Group 1 - The company held a half-year performance briefing on September 4, 2025, attended by key executives and independent directors to interact with investors [1] - In the first half of 2025, the company achieved operating revenue of 63.657 billion yuan, a year-on-year decrease of 0.92%, while net profit attributable to shareholders increased by 30.90% to 1.448 billion yuan [2] - The company’s non-ferrous metal business generated revenue of 51.1 billion yuan, a year-on-year increase of 14%, accounting for 80% of total revenue, highlighting its significant contribution to overall performance [2] Group 2 - The company is focused on strengthening its core capabilities and enhancing trade and investment operations, with an emphasis on technological empowerment and risk management optimization for high-quality development [2] - The company’s overseas investment projects, particularly the Peru Bamba copper mine, showed stable production with a year-on-year increase in both production and sales exceeding 50%, marking the first dividend since its acquisition in 2014 [2] - The company is committed to green development and has integrated ESG principles into its governance structure, receiving an A rating from institutions like Zhongzheng and WIND, and has been recognized with multiple ESG awards [3]

Group 1 - The core viewpoint of the article highlights the strong performance of CITIC Limited in the first half of 2025, with revenue reaching 368.8 billion RMB and net profit at 59.8 billion RMB, indicating a robust growth trajectory [1] - The company proposed an interim dividend of 0.20 RMB per share, representing a year-on-year increase of 5.3%, with a total dividend payout of 5.818 billion RMB, reflecting a steady improvement in dividend levels [1] - CITIC's industrial business has shown significant resilience, focusing on key areas such as integrated die-casting, special robots, scarce resources, and biological breeding, while accelerating technological iteration and capital empowerment [1] Group 2 - In emerging and future industries, the company is actively conducting research on industrial mergers and acquisitions in areas like digital technology, low-altitude economy, and embodied intelligence, successfully completing key project reserves [2] - CITIC Hai Zhi has successfully conducted the world's first 2-ton eVTOL marine oil platform test flight, integrating into regional low-altitude economic development [2]

Core Viewpoint - CITIC Limited reported strong mid-year results for 2025, with significant revenue and profit growth, alongside an increase in dividend distribution, reflecting a commitment to shareholder returns and value creation [2][3]. Financial Performance - In the first half of 2025, CITIC Limited achieved operating revenue of 368.8 billion RMB and net profit of 59.8 billion RMB, with attributable net profit of 31.2 billion RMB [2]. - The board proposed an interim dividend of 0.20 RMB per share, a 5.3% increase from the previous year, totaling 5.818 billion RMB in dividends [2]. Shareholder Returns and Market Value Management - CITIC Limited has implemented a three-year shareholder return plan, aiming for a dividend payout ratio of at least 27% in 2024, 28% in 2025, and 30% in 2026, with the actual payout ratio for 2024 expected to reach 27.5% [3]. - The company's market capitalization has increased by over 170 billion HKD since the start of the 14th Five-Year Plan, with a rise in price-to-book ratio from 0.25 to over 0.4 [3]. - CITIC Limited's market value has risen approximately 30% year-to-date [3]. Financial Services Growth - The financial sector of CITIC Limited has shown comprehensive improvement, with a focus on serving the real economy and innovating financial models [4]. - The company has initiated a technology finance action plan, serving over 14,100 specialized and innovative enterprises, achieving a coverage rate of over 92% [4]. - Green credit balance increased by 16.79% year-to-date, and the company has maintained a leading position in green bond underwriting [4]. Industrial Business Resilience - The "Star Chain" initiative has driven transformation in CITIC Limited's industrial sector, focusing on key areas such as integrated die-casting and special robotics [5]. - CITIC Dicastal's aluminum wheels and castings have reached record sales, ranking 42nd among the top 100 global automotive parts companies [5]. - The company has seen double-digit growth in sales of copper and niobium products, with significant profit increases [5]. International Business Expansion - CITIC Limited's overseas revenue reached 65.8 billion RMB, a 15% increase, accounting for 17.9% of total revenue, up 2.6 percentage points year-on-year [6]. - The company has actively engaged in international trade and investment, facilitating numerous successful outcomes through various promotional events [6]. - In Hong Kong, CITIC Limited has capitalized on market expansion opportunities, with a 58% increase in joint bond underwriting amounts [6]. Infrastructure and Agricultural Development - CITIC Construction has secured significant international projects, including housing in Dubai and a caustic soda plant in Uzbekistan, with high pre-sale rates for housing in Riyadh [7]. - CITIC Agriculture's hybrid rice has seen growth in Pakistan and the Philippines, maintaining a leading market share [7].

Core Viewpoint - CITIC Limited reported a strong performance in the first half of 2025, with operating revenue of 368.8 billion RMB and net profit of 59.8 billion RMB, indicating robust growth across its financial subsidiaries and core industrial businesses [1][3][5] Financial Performance - All financial subsidiaries of CITIC Limited achieved profit growth in the first half of the year, with significant increases in securities business revenue and profits, leading the industry in domestic equity and bond underwriting [3][4] - The company’s overseas income reached 65.8 billion RMB, a 15% year-on-year increase, accounting for 17.9% of total revenue, up 2.6 percentage points from the previous year [4] Dividend Policy - The board proposed an interim dividend of 0.20 RMB per share, a 5.3% increase from the previous year, with a total dividend payout of 5.818 billion RMB, reflecting a steady increase in shareholder returns [1][13] Strategic Outlook - CITIC Limited aims to maintain strategic focus and leverage development opportunities while enhancing resilience and certainty in growth, with plans to further integrate financial and industrial strengths [1][6] - The company is actively pursuing industrial mergers and acquisitions in emerging sectors such as digital technology and low-altitude economy [4][10] Business Segments - The financial segment will focus on enhancing revenue-generating capabilities, while the industrial segment aims to improve profitability through operational efficiency and product innovation [10][11] - CITIC's traditional industries are concentrating on key areas such as integrated die-casting and special robots, with significant sales growth in aluminum products [3][12] Market Position and Valuation - CITIC Limited's market capitalization has increased by over 170 billion HKD since the beginning of the "14th Five-Year Plan," with a price-to-book ratio rising from 0.25 to over 0.4, indicating a recovery in asset valuation [13][14] - The company’s current price-to-book ratio is still below 1, suggesting potential for further market capitalization recovery as valuations normalize [14]

Core Viewpoint - CITIC Metal (601061) reported a slight decline in revenue but a significant increase in net profit for the first half of 2025, indicating resilience in its operations despite market challenges [1] Financial Performance - The company achieved an operating revenue of 63.657 billion yuan, a year-on-year decrease of 0.92% [1] - The net profit attributable to shareholders was 1.448 billion yuan, reflecting a year-on-year increase of 30.9% [1] - Basic earnings per share stood at 0.3 yuan [1] Trade Business - The trade business faced disruptions due to external factors and volatility in commodity prices, but the company proactively managed risks [1] - Sales volume for copper and niobium products increased by over 10% year-on-year, indicating a strengthening of the trade business foundation and profitability [1] Investment Business - The LB project demonstrated stable production and operations, with both production and sales volumes increasing by over 50% year-on-year [1] - This growth in the investment business significantly contributed to the overall increase in equity profits [1]

Core Insights - Dongfang Tantalum Industry Co., Ltd. reported a revenue of 797 million yuan for the first half of 2025, representing a year-on-year increase of 34.45% [1] - The net profit attributable to shareholders reached 145 million yuan, marking a year-on-year growth of 29.08% [1] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders [1] Company Overview - Dongfang Tantalum focuses on the research, production, and sales of tantalum and niobium metals and products, and is the largest production base for tantalum and niobium products in China [1] - The company is recognized as a national key high-tech enterprise and one of the first innovative enterprises in the country [1] Strategic Initiatives - The company has implemented a "Quality and Return Dual Improvement" action plan to enhance core competitiveness and value creation [2] - Specific measures include focusing on core business, improving operational quality, and enhancing innovation capabilities [2] - The company aims to optimize governance, improve information disclosure quality, and strengthen investor return mechanisms [2]

中信金属股份有限公司 CITIC Metal Co., Ltd （北京市朝阳区新源南路 6 号京城大厦 1903 室） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股 说明书作为投资决定的依据。 联合保荐机构（主承销商） （广东省深圳市福田区中心三路 8 号卓 越时代广场（二期）北座） 中信金属股份有限公司 招股说明书 (申报稿) （江西省南昌市红谷滩新区红谷中大道 1619 号南昌国际金融大厦 A 栋 41 层） 中信金属股份有限公司 招股说明书（申报稿） 声明及本次发行概况 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票 ...