长江商报消息 深耕有色金属领域的龙头企业中金岭南（000060.SZ）又有新动作。 11月23日，中金岭南发布公告，拟以自有资金7.42亿元现金收购相关少数股东股权，最终实现对山东中 金岭南铜业有限责任公司（下称"中金铜业"）的100%穿透控股。 长江商报记者注意到，中金岭南经营业绩持续稳健增长。2025年前三季度，公司实现营收485.1亿元， 同比增长11.81%；归母净利润8.41亿元，同比增长5.18%。 而技术创新则是其业绩增长的核心支撑，近些年中金岭南持续加大研发投入。2023年—2025年前三季 度，近三年时间公司研发费用累计达12.66亿元。截至2025年上半年，公司拥有专利总数达527项。 增强铜冶炼板块控制权 根据中金岭南发布的公告，公司拟以自有资金7.42亿元现金收购相关少数股东股权，最终实现对中金铜 业的100%穿透控股。 此次收购源于2023年中金岭南的关键战略布局——通过破产重整方式并购山东东营方圆系企业，一举切 入核心铜冶炼领域。 为推进重整进程，公司当时引入中国信达、农银投资、光曜致新三家财务投资人，共同搭建了中金荣晟 持股平台，形成多方协同的投资架构。在后续整合过程中，中金岭南 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net loss of $184.5 million, or $0.46 per share, compared to a net loss of $20.5 million, or $0.06 per share for the same period in 2024 [25] - Free cash flow for Q3 2025 was negative $11.5 million, compared to negative $5.9 million in Q3 2024, primarily due to higher environmental, personnel, and corporate payments [28][29] - The company has approximately $165 million of liquidity, with potential additional proceeds from in-the-money warrants exceeding $50 million [6][30] Business Line Data and Key Metrics Changes - Exploration and evaluation expenses decreased to $9.6 million in Q3 2025 from $11.8 million in Q3 2024, while general and administrative expenses increased to $45.7 million from $8.1 million in the same period [26] - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt during steady-state production [23] Market Data and Key Metrics Changes - The company highlighted that America is critically dependent on foreign sources for metals, with imports for manganese, cobalt, and nickel at roughly 100% [7][8] - The U.S. government is taking steps to address vulnerabilities in rare earths and base metals, indicating a strategic shift towards domestic resource development [8][9] Company Strategy and Development Direction - The company is focused on a U.S. pivot aimed at achieving a commercial recovery permit by 2027, with ongoing discussions with NOAA and the U.S. government [5][6] - The strategy includes building a comprehensive ecosystem around the nodule resource, emphasizing partnerships and technological advancements [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. pivot leading to a commercial recovery permit and highlighted the importance of national security and energy independence [5][8] - The company is optimistic about its regulatory path and the potential for significant cash inflows from warrant exercises [6][33] Other Important Information - The company has achieved several industry firsts, including the first SEC-compliant resource statements and the first production of nodule-derived manganese sulfate [13][18] - The pre-feasibility study indicates a combined project net present value of $23.6 billion, with a clear path to first production [22][24] Q&A Session Summary Question: Clarification on potential incoming cash from warrants - Management confirmed that total potential proceeds from warrants could exceed $432 million, with a strong liquidity position of $165 million [33] Question: Financial benefits from the Hidden Gem vessel's deployment to Japan - Management clarified that TMC will receive financial benefits from the contract between Allseas and the foundation funding the program, indicating it is not pro bono work [34] Question: Streamlining of NOAA's regulation process - Management explained that the combination of exploration and commercial recovery licenses is intended to facilitate the regulatory process, as TMC already has a prepared application for a commercial recovery permit [36][37] Question: Timing of exploration and production permit grants - Management indicated that the timeline for the exploration permit is aligned with the anticipated production start date of Q4 2027, regardless of whether the permits are granted sequentially [41][42]

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]