证券代码：000603 证券简称：盛达资源 盛达金属资源股份有限公司投资者关系活动记录表 编号：2025-009 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 中信证券（陈剑凡）、中信资管（焦天枨） 时间 2025 年 12 月 1 日 地点 公司会议室 形式 现场会议 上市公司接待 人员姓名 董事会秘书 王薇 证券事务代表 孙梦瀛 投资者关系经理 丛鹏 交流内容及具 体问答记录 一、公司董事会秘书王薇向投资者介绍了公司基本情况 二、问答交流环节 问：未来三年白银产量预计？ 东晟矿业巴彦乌拉银多金属矿 25 万吨/年采矿项目正在建设中， 建成投产后会给公司银金属产量带来增长。金山矿业生产能力将逐 渐递增至采矿许可证核准的生产规模 48 万吨/年，并将进一步根据 资源情况申请扩大生产规模。银都矿业目前正在做采矿权与外围 1.43 平方公里探矿权的整合工作，矿业权整合完成后，银都矿业的 银金属产量亦可得到一定的补充。 问：鸿林矿业试生产产品的金属品位？ 目前试运行生产的铜金混合精粉中，每吨含金金属 90-100 克。 问： ...

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., is experiencing fluctuations in stock performance and is involved in various metal mining operations, with a significant focus on gold and other non-ferrous metals [1][9]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. is located in Inner Mongolia and was established on June 22, 1998. It was listed on April 14, 2004. The main business includes gold and non-ferrous metal mining and resource recycling [8]. - The company's revenue composition is as follows: gold accounts for 90.03%, electrolytic copper 3.76%, and other products including zinc concentrate, rare earth products, and molybdenum concentrate make up the remainder [8]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 8.644 billion yuan, representing a year-on-year growth of 38.91%. The net profit attributable to shareholders was 2.058 billion yuan, with a year-on-year increase of 86.21% [9]. - The company has distributed a total of 387 million yuan in dividends since its A-share listing, with the same amount distributed over the past three years [10]. Market Position and Trends - The company’s main products include gold, electrolytic copper, and other non-ferrous metals, with a significant portion of its sales based on the market prices of these metals [2]. - The overseas revenue contribution is 69.11%, benefiting from the depreciation of the Chinese yuan [4]. Recent Developments - The company is collaborating with Xiamen Tungsten Co., Ltd. to develop rare earth resources in Laos, with a project that has an estimated resource of 101 million tons of ore and 25,500 tons of rare earth oxides [4]. - The company’s stock has seen a recent decline of 0.24%, with a trading volume of 838 million yuan and a market capitalization of 56.309 billion yuan [1]. Technical Analysis - The average trading cost of the stock is 29.12 yuan, with the current price approaching a resistance level of 29.66 yuan. There are indications of accumulation, but the strength of this accumulation is weak [7].

Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold [2][12]. Core Views - Chifeng Gold's performance is accelerating due to continuous optimization of mining and gold selection plans, with significant growth in revenue and net profit [3][6]. - The company achieved a revenue of 8.644 billion yuan, a year-on-year increase of 38.91%, and a net profit of 2.058 billion yuan, up 86.21% year-on-year [3][12]. - The third quarter saw a revenue of 3.372 billion yuan, reflecting a 66.39% year-on-year increase, and a net profit of 951 million yuan, up 140.98% year-on-year [3][4]. Summary by Sections Financial Performance - In the first three quarters, the total gold production was 10,705.28 kg, a slight decrease of 0.41% year-on-year, while sales were 10,669.23 kg, down 2.56% year-on-year [4]. - The third quarter's gold production was 3,951 kg, an increase of 23.55% year-on-year, driven by improved production lines and mining operations [4][5]. - The average selling price of gold increased by 44.13% year-on-year, leading to a rise in gross margin from 41.96% in Q3 2024 to 49.89% in Q3 2025 [5][6]. Cost and Profitability - The all-in sustaining cost for gold production was 356.37 yuan per gram, up 24.81% year-on-year, with domestic costs at 256.88 yuan per gram [5][6]. - The company's profitability improved significantly, with the return on equity (ROE) rising from 16.66% to 20.14% [6][12]. Future Projections - Revenue projections for 2025-2027 are 13.319 billion yuan, 15.631 billion yuan, and 17.654 billion yuan, respectively, with net profits expected to be 3.244 billion yuan, 3.969 billion yuan, and 4.701 billion yuan [12][13]. - The company anticipates a compound annual growth rate (CAGR) of 11.3% for gold production from 2025 to 2027 [4][12].

Core Viewpoint - The company, Shanjin International, has reported exceptional performance in 2025, driven by rising gold prices, achieving record high revenues and profits in the first three quarters of the year [1][2]. Financial Performance - In the first three quarters of 2025, Shanjin International achieved operating revenue of 14.996 billion yuan, a year-on-year increase of 24.23%, and a net profit attributable to shareholders of 2.46 billion yuan, up 42.39% [2]. - The company's gross profit margin for gold reached 80.51%, with significant contributions from silver, lead, and zinc sales [2]. - As of September 2025, the company's total assets grew to 20.294 billion yuan, with a low debt-to-asset ratio of 19.16% [1][3]. Production and Sales - Shanjin International's gold production for the first three quarters of 2025 was 5.59 tons, with sales of 5.98 tons [2]. - The company also reported silver production of 118.22 tons and lead and zinc production with respective gross margins of 53.50% and 39.46% [2]. Strategic Initiatives - The company is focused on resource acquisition and global expansion, having successfully integrated several mining assets and initiated overseas projects [4][5]. - In 2025, Shanjin International plans to produce no less than 8 tons of gold and maintain or exceed the production levels of other metals from 2024 [5][6]. Market Position and Stock Performance - Shanjin International's stock price reached a year-high of 25.89 yuan per share in October 2025, reflecting a year-to-date increase of approximately 45% [3]. - The company has initiated a share buyback program, with plans to allocate 100 million to 200 million yuan for this purpose [3].

Investment Rating - The report maintains a "Buy" rating for Chifeng Gold [4][6] Core Views - The company has shown significant improvement in operational performance, with a notable increase in revenue and profit margins in the third quarter of 2025 [1][4] - The report highlights a substantial rise in gold prices and improved operational conditions as key factors for the upward revision of profit forecasts [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 8.64 billion yuan, a year-on-year increase of 38.9%, and a net profit attributable to shareholders of 2.06 billion yuan, up 86.2% year-on-year [1] - In Q3 2025, the company reported a revenue of 3.37 billion yuan, a year-on-year increase of 66.4% and a quarter-on-quarter increase of 17.7%, with a net profit of 0.95 billion yuan, reflecting a year-on-year growth of 141% and a quarter-on-quarter growth of 52.5% [1] - The gross margin for Q3 2025 was 52.7%, up 3.2 percentage points from the previous quarter, while the net profit margin reached 30.5%, an increase of 5.5 percentage points quarter-on-quarter [1] Production and Cost Analysis - The gold production for the first three quarters was 10.7 tons, a slight year-on-year decrease of 0.4%, while sales volume also saw a decline of 2.6% [2] - In Q3 2025, gold production increased to 3.95 tons, a year-on-year increase of 0.75 tons and a quarter-on-quarter increase of 0.54 tons, with sales volume reaching 3.9 tons, up 0.55 tons year-on-year [2] - The average selling price of gold in Q3 was 781 yuan per gram, reflecting a quarter-on-quarter increase of 41 yuan per gram [2] Future Earnings Forecast - The report projects revenues for 2025, 2026, and 2027 to be 13.54 billion yuan, 15.91 billion yuan, and 17.18 billion yuan respectively, with net profits expected to be 3.49 billion yuan, 4.27 billion yuan, and 4.65 billion yuan [4][5] - The corresponding price-to-earnings ratios are forecasted to be 15.8, 12.9, and 11.8 times for the respective years [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][17] Core Views - The company reported a revenue of 14.996 billion yuan for the first three quarters, a year-on-year increase of 24.23%, and a net profit attributable to shareholders of 2.460 billion yuan, up 42.39% year-on-year [6][17] - The average gold price in the first three quarters was 750.35 yuan per gram, with a significant cost advantage in gold production, as the average cost was 145.19 yuan per gram, a year-on-year increase of 1.67% [2][8] - Future growth potential is promising due to ongoing projects, including the Twin Hills gold mine in Namibia and the Huasheng gold mine, which is expected to contribute significantly to annual gold production [2][16] Financial Performance - For Q3 2025, the company achieved a revenue of 5.750 billion yuan, a year-on-year increase of 3.30%, and a net profit of 864 million yuan, up 32.43% year-on-year [6][17] - The company’s gold production for the first three quarters was 5.59 tons, a decrease of 10.99% year-on-year, while sales were 5.98 tons, down 8.14% year-on-year [7][11] - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 20.271 billion, 21.753 billion, and 24.994 billion yuan, respectively, with corresponding net profits of 3.524 billion, 4.488 billion, and 6.114 billion yuan [3][17] Cost and Pricing - The average gold price in Q3 was 797.17 yuan per gram, reflecting a quarter-on-quarter increase of 3.11% [2][8] - The company’s cost control is highlighted by a significant reduction in gold production costs in Q3, which decreased by approximately 14% compared to the previous quarter [2][8] - The company maintains a strong cost advantage compared to peers, which is expected to enhance profitability as production scales up [2][8]

Group 1 - The stock price of Shengda Resources closed at 16.30 yuan on August 27, down 0.70 yuan, a decrease of 4.12% from the previous trading day [1] - The trading volume on that day was 233,500 hands, with a transaction amount of 389 million yuan [1] - Shengda Resources operates in the non-ferrous metals industry, focusing on the mining and sales of non-ferrous metal ores, with main products including lead concentrate, zinc concentrate, and silver ingots [1] Group 2 - The company announced on August 27 that its subsidiary Dongsheng Mining has mining and exploration rights in different mining areas, and will adjust the names of ongoing construction projects as development progresses [1] - Additionally, the company revealed that gold and silver concentrate produced by Jinshan Mining in the first half of the year has started to be sold gradually from the third quarter [1] Group 3 - On August 27, the net outflow of main funds was 20.34 million yuan, accounting for 0.19% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 118 million yuan, representing 1.08% of the circulating market value [1]

Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year increase of 42.14% [1] - The net profit attributable to shareholders reached 1.596 billion yuan, up 48.43% year-on-year [1] - The company maintains a leading position in cost control within the industry [1] Financial Performance - In Q2 2025, the company achieved a revenue of 4.924 billion yuan, a year-on-year increase of 31.95% and a quarter-on-quarter increase of 13.95% [1] - The net profit for Q2 was 902 million yuan, reflecting a year-on-year growth of 57.67% and a quarter-on-quarter growth of 29.99% [1] - The company's overall gross margin for the first half of 2025 was 29.98%, a decrease of 0.55 percentage points year-on-year [3] Production and Costs - The production of gold, silver, lead concentrate, and zinc concentrate for the first half of 2025 was 3.72 tons, 61.83 tons, 4,354 tons, and 7,917 tons respectively, with year-on-year changes of -10.58%, -24.82%, -14.00%, and +40.90% [1] - The production cost for gold and silver in the first half of 2025 was 150.96 yuan/gram and 2.83 yuan/gram, showing year-on-year increases of 3.02% and 4.81% respectively [1] Growth Potential - The company has significant resource endowments, with projects in Namibia expected to contribute an annual gold production of 5 tons starting in mid-2027 [2] - The company aims to achieve a total gold production target of 8 tons for the year [1] Profitability Metrics - The net profit margin for the first half of 2025 was 19.00%, an increase of 0.61 percentage points year-on-year [3] - The return on equity (ROE) as of mid-2025 was 11.76%, up 2.69 percentage points year-on-year [4] Investment Outlook - The company has revised its net profit forecasts for 2025-2027 to 3.361 billion yuan, 4.131 billion yuan, and 5.129 billion yuan respectively, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 9.246 billion yuan in H1 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1] - The company is effectively advancing its incremental projects, with the Osino project expected to start production in the first half of 2027, which will become a significant growth driver [4] - The company has a low debt-to-asset ratio of 20.09%, providing strong financing capabilities and advantages in capital costs [4] Financial Performance - In H1 2025, the company achieved a gold production of 3.72 tons, a decrease of 10.58% year-on-year, while silver production was 61.83 tons, down 24.82% year-on-year [2] - The average selling price of gold was 724.83 yuan per gram, slightly above the average futures price, indicating effective hedging strategies [3] - The company expects to benefit from rising gold prices, with revised net profit forecasts for 2025-2027 at 3.542 billion, 3.580 billion, and 4.998 billion yuan respectively [4] Financial Data and Valuation - The projected revenue for 2025 is 18.163 billion yuan, with a growth rate of 33.7% [5] - The estimated net profit for 2025 is 3.542 billion yuan, reflecting a growth rate of 62.99% [5] - The company’s price-to-earnings ratio (P/E) is projected to be 14.3 for 2025, indicating a favorable valuation [5]

Investment Rating - The report maintains a "Recommended" rating for the company [2][14]. Core Views - The company achieved a record high in revenue and net profit during the first half of 2025, with revenue reaching 9.246 billion yuan, a year-on-year increase of 42.14%, and net profit attributable to shareholders at 1.596 billion yuan, up 48.43% [3]. - The company's gold reserves have increased significantly, with an additional 3.85 tons of gold metal discovered, and the exploration area has expanded by 2.7% [4]. - The company is focusing on optimizing production processes and enhancing profitability, with a notable increase in gold gross margin from 71.89% to 79.15% [6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gold production of 3.72 tons, with a sales volume of 4.12 tons, achieving a sales rate of 111% [5]. - The gross margin for gold production improved significantly, reflecting the company's effective cost control and the rising global gold prices [6]. Resource Expansion - The company has made substantial progress in resource exploration, with a total exploration area of 5,984 square kilometers, and plans to continue increasing its resource reserves through exploration and potential acquisitions [4]. - The company is advancing its projects in Namibia and China, with expected production increases in the coming years [5]. Industry Outlook - The report indicates a favorable industry outlook, with gold prices expected to rise due to supply-demand dynamics and market conditions [14]. - The company is well-positioned within the industry, maintaining a low debt ratio of 20.09%, which provides financial flexibility [13]. Future Projections - Revenue projections for the company are optimistic, with expected revenues of 17.75 billion yuan in 2025, 20.23 billion yuan in 2026, and 22.12 billion yuan in 2027 [15]. - The company anticipates a significant increase in gold production capacity, potentially exceeding 15 tons annually by 2027 [5].