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]

Core Viewpoint - Cangge Mining has completed key approval procedures for the second phase of the Jilong Copper Mine expansion project, which is expected to be operational by the end of 2025, significantly contributing to the company's performance with an annual copper production of approximately 300,000 to 350,000 tons after the project is launched [1] Group 1 - The second phase of the Jilong Copper Mine expansion has received project approval, environmental assessment approval, land use approval, and payment of arable land occupation tax [1] - The expected completion date for the second phase of the project is by the end of 2025 [1] - The annual copper production from the Jilong Copper Mine after the second phase is projected to be around 300,000 to 350,000 tons [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Trump's uncertain tariff policies have raised concerns about consumption and financial tax burdens, leading to an earlier expected timing for the Fed to cut interest rates to September/October. The upstream copper mining industry has multiple factors affecting production, while the downstream copper processing industry has a complex situation with some capacity utilization rates changing. Considering the easing of Sino - US mutual tariffs, overseas copper mine production fluctuations, low domestic electrolytic copper social inventory, and the arrival of the traditional consumption off - season, the price of Shanghai copper is expected to be cautiously bullish [3][4] 3. Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: On June 4, 2025, the closing price of the active contract was 78,200 yuan, up 550 yuan from the previous day; trading volume was 111,382 lots, an increase of 29,465 lots; open interest was 195,214 lots, up 12,954 lots; inventory was 31,933 tons, an increase of 529 tons. The average price of SMM 1 electrolytic copper was 78,485 yuan, up 40 yuan. The Shanghai copper basis decreased by 510 yuan [2] - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on June 4, 2025, was 9,649, up 10.5 from the previous day. The total inventory of registered and cancelled warrants decreased by 141,350 tons compared to a previous date. The LME copper futures 0 - 3 - month contract spread was 48.48, down 3.83; the 3 - 15 - month contract spread was 109.89, down 6.86 [2] - **COMEX Copper**: On June 4, 2025, the closing price of the active copper futures contract was 4.901, up 0.04. The total inventory was 185,683 tons, an increase of 3,057 tons [2] Upstream - Various copper mines have different production situations. For example, the west side of the Kamoa - Kakula copper mine may resume production in late June, while the east side's drainage may last until February. Some mines in Canada and Indonesia have production disruptions or changes due to mechanical failures or export policies. Multiple new projects are expected to increase production in the future, which may affect the domestic copper concentrate production (import) volume in June [4] Downstream - The operating rates of China's refined copper rod and recycled copper rod factories have increased compared to last week, while the operating rate of the copper wire and cable industry has decreased. Due to the combination of the easing of Sino - US mutual tariffs and the arrival of the traditional consumption off - season, the operating rates of domestic copper processing enterprises may decline in June [4] Investment Strategy - Given the current market situation, it is recommended that investors try to go long on the main contract on dips. Pay attention to the support levels of 74,600 - 76,600 for Shanghai copper, 9,000 - 9,300 for London copper, and the pressure level of 4.3 - 4.5 for US copper [4]