PresentationJamie BoytonExecutive Chairman Good morning. My name is Jamie Boyton, and I'm Executive Chair of Capital Limited, and I'd just like to, on behalf of myself and the Board of Directors, welcome you all to our general meeting. The purpose of this meeting today is to consider, and if thought fit, to approve resolutions that relate to the issue of the second tranche of shares under the placing recently announced by the company. The registrar has confirmed that a shareholders' quorum is present for th ...

Financial Performance - The company achieved a revenue of 14.552 billion yuan, representing a year-on-year growth of 55.92% [1] - The net profit attributable to shareholders was 653 million yuan, remaining stable compared to the previous year [1] - Cash flow from operating activities was -236 million yuan, down from 189 million yuan in the same period last year [1] Business Segments Overview - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, with a backlog of over 35 billion yuan in orders [1][3] - The civil explosives segment has a production capacity of 725,500 tons, with stable business scale compared to the previous year [1] - The defense equipment segment is performing well, with recent acquisitions enhancing capabilities and ongoing military trade projects [1] Strategic Insights - The decline in gross margin for the mining service segment is attributed to the lower-margin nature of new contracts and temporary pressures in Xinjiang projects [2] - The company is committed to improving internal management and operational efficiency to enhance competitiveness [2] - The internationalization strategy remains firm, with ongoing investments in overseas markets, including Peru and Central Asia [5] Future Plans - The company aims to achieve a production capacity of one million tons in the civil explosives sector through strategic acquisitions [7] - The defense equipment segment is expected to grow significantly, supported by recent acquisitions and investments in high-end weapon systems [7] - The satellite division currently has 10 operational satellites, with plans to complete a global constellation for real-time monitoring [7]

Group 1 - The core business of the company includes three main areas: open-pit mining, underground mining, and mixed integrated services [1] - The subsidiary Lianshao Construction focuses on underground mining operations, providing mining engineering construction, equipment installation, and mining engineering services to large and medium-sized underground mine owners [1]

Core Viewpoint - Guangdong Hongda (002683) has a current order backlog of 35 billion yuan in its mining service sector, indicating a stable future release of business operations [1] Group 1 - The company is focused on its core business and aims to enhance internal management to reduce costs and improve efficiency [1] - The company is committed to increasing operational efficiency and market competitiveness [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has exceeded expectations in copper production and sales, indicating a high certainty growth target for investment [3] - The mining service business is steadily growing, while the resource segment is expanding [3] - The company reported a significant increase in revenue and net profit for the third quarter of 2025, with revenue reaching 9.933 billion yuan, up 42.5% year-on-year, and net profit of 1.753 billion yuan, up 60.4% year-on-year [4] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 9.933 billion yuan, a year-on-year increase of 42.5%, and a net profit of 1.753 billion yuan, up 60.4% year-on-year [4] - The company’s revenue forecast for 2025 is 12.729 billion yuan, with a growth rate of 28% [3] - The projected net profit for 2025 is 2.471 billion yuan, reflecting a growth rate of 56% [3] Mining Operations - The company has been progressively establishing and commissioning mining resources since 2019, focusing on copper, gold, silver, and phosphate [6] - The copper production for the first three quarters of 2025 was 64,053.11 tons, a year-on-year increase of 101%, with sales reaching 68,227.35 tons, up 123% year-on-year [7] - The company is actively advancing the Two Chah River phosphate mine project, with the southern mining area already in production [8] Cost Management - The company’s expense ratio decreased to 6.01% in the first three quarters of 2025, down 2.12 percentage points year-on-year [7] - Sales expenses decreased by 22.19% to 0.18 billion yuan, while management expenses increased by 5.15% to 3.96 billion yuan [7] Future Outlook - The company expects to achieve net profits of 2.471 billion yuan in 2025, 2.798 billion yuan in 2026, and 3.429 billion yuan in 2027, with corresponding P/E ratios of 15.7, 13.9, and 11.3 [3] - The Lonshi copper mine is set to begin production in Q4 2023, with an annual output of approximately 40,000 tons of copper metal upon reaching full capacity [7]

Core Viewpoint - The company, North International (000065), is actively engaging with institutional investors to enhance communication and improve its operational quality, focusing on its role in international engineering and capacity cooperation, particularly in relation to the Belt and Road Initiative [2][3]. Group 1: Company Positioning and Strategy - The company is positioned as a key player in supporting national strategies, particularly in the context of the Belt and Road Initiative, aiming to strengthen its international operations in civilian products [2]. - North International leverages its Norinco brand and overseas investment network to establish a strong presence in key markets, especially along the Belt and Road, focusing on energy, resource, and industrial engineering projects [3]. - The company emphasizes a market-oriented approach to resource integration, maintaining close partnerships with leading global enterprises to enhance its operational capabilities [4]. Group 2: Competitive Advantages - The company has implemented an investment-driven transformation, integrating investment, construction, and operation to enhance its management capabilities and achieve good returns on investment projects [5]. - A high-quality, professional talent pool familiar with international operations supports the company's ability to manage overseas projects effectively [6]. - The company adopts a localized operational strategy, establishing a comprehensive management system to support its international business across various countries [7]. Group 3: Financial Performance - In the first three quarters of 2025, the company reported a main revenue of 9.915 billion, a year-on-year decrease of 29.79%, and a net profit of 485 million, down 36.02% [12]. - The company’s electricity operation segment showed stable performance, with significant growth in generation and revenue, particularly from projects in Croatia and Laos [8][9]. - The company plans to continue expanding its overseas electricity asset portfolio and explore new revenue channels, enhancing the profitability and strategic value of its electricity operations [9]. Group 4: Future Outlook and Shareholder Returns - The company has a long-standing commitment to stable shareholder returns, with a cash dividend ratio of 15% for 2024, an increase of 5 percentage points from the previous year, amounting to 158 million, a 72.55% increase year-on-year [11]. - Future dividend policies will balance operational funding needs with shareholder returns, aiming to gradually enhance dividend levels [11].

Group 1: Investor Activity Overview - On November 4, 2025, Northern International Cooperation Co., Ltd. participated in an investor communication event organized by China Ordnance Industry Group in Xi'an, receiving five institutional investors [1] Group 2: Core Business Insights - Northern International positions itself as a key player in the "Belt and Road" initiative, focusing on international engineering and capacity cooperation, and aims to enhance the internationalization of the group's civilian products [2] - The company highlighted five core competitive advantages: brand and market advantage, global resource integration capability, investment-driven and integrated operation advantage, high-quality international talent support, and localized operational advantages [2] Group 3: Power Operations Performance - The power operations segment has shown strong performance, with the Croatia wind power project generating 289 million kWh in the first three quarters, and the average electricity price maintained at 9.9 euro cents per kWh, leading to significant revenue growth [3] - The Laos hydropower project saw a substantial profit increase due to accelerated loan principal repayment and decreased interest expenses [3] - The company plans to expand its overseas quality power asset layout, focusing on European renewable energy investments and exploring new revenue channels such as energy storage projects and virtual power plants [3] Group 4: Mining Business Transformation - Northern International is transitioning from a traditional EPC contractor to a comprehensive service provider across the entire mining industry chain, extending its business scope from construction to mining operations and support services [4] - The company aims to strengthen its integrated industry chain advantages and enhance its core competitiveness in the mining service sector [4] Group 5: Dividend Policy - The company has maintained a stable dividend policy with cash dividends for 17 consecutive years, planning a cash dividend payout ratio of 15% for 2024, an increase of 5 percentage points from the previous year, totaling 158 million yuan, a year-on-year growth of 72.55% [5]

Group 1: Company Positioning and Strategy - The company is positioned as a key player in supporting the "Belt and Road" initiative, focusing on international engineering and capacity cooperation [1] - The company aims to enhance its international operations in consumer goods, striving for growth and optimization [1] Group 2: Competitive Advantages - **Brand Advantage**: Leveraging the Norinco brand and overseas investment network, the company has established a strong presence in key markets, particularly along the "Belt and Road" [2] - **Global Resource Integration**: The company maintains close partnerships with leading enterprises in the global supply chain, fostering a mutually beneficial ecosystem [2] - **Investment-Driven Growth**: The company has implemented an investment-driven transformation, enhancing its project management capabilities and achieving good returns on several projects [2] - **High-Quality Talent Pool**: The company boasts a skilled workforce adept in international operations and project management, crucial for executing overseas projects [2] Group 3: Localization Strategy - The company has established a broad international presence, with operations in dozens of countries across three continents, emphasizing localized strategies tailored to specific markets [3] Group 4: Business Performance - The power operation segment has shown stable growth, with a reported electricity generation of 289 million kWh and an average electricity price of €0.099 per kWh, leading to significant revenue increases [4] - The company plans to expand its overseas power asset portfolio and explore new revenue channels, including energy storage projects [4] Group 5: Future Development and Shareholder Returns - The company has maintained a consistent cash dividend policy for 17 years, with a planned cash dividend ratio of 15% for 2024, an increase of 5 percentage points from the previous year, totaling ¥158 million, a 72.55% increase [5]

Core Viewpoint - Jinchengxin Mining Management Co., Ltd. experienced a 5.02% decline in stock price, closing at 62.07 CNY per share, with a total market capitalization of 38.718 billion CNY as of November 3 [1] Company Overview - Jinchengxin was established on January 7, 2008, and listed on June 30, 2015. The company is based in Fengtai District, Beijing, and specializes in mining engineering construction, mining operation management, and mining design and technology research [1] - The revenue composition of Jinchengxin includes: - Sales of cathode copper, copper concentrate, and phosphate rock: 46.11% - Mining operation management: 39.63% - Mining engineering construction: 11.85% - Materials, equipment, and others: 1.29% - Mining machinery and equipment: 1.00% - Mining design consulting: 0.13% [1] Fund Holdings - Huabao Fund has a significant holding in Jinchengxin, with its Huabao Resource Optimal Mixed A Fund (240022) holding 1.24 million shares, representing 5.2% of the fund's net value, making it the seventh-largest holding [2] - The fund has reported a floating loss of approximately 4.0672 million CNY as of the latest data [2] Fund Manager Performance - The fund manager Ding Jingfei has been in position for 6 years and 62 days, with a total asset scale of 2.657 billion CNY and a best return of 232.71% during his tenure [3] - The co-manager Yang Qi has been in position for 63 days, managing assets totaling 1.664 billion CNY, with a best return of 13.71% [3]

Group 1: Power Operations Performance - The company's power operations segment showed stable performance in the first three quarters, with a total power generation of 289 million kWh and an average electricity price of €0.099 per kWh, resulting in a significant year-on-year increase in revenue [1] - The Croatia Senj Wind Power Project's generation met expectations, while the Laos Nam Phak Hydropower Station saw accelerated loan principal repayment and reduced interest expenses due to declining USD interest rates, leading to a substantial profit increase compared to the same period last year [1] Group 2: Future Development Strategies - The company plans to continue expanding its overseas quality power asset portfolio and explore investments in energy storage projects, enhancing the efficiency and stability of its power operations [1] - The company is actively developing new revenue channels such as green certificate trading and virtual power plants to further enhance the profitability of its power segment [1] Group 3: Cash Flow and Operational Efficiency - The company's operating cash flow has shown steady growth, attributed to a focus on risk-controlled, timely payment projects and ongoing cost reduction efforts, leading to improved cash flow quality [2] - The company has enhanced inventory turnover efficiency, contributing to the overall improvement in cash flow [2] Group 4: Mining Project Development - The company is transitioning from a pure EPC contractor to a full-service provider in the mining industry, extending its business scope to mining operations and support services, thereby establishing closer, long-term relationships with clients [2] - Future strategies include maintaining an integrated development approach in the mining sector to strengthen and expand its core competitive advantages [2] Group 5: Coal Sales Performance - The company's coal sales in Mongolia improved significantly in Q3, achieving a sales volume of 1.54 million tons, a year-on-year increase of 75% and a quarter-on-quarter increase of 32%, with both sales volume and gross profit showing notable improvement compared to the first half of the year [2]