Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. has seen a significant increase in its stock price, rising 5.03% to 16.70 CNY per share, with a total market capitalization of 357.285 billion CNY and a cumulative increase of 5.72% over the past four days [1] - Luoyang Molybdenum is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold, with its main business revenue composition being 48.56% from refined metal product trading and 38.31% from concentrate product trading [1] - The company was established on December 22, 1999, and was listed on October 9, 2012, indicating a long-standing presence in the market [1] Group 2 - According to data, Zhongjia Fund has a significant holding in Luoyang Molybdenum, with its Zhongjia Xinxing Mixed A fund holding 7,700 shares, representing 0.12% of the fund's net value, ranking as the eighth largest holding [2] - The Zhongjia Xinxing Mixed A fund has achieved a year-to-date return of 3.6% and a one-year return of 4.63%, with a total fund size of 51.6921 million CNY [2] - The fund manager, Zhong Wei, has a tenure of nearly 12 years, with the best fund return during his management being 22.61% [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and investor interest in the company’s operations in rare metals [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The company’s main business revenue composition includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - According to data, one fund under Jianxin Fund has a significant holding in Luoyang Molybdenum. Jianxin Health and Livelihood Mixed A (000547) held 1,084,100 shares in the second quarter, accounting for 2.2% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 28.9% and a one-year return of 37.76%, ranking 3,524 out of 8,080 in its category [2] Fund Manager Performance - The fund manager of Jianxin Health and Livelihood Mixed A is Ma Muqing, who has been in the position for 3 years and 277 days. The total asset size of the fund is 1.342 billion yuan, with the best return during the tenure being 57.31% and the worst being -1.24% [3]

Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. experienced a decline of 5.27% in its stock price, reaching 12.93 CNY per share, with a trading volume of 2.607 billion CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 276.628 billion CNY [1] - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The main business revenue composition includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Group 2 - From the perspective of major fund holdings, one fund under Taikang Asset Management has heavily invested in Luoyang Molybdenum. The Taikang Advanced Materials Stock A Fund (016053) increased its holdings by 119,800 shares in the second quarter, holding a total of 248,100 shares, which accounts for 6.44% of the fund's net value, making it the second-largest holding [2] - The Taikang Advanced Materials Stock A Fund (016053) was established on July 26, 2022, with a latest scale of 25.1769 million CNY. Year-to-date returns are 18.31%, ranking 829 out of 4280 in its category; the one-year return is 25.25%, ranking 2340 out of 3778; and since inception, it has a loss of 1.93% [2]

Summary of the Conference Call for Xiyeg股份 Company Overview - The company is involved in the tin mining and smelting industry, focusing on the production of tin ingots and other metal products such as indium, gold, silver, and tungsten [2][18]. Key Points and Arguments Production and Cost Management - The company expects to produce between 23,000 to 24,000 tons of tin ingots for the year, with a production of 48,000 tons achieved in the first half of 2025, nearing the annual target of 90,000 tons [2][4]. - The average operating cost per ton of tin ingot is approximately 166,000 yuan, with a discount coefficient reduced to 81% due to revenue reductions from new material transactions [2][6]. - The company has faced rising mining costs due to decreased resource matching and tax adjustments, but has implemented comprehensive recovery technologies to optimize smelting costs, showing positive results since 2024 [2][5]. Future Projects and Resource Recovery - The "14th Five-Year Plan" includes investments in the Kafang copper mine project and tailings resource recovery, with expectations to reach an annual recovery of 3,000 to 4,000 tons by the end of the plan [2][9][11]. - The Kafang copper mine is currently undergoing surface exploration, with potential capacity expansion beyond the current design of 1.5 million tons per year if exploration results are favorable [2][12]. Market Dynamics and Pricing - The company believes that tin demand is supported by market conditions, despite challenges in supply recovery from Myanmar, which is expected to be difficult [3][20]. - The relationship between processing fees and tin prices is inverse; rising processing fees may lead to lower tin prices, emphasizing the importance of self-mined ore profits [8][20]. - The company anticipates a slight increase in tin demand due to factors such as inventory replenishment and new product needs in sectors like photovoltaics and electric vehicles [20]. Financial Performance and Dividends - The company reported that other business revenues, including indium, gold, silver, and tungsten, exceeded 3 billion yuan in 2024, with a gross profit of nearly 1 billion yuan [2][18]. - The company plans to maintain a dividend payout ratio of no less than 30%, with potential increases based on operational performance [3][27]. Capital Expenditure and Resource Expansion - The company has been cautious with capital expenditures and acquisitions, focusing on internal resource optimization and potential external projects, although specific plans remain undisclosed [22][24]. - The company holds significant undistributed profits of over 9 billion yuan, with plans to continue dividends while considering operational performance [27]. Regulatory Environment - The company operates in Yunnan province, where there are no quota restrictions on tin mining, and it has secured control over most quality tin mines in the region [26]. Additional Important Information - The company is exploring the potential of tailings resource recovery, which, while having slightly higher processing costs, is expected to contribute significantly to future production [10][11]. - The company has not yet seen profit contributions from tungsten production, which began in May 2025, indicating a need for time to stabilize production and assess costs [15][16]. This summary encapsulates the key insights from the conference call, highlighting the company's production goals, cost management strategies, market dynamics, and future plans within the tin mining industry.