| 山东金岭矿业股份有限公司 | | | | | | --- | --- | --- | --- | --- | | （股票代码:000655） | | | | | | （未经审计） | | | | | | 公 司 法 定 代 表 人 | ：王其成 | | | | | 主管会计工作负责人：邱卫东 | | | | | | 会 计 机 构 负 责 人 ：毕 | 伟 | | | | | 编制单位：山东金岭矿业股份有限公司 | 合并资产负债表 | | 2025 年 6 月 30 日 | 单位：人民币元 | | 项 | 目 | 附注 | 期末余额 | 期初余额 | | 流动资产： | | | | | | 货币资金 | | 五（一） | 1,853,529,341.97 | 2,134,668,038.27 | | 交易性金融资产 | | 五（二） | 100,328,749.17 | | | 衍生金融资产 | | | | | | 应收票据 | | 五（三） | 62,546,000.00 | 124,576,170.00 | | 应收账款 | | 五（四） | 30,932,476.14 | 27,172,536.70 ...

Group 1: Company Overview - The company is named Dazhong Mining Co., Ltd., with stock code 001203 and bond code 127070 [1][2]. Group 2: Investor Relations Activity - The investor relations activity was held on August 21, 2025, via Tencent Meeting, with participation from various securities firms and funds [2]. - Key company representatives included Chairman Niu Guofeng, CFO Zou Qingli, and Secretary of the Board Lin Puzheng [2]. Group 3: Lithium Mining Progress - The company is progressing with the mining license for the Hunan Jijiao Mountain lithium mine, with the application currently under review by the Ministry of Natural Resources [2][5]. - The company plans to complete the first phase of the Hunan lithium mine project, with a capacity of 20,000 tons, by 2026 [5]. - The Sichuan Jiada lithium mine has an estimated lithium equivalent of 148.42 thousand tons, exceeding expectations, with drilling completed over 15,100 meters and a 95% discovery rate [6]. Group 4: Financial Performance - For the first half of 2025, the company reported revenue of 1.972 billion CNY, with iron concentrate contributing 1.402 billion CNY and pellets 404 million CNY [4]. - Net profit for the same period was 406 million CNY, a decrease of 12.32% year-on-year, attributed to a 14.53% drop in the Platts index [4]. - The average selling price of iron concentrate was 827 CNY/ton, down 11.61% year-on-year, but still outperforming market benchmarks [4]. Group 5: Cost Management and Production - The company has successfully completed the pilot test of the sulfuric acid lithium extraction process, addressing key equipment and process issues [3][7]. - The production cost advantages from by-products like potassium sulfate and hydrofluoric acid are being evaluated, with potential revenue to offset production costs [7]. Group 6: Market Outlook - The iron ore market is expected to remain stable, supported by national infrastructure projects, despite potential impacts from the commissioning of the Ximangdu iron mine [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report focuses on the production and sales of the world's four major iron ore mines in the second quarter of 2025, presenting historical production and sales data of VALE, Rio Tinto, BHP, and FMG through multiple charts. 3. Summary by Company VALE - Charts show production and sales statistics, including overall production and sales, sales of different products (powder and pellets), production of the S11D mining area, and regional production proportion [6][11][12]. Rio Tinto - Charts display production and sales data, production and sales of PB powder, and production and sales proportions of different products [15][16][18]. BHP - Charts present production and sales data and production proportions of different mining areas [21][22]. FMG - Charts show production and sales data and the production of the Iron Bridge project [25][29].

Core Viewpoint - Dazhong Mining (001203.SZ) has experienced significant stock price volatility due to the announcement of lithium reserves in Hunan Province, with a 9.44% increase from July 9 to July 11, closing at 10.78 yuan per share [2] Group 1: Lithium Resource Discovery - The Hunan Provincial Department of Natural Resources announced the discovery of a large lithium deposit in the Jijiao Mountain area, with proven reserves of 490 million tons of lithium ore and 131.35 thousand tons of lithium oxide, equivalent to approximately 324.43 thousand tons of lithium carbonate [2][4] - Dazhong Mining has invested 2.09 billion yuan to acquire exploration rights for the Jijiao Mountain lithium mine, which is expected to yield significant returns once production begins [2][4] Group 2: Investment Strategy - Dazhong Mining has invested a total of 4.4 billion yuan in lithium mining projects, including the Jijiao Mountain and Sichuan Gada lithium mines, as part of its strategy to mitigate risks associated with the cyclical nature of the iron ore industry [5][6] - The company aims to achieve a "dual-drive" strategy with both iron and lithium mining, focusing on the rapid development of its lithium projects [6] Group 3: Project Development Timeline - The Jijiao Mountain lithium mine is expected to receive mining permits more quickly than the Sichuan Gada mine, with construction of the first phase of the project anticipated to be completed by 2026 [6] - Dazhong Mining has completed site preparation for the beneficiation project and has submitted applications for mining rights, with a decision expected within 40 days [6] Group 4: Competitive Positioning - While Dazhong Mining's lithium reserves are not as extensive as those of leading companies like Ganfeng Lithium and Tianqi Lithium, it still holds a competitive position in the market with a total of 472.85 thousand tons of proven lithium resources [7][5] - The company is developing new technologies to enhance lithium extraction efficiency and reduce costs, which could improve its competitive edge in the lithium market [10][9]

Group 1 - Iron ore futures experienced a fluctuation with a peak at 741.0 yuan and a current price of 737.5 yuan, reflecting a 1.30% increase [1] - Dongwu Futures indicates a strong oscillation in iron ore prices, supported by high demand in non-major steel materials despite a seasonal decline in domestic demand for hot-rolled and rebar [2] - Wenkang Futures suggests that iron ore prices are in a state of wide fluctuation, influenced by macroeconomic expectations and supply disruptions from production limits in Tangshan and Vale's reduced pellet output [3] Group 2 - CICC Futures maintains a strong outlook for iron ore prices, citing high iron water production and robust steel mill profits, which support the price despite potential downward pressures from capacity reduction [4] - The overall sentiment in the market is leaning towards bullish logic for iron ore, as it remains one of the strongest commodities in the black industry chain [4]

Core Viewpoint - The credit rating agency has maintained an AA rating for the company, indicating strong operational capabilities and significant resource advantages in iron ore and lithium mining, despite facing challenges related to capital expenditure and market conditions [2][4]. Company Overview - The company is a leading player in iron ore mining in China, with substantial production capacity and cost advantages, ranking high in profitability and operational efficiency [2][4]. - As of the end of 2024, the company's iron ore reserves have increased significantly, with lithium resources also ranking among the top in the industry, indicating strong growth potential [3][16]. Financial Performance - The company's total assets reached 158.11 billion yuan, with equity attributable to shareholders at 65.12 billion yuan, and total debt at 75.55 billion yuan, reflecting a year-on-year increase [2][3]. - The operating income for the company was 40.58 billion yuan, with a net profit of 2.25 billion yuan, indicating a decline compared to previous periods [3][4]. - The EBITDA margin was reported at 44.57%, showcasing the company's ability to maintain profitability despite market pressures [3][4]. Market Conditions - The iron ore market is expected to face downward pressure due to weak demand from the steel industry, with iron ore prices likely to decline further [4][9]. - The company is experiencing challenges in the downstream steel market, with reduced demand for its products, particularly pellets, leading to lower production utilization rates [4][11]. Investment and Capital Expenditure - The company is under significant capital expenditure pressure due to ongoing mining projects, particularly in the lithium sector, which require substantial investment and have long construction periods [4][6]. - The company has adjusted its fundraising plans to allocate more resources to lithium projects, indicating a strategic shift towards diversifying its resource base [6][8]. Competitive Position - The company maintains a competitive edge in the iron ore sector, with a strong resource base and established relationships with major steel manufacturers [4][16]. - The company’s lithium resources are positioned to become a significant part of its portfolio, enhancing its market position in the growing battery materials sector [16][18]. Future Outlook - The credit rating agency has a stable outlook for the company, anticipating continued operational strength and cash flow stability, despite the challenges posed by market conditions [4][9]. - The company is expected to leverage its resource advantages to navigate the competitive landscape effectively, with a focus on enhancing production efficiency and expanding its market share [4][16].

Core Viewpoint - The report outlines the issuance of convertible bonds by Dazhong Mining Co., Ltd., detailing the bond's terms, the company's financial performance, and the management of the raised funds. Group 1: Bond Overview - The issuer is Dazhong Mining Co., Ltd., which changed its name from Inner Mongolia Dazhong Mining Co., Ltd. on July 31, 2024 [2]. - The total amount raised from the issuance of convertible bonds is RMB 1.52 billion, with each bond having a face value of RMB 100 [3][4]. - The bonds have a six-year term, with a fixed interest rate that increases annually from 0.30% in the first year to 2.00% in the sixth year [3][4]. Group 2: Financial Performance - In 2024, the company produced 3.7666 million tons of iron concentrate and 1.0501 million tons of pellets, generating total revenue of RMB 3.843 billion [20]. - The net profit for the year was RMB 751 million, with earnings per share of RMB 0.51 [20]. - The company's total assets increased by 9.67% year-on-year, reaching RMB 15.42 billion by the end of 2024 [21]. Group 3: Fund Utilization - The raised funds are allocated to various projects, including RMB 243.93 million for the iron selection technology transformation project and RMB 462.65 million for the intelligent mining mechanization upgrade project [18][24]. - The company plans to adjust the use of remaining funds to implement a lithium carbonate project, reflecting a strategic shift towards the lithium mining sector [24]. - As of December 31, 2024, the company had an unused balance of RMB 728.36 million from the raised funds [24]. Group 4: Management and Oversight - The trustee, Guodu Securities, has established a monitoring mechanism to oversee the issuer's credit status and the use of raised funds [19]. - The trustee has ensured compliance with the bond issuance regulations and has reported on the issuer's significant events and financial obligations [19][20].

Core Viewpoint - Western Mining has made significant progress with its copper mining project, receiving approval for the Yulong Copper Mine Phase III project, which will increase production capacity from 1,989 million tons/year to 3,000 million tons/year with a total investment of 4.793 billion yuan [1][3]. Group 1: Project Development - The Yulong Copper Mine Phase III project will include the construction of a new 1,100 million tons/year concentrator and increase the hydrometallurgical capacity from 300,000 tons/year to 1,000,000 tons/year [3]. - The project is expected to yield 180,000 to 200,000 tons of copper metal annually, enhancing the company's overall copper production capacity and profitability [3]. Group 2: Financial Performance - The company's revenue is projected to exceed 50 billion yuan for the first time in 2024, with a 50.74% year-on-year increase in Q1 2025, reaching 16.542 billion yuan [2][6]. - The net profit attributable to shareholders for Q1 2025 was 808 million yuan, reflecting a 9.61% year-on-year growth [6]. - The company's operating cash flow net amount increased by 423.69% year-on-year, indicating strong cash generation capabilities [6]. Group 3: Resource and Production Capacity - Western Mining's total capacity for smelting copper, lead, and zinc is 750,000 tons/year, with lead and zinc production expected to reach 161,000 tons in 2024 [2][4]. - The company holds a total iron ore resource of 288 million tons, with iron concentrate production projected to be 1.3769 million tons in 2024 [4]. Group 4: Research and Development - The company has been increasing its R&D expenditures, which rose from 153 million yuan in 2020 to 621 million yuan in 2024, with a 58.04% increase in Q1 2025 [7].

Core Viewpoint - Dazhong Mining plans to invest 1 billion yuan in a lithium battery project, aiming to establish a second growth curve amid declining revenues from its traditional iron ore business [2][4]. Investment Project Details - The project will be constructed in three phases: - Phase 1 focuses on research and development, expected to complete by 2025 [4]. - Phase 2 involves building a production line with an annual capacity of 1,000 tons, scheduled to start in April 2026 and finish by the end of 2027 [4]. - Phase 3 plans for a 2,000-ton production line, set to begin in June 2027 and complete by the end of 2028 [4]. - The lithium battery materials are noted for their high specific capacity, aligning with the trends in the upgraded new energy industry [4]. Financial Performance - In 2024, Dazhong Mining's total revenue was approximately 3.84 billion yuan, a decrease of 4.01% from 2023 [8][9]. - The main products, iron concentrate and pellets, contributed over 90% of the revenue, with iron concentrate revenue dropping by 22.04% [6][8]. - The net profit for 2024 was 751 million yuan, down 34.17% year-on-year [9]. Market Conditions - The iron ore market is experiencing a downturn, with the average price index for iron ore (62% grade) falling by 8.7% in 2024 [8][11]. - Dazhong Mining's lithium projects have yet to generate revenue, with significant investments made since 2022 totaling over 4.2 billion yuan for lithium resource acquisitions [11][9]. - The price of lithium carbonate has been volatile, with a peak of 81,680 yuan per ton in January 2024, dropping below 60,000 yuan by May [11]. Company Valuation - As of June 18, Dazhong Mining's stock closed at 10.07 yuan per share, with a market capitalization of approximately 15.19 billion yuan [13].

Core Viewpoint - Dazhong Mining plans to invest 1 billion yuan in a lithium battery project, aiming to establish a second growth curve amid declining revenues from its traditional iron ore business, although the lithium project has yet to generate any revenue since its inception in 2022 [2][8]. Investment Project Overview - On June 18, Dazhong Mining announced a 1 billion yuan investment to build a "3000 tons per year lithium battery new materials project" in Linwu County [4]. - The project will be constructed in three phases: - Phase 1 focuses on research and development, expected to complete by 2025 [7]. - Phase 2 plans to establish a production line with an annual capacity of 1000 tons, starting construction in April 2026 and aiming for completion by the end of 2027 [7]. - Phase 3 aims for a production line with an annual capacity of 2000 tons, with construction starting in June 2027 and completion by the end of 2028 [7]. - Dazhong Mining currently holds 3.24 million tons of lithium carbonate equivalent in Linwu County, establishing a complete industrial chain for lithium mining and processing [7]. Financial Performance - In 2024, Dazhong Mining's total revenue was 3.843 billion yuan, a decrease of 4.01% compared to 2023 [11]. - The company's net profit for 2024 was 751 million yuan, down 34.17% year-on-year [12]. - The main products, iron concentrate and pellets, contributed over 90% of the company's revenue, with iron concentrate sales dropping by 22.04% and pellets increasing by 95.64% [11][12]. Market Conditions - The iron ore market is experiencing a downturn, with the Platts iron ore price index averaging 109.5 USD/ton in 2024, a decline of 8.7% year-on-year [11]. - The supply of iron ore is expected to enter a new growth cycle in 2025, while demand is projected to decline, leading to a continued softening of iron ore prices [14]. Lithium Market Challenges - Despite significant investments in lithium mining, the projects have not yet contributed to revenue, and the long construction cycle combined with falling lithium prices poses uncertainties for future returns [16]. - Lithium carbonate prices have shown volatility, with spot prices peaking at 81,680 yuan/ton in January 2024 and dropping below 60,000 yuan/ton by the end of May [16].