金诚信（603979.SH）2025 年三季报点评 铜矿产量继续提升，矿服逐季改善 2025 年 10 月 29 日 ➢ 事件：2025 年前三季度公司实现营业收入 99.33 亿元，同比增长 42.50%， 归母净利润 17.53 亿元，同比增长 60.37%。2025Q3 公司实现营业收入 36.17 亿元，同比增长 34.07%，环比增长 3.19%，归母净利润 6.42 亿元，同比增长 33.68%，环比下降 6.80%。 ➢ 矿服板块毛利同比下降，但逐季改善。2025 年前三季度公司矿山服务板块 实现营收 52.6 亿元，同比增长 7.92%；实现毛利 11.96 亿元，同比下降 13.93%。 公司矿服板块毛利下降主要是：（1）Lubambe 项目收购后转为内部管理，对应 收入及毛利减少；（2）收购的 TerraMining 矿服业务处于业务前期，减少了矿 山服务毛利；（3）卡莫阿-卡库拉铜矿项目由于矿震影响阶段性停工，业务量收 到影响。季度来看，公司前三季度单季度矿服业务毛利分别为 3.46、4.21、4.29 亿元，呈逐级改善态势。2025 年上半年公司首次承接赞比亚 Mufulira 矿山建 ...

Core Viewpoint - The company has released its third-quarter report for 2025, highlighting its financial performance and operational changes, particularly in the mining services and resource development sectors [13][12]. Financial Data - The financial report is unaudited and covers the period from the beginning to the end of the third quarter [3][10]. - The company has issued a total of 1,000,000 convertible bonds with a total value of 1 billion yuan, of which 504,069,000 yuan has been converted into shares, representing 6.92% of the total shares before conversion [7]. Operational Performance - The company's revenue and gross profit are primarily derived from mining services and resource development, with specific contributions detailed in the report [8]. - The gross profit from mining services has decreased due to several factors, including the transition of the Lubambe Copper Mine to internal management, the acquisition of Terra Mining, and operational disruptions caused by safety concerns at the Kamoa-Kakula Copper Mine [9]. Shareholder Information - The report includes details on the number of shareholders and the status of major shareholders, indicating that there are no significant changes in the top ten shareholders due to the lending and returning of shares [5][7]. Board Meeting - The board meeting held on October 27, 2025, approved the third-quarter report unanimously, confirming compliance with relevant regulations [13][14].

金诚信披露，前三季度公司业绩增长，主要是报告期内公司矿山资源开发业务产量及销量，较上年同期 增加，以及降本管控措施有效所致。 本报讯 （记者贺王娟）10月27日晚间，金诚信矿业管理股份有限公司（以下简称"金诚信"）披露三季 报，2025年前三季度金诚信实现营业收入99.33亿元，同比增长42.50%；归属于上市公司股东的净利润 17.53亿元，同比增长60.37%。 （编辑 郭之宸） ...

Core Viewpoint - Jin Chengxin (603979.SH) reported significant growth in operating performance for the first half of 2025, with revenue exceeding 6.3 billion yuan and net profit surpassing 1.1 billion yuan, marking historical highs driven by increased production and sales prices in mining resource development [1][2]. Financial Performance - In the first half of 2025, Jin Chengxin achieved operating revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.29% [2]. - The company's gross profit margin rose to 34.37%, an increase of 3.82 percentage points compared to the previous year, while the net profit margin reached 17.43%, up 2.98 percentage points [3]. - Operating cash flow net amount was 1.726 billion yuan, reflecting a substantial year-on-year growth of 255.08% [6]. Business Segments - Jin Chengxin's revenue from mining services and resource development for the first half of 2025 was 3.322 billion yuan and 2.912 billion yuan, respectively, with the latter showing a remarkable year-on-year growth of 276.83% [3]. - The decline in gross profit from mining services was attributed to the acquisition of Lubambe Copper Mine and the integration of Terra Mining, which affected revenue and profit margins [3]. Market Presence - The company has a strong international presence, with 78.61% of its revenue coming from overseas markets, amounting to 4.965 billion yuan [6]. - Jin Chengxin has been actively expanding its global footprint, particularly in Africa and Eurasia, with significant projects in Zambia and the Democratic Republic of the Congo [5]. Growth Trajectory - Since 2017, Jin Chengxin has consistently achieved double-digit growth in both revenue and net profit, indicating a robust growth trajectory [6]. - As of June 2025, the company's total assets reached 18.414 billion yuan, nearly doubling from 8.684 billion yuan at the end of 2021, while maintaining a stable financial operation with a debt ratio of 45.88% [6].

Core Viewpoint - Jin Chengxin (603979.SH) reported significant growth in both revenue and net profit for the first half of 2025, driven by increased production and cost control measures [1] Financial Performance - The company achieved operating revenue of 6.316 billion yuan, representing a year-on-year increase of 47.82% [1] - Net profit attributable to shareholders reached 1.111 billion yuan, marking a year-on-year growth of 81.29% [1] - The net profit excluding non-recurring gains and losses was 1.088 billion yuan, up 78.51% year-on-year [1] - Basic earnings per share stood at 1.78 yuan [1] Operational Highlights - The growth in revenue and profit was primarily due to increased production and sales of mineral products from mining resource development [1] - The company has effectively controlled production costs through ongoing cost reduction and expense management measures [1]

Core Viewpoint - The company, Jincheng Mining Management Co., Ltd., expects a significant increase in net profit for the first half of 2025, driven by higher sales volumes and prices in its mining resource development business, as well as effective cost control measures [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of between 1,070 million yuan and 1,120 million yuan for the first half of 2025, representing an increase of 457.23 million yuan to 507.23 million yuan compared to the same period last year, which is a year-on-year increase of 74.62% to 82.78% [1]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 1,050 million yuan and 1,100 million yuan, reflecting an increase of 440.70 million yuan to 490.70 million yuan year-on-year, which corresponds to a growth of 72.33% to 80.54% [1]. Group 2: Previous Year Performance - In the same period of 2024, the company reported a total profit of 807.18 million yuan, with a net profit attributable to shareholders of 612.77 million yuan, and a net profit after deducting non-recurring gains and losses of 609.30 million yuan [2]. - The basic earnings per share were reported at 1.00 yuan per share, while diluted earnings per share were 0.95 yuan per share [2]. Group 3: Reasons for Performance Increase - The increase in performance is primarily attributed to the rise in production and sales volumes of mining products, along with an increase in sales prices, and the company's ongoing efforts to control costs effectively [2].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is a leading integrated mining service provider in China, successfully extending its core business from mining development services to resource development, creating a dual-driven growth pattern that supports steady performance [6][12]. - The mining service business is experiencing robust growth, with a significant increase in high-margin overseas business contributing to revenue optimization [7][11]. - The resource business has strong growth potential, particularly in copper projects, with high realization rates expected to drive future earnings [9][54]. Summary by Sections 1. Business Overview - The company has a solid foundation with over 20 years of experience in mining development services, focusing on mining operation management, engineering construction, and technical research [18]. - The ownership structure is controlled by the Wang family, who have extensive experience in the mining industry [21]. 2. Mining Service Business - The mining service segment remains the primary source of revenue and profit, with a compound annual growth rate (CAGR) of 10.77% in revenue and 11.84% in gross profit from 2015 to 2024 [35][40]. - The overseas business has rapidly expanded, with the revenue share from international projects increasing from 21.3% in 2015 to 71.63% in 2024 [40][43]. - The company has established long-term relationships with major mining enterprises, enhancing its reputation and growth potential in overseas markets [48][50]. 3. Resource Business - The company has made significant strides in resource development, acquiring multiple copper and phosphate mining projects, with a focus on high realization rates [54][59]. - The Dikulushi copper mine is expected to yield substantial returns, with a production capacity of 10,000 tons of copper per year [59]. - The Lonshi copper mine is projected to reach an annual production of 40,000 tons by 2025, with further expansion planned [62]. - The San Matias copper-silver project in Colombia is progressing well, with expected production of 22,000 tons of copper annually upon completion [64]. 4. Industry Outlook - The mining service industry is transitioning towards high-end, deep, and intelligent services, with increasing demand for advanced mining technologies [52][53]. - The overall market for mining services is expected to grow due to rising metal prices and increased capital expenditure by mining companies [53].