1月4日晚，铜陵有色发布公告，近日，公司收到控股子公司中铁建铜冠投资有限公司（以下简称"中铁 建铜冠"）关于米拉多铜矿二期工程延期的报告。2022年，中铁建铜冠着手规划厄瓜多尔米拉多铜矿二 期工程（以下简称"米拉多铜矿二期工程"）建设，项目于2025年6月完成系统联动试车，12月顺利开展 重载试车，各项系统指标均全面达标。但是，受投资经营环境等因素影响，项目投产时间存在不确定 性。 铜陵有色持有中铁建铜冠70%股权，2024年及2025年1—11月，中铁建铜冠实现的净利润分别为14.87亿 元、14.30亿元。 近年来，受铜价上涨等因素影响，铜陵有色的盈利能力明显提升，但也存在明显波动。2025年前三季 度，公司实现归母净利润17.71亿元，同比下降35.14%。与之对应的经营现金流净额为11.80亿元，同比 下降约68%。 境外项目延期或影响业绩 长江商报消息●长江商报记者 沈右荣 行业巨头铜陵有色（000630.SZ）预警，子公司境外项目延期，将影响公司2026年经营业绩。 中铁建铜冠的持续盈利能力，将影响铜陵有色的经营业绩。借助收购，铜陵有色的盈利能力明显提升。 铜陵有色提示风险，境外项目延期，预计对公 ...

Core Viewpoint - Tongling Nonferrous Metals is actively enhancing its resource reserves through significant acquisitions, including the recent purchase of exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for approximately 3.204 billion yuan [1][3]. Group 1: Recent Acquisitions - The company acquired the exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine, which is expected to bolster its nonferrous metal resource reserves and enhance sustainable development capabilities [2][3]. - In September 2023, the company also acquired a 70% stake in China Railway Construction Copper Crown for 6.673 billion yuan, gaining access to overseas copper resources [2][4]. - The total expenditure for these two acquisitions amounts to approximately 9.88 billion yuan, significantly increasing the company's copper resource reserves both domestically and internationally [4]. Group 2: Financial Performance - Despite market fluctuations, the company has maintained strong profitability, with annual profits reaching nearly 2.7 billion yuan from 2021 to 2024 [2][6]. - In 2024, the company reported revenues of 145.531 billion yuan and a net profit of 2.809 billion yuan, reflecting year-on-year growth of 5.88% and 4.05%, respectively [6]. - For the first three quarters of 2025, the company achieved revenues of 121.893 billion yuan, a year-on-year increase of 14.66%, although net profit declined by 35.14% to 1.771 billion yuan due to market challenges [6]. Group 3: Competitive Advantages - Tongling Nonferrous Metals is a leading player in the copper production industry, with an annual cathode copper production capacity exceeding 1.7 million tons [2][6]. - The company has developed advanced technologies, including high-temperature resistant oxygen-free copper strips and HVLP series copper foils, breaking foreign monopolies in technology and products [6]. - The company is focused on recovering and utilizing rare metals such as selenium and tellurium, having developed 17 new products, including high-purity tellurium and indium [6].