Core Viewpoint - The company, Zhongmin Resources, held a performance exchange meeting for the first half of 2025, revealing significant financial data and business progress, attracting over a hundred institutional participants, including Huaxi Securities [1][2]. Financial Data Summary - In the first half of 2025, Zhongmin Resources achieved operating revenue of 3.27 billion yuan, a year-on-year increase of 34.89% [3]. - The net profit attributable to shareholders was 89.13 million yuan, a significant decline of 81.16% year-on-year [3]. - Basic earnings per share were 0.1235 yuan, also down 81.16% compared to the previous year [3]. - As of June 30, total assets amounted to 173.12 billion yuan, a growth of 0.69% from the end of the previous year [3]. - The net assets attributable to shareholders were 119.15 billion yuan, a decrease of 2.19% from the end of the previous year [3]. Business Segment Performance - Rare Light Metals (Cesium, Rubidium) Segment: Revenue reached 708 million yuan, up 50.43% year-on-year, with a gross profit of 511 million yuan, an increase of 50.15% [4]. - The cesium and rubidium salt fine chemical business generated 407 million yuan in revenue, a 24.93% increase, and a gross profit of 311 million yuan, up 26.63% [4]. - The cesium formate rental business saw revenue of 301 million yuan, a remarkable growth of 107.63%, with a gross profit of 201 million yuan, up 110.63% [4]. - Lithium Battery New Energy Segment: The company sold 17,869 tons of lithium salt, a year-on-year increase of approximately 6.37%, and directly sold 34,834 tons of self-produced spodumene [4]. - In June, the company upgraded its lithium salt production line with an investment to build a new project with an annual capacity of 30,000 tons of high-purity lithium salt, expected to be offline for six months [4]. - Post-project completion, the company will have an annual capacity of 4.18 million tons of spodumene and 71,000 tons of battery-grade lithium salt, enhancing its competitive edge [4]. - Copper and Germanium Business: The company is adjusting its solid mineral exploration direction to provide technical support for its own mines and explore potential resources [4]. - In 2024, the company acquired 65% of the Kitumba copper mine project in Zambia and 98% of the Tsumeb project in Namibia, with both projects currently under development [4]. - The Kitumba copper project is progressing as planned, while the Tsumeb project is designed to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [4]. Future Plans - Zhongmin Resources aims to deepen its advantages in lithium battery new energy, build a multi-metal mineral resource pool, and accelerate its transformation into a multinational mining group, with clear development goals set for each business segment [5].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 326,672.53 million yuan, a year-on-year increase of 34.89% [6] - The net profit attributable to shareholders decreased by 8,912.89 million yuan, representing a decline of 81.16% compared to the same period last year [6] - Basic earnings per share were 0.1235 yuan, down 81.16% year-on-year [6] - As of June 30, 2025, total assets amounted to 1,731,156.19 million yuan, a growth of 0.69% from the end of the previous year [6] - Net assets attributable to shareholders were 1,191,496.59 million yuan, down 2.19% from the previous year [6] Rare Light Metals Segment - The rare light metals (cesium and rubidium) segment saw significant growth, with operating revenue reaching 50.43% year-on-year increase [6] - Gross profit for this segment increased by 50.15% [6] - The cesium and rubidium salt fine chemical business generated 3.11 billion yuan in revenue, a 24.93% increase year-on-year [6] - The cesium formate rental business achieved 3.01 billion yuan in revenue, growing by 107.63% [6] Lithium Battery New Energy Segment - The company sold 17,869 tons of lithium salt, a year-on-year increase of approximately 6.37% [8] - Direct sales of spodumene concentrate reached 34,834 tons [8] - A comprehensive technical upgrade of the lithium salt production line is underway, with an investment in a new project expected to yield 30,000 tons of high-purity lithium salt annually [8] Copper and Germanium Business - The company acquired a 65% stake in the Kitumba copper mine project, with a designed capacity of 60,000 tons of cathode copper per year [9] - The Kitumba project is progressing as planned, with construction of mining and processing facilities underway [9] - The company also acquired a 98% stake in the Tsumeb project, which will have a designed capacity of 33 tons of germanium ingots per year [10] Future Development Plans - The company aims to complete the Kitumba copper mine construction by 2026, targeting an annual capacity of over 100,000 tons within five years [11] - Plans to solidify its leading position in the cesium and rubidium industry while developing the Tsumeb Smelter as a multi-metal recycling center in Southern Africa [11] - The company will maintain competitive lithium salt production costs and continue to explore high-quality mineral resources globally [11]