Core Viewpoint - The company has significantly underperformed its revenue forecasts for rental income and mineral sales for the fiscal year ending March 31, 2025, primarily due to ongoing market challenges in China and operational disruptions caused by Typhoon Yagi [1][2] Group 1: Financial Performance - The company projected rental income of approximately HKD 10.27 million and mineral sales of about HKD 13.02 million for the fiscal year ending March 31, 2025, but actual figures were HKD 7.55 million for rental income and HKD 0 for mineral sales, resulting in discrepancies of approximately 29.57% and 100% respectively [1] - As of March 31, 2025, the company held cash and cash equivalents of approximately HKD 7.943 million, with trade payables amounting to about HKD 47.449 million, and other payables totaling around HKD 110.92 million [2] Group 2: Operational Challenges - The company faced a record high vacancy rate due to a prolonged downturn in the Chinese market, which contributed to the rental income shortfall [1] - Typhoon Yagi caused significant damage to the Jiuyuan and Jinhao mines, delaying operational recovery and the completion of necessary licensing processes [1][2] - To restore production at Jiuyuan mine, the company estimates a need for approximately RMB 7 million for critical improvement projects, while Jinhao mine requires an investment of around RMB 100 million for equipment and infrastructure [2] Group 3: Financing and Strategic Initiatives - The company is actively seeking diverse financing solutions, including project loans from financial institutions and potential strategic partnerships, to expedite the licensing process for the mines [2] - The company is committed to addressing its outstanding debts and is pursuing financing negotiations and fundraising activities to improve its financial condition and advance mining operations [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In July 2025, the national consumer price index (CPI) was flat year - on - year. Food prices decreased by 1.6%, non - food prices increased by 0.3%, consumer goods prices decreased by 0.4%, and service prices increased by 0.5%. From January to July, the average CPI decreased by 0.1% compared with the same period last year [5][51]. - In July 2025, the producer price index for industrial products (PPI) decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. From January to July, the average PPI decreased by 2.9% compared with the same period last year, and the purchasing price index for industrial producers decreased by 3.2% [5][58]. - As of the end of July 2025, China's gold reserves were 73.96 million ounces, an increase of 60,000 ounces from the end of June 2025, increasing for 9 consecutive months. It is expected that the central bank will continue to increase its gold holdings [6]. - As of the end of July 2025, China's foreign exchange reserves were $3.2922 trillion, a decrease of $25.2 billion or 0.76% from the end of June, remaining above $3.2 trillion for 20 consecutive months [6]. - In the first 7 months of this year, China's goods trade showed an upward trend. The total value of imports and exports was 25.7 trillion yuan, a year - on - year increase of 3.5%, and the growth rate was 0.6 percentage points faster than that in the first half of the year [6]. - In July 2025, the manufacturing purchasing managers' index (PMI) was 49.3%, down 0.4 percentage points from the previous month. The manufacturing industry's prosperity level declined seasonally and generally remained in a downward trend [6]. 3. Summary According to Relevant Catalogs National Economic Accounting - GDP quarterly year - on - year growth rates from Q1 2023 to Q2 2025 are presented. Different industries such as agriculture, forestry, animal husbandry and fishery, industry, construction, and services have their respective growth rate trends [8]. - The contribution rates of different industries to GDP growth from Q1 2023 to Q2 2025 are shown, including agriculture, forestry, animal husbandry and fishery, industry, construction, and various service - related industries [13]. Industry Industrial Growth Rate - The year - on - year growth rates of added value of major industries from May to June in the past two years are provided, including coal mining and washing, oil and gas extraction, and manufacturing industries [22]. Major Industrial Output - The output data of major industrial products from June 2024 to June 2025 are listed, including energy products, industrial raw materials, and finished products [24]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption of major industries from March 2024 to May 2025 are given, including agriculture, forestry, animal husbandry and fishery, mining, and manufacturing [33]. Industrial Enterprise Profits - From January to June 2025, the total profit of large - scale industrial enterprises was 3.4365 trillion yuan, a year - on - year decrease of 1.8%. The main industry profit situations vary, with some industries showing growth and others decline [36]. - From January to June 2025, the mining industry's profit was 429.41 billion yuan, a year - on - year decrease of 30.3%; the manufacturing industry's profit was 2.59006 trillion yuan, a year - on - year increase of 4.5%; the electricity, heat, gas and water production and supply industry's profit was 417.04 billion yuan, a year - on - year increase of 3.3% [41]. Industrial Enterprise Inventory - As of the end of May 2025, the finished product inventory of large - scale industrial enterprises was 6.65 trillion yuan, a year - on - year increase of 3.5%. The overall inventory is in a stage from passive replenishment to passive destocking [46]. Price Index CPI - In July 2025, the CPI was flat year - on - year. Food prices decreased, while non - food prices increased. The average CPI from January to July decreased by 0.1% compared with the same period last year [51]. - The year - on - year and month - on - month data of CPI sub - items from July 2024 to July 2025 are presented, including food, clothing, housing, and other categories [52]. PPI - In July 2025, the PPI decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. The average PPI from January to July decreased by 2.9% compared with the same period last year [58]. - The year - on - year data of PPI for major industries from July 2024 to July 2025 are provided, including production materials, living materials, and various mining and manufacturing industries [58][61]. - The year - on - year data of industrial producer purchasing prices from July 2024 to July 2025 are given, including fuel power, black metal materials, and other categories [62]. Main City Newly - Built Residential Prices - The year - on - year and month - on - month data of the price index of newly - built commercial residential buildings in 70 large and medium - sized cities from June 2015 to June 2025 are shown, including data for first - tier, second - tier, and third - tier cities [63][64][66].

Core Insights - Brazil's mineral exports reached $20.1 billion in the first half of the year, with iron ore accounting for 63% of this total [1] - The trade surplus from mineral exports amounted to $16 billion, representing 53% of Brazil's overall trade surplus [1] - China remains the largest destination for Brazilian mineral exports, comprising 68% of the total [1] Industry Performance - Brazilian mining revenue was 139.2 billion reais, reflecting a year-on-year growth of 7.5%, with iron ore contributing 53% [1] - Key mineral export revenue was $3.64 billion, showing a year-on-year increase of 5.2%, while total revenue reached 21.6 billion reais, up 41.6% year-on-year [1] Regulatory Considerations - The president of the Brazilian Mining Association, Román, indicated that any mineral agreements would depend on intergovernmental negotiations [1] - Establishing exclusive rights for specific mineral resources for a country would represent an unprecedented initiative [1]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - Fortuna Mining's Q2 2025 gold production decreased by 32.8% to 1.92 tons, while silver production decreased by 21.5% to 7.48 tons. Adjusted net profit attributable to shareholders decreased by 27.2% to $42.6 million [1][2][4] - The realized price for gold in Q2 2025 was $3,307 per ounce, up 14.7% quarter-on-quarter and up 41.7% year-on-year. The realized price for silver was $33.77 per ounce, up 6.3% quarter-on-quarter and up 18.4% year-on-year [2][4] - The all-in sustaining cost (AISC) for gold in Q2 2025 was $1,932 per ounce, an increase of 17.8% quarter-on-quarter and 17.7% year-on-year, primarily due to increased cash costs and royalties [3] Production and Operational Performance - Q2 2025 silver production was 240,621 ounces (7.48 tons), a decrease of 21.5% quarter-on-quarter and 1.0% year-on-year. Silver sales remained stable quarter-on-quarter but decreased by 6.4% year-on-year [1][2] - Q2 2025 gold production was 61,736 ounces (1.92 tons), a decrease of 32.8% quarter-on-quarter but an increase of 10.2% year-on-year. Gold sales also decreased by 31.6% quarter-on-quarter but increased by 12.7% year-on-year [2] Financial Performance - Q2 2025 revenue was $230.4 million, a decrease of 20.3% quarter-on-quarter but an increase of 47.4% year-on-year. The increase in revenue was driven by higher gold prices and increased sales volume from the Lindero mine [4][6] - Q2 2025 operating income was $83.7 million, a decrease of 8.9% quarter-on-quarter but an increase of 171.8% year-on-year [7] - Adjusted EBITDA for Q2 2025 was $127.7 million, a decrease of 14.9% quarter-on-quarter but an increase of 76.1% year-on-year [8] Company Developments - The company completed the sale of its interest in the Yaramoko mine for $70 million in cash and potential additional payments of up to $53.6 million [9][10] - The company also sold its 100% stake in the San Jose mine for $6.5 million, with additional potential payments based on future production [11][12] - A stock buyback plan was announced, allowing the company to repurchase up to 15,347,999 shares [13]

Core Points - The "Regulations on Foreign Investment in Hainan Free Trade Port" has been officially released, highlighting unique preferential policies for foreign investors in Hainan [1] - The regulations aim to attract foreign investment by creating a more open and convenient investment environment, focusing on areas of significant concern for foreign capital [1][3] Group 1: Investment Access - The regulations introduce a "negative list" for foreign investment that is the shortest in the country, facilitating the opening of multiple sectors in Hainan ahead of the national pace [1][2] - In the education sector, foreign high-level universities in science, engineering, agriculture, and medicine are allowed to operate independently in Hainan [2] - In the telecommunications sector, foreign investment is permitted in internet data centers and content distribution networks, with no restrictions on foreign shareholding in certain value-added telecommunications services [2] Group 2: Financial Support - The regulations enhance financial services for foreign enterprises, allowing better cross-border capital flow and expanding the application of multi-functional free trade accounts [4] - Foreign enterprises can enjoy high-level open pilot measures, such as exemption from foreign exchange registration for domestic reinvestment [5] - The regulations support the establishment of foreign financial institutions in Hainan, including securities, insurance, and reinsurance companies, to attract qualified foreign enterprises [5]

Summary of Key Points - The fixed asset investment in Longnan City increased by 14.2% year-on-year in the first half of 2025, with a growth rate improvement of 2.1 percentage points compared to the period from January to May [3] - Private fixed asset investment saw a significant increase of 25.4% year-on-year [3] - In June, the fixed asset investment growth rate was recorded at 17.9% [3] Sector Performance - Investment in the primary industry grew by 45.1% year-on-year [3] - The secondary industry experienced a growth of 38.0%, with industrial investment specifically increasing by 38.0% [3] - Within the secondary industry, mining and manufacturing investments surged by 106.8% and 79.2% respectively, while investment in the electricity, heat, gas, and water production and supply sector declined by 10.6% [3] - The tertiary industry saw a modest growth of 6.6%, but infrastructure investment within this sector decreased by 4.3% [3] - In the tertiary sector, transportation, warehousing, and postal services grew by 3.5%, while water conservancy, environment, and public facility management experienced a significant decline of 29.1% [3]

Economic Performance - In May, China's economy demonstrated resilience, with key indicators such as industrial added value and service production index showing stable growth [1][3] - The total value of goods imports and exports increased by 2.7% year-on-year in May, with exports rising by 6.3% [4][1] - From January to May, the industrial added value and service production index grew by 6.3% and 5.9% respectively, indicating overall stability compared to the first quarter [3] Consumer Market - In May, the retail sales of consumer goods increased by 6.4% year-on-year, driven by holiday effects and policies promoting consumption [5][6] - The online retail sales of physical goods grew by 6.3% from January to May, accounting for 24.5% of total retail sales [6][5] - The average urban unemployment rate was 5.2% from January to May, with a slight decrease to 5.0% in May [4] Industrial Sector - The added value of high-tech manufacturing increased by 8.6% in May, while the equipment manufacturing sector saw a growth of 9% [9][8] - The production of industrial robots surged by 32% year-on-year, and the output of new energy vehicles rose by 40.8% [3][9] - Despite external pressures, the manufacturing sector remains a key driver of industrial growth, with significant contributions from high-tech and equipment manufacturing [9][8] Policy Impact - The implementation of financial policies, including interest rate cuts, has provided crucial support for stable economic performance [2] - Consumption policies, such as the "old for new" program, have effectively stimulated consumer spending [6][7] - The government is expected to continue enhancing consumption policies to further boost consumer confidence [7]

Core Insights - The industrial profit of large-scale enterprises in China reached 612.81 billion yuan in August, marking a year-on-year increase of 19.1%, although the growth rate decreased by 0.5 percentage points compared to July [1] - From January to August, cumulative profits saw a year-on-year decline of 4.4%, but the decline rate narrowed by 3.7 percentage points compared to the first seven months [2] Group 1: Production and Demand Improvement - Continuous improvement in production and demand has driven sales growth for industrial enterprises, with industrial added value increasing by 5.6% year-on-year in August, accelerating by 0.8 percentage points from July [3] - The fixed asset investment decline has further narrowed, nearly returning to last year's levels, and the retail sales of consumer goods saw a positive growth rate for the first time this year [3] - The industrial producer price index continued to rise in August, with operating revenue for industrial enterprises increasing by 4.9% year-on-year, up by 1.6 percentage points from July [3] Group 2: Cost Reduction Policies - A series of cost-reduction policies have been implemented to alleviate pressure on enterprises, including significant tax cuts and reductions in electricity, land, and rental costs [3] - In August, the cost per 100 yuan of operating revenue for large-scale industrial enterprises decreased by 0.47 yuan year-on-year, and expenses per 100 yuan of operating revenue decreased by 0.02 yuan [3] Group 3: Sector Performance - The internal supply and demand cycle in the industrial sector improved, with downstream recovery boosting upstream industries [4] - Mining industry profits fell by 11.9% year-on-year in August, but the decline was significantly reduced by 28.7 percentage points compared to July; raw material manufacturing profits grew by 32.5%, accelerating by 17.8 percentage points from July [4] - The petroleum processing industry saw profits increase by 148.2% year-on-year, while the steel industry profits grew by 68.3%, both showing significant acceleration compared to July [4] - Equipment manufacturing profits rose by 23.1% year-on-year, contributing 8.1 percentage points to the overall industrial profit growth [4] Group 4: Future Outlook - Future policy support is expected to accelerate, with a focus on demand-side recovery, although global economic uncertainties may pose challenges to manufacturing [5] - Despite the stable recovery of industrial profits in August, the revenue and profit growth rates from January to August have not turned positive, indicating ongoing pressures [5] - The emphasis will remain on supply-side structural reforms to stimulate domestic demand and enhance market vitality [5]

来源：金融界 经营范围含许可项目：非煤矿山矿产资源开采；矿产资源勘查；煤炭开采；道路货物运输（不含危险货 物）。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文 件或许可证件为准）非金属矿物制品制造；非金属矿及制品销售；金属矿石销售；煤炭洗选；矿物洗选 加工；非金属矿物材料成型机械制造；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；矿山机械销售；选矿；工业工程设计服务；采矿行业高效节能技术研发；建筑材料销售；货物进出 口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称阿拉善旭阳矿业有限公司法定代表人李磊注册资本1000万人民币国标行业采矿业>煤炭开采和 洗选业>其他煤炭采选地址内蒙古自治区阿拉善盟阿拉善右旗塔木素布拉格苏木恩格日乌苏嘎查硅石矿 企业类型其他有限责任公司(1190)营业期限2025-8-6至无固定期限登记机关阿拉善右旗市场监督管理局 天眼查显示，近日，阿拉善旭阳矿业有限公司成立，法定代表人为李磊，注册资本1000万人民币，邢台 旭阳矿业有限公司、旭阳营销有限公司持股。 序号股东名称持股比例1邢台旭阳矿业有限公司99%2旭阳 ...

Core Points - Inner Mongolia Haozheng Mining Co., Ltd. has been established with a registered capital of 36 million RMB [1] - The company is primarily involved in the mining industry, specifically coal mining and washing [1] - The shareholders include Sanlian Chuangshang Development Group Co., Ltd. (76.25%), Inner Mongolia Haoyu Technology Co., Ltd. (15%), and Hainan Xinguangsheng Investment Co., Ltd. (8.75%) [1] Company Overview - Company Name: Inner Mongolia Haozheng Mining Co., Ltd. [1] - Legal Representative: Wang Haoran [1] - Registered Capital: 36 million RMB [1] - Business Scope: Includes non-coal mining resource extraction, coal mining, road cargo transportation (excluding hazardous goods), metal ore sales, non-metallic minerals and products sales, coal washing, mineral washing processing, and ecological restoration services [1] - Company Type: Other limited liability company [1] - Business Duration: Until August 6, 2025, with no fixed term thereafter [1] - Registration Authority: Market Supervision Administration of Dongsheng District, Ordos City [1] Industry Context - The company operates within the mining industry, specifically focusing on coal mining and washing [1] - The registered address is located in Dongsheng District, Ordos City, Inner Mongolia [1]