿 的黄金产量为6吨至8吨，目标今年第一季完成收购。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit of 20 billion to 20.8 billion yuan in 2025, marking a year-on-year growth of 47.8% to 53.71%, driven by increased production and effective cost control [1] Group 1: Financial Performance - The company forecasts a non-recurring net profit of 20.4 billion to 21.2 billion yuan for 2025, with a year-on-year increase of 55.5% to 61.6% [1] - The total copper production for the year is projected to reach 741,100 tons, an increase of over 90,000 tons compared to the previous year, achieving 118% of the production guidance [1] - The company’s stock price has risen to 24.78 yuan per share, setting a new historical high, with a total market value exceeding 531.6 billion yuan [1] Group 2: Strategic Acquisitions - In 2025, Luoyang Molybdenum is focusing on "copper + gold" strategy, acquiring gold assets to enhance its portfolio [2] - The company acquired all shares of Canadian Lumina Gold for approximately 581 million Canadian dollars, targeting the Cangrejos gold mine project with 638 tons of gold resources [2] - A further acquisition involves a 1.015 billion USD deal for 100% interests in Brazilian gold mines, expected to add approximately 8 tons of annual gold production [2] Group 3: Production Guidance - For 2026, the company has set production targets for core products, including copper at 760,000 to 820,000 tons, and gold as a new category with a target of 60,000 to 80,000 kg [3] - Other production targets include cobalt at 100,000 to 120,000 tons, tungsten at 6,500 to 7,500 tons, niobium at 10,000 to 11,000 tons, and phosphate fertilizer at 1,050,000 to 1,250,000 tons [3] - The company’s revenue is projected to grow to 186.27 billion yuan in 2023 and 213.03 billion yuan in 2024, with net profits of 8.25 billion yuan and 13.53 billion yuan respectively [3]

大和发表研究报告指，洛阳钼业发盈喜，预计2025年净利润按年升47.8%至53.7%，达200亿至208亿 元，经常性净利润预期升55.5%至61.6%，达204亿至212亿元，胜市场预期。该行估算，单计第四季， 洛阳钼业净利润介乎57.2亿至65.2亿元，按年升9%至24%，按季升2%至16%；经常性净利润预测则为 58.6亿至66.6亿元，按年升28至46%，按季升1%至15%。管理层将强劲业绩归因于产量和价格上升，以 及有效成本控制。该行现予洛阳钼业"买入"评级。 ...

1月15日晚，洛阳钼业发布公告，预计2025年度实现归属于公司股东的净利润为人民币200亿元到人民币 208亿元，与上年同期相比，将增加人民币64.68亿元到人民币72.68亿元，同比增加47.80%到53.71%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 洛阳钼业（03993）早盘股价上涨4.55%，现报23.42港元，成交额6.12亿港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 预计2025年度实现归属于公司股东的扣除非经常性损益的净利润为人民币204亿元到人民币212亿元，与 上年同期相比，将增加人民币72.81亿元到人民币80.81亿元，同比增加55.50%到61.60%。 责任编辑：卢昱君 洛阳钼业（03993）早盘股价上涨4.55%，现报23.42港元，成交额6.12亿港元。 1月15日晚，洛阳钼业发布公告，预计2025年度实现归属于公司股东的净利润为人民币200亿元到人民币 208亿元，与上年同期相比，将增加人民币64.68亿元到人民币72.68亿元，同比增加47.80%到53.71%。 预计2025年度实现归属于公司股东的扣除非经常性损益的 ...

Group 1 - Jiangxi Copper (600362) shares rose over 4%, currently up 3.66% at HKD 48.7, with a trading volume of HKD 359 million [1] - On January 15, Jiangxi Copper announced that its wholly-owned subsidiary, Jiangxi Copper (Hong Kong) Investment Co., Ltd., signed an investment option agreement with First Quantum Minerals Limited's subsidiary, FQM Kazakhstan Limited, on January 14, 2026 [1] - The collaboration will involve technical synergy and joint investment in exploration projects, specifically regarding Jiangxi Copper's stake in the Lakeside Minerals Limited project [1] Group 2 - Jiangxi Copper's subsidiary, Jiangxi Exploration Management Co., Ltd., signed the investment option agreement with FQM Kazakhstan on January 14, 2026 [2] - First Quantum's global exploration team will provide technical oversight for the Lakeside project, and First Quantum has an investment option for 51% of Jiangxi Copper's subsidiary in the AIFC for three years after Jiangxi Copper becomes a Lakeside shareholder [2]

摩根士丹利发表报告指，洛阳钼业发盈喜，预计2025年净利润为200亿至208亿元，按年增长48%至 54%，符合市场预期的202亿元。单计去年第四季净利润介乎57至65亿元，按季升2%至16%。管理层表 示，业绩理想主要受惠于产量及价格同步上升，加上成本控制得宜。公司计划2026年铜产量为76万至82 万吨，按中位数计算按年增长7%；并计划每年来自新收购巴西金矿的黄金产量为6吨至8吨，目标今年 第一季完成收购。该行现予洛阳钼业H股目标价23.2港元，洛阳钼业A股目标价22.5元，均予"增持"评 级。 ...