Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) reported significant achievements in the restructuring of central enterprises during the "14th Five-Year Plan" period, focusing on enhancing core functions and competitiveness [2][3] - A total of 10 enterprises were strategically restructured, and 9 new central enterprises were established, targeting key sectors such as equipment manufacturing, mineral resources, and energy security [3][4] - The restructuring efforts are aligned with national strategic needs, emphasizing not just revenue but also fulfilling strategic tasks [2][4] Restructuring and Integration - The restructuring of central enterprises is characterized by a strategic orientation, with 6 groups of 10 enterprises restructured through market-oriented methods [3][4] - New enterprises established include China Star Network Group for satellite internet, China Logistics Group for comprehensive logistics services, and China Mineral Resources Group for resource security [3][4] - The restructuring aims to enhance industrial collaboration, reduce redundant investments, and improve resource allocation efficiency, creating a "1+1>2" effect [3][4] Focus on Public Services - The restructuring also aims to optimize public services, ensuring high-quality and low-cost services to meet public needs [4] - New central enterprises are designed to address critical national security and strategic needs, such as resource security and green transformation [4][5] Investment in Emerging Industries - Central enterprises have significantly increased investments in strategic emerging industries, totaling 8.6 trillion yuan during the "14th Five-Year Plan" period, marking a substantial increase from the previous plan [5][6] - Key sectors include integrated circuits, biotechnology, and new energy vehicles, with notable advancements in cutting-edge fields like humanoid robots and superconducting quantum computing [5][6] Future Directions - The focus for future restructuring will include strategic emerging industries, critical links in industrial chains, and public welfare sectors [6][7] - Central enterprises aim to enhance core functions and competitiveness, with a goal of becoming "world-class enterprises" through systematic and innovative restructuring [7] - The restructuring pace is expected to double in the "15th Five-Year Plan" period, particularly in areas related to national security and social welfare [7]

日前，新疆维吾尔自治区哈密市自然资源局公开发布举报非法开采矿产资源行为奖励办法，旨在进 一步规范矿产资源开发管理秩序，严厉打击和坚决遏制非法开采矿产资源行为。 据悉，举报范围为未取得采矿权开采矿产资源或未取得采矿许可证进行矿产资源开采作业违法行 为。举报人可实名或匿名采取电话、信件、电子邮箱、来访等方式向哈密局举报违法线索，也可通过公 安110报警电话、市长热线12345进行举报。 根据办法，接到举报线索后，哈密局应及时对线索进行调查核查，对查证举报线索属实的，依据本 办法给予奖励；对查证举报线索不属于本办法举报范围的，向举报人进行告知；对查证举报线索存在故 意捏造、歪曲事实、诬告陷害他人或生产经营单位、影响行政管理工作秩序等情况的，依法追究举报人 相关法律责任。 对应当给予奖励的，由哈密局按照相关标准给予奖励：举报线索经查证属实的，给予2000元奖励； 举报线索经查证属实并提供相关违法证据的，给予5000元奖励；举报线索经查证属实并提供相关违法证 据和协助案件办理的，给予10000元奖励。举报的违法行为涉嫌刑事犯罪且由公安机关立案侦查的，给 予2000元额外奖励。举报线索涉及重大违法犯罪行为的，另加奖100 ...

2025年9月10日，金石资源（603505）公告，控股股东金石实业近日将3000万股质押给中信证券，融资 用于偿还质押债务，质押期至2026年9月8日；同时，解除此前质押的4242万股。本次质押与解除质押 后，金石实业累计质押公司股份8984万股，占其持股总数的21.35%，占公司总股本的10.67%。金石实 业及其一致行动人共持股4.6亿股，占总股本的54.69%，累计质押8984万股，占其持股总数的19.52%， 占总股本的10.67%。本次质押不影响公司控制权，金石实业资信良好，有偿还能力。 ...

2025年7月1日，新修订的矿产资源法正式施行。新矿产资源法改变了长期以来我国矿产资源领 域"一证载两权"的管理模式，创新性地提出了矿业权物权登记与矿产资源勘查开采许可相分离的制度设 计，即"权证分离"制度。这一制度的建立，对于我国矿产资源的合理开发利用、矿业权人的权益保护以 及整个矿业市场的健康发展，都有着极为重要的意义。 0 1 从"一证载两权"到"权证分离"的制度演进 1996年修订的矿产资源法第三条规定："勘查、开采矿产资源，必须依法分别申请，经批准取得勘 查许可证、采矿许可证，并办理登记。"这一条款构建了"许可即物权"的管理框架，使得勘查许可证与 采矿许可证同时承载着两项核心功能：一方面作为行政机关允许勘查、开采行为的许可凭证，体现国家 对矿产资源勘查开采活动的管理；另一方面作为矿业权人享有探矿权、采矿权的权利凭证，隐含着物权 的排他性效力。这种"一证载两权"的制度设计在计划经济向市场经济转型初期具有一定合理性，在物权 法律制度尚不完善的情况下，通过行政许可的集中管控，既能保障国家对矿产资源的掌控，又能简化管 理流程、降低制度运行成本。 然而，随着市场经济体制的完善和物权保护理念的深化，"一证载两权 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 4.06 CNY, compared to the current stock price of 3.41 CNY as of August 29, 2025 [3]. Core Views - The company reported a significant increase in non-net profit attributable to the parent company in Q2, with a year-on-year growth of 30.88% [1]. - Despite overall revenue pressure due to external factors such as declining steel demand and real estate adjustments, the company has shown robust growth in overseas new contracts, particularly in the mining sector [3][8]. - The company's gross profit margin improved to 10.09% in H1 2025, reflecting a year-on-year increase of 1.04 percentage points [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 237.53 billion CNY, a year-on-year decrease of 20.52%, and a net profit of 3.099 billion CNY, down 25.31% year-on-year [1]. - The Q2 2025 operating revenue was 115.26 billion CNY, a decline of 22.59%, while the net profit was 1.492 billion CNY, showing a slight increase of 1.43% year-on-year [1]. - The company’s sales gross margin was 10.09% in H1 2025, with the engineering contracting segment at 9.58% and the specialty business at 17.62% [2]. Contract and Business Development - The company signed new contracts worth 548.2 billion CNY in H1 2025, a year-on-year decrease of 19.1%, with overseas contracts amounting to 57.75 billion CNY, representing a growth of 32.6% [3]. - The mining resources segment, focusing on metals like nickel, cobalt, and copper, generated revenue of 3.298 billion CNY in H1 2025, with three overseas mines contributing 2.82 billion CNY [3]. Profitability and Cash Flow - The company’s operating cash flow showed improvement, with a net outflow of 21.985 billion CNY in H1 2025, which is a reduction of 33.20% year-on-year [2]. - The net profit forecast for 2025 is adjusted to 5.71 billion CNY, with expected revenues of 476.54 billion CNY, reflecting a year-on-year decline of 13.67% [8].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) has shown a significant year-on-year growth in its Q2 performance, with a non-recurring profit increase of 31%, leading to a "Buy" rating from Tianfeng Securities [1] Financial Performance - In H1 2025, China MCC reported a revenue of 237.53 billion, a decrease of 20.52% year-on-year, with net profit attributable to shareholders at 3.10 billion, down 25.31% [1] - Q2 alone saw a revenue of 115.26 billion, a decline of 22.59%, but a slight increase in net profit attributable to shareholders by 1.43% [1] - The company adjusted its net profit forecasts for 2025-2027 to 6.15 billion, 6.66 billion, and 7.27 billion respectively [1] Business Segments - In H1 2025, revenue from engineering contracting, specialty businesses, and comprehensive real estate was 216.91 billion, 18.31 billion, and 4.80 billion respectively, with declines of 21.79%, 5.23%, and 4.63% [2] - The mining resources segment showed potential with profits from various projects, including 230 million from the Papua New Guinea nickel-cobalt project and 150 million from the Pakistan copper-gold project [2] - The company is advancing the feasibility studies and road construction for the Afghanistan Aynak copper mine, with 8.9 kilometers of the access road completed [2] Contracting and Orders - In H1 2025, new contracts signed totaled 548.2 billion, a decrease of 19.1%, but the core business segments of metallurgy and non-ferrous mining saw an increase in their share of new contracts [3] - The company achieved a significant milestone with the signing of the first overseas low-carbon ironmaking project in Brazil [3] - New contracts in overseas markets reached 57.69 billion, reflecting a year-on-year increase of 32.5% [3] Profitability and Cash Flow - The overall gross margin for H1 2025 was 10.09%, an increase of 1.04 percentage points year-on-year, with a net profit margin of 1.71% [4] - Operating cash flow showed improvement with a net outflow of 21.99 billion, a reduction of 6.42 billion compared to the previous year, attributed to enhanced collection efforts and cost-cutting measures [4] Earnings Forecast - Recent earnings forecasts from various institutions indicate a range of net profit predictions for 2025, with estimates varying from 6.09 billion to 8.16 billion [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 九 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年 八 月 二 十 九 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 中国冶金科工股份有限公司 2025 年半年度报告 公司代码：601 ...

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Metallurgical Corporation of China Ltd. (MCC) for the first half of 2025, emphasizing a focus on high-quality development and market expansion despite challenges in the industry [1][2]. Financial Performance - The company achieved a new contract value of 548.202 billion RMB, with operating revenue of 237.533 billion RMB, and a total profit of 5.279 billion RMB, reflecting a decrease in revenue and profit compared to the same period in 2024 [3][13]. - The net profit attributable to shareholders was 3.099 billion RMB, down 25.31% from 4.150 billion RMB in the previous year [13][14]. - The total assets as of June 30, 2025, were 857.406 billion RMB, an increase of 6.11% from the end of 2024 [15]. Business Segments - The engineering contracting business generated revenue of 216.915 billion RMB, a decrease of 21.79% from the previous year [14]. - The specialty business reported revenue of 18.313 billion RMB, down 5.23% year-on-year [14]. - The comprehensive real estate business earned 4.797 billion RMB, a decline of 4.63% compared to the same period last year [14]. Strategic Initiatives - The company is focusing on core business areas such as metallurgical engineering and mineral resources, with a strategic goal of enhancing its core business and optimizing its business structure [3][4]. - MCC has made significant progress in international markets, with overseas contracts reaching 57.75 billion RMB, a year-on-year increase of 32.6% [3][4]. - The company is committed to innovation, having established a national key laboratory in the steel metallurgy and environmental protection field, and successfully applied advanced technologies in various projects [4][6]. Market Environment - The steel industry is currently in a phase of reduction and optimization, with a 3% year-on-year decline in crude steel production in the first half of 2025 [16]. - The government has initiated new policies to stabilize growth in key industries, including steel, which is expected to create opportunities for construction and infrastructure projects [16]. Brand and Recognition - MCC has been recognized for its innovation capabilities, with multiple projects nominated for national science and technology awards, enhancing its brand reputation [6][8]. - The company has received accolades for its contributions to civil society, with several units awarded the title of "National Civilized Unit" [6].

Core Viewpoint - The document outlines the information disclosure management system of Zhongmin Resources Group Co., Ltd., emphasizing the importance of timely, accurate, and complete information disclosure to protect the rights of investors and other stakeholders [1][2][3]. Group 1: General Principles of Information Disclosure - The company must ensure that all disclosed information is truthful, accurate, complete, and understandable, avoiding any misleading statements or omissions [4][5]. - Information disclosure obligations apply to the company, its directors, senior management, shareholders, and other relevant parties [2][3]. - The company is required to disclose information simultaneously to all investors, ensuring no selective disclosure occurs [6][7]. Group 2: Fair Information Disclosure - The company must adhere to the principle of fair disclosure, ensuring all investors have equal access to significant information [13][14]. - Any communication with specific parties, such as analysts or institutional investors, must not include undisclosed material information [15][16]. - The company should conduct investor meetings and presentations in a manner that allows all investors to participate equally [18][19]. Group 3: Content and Standards of Disclosure - The company is obligated to disclose periodic reports, including annual and semi-annual reports, which must contain essential financial and operational information [26][27]. - Significant events that could impact the company's stock price must be disclosed immediately, including changes in management, financial performance, or legal issues [45][46]. - The company must ensure that all disclosures comply with relevant laws and regulations, including those set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [12][13]. Group 4: Management of Disclosure Affairs - The board of directors is responsible for overseeing the company's information disclosure practices, with the chairman being the primary responsible person [54][55]. - The company must maintain a dedicated securities affairs department to manage disclosure activities and ensure compliance with regulations [60][61]. - All employees involved in the disclosure process must be diligent and ensure timely reporting of any significant information [62][63].

Core Points - The internal audit system of Zhongmin Resources Group Co., Ltd. aims to standardize internal audit work, enhance quality, clarify responsibilities, and protect investors' rights [1][2] - The internal audit is defined as an evaluation activity conducted by internal personnel to assess the effectiveness of internal controls, risk management, and the authenticity of financial information [1][2] - The board of directors is responsible for establishing and implementing effective internal control systems [1][3] Group 1 - The company has established an internal audit department that operates independently and reports to the board of directors and the audit committee [2][3] - Internal audit personnel must possess the necessary professional capabilities and undergo continuous education to enhance their competencies [2][3] - The audit committee supervises and evaluates the internal audit work, ensuring alignment with the company's strategic goals and risk management [3][4] Group 2 - The internal audit department is responsible for evaluating the completeness and effectiveness of internal control systems across the company and its subsidiaries [4][10] - Internal audit reports must be submitted to the audit committee quarterly, and an annual internal audit report is required [4][12] - The internal audit department must conduct audits on significant external investments, asset purchases, guarantees, and related transactions [11][12] Group 3 - The internal audit department is tasked with ensuring compliance with laws and regulations, enhancing operational efficiency, and safeguarding company assets [4][5] - Internal audit findings related to significant deficiencies or risks must be reported immediately to the audit committee [10][16] - The company must disclose any significant internal control deficiencies or risks in its announcements, along with the measures taken [11][16] Group 4 - The internal audit department must evaluate the effectiveness of internal controls related to financial reporting and information disclosure [10][15] - The audit committee is responsible for issuing written evaluations of the effectiveness of internal controls based on the internal audit department's reports [16][17] - The company must disclose the internal control self-evaluation report and the auditor's report on internal controls alongside its annual report [19][20]