8月26日晚间，驰宏锌锗（600497）发布2025年半年度报告，上半年实现营业收入105.81亿元，同比增 长7.67%；归母净利润9.32亿元，同比增长3.27%；经营活动产生的现金流量净额21.58亿元，同比增长 34.73%；拟实施上市以来首次中期分红，向全体股东每10股派发现金红利0.3元（含税），现金分红总 额1.51亿元。 近年来，部分具备资源优势的有色金属龙头正逐步从传统的周期股向价值股、红利股转变，驰宏锌锗正 是其中的代表。这一转变的背后，是公司通过不断优化自身业务结构、提升资源利用效率、强化成本控 制以及积极履行社会责任等多方面努力的结果，这些都在2025年半年报中充分展现。 一体化发展抗周期能力显现 公司实行采选冶加全流程协同生产和一体化发展，构建了集"风险地质勘探—矿山无废开采—冶炼清洁 生产—'三废'循环利用—稀贵金属综合回收—产品精深加工"为一体的采选冶资源高效利用型、循环利 用型产业体系。依托流程互补优势，根据行业周期实施弹性生产，具有较强的抵御市场周期波动风险能 力，这是公司具备红利股优势的根本前提条件。 公司立足资源第一战略，内部聚焦现有矿山技改增效，外部瞄准优质标的战略性并 ...

1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600497 公司简称：驰宏锌锗 第一节 重要提示 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 为及时回报股东，董事会建议公司2025年度中期利润分配预案为：以实施权益分派股权登记日登记的总 股本为基数，拟向全体股东每10股派发现金红利0.3元（含税），具体利润分配预案详见《公司2025年 半年度报告》"公司治理、环境和社会"章节中"利润分配或资本公积金转增预案"。上述利润分配预案尚 需提交公司股东大会审议。 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-039 云南驰宏锌锗股份有限公司 关于 2024 年度"提质增效重回报"行动方案评估报告 暨 2025 年度"提质增效重回报"行动方案的公告 一、聚力增储上产，经营质效稳步提升 一是通过"勘探+并购"双轮驱动，完成 19 个勘查项目立项论证，实地考察 勘查为重点，2024 年采矿范围内生产勘探资源量同比提升 20%，铅锌金属资源 增储 48.27 万吨，矿产资源储量持续保持净增长。二是项目建设聚焦提质增效和 可持续发展，12 个重点项目加速推进，工程建设和开发生产提质、提速、提效。 三是聚焦降本增效，公司矿山铅锌精矿完全成本稳定保持在行业前 1/4 分位，冶 炼锌产品完全加工成本实现"五年连降"，再树锌冶炼 C3 成本标杆。四是精益 生产组织，2024 年实现矿山铅锌精矿金属产量 28.98 万吨，冶炼铅锌产品产量 亿元、归属于上市公司股东的净利润 12.93 亿元、经营性净现金流入 23.66 亿元， 的发展态势。 二、聚焦科技赋能，发展动力更加强劲 一是围绕地质勘探、采选冶工艺及新材料研发领域，通过关键技术攻关与产 业链协同创新，推动技术 ...

Group 1 - The core viewpoint of the news highlights that Chihong Zn & Ge Co., Ltd. is expected to benefit from a relaxed supply of zinc concentrate in the first half of 2025, leading to increased processing fees and reduced production costs in the smelting segment, thereby enhancing profit margins [1] - The company is committed to maintaining industry-leading costs for lead, zinc concentrates, and smelting products through management optimization and technological advancements [1] - Chihong Zn & Ge plans to deepen its focus on lead, zinc, and germanium core businesses, strategically plan capacity layout, and continuously expand resource reserves through internal resource accumulation and external acquisitions to enhance sustainable development capabilities [1] Group 2 - The company has committed to an annual cash dividend of no less than 30% of the distributable profit, with a cumulative minimum of 40% over three years [1] - The production recovery timeline for Weize Mining and Rongda Mining remains uncertain, but the company will continue to optimize production and increase output [1] - The company has integrated market value management goals into its performance assessment indicators, emphasizing the importance of market value management [1]

Investment Rating - The report rates the non-ferrous metals industry as "Positive" for 2024 [4] Core Insights - The non-ferrous metals industry is expected to see profit improvement in 2024, with the characteristic of "resource supremacy" becoming more pronounced. Supply from the mining sector remains rigid, while companies are cautious with capital expenditures amid increasing macroeconomic volatility and export policy restrictions from various countries, leading to enhanced supply constraints. The demand side shows a fragmented demand landscape under the backdrop of de-globalization, with re-industrialization in Europe and the US and economic growth in emerging markets being the main demand drivers. Revenue and net profit for the non-ferrous sector are projected to grow slightly, indicating a gradual improvement in industry prosperity. Resource-based companies, particularly in copper, gold, aluminum, tin, and tungsten, are expected to perform better, with a growing focus on resource scarcity and strategic importance [19][22][26]. Summary by Sections 1. Industry Overview - The non-ferrous metals sector is projected to achieve a revenue of CNY 3.47 trillion in 2024, representing a year-on-year growth of 5.86%, and a net profit of CNY 138.41 billion, reflecting a slight increase of 1.77% [22][26]. 2. Market Dynamics - The report highlights that industrial metals experienced significant price fluctuations due to US trade tariffs in early April, but prices have since rebounded as negotiations exceeded market expectations. Small metals continue to perform well, with tungsten prices reaching new highs amid strengthened domestic export controls [20][21]. 3. Policy Changes - Domestic measures to tighten resource export controls have been noted, alongside international collaborations for mineral investment and development. Key actions include China's crackdown on strategic mineral smuggling, Australia's commitment to establishing strategic reserves for critical minerals, and various agreements between countries to enhance mining cooperation [20][21]. 4. Company Performance - Chinese listed copper companies have shown a significant increase in resource and reserve volumes, with a 27% year-on-year increase in resource volume and a 25% increase in reserves. Notable companies like Zijin Mining and Minmetals Resources have made substantial acquisitions and exploration investments to secure resource safety [22][28][32].

Core Decision Content - The company plans to sell all shares of Shengda Resources (approximately 15.9261 million shares, accounting for 2.31% of total equity) within 24 months to optimize asset allocation and focus on its "resources + engineering" dual business strategy [1][2] - The management is authorized to handle transaction details, including timing, method, price, and quantity, with a dynamic adjustment mechanism in place to maximize equity value [2] - The financial goal is to optimize capital structure and reduce the debt-to-asset ratio (58% as of Q1 2025) while enhancing investment capacity in core businesses [2] Strategic Motivation - The asset adjustment reflects the company's ongoing efforts to strengthen its core competitiveness, with the "resources + engineering" business contributing over 96% of revenue in 2024 [2] - The company aims to concentrate resources on major projects such as the Indonesia Darui Lead-Zinc Mine (design capacity of 1 million tons/year) and the Kazakhstan copper smelting plant [2] - R&D investment is expected to grow by 24.31% in 2024, focusing on smart mining and resource recovery technologies, with a target gross profit margin of 65.12% for lead-zinc concentrates [2] - The company has signed new engineering contracts worth 16.488 billion yuan in 2024, a year-on-year increase of 103.71%, with project reserves in Indonesia and Kazakhstan reaching 59.6 billion yuan [2] Shengda Resources: Value and Risk Assessment - As the asset being sold, Shengda Resources has total assets of 6.547 billion yuan and a debt-to-asset ratio of 46%, which is lower than the company's 58% [3] - The net profit attributable to shareholders is only 8.28 million yuan, indicating limited profitability [3] - The long-term demand for metal resources is positive due to the "Belt and Road" infrastructure needs, but short-term price volatility (e.g., zinc prices fell over 15% in 2024) and tightening environmental policies pose risks [3] - The company's shareholding in Shengda Resources is 2.31%, and a one-time sell-off could impact the stock price, with Shengda's current P/E ratio at 22.29, higher than the company's 27.68 [3] Market Impact and Future Directions - The estimated proceeds from the sale, based on Shengda's latest stock price of 13.15 yuan, could amount to approximately 210 million yuan, which can be used to repay current liabilities (9.252 billion yuan) or invest in high-margin projects [4] - By divesting non-core assets, the company can accelerate the construction of the Indonesia Darui Lead-Zinc Mine, enhancing resource self-sufficiency [4] - Future strategies will focus on resource expansion, internationalization of engineering business, and capital operations to improve return on equity (7.37% in 2024) [5]

Group 1 - The company reported a revenue of 8.918 billion yuan and a net profit of 402 million yuan for 2024, reflecting a year-on-year growth of 12.03% [1] - The international engineering contracting business achieved a revenue of 4.301 billion yuan, with a year-on-year growth of 7.39%, and new contract value reached 16.488 billion yuan, up 103.71% [1] - The company has a robust project reserve with 33 ongoing projects and a total contract value of 59.6 billion yuan, representing a year-on-year increase of 7.64% [1] Group 2 - The non-ferrous metal business generated a revenue of 4.291 billion yuan, with lead-zinc concentrate production at 69,300 tons and a gross margin of 65.12% [2] - In Q1 2025, the company achieved a revenue of 2.457 billion yuan and a net profit of 248 million yuan, indicating a strong start to the year [2] - The company plans to expand resource reserves through mergers and acquisitions, focusing on domestic and international resource development bases [2] Group 3 - The company has a strong contract reserve in its engineering business, which will support future growth [3] - The company aims to enhance project undertaking capabilities by focusing on advanced engineering technology and innovative contracting models [3] - The company has integrated value management into its strategic planning and aims to improve investor relations and share growth dividends with investors [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].