Core Viewpoint - Jinling Mining (000655) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 768 million yuan, a year-on-year increase of 10.17% [1] - Net profit attributable to shareholders was 150 million yuan, up 88.14% year-on-year [1] - In Q2 2025, total revenue was 412 million yuan, a slight decrease of 1.14% compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 101 million yuan, an increase of 75.01% year-on-year [1] Profitability Metrics - Gross margin improved to 27.71%, reflecting a year-on-year increase of 57.55% [1] - Net margin rose to 19.97%, with a year-on-year increase of 67.98% [1] - Total selling, administrative, and financial expenses amounted to 42.749 million yuan, accounting for 5.56% of revenue, down 16.62% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.25 yuan, up 88.15% year-on-year [1] - Operating cash flow per share was 0.21 yuan, a significant increase of 171.67% year-on-year [1] - The company's net cash flow from operating activities saw a substantial increase due to higher sales revenue and reduced raw material expenditures [2] Investment and Debt - The company reported a 310.91% increase in R&D expenses due to new projects [2] - Interest-bearing liabilities increased by 14.17% to 1.2506 million yuan [1] - Cash and cash equivalents decreased slightly by 1.29% to 1.854 billion yuan [1] Historical Performance - The company's return on invested capital (ROIC) was 4.67%, indicating weak capital returns historically [4] - The historical median ROIC over the past decade was 4.39%, with four years of losses since its listing [4]

山东金岭矿业股份有限公司 2025 年半年 度报告摘要 证券代码：000655 证券简称：金岭矿业 公告编号： 2025-032 山东金岭矿业股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 ?适用 □不适用 是否以公积金转增股本 □是 ?否 公司经本次董事会审议通过的利润分配预案为：以公司当前总股本 595,340,230 股为基数，向全体股东 每 10 股派发现金 红利 0.5 元（含税），送红股 0 股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 二、公司基本情况 | 股票简称 | 金岭矿业 | 股票代码 | | | --- | --- | --- | --- | | 000655 | | | | | 股票上市交易所 | 深圳证券交易所 | | | | 联系人和联系方式 | 董 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 8 月 22 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪弱稳，钢矿延续震荡 核心观点 螺纹钢：主力期价震荡运行，录得 0.35%日跌幅，量仓收缩。现阶段， 螺纹钢供需两端平稳运行，产业矛盾在累积，钢价继续承压，相对利好 则是成本有所抬升，下行空间或受限，预计钢价延续震荡偏弱运行态 势，关注需求表现情况。 热轧卷板：主力期价偏弱震荡，录得 0.86%日跌幅，量仓收缩。目前来 看，热卷供需两端均在回升，需求韧性表现良好，给予价格支撑，但高 供应格局下基本面并未好转，相对利好则成本抬升与限产扰动提振，多 空因素博弈下预计热卷价格延续震荡运行抬升，关注需求表现情况。 钢材&铁矿石 | 日报 铁矿石：主力期价震荡走弱，录得 0.71%日跌幅，量缩仓增。现阶 段，矿石需求高位运行，韧性表现尚可，给予矿价支撑，但钢厂利润在 收缩，且限产扰动不断，利好效应趋弱，相反供应重回高位，矿石基本 面在走弱，高估值矿价继续承压、震荡调整，关注成材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号： ...

铁货预期截至2025年6月30日止六个月将录得公司拥有人应占亏损约9000万至1.10亿美元，较去年同期 约1320万美元的亏损显著增加。亏损增加的主要原因是可能就K&S矿场计提约1.20亿美元的资产减值亏 损拨备，此拨备的产生源于俄罗斯卢布升值导致美元计价的营运成本上升。此外，任何减值费用均属非 现金及非经常性项目，不会直接影响集团的现金流量。 （文章来源：证券时报网） ...

有关亏损增加主要由于集团可能须于2025年6月30日就K&S矿场计提资产减值亏损拨备约1.20亿美元(于 2024年6月30日：无)。需要计提资产减值拨备的主要原因为俄罗斯卢布升值，导致以美元计值的经营成 本增加。 此外，任何减值费用或拨回均属非现金及非经常性质，不会对集团的现金流量造成直接影响。 铁货(01029)发布公告，集团预期于截至2025年6月30日止六个月将取得公司拥有人应占亏损介于约9000 万美元至1.10亿美元，而截至2024年6月30日止六个月期间则取得公司拥有人应占亏损约1320万美元。 ...

1. Report Industry Investment Rating - No relevant content 2. Core Viewpoints of the Report - The arrival volume at 47 domestic ports reached 27.031 million tons, a week - on - week increase of 1.315 million tons, showing a recovery. Among them, the arrival volume of Australian ore increased by 1.608 million tons week - on - week, and that of Brazilian ore also increased by 0.27 million tons, maintaining a stable operation at a high level. Non - Australian and non - Brazilian ore decreased by 0.563 million tons week - on - week [2]. - Overseas ore shipments rebounded significantly. The total ore shipments from 19 global ports reached 34.066 million tons, a week - on - week increase of 3.5985 million tons, reaching a new high for the year. The increase was mainly from Brazilian ore, which increased by 2.1835 million tons week - on - week, and non - Australian and non - Brazilian ore also increased by 1.3414 million tons, both setting new weekly highs for the year. Australian and Brazilian ore maintained a stable operation at a low level, with a slight week - on - week increase of 0.0736 million tons [2]. - According to the shipping schedule, the arrival volume of Australian and Brazilian ore at domestic ports is expected to remain stable, and overseas ore supply is on the rise [2]. 3. Summary by Related Catalogs 3.1 Ore Arrival and Shipment Data 3.1.1 Arrival Volume - Northern six ports: The arrival volume was 1.2525 million tons, a week - on - week increase of 0.0494 million tons (4.11%), a month - on - month increase of 0.0951 million tons (8.22%), and a year - on - year decrease of 0.0099 million tons (- 0.78%) [3]. - National 45 ports: The arrival volume was 2.4766 million tons, a week - on - week increase of 0.0947 million tons (3.98%), a month - on - month increase of 0.2361 million tons (10.54%), and a year - on - year increase of 0.1288 million tons (5.49%) [3]. - National 47 ports: The arrival volume was 2.7031 million tons, a week - on - week increase of 0.1315 million tons (5.11%), a month - on - month increase of 0.3834 million tons (16.53%), and a year - on - year increase of 0.1806 million tons (7.16%) [3]. - National 47 ports - Australian ore: The arrival volume was 1.6466 million tons, a week - on - week increase of 0.1608 million tons (10.82%), a month - on - month increase of 0.1319 million tons (8.71%), and a year - on - year increase of 0.1236 million tons (8.12%) [3]. - National 47 ports - Brazilian ore: The arrival volume was 0.7695 million tons, a week - on - week increase of 0.027 million tons (3.64%), a month - on - month increase of 0.3278 million tons (74.21%), and a year - on - year decrease of 0.0583 million tons (- 7.04%) [3]. - National 47 ports - Other ore: The arrival volume was 0.287 million tons, a week - on - week decrease of 0.0563 million tons (- 16.40%), a month - on - month decrease of 0.0763 million tons (- 21.00%), and a year - on - year increase of 0.1153 million tons (67.15%) [3]. 3.1.2 Shipment Volume - Australian shipments (original caliber): The shipment volume was 1.4577 million tons, a week - on - week decrease of 0.0606 million tons (- 3.99%), a month - on - month decrease of 0.181 million tons (- 11.05%), and a year - on - year decrease of 0.1994 million tons (- 12.03%) [3]. - Shipments to China from Australia: The shipment volume was 1.2099 million tons, a week - on - week decrease of 0.0937 million tons (- 7.19%), a month - on - month decrease of 0.2313 million tons (- 16.05%), and a year - on - year decrease of 0.2091 million tons (- 14.74%) [3]. - Brazilian shipments (original caliber): The shipment volume was 0.9363 million tons, a week - on - week increase of 0.2058 million tons (28.17%), a month - on - month increase of 0.2047 million tons (27.98%), and a year - on - year increase of 0.2192 million tons (30.57%) [3]. - Global 19 ports: The total shipment volume was 34.066 million tons, a week - on - week increase of 3.5985 million tons (11.81%), a month - on - month increase of 2.0565 million tons (6.42%), and a year - on - year increase of 2.405 million tons (7.60%) [3]. - Australian shipments in 19 global ports: The shipment volume was 1.6699 million tons, a week - on - week increase of 0.00736 million tons (0.44%), a month - on - month decrease of 0.18966 million tons (- 10.20%), and a year - on - year decrease of 0.18966 million tons (- 10.20%) [3]. - Brazilian shipments in 19 global ports: The shipment volume was 1.0861 million tons, a week - on - week increase of 0.21835 million tons (25.16%), a month - on - month increase of 0.18975 million tons (21.17%), and a year - on - year increase of 0.18975 million tons (21.17%) [3]. - Other shipments in 19 global ports: The shipment volume was 0.6506 million tons, a week - on - week increase of 0.13414 million tons (25.97%), a month - on - month increase of 0.20557 million tons (46.19%), and a year - on - year increase of 0.20557 million tons (46.19%) [3]. - VALE shipments: The shipment volume was 0.7867 million tons, a week - on - week increase of 0.2201 million tons (38.85%), a month - on - month increase of 0.14791 million tons (23.16%), and a year - on - year increase of 0.18105 million tons (29.89%) [3]. - RIO shipments: The shipment volume was 0.5765 million tons, a week - on - week decrease of 0.0541 million tons (- 8.58%), a month - on - month decrease of 0.02707 million tons (- 4.48%), and a year - on - year decrease of 0.11851 million tons (- 17.05%) [3]. - RIO shipments to China: The shipment volume was 0.4941 million tons, a week - on - week decrease of 0.09 million tons (- 15.41%), a month - on - month increase of 0.0043 million tons (0.88%), and a year - on - year decrease of 0.0426 million tons (- 7.94%) [3]. - BHP shipments: The shipment volume was 0.5254 million tons, a week - on - week decrease of 0.0171 million tons (- 3.15%), a month - on - month decrease of 0.01188 million tons (- 2.21%), and a year - on - year increase of 0.01521 million tons (2.98%) [3]. - BHP shipments to China: The shipment volume was 0.4007 million tons, a week - on - week decrease of 0.0184 million tons (- 4.39%), a month - on - month decrease of 0.0956 million tons (- 19.26%), and a year - on - year decrease of 0.0297 million tons (- 6.90%) [3]. - FMG shipments: The shipment volume was 0.2715 million tons, a week - on - week decrease of 0.0398 million tons (- 12.79%), a month - on - month decrease of 0.13504 million tons (- 33.22%), and a year - on - year decrease of 0.11578 million tons (- 29.90%) [3]. - FMG shipments to China: The shipment volume was 0.2446 million tons, a week - on - week decrease of 0.022 million tons (- 8.25%), a month - on - month decrease of 0.1193 million tons (- 32.78%), and a year - on - year decrease of 0.1427 million tons (- 36.84%) [3] 3.2 Related Charts - The report includes charts on domestic port arrival volume, global iron ore shipment volume, shipments of the four major miners, and estimated domestic arrival volume of iron ore [5][7][9][11]

Core Viewpoint - Baodi Mining (601121) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance - Total revenue for the reporting period reached 721 million yuan, a year-on-year increase of 23.65% - Net profit attributable to shareholders was 61.59 million yuan, down 40.11% year-on-year - In Q2 alone, total revenue was 417 million yuan, up 22.82% year-on-year, while net profit was 41.55 million yuan, down 33.55% year-on-year [1] - Gross margin stood at 33.77%, a decrease of 31.84% year-on-year, and net margin was 15.65%, down 50.38% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 73.99 million yuan, accounting for 10.26% of revenue, an increase of 4.47% year-on-year [1] Accounts Receivable and Financial Changes - Accounts receivable increased significantly, with a year-on-year growth of 422.19% [1] - The change in financial assets was 84.28%, attributed to the purchase of structured deposit products [2] - Accounts receivable notes decreased by 68.21% due to the collection of matured notes [2] - Accounts receivable increased by 1143.04% due to higher sales on credit of iron concentrate [2] Liabilities and Costs - Contract liabilities decreased by 50.07% due to a reduction in advance payments [3] - Long-term borrowings increased by 139.03% due to new loans taken by the Hasiatu company [4] - Operating costs rose by 62.31% due to increased sales volume of iron concentrate [4] - Management expenses increased by 30.71% due to a rise in employee numbers as Hasiatu entered production [4] Business Model and Investment Considerations - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these projects [5] - The company has a return on invested capital (ROIC) of 6.27%, indicating average capital returns [2] - The company has four mining areas under its consolidation, with a total iron ore resource of 380 million tons, reflecting a 31.03% increase from 2023 [6]

北京商报讯（记者 马换换 王蔓蕾）8月14日晚间，宝地矿业（601121）发布2025年半年度报告显示，公 司上半年实现归属净利润约6159.2万元，同比下降40.11%。 交易行情显示，截至8月14日收盘，宝地矿业股价报6.61元/股，总市值52.88亿元。 中报显示，宝地矿业主营业务为铁矿石的开采、选矿加工和铁精粉销售。2025年上半年，公司实现营业 收入约为7.21亿元，同比增长23.65%；对应实现归属净利润约为6159.2万元，同比下降40.11%。 ...

Core Insights - The company Baodi Mining (601121.SH) reported a revenue of 721 million yuan for the first half of 2025, representing a year-on-year increase of 23.65% [1] - The net profit attributable to shareholders decreased by 40.11% to 61.59 million yuan, primarily due to a decline in the gross margin of iron concentrate sales [1] - The non-recurring net profit was 54.05 million yuan, reflecting a year-on-year decline of 41.20% [1] - The basic earnings per share stood at 0.08 yuan [1] Financial Performance - Revenue: 721 million yuan, up 23.65% year-on-year [1] - Net Profit: 61.59 million yuan, down 40.11% year-on-year [1] - Non-recurring Net Profit: 54.05 million yuan, down 41.20% year-on-year [1] - Basic Earnings per Share: 0.08 yuan [1] Key Factors - The significant decline in net profit is attributed to the decrease in the gross margin of iron concentrate sales [1]

Core Viewpoint - In 2024, China's iron ore production and import statistics indicate a slight increase in domestic production but a significant reliance on imports, highlighting challenges in achieving the "Cornerstone Plan" targets for 2025 [1][8]. Group 1: Production and Import Data - In 2024, China's iron ore raw ore production reached 104.194 million tons, a year-on-year increase of 1.2%, while iron concentrate production was 28.402 million tons, a decrease of 1.5% [1]. - Iron ore imports reached 123.655 million tons, a year-on-year increase of 4.9%, accounting for approximately 72% of global iron ore imports, with a dependency rate of 81.3% [1]. Group 2: "Cornerstone Plan" Goals - The "Cornerstone Plan" aims to achieve a domestic iron concentrate production of 37 million tons, scrap consumption of 30 million tons, and overseas equity ore production of 22 million tons by 2025 [1]. - As of January to June 2025, domestic iron concentrate production was only 13.775 million tons, a year-on-year decrease of 7.97%, indicating significant challenges in meeting the "Cornerstone Plan" targets [1][8]. Group 3: New Mining Projects - Six new iron ore mining projects are expected to contribute an additional 6.565 million tons of iron concentrate production in 2025 [2]. - The Taihe Iron Mine expansion project aims to increase its processing capacity to 10 million tons, with an expected annual production of 360,000 tons of iron concentrate upon completion [2]. - The Xichang Mine's 5 million tons ultra-poor comprehensive recovery project is expected to produce 50,000 tons of iron concentrate annually, contributing positively to the "Cornerstone Plan" [3]. Group 4: Challenges in Achieving Production Targets - The decline in iron ore prices has reduced the willingness of domestic mining companies to invest in new mining projects, as the average cost of domestic iron ore extraction is significantly higher than that of imported ore [9][10]. - Environmental policies and resource integration efforts have raised entry barriers for new mining projects, leading to increased capital expenditures for compliance [11]. - The fixed asset investment growth rate in the iron ore mining sector is relatively low compared to other mining sectors, further limiting capacity expansion [12]. Group 5: Overall Outlook - The combination of declining iron ore prices, stringent environmental regulations, and low investment growth suggests that the iron ore industry is undergoing a transition that may hinder the achievement of the "Cornerstone Plan" targets for 2025 [13].