资金流向方面，主力资金净流出1534.43万元，特大单买入870.48万元，占比7.50%，卖出1477.67万元， 占比12.73%；大单买入1097.24万元，占比9.45%，卖出2024.47万元，占比17.44%。 北方铜业今年以来股价涨85.31%，近5个交易日跌3.59%，近20日跌10.49%，近60日涨23.38%。 11月18日，北方铜业盘中下跌2.06%，截至09:43，报14.25元/股，成交1.16亿元，换手率0.43%，总市值 271.42亿元。 截至11月10日，北方铜业股东户数18.69万，较上期减少1.23%；人均流通股10190股，较上期增加 1.24%。2025年1月-9月，北方铜业实现营业收入199.73亿元，同比增长9.89%；归母净利润6.89亿元，同 比增长26.10%。 分红方面，北方铜业A股上市后累计派现6.01亿元。近三年，累计派现3.87亿元。 机构持仓方面，截止2025年9月30日，北方铜业十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1490.68万股，相比上期增加359.78万股。南方中证1000ETF（512100）位居第九大流通股 ...

Core Viewpoint - Northern Copper's stock price has shown significant volatility, with a year-to-date increase of 108.58% but a recent decline of 7.82% over the last five trading days [2] Group 1: Stock Performance - As of October 20, Northern Copper's stock price rose by 2.23% to 16.04 CNY per share, with a trading volume of 4.23 billion CNY and a market capitalization of 305.52 billion CNY [1] - The stock has experienced a 17.68% increase over the past 20 days and a 48.38% increase over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Northern Copper reported a revenue of 12.811 billion CNY, reflecting a year-on-year growth of 3.13%, and a net profit attributable to shareholders of 487 million CNY, up by 5.87% [3] Group 3: Shareholder Information - As of October 10, the number of shareholders increased to 189,200, up by 18.88%, while the average number of circulating shares per person decreased by 15.88% to 10,065 shares [3] - The company has distributed a total of 601 million CNY in dividends since its A-share listing, with 387 million CNY distributed over the last three years [4] Group 4: Ownership Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder with 11.309 million shares, a decrease of 13.578 million shares from the previous period [4] - The Southern CSI 1000 ETF entered the top ten circulating shareholders with 8.796 million shares [4]

Company Overview - Northern Copper Industry Co., Ltd. is located in Yuan City, Shanxi Province, established on April 2, 1996, and listed on April 28, 1997. The company specializes in copper mining, smelting, and processing, with a revenue composition of 73.68% from cathode copper, 19.74% from precious metals, 4.93% from copper strips and rolled copper foil, and 0.85% from other products [2][3]. Stock Performance - As of September 12, Northern Copper's stock reached a peak of 13.63 CNY per share, with a trading volume of 6.51 billion CNY and a turnover rate of 2.56%, resulting in a total market capitalization of 259.61 billion CNY [1]. - The stock has increased by 77.24% year-to-date, with a 12.37% rise over the last five trading days, 15.02% over the last 20 days, and 55.59% over the last 60 days [1]. Capital Flow - The net inflow of main funds was 1.40 billion CNY, with large orders accounting for 43.02% of total purchases and 17.17% of total sales. The large orders bought 1.06 billion CNY, representing 16.28% of total purchases, while sales accounted for 20.67% [1]. Financial Performance - For the first half of 2025, Northern Copper achieved a revenue of 12.811 billion CNY, reflecting a year-on-year growth of 3.13%, and a net profit attributable to shareholders of 487 million CNY, up by 5.87% [2]. Shareholder Information - As of August 29, the number of shareholders increased to 122,500, with an average of 15,552 shares per person, a slight decrease of 0.03% [2]. - The company has distributed a total of 601 million CNY in dividends since its A-share listing, with 387 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder with 11.309 million shares, a decrease of 13.578 million shares from the previous period. The Southern CSI 1000 ETF entered as the eighth-largest shareholder with 8.796 million shares [3].

Core Viewpoint - Northern Copper Industry has demonstrated resilience and strength in a complex market environment, achieving significant revenue and profit growth in the first half of 2025 [1][3]. Financial Performance - The company reported operating revenue of 12.811 billion yuan, an increase of 2.81% year-on-year [1]. - Net profit attributable to shareholders reached 487 million yuan, reflecting a year-on-year growth of 5.85% [1]. Product Structure - The main product, cathode copper, generated revenue of 9.439 billion yuan, a decrease of 7.85% due to copper price fluctuations [3]. - Precious metals business revenue surged to 2.529 billion yuan, marking a significant year-on-year increase of 52.04%, accounting for 19.74% of total revenue [3]. - Sulfuric acid business revenue reached 102 million yuan, up 197.33% year-on-year [3]. - Revenue from copper strips and rolled copper foil amounted to 632 million yuan, reflecting a year-on-year growth of 52.59% [3]. Resource Advantages - Northern Copper Industry possesses a large underground mine with an annual processing capacity of 9 million tons [4]. - The copper mine has a resource reserve of 218.6092 million tons and a copper metal reserve of 1.330925 million tons, with an average geological grade of 0.608% [4]. - The company can sustain its mining operations for over 20 years at the current extraction scale [4]. - In 2024, gold sales reached 6,319 kilograms, generating revenue of 3.56 billion yuan, which constituted 14.77% of total revenue [4]. - The company plans to produce 6 tons of gold ingots in 2025, with precious metals expected to contribute around 13% to total revenue [4]. Technological Innovation - The company increased R&D investment to 26.463 million yuan, a year-on-year growth of 48.60% [5]. - Advanced smelting processes have been implemented to ensure safe and stable production while maximizing the recovery of valuable elements [5]. - The company aims to focus on high-end, high-value-added products and is advancing digital transformation in traditional industries [5]. - The high-performance rolled copper strip and copper-clad laminate project is currently in trial production, expected to positively impact financial metrics as production processes improve [5].

Core Viewpoint - Northern Copper achieved significant revenue growth in 2024, but its profitability did not improve correspondingly, indicating challenges in cost control and debt management [2][12]. Financial Overview - Total revenue reached 24.107 billion yuan, a year-on-year increase of 156.6%, while net profit attributable to shareholders was 613 million yuan, a decrease of 1.37% [2]. - In Q4, total revenue was 5.931 billion yuan, up 145.35% year-on-year, but net profit fell to 66.29 million yuan, down 34.81% [3]. Revenue Composition - Main revenue sources included cathode copper at 19.278 billion yuan (79.97% of total revenue) with a gross margin of 7.78%, and precious metals at 3.715 billion yuan (15.41%) with a gross margin of 7.71% [5]. Cash Flow and Debt Situation - The ratio of cash and cash equivalents to current liabilities was only 24.45%, and the ratio of interest-bearing debt to average operating cash flow over the past three years was 21.92%, indicating significant debt pressure [6]. Profitability and Cost Control - Despite revenue growth, gross margin and net margin decreased by 51.23% and 61.56%, respectively, highlighting challenges in cost management [7]. - The gross margin for sulfuric acid products was -63.62%, negatively impacting overall profitability [7]. Key Financial Metrics - Gross margin: 7.12%, down 51.23% year-on-year - Net margin: 2.54%, down 61.56% year-on-year - Earnings per share: 0.35 yuan, down 1.42% year-on-year [10].