来源：新浪港股-好仓工作室 主营业务：阴极铜收入占比85.9% 氢氧化钴业务刚起步 云南金浔资源股份有限公司（下称"云南金浔"）核心业务聚焦铜钴资源开发，涵盖矿物加工、冶炼及有 色金属贸易，业务主要布局于非洲赞比亚及刚果（金）。招股书显示，2024年公司阴极铜产量达2.09万 吨，其中刚果（金）工厂贡献76%产能，成为产量主力。 收入结构呈现高度集中特征，阴极铜业务占比从2022年的51.5%飙升至2025年上半年的85.9%，成为绝 对收入支柱。公司采用"湿法冶金"工艺处理高品位氧化矿，2024年毛利率达20.8%，但刚果（金）工厂 因原材料品位较低（铜品位0.8%），单位加工成本较赞比亚项目高35%，拉低整体盈利水平。 值得注意的是，公司正尝试拓展氢氧化钴业务，2025年上半年该业务仅贡献1.2%收入，计划通过安徽 工厂切入新能源材料领域，但目前业务仍高度依赖单一铜冶炼业务，抗风险能力较弱。 财务表现：营收17.7亿增161.9% 净利润2.02亿增595% 2024年云南金浔业绩呈现爆发式增长，营收从2023年的6.76亿元跃升至17.70亿元，同比激增161.9%； 净利润从2914万元增至2.02亿 ...

Group 1 - The company is progressing steadily with the construction of a new copper and cobalt smelting plant in the Democratic Republic of the Congo, which is expected to produce 30,000 tons of cathode copper and 2,710 tons of cobalt annually [2] - The project is on track to be completed and put into operation by the end of 2026, with comprehensive scientific surveys already underway and transitioning into the engineering construction phase [2]

Group 1 - The company expects a significant increase in net profit for the first half of 2025, projecting between 220 million to 238 million yuan, representing a year-on-year growth of 98.77% to 115.03% [1] - The increase in profit is attributed to enhanced operational management, growth in overseas business, and improved production capacity of cathode copper, which has led to increased sales and profit margins [1] - The company has also benefited from rising cobalt prices, which have positively impacted the gross margin of cobalt products [1] Group 2 - The company plans to invest in a new copper wet smelting plant in the Democratic Republic of Congo, with a total investment not exceeding 165 million USD (approximately 1.183 billion yuan) [2] - This investment is part of the company's long-term strategic layout in the region, which is rich in copper and cobalt resources, ensuring stable and secure raw material supply [2] - The new plant is expected to enhance production capacity and improve cost control through the advantages of local resources and wet smelting technology, thereby increasing the company's competitiveness in the global copper and cobalt market [2]