为深化投资者与上市公司的双向沟通机制，增强企业透明度，促进投资者对上市公司的了解与信任，8 月22日，新疆上市公司协会与新疆证券期货业协会联合主办"了解我的上市公司"走进宝地矿业 （601121）活动，来自新疆证监局、协会、长江证券新疆分公司、华福证券新疆分公司、西南证券新疆 分公司、开源证券新疆分公司、中国中金财富证券乌鲁木齐红光山路证券营业部、华福证券乌鲁木齐北 京南路证券营业部的证券机构投资分析师、从业人员代表、投资者代表以及财经媒体记者等40余人参与 活动，通过实地探访与深度座谈，解码这家新疆唯一铁精矿主业上市公司的资源禀赋与高质量发展战 略。 资源底色：3.8亿吨储量构筑发展根基 本次活动形式丰富，将现场参观与座谈交流充分结合起来。在新疆地质矿产博物馆，投资者了解新疆地 区丰富的矿产资源禀赋，通过实物展陈与生动讲解，直观感受宝地矿业在矿产采选领域的产业基础及核 心产品。其后，在宝地矿业的交流环节，公司董事长高伟向投资者介绍了公司的资源禀赋：作为区域行 业龙头，宝地矿业现拥有4处核心矿区，2024年末铁矿石资源储量达3.8亿吨。目前推进中的葱岭能源 87%股权收购完成后，资源总量将提升至4.6亿吨。 ...

在座谈交流环节，针对投资者关心的公司铁矿石产能扩张以及未来随着在建项目的陆续投产和产业的横 向并购逐步完善，业绩或将处于上升期的背景下，宝地矿业将如何更好地回报投资者等相关问题，公司 相关负责人表示，2025年上半年，备战矿业已经取得了新疆自然资源厅核发的1000万吨/年采矿许可 证，天华矿业200万吨/年募集资金投资项目规模变更已取得项目核准批复。公司各所属矿山建设项目均 在稳步推进中，筹划发行股份并募集配套资金收购葱岭能源正在稳步推进，其320万吨/年项目建设相关 工作也在有序开展。宝地矿业重点项目的稳步推进，将构建起公司资源开发与产能释放的核心引擎，为 中长期战略落地与可持续发展筑牢根基。 上述负责人还表示，自2023年3月上市以来，公司已开展现金分红4次，累计金额达2.66亿元。其中， 2024年中期加年度两次合计派发现金红利总额7000万元，占公司2024年度归属于上市公司股东净利润的 50.62%。接下来的2025—2027年，如无特殊情况，公司在当年盈利且累计未分配利润为正的情况下， 将采取现金方式分配股利，每年以现金方式分配的利润不少于当年实现的可供分配利润的10%，最近三 年以现金方式累计分 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5][34]. Core Views - The company achieved a revenue of approximately 1.24 billion RMB in the first half of 2025, representing a year-on-year increase of 33.7%. The net profit attributable to shareholders was about 601 million RMB, up 136.3% year-on-year [1][9]. - The company is set to launch a new project with a capacity of 10 million tons per year at the Gold Ridge Mine, which is expected to significantly boost gold production [2][25]. - The report forecasts revenues for 2025-2027 to be 3.404 billion, 4.832 billion, and 5.546 billion RMB, with year-on-year growth rates of 81.5%, 41.9%, and 14.8% respectively [3][34]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross profit of approximately 868 million RMB, with a gross margin of about 70% and a net profit margin of 53.6% [9]. - The unit sales cost for copper equivalent from the Yifeng Xinzhang Mine was approximately 31,700 RMB per ton, nearly unchanged year-on-year, while the unit sales cost for gold from the Gold Ridge Mine was about 178.77 RMB per gram, down 16.11% year-on-year, indicating significant cost optimization [12][1]. Production Capacity and Projects - The Yifeng Xinzhang Mine currently has an annual processing capacity exceeding 1 million tons, with a copper equivalent annual production capacity of about 10,000 tons and a remaining mine life of over 20 years [2][20]. - The Gold Ridge Mine, which began production in November 2022, achieved gold metal sales of approximately 1,337 tons in the first half of 2025, a 29.7% increase year-on-year, driven by improved processing volume and recovery rates [2][10]. Valuation and Market Potential - The report sets a valuation target for the company at 28-30 times earnings for 2025, translating to a stock value between 41.03 and 43.96 HKD, indicating a potential upside of approximately 17%-25% from the current stock price of 35.00 HKD [3][34]. - The projected diluted EPS for 2025-2027 is 1.34, 1.91, and 2.19 RMB, with corresponding PE ratios of 24, 17, and 15 [3][34].

Summary of Longbai Group's Conference Call Company Overview - **Company**: Longbai Group - **Industry**: Titanium Dioxide and New Materials Key Financial Metrics - **Net Profit**: Decreased by 16.61% YoY to 1.347 billion CNY [2][3] - **Earnings Per Share**: Decreased by 19.44% YoY to 0.85 CNY [2][3] - **Total Assets**: Slight decrease of 1.12% YoY to 65.461 billion CNY [3] - **Net Assets**: Increased by 0.95% YoY to 23.221 billion CNY [2][3] - **Revenue**: Decreased by 3.34% YoY to 13.331 billion CNY [3] Product Performance - **Titanium Dioxide Sales**: Total sales of 612,000 tons, with domestic sales at 43.71% and international sales at 56.29% [2][6] - **Production and Sales**: - Titanium Dioxide: Production of 682,000 tons (+5.02% YoY), sales of 612,000 tons (+2.08% YoY) [4] - Sulfuric Acid Titanium Dioxide: Sales of 204,400 tons (+4.07% YoY) [6] - Chloride Titanium Dioxide: Sales of 63,100 tons (+21.93% YoY) [6] - Iron Phosphate: Production of 45,800 tons (+64.1% YoY), sales of 38,500 tons (+90.64% YoY) [7] Strategic Adjustments - **Investment Strategy**: Shift from rapid expansion to enhancing asset yield, optimizing project investments, and reducing unnecessary expenditures [2][9] - **Market Response**: Plans to adapt flexibly to global economic uncertainties and raw material price fluctuations to ensure stable development and profitability [2][10] New Energy Business - **Loss Reduction**: Significant reduction in losses in the new energy sector, with a notable increase in production and sales of iron phosphate, leading to positive gross margins [11] - **Sulfuric Iron Price Impact**: Increased prices of sulfuric iron contributed positively to profitability [11] Market Conditions and Future Outlook - **Market Performance**: Prices of seasoning powders and mineral products have declined, with slight decreases in sales in Taiwan [10] - **Profitability Improvement**: Slight improvement in overall profitability in Q2 compared to Q1, driven by reduced losses in positive and negative electrode materials [12] - **Price Trends**: Cautious optimism for Q3 market conditions, with expectations of price adjustments due to low price differentials in the industry [16] Challenges and Risks - **Export Restrictions**: Anti-dumping measures from various countries have limited exports of titanium dioxide, leading to increased domestic supply and lower prices [17][18] - **Profit Margins**: Current profit margins for titanium dioxide are under pressure, with expectations of continued challenges in Q3 and Q4 [18] Future Plans - **New Capacity**: Plans to increase titanium ore capacity to 2.48 million tons, with new production expected by late 2025 to early 2026 [5][13] - **Overseas Expansion**: Establishing overseas bases in Southeast Asia and Malaysia, with production expected to start in the second half of 2026 [14][39] - **Sustainable Practices**: Responding to national calls to reduce supply and avoid vicious competition through production adjustments [33] Conclusion - **Longbai Group** aims to maintain stable growth and profitability while navigating market challenges and adjusting its strategies to enhance operational efficiency and market presence [41]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Viewpoints - The company reported a revenue of 13.34 billion yuan in the first half of 2025, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 1.39 billion yuan, down 19.5% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 6.28 billion yuan, a year-on-year decrease of 3.5% and a quarter-on-quarter decrease of 11.0%, with a net profit of 700 million yuan, down 9.2% year-on-year but up 1.9% quarter-on-quarter [2][6]. - The titanium dioxide market remains under pressure, with the company maintaining profitability in the titanium dioxide segment, particularly in the chloride process titanium dioxide [11]. - The company's sales of titanium dioxide reached 612,000 tons in the first half of 2025, an increase of 2.1% year-on-year, while sales of sponge titanium rose by 25.5% year-on-year [11]. - The company is accelerating its overseas expansion strategy to mitigate the impact of anti-dumping investigations on its titanium dioxide products in international markets [11]. - The company's new energy materials segment saw a revenue increase of 27.2% year-on-year, with a gross margin improvement from -2.6% to 12.4% [11]. - The company plans to enhance its production capacity for titanium concentrate and iron concentrate through the joint development of key mining projects [11]. Financial Summary - The company expects net profits attributable to shareholders to be 2.38 billion yuan in 2025, 3.27 billion yuan in 2026, and 4.09 billion yuan in 2027 [11].

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, while continuing to expand through acquisitions and technological innovation [1][2]. Financial Performance - The company achieved operating revenue of 13.331 billion yuan, a year-on-year decrease of 3.34% [1]. - The net profit attributable to shareholders was 1.385 billion yuan, down 19.53% year-on-year [1]. - The net profit after deducting non-recurring items was 1.347 billion yuan, a decline of 19.61% compared to the previous year [1]. Business Strategy and Operations - Longbai Group employs a dual-driven development model of mergers and acquisitions alongside organic growth, focusing on elements such as titanium, zirconium, vanadium, iron, and scandium [1]. - The company has made several acquisitions, including Sichuan Longmang Titanium Industry Co., Ltd. and Yunnan Metallurgical New Li Titanium Industry Co., Ltd. [1]. - New production lines and projects have been established, including a 400,000-ton chlorination titanium dioxide production line and a 30,000-ton green manufacturing project for titanium materials [1]. Product Performance - The company established a titanium dioxide plastic division to cater to specialized sales, enhancing customer satisfaction [2]. - Titanium dioxide production increased by 5.02% year-on-year to 682,200 tons, with sales rising by 2.08% to 612,000 tons, of which international sales accounted for 56.29% [2]. - Sponge titanium production reached 36,200 tons, up 9.30%, while sales increased by 25.51% to 38,700 tons [2]. - Iron concentrate production was 1.5701 million tons, a 1.41% increase, with sales at 1.5820 million tons, up 2.15% [2]. - Phosphate iron production surged by 64.10% to 45,800 tons, with sales increasing by 90.64% to 38,500 tons [2]. International Expansion - In response to anti-dumping measures on titanium dioxide in China, the company is actively pursuing an overseas strategy, conducting due diligence in various countries [3]. - Establishing new factories abroad will allow the company to be closer to end markets, enhancing brand recognition and mitigating high anti-dumping taxes [3]. - The overseas strategy aims to integrate global resources for mutual benefits [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][29] Core Views - The company's Q2 2025 net profit attributable to shareholders increased sequentially, demonstrating resilience as revenue was 6.28 billion yuan (YoY -3.5%, QoQ -11.0%) and net profit was 700 million yuan (YoY -9.2%, QoQ +1.9%) [1][8] - The decline in net profit year-on-year is primarily due to falling titanium dioxide prices, while the sequential increase is attributed to optimization in sponge titanium and new energy materials businesses [1][8] - The company maintains a leading position in the titanium dioxide industry, but profitability is under pressure due to weak supply and demand dynamics in titanium dioxide and titanium ore [4][29] Summary by Sections Financial Performance - In Q2 2025, the gross margin was 24.5% and net margin was 11.2%, showing a year-on-year decline but a sequential improvement [1][8] - The company reported a total revenue of 8.66 billion yuan for the first half of 2025, with titanium dioxide revenue accounting for 65.0% of total revenue [1][17] - The company’s net profit forecast for 2025-2027 has been adjusted to 2.998 billion, 3.505 billion, and 3.810 billion yuan respectively [4][29] Product Performance - Titanium dioxide production and sales increased in the first half of 2025, with production at 682,200 tons (YoY +5%) and sales at 612,000 tons (YoY +2%) [1][17] - Sponge titanium revenue grew to 1.49 billion yuan (YoY +13%), with production at 36,200 tons (YoY +9%) and sales at 38,700 tons (YoY +26%) [3][25] - New energy materials revenue reached 530 million yuan (YoY +27%), with a gross margin of 12.4% [3][25] Market Conditions - The titanium ore and iron ore prices have seen a decline, with titanium ore price averaging 1,831 yuan/ton in Q2 2025 (YoY -17%, QoQ -11%) [2][18] - The market for sponge titanium remains tight, supported by increased military demand, with the average market price for sponge titanium at 50,962 yuan/ton in Q2 2025 (YoY -3%, QoQ +9%) [3][25] - The company is actively developing new mining projects to enhance its titanium ore and iron ore production capacity [2][18]

Core Viewpoint - The announcement highlights a significant increase in both revenue and profit for the company, driven primarily by increased sales from its mining operations [1] Financial Performance - Revenue for the six months ending June 30, 2025, increased by approximately 33.7% to around RMB 1.24 billion [1] - Profit attributable to owners rose by approximately 136.3% to around RMB 600 million [1] - Basic earnings per share were approximately RMB 0.554, compared to RMB 0.307 for the six months ending June 30, 2024 [1] - The board declared an interim dividend of HKD 0.203, up from HKD 0.120 for the previous period [1] Operational Highlights - The overall revenue increase is primarily attributed to higher sales from the Jinling Mine [1] - The company fully owns Yifeng Wanguo Mining Co., Ltd., which holds the rights to the Xinzhuang Copper-Lead-Zinc Mine located in Jiangxi Province, China [1] - The Xinzhuang Mine contains substantial resources of non-ferrous polymetallic minerals [1] - The company's product offerings include copper concentrate, iron concentrate, zinc concentrate, sulfur concentrate, lead concentrate, and by-products of gold and silver [1]

面对国内高纯铁行业竞争激烈、价格整体下行的市场环境，本公司高纯铁业务按照既定的战略目标，从 采购、生产、销售等全流程提升管理水平，稳步推进各项具体工作，2025年上半年实现了扭亏为盈，录 得税前利润1495.6万元(去年同期为税前亏损3550.3万元)。 中国罕王(03788)发布截至2025年6月30日止6个月业绩，该集团取得收入人民币14.05亿元(单位下同)， 同比增加10.77%;公司拥有人应占溢利1.04亿元，同比减少2.93%;每股盈利5.4分。 2025上半年，本公司的生产经营继续保持稳定，铁精矿及高纯铁的产销量均高于去年同期以及本期间预 算。但受整体市场行情影响，单吨产品的平均销售价格均低于去年同期。由此，本公司2025年上半年收 入为14.05亿元，同比增长10.77%;期内溢利为1.045亿元，同比下降1.99%。 ...

智通财经APP讯，中国罕王(03788)发布截至2025年6月30日止6个月业绩，该集团取得收入人民币14.05 亿元(单位下同)，同比增加10.77%;公司拥有人应占溢利1.04亿元，同比减少2.93%;每股盈利5.4分。 面对国内高纯铁行业竞争激烈、价格整体下行的市场环境，本公司高纯铁业务按照既定的战略目标，从 采购、生产、销售等全流程提升管理水平，稳步推进各项具体工作，2025年上半年实现了扭亏为盈，录 得税前利润1495.6万元(去年同期为税前亏损3550.3万元)。 2025上半年，本公司的生产经营继续保持稳定，铁精矿及高纯铁的产销量均高于去年同期以及本期间预 算。但受整体市场行情影响，单吨产品的平均销售价格均低于去年同期。由此，本公司2025年上半年收 入为14.05亿元，同比增长10.77%;期内溢利为1.045亿元，同比下降1.99%。 ...