事件描述 据 ifind，截至 2025 年 6 月 6 日，钼精矿价格达 3840 元/吨度，钼铁价格达 25.01 万元/吨，自 4 月以来价格从底部上涨 19.6%/19.3%，创年内新高。 证券研究报告 | 行业点评 钼价创年内新高，短期有望继续上涨 事件点评 [Table_Invest] 有色金属 评级： 看好 日期： 2025.06.11 [Table_Author] 分析师 曾俊晖 登记编码：S0950524100001 ：021-61102510 ：zengjh1@w kzq.com.cn [Table_PicQuote] 行业表现 2025/6/10 -16% -9% -2% 6% 13% 20% 2024/6 2024/9 2024/12 2025/3 有色金属 沪深300 钢招需求稳定增长，今年以来单月钢招量均突破万吨。据亿览网消息，2025 年 5 月国内下游钢厂钼铁招标量达 12700 吨，继续突破万吨，2025 年 1-5 月 钢招总量为 6.5 万吨，同比增长 6%，月均钢招量达 1.3 万吨，下游需求保持 高景气。 含钼不锈钢产量大增，船舶及风电需求旺盛。钼主要用于不锈钢、特钢 ...

Core Viewpoint - Shenglong Mining Group Co., Ltd. is applying for listing on the Shenzhen Stock Exchange, aiming to raise 1.53 billion yuan, and is recognized as a leading molybdenum company in China [1] Company Overview - Shenglong Mining is primarily engaged in the production, processing, and sales of molybdenum-related products, with a focus on molybdenum concentrate and ferromolybdenum [1] - The company is expected to produce 10,600 tons of molybdenum metal in 2024, accounting for 9.64% of China's total molybdenum production [1][2] Mining Assets - The company operates the Nanni Lake Molybdenum Mine, the largest single molybdenum mine in China, with a production capacity of 16.5 million tons per year [2] - Shenglong holds five large and medium-sized molybdenum mining rights, with a total molybdenum metal reserve of 710,500 tons, representing 9.10% of the national molybdenum resource reserves [2] Product Quality and Market Position - The company's products are known for their low impurity levels and high potential for deep processing, with major clients including China Baowu Steel, Shandong Steel, and others [3] - Shenglong plans to establish a project with an annual production capacity of 20,000 tons of high-performance molybdenum materials to enhance its competitive edge [3] Financial Performance - In 2022, 2023, and 2024, the company reported revenues of approximately 1.911 billion yuan, 1.957 billion yuan, and 2.864 billion yuan, respectively, with net profits of 452 million yuan, 725 million yuan, and 754 million yuan [5] - As of December 31, 2024, the total assets are projected to be 6.890 billion yuan, with a debt-to-asset ratio of 9.34% [6]

钼价月上涨+10%，有何机会？20250602 摘要 2024 年钼精矿均价同比下降 7%，但 2025 年因供应增速放缓价格仍处 高位。东北大型矿山预计三季度末或四季度明显放量，但钢厂淡季减产 及冶炼成本倒挂或抑制价格上涨。 2024 年国内钼精矿产量增速放缓，内蒙古矿山因天气减产加剧供应紧 张。钢铁行业钼铁需求稳定增长，月均招标量同比增长显著，受益于军 工产业对高端钢材的需求。 钼价定价模式包括全产业链自给自足、长单定价和招标定价，其中招标 定价对市场价格影响显著。钢厂招标情况是影响市场的重要因素。 全球钼资源储量约为 1,500 万吨，中国占比最大（39%），其次是美国 （23%）。国内钼资源主要集中在河南、吉林、内蒙古、黑龙江和陕西。 2024 年全球钼产量同比增长 4.6%，预计 2025 年国际市场供应增减互 现。国内 2024 年钼精矿总产量约 30.6 万金属吨，预计 2027 年新增项 目投产或致供应过剩。 钢铁行业是钼的主要应用领域，占比约 80%，特钢需求增长驱动钼消费。 预计 2025 年和 2026 年全球钼金属需求分别为 34.3 万吨和 36.1 万吨， 供需偏紧格局或将持续。 ...

Group 1 - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd., and it was established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was founded on August 25, 2006, and registered with the Market Supervision Administration of Luoyang City, obtaining a business license [2][3] - The company issued H-shares to the public for the first time on March 8, 2007, with a total of 1,191,960,000 shares, and issued RMB ordinary shares on July 13, 2012, totaling 200,000,000 shares [2][3] Group 2 - The company's registered capital is RMB 4,278,862,035.2 [2] - The company is a permanent joint-stock company, and its legal representative is appointed from the board of directors or management [3] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [3] Group 3 - The company's business purpose is to maximize shareholder interests while providing quality service and adhering to the principles of a socialist market economy [5] - The company's business scope includes the mining, smelting, and deep processing of tungsten and molybdenum products, as well as the export of related chemical products [5] Group 4 - The company’s shares are issued in the form of stocks, with each share having a par value of RMB 0.2 [6][7] - The total number of shares issued by the company is 21,394,310,176, with A-shares accounting for 81.61% of the total [7][8] - The company can issue shares to both domestic and foreign investors, with domestic shares referred to as "internal shares" and foreign shares as "external shares" [6][7] Group 5 - The company can increase its capital through various means, including issuing convertible bonds and employee stock ownership plans [9][12] - The company is allowed to repurchase its shares under specific circumstances, such as reducing registered capital or merging with other companies [10][12] Group 6 - Shareholders have the right to sue the company based on the company’s articles of association, and the company can also sue shareholders and management [4][5] - The company’s articles of association serve as a legally binding document for the company, shareholders, and management [3][5]