据蒙古国家统计局数据，2025年1-8月，蒙工业产值达27.1万亿图格里克（约542亿人民币），同比下降 5.8%。同期，采矿业产值20.4万亿图格里克（约408亿人民币），同比下降10.7%，下降主要因素为石煤 和褐煤产量下降32.9%、石油开采下降13.6%。矿业品类中，铁精矿、锌精矿、铜精矿、萤石精矿等金 属类产品产量同比增长10.5%至77.4%，褐煤、石煤、石油及未精炼贵金属矿产量下降9.7%至34.7%。加 工业方面，液态奶、面粉、水泥、石灰、阴极铜、精梳羊绒等主要产品产量增长5.3%至93.9%，矿泉 水、饮料、果汁、金属坯料、肉类、白酒、纯酒精、羊绒针织品、卷烟、精煤等产品下降2.6%至 29.6%。2025年1-8月，工业产品销售总额达34万亿图格里克（680亿元人民币），同比增长0.3%。其 中，加工业销售额增长13.1%，采矿业销售额增长3.9%。采矿业销售增长主要得益于金属矿开采销售量 增加63.1%以及采矿辅助活动销售量增长19.4%。对外销售方面，1-8月蒙出口23.6万亿图格里克（472亿 元人民币）工业产品，其中采矿业占96.2%。矿产品出口结构中，煤炭占37.5%、金属矿石占 ...

7月31日，铁货发布2019年上半年业绩预告，预计上半年公司拥有人应占亏损净额同步将有所扩大。 公告称，尽管集团的营运表现整体符合预期，而K&S于2019年上半年产生的EBITDA预期高于去年同期，由于2018年 年末资产减值回拨导致折旧开支较高，以及因来自Gazprombank及Petropavlovsk贷款相关的利率较高，以及主要由于 俄罗斯卢布升值造成外汇亏损，导致公司财务开支增加。 受该消息影响，铁货股票价格在早盘时段出现大幅走低趋势，截至今日港股由于台风天气原因提前收盘，股价0.171港 元，跌17.4%，换手率1.67%，市值为12.13亿港元。 中报预告还称，该集团与将予摊销工商银行贷款有关的未摊销借款成本约为1100万美元。由于该集团已就工商银行贷 款融资进行再融资，因此须要作出会计调整，以悉数撇销该笔在2019年上半年损益表中约1100万美元的未摊销成本， 而非于余下贷款期限摊销成本。撇销并无对该集团造成任何现金影响。 同时铁货还公布了2019年第二季的铁矿销售数据及未来预期，2019年第二季的平均产能约为88%，6月产能为93%，创 每月生产记录，其中K&S销量及产量分别较上一季增加35. ...

格隆汇9月30日丨中国铁钛(00893.HK)公告，于2025年9月30日，公司的间接全资子公司阿坝矿业与承包 商订立施工合约，据此，在施工合约的条款及条件规限下，承包商须就矿场升级扩产的施工及工程作业 提供服务，合约总额为人民币3400万元。 公司已强调高品位铁矿场业务的战略重要性，计划发展及进一步扩大高品位铁矿场业务。公司早前亦曾 于2021年至2024年在多份公告、中期报告及年报中提供多项业务最新消息，内容有关该等扩大及优化运 营效率的战略举措。公司进一步披露，公司一直逐步进行扩大及优化运营效率的相关采矿工程作业，包 括评估运营及生产规划扩大高品位铁矿场业务。 自2024年12月复产以来，高品位铁矿场业务趋于稳定，惟其现有的现场升级及逐步扩展工程不时断续地 进行，对规模经济造成不同程度的影响及干扰。尽管如此，集团有意评估下一阶段现场升级及扩展的可 行性，以期在更长远的时间内维持、扩大及优化高品位铁矿场业务的整体生产力，原因在于集团相信， 作为集团策略扩展计划的一部分，在完成资源整合程序后有必要进行该等商业评估及技术评估。 因此，升级及扩大毛岭－羊龙山铁矿的策略性决定乃建基于集团于2023年完成的资源整合 ...

公告称，施工合约乃为矿场升级扩产而订立，其策略性计划旨在于以全面商业规模优化升级产能后，逐 步令毛岭-羊龙山铁矿的铁精矿的年产能增加约30% 至40%，而除非出现不可预见的情况，否则将进而 提高规模经济效益及降低生产单位成本。 智通财经APP讯，中国铁钛(00893)发布公告，于2025年9月30日，公司的间接全资子公司阿坝矿业与承 包商浙江中巷建工集团有限公司订立施工合约，据此，在施工合约的条款及条件规限下，承包商须就矿 场升级扩产的施工及工程作业提供服务，合约总额为人民币3400万元。 ...

中国铁钛(00893)发布公告，于2025年9月30日，公司的间接全资子公司阿坝矿业与承包商浙江中巷建工 集团有限公司订立施工合约，据此，在施工合约的条款及条件规限下，承包商须就矿场升级扩产的施工 及工程作业提供服务，合约总额为人民币3400万元。 公告称，施工合约乃为矿场升级扩产而订立，其策略性计划旨在于以全面商业规模优化升级产能后，逐 步令毛岭-羊龙山铁矿的铁精矿的年产能增加约30%至40%，而除非出现不可预见的情况，否则将进而提 高规模经济效益及降低生产单位成本。 ...

Group 1 - The core point of the article is that Zhongke Titanium White plans to divest its vanadium-titanium assets to focus on its main business, with the buyer being a company controlled by the actual controller's father [2][3] - Zhongke Titanium White announced the sale of its 100% stake in Hami Zhonghe Vanadium Titanium Co., Ltd. at a base price of 120 million yuan, which is the assessed value [3] - Hami Zhonghe Vanadium Titanium was established in 2023 with a registered capital of 500 million yuan, but it reported zero revenue for 2024 and the first eight months of 2025, with losses of 270,000 yuan and 250,000 yuan respectively [7] Group 2 - Hami is recognized as one of China's most important vanadium-titanium resource-rich areas, with significant resource potential and rapid development, becoming the "third pole" of the national vanadium-titanium industry [7] - Zhongke Titanium White initially had high hopes for Hami Zhonghe Vanadium Titanium, planning to build production lines for titanium concentrate, iron concentrate, and vanadium products based on local resources [7] - The divestment is part of Zhongke Titanium White's strategy to concentrate resources on four core production areas: Gansu Baiyin, Gansu Jiayuguan, Anhui Ma'anshan, and Guizhou Kaiyang, while also rebranding to Titanium Energy Chemical [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The steel and ore market will maintain a short - term oscillating trend. The iron ore's performance is still stronger than that of finished steel products. The rebar has reached a new low this week, while the iron ore has reached a new high. The rebar's pressure level is 3230 and support level is 3050. The hot - rolled coil's pressure level is 3450 and support level is 3250. The pressure level of the main iron ore contract 2601 is 833 and support level is 750. The trading strategy is short - term operation with stop - loss set [5][6]. 3. Summary by Related Catalogs Supply Side - In August 2025, China's daily crude steel output decreased both year - on - year and month - on - month. Considering most steel mills are on the verge of profit and loss, the supply expansion in September is limited. There is an obvious structural differentiation on the supply side. In August, pig iron output increased year - on - year while crude steel output decreased. Currently, blast furnace production contributes more, while electric furnace production is in full - scale loss and its contribution declines [17]. - This week, although blast furnaces resumed, steel supply decreased with structural differentiation. Rebar production and inventory both decreased, while hot - rolled coil production and inventory both increased, with hot - rolled coil performing better than rebar. Shanxi's blast furnaces are gradually resuming production, but the expectation of production restrictions in Tangshan is increasing [15][18]. - This week, the molten iron output increased by 0.47 million tons to 241.02 million tons. The steel mill profitability rate is 58.87%, down 1.5% month - on - month. Electric furnace steel is still in full - scale loss, limiting production enthusiasm [22]. - The total inventory of imported iron ore at 47 ports in China is 143.8168 million tons, a decrease of 744,400 tons month - on - month; the daily average port clearance volume is 3.5103 million tons, an increase of 664,000 tons. The number of ships at ports is 102, an increase of 1. From September 8th to 14th, the total arrival volume at 47 ports in China was 23.923 million tons, a decrease of 1.806 million tons month - on - month; the total arrival volume at 45 ports was 23.623 million tons, a decrease of 857,000 tons month - on - month; the total arrival volume at six northern ports was 12.45 million tons, a decrease of 750,000 tons month - on - month. From September 8th to 14th, Mysteel's global iron ore shipment volume was 35.731 million tons, an increase of 8.169 million tons month - on - month. The total shipment volume from Australia and Brazil was 29.778 million tons, an increase of 6.482 million tons month - on - month [26]. Demand Side - In August, the investment growth rates of real estate, infrastructure, and manufacturing all slowed down, and the domestic demand reduction was obvious. During the transition from the off - season to the peak season in September, the demand has increased but is unstable [17]. Important News - In August 2025, China's crude steel output was 77.37 million tons, a year - on - year decrease of 0.7%; pig iron output was 69.79 million tons, a year - on - year increase of 1.0%; steel output was 122.77 million tons, a year - on - year increase of 9.7%. From January to August, China's crude steel output was 671.81 million tons, a year - on - year decrease of 2.8%; pig iron output was 579.07 million tons, a year - on - year decrease of 1.1%; steel output was 982.17 million tons, a year - on - year increase of 5.5% [13]. - In August, the raw coal output of industrial enterprises above designated size was 390 million tons, a year - on - year decrease of 3.2%, and the decline rate narrowed by 0.6 percentage points compared with July; the daily average output was 12.6 million tons. From January to August, the raw coal output of industrial enterprises above designated size was 3.17 billion tons, a year - on - year increase of 2.8% [13]. - From January to August 2025, the national fixed - asset investment (excluding rural households) was 3.26111 trillion yuan, a year - on - year increase of 0.5%. Among them, private fixed - asset investment decreased by 2.3% year - on - year. In terms of month - on - month, fixed - asset investment (excluding rural households) in August decreased by 0.20% [13]. - On the 16th, there was news that coking and steel enterprises in Tangshan began environmental protection production restrictions. Steel mill blast furnaces were shut down by 40% in terms of equipment, and coking enterprises extended the coking time by 30%. Currently, some enterprises have received production restriction notices, and individual coking enterprises have extended the coking time by 30%. The current overall operating rate of coking plants in the Tangshan market is about 75%. Steel mills have received production restriction notices, and the specific implementation plan is still to be discussed [13]. - Nine listed steel enterprises are accelerating overseas layout, integrating deeply into the global steel industry supply chain through establishing overseas production bases, obtaining international authoritative certifications, and setting up overseas subsidiaries [14]. - British mining company Cadence Minerals recently announced a $4.6 million prepayment financing agreement for the Amapa Iron Ore Project in Brazil. The funds will be used to restart the Azteca beneficiation plant and process high - grade tailings into iron ore concentrates, laying the foundation for the project's long - term expansion plan of an annual output of 5.5 million tons of direct - reduction (DR - grade) iron ore concentrates [14].

Core Insights - The event "Understanding My Listed Company" was organized to enhance communication between investors and listed companies, focusing on Baodi Mining as the only iron concentrate listed company in Xinjiang [1] Group 1: Resource Foundation - Baodi Mining has a total iron ore resource reserve of 380 million tons, with plans to increase this to 460 million tons after completing the acquisition of 87% of Congling Energy [2] - The company's revenue has shown steady growth, increasing from 761 million yuan in 2022 to 1.196 billion yuan in 2024, representing a compound annual growth rate of 26.3% [2] - Baodi Mining has obtained 34 invention patents and operates two green mines, ranking 25th among the top 50 metallurgical mining companies in China in 2024 [2] Group 2: Development Drivers - The company has received a mining license for an annual capacity of 10 million tons and is progressing with various mining projects, including a 320 million tons per year project [3] - Baodi Mining has been proactive in sustainable development, releasing a sustainability report for three consecutive years and leading in energy consumption and carbon emissions metrics in the industry [3] Group 3: Investor Returns - Since its listing in March 2023, Baodi Mining has distributed a total of 266 million yuan in cash dividends, with plans to continue cash distributions of at least 10% of the annual distributable profits from 2025 to 2027 [4] - The company aims to optimize its dividend policy and enhance information disclosure quality to better serve investors [4]

Core Viewpoint - The event "Understanding My Listed Company" organized by the Xinjiang Listed Companies Association aims to enhance communication between investors and listed companies, improve corporate transparency, and foster investor trust in companies like Baodi Mining [1] Group 1: Company Overview - Baodi Mining is the only listed company in Xinjiang focused on iron concentrate production, owning four core mining areas with iron ore reserves of 380 million tons as of the end of 2024 [2] - The company is in the process of acquiring 87% of Congling Energy, which is expected to increase total resources to 460 million tons [2] - Baodi Mining has shown steady revenue growth, with operating income rising from 761 million yuan in 2022 to 1.196 billion yuan in 2024, and achieving 721 million yuan in the first half of 2025 [2] Group 2: Corporate Governance and Investor Relations - The company has distributed a total of 266 million yuan in cash dividends since its listing and plans to continue cash distributions of at least 10% of the annual distributable profits from 2025 to 2027 [5] - Baodi Mining has been proactive in corporate governance and investor relations, releasing a sustainable development report for three consecutive years, highlighting its practices in environmental protection, social responsibility, and governance (ESG) [2][5] Group 3: Future Strategies and Market Opportunities - The company plans to leverage opportunities from the construction of the "New Tibet Railway" and infrastructure investments in Xinjiang to enhance its industrial layout and structural adjustments [3] - Baodi Mining is advancing its mining capacity expansion, having obtained a mining license for 10 million tons per year and is progressing with various construction projects [4] - The company aims to strengthen its resource development and capacity release as a core engine for its medium to long-term strategic implementation and sustainable development [4]

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].