Group 1 - The core viewpoint of the news is the performance and business profile of Zhongjin Lingnan Nonfemet Company, which saw a stock price increase of 5.32% to 5.74 CNY per share, with a trading volume of 478 million CNY and a market capitalization of 21.454 billion CNY [1] - Zhongjin Lingnan's main business activities include mining, selection, smelting, sales of non-ferrous metals such as lead and zinc, and trading of non-ferrous metals, with revenue composition being 65.69% from copper smelting products, 13.52% from non-ferrous metal trading, 12.39% from lead and zinc smelting products, and other segments [1] - The company is located in Shenzhen, Guangdong Province, and was established on September 1, 1984, with its listing date on January 23, 1997 [1] Group 2 - Among the top circulating shareholders of Zhongjin Lingnan, the Southern Fund's Southern CSI 500 ETF (510500) increased its holdings by 5.3354 million shares in the second quarter, now holding 38.7758 million shares, which is 1.04% of the circulating shares [2] - The Southern CSI 500 ETF has a total scale of 113.438 billion CNY and has achieved a return of 30.2% this year, ranking 1800 out of 4220 in its category [2] - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a tenure of 12 years and 165 days, with the fund's total asset scale at 138.999 billion CNY [3]

Core Viewpoint - The stock of Zhongjin Lingnan has shown a mixed performance in recent trading sessions, with a year-to-date increase of 16.01% and a slight decline over the past 20 days, indicating volatility in the market [1][2]. Company Overview - Zhongjin Lingnan is primarily engaged in the mining, selection, smelting, and trading of non-ferrous metals, particularly lead and zinc, with its main revenue sources being copper smelting products (65.69%), non-ferrous metal trading (13.52%), and lead-zinc smelting products (12.39%) [1][2]. - The company was established on September 1, 1984, and was listed on January 23, 1997, with its headquarters located in Shenzhen, Guangdong Province [1]. Financial Performance - For the first half of 2025, Zhongjin Lingnan reported a revenue of 31.11 billion yuan, reflecting a year-on-year growth of 1.54%, while the net profit attributable to shareholders was 559 million yuan, up by 3.12% [2]. - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders stood at 127,600, a slight decrease of 0.05% from the previous period, with an average of 29,283 circulating shares per shareholder, which increased by 0.05% [2][3]. - The top circulating shareholder, Hong Kong Central Clearing Limited, held 39.56 million shares, a decrease of 39.17 million shares compared to the previous period [3].

（文章来源：新华财经） 新华财经北京9月28日电工信部等八部门发布的《有色金属行业稳增长工作方案（2025—2026年）》中 提到，通过设立绿色通道等方式，依法依规加快矿产资源开发项目核准、备案、节能审查、环评、安全 设施设计审查等进程，完善生产要素保障，强化矿产资源开发利用项目建设情况调度，推进在建项目投 产、在产项目扩能、新项目建设。科学合理布局氧化铝、铜冶炼、碳酸锂等项目，避免重复低水平建 设，提高投资的精准性和有效性。 ...

Core Viewpoint - The stock price of Zhongjin Lingnan has experienced fluctuations, with a year-to-date increase of 10.80% but a recent decline of 5.38% over the past five trading days [2]. Company Overview - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is located in Shenzhen, Guangdong Province. The company primarily engages in the mining, selection, smelting, sales of non-ferrous metals such as lead and zinc, and trading of non-ferrous metals [2]. - The main revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [2]. Financial Performance - For the first half of 2025, Zhongjin Lingnan reported operating revenue of 31.113 billion yuan, a year-on-year increase of 1.54%, and a net profit attributable to shareholders of 559 million yuan, reflecting a growth of 3.12% [2]. - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Zhongjin Lingnan was 127,600, a slight decrease of 0.05% from the previous period. The average circulating shares per person increased by 0.05% to 29,283 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 39.5613 million shares, a decrease of 39.1684 million shares from the previous period, while Southern CSI 500 ETF increased its holdings by 5.3354 million shares to 38.7758 million shares [3].

Company Overview - Zhongjin Lingnan is primarily engaged in the mining, selection, smelting, sales, and trading of non-ferrous metals such as lead and zinc [1] - The company was established on September 1, 1984, and was listed on January 23, 1997 [1] - The main revenue composition includes copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), and other segments [1] Financial Performance - For the first half of 2025, Zhongjin Lingnan achieved operating revenue of 31.113 billion yuan, a year-on-year increase of 1.54% [2] - The net profit attributable to shareholders for the same period was 559 million yuan, reflecting a year-on-year growth of 3.12% [2] - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3] Stock Performance - As of September 12, Zhongjin Lingnan's stock price increased by 18.18% year-to-date, with a 3.62% rise over the last five trading days [1] - The stock was trading at 5.44 yuan per share, with a market capitalization of 20.333 billion yuan [1] - The company experienced a net inflow of 5.6318 million yuan in main funds, with significant buying activity from large orders [1] Shareholder Information - As of June 30, the number of shareholders was 127,600, a slight decrease of 0.05% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.05% to 29,283 shares [2] - Notable changes in major shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and an increase by Southern CSI 500 ETF [3]

Group 1 - The core viewpoint of the news is the performance and financial status of Zhongjin Lingnan, highlighting its stock price movements, trading volume, and market capitalization [1][2]. - As of September 5, Zhongjin Lingnan's stock price increased by 2.15% to 5.22 CNY per share, with a trading volume of 2.29 billion CNY and a total market capitalization of 195.10 billion CNY [1]. - The company has seen a year-to-date stock price increase of 13.40%, with a recent 5-day decline of 0.57%, a 20-day increase of 6.10%, and a 60-day increase of 14.90% [1]. Group 2 - Zhongjin Lingnan's main business involves mining, selection, smelting, and trading of non-ferrous metals, with revenue composition as follows: copper smelting products (57.03%), non-ferrous metal trading (20.76%), lead and zinc smelting products (13.68%), and others [1][2]. - As of June 30, the company reported a revenue of 31.11 billion CNY for the first half of 2025, representing a year-on-year growth of 1.54%, and a net profit of 559 million CNY, up 3.12% year-on-year [2]. - The company has distributed a total of 4.39 billion CNY in dividends since its A-share listing, with 908 million CNY distributed in the last three years [3]. Group 3 - Zhongjin Lingnan is classified under the non-ferrous metals industry, specifically in industrial metals focusing on lead and zinc, and is associated with concepts such as scarce resources and state-owned enterprise reform [2]. - As of June 30, the number of shareholders decreased slightly to 127,600, while the average circulating shares per person increased by 0.05% to 29,283 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3].

Company Overview - Zhongjin Lingnan is primarily engaged in the mining, selection, smelting, sales, and trading of non-ferrous metals, particularly lead and zinc [1] - The company was established on September 1, 1984, and was listed on January 23, 1997 [1] - The main revenue composition includes copper smelting products (57.03%), non-ferrous metal trading (20.76%), lead and zinc smelting products (13.68%), and other segments [1] Financial Performance - For the first half of 2025, Zhongjin Lingnan achieved operating revenue of 31.113 billion yuan, a year-on-year increase of 1.54% [2] - The net profit attributable to shareholders for the same period was 559 million yuan, reflecting a year-on-year growth of 3.12% [2] - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3] Stock Performance - As of September 4, Zhongjin Lingnan's stock price was 5.09 yuan per share, with a market capitalization of 19.024 billion yuan [1] - The stock has increased by 10.58% year-to-date, with a recent decline of 1.74% over the last five trading days [1] - The stock experienced a trading volume of 334 million yuan on September 4, with a turnover rate of 1.73% [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 127,600, a slight decrease of 0.05% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.05% to 29,283 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses a mining company involved in copper, lead, and zinc production, with a focus on their operational performance and production plans for the year. Key Points and Arguments Production and Sales Performance - The company reported a stable mineral production output, with a quarter-on-quarter increase in production from Qianxin, which is primarily sourced from Inner Mongolia's Xibu Copper Industry and Huokqi Copper Mine [1] - In Q1, the copper-gold mine production reached 26% of the annual target, indicating a potential to exceed the previously set goal of 168,000 tons for the year, despite a planned reduction of 10,000 tons compared to last year [3] - The company plans to conduct major maintenance in December, which is typically the month with the most adverse mining conditions [4] Financial Performance and Challenges - The copper smelting segment is under pressure, with processing fees currently negative at $30, leading to a loss in Q1 despite an increase in profits compared to the previous year [5][6] - The company aims to reduce losses in the copper smelting segment by improving raw material structure and increasing procurement of lower-cost mixed ores [7] - The overall processing fees for domestic copper are lower than imported copper, with processing costs ranging from 4,800 to 5,300 [9] Raw Material Supply and Procurement - The company anticipates a stable supply of raw materials, with a significant portion of lead and zinc needing to be sourced externally due to insufficient internal production [12][13] - The supply of new raw materials is expected to improve compared to previous years, with lower procurement difficulties noted [13] Cost Management and Future Outlook - The complete cost of copper and lead production is reported to be stable, with expectations of cost reductions as new projects come online [16][17] - The company is focusing on internal management improvements and cost reduction strategies to enhance profitability in the coming year [8] Project Developments - The company is progressing on the Phase III expansion project at Yulong Copper Mine, expected to be completed by late next year, with a short production ramp-up time anticipated [22][23] - The total investment for the project is estimated at 5 billion, with cash flow management indicating that the company can handle the financial burden over the next few years [23] Miscellaneous - The company has experienced a return to asset impairment of 60 million, primarily due to previous inventory adjustments, but expects this to be less significant than last year [20] - The company is actively engaging in exploration and resource expansion as a key focus area for future growth [24] Other Important but Overlooked Content - The company is not currently signing long-term contracts for processing fees, indicating a cautious approach to market fluctuations [9] - The Q1 performance of the company shows a cumulative revenue of 3.1 billion with a profit of 1.89 billion, reflecting a strong operational performance despite market challenges [15]