Summary of Yuguang Jin Lead Conference Call Company Overview - **Company**: Yuguang Jin Lead - **Industry**: Lead and Silver Mining and Smelting Key Points Silver Production and Recovery - Silver production is closely linked to the silver content in lead concentrate, with a stable production forecast for the next 1-2 years and a target of 1,700 tons by 2025 [2][3] - The company boasts a silver recovery rate of over 99.5%, significantly higher than the industry average of 92%-95%, providing a competitive advantage [2][7] - The silver recovery is primarily achieved through the recycling of precious metals from lead concentrates [3] Raw Material Procurement - The lead concentrates procured contain silver in low, medium, and high grades, with low-grade silver not being priced [4] - The pricing coefficient for high-grade ores is influenced by market supply and demand, as well as negotiation outcomes [5] - The company optimizes raw material structure by purchasing high-silver-content ores rather than solely increasing the proportion of raw ores [10] Mining Projects - The company holds a 25% stake in an Australian mining project, currently in the exploration phase, focusing on report completion, market analysis, and financing [2][9] - The project has low open-pit mining costs and high silver content, but the company plays a collaborative role due to its minority stake [9] Production Capacity and Financials - The company’s smelting capacity utilization for lead and copper is at 100%, while gold and silver are close to full capacity [4][39] - Recent investments have led to high depreciation costs, approximately 300 million yuan annually, with future capital expenditures directed towards fundraising projects, R&D, and environmental improvements [4][40] Market Dynamics and Pricing - The company faces challenges in negotiating with miners due to a relatively weak bargaining position, influenced by tight raw material supply [14] - The prices of small metal products are significantly affected by market fluctuations, impacting profit margins [12][13] High-Purity Metals and R&D - The company is in the pilot stage for high-purity metals, with no mass production yet achieved [15][17] - The copper foil project has a production capacity of about 3,000 tons, with ongoing efforts to improve yield and cost control [19] Environmental and Operational Strategies - The company emphasizes environmental protection, including wastewater treatment projects, with a treatment cost of approximately 27-30 yuan per ton [23] - The company has a long-term strategy to extend its industrial chain towards upstream mining resources, although challenges exist due to resource scarcity [25] Industry Outlook - The overall profitability of the lead-zinc smelting industry is currently favorable, driven by high silver and precious metal prices [28] - Future silver price trends are expected to be influenced more by its financial attributes rather than industrial demand, with a supply-demand imbalance supporting price increases [34] Conclusion - Yuguang Jin Lead is strategically positioned in the lead and silver industry with a focus on optimizing production processes, enhancing recovery rates, and navigating market dynamics to maintain competitiveness and profitability in a challenging environment [35][36]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Views - **Lead**: Supply is temporarily tightened, and with the increasing expectation of the Fed's interest - rate cut, the pressure on non - ferrous metals is reduced. The lead price has broken through 17,000 yuan/ton. However, limited improvement in demand may suppress the upside space of the lead price. It is expected to fluctuate at a high level in the short term [1]. - **Zinc**: The fundamental situation of Shanghai zinc remains weak, but the extremely low LME zinc inventory overseas and the continuous back structure of LME 0 - 3 support the upward movement of the London zinc price, which in turn boosts Shanghai zinc. With the impact of the interest - rate cut expectation, Shanghai zinc is expected to be in a moderately strong consolidation in the short term, but the upside space may be limited due to fundamental constraints [1]. 3) Summary by Relevant Catalogs Lead - **Price and Market Data**: SMM1 lead ingot average price is 16,950 yuan/ton, up 1.04%; futures主力合约收盘价 is 17,160 yuan/ton, up 0.70%; LME3 - month lead futures closing price (electronic) is 2,001.50 dollars/ton, down 0.79%; the ratio of Shanghai - London lead price is 8.57, up 1.51%. Futures active contract trading volume is 58,666 hands, down 7.51%; futures active contract open interest is 47,056 hands, down 9.83%. LME inventory is 225,625 tons, and Shanghai lead warehouse receipt inventory is 59,417 tons, down 0.11% [1]. - **Fundamentals - Supply**: Lead concentrate imports are not expected to increase, and processing fees are likely to rise. Some refineries have maintenance plans, with a slight fluctuation in primary lead production. In the secondary lead sector, due to raw materials and losses, the refinery's operating enthusiasm has weakened, and the scope of production cuts has expanded, with the current operating rate below 30% [1]. - **Fundamentals - Demand**: The terminal market has not improved significantly, and the peak - season effect has not been reflected. Dealers mainly digest inventory, and production enterprises produce according to sales. After the lead price broke through 17,000 yuan/ton last Friday, downstream buyers were afraid of high prices, and the purchasing sentiment improved slightly [1]. - **Trading Strategy**: Protect the profits of previous long positions [1]. Zinc - **Price and Market Data**: SMM1 zinc ingot average price is 22,160 yuan/ton; futures主力合约收盘价 is 22,310 yuan/ton, up 0.02%; LME3 - month zinc futures closing price (electronic) is 2,982 dollars/ton, up 0.88%; the ratio of Shanghai - London zinc price is 7.48, down 0.85%. Futures active contract trading volume is 97,830 hands, down 5.57%; futures active contract open interest is 92,003 hands, down 5.83%. LME inventory is 50,150 tons, and Shanghai zinc warehouse receipt inventory is 51,371 tons, up 11.91% [1]. - **Fundamentals - Supply**: Refineries have sufficient raw material reserves, and zinc concentrate processing fees are rising. The profit and production enthusiasm of refineries have improved, and the output shows an obvious increasing trend [1]. - **Fundamentals - Demand**: After the impact of the parade and the SCO Summit dissipates, the downstream enterprises' operating rate has increased significantly, and demand has improved. Also, as the Shanghai - London ratio continues to decline, the zinc ingot export window may open [1]. - **Trading Strategy**: Temporarily stay on the sidelines [1]

Group 1 - The core viewpoint of the article is that Yuguang Jin Lead (豫光金铅) has announced that its produced copper foil can be applied in solid-state batteries [1] - The annual production capacity of the company's copper foil is determined based on market orders [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The lead price is expected to fluctuate strongly at high levels in the short term, but the limited improvement in demand may suppress the upside space of the lead price. It is recommended to try long positions with a light position [1]. - The Shanghai zinc is expected to be sorted strongly in the short term, but the upside space may be limited due to the suppression of fundamentals. It is recommended to wait and see [1]. Summary by Related Catalogs Lead Price and Market Data - On September 15, 2025, the average price of SMM1 lead ingots was 16,775 yuan/ton, up 0.15% from the previous day; the closing price of the main futures contract of Shanghai lead was 17,040 yuan/ton, up 0.83% [1]. - The trading volume of the active futures contract was 63,429 lots, up 51.85%; the open interest was 52,188 lots, up 5.21% [1]. - The LME inventory was 229,575 tons, unchanged; the Shanghai lead warrant inventory was 59,485 tons, down 0.42% [1]. Industry News - From September 5th to September 11th, the weekly operating rate of primary lead enterprises was 66.68%, a week-on-week increase of 0.07 percentage points; the weekly operating rate of secondary lead enterprises was 22.3%, a week-on-week decrease of 4.5 percentage points; the weekly operating rate of lead-acid battery enterprises was 72.14%, a week-on-week decrease of 0.01 percentage points [1]. - On September 11th, the [LME0 - 3 lead] was at a discount of 42.99 US dollars/ton, and the open interest was 158,239 lots, an increase of 784 lots [1]. Fundamental Analysis - The import of lead concentrates has no incremental expectation, and the processing fee is likely to rise but difficult to fall, but it has not had a substantial impact on the refinery's operation. Some refineries have maintenance plans, and the operation of primary lead has fluctuated slightly [1]. - In the secondary lead sector, the lead price has been consolidating. Due to raw materials and losses, the refineries' enthusiasm for operation has weakened, the scope of production cuts and suspensions has further expanded, and the current operation rate is less than 30%. Some enterprises purchase from peers to fulfill long - term orders, resulting in a temporary tightening of supply [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers mainly digest inventory, and production enterprises produce according to sales. After the lead price broke through the 17,000 - yuan mark last Friday, downstream buyers were afraid of rising prices, and the purchasing sentiment improved slightly [1]. Zinc Price and Market Data - On September 15, 2025, the average price of SMM1 zinc ingots was 22,160 yuan/ton, up 0.23% from the previous day; the closing price of the main futures contract of Shanghai zinc was 22,305 yuan/ton, up 0.25% [1]. - The trading volume of the active futures contract was 103,603 lots, up 11.02%; the open interest was 97,697 lots, down 2.73% [1]. - The LME inventory was 50,525 tons, unchanged; the Shanghai zinc warrant inventory was 45,905 tons, up 2.18% [1]. Industry News - From September 5th to September 11th, the weekly operating rate of galvanized enterprises was 56.06%, a week-on-week increase of 5.98 percentage points; the weekly operating rate of die - cast zinc alloy enterprises was 53.99%, a week-on-week increase of 2.99 percentage points; the weekly operating rate of zinc oxide enterprises was 57.21%, a week-on-week increase of 2.71 percentage points [1]. - As of September 12th, the total inventory of SMM zinc concentrates at major ports in China was 44.55 million tons, an increase of 1.66 million tons from the previous week, and the inventory at Lianyungang Port increased significantly [1]. Fundamental Analysis - Refineries have sufficient raw material reserves, and the zinc ore processing fee has continued to rise. Last week, the processing fee for domestic zinc concentrates was flat week-on-week at 3,850 yuan/metal ton, and the import zinc ore processing fee index increased week-on-week to 98.75 US dollars/dry ton. Affected by the low internal - external price ratio, domestic ores have a strong advantage, and refineries mainly purchase domestic ores. The domestic TC in September may have limited upside [1]. - On the supply side, refineries' profits and production enthusiasm have improved, and the output increase trend is obvious [1]. - On the demand side, as the impact of the military parade and the SCO Summit fades, the operation of downstream enterprises has rebounded significantly, and demand has improved. In addition, as the Shanghai - London price ratio continues to deteriorate, the zinc ingot export window may open [1].

Core Viewpoint - The company, Yuguang Gold Lead (豫光金铅), does not own any silver mines and primarily recovers silver as a byproduct from lead and copper smelting processes, positioning silver as one of its important byproducts [1] Group 1 - The company's silver production capacity ranks among the top in the industry [1] - Recent silver spot prices have reached the highest level since 2014, positively impacting the company's revenue from silver-related business [1] - The increase in silver prices has led to a corresponding rise in the prices of the company's silver products, reflecting market trends [1]

Group 1 - The company will hold a half-year performance briefing on September 16, 2025, from 9:00 to 10:00 AM [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][5] - Investors can submit questions from September 9 to September 15, 2025, through the Roadshow Center website or via the company's email [2][4] Group 2 - The purpose of the briefing is to provide a comprehensive understanding of the company's half-year operating results and financial status [2][3] - The company will address common investor concerns during the briefing [3][4] - After the briefing, investors can access the main content and details of the event on the Roadshow Center website [6]

Core Viewpoint - 株冶集团's shareholder count decreased to 41,400 as of August 31, representing a 5.05% decline compared to the previous period [2] Financial Performance - For the first half of the year, 株冶集团 achieved operating revenue of 10.412 billion yuan, a year-on-year increase of 14.89% [2] - The net profit for the same period was 585 million yuan, reflecting a year-on-year growth of 57.83% [2] - Basic earnings per share were reported at 0.5100 yuan, with a weighted average return on equity of 17.57% [2] Stock Performance - 株冶集团's closing price was 14.26 yuan, down 4.23%, while the stock has increased by 9.95% since the concentration of shares began [2] - The stock experienced 5 days of increases and 6 days of decreases during the reporting period [2] Financing Data - As of September 3, the margin trading balance for 株冶集团 was 340 million yuan, with a financing balance of 339 million yuan [2] - The financing balance decreased by 8.2581 million yuan, a decline of 2.38% during the concentration period [2] Analyst Ratings - In the past month, 株冶集团 received buy ratings from 4 institutions [2] - The highest target price was set at 16.48 yuan by 东方证券 on August 17 [2]

Group 1 - The company, Yuguang Gold Lead (600531), announced plans to hold a semi-annual performance briefing on September 16, 2025 [1]

Core Viewpoint - The company, Henan Yuguang Gold Lead Co., Ltd., is set to hold a half-year performance briefing on September 16, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 16, 2025, from 9:00 to 10:00 AM [1][2]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3]. - Investors can submit questions from September 9 to September 15, 2025, through the Roadshow Center website or via the company's email [2][3]. Group 2: Participants - Key participants in the meeting will include the General Manager, Financial Director, Board Secretary, and an Independent Director [2]. Group 3: Contact Information - For inquiries, investors can contact the Board Secretary's office via phone or email [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - The lead market is in a state of weak supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. With Powell's dovish remarks and positive domestic sentiment, lead prices will maintain range - bound consolidation [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory is accumulating. However, due to the low LME zinc inventory overseas, the LME 0 - 3 shifting to a back structure, and high capital concentration, LME zinc has been rising. In the short term, Shanghai zinc may show a strong - side consolidation under the influence of external markets and macro - sentiment [1]. 3) Summary by Relevant Catalogs Price and Market Data - **Lead**: SMM1 lead ingot average price was 16,725 yuan/ton with 0.00% change; futures主力合约收盘价 was 16,850 yuan/ton, down 0.03%. LME 3 - month lead futures (electronic) closed at 1,994 dollars/ton, down 0.47%. The trading volume of the active futures contract increased by 5.94% to 42,223 hands, and the open interest increased by 0.95% to 51,504 hands [1]. - **Zinc**: SMM1 zinc ingot average price was 22,080 yuan/ton, up 0.23%; futures主力合约收盘价 was 22,325 yuan/ton, up 0.68%. LME 3 - month zinc futures (electronic) closed at 2,865.5 dollars/ton, up 1.15%. The trading volume of the active futures contract decreased by 10.03% to 125,688 hands, and the open interest decreased by 7.34% to 107,662 hands [1]. Market News - **Lead**: A small - and - medium - sized lead - zinc mine project in Qinghai completed its 10 - day autumn maintenance, and production resumed in August. On September 1st, the [LME0 - 3 lead] was at a discount of 42.47 dollars/ton, and the open interest decreased by 686 hands to 160,389 hands [1]. - **Zinc**: Since September 1st, many galvanized sheet plants in Hebei have been on holiday due to the approaching National Day, and the resumption time is undetermined. Some plants in other regions have chosen to conduct maintenance or stop production due to vehicle transportation restrictions. On September 1st, the [LME0 - 3 zinc] was at a premium of 14.98 dollars/ton, and the open interest increased by 1,018 hands to 192,517 hands [1]. Fundamental Analysis - **Lead**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some primary lead smelters have maintenance plans, and the operating rate has declined slightly. For secondary lead, the price of waste lead batteries is likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost - price inversion. The terminal market shows no significant improvement, and dealers are mainly digesting inventory [1]. - **Zinc**: Smelters have sufficient raw material stocks, and zinc ore processing fees are rising. Domestic zinc concentrate processing fees remained flat at 3,900 yuan/metal ton last week, and the import zinc ore processing fee index increased to 93.75 dollars/dry ton. Smelter profits and production enthusiasm have improved, and production is increasing. However, due to the off - season and environmental protection restrictions in the north, some downstream industries' operating rates have weakened, and the enthusiasm for purchasing zinc ingots is limited [1].