广东明珠表示，本期明珠矿业扩帮工程采出新矿导致本期铁精粉产销量同比增加，以及明珠矿业将水洗 石生产线进行技术改造，增加超细碎设备和干式磁选设备，铁矿石经破碎抛废后进入球磨生产铁精粉， 提高铁精粉产量，6月份已完成技术改造，同时，将老骨料生产线进行技术改造后，可以加工铁矿石块 矿，6月份起增加了销售块矿业绩。受上述因素影响，预计明珠矿业本期铁精粉销量同比增加约 212.49%，预计本期明珠矿业本期实现净利润2.44亿元到2.98亿元，同比增长280.43%到364.98%。 值得注意的是，明珠矿业一直是公司业绩的"压舱石"，明珠矿业的扩帮工程在2025年上半年迎来关键性 突破，新矿开采顺利落地，直接带动铁精粉产销量同比大幅攀升。与此同时，技术改造的完成进一步优 化了生产效率与产品竞争力，推动铁矿销售业绩再上新台阶。半年报显示，今年上半年，明珠矿业贡献 净利润1.43亿元，同比增幅高达104.91%。 此外，非经营性损益也影响前三季度业绩。广东明珠指出，由于公司已在2024年12月收回兴宁市城市投 资发展有限公司最后一笔城运公司股权转让款，应收城运公司股权转让款形成的未确认融资收益已于 2024年12月摊销完毕， ...

Core Viewpoint - Guangdong Mingzhu (600382.SH) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and successful technical upgrades in production processes [1] Financial Performance - The company achieved an operating revenue of 374 million yuan, representing a year-on-year increase of 72.39% [1] - The net profit attributable to shareholders reached 115 million yuan, marking a substantial year-on-year growth of 284.04% [1] - Basic earnings per share were reported at 0.18 yuan [1] Operational Highlights - The increase in revenue and profit was primarily driven by the expansion of Mingzhu Mining's operations, which included the extraction of new mines [1] - Technical upgrades to the water-washed stone production line led to increased production of iron concentrate [1] - The company also completed technical modifications to the old aggregate production line, allowing for the processing and sale of iron ore block mines during the reporting period [1]

Core Viewpoint - Guangdong Mingzhu Group Co., Ltd. is expected to achieve significant growth in net profit for the first half of 2025, with projections indicating an increase of 242.82% to 319.00% compared to the same period last year [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 102.04 million yuan and 125.94 million yuan for the first half of 2025, representing an increase of 72.98 million yuan to 95.88 million yuan year-on-year [2][4]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between 105.90 million yuan and 129.43 million yuan, reflecting a year-on-year increase of 54.88 million yuan to 78.41 million yuan [2][4]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 57.27 million yuan, with a net profit attributable to shareholders of the parent company at 30.06 million yuan [6]. - The net profit, excluding non-recurring gains and losses, was recorded at 51.02 million yuan, with earnings per share of 0.04 yuan [6]. Group 3: Reasons for Performance Increase - The increase in performance is primarily attributed to the significant growth in the operating results of the wholly-owned subsidiary, Guangdong Mingzhu Mining Co., Ltd., which is expected to see iron concentrate sales rise by approximately 108.24% due to new mining operations and technical upgrades [7]. - The subsidiary is projected to achieve a net profit attributable to the parent company between 128.91 million yuan and 157.56 million yuan, marking an increase of 59.15 million yuan to 87.80 million yuan year-on-year [7]. Group 4: Non-Operating Gains and Losses - The company has completed the amortization of unrecognized financing income related to the equity transfer of a subsidiary, resulting in no such income for the current period, which has led to an increase in financial expenses compared to the previous year [8]. - The company expects a decrease in compensation payments related to securities false statement liability disputes compared to the previous year [8]. - The fair value changes of stock investments are projected to result in a gain of 1.61 million yuan for the first half of 2025 [8].