产能释放成为增长重要引擎。白银有色前三季度铜锌铅三大主力金属总产量达61.2万吨，同比增加 4.78%。其中阴极铜产量29.61万吨，同比增加7.93%；电锌、精锌产量29.63万吨，同比增加0.39%；电 铅产量1.96万吨，同比增加34.27%。贵金属板块增势尤为显著——黄金产量1.91吨，同比增加56%；白 银产量435.62吨，同比增加20.37%。据悉，产量提升既得益于该公司持续优化生产经营管控模式，强化 工艺操作，紧盯关键指标和重要环节协同发力，也源自外购粗金、粗银加工规模的扩大。 白银有色销售端同步实现量价齐升。该公司前三季度铜锌铅销量（不含贸易）达57.93万吨，其中铜销 量29万吨，同比增加2.26%；锌销量27万吨，同比增长22.56%；铅销量1.93万吨，增长33.10%；黄金销 量突破19.03吨，同比激增102.73%，银销量419.1吨，增长21.69%；硫酸销量131.41万吨，同比增加 12.94%。 白银有色的主要业务为铜、锌、铅、金、银等多种有色金属及贵金属的采选、冶炼、加工及贸易，业务 覆盖有色金属及贵金属勘探、采矿、选矿、冶炼、加工于一体的全产业链，涉及国内、国外等多个 ...

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. is actively transforming towards new energy and new materials, achieving significant progress and key results in its strategic transition as highlighted in its 2025 semi-annual report [1][2] Group 1: Technological Innovation and R&D - The company has increased its investment in technology innovation, having validated and filed 38 R&D projects in the first half of the year, injecting momentum into its innovative development [1] - Baiyin Nonferrous is advancing its government technology projects, striving for provincial-level technology project support to enhance its research capabilities [1] - The company has applied for 92 intellectual property rights, including 19 invention patents, and has successfully registered software copyright for "Data Format Conversion Tool Software V1.0" [1] Group 2: Strategic Transition to New Energy and New Materials - Baiyin Nonferrous has made notable advancements in its strategic transition to new energy and new materials, particularly through its subsidiary Baiyin Nonferrous Changtong Cable Co., Ltd., which focuses on superconducting cables and fine electromagnetic wires [2] - The company has successfully developed and delivered the first domestic 750-meter superconducting cable for nuclear fusion devices, with fine electromagnetic wire production capacity reaching 20,000 tons per year [2] - The company’s affiliated enterprises have achieved significant production milestones, including 70,000 tons of high-end electrolytic copper foil and the completion of a 20,000-ton lithium manganese iron phosphate (LMFP) cathode material project [2]

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. reported a revenue of 44.559 billion yuan and a net profit of 433 million yuan for the first half of 2025, indicating a strong performance in the nonferrous metals and precious metals sector [1] Group 1: Financial Performance - The company achieved an operating income of 44.559 billion yuan and a net profit attributable to shareholders of 4.33 billion yuan in the first half of 2025 [1] - The output of copper, lead, zinc, and molybdenum metals from the mining system was 130,500 tons, while the smelting system produced a total of 426,200 tons of copper, zinc, and lead metal products [2] Group 2: Project Development and Technological Advancements - Baiyin Nonferrous accelerated key project construction, with the first phase of the green mining reagent technology transformation project producing 15,000 tons and the second phase under construction [2] - The intelligent copper smelting factory project has completed 28 sub-items and is currently implementing IT resource construction and automatic dust conveying systems [2] - The company has undertaken 38 technology research and development projects and received support for key technology projects from the Gansu provincial government [2] Group 3: Strategic Transformation and New Business Development - The company has made significant progress in strategic transformation towards new energy and new materials, achieving technological breakthroughs and capacity expansion in several businesses [3] - Baiyin Nonferrous's subsidiary successfully developed and delivered the first domestic superconducting cable for nuclear fusion devices, with a production capacity of 20,000 tons per year for fine electromagnetic wire [3] - The company has established a production capacity of 70,000 tons for high-end electrolytic copper foil and has launched a 20,000-ton lithium iron phosphate project that meets industry standards [3]