"随着新一轮周期更替，新的重大机会窗口正在出现，我们要做好准备、枕戈待旦。"洛阳钼业在2025年 年初的董事会信函中这样写道。 当前，铜精矿供应趋紧，下游需求稳中有增。市场预计美联储或开启降息周期，以铜为代表的美元计价 大宗商品有望获得支撑。在此背景下，洛阳钼业在并购方面释放出一系列新信号。6月，公司完成厄瓜 多尔凯歌豪斯金矿交割，正式布局黄金资源，这是2020年12月以来公司的首单并购。此外，上半年公司 高管团队密集调整，新任董事长刘建锋主导了多宗大型跨国并购与资源整合项目。 "本次收购完成后，公司铜业务将得到加强，成为世界重要的铜生产企业；此外，因上述矿区钴的储量 及现有产能均位居世界前列，随着未来电动汽车用锂电池和超级合金的高速发展，钴业务将成为公司重 要的利润增长点。"洛阳钼业表示。 通过一次次的并购，洛阳钼业实现了周期中的成长。相较于公司国际化扩张元年2013年，2024年公司的 营业收入增长了37.45倍，经营性现金流增长了22.6倍。资本市场表现方面，9月2日盘中洛阳钼业股价一 度涨至14.1元，创下公司上市以来新高。近期，上海证券报记者走访洛阳钼业栾川矿区，探寻这家有色 金属龙头企业的成长轨迹 ...

资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充)0.11%。 来源：新浪证券-红岸工作室 9月1日，洛阳钼业涨9.47%，成交额47.93亿元。两融数据显示，当日洛阳钼业获融资买入额5.94亿元， 融资偿还3.09亿元，融资净买入2.85亿元。截至9月1日，洛阳钼业融资融券余额合计23.37亿元。 融资方面，洛阳钼业当日融资买入5.94亿元。当前融资余额23.14亿元，占流通市值的0.98%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，洛阳钼业9月1日融券偿还1.04万股，融券卖出5.32万股，按当日收盘价计算，卖出金额71.98 万元；融券余 ...

Core Viewpoint - The article discusses the strategic moves of a Chinese entrepreneur, Yu Yong, who transformed a struggling mining company, Luoyang Molybdenum Co., into a global mining giant through timely investments and strategic partnerships, particularly in the copper and cobalt sectors, which are crucial for the electric vehicle industry [6][19]. Group 1: Entry into the Market - In 2003, Luoyang Molybdenum faced operational challenges due to falling molybdenum prices, leading to a government push for privatization [8]. - Yu Yong's company, Hongshang Industrial Holdings, acquired a 49% stake in Luoyang Molybdenum for 178 million yuan, which included compensation for laid-off workers [8][10]. - The investment proved lucrative, with profits soaring to 2.8 billion yuan in the second year and 17.14 billion yuan by 2006 [10]. Group 2: Strategic Acquisitions - From 2012 to 2018, during a global commodities downturn, Luoyang Molybdenum made significant acquisitions, including an 80% stake in Australia's NPM copper-gold mine for $820 million [12]. - In 2016, the company acquired a niobium-phosphate mine in Brazil for $1.5 billion, becoming the second-largest niobium producer globally [12]. - The acquisition of a 56% stake in the TFM copper-cobalt mine in the Democratic Republic of Congo for $2.65 billion positioned Luoyang Molybdenum as a key player in the copper and cobalt markets [12][15]. Group 3: Industry Positioning - By 2020, Luoyang Molybdenum had become the world's largest cobalt producer and a significant copper producer, with TFM becoming the fifth-largest copper mine globally [20]. - The company holds nearly one-third of the world's cobalt resources and is a major player in tungsten and molybdenum production [19]. Group 4: Downstream Integration - In 2019, Luoyang Molybdenum acquired IXM, the third-largest base metals trader, enhancing its influence in global metal trading [21]. - Strategic partnerships with companies like CATL and Geely have solidified its position in the electric vehicle supply chain, providing stable raw material sources [22]. Group 5: Financial Performance - Luoyang Molybdenum's revenue and market capitalization have surpassed 200 billion yuan, with a net profit of 8.671 billion yuan in the first half of 2025, reflecting a 60.07% year-on-year increase [25]. - The International Energy Agency (IEA) predicts a 30% shortfall in global primary copper supply by 2035, indicating strong future demand for copper [24].

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on various metals including molybdenum, tungsten, cobalt, and copper, with a comprehensive integrated industrial chain [2] Company Overview - Luoyang Molybdenum is one of the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2] - The company is also the second-largest producer of phosphate fertilizer in Brazil, holding 100% indirect rights to the CIL phosphate mine, covering the entire phosphate industry chain [2] Production and Financial Performance - The company has seen a significant increase in gold production, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year growth of 56% to 69% [2] - For the first half of 2025, the company reported a revenue of 94.77 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% [7] Market Activity - On August 27, the company's stock fell by 2.82%, with a trading volume of 2.86 billion yuan and a market capitalization of 250.53 billion yuan [1] - The stock has experienced a net outflow of 348 million yuan from main funds, indicating a reduction in investment interest [3][4] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95%, with the average circulating shares per person remaining at zero [6] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some increasing their holdings [7]

分红方面，洛阳钼业A股上市后累计派现215.62亿元。近三年，累计派现105.76亿元。 机构持仓方面，截止2025年6月30日，洛阳钼业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6.48亿股，相比上期增加6940.89万股。华夏上证50ETF（510050）位居第五大流通股东， 持股1.38亿股，相比上期增加852.53万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持股 1.25亿股，相比上期增加919.78万股。易方达沪深300ETF（510310）退出十大流通股东之列。 融券方面，洛阳钼业8月26日融券偿还9.31万股，融券卖出7000.00股，按当日收盘价计算，卖出金额 8.44万元；融券余量164.70万股，融券余额1984.63万元，超过近一年90%分位水平，处于高位。 资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述 ...

Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" (maintained) [1] Core Views - The company achieved a record high net profit attributable to shareholders in H1 2025, with a year-on-year increase of 60.07% [4] - The company is expected to benefit from stable production releases from TFM and KFM, alongside a long-term upward trend in copper prices, leading to an upward revision of net profit forecasts for 2025-2027 [4] - The acquisition of Lumina Gold is anticipated to enhance the company's resource diversity and position gold as a potential second growth driver [6] Financial Performance - In H1 2025, the company reported operating revenue of 94.773 billion yuan, a decrease of 7.83% year-on-year, while operating costs fell by 10.96% to 74.727 billion yuan [4] - The net profit attributable to shareholders reached approximately 8.671 billion yuan, marking a historical high for the same period [4] - Operating cash flow remained robust, increasing by 11.40% year-on-year to 12.009 billion yuan [4] Production and Operations - The company exceeded its production targets for various products in H1 2025, with copper production reaching 353,600 tons (up 12.68% year-on-year) and cobalt production at 61,100 tons (up 13.05% year-on-year) [5] - The TFM and KFM mines in the Democratic Republic of Congo performed particularly well, contributing to the overall production success [5] Future Outlook - The company has completed the acquisition of Lumina Gold, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which is expected to significantly enhance its gold resource base [6] - The Cangrejos mine has an estimated gold resource of 638 tons, with a projected mine life of 26 years, indicating strong future growth potential [6] Financial Projections - The revised net profit forecasts for 2025-2027 are 16.63 billion yuan, 19.52 billion yuan, and 21.53 billion yuan respectively, with corresponding EPS of 0.78, 0.91, and 1.01 yuan per share [4] - The current stock price corresponds to P/E ratios of 15.5, 13.2, and 12.0 for the years 2025, 2026, and 2027 respectively [4]

Summary of Luoyang Molybdenum Co. Conference Call Company Overview - **Company**: Luoyang Molybdenum Co. - **Industry**: Mining and Metals Key Financial Performance - **Revenue**: 947.73 billion CNY in H1 2025, a slight decrease year-on-year due to lower trading revenue, while mining revenue increased by 25.64% [2][3] - **EBITDA**: 198 billion CNY, up 23.8% year-on-year [2][3] - **Net Profit**: 87 billion CNY, a 60% increase year-on-year [2][3] - **Operating Cash Flow**: 120 billion CNY, an 11.4% increase year-on-year [2][3] - **Debt Ratios**: Asset-liability ratio decreased to 50.15%, with a return on equity of 11.7%, up nearly 3 percentage points year-on-year [3][9] Mining Segment Performance - **Copper and Cobalt Contribution**: Copper and cobalt segments contributed 84% and 61.8% gross margin respectively, with copper production at 354,000 tons (up 12.7%) and cobalt production at 61,000 tons (up 13.1%) [4][5] - **Future Production Goals**: Targeting 800,000 to 1,000,000 tons of copper production by 2028 [4][14] - **Geographic Focus**: Strategic acquisitions planned in Africa and South America, focusing on copper and gold resources [4][10][11] Project Developments - **Ecuador Gold Project**: Completed acquisition for 581 million CAD, aiming for production by 2029 [2][6] - **Operational Improvements**: Ongoing site work and optimization for the Ecuador project [6] ESG and Social Responsibility - **ESG Ratings**: MSCI rating of AA for three consecutive years, gold level in Ecovadis sustainability rating [2][7] - **Community Initiatives**: Building educational institutions and providing agricultural support in the Democratic Republic of Congo [7][8] - **Carbon Neutrality Goals**: Commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2050, with an investment of at least 1.5 billion USD for emission reductions [2][8] Strategic Outlook - **Acquisition Strategy**: Transitioning to a platform mining company with a focus on copper and gold, while also expanding into smaller metals like molybdenum and tungsten [10][17] - **Market Positioning**: Leveraging early acquisition of major mines to maintain a competitive edge in the copper market [22] - **Response to Geopolitical Challenges**: Monitoring changes in policies, especially in cobalt production in the DRC, to adapt strategies accordingly [12][23] Financial Management and Future Plans - **Capital Expenditure**: Expected capital expenditure of 30 to 40 billion CNY in H2 2025, with long-term plans for 4 billion CNY and 2 billion USD for expansion and optimization [24][25] - **Dividend Policy**: Committed to distributing 40% of net profit as dividends, balancing shareholder returns with reinvestment needs [25][26] Conclusion - **Future Focus**: Continued development of existing mining resources, effective resource acquisition in a competitive market, and management upgrades to transform into a platform-based enterprise [26]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Luoyang Molybdenum Co., Ltd., which has a closing price of 12.08 yuan, an increase of 8.73%, and a rolling PE ratio of 15.40 times, with a total market value of 258.44 billion yuan [1][2] - The company ranks 5th in the small metals industry, which has an average PE ratio of 80.90 times and a median of 72.85 times [1][2] - As of the 2025 semi-annual report, 222 institutions hold shares in Luoyang Molybdenum, including 214 funds, with a total shareholding of 1,242,246,500 shares valued at 104.60 billion yuan [1] Group 2 - The main business of Luoyang Molybdenum includes mining, selection, smelting of base and rare metals, and mineral trading, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and refined metal trading [1] - The latest performance report shows that for the first half of 2025, the company achieved an operating income of 94.77 billion yuan, a year-on-year decrease of 7.83%, and a net profit of 8.67 billion yuan, a year-on-year increase of 60.07%, with a gross profit margin of 21.15% [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock performance with an 8.73% increase on August 25, 2023, and a total market capitalization of 258.44 billion yuan [1]. Company Overview - Luoyang Molybdenum is engaged in the mining and processing of non-ferrous metals, including molybdenum, tungsten, cobalt, niobium, and phosphorus, and is one of the top five molybdenum producers globally [3]. - The company has a comprehensive integrated industrial chain and is the largest tungsten producer, the second-largest cobalt and niobium producer, and a leading copper producer [3]. - The company is also the second-largest phosphorus fertilizer producer in Brazil, holding 100% indirect rights to the CIL phosphorus mine [3]. Production and Financial Performance - The company has seen a significant increase in gold production, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year growth of 56% to 69% [3]. - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.77 billion yuan, a decrease of 7.83% year-on-year, while net profit attributable to shareholders increased by 60.07% to 8.67 billion yuan [8]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with no change in average circulating shares per person [8]. - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed in the last three years [9]. Market Position and Trends - Luoyang Molybdenum ranks 41st in terms of market popularity within the A-share market [2]. - The stock has seen a net inflow of 4.42 billion yuan from major investors, indicating a stable interest in the stock [4][5].

事项： 中伟股份发布2025 年半年度报告：公司 2025 年 H1 营收 213.23 亿元，同增6.16%；归母净利 7.33 亿 元，同比-15.20%；扣非归母净利6.53 亿元，同比-14.77%。 全球化布局深化，区域供给能力稳步提升。公司锚定全球化与差异化协同，明确各基地功能定位，加速 提升全球区域供给能力。在印尼，镍原矿粗炼的总产能达到近20 万金吨。据公司投资者关系活动记录 表，当前公司印尼镍资源冶炼规划产能19.5 万吨，2024 年底已建成15.5 万金吨；在韩国，与POSCO 共 同推进前驱体一体化产业基地建设项目，并规划在韩建设电池材料生产设施；在摩洛哥，与AL MADA 合作推进三元前驱体及配套原料精炼、磷系材料与黑粉回收等项目，完善海外产能布局。 出货量正增长，多项研发行业领先。报告期内，公司持续优化产品结构，镍、钴、磷、钠四系产品出货 量实现正向增长，产品销量超18.8 万吨，同比+33.91%。 在新产品与新工艺方面取得多项突破：业内首创超高镍三元前驱体，能量密度较镍含量60%至80%的三 元电（180mAh/g-204mAh/g）分别提升27.8%至12.7%；业内首款用于 ...