Core Viewpoint - Molybdenum (Mo) is a scarce strategic mineral essential for various industries, including steelmaking, aerospace, and new energy, with its market demand steadily increasing as China's manufacturing sector transitions towards high-end, intelligent, and green development [1]. Group 1: Company Overview - Shenglong Mining Group Co., Ltd. (stock code: 001257) has become a cornerstone enterprise for the stable operation of China's molybdenum industry chain, leveraging its unique resource reserves and production capacity [1]. - The company is primarily engaged in the production of molybdenum concentrate and molybdenum iron, with significant backing from the local government [2]. Group 2: Resource Advantages - As of the end of 2024, Shenglong holds five large and medium-sized molybdenum mining rights, with the Nanni Lake molybdenum mine being the largest single molybdenum mine in China, boasting a production capacity of 16.5 million tons per year [4]. - The company has a molybdenum metal reserve of 710,500 tons, accounting for approximately 9.1% of the national total, with significant potential for future resource integration and development [5]. Group 3: Cost Structure and Technology - The Nanni Lake and Songxian Angou molybdenum mines are open-pit mines, which provide advantages such as lower mining costs and higher safety conditions compared to underground mines [6]. - Shenglong is enhancing its competitiveness through technological innovation, implementing a smart mining system based on "5G + big data" to optimize mining processes and reduce operational costs [6][7]. Group 4: Market Dynamics - The demand for molybdenum is expected to grow due to its critical role in high-performance steel production and the expansion of applications in emerging industries such as wind energy and electric vehicles [10]. - The global supply of molybdenum is constrained, with Shenglong projected to produce 10,600 tons in 2024, representing 9.64% of China's total output, thus playing a crucial role in the supply chain [11]. Group 5: Sales Strategy and Financial Performance - Shenglong employs a flexible sales strategy that includes online bidding and long-term agreements with major state-owned enterprises, ensuring a stable customer base and revenue growth [14]. - The company has shown consistent revenue growth from 1.911 billion yuan in 2022 to an expected 3.503 billion yuan in 2025, with net profits also increasing significantly during the same period [15]. Group 6: Future Development Plans - The company plans to raise 1.6813 billion yuan through its IPO to fund projects aimed at expanding production capacity and enhancing technological capabilities [16]. - Shenglong is also focusing on resource integration and storage expansion, with plans to develop a high-performance molybdenum materials project to transition from primary products to high-end materials [18]. Conclusion - As a leading player in the domestic molybdenum industry, Shenglong is well-positioned to leverage its resource advantages, technological innovations, and favorable market conditions to achieve significant growth and contribute to the stability of China's molybdenum supply chain [19].

股票简称：盛龙股份 股票代码：001257 洛阳盛龙矿业集团股份有限公司 （注册地址：中国（河南）自由贸易试验区洛阳片区高新技术开发区木棉路 19 号 1 幢 504 室） 首次公开发行股票并在主板上市 之 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二六年三月三十日 洛阳盛龙矿业集团股份有限公司 上市公告书 特别提示 洛阳盛龙矿业集团股份有限公司（以下简称"盛龙股份"、"发行人"、"公司" 或"本公司" ）股票将于 2026 年 3 月 31 日在深圳证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新" ，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与本公司首次公开发行股 票招股说明书中的相同。 如本上市公告书中合计数与各加数直接相加之和在尾数上存在差异，系由于 四舍五入所致。 2 洛阳盛龙矿业集团股份有限公司 上市公告书 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗 ...

Group 1 - The report highlights that the overseas situation remains a key factor affecting the new stock market, with a low risk appetite suggesting a focus on relatively low-positioned directions [1][12] - The new stock market has shown weak performance over several weeks, with an average decline of approximately 2.6% since 2025, and only about 25.5% of new stocks achieving positive returns [1][28] - The report suggests that potential investment opportunities may arise from high-low rotation in relatively low-positioned stocks, especially if the overseas situation stabilizes [2][12] Group 2 - Specific investment directions include focusing on industries with long-term themes such as AI computing power, commercial aerospace, and energy exports, which have significant growth potential [3][12] - The report also mentions the importance of monitoring sectors like innovative pharmaceuticals and new consumption, which may see periodic interest and can be strategically rotated based on expected catalysts [3][12] Group 3 - Upcoming new stocks include companies like Yuelong Technology, Longyuan Co., and Taijin New Energy, which are expected to be listed soon [4][35] - The average issuance price-earnings ratio for new stocks is reported to be around 21.8X, indicating a stable pricing environment despite the low risk appetite in the market [7][35] - The report emphasizes the need for caution in the short term due to the overall market risk appetite being relatively low, which may affect the performance of newly listed stocks [7][35]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Viewpoints - The report highlights that the tungsten price reached a historical high before a slight adjustment, while the rare earth market is experiencing a phase of weak supply and demand [4][7] - The report suggests monitoring specific companies such as Guangsheng Nonferrous, China Rare Earth, Northern Rare Earth, and others for potential investment opportunities [7] Summary by Sections Rare Earth - Recent price changes include a drop of 11.21% for praseodymium and neodymium oxide to 712,500 CNY/ton, and a decrease of 4.47% for dysprosium oxide to 1,390,000 CNY/ton [7][12] - Supply remains tight due to policy and supply-side constraints, while demand from downstream magnetic material companies is weakening [7] Molybdenum - Molybdenum concentrate prices decreased by 0.90% to 4,395 CNY/ton, and molybdenum iron (Mo60) prices fell by 1.06% to 279,500 CNY/ton [18] - The market is currently in a phase of price stabilization and observation due to low inventory levels at smelters and reduced output from mines [7] Tungsten - Black tungsten concentrate prices fell by 4.30% to 1,001,000 CNY/ton, while ammonium paratungstate prices decreased by 1.98% to 1,485,000 CNY/ton [24] - The market is primarily focused on digesting existing high-priced inventory without significant new replenishment actions [7] Tin - SHFE tin prices dropped by 3.11% to 362,460 CNY/ton, and LME tin prices decreased by 6.47% to 44,850 USD/ton [24] - Supply is under pressure due to geopolitical issues affecting major tin mining areas, while demand remains stable from traditional electronics and emerging AI sectors [7] Antimony - Antimony ingot prices fell by 1.19% to 165,500 CNY/ton, and antimony concentrate prices decreased by 2.03% to 144,500 CNY/ton [39] - The market is awaiting signals for export recovery, with recent improvements in export volumes noted [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a significant revenue increase of 150.60% year-on-year, reaching 4.806 billion RMB in 2025, and achieved a net profit of 1.076 billion RMB, marking a substantial turnaround from losses [2][5] - The acquisition of a 60% stake in Guocheng Real Estate significantly improved the financial statements, while the titanium dioxide business continued to be a drag on performance [3] - The company is focusing on increasing molybdenum production and reducing costs in lithium mining, with plans to expand mining capacity from 5 million tons to 8 million tons per year [4] Financial Summary - Revenue projections for 2026, 2027, and 2028 are estimated at 5.873 billion RMB, 6.410 billion RMB, and 18.348 billion RMB, respectively, with corresponding net profits of 1.970 billion RMB, 3.445 billion RMB, and 5.303 billion RMB [5][9] - The company expects earnings per share (EPS) to grow from 0.908 RMB in 2025 to 4.475 RMB by 2028, with price-to-earnings (P/E) ratios decreasing from 35.89 to 7.29 over the same period [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 150.60% year-on-year, reaching 4.806 billion RMB in 2025, and achieved a net profit of 1.076 billion RMB, marking a substantial turnaround from losses [2][5] - The acquisition of a 60% stake in Guocheng Real Estate significantly improved the financial statements, while the titanium dioxide business remains a drag on performance [3] - The company is expected to see continued growth in molybdenum production and pricing, supported by low inventory levels and strong demand in the steel sector [4] Financial Summary - Revenue projections for 2026, 2027, and 2028 are 5.873 billion RMB, 6.410 billion RMB, and 18.348 billion RMB, respectively, with corresponding net profits of 1.970 billion RMB, 3.445 billion RMB, and 5.303 billion RMB [5][9] - The company anticipates an EPS of 1.66 RMB, 2.91 RMB, and 4.48 RMB for the years 2026, 2027, and 2028, with P/E ratios of 19.61, 11.22, and 7.29 [5][9] - The company's gross profit margin improved significantly, with a gross profit of 1.934 billion RMB in 2025, representing 40.2% of sales [11]

Group 1 - The new stock market is experiencing significant fluctuations, with an average decline of 3.3% for new stocks listed since 2025, and only 25% of these stocks achieving positive returns [1][12][27] - The overseas situation remains a key factor affecting market risk appetite, leading to increased risk aversion and impacting the performance of the new stock market [2][12] - Despite the overall downturn, there are structural opportunities within the new stock market, particularly in sectors like AI, commercial aerospace, and energy exports, which have strong long-term growth potential [2][12] Group 2 - Last week, there were 7 new stocks available for online subscription, with an average issuance price-earnings ratio of 23.4X, and a subscription success rate of 0.0271% [4][22] - The newly listed stocks on the North Exchange showed an average first-day increase of 274%, indicating a recovery in trading enthusiasm, although secondary market fluctuations were noted with a decline of 17.6% [4][25] - Upcoming new stocks include companies like Hongming Electronics, Shiya Technology, and Yuelong Technology, which are expected to attract attention due to their market potential [3][31] Group 3 - The report highlights specific companies such as Shenglong Co., which focuses on molybdenum-related products, and is projected to achieve revenues of 1.957 billion yuan in 2023, with a year-on-year growth of 2.41% [36] - Huigu New Materials specializes in functional resins and coatings, with expected revenues of 717 million yuan in 2023, reflecting a year-on-year growth of 8.10% [37] - Taijin New Energy, involved in high-end green electrolytic equipment, anticipates revenues of 1.669 billion yuan in 2023, with a significant year-on-year growth of 66.18% [38]

Investment Rating - The investment rating for the company is "Buy" based on the expectation of a relative increase in stock price over the next 6-12 months [37]. Core Insights - The company, Shenglong Co., Ltd. (001257.SZ), specializes in the production, processing, and sales of molybdenum-related products, including molybdenum concentrate and ferromolybdenum [8][30]. - The company is projected to achieve revenues of CNY 19.57 billion, CNY 28.64 billion, and CNY 35.03 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 2.41%, 46.30%, and 22.31% [9][30]. - The net profit attributable to the parent company is expected to be CNY 6.19 billion, CNY 7.57 billion, and CNY 8.84 billion for the same years, with year-over-year growth rates of 80.05%, 22.23%, and 16.80% [9][30]. Summary by Sections Basic Financial Status - The company is expected to maintain a strong financial performance with significant revenue and profit growth over the next few years, driven by its core molybdenum products [9][30]. - In the first half of 2025, the main revenue sources are projected to be molybdenum concentrate (CNY 17.93 billion, 78.46% of revenue) and ferromolybdenum (CNY 4.74 billion, 20.75% of revenue) [9][30]. Industry Situation - Molybdenum is recognized as a globally scarce strategic mineral, with applications in various industries including defense, aerospace, and renewable energy, which are expected to drive demand [17][29]. - The global molybdenum market is characterized by a tight supply-demand balance, which is likely to support price increases [29][30]. Company Highlights - Shenglong Co., Ltd. benefits from its strategic location in the "Molybdenum Capital" of China, with significant reserves and production capacity [30]. - The company is actively expanding its production capabilities and exploring new strategic mineral resources, enhancing its competitive position in the industry [31][30]. Fundraising Project Investment - The company plans to invest in two main projects through its IPO, including the development of the Songxian Angou polymetallic mine and a mining technology research center [32][33]. - The total investment for these projects is estimated at CNY 172.46 million, with a significant portion allocated to the Angou mine project [33]. Peer Comparison - Compared to its peers, Shenglong Co., Ltd. has a lower revenue scale but maintains a competitive gross profit margin, indicating a strong position within the industry [34][35].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned favorably within the market due to its strategic resource focus and growth potential [37]. Core Insights - The company, Shenglong Co., Ltd. (盛龙股份), specializes in the production, processing, and sales of molybdenum-related products, including molybdenum concentrate and ferromolybdenum. It is projected to achieve revenues of CNY 1.957 billion, CNY 2.864 billion, and CNY 3.503 billion for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 2.41%, 46.30%, and 22.31% [1][9]. - The company is expected to maintain a strong position in the molybdenum market due to the increasing demand for molybdenum as a strategic resource, driven by industrial transformation and technological advancements. Molybdenum's unique properties make it irreplaceable in enhancing the strength, high-temperature resistance, and corrosion resistance of special steels, which are critical in various strategic emerging industries [29][30]. - The company benefits from its advantageous location in the "Molybdenum Capital" of China, with significant reserves and production capacity. By the end of 2024, it is expected to hold over 9% of China's molybdenum resources and production [30][31]. Summary by Sections Basic Financial Status - The company is projected to achieve revenues of CNY 19.57 billion, CNY 28.64 billion, and CNY 35.03 billion from 2023 to 2025, with net profits of CNY 6.19 billion, CNY 7.57 billion, and CNY 8.84 billion, reflecting year-over-year growth rates of 80.05%, 22.23%, and 16.80% for net profits [1][9][34]. Industry Situation - The global molybdenum market is characterized by its scarcity, with molybdenum being a critical strategic resource. The demand for molybdenum is expected to rise due to its applications in various industries, including defense, aerospace, and renewable energy [17][19][20]. Company Highlights - The company is actively expanding its molybdenum industry chain and exploring related strategic emerging minerals. It has initiated projects to enhance its processing capabilities and is involved in the development of multiple mineral resources, including copper, lead, and zinc [31][32]. - The company has a strong focus on technological innovation and has been recognized as a provincial-level technology reform enterprise, indicating its commitment to improving operational efficiency and product quality [8][30]. Fundraising Projects - The company plans to invest in two main projects through its IPO, including the development of the Songxian Angou polymetallic mine and the establishment of a mining technology research center, with a total investment of approximately CNY 172.46 million [32][33].

Investment Rating - The investment rating for the company is positioned at 2.25 points, placing it in the 30.5% percentile of the AHP model, indicating a mid-to-upper level performance in the industry [4][7]. Core Insights - The company holds the largest single mine in China, with a focus on molybdenum mining and processing, and is enhancing its production capacity through technological upgrades and deep processing initiatives [4][10]. - The scarcity of resources is increasingly evident, with an expected rise in demand for molybdenum driven by the upgrade of special steel [4][17]. - The company is expected to benefit from the transformation of the steel industry and the demand gap, leading to significant growth in revenue and net profit [4][21]. Summary by Sections AHP Score and Expected Allocation Ratio - The company has an AHP score of 2.25, which is in the 30.5% percentile, indicating a mid-to-upper level performance [4][7]. Company Fundamentals Highlights - The company is a leading player in the molybdenum industry, with a molybdenum metal reserve of 710,500 tons, accounting for 9.10% of the national total [8][10]. - The main mine, Nanni Lake, is the largest single operating molybdenum mine in China, with a projected daily processing capacity of 55,000 tons [4][10]. - The company is expanding its processing capabilities through the establishment of a new project that will add 20,000 tons of high-performance molybdenum materials annually [10][33]. Comparable Company Financial Metrics - The company’s revenue and net profit are projected to grow at a CAGR of 22.40% and 48.35% respectively from 2022 to 2024, driven by capacity release and rising molybdenum prices [20][21]. - The company’s profit margins are significantly higher than those of comparable companies, primarily due to lower processing costs and a focus on mining [23][26]. - Cash flow quality is improving, with a decreasing debt ratio, indicating a stable financial position [26][27]. Fundraising Projects and Development Vision - The company plans to raise approximately 1.53 billion yuan through the issuance of new shares, with funds allocated to mining projects and technology development [33][36]. - The main project involves the development of a multi-metal mining project in Henan Province, expected to significantly enhance production capacity [33][36].