Core Viewpoint - The company, Luoping Zinc & Electric, has announced an annual performance forecast indicating a significant expected net loss for 2025, with a projected net profit attributable to shareholders ranging from -165 million to -195 million yuan, representing a year-on-year decrease of 109.24% to 147.29% [1] Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between -165 million and -195 million yuan [1] - The net profit excluding non-recurring gains and losses is anticipated to be between -165 million and -135 million yuan [1] Group 2: Operational Challenges - The prolonged suspension of the mining license for the Jinfo Lead-Zinc Mine has significantly reduced the self-produced zinc concentrate output compared to the previous year, leading to an increased reliance on purchased raw materials [1] - The overall tight supply of zinc concentrate in the market during 2025 has resulted in a rise in procurement prices, which has adversely affected the gross profit margin of zinc products [1] - The increase in losses due to the settlement of imported raw material prices has further impacted financial performance [1] Group 3: Investment and Subsidiary Issues - Losses from joint ventures have led to a year-on-year decrease in recognized investment income [1] - The company has incurred tax payments from its subsidiary, Xiangrong Mining, and faced penalties for over-extraction from three subsidiaries (Xiangrong Mining, Derong Mining, and Hongtai Mining), which have further reduced the net profit for the period [1]

Core Viewpoint - The article discusses the growth and outlook of China's lead alloy industry, highlighting production statistics and future market trends based on a report by Zhiyan Consulting [1]. Group 1: Industry Overview - In November 2025, China's lead production reached 705,000 tons, marking a year-on-year increase of 7.8% [1]. - From January to November 2025, the cumulative lead production in China totaled 7,021,000 tons, reflecting a cumulative growth of 2.4% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the lead industry, including Yuguang Gold Lead (600531), Zijin Mining (601899), Western Mining (601168), Chihong Zn & Ge (600497), and others [1]. Group 3: Research Report - Zhiyan Consulting has released a report titled "2026-2032 China Lead Alloy Industry Market Supply and Demand Situation and Outlook Strategic Assessment Report," which provides insights into the market dynamics and future prospects of the industry [1].

Group 1 - The company, Zhongjin Lingnan, stated that its business operations are primarily guided by its strategic development direction and industry trends [2] - Future investment and mining plans will be based on a comprehensive consideration of industry prospects and the company's strategic development plans [2] - Investors are encouraged to continuously monitor the company's announcements for updates [2]

Core Viewpoint - The report highlights the trends and future outlook of the lead industry in China, indicating a slight decline in lead production in 2025 compared to the previous year [1] Industry Summary - In October 2025, China's lead production is projected to be 645,000 tons, representing a year-on-year decrease of 2.4% [1] - Cumulative lead production from January to October 2025 is expected to reach 6,357,000 tons, showing a slight increase of 0.3% compared to the same period in the previous year [1] Company Summary - Listed companies in the lead industry include: Yuguang Gold Lead (600531), Zijin Mining (601899), Western Mining (601168), Chihong Zn & Ge (600497), Luoping Zinc Electric (002114), Zhongjin Lingnan (000060), Shengda Resources (000603), Guocheng Mining (000688), and China Nonferrous Metal Industry (000758) [1]

Group 1 - The company, Zhongjin Lingnan, announced on November 21 that it will provide updates on its performance in future periodic reports [2]

Core Viewpoint - The company, Zhongjin Lingnan, emphasizes that its bond financing activities are neutral market-oriented arrangements, and the impact on stock prices should be assessed in conjunction with the type of bonds, the purpose of the funds, and the company's operational realities [1] Group 1: Bond Financing - The recent issuance of technology innovation bonds, ultra-short-term financing bonds, and previous convertible bonds are aimed at meeting the financing needs aligned with business development [1] - The funds raised through bond financing are directed towards real projects or optimizing the financial structure, supporting core business expansions such as mineral resource development and technological upgrades [1] Group 2: Long-term Impact - Long-term, the bond financing is expected to lower financing costs and enhance operational stability, providing fundamental support for the company's performance growth and stock price stability [1]

Core Viewpoint - The company emphasizes its recent refinancing arrangements and domestic and international project layouts aimed at optimizing resource allocation, improving the industrial chain, and enhancing future competitiveness [1] Group 1 - The company has ongoing projects that are in the construction or capacity ramp-up stages, which contribute to profits in a cyclical and phased manner [1] - As related work progresses, it will help solidify the company's business foundation and improve its operational system, supporting long-term development [1] - The company will continue to enhance operational efficiency and steadily advance key project construction and production capacity [1] Group 2 - The company commits to disclosing relevant progress in its regular reports as per regulations [1] - The company encourages stakeholders to maintain interest in its long-term development [1]

Core Viewpoint - Zhongjin Lingnan emphasizes its commitment to enhancing profitability and achieving stable, healthy, and rapid development through an innovation-driven strategy [1] Group 1: Business Strategy - The company management is focused on improving operational performance and profitability [1] - Zhongjin Lingnan is implementing an innovation-driven development strategy, addressing production realities and maintaining a problem-oriented and goal-oriented approach [1] Group 2: Research and Development Focus - The company is concentrating on energy-saving and low-carbon technology research and development [1] - Key areas of focus include comprehensive recycling of valuable metals such as lead, zinc, copper, silver, gallium, and germanium, as well as new material development [1] Group 3: Industry Integration - Zhongjin Lingnan aims to promote deep integration of the innovation chain and industry chain to cultivate new advantages for high-quality development [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Lead Market**: The lead price is under pressure due to potential weakening of raw - material support and improved supply tightness. It is recommended to hold previous short positions [1]. - **Zinc Market**: The zinc market fundamentals are weak in the short - term, and the zinc price may be under pressure. In the medium - term, the zinc price has some support at the lower end. It is advisable to hold previous short positions and use range - bound trading strategies [1]. 3. Summary by Related Catalogs **Lead Market Data** - **Price**: SMM1 lead ingot average price is 17,100 yuan/ton, down 0.29%; Shanghai lead futures main contract closing price is 17,250 yuan/ton, up 0.12%; LME3 - month lead futures closing price is 2,027 dollars/ton, unchanged; the Shanghai - London lead price ratio is 8.51, up 0.12% [1]. - **Spread**: Shanghai lead basis is - 150 yuan/ton, down 70 yuan; LME0 - 3 lead is at a discount of 28.21 dollars/ton; LME3 - 15 lead is at a discount of 85.10 dollars/ton, up 1.20 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 46,208 lots, down 16.09%; open interest is 63,895 lots, down 7.57%; trading volume to open interest ratio is 0.72, down 9.22% [1]. - **Inventory**: LME lead inventory is 264,475 tons, unchanged; Shanghai lead warehouse receipt inventory is 31,206 tons, down 4.54% [1]. **Zinc Market Data** - **Price**: SMM1 zinc ingot average price is 22,350 yuan/ton, up 0.45%; Shanghai zinc futures main contract closing price is 22,420 yuan/ton, up 0.49%; LME3 - month zinc futures closing price is 2,990.5 dollars/ton, unchanged; the Shanghai - London zinc price ratio is 7.50, up 0.49% [1]. - **Spread**: Shanghai zinc basis is - 70 yuan/ton, down 10 yuan; LME0 - 3 zinc is at a premium of 129.76 dollars/ton; LME3 - 15 zinc is at a premium of 40.72 dollars/ton, down 3.38 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 91,247 lots, down 2.38%; open interest is 67,487 lots, down 18.02%; trading volume to open interest ratio is 1.35, up 19.09% [1]. - **Inventory**: LME zinc inventory is 45,075 tons, unchanged; Shanghai zinc warehouse receipt inventory is 75,314 tons, down 1.92% [1]. **Industry News** - **Lead**: Endeavor silver - zinc mine restarted ore hoisting and grinding operations on November 15th and shifted to continuous shift production. Silver - lead concentrate transportation is ongoing for a scheduled shipment in early December [1]. - **Zinc**: Multiple polymetallic ore mining and beneficiation projects in Dong Ujimqin Banner, Inner Mongolia, have obtained construction land approvals and are ready to start, while the relevant procedures of the Diyanchinaamu molybdenum polymetallic ore project are progressing orderly [1]. **Fundamentals Analysis** - **Lead**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, and the start - up of primary lead fluctuates slightly. The start - up of secondary lead is affected by different factors in different regions. Demand from lead - acid battery enterprises has increased [1]. - **Zinc**: Refineries are actively purchasing domestic zinc ores, and the domestic ore supply is tight with processing fees expected to decline further. Refinery production is expected to remain around 600,000 tons per month, while demand is weak [1].

Group 1 - The core point of the article highlights that Jinhui Co., Ltd. experienced a stock price increase of 3.76%, closing at 15.17 yuan on November 17, with a significant block trade involving 2 million shares worth 29.74 million yuan [1] - The first transaction was executed at a price of 14.87 yuan for 2 million shares, resulting in a premium rate of -1.98%, with the buyer being CITIC Securities Co., Ltd. headquarters and the seller being CITIC Securities Co., Ltd. Gansu branch [1] - Over the past three months, Jinhui Co., Ltd. has recorded a total of 8 block trades, accumulating a transaction value of 166 million yuan, and the stock has risen by 9.61% in the last five trading days, with a net inflow of 28.77 million yuan from major funds [1]