Group 1: Market Activity - On September 29, 25 stocks had sealed orders exceeding 1 billion yuan, with the highest being Shanzi Gaoke at 4.57 billion yuan [2] - The top three stocks by sealed order funds were Shanzi Gaoke, Boqian New Materials, and Tianji Shares, with sealed order amounts of 4.57 billion yuan, 4.27 billion yuan, and 4.27 billion yuan respectively [2] - Seven stocks on the Dragon and Tiger List had net purchases exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 8.21 billion yuan [7] Group 2: Company Developments - Shanzi Gaoke reported a revenue of 1.732 billion yuan for the first half of the year, a year-on-year decrease of 17.3%, but achieved a net profit of 219 million yuan, turning from loss to profit [2] - Shanzi Gaoke is in discussions regarding a potential restructuring with the parent company of Nezha Automobile, Hongqi New Energy, and has expressed interest as an investor [3] Group 3: Industry Trends - The solid-state battery sector saw a surge in stock prices, with companies like Wanrun New Energy and Tianji Shares participating in this trend [4] - Wanrun New Energy is focusing on high-energy density cathode materials and has applied for multiple patents related to solid-state battery materials [4] - The copper sector is also active, with companies like Xingye Yinxin and Shengda Resources expanding their mining operations [5] Group 4: Emerging Technologies - In the brain-computer interface sector, Yingqu Technology is collaborating with various institutions to develop products related to brainwave monitoring and rehabilitation [6] - Qisheng Technology is focusing on sleep health and has established partnerships for research on Alzheimer's disease and sleep analysis [6]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and potential for future growth [3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.316 billion yuan, a year-on-year increase of 47.8%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.3% year-on-year [3]. Group 2: Mining Services Business - The mining services segment generated a gross profit of 767 million yuan in the first half of 2025, reflecting a year-on-year decline of 17%. This decline was primarily due to the internal management transition of the Lubambe copper mine and the early-stage operations of TerraMining, which reduced revenue and gross profit from mining services [4]. Group 3: Resource Projects - Apart from the Lubambe copper mine, all resource projects met their production targets for the first half of 2025. The resource segment reported revenue of 2.91 billion yuan, a year-on-year increase of 238%, and a gross profit of 1.39 billion yuan, up 277% year-on-year. Copper metal production reached 39,442 tons, a year-on-year increase of 199%, while phosphate rock production was 174,000 tons, up 6% year-on-year [5]. Group 4: Future Growth Potential - The Lonshi copper mine's western area commenced production in Q4 2023, while the eastern area is in the early stages of construction. The eastern area is designed for underground mining with a planned production scale of 2.5 to 3.5 million tons per year, with a construction period of 4.5 years. Once operational, it is expected to produce for 12 years, with a combined annual output of approximately 100,000 tons of copper metal from both areas [6]. - The company plans to produce 79,400 tons of copper metal in 2025, an increase of 30,700 tons compared to 2024, representing a 63% year-on-year growth. Additionally, the planned phosphate rock production for 2025 is set at 300,000 tons [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 6.316 billion yuan in the first half of 2025, representing a year-on-year increase of 47.8%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.3% year-on-year [1] - The resource segment showed significant growth, with revenue from this segment reaching 2.91 billion yuan, a year-on-year increase of 238%, and gross profit of 1.39 billion yuan, up 277% year-on-year [2] - The company plans to produce 79,400 tons of copper in 2025, an increase of 63% compared to the previous year, and aims for a phosphate rock output of 300,000 tons [3] Summary by Sections Financial Performance - The company’s revenue and net profit for 2025 are projected to be 14.171 billion yuan and 2.341 billion yuan respectively, with net profit growth rates of 47.8% for 2025 and 22.65% for 2026 [5][14] - The company’s earnings per share (EPS) is expected to reach 3.75 yuan in 2025, with a price-to-earnings (P/E) ratio of 16 times [5][14] Production and Operations - The Lonshi copper mine's western area commenced production in Q4 2023, with the eastern area in the preparatory stage, aiming for an annual production capacity of 2.5 to 3.5 million tons [3] - The company has secured new mining service contracts worth approximately 7.1 billion yuan, contributing to the upward revision of profit forecasts for 2026-2027 [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 16, 13, and 11 respectively, indicating a favorable valuation outlook as earnings grow [4][16] - The company’s return on equity (ROE) is expected to be 21.19% in 2025, reflecting strong profitability [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 81.29% in the first half of 2025. The revenue for the same period reached 6.316 billion yuan, representing a 47.82% increase [4] - The resource segment has shown strong performance, with copper metal production increasing by 198.52% year-on-year, reaching 39,400 tons in the first half of 2025. The gross profit margin for this segment improved to 47.68%, up by 4.91 percentage points [5] - The mining service business is expected to grow, with new contracts signed amounting to approximately 7.1 billion yuan in the first half of 2025. The company is expanding its operations in Africa, and the Kamoa copper mine is gradually resuming production [6] Financial Summary - The company achieved a revenue of 7.399 billion yuan in 2023, projected to grow to 12.275 billion yuan in 2025, reflecting a year-on-year growth of 23.5% [7] - The net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 2.358 billion yuan in 2025, with a year-on-year growth of 48.9% [7] - The earnings per share (EPS) is projected to rise from 1.65 yuan in 2023 to 3.78 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 36.2 to 15.8 [7] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 2.358 billion yuan, 2.641 billion yuan, and 3.381 billion yuan respectively, indicating a positive growth trajectory [4] - The anticipated copper metal production from future projects is expected to reach 150,000 tons, suggesting strong long-term growth potential [5]

Group 1 - The company reported a revenue of 1.123 billion yuan for the first half of 2025, representing a year-on-year growth of 53.53% [1] - The net profit attributable to shareholders reached 301 million yuan, showing a significant increase of 135.08% year-on-year [1] - The main source of revenue was from the subsidiary, Tajin Mining Co., which achieved stable and efficient production operations, leading to an overall increase in the output of major metal products [1] Group 2 - The production of lead metal reached 29,200 tons, up 44.53% year-on-year; zinc metal production was 28,400 tons, increasing by 25.15%; copper metal output was 737.82 tons, growing by 29.90%; and silver metal production was 46.80 tons, up 40.08% [1] - Key capacity construction projects at Tajin Mining, including the tailings project, a 6 million tons/year technical renovation project, and a low-grade ore selection project, have made positive progress [1] - The main engineering of the tailings technical renovation project is expected to be completed within the year, which will effectively enhance the company's ore processing capacity [1] Group 3 - The company’s Argentina salt lake project has successfully completed preliminary compliance procedures and optimized infrastructure construction plans [2] - The project is strictly adhering to progress and financial control, achieving a significant reduction in operating costs through technological innovation and refined management [2] - The focus for the second half of the year will be on advancing the main engineering construction of lithium extraction from the salt lake, with an emphasis on further strengthening cost control [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The Shanghai copper futures price fluctuated downward and returned to the previous trading range. The monthly spread on the futures market widened, and the tightness in the spot market remained unchanged. The domestic social inventory decreased by 0.47 thousand tons compared to Monday. With the reduction in domestic smelting production and imports, the domestic copper supply decreased. However, the current off - season for downstream demand and the strengthening of the spot - futures price spread suppressed demand. Under the short - term situation of weak supply and demand, the social inventory is expected to continue to decline slightly [6]. - The LME copper inventory dropped to 117 thousand tons, with a cancelled warrant ratio of 58.3%. The LME inventory is expected to continue to decline. The high back structure of LME0 - 3 will keep the domestic import window closed and the export window open. Both Shanghai and LME copper face the risk of low inventory [6]. - The Kamoa copper mine lowered its 2025 annual production guidance by 150 thousand tons. Given the current tight supply of copper ore, the reduction in large - mine production will make the global copper ore market more tense in the second half of the year, and the tightness at the raw material end is expected to be transmitted to the smelting end, leading to production cuts by smelters. Fundamentals are still favorable for copper prices [6]. - The US CPI in May was lower than expected, opening up the possibility of a Fed rate cut in September. However, the tense situation in the Middle East and the progress of Sino - US negotiations have increased market caution. In the short term, copper prices will continue to fluctuate under the influence of sentiment [6]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The Shanghai copper market showed a downward trend, with the monthly spread widening. The domestic social inventory decreased, and the spot premium remained flat. The supply decreased due to smelting cuts and reduced imports, while demand was suppressed by the off - season and the strong spot - futures spread. The LME inventory is decreasing, and the high back structure affects import and export windows. The reduction in Kamoa copper mine's production guidance will tighten the copper ore market, and the fundamentals support copper prices, but market sentiment causes short - term fluctuations [6]. 3.2. Industry News - Cobalt Blue completed the feasibility study of its Halls Creek project in Western Australia, with a phased development plan for copper and zinc production. The Onedin deposit will be mined through open - pit methods and processed to produce copper, while zinc will be recovered as monohydrate zinc acid. The Sandiego deposit will be mined underground to produce copper and zinc concentrates. The project will use a photovoltaic solar grid with battery energy storage for power supply [9]. - Ivanhoe's Kakula mine in the Kamoa - Kakula copper complex in Congo resumed operations in its western area on June 7 after flood control measures, and the eastern area's mining is expected to start soon [9][10]. - On June 11, the government of Guixi City held a project promotion meeting, inspecting multiple copper - related projects such as the regeneration copper - based new material industrial park, copper production and recycling projects, and semiconductor and electronic material projects, and coordinating to solve project - related problems [10].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM), focusing on various proposals including financial reports, profit distribution, and the appointment of auditors, while emphasizing its commitment to corporate governance and shareholder rights [4][8][28]. Meeting Agenda - The AGM will cover several key proposals including the review of the 2024 Board of Directors' work report, Supervisory Board's work report, financial settlement report, profit distribution plan, and the appointment of the auditing firm for 2025 [4][5][8]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots allocated for each [6][7]. Company Performance - The company reported a significant increase in net profit, achieving a growth rate of 34.37%, with the main business revenue contributing 70.78% to total income [17]. - The mining service segment maintained stable performance, generating revenue of approximately 654.38 million yuan, while the resource development segment saw a remarkable revenue increase of 412.85% [17][18]. Strategic Developments - The company has expanded its resource projects to five across four countries, indicating a robust global layout and a dual-driven strategy [18][19]. - The acquisition of Lubambe Copper Mine is expected to enhance the company's resource reserves and production capacity, leveraging its expertise in mining services [19][20]. Future Plans - For 2025, the company aims to achieve specific production targets, including 7.94 million tons of copper and 30 million tons of phosphate rock [22][23]. - The company plans to enhance its international market presence and continue developing high-value projects while maintaining a focus on domestic key clients [24][25]. Governance and Compliance - The company emphasizes adherence to legal regulations and corporate governance standards, ensuring the protection of shareholder interests and the execution of AGM resolutions [27][28]. - The board of directors is committed to optimizing governance mechanisms and enhancing decision-making processes to support sustainable growth [27].

Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by the resource development segment, while the mining services segment faced challenges [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion, up 53.59% [1]. - For Q1 2025, the company reported operating revenue of 2.810 billion, a year-on-year increase of 42.49%, but a quarter-on-quarter decline of 5.41%. The net profit attributable to shareholders was 422 million, reflecting a year-on-year growth of 54.10% but a quarter-on-quarter decline of 14.01% [1]. Resource Development Segment - The resource development segment saw a significant increase in revenue, with sales reaching 3.21 billion in 2024, a staggering growth of 412.85%, accounting for 32% of total revenue. In Q1 2025, this segment's revenue share rose to 46% [2]. - The gross profit from the resource development segment was 1.36 billion in 2024, representing 43% of the company's total gross profit, which increased to 62% in Q1 2025 [2]. - The company produced 48,700 tons of copper and 357,000 tons of phosphate rock in 2024, with plans to increase copper production to 79,400 tons and phosphate rock to 300,000 tons in 2025 [2]. Mining Services Segment - The mining services segment faced pressure, completing 93.4% of its production target with revenues of 6.54 billion in 2024, remaining flat year-on-year. This trend continued into Q1 2025, where gross profit dropped by 14.61% to 350 million [2][3]. - The company completed a total mining volume of 41.49 million tons and a total excavation volume of 4.1717 million cubic meters in 2024, slightly below targets [2]. Profit Drivers and Challenges - The increase in net profit for 2024 was primarily driven by gross profit growth from the resource segment, while rising costs from taxes and financial expenses posed challenges [3]. - In Q1 2025, the growth in net profit was attributed to gross profit increases, particularly from the mining resource development segment, which saw a year-on-year revenue increase of 232.7% and gross profit growth of 247.26% [3]. Future Outlook - The company is expected to continue benefiting from both the mining services and resource segments, with ongoing expansion in high-margin overseas operations and resource volume growth anticipated [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].