Group 1: Investor Activity Overview - Jiangxi Naipu Mining Machinery Co., Ltd. (referred to as "Naipu Mining") recently hosted an investor survey through on-site visits and online communication, attracting over 100 institutions including Minsheng Jia Yin Fund, Harvest Fund, and Haitong Securities Asset Management [1] - The investor relations activity included on-site visits and online discussions held on January 19 and 20, 2026, with key personnel including Vice Chairman and General Manager Cheng Sheng, and Secretary of the Board Wang Lei [1] Group 2: Core Research Insights - Naipu Mining introduced its latest product, high-alloy forged composite liners, which are positioned as a core source of future revenue growth, highlighting five significant advantages over traditional metal liners: extended lifespan by 1-2 times, customized mill efficiency, reduced weight by 20%-30%, improved operational stability, and easier maintenance [2] Group 3: Application Case Studies - The company disclosed several successful applications of its forged liners in domestic and international mining plants, including a significant lifespan increase and efficiency improvements in various grinding mills, with specific examples showing lifespan increases of nearly 50% and energy consumption reductions of up to 18.9% [3] Group 4: Competitive Barriers and Promotion Progress - The new forged composite liners are globally innovative with no direct competitors, creating competitive barriers through complex production processes, high initial investments, and existing patents, with plans for global promotion starting in 2026 [4] Group 5: Overseas Capacity Expansion - Naipu Mining's overseas factory in Chile is nearing completion and is expected to begin production soon, with a total global capacity projected to reach 2.5 to 3 billion yuan upon full operation of both the Chilean and Peruvian factories [5] Group 6: Mining Investment Deepening - The company has invested approximately 1.3959 billion USD (about 9.87 million yuan) in the Alacran copper-gold-silver mine in Colombia, with estimated reserves valued at around 50 billion yuan, focusing on copper and gold due to strong market demand [6] Group 7: Future Growth Logic - Naipu Mining's growth strategy is driven by three main factors: gradual production ramp-up at overseas facilities, the initial phase of global promotion for the new forged composite liners, and strategic investments in mining resources, particularly copper and gold [8]

Group 1: Investor Relations Activities - The company engaged in various investor relations activities, including on-site visits and online communications [2] - Notable participants included representatives from multiple funds and investment firms, indicating a broad interest in the company's operations [2] Group 2: Product Advantages - The new high-alloy forged composite liner offers five key advantages: 1. Extended lifespan, increasing usage duration by 1-2 times compared to traditional materials [4] 2. Improved mill efficiency, with a potential increase of 10% in performance [4] 3. Reduced energy consumption, with a weight reduction of 20%-30% leading to a decrease in energy use by 3%-7% [5] 4. Enhanced operational stability, minimizing maintenance frequency and downtime [5] 5. Easier installation and removal, significantly shortening maintenance time [5] Group 3: Application Cases - Successful applications of the new liner include: 1. A semi-autogenous mill in Tibet showed a lifespan increase of nearly 100%, with a 20% improvement in mill efficiency and an 18.9% reduction in electricity consumption [5] 2. A large mining enterprise in Anhui reported a lifespan increase of 50% and a 40% increase in processing capacity [5] 3. The company has also installed liners in various international mining operations, including in Mexico and the Democratic Republic of the Congo [6] Group 4: Future Product Strategy - The company aims to position the forged composite liner as a flagship product, driving sales of other spare parts and integrated services [7] - Plans for global promotion of the product are set for 2026, following further improvements based on user feedback [8] Group 5: Competitive Landscape - Currently, the forged composite liner is a unique product with no direct competitors, although future competition is anticipated [9] - The complex production process and high initial investment create barriers for new entrants, providing a competitive edge for the company [9] Group 6: Global Production Capacity - The company is constructing factories in Chile and Peru, with the Chilean facility nearing completion and expected to begin production soon [10] - Once fully operational, the global production capacity is projected to reach 2.5 to 3 billion yuan [10] Group 7: Mining Investments - The company has invested $45 million for a 22.5% stake in the Alacran copper-gold-silver mine in Colombia, with total resource value estimated at 50 billion yuan [10] - Future investments will focus on copper and gold, aligning with the company's customer base and market outlook [11] Group 8: Growth Logic - The company's growth strategy includes: 1. Gradual production ramp-up from overseas facilities [11] 2. Launch of the innovative forged composite liner [11] 3. Strategic investments in mining, particularly in copper and gold [11]

Core Viewpoint - The company Nepean Mining (300818.SZ) has successfully trialed its new forged composite liner at several mining enterprises both domestically and internationally this year, with plans for widespread global promotion next year [1] Group 1 - The new forged composite liner has been successfully tested in multiple mining companies [1] - The company plans to promote the new product on a large scale globally next year [1]

Core Viewpoint - The company Nepean Mining (300818.SZ) has successfully trialed its new forged composite liner at several mining enterprises both domestically and internationally this year, with plans for widespread global promotion next year [1] Group 1 - The new forged composite liner has been successfully tested in multiple mining companies [1] - The company plans to promote the new product on a large scale globally next year [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has signed significant contracts, including a total of 1,885.25 million USD (approximately 135.17 million RMB) in contracts with a mining company in Kazakhstan [4] - The company has successfully developed a new forged composite liner product that significantly outperforms traditional cast steel in terms of hardness, wear resistance, impact resistance, and corrosion resistance [5] - The establishment of overseas production bases is progressing steadily, with a factory in Zambia already operational and expected to drive significant revenue growth [6] - The company has acquired a 22.5% stake in Veritas Resources AG, participating in the development of the Alacran copper-silver mine project in Colombia, which is expected to enhance its resource and manufacturing capabilities [7][8] - Revenue forecasts for 2025-2027 are projected at 11.53 billion, 14.44 billion, and 17.59 billion RMB, with corresponding EPS of 0.71, 0.96, and 1.25 RMB, indicating a strong growth trajectory [9] Summary by Sections Market Performance - The company has shown a positive market performance compared to the CSI 300 index [2][3] Investment Highlights - The new forged composite liner product has a lifespan of 7.5 months, which is 1.5-2 times longer than metal liners, leading to increased order growth [5] - The company is transitioning from an export trade model to a global production service model, enhancing its market presence [6] - The investment in the Alacran project is expected to yield a post-tax IRR of 23.8%, indicating strong economic potential [7] Financial Forecast - The company is expected to experience steady revenue growth, with a projected increase in net profit from 116 million RMB in 2024 to 212 million RMB in 2027 [11] - The gross margin is expected to remain stable, with slight fluctuations projected over the forecast period [12]