Group 1 - The global capital markets have experienced significant volatility and structural changes over the past year, with inflation, interest rate fluctuations, and geopolitical tensions impacting market sentiment [4][5] - The rise of AI and technological advancements has shifted investor focus from speculative themes to execution capabilities and cash flow, indicating a maturation of market dynamics [4][5] - In Australia, the stock market has seen opportunities emerge amidst resource cycles and technological trends, with improved China-Australia relations contributing to a more stable economic environment [5][21] Group 2 - Shandong Xinhai Mining Group has positioned itself as a leading EPC company in the global mining market, leveraging professional expertise and technological innovation to expand its international presence [21][22] - The company has established strategic partnerships in Australia, focusing on key resources such as gold, copper, and rare earth elements, enhancing its service capabilities across the mining value chain [22][23] - Looking ahead, Xinhai aims to deepen its "resource + service" dual-driven strategy, reinforcing its project execution capabilities while expanding its international footprint [22][23] Group 3 - Jiahe Capital has successfully navigated the complexities of the market in 2025, focusing on gold and key metals, and achieving significant progress in project financing and cross-border cooperation [24][25] - The firm anticipates continued strength in gold demand driven by structural trends in the monetary system and persistent geopolitical risks, while also exploring opportunities in critical metals related to energy transition [25][26] - Jiahe Capital's strategic positioning in the resource sector emphasizes the importance of effective management of cyclical fluctuations and deep participation in the industry value chain [25][26] Group 4 - BlueScope Steel's acquisition discussions have stalled due to high expectations from shareholders, with analysts suggesting that a successful transaction may require asset divestitures [26][27] - The current share price of BlueScope is AUD 29.16, with the board seeking offers above AUD 30, but industry experts believe a significant drop in share price may be necessary for a successful deal [27]

Group 1 - The European Union plans to establish a central agency to coordinate the procurement and storage of critical minerals to prevent the U.S. from purchasing global supplies "right under our noses" [1] - The EU's Executive Vice President for Industrial Strategy, Stéphane Séjourné, stated that the EU has become "collateral damage" in disputes over access to rare earth minerals, which are crucial for defense and clean technologies [1] - The European Commission announced in October that it will hastily develop a plan to diversify the stockpiles of critical minerals, including rare earths, lithium, and copper [1] Group 2 - Séjourné emphasized that Brussels aims to use special funds to establish a critical minerals "center" to purchase, coordinate European procurement actions, reserve stock, and encourage companies to integrate more economic security factors into their supply chains [1] - The EU is reportedly behind the U.S. in integrating tools for securing critical materials, as the U.S. has been quicker to invest in domestic miners and sign supply agreements with various governments [1] - Séjourné's plan requires approval from the 27 EU commissioners and may include rapid partnership agreements with countries like Brazil and South Africa to ensure supply [1] Group 3 - Séjourné plans to visit Brazil and South Africa in the coming weeks and suggested that the EU should consider introducing price floors to ensure European companies can access domestic stock [2] - Concerns were raised that miners and processors are reluctant to invest in production within the EU due to fears that customers will still prefer cheaper sources despite supply risks [2] - The EU has set domestic production targets for critical minerals in 2023, but lengthy bureaucratic approval processes and environmental opposition have delayed new project launches [2] Group 4 - The plan will also fund innovations to develop technologies that do not require rare earths, with Séjourné stating that achieving independence is best accomplished by not needing these raw materials [2]

Core Viewpoint - The European Union (EU) is planning a significant strategic initiative to establish a central agency for coordinating the procurement and strategic reserves of critical minerals to ensure the security of its industrial and defense supply chains [1]. Group 1: Strategic Initiative - The EU aims to create a central agency to manage the procurement and strategic reserves of critical minerals, responding to the increasing competition for these resources globally [1]. - Stéphane Séjourné highlighted that the EU has become collateral damage in the competition for rare earth resources, with the U.S. actively purchasing critical materials [1]. Group 2: Urgency and Action Plan - The urgency of this initiative is driven by recent supply chain disruptions, emphasizing the importance of rare earth elements for defense and clean technology [1]. - The EU Commission previously announced plans to diversify the supply of critical minerals, including lithium and copper, and Séjourné's new plan aims to translate this intention into concrete actions and institutions [1][2]. Group 3: Comparison with the U.S. - EU officials believe that Europe is lagging behind the U.S. in securing critical mineral supplies, as the U.S. has already invested in domestic miners and signed supply agreements with foreign governments [2]. - Séjourné plans to quickly establish partnerships with countries like Brazil and South Africa to secure supplies, with visits planned to these nations [2]. Group 4: Supply Chain Resilience - The EU plans to implement various measures to strengthen supply chain resilience, as companies typically maintain only a few weeks of inventory, making them vulnerable to supply disruptions [3]. - The EU Commission may propose prioritizing inventory replenishment and supply diversification, with potential legislation if corporate behavior does not change [3]. Group 5: Industry Support and Challenges - The initiative has received support from industry organizations, emphasizing the need for Europe to quickly consolidate its critical raw materials supply chain [3]. - Despite clear direction, the EU faces challenges in enhancing domestic supply due to lengthy bureaucratic approval processes and opposition to new mining projects based on environmental concerns [3]. Group 6: Long-term Goals - The plan also aims to fund innovations to develop alternatives that do not require rare earth materials, with Séjourné stating that achieving independence is best accomplished by eliminating the need for these raw materials [3].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 4.06 CNY, compared to the current stock price of 3.41 CNY as of August 29, 2025 [3]. Core Views - The company reported a significant increase in non-net profit attributable to the parent company in Q2, with a year-on-year growth of 30.88% [1]. - Despite overall revenue pressure due to external factors such as declining steel demand and real estate adjustments, the company has shown robust growth in overseas new contracts, particularly in the mining sector [3][8]. - The company's gross profit margin improved to 10.09% in H1 2025, reflecting a year-on-year increase of 1.04 percentage points [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 237.53 billion CNY, a year-on-year decrease of 20.52%, and a net profit of 3.099 billion CNY, down 25.31% year-on-year [1]. - The Q2 2025 operating revenue was 115.26 billion CNY, a decline of 22.59%, while the net profit was 1.492 billion CNY, showing a slight increase of 1.43% year-on-year [1]. - The company’s sales gross margin was 10.09% in H1 2025, with the engineering contracting segment at 9.58% and the specialty business at 17.62% [2]. Contract and Business Development - The company signed new contracts worth 548.2 billion CNY in H1 2025, a year-on-year decrease of 19.1%, with overseas contracts amounting to 57.75 billion CNY, representing a growth of 32.6% [3]. - The mining resources segment, focusing on metals like nickel, cobalt, and copper, generated revenue of 3.298 billion CNY in H1 2025, with three overseas mines contributing 2.82 billion CNY [3]. Profitability and Cash Flow - The company’s operating cash flow showed improvement, with a net outflow of 21.985 billion CNY in H1 2025, which is a reduction of 33.20% year-on-year [2]. - The net profit forecast for 2025 is adjusted to 5.71 billion CNY, with expected revenues of 476.54 billion CNY, reflecting a year-on-year decline of 13.67% [8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 九 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年 八 月 二 十 九 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 中国冶金科工股份有限公司 2025 年半年度报告 公司代码：601 ...