2025年上半年，受金属价格同比上涨影响，江西铜业上半年实现净利润41.75亿元，同比增长15.42%。 值得注意的是，国庆中秋长假期间，国际金价一举突破4000美元/盎司大关，不断刷新历史高点。同 时，近期铜价也不断创出新高。 铜陵有色公告称，公司股票连续三个交易日内日收盘价格涨跌幅偏离值累计达到20％，属于股票交易异 常波动。经核实，公司前期披露的信息无需要更正、补充之处，近期公共传媒未报道可能或已经对公司 股票交易价格产生较大影响的未公开重大信息，公司生产经营正常，内部经营环境未发生重大变化。近 期，公司主产品中阴极铜和黄金的市场价格累计涨幅较大，铜精矿加工费低位运行。 铜陵有色是集铜采选、冶炼、加工、贸易为一体的大型全产业链铜生产企业，主要产品涵盖阴极铜、硫 酸、黄金、白银、铜箔及铜板带等。同时，铜陵有色是国内最大的阴极铜生产企业之一，阴极铜年产能 超170万吨，同时具备年产各类高精度电子铜箔产能8万吨。自主研发的耐高温无氧铜带、HVLP系列铜 箔。今年上半年，铜陵有色实现营业收入760.8亿元，净利润14.41亿元。 另一铜业龙头江西铜业10月9日晚公告称，公司股票价格连续三个交易日内日收盘价格涨幅 ...

时隔9年，铜陵有色（000630.SZ）再度实施中期派现。 9月29日午间，铜陵有色披露2025年半年度利润分配预案，公司拟派发现金红利6.7亿元，约占当期归母 净利润的46.5%。 长江商报记者注意到，这是公司时隔9年再现中期分红，上一次还是2015年。 业绩方面，2025年上半年，铜陵有色的营业收入为760.8亿元，同比增长6.39%，创同期新高；归母净利 润为14.41亿元。与此同时，截至9月29日收盘，铜陵有色年内股价累计上涨约65%。 分红+回购累计耗资80亿 长江商报消息 ●长江商报记者 潘瑞冬 粗略计算，上市以来，铜陵有色累计耗资超80亿元用于分红和回购。 上市累赚253.92亿 资料显示，铜陵有色是集铜采选、冶炼、加工、贸易为一体的大型全产业链铜生产企业，主要产品涵盖 阴极铜、硫酸、黄金、白银、铜箔及铜板带等。铜陵有色表示，公司在铜矿采选、铜冶炼及铜箔加工等 领域有着深厚的技术积累、领先的行业地位和显著的竞争优势。 上市以来，铜陵有色的业绩实现较大跨越。其中，2019年，铜陵有色的营业收入为929.15亿元，到2024 年营收增长至1455.31亿元；这五年，公司的归母净利润自8.31亿元增至 ...

铜基本面相对平静，宏观落地后价格短期持稳 一、日度市场总结 主力合约与基差： SHFE铜主力合约价格9月22日收80160元/吨，整体上高位波动。基差方面， 升水铜升水从115元/吨小幅回落至105元/吨，平水铜升水由30元/吨降至25 元/吨，但LME 0-3月贴水从-71.09美元/吨收窄至-64.9美元/吨，近月供应 压力略有缓解。 持仓与成交： LME铜库存延续去库趋势，9月22日库存降至29893吨，较9月16日下降 6.11%；SHFE库存同步减少1.54%至145375吨。持仓方面，LME铜持仓量在9 月19日微减504手至289843手，市场多空博弈强度暂未明显放大。 产业链供需及库存变化分析 供给端： 短期扰动频发，印尼Grasberg矿区因事故停产加剧供应紧张预期，叠加华 北地区冶炼厂检修导致电解铜产量下降。然而，非洲地区废铜进口量同比 暴增，部分对冲了精铜供应缺口。不过阳极铜进口量同比下滑18.72%，反 映出精炼铜原料供应仍存隐忧。 需求端： 外需结构性分化，黄铜条杆出口同比下滑22.87%，但高附加值产品如铜板 带、漆包线出口表现强劲，韩国、印度等市场增长显著。华北地区受铜价 回升抑 ...

Core Viewpoint - The company, Anhui Zhongyuan New Materials Co., Ltd., reported significant growth in revenue and net profit for the first half of 2025, driven by its dual strategy in new materials and new energy sectors [14][15]. Company Overview - The company is engaged in the production of new materials and new energy products, with a focus on copper products and battery components [16]. - As of June 30, 2025, the total assets amounted to 4.624 billion yuan, a year-on-year increase of 12.76% [15]. Financial Performance - The company achieved an operating income of 4.804 billion yuan, representing an 18.65% year-on-year growth [14]. - The net profit attributable to shareholders was 95 million yuan, up 46.18% year-on-year, while the net profit after deducting non-recurring gains and losses was -12 million yuan, a decrease of 123.25% [14]. Business Segments New Materials - The company produced 62,400 tons of copper strip and 1,756.24 tons of copper foil during the reporting period [17]. - The annual production capacity for high-precision copper alloy strip and copper strip blank is expected to reach 200,000 tons after project completion [17]. New Energy - The company’s subsidiaries are involved in the production of battery pack casings and structural components, with an annual capacity of 500,000 sets [19]. - The aluminum foil business produced 6,984.57 tons, with specific production for battery foil at 379.52 tons [20]. Shareholder Returns - In June 2025, the company distributed a cash dividend of 0.16 yuan per share, totaling approximately 50.72 million yuan, which is 39.84% of the net profit for 2024 [23]. Innovation and R&D - The company holds numerous patents, including 23 invention patents and 80 utility model patents in the new materials sector [24]. Governance and Compliance - The company emphasizes compliance with regulatory requirements and has made revisions to its governance structure to enhance operational efficiency [26][27].

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan to align with regulatory requirements and enhance shareholder returns, reporting significant growth in net profit while facing challenges in non-recurring profit metrics [1][8]. Financial Performance - The company's net profit attributable to shareholders reached 0.95 billion, an increase of 46.18% year-on-year, while the net profit excluding non-recurring items decreased by 123.25% to -0.12 billion [1]. - As of June 30, 2025, total assets amounted to 46.24 billion, reflecting a year-on-year growth of 12.76%, and net assets attributable to shareholders were 20.55 billion, up 2.24% [2]. Business Operations - The company produced 62,400 tons of copper strip and sold 62,700 tons, with copper foil production at 1,756.24 tons and sales at 1,730.81 tons, achieving export sales of 4,471.95 tons [2]. - The company’s subsidiary, Anhui Yongjie Copper Industry, has a project with an annual production capacity of 100,000 tons of high-precision copper alloy strip and 50,000 tons of copper strip, with the first phase now operational [2]. Product Development - The company’s main products in the new energy sector include battery pack casings and structural components, with an annual capacity of 500,000 sets, primarily serving clients like Chery Automobile [2]. - The aluminum foil business produced 6,984.57 tons, with battery foil production at 379.52 tons, and the first phase of a 50,000-ton battery foil project is now operational [3]. Shareholder Returns - The company declared a cash dividend of 0.16 per share, totaling 50.72 million, which represents 39.84% of the net profit attributable to shareholders for 2024 [5]. - Since its listing, the company has distributed dividends eight times, amounting to approximately 344 million [5]. Innovation and R&D - The company holds 23 invention patents and 80 utility model patents in the new materials sector, and 2 invention patents and 15 utility model patents in the new energy sector [6]. - The R&D center focuses on optimizing production processes and enhancing product value, aiming to foster new productive forces [5]. Governance and Compliance - The company has revised its governance documents to ensure compliance with legal requirements and improve operational standards [7]. - It emphasizes the training of key personnel to enhance compliance awareness and risk management capabilities [7]. Investor Communication - The company adheres to strict information disclosure regulations and has established multiple channels for investor communication, including performance briefings and interactive platforms [6].

产品产量、销量及同比变化情况为： 以上经营数据未经审计，仅供投资者及时了解公司生产经营状况所用，敬请 广大投资者理性投资，注意投资风险。 安徽众源新材料股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十六号——有色金属》有关规定和披露要求，并结合公司的实际情况， 公司 2025 年半年度主要经营数据如下： | 主要产品 | 单位 | 生产量 | 销售量 | 库存量 | 生产量 比上年 | 销售量 比上年 | 库存量 比上年 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 同期增 | 同期增 | 同期增 | | | | | | | 减（%） | 减（%） | 减（%） | | 铜板带 | 吨 | 62,414.82 | 62,711.65 | 2,512.85 | 10.29 | 9.89 | 20.25 | | 铜箔 ...

Group 1 - The company announced a production volume of copper strip and foil of 62,414.82 tons for the first half of 2025, representing a year-on-year increase of 10.29% [1] - The sales volume of copper strip and foil reached 62,711.65 tons, showing a year-on-year growth of 9.89% [1] - The sales volume of copper foil was 1,730.81 tons, reflecting a year-on-year decrease of 1.25% [1] - The sales volume of aluminum foil surged to 6,732.75 tons, marking a significant year-on-year increase of 317.17% [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Copper prices are oscillating weakly, with the main contract closing at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting on Friday night, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330 to 78,770, and the spot premium fell 5 to 190. The spot import window remains open, with a profit of 350 yuan/ton due to the increase in the Shanghai-London ratio to 8.12 and the expansion of the LME 0 - 3 contango structure to $96.85/ton. The demand for Yangshan copper has improved, and both the warehouse receipt and bill of lading premiums have risen. Short - term demand is in the transition between the off - season and peak season, and with low inventories both at home and abroad, the fundamentals still support copper prices. The short - term support level is 78,000, but market caution persists before important events, and there is a lack of obvious positive factors, so copper prices are expected to continue to oscillate within a narrow range [10] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Copper prices are oscillating weakly, and the main contract closed at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330, and the spot premium fell 5. The spot import window is open with a profit of 350 yuan/ton. The demand for Yangshan copper has improved, and subsequent imports of copper are expected to increase. Short - term demand is in the transition period, and fundamentals support copper prices. The short - term support level is 78,000, and copper prices are expected to oscillate narrowly [10] 3.2 Industry News - In July 2025, China's copper strip exports were 10,531.17 tons, a month - on - month increase of 1.84% and a year - on - year increase of 0.17%. From January to July, the cumulative export of copper strips was 71,070 tons, a cumulative year - on - year increase of 1.12% [11] - In July 2025, China's copper enameled wire exports continued to grow, covering 142 countries and regions, with a total export volume up 25.45% year - on - year. Exports to India and Turkey increased by 450% and 290% year - on - year respectively. Exports to the US decreased both year - on - year and month - on - month, and are expected to decline significantly in the future due to US tariffs on copper semi - finished products [11] - In July 2025, China imported 84,200 tons of anode copper, a month - on - month increase of 22.86% and a year - on - year increase of 19.08%. From January to July, the cumulative import of anode copper was 466,900 tons, a cumulative year - on - year decrease of 12.72% [11]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. reported a 6.39% year-on-year increase in revenue to 76.08 billion yuan for the first half of 2025, but net profit attributable to shareholders fell by 33.94% due to increased tax expenses from adjustments in overseas subsidiary dividend arrangements [2][5] Financial Performance - The company achieved a revenue of 76.08 billion yuan, with copper product revenue at 63.736 billion yuan, reflecting a 5.31% increase, accounting for 83.78% of total revenue [3][4] - The net profit attributable to shareholders was 1.441 billion yuan, down 33.94%, while the net profit after excluding non-recurring gains and losses was 1.432 billion yuan, a decrease of 35.19% [4][5] Market Conditions - Copper prices fluctuated between 71,320 yuan/ton and 88,320 yuan/ton, with an average price of 77,520.77 yuan/ton, marking a 3.98% year-on-year increase [4] - The increase in copper prices was supported by supply constraints and rising demand in the renewable energy sector, alongside traditional market policies [4] Tax and Dividend Adjustments - The decline in net profit was primarily due to a 147.74% increase in income tax expenses, amounting to approximately 2.495 billion yuan, resulting from changes in dividend arrangements from the overseas subsidiary Ecuacorriente S.A. [5][6] - The subsidiary's cash flow was better than expected, prompting adjustments in dividend distribution to ensure financial stability and risk management [5] Debt and Cash Flow - The company's asset-liability ratio increased to 54.54% from 47.80% in the previous period, with short-term borrowings rising by 54.38% and long-term borrowings increasing by 46.96% [6] - Cash flow from operating activities decreased by 83.35% to 379 million yuan, primarily due to increased inventory levels [6] Future Growth Prospects - The Mirador copper mine expansion project is expected to significantly support future growth, with annual copper production capacity projected to reach 310,000 tons [7][8] - The first phase of the Mirador mine has shown strong profitability, with net profits of 1.71 billion USD for the first five months of the year [7] - The expansion project is nearing completion, with a total investment of 3.37 billion yuan and a completion rate of 95% as of June [7][8]

Investment Rating - The investment rating for Tongling Nonferrous Metals Group Co., Ltd. is "Buy" (maintained) [6] Core Views - The company has demonstrated strong operational efficiency and cost control in its smelting segment, maintaining profitability despite a significant decline in copper concentrate processing fees [12][14] - The Mirador copper mine is expected to maintain stable and high production levels, with the second phase of the project fully completed, enhancing the company's copper concentrate self-sufficiency [14] - The company is projected to see a recovery in net profit from 2025 onwards, with expected net profits of 35.01 billion, 41.30 billion, and 47.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24.64%, 17.98%, and 14.30% [14][15] Financial Performance Summary - In H1 2025, the company achieved a revenue of 76.08 billion yuan, a year-on-year increase of 6.39%, while the net profit attributable to shareholders was 1.441 billion yuan, down 33.94% year-on-year [12] - The sales gross margin for H1 2025 was 7.96%, a decrease of 0.57 percentage points year-on-year, while Q2 2025 saw a gross margin of 8.22%, which was a slight improvement from the previous quarter [12][14] - The company’s smelting plants, Jinlong Copper Industry and Chifeng Jintong Copper Industry, reported a combined net profit of 515 million yuan in H1 2025, down 32.61% year-on-year [12][14] Production and Operational Highlights - The Mirador copper mine is projected to produce over 150,000 tons of copper concentrate in 2025, with production in the first seven months of 2025 reaching 123.56% of the planned target, marking a historical high for the same period since production began [14] - The processing capacity of the first and second phases of the Mirador project is expected to reach a total of 46.2 million tons per year, with an anticipated annual output of approximately 200,000 tons of copper metal [14]