张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 交易咨询号：Z0023261 增仓上行， 多空矛盾加大 铅周报 从业资格号：F03120988 2026/01/10 CONTENTS 目录 01 周度评估 04 需求分析 02 原生供给 05 供需库存 03 再生供给 06 价格展望 01 周度评估 周度评估 02 原生供给 原生供给：国内含铅矿石进口 图1：铅精矿净进口季节图（万实物吨） 图2：银精矿净进口季节图（万实物吨） 资料来源：海关、五矿期货研究中心 资料来源：海关、五矿期货研究中心 4 6 8 10 12 14 16 18 1 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 2024 2025 4 6 8 10 12 14 16 18 20 1 2 3 4 5 6 7 8 9 10 11 12 2021 2022 2023 2024 2025 根据海关数据，2025年11月铅精矿净进口10.98万实物吨，同比变动15.7%，环比变动11.7%，1-11月累计净进口铅精矿127.85万 实物吨，累计同比变动14.3%。11月银精矿净 ...

兰州新区中川北站货场。（资料图）新甘肃·甘肃日报记者 王占东 记者从甘肃国际物流集团获悉，新年伊始，甘肃国际物流集团新年首批进口业务顺利开展，来自多个国家的亚麻籽、大麦、银精矿等首批大宗进口商品向 兰州集结，吹响了全力拼经营、争创"开门红"的新年号角。 1月1日，甘肃国际物流集团承办的2026年首趟国际货运班列从哈萨克斯坦阿克森格尔顺利启程，这列满载62箱亚麻籽的跨境专列将从霍尔果斯口岸入境， 预计本月内抵达兰州新区中川北站。货物到站后，将分拨至周边城市，为当地粮食零售市场补充优质货源。 元旦假日期间，甘肃国际物流集团所属兰港投公司进口的1700吨亚麻籽、兰州新区综保区公司进口的2700多吨大麦均顺利清关，所属供应链公司首月进口 银精矿将超过8000吨。开年多项进口贸易成功落地，为大宗商品贸易业务打开广阔空间。 据了解，2026年，甘肃国际物流集团将持续优化国际物流网络，深化与共建"一带一路"国家的贸易合作，持续提升多式联运服务品质，为区域经济发展与 国际物流合作注入更强动力。（新甘肃·甘肃日报记者 王占东） 来源：新甘肃客户端 编辑：柴任翔 一审：刘明德 二审：王槿湉 审签：祁永礼 ...

分国别看，1-11月俄罗斯、澳大利亚、秘鲁、美国和塔吉克斯坦为国内铅精矿进口的主要来源，其中自 塔吉克斯坦进口量增长明显，累计同比增加7.5万吨至9.3万吨，自澳大利亚、俄罗斯和秘鲁分别同比增 加4.9万吨至12.7万吨、4.1万吨至38.1万吨和3.6万吨至10.6万吨，自美国同比减少3.0万吨至10.0万吨。另 外，还有部分国家同比变化明显，如自阿曼进口量累计同比增加4.6万吨至7.8万吨，自伊朗进口量累计 同比增加2.2万吨至3.0万吨，自缅甸进口量累计同比减少3.0万吨至3.9万吨，自土耳其进口量累计同比减 少2.5万吨至5.3万吨。 来源：市场资讯 （来源：安泰科） 一、铅精矿进口量同比环比增长明显 2025年11月，中国进口铅精矿11.0万吨实物量，同比上升15.8%，环比上升11.7%；1-11月累计进口铅精 矿127.2万吨实物量，同比增长12.1%，增幅较1-10月扩大0.4个百分点。 2025年11月，中国进口银精矿18.1万吨实物量，同比上升26.5%，环比上升21.1%；1-11月累计进口银精 矿167.7万吨实物量，同比增长8.4%，增幅较1-10月扩大1.8个百分点。 分国别看，1 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Based on the judgment that the lead market will maintain a situation of strong supply and weak demand in 2026, prices are expected to fluctuate within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton [1][67]. - In 2026, the domestic market may have a slight surplus. The supply of lead ore is expected to improve, the supply of waste batteries may increase slightly, and the production of refined lead will continue to grow. The demand side may be supported by the continued replacement consumption and the positive growth of two - wheeled electric vehicles. The energy storage demand is growing explosively, and the incremental space for lead - carbon batteries is broad. However, the export of lead - acid batteries may face pressure, and the overall supply - demand situation is weak, with prices remaining range - bound. The price - holding intention in the waste battery recycling sector is strengthening year by year, which is expected to continuously lift the bottom of the lead price [1][67]. - It is recommended to pay attention to seasonal fluctuation opportunities. After the small spring of consumption at the beginning of the year, consumption weakens marginally, and prices may fall under pressure. In the middle of the year, battery manufacturers replenish stocks in advance for the consumption peak season, while the supply of waste batteries does not increase significantly during the replacement consumption peak season, which may bring a temporary supply - demand gap and inject upward momentum into prices [2][67]. Summary by Directory 1. 2025 Review: First Decline then Rise, with a Slow Uptrend in the Center of Gravity - In January 2025, the lead price declined due to the end of downstream inventory preparation, high finished - product inventory, and a potentially longer Spring Festival holiday. In February, the price rose initially but then fluctuated after factoring in the expected production increase of large downstream manufacturers. In March, the price increased as consumption recovered and downstream battery companies increased inventory. In April, it declined due to macro - tariff impacts and the entry into the consumption off - season. In May and June, prices fluctuated in a weak supply - demand situation [7]. - From July to December, the lead price showed a complex trend. In July, it first rose and then fell due to changes in supply and demand. In August, it fluctuated weakly. In September, it rose after a period of fluctuation. In October, it trended strongly with obvious supply pressure on primary lead and incremental demand. In November, it climbed and then declined as primary lead production increased and secondary lead production grew rapidly [8][9]. 2. Supply - Demand Weakness, with Dull Fundamental Contradictions 2.1 Lead Ore Supply is Rigid, but There Will Be Increment in the Next Year - In the long - term, overseas mining enterprises' capital expenditure in lead ore has been low, resulting in relatively rigid global lead ore production. The supply cycle of lead ore is more closely related to that of zinc ore. In 2025, global lead ore supply disturbances increased, and overseas production increments were limited. For 2026, there is an expected increment of 100,000 tons, with a year - on - year growth rate of 2.2% [10][13][14]. 2.2 Domestic Mines Increased Production This Year, but Realistic Contradictions Still Exist - In 2025, from January to November, China's lead concentrate production increased by 10.4% year - on - year, mainly due to the production increase of mines such as Xinjiang Huoshaoyun. It is expected to contribute an increment of 100,000 tons in 2026. The continuous tight supply of lead concentrate has squeezed the profit margin of primary lead smelting. China's lead raw material import structure is becoming more diversified, but the import profit of lead concentrate is meager [20][26]. 2.3 Insufficient Endogenous Power, Driven by By - Product Profits - Since March 2025, the thickening of primary lead plant profits has driven high - level production. By - product profits such as silver and sulfuric acid have become the main factors driving the supply elasticity of primary lead plants. Assuming that the prices of by - products remain high in 2026, primary lead supply is expected to continue to grow slightly, and supply elasticity may increase [33][34]. 2.4 Problems in Secondary Lead Supply Still Exist, Forming a Strong Constraint - China's secondary lead production capacity is severely over - supplied, and the shortage of raw materials has led to low - level production. Since the second quarter, secondary lead enterprises have suffered losses, and it is expected that the production of secondary lead will continue to decline in 2026. Although there will be more incremental supply in the long - term, the growth rate of capacity expansion may slow down, and some enterprises are transforming to a multi - raw material production mode [36][37]. 3. Is the Demand Really Collapsing: A Flash in the Pan or a Steady Stream? 3.1 Policy Boosts Consumption, Electric Bicycles Return to Positive Growth, and Automobile Exports Contribute Significantly - In 2025, new national standards and national subsidy policies have stimulated the growth of the electric bicycle industry. Automobile consumption policies have also continuously increased, and the trade - in policy has effectively boosted consumption. It is expected that the trade - in subsidy scale will continue to be maintained at 300 billion yuan in 2026 [46][52][53]. 3.2 Explosive Growth in Energy Storage Demand, Vast Incremental Space in the Future - The energy storage demand for lead - acid/lead - carbon batteries is growing explosively. Lead - acid batteries have cost, safety, recycling, and low - temperature performance advantages, but also have performance shortcomings. In 2025, the lead consumption of lead - carbon batteries was 27,300 tons in the first three quarters, and it is expected to increase by 28,300 tons in 2026, with a marginal contribution to consumption of 0.4% [60][61]. 3.3 High Domestic - Foreign Price Ratio and Tariff Impacts Weigh on Lead - Acid Battery Exports - In 2025, the export volume of lead - acid batteries declined rapidly due to the expansion of the domestic - foreign price ratio and tariff impacts. The anti - dumping tariff imposed by the GCC on Chinese lead - acid batteries will take effect in 2026, which may significantly reduce the export volume [64]. 4. Conclusion and Investment Outlook - In 2026, the lead market will maintain a situation of weak supply and demand, with prices fluctuating within a range. The main operating range for Shanghai lead is 16,000 - 18,000 yuan/ton, and for London lead, it is 1,900 - 2,100 US dollars/ton. It is recommended to pay attention to seasonal fluctuation opportunities [67].

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoint - From the perspective of industrial data, the visible inventory of lead ore has increased, but the smelting start - up rate of primary lead has declined, while that of secondary lead has continued to rise. The weekly start - up rate of downstream battery enterprises has increased marginally, and the visible inventory of domestic lead ingots has decreased marginally. In terms of funds, after two consecutive weeks of decline, the lead price has returned to the oscillation center of 17,000 yuan. Considering the Fed's interest - rate cut cycle, the sentiment in the non - ferrous metals industry is relatively positive, and the short - term lead price is expected to be strong [11]. Summary by Directory 1. Weekly Assessment - **Price Review**: On Friday, the Shanghai Lead Index closed up 0.77% at 17,087 yuan/ton with a total unilateral trading position of 73,500 lots. As of 15:00 on Friday, LME Lead 3S rose 13 to $1,990/ton with a total position of 166,200 lots. The average price of SMM 1 lead ingots and secondary refined lead was 16,975 yuan/ton, with a flat price difference between refined and scrap. The average price of waste electric vehicle batteries was 9,900 yuan/ton [11]. - **Domestic Structure**: According to Steel Union data, the domestic social inventory of lead ingots decreased slightly to 35,300 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 26,300 tons, with an internal primary basis of - 65 yuan/ton and a spread of - 35 yuan/ton between consecutive contracts. **Overseas Structure**: The LME lead ingot inventory was 264,200 tons, and the LME lead ingot cancelled warrants were 140,400 tons. The external cash - 3S contract basis was - $38.94/ton, and the 3 - 15 spread was - $82.8/ton. **Cross - Market Structure**: After excluding exchange rates, the Shanghai - London ratio was 1.215, and the import profit and loss of lead ingots was 143.13 yuan/ton [11]. - **Industrial Data**: At the primary end, the port inventory of lead concentrate was 32,000 tons, and the factory inventory was 474,000 tons, equivalent to 30.7 days. The import TC of lead concentrate was - $135/dry ton, and the domestic TC was 300 yuan/metal ton. The primary smelting start - up rate was 65.32%, and the primary ingot factory inventory was 9,000 tons. At the secondary end, the waste lead inventory was 102,000 tons, the weekly output of secondary lead ingots was 46,000 tons, and the secondary ingot factory inventory was 7,000 tons. At the demand end, the start - up rate of lead - acid battery enterprises was 73.39% [11]. 2. Primary Supply - **Import and Production**: In October 2025, the net import of lead concentrate was 98,300 physical tons, a year - on - year change of - 39.7% and a month - on - month change of - 34.6%. From January to October, the cumulative net import was 1,167,300 physical tons, a cumulative year - on - year change of 14.0%. The net import of silver concentrate in October was 149,400 physical tons, a year - on - year change of 11.4% and a month - on - month change of - 7.0%. From January to October, the cumulative net import was 1,507,900 physical tons, a cumulative year - on - year change of 5.4%. In October, China's lead concentrate production was 146,200 metal tons, a year - on - year change of 10.6% and a month - on - month change of - 3.4%. From January to October, the total production was 1,395,300 metal tons, a cumulative year - on - year change of 11.4%. The net import of lead - containing ore in October was 118,700 metal tons, a year - on - year change of - 21.6% and a month - on - month change of - 23.2%. From January to October, the cumulative net import was 1,303,500 metal tons, a cumulative year - on - year change of 9.9% [15][17]. - **Total Supply**: In October 2025, China's total supply of lead concentrate was 264,900 metal tons, a year - on - year change of - 6.6% and a month - on - month change of - 13.4%. From January to October, the cumulative supply was 2,698,800 metal tons, a cumulative year - on - year change of 10.7%. In August 2025, the global lead ore production was 383,300 tons, a year - on - year change of - 1.2% and a month - on - month change of 0.5%. From January to August, the total production was 3,008,800 tons, a cumulative year - on - year change of 3.1% [19]. - **Inventory and Processing Fees**: At the primary end, the port inventory of lead concentrate was 32,000 tons, and the factory inventory was 474,000 tons, equivalent to 30.7 days. The import TC of lead concentrate was - $135/dry ton, and the domestic TC was 300 yuan/metal ton [21][23]. - **Smelting and Production**: The primary smelting start - up rate was 65.32%, and the primary ingot factory inventory was 9,000 tons. In October 2025, China's primary lead production was 326,000 tons, a year - on - year change of 2.7% and a month - on - month change of - 0.5%. From January to October, the total production of primary lead ingots was 3,186,900 tons, a cumulative year - on - year change of 7.7% [26]. 3. Secondary Supply - **Raw Materials and Weekly Output**: At the secondary end, the waste lead inventory was 102,000 tons. The weekly output of secondary lead ingots was 46,000 tons, and the secondary ingot factory inventory was 7,000 tons. In October 2025, China's secondary lead production was 346,300 tons, a year - on - year change of 11.9% and a month - on - month change of 9.2%. From January to October, the total production of secondary lead ingots was 3,235,100 tons, a cumulative year - on - year change of 2.7% [31][33]. - **Net Export and Total Supply**: In October 2025, the net export of lead ingots was - 15,100 tons, a year - on - year change of 92.6% and a month - on - month change of 21.9%. From January to October, the cumulative net export of lead ingots was - 95,200 tons, a cumulative year - on - year change of - 43.5%. In October, the total domestic supply of lead ingots was 687,400 tons, a year - on - year change of 8.3% and a month - on - month change of 4.6%. From January to October, the cumulative domestic supply of lead ingots was 6,517,200 tons, a cumulative year - on - year change of 3.8% [35]. 4. Demand Analysis - **Battery Start - up Rate and Apparent Demand**: At the demand end, the start - up rate of lead - acid battery enterprises was 73.39%. In October 2025, the apparent domestic demand for lead ingots was 689,700 tons, a year - on - year change of 5.9% and a month - on - month change of - 4.1%. From January to October, the cumulative apparent domestic demand for lead ingots was 6,526,400 tons, a cumulative year - on - year change of 3.9% [40]. - **Battery Export**: In October 2025, the net export quantity of batteries was 1,614,520 units, and the net export weight was 84,600 tons. It was estimated that the net export of lead in batteries was 52,900 tons, a year - on - year change of - 15.1% and a month - on - month change of - 12.8%. From January to October, the total net export of lead in batteries was 607,600 tons, and the cumulative net export of lead in batteries had a year - on - year change of - 5.0% [43]. - **Inventory Days**: In October 2025, the finished product inventory days of lead - acid battery factories increased from 19.7 days to 24.5 days, and the inventory days of lead - acid batteries for dealers increased from 39.7 days to 41 days [45]. - **Terminal Demand**: In the two - wheeled vehicle sector, although the production decline of electric bicycles directly dragged down the new installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automotive sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles are gradually replacing lead - acid start - up batteries, the high stock of existing vehicles still provides support for lead consumption. In the base station sector, the increasing number of communication base stations and 5G base stations driven by the development of communication technology has led to a steady increase in the demand for lead - acid batteries [49][51][54]. 5. Supply - Demand and Inventory - **Domestic Supply - Demand Gap**: In October 2025, the domestic supply - demand gap of lead ingots was a shortage of - 2,400 tons. From January to October, the cumulative domestic supply - demand gap of lead ingots was a shortage of - 9,200 tons [63]. - **Overseas Supply - Demand Gap**: In August 2025, the overseas supply - demand gap of refined lead was a shortage of - 19,400 tons. From January to August, the cumulative overseas supply - demand gap of refined lead was a shortage of - 46,900 tons [66]. 6. Price Outlook - **Domestic Basis and Spread**: According to Steel Union data, the domestic social inventory of lead ingots decreased slightly to 35,300 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 26,300 tons, with an internal primary basis of - 65 yuan/ton and a spread of - 35 yuan/ton between consecutive contracts [71]. - **Overseas Basis and Spread**: The LME lead ingot inventory was 264,200 tons, and the LME lead ingot cancelled warrants were 140,400 tons. The external cash - 3S contract basis was - $38.94/ton, and the 3 - 15 spread was - $82.8/ton [74]. - **Internal - External Spread**: After excluding exchange rates, the Shanghai - London ratio was 1.215, and the import profit and loss of lead ingots was 143.13 yuan/ton [77]. - **Position Analysis**: The net short position of the top 20 holders of Shanghai Lead decreased significantly, the net long position of investment funds in LME Lead decreased, and the net short position of commercial enterprises decreased. From the perspective of positions, the short - term guidance is bullish [80].

Core Viewpoint - Guocheng Mining's stock price has shown volatility, with a year-to-date increase of 21.61% but a recent decline of 7.31% over the past five trading days, indicating potential market fluctuations and investor sentiment changes [2]. Company Overview - Guocheng Mining Co., Ltd. is located in Fengtai District, Beijing, and was established on November 10, 1978, with its stock listed on January 20, 1997. The company primarily engages in lead-zinc mining and related businesses [2]. - The revenue composition of Guocheng Mining includes: titanium dioxide (53.55%), zinc concentrate (21.05%), iron concentrate (8.37%), lead concentrate (4.38%), copper concentrate (3.87%), silver concentrate (2.92%), sulfuric acid (2.91%), sulfur concentrate (1.81%), others (1.04%), and sulfur iron powder (0.09%) [2]. Stock Performance - As of October 16, Guocheng Mining's stock price was 14.46 CNY per share, with a market capitalization of 16.273 billion CNY. The stock experienced a trading volume of 91.2848 million CNY and a turnover rate of 0.55% [1]. - The net outflow of main funds was 9.2851 million CNY, with significant selling pressure observed [1]. Financial Performance - For the period from January to June 2025, Guocheng Mining achieved a revenue of 1.085 billion CNY, representing a year-on-year growth of 39.74%. The net profit attributable to shareholders was 521 million CNY, showing a remarkable increase of 1111.34% [2]. Shareholder Information - As of September 19, the number of shareholders for Guocheng Mining was 25,800, a decrease of 2.35% from the previous period. The average circulating shares per person increased by 2.40% to 43,643 shares [2]. - The company has distributed a total of 235 million CNY in dividends since its A-share listing, with 59.2363 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 6.641 million shares, a decrease of 571,200 shares compared to the previous period [3].

Group 1 - The controlling shareholder of Luoping Zinc & Electricity is planning to transfer control of the company to a municipal state-owned asset management entity, which would elevate the control from county-level to city-level [1] - The transfer involves the agreement to transfer 72.4276 million shares, accounting for 22.3960% of the total share capital, to Qujing Development Investment Group [1] - The stock of Luoping Zinc & Electricity will be suspended from trading starting May 28, with an expected suspension period of no more than two trading days [1] Group 2 - Luoping Zinc & Electricity has faced operational challenges in recent years due to environmental pollution and litigation issues, resulting in a lack of performance highlights [2] - In Q1 2025, the company reported a revenue of 185 million yuan, a year-on-year decrease of 53.55%, and a loss of 45.0088 million yuan compared to a loss of 29.526 million yuan in the same period last year [2] - The company aims to produce 80,000 tons of zinc ingots and achieve a revenue of 1.918 billion yuan in 2025 [2] Group 3 - In the 2024 annual performance meeting, the company indicated a significant improvement in profitability, with a gross margin turning positive, reflecting effective cost control and production efficiency [2] - The net cash flow from operating activities for 2024 was 103 million yuan, indicating sustained net inflow from operations [2] - The zinc industry is characterized by "tight supply, weak recovery, and high volatility," with long-term trends pointing towards green transformation and new technology applications reshaping the industry landscape [2]

Company Overview - Guocheng Mining Co., Ltd. has been downgraded to a long-term credit rating of A+ by Lianhe Credit Rating Co., Ltd. with a stable outlook for both the company and its convertible bonds [1][3] - The company primarily engages in non-ferrous metal mining and selection, with a focus on zinc, lead, and sulfur iron resources [10][12] Financial Performance - As of the end of 2024, the company reported total assets of 9.272 billion yuan and total equity of 3.431 billion yuan, with an operating revenue of 1.918 billion yuan and a net profit of -55 million yuan [10][12] - The company experienced a decline in profitability, with total capital return rate and net asset return rate at 0.12% and -3.40% respectively in 2024 [5][9] - The company’s cash flow from operating activities decreased, resulting in a net cash outflow of 338 million yuan in the first quarter of 2025 [9] Operational Developments - The company’s subsidiary, Inner Mongolia Dongshengmiao Mining Co., Ltd., maintains good resource endowment and is gradually expanding production, with a sulfur-titanium iron resource recycling project having completed trial production [3][6] - The company plans to acquire at least 60% of the equity of Inner Mongolia Guocheng Industrial Co., Ltd., which is a large molybdenum metal mine, enhancing its resource base [6][12] Management and Governance - The company has a relatively stable corporate governance structure, but frequent changes in board members and senior management have been noted [5][12] - The company has faced administrative penalties due to safety production incidents, indicating areas for improvement in management capabilities [7][16] Industry Context - The non-ferrous metal industry is characterized by significant cyclicality and is influenced by international supply-demand dynamics and geopolitical factors [11] - The industry has seen a rise in demand for traditional industrial metals like copper and aluminum, while new energy metals face price pressures due to supply-demand imbalances [11]

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250513：原料不足引发炼厂减产，铅价下方支撑较强；沪锌区间整理 | | | | | --- | --- | --- | --- | | 2025/5/13 指标 单位 今值 变动 近期趋势 | | | | | 元/吨 16,750.00 0.75% SMM1#铅锭平均价格 | | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 16,995.00 1.13% | | | | | 元/吨 -245.00 -65.00 沪铅基差 | | | | | 升贴水-上海 元/吨 -15.00 -15.00 | | | | | 升贴水-LME 0-3 美元/吨 4.69 14.01 升贴水-LME 3-15 美元/吨 -58.90 4.40 | | | | | 价差 沪铅近月-沪铅连一 元/吨 -40.00 -60.00 | | | | | 元/吨 沪铅连一-沪铅连二 -5.00 -15.00 | | | | | 铅 沪铅连二-沪铅连三 元/吨 - -10.00 | | | | | 手 42,622.00 47 ...

Core Viewpoint - Guocheng Mining (000688.SZ) reported a significant increase in revenue for 2024, reaching 1.918 billion yuan, a year-on-year growth of 60.37%. However, the company faced a substantial decline in net profit, dropping 279.51% to a loss of 113 million yuan, marking a return to losses since 2010. The poor performance is attributed to unprofitable sales of newly produced titanium dioxide and declining performance of its equity subsidiaries [1][2]. Financial Performance - The total revenue for 2024 was 1.918 billion yuan, up from 1.196 billion yuan in 2023 [3]. - The gross profit for 2024 was 535.5 million yuan, compared to 435.5 million yuan in 2023 [3]. - The net profit attributable to shareholders was -112.6 million yuan, down from 62.7 million yuan in 2023 [3]. - The net profit excluding non-recurring items was -9.018 million yuan, compared to 6.505 million yuan in 2023 [3]. - The year-on-year revenue growth rate was 60.37%, while the net profit growth rate was -279.51% [3]. Business Operations - Guocheng Mining primarily engages in non-ferrous metal mining and resource recycling, with key products including zinc concentrate, lead concentrate, silver concentrate, copper concentrate, titanium dioxide, and sulfuric acid [2]. - The revenue increase in 2024 was mainly driven by the production launch of Guocheng Resources and increased sales volume and price of silver concentrate [2]. - The newly launched titanium dioxide business faced high production costs and a market price decline, resulting in a gross margin of -24.86% [4]. Asset Management and Strategic Moves - Guocheng Mining is planning to acquire molybdenum mining assets from Guocheng Group for an estimated value of 3.3 billion yuan while selling profitable silver mining assets to improve its product portfolio [1][8]. - The company is under financial pressure, with cash reserves of only 174 million yuan against short-term debts of 670 million yuan, raising concerns about the feasibility of the acquisition [8][9]. - The company has also sold a 65% stake in its subsidiary Yubang Mining for 1.6 billion yuan to enhance liquidity and optimize its asset structure [9]. Market Conditions - The market price for titanium dioxide has been under pressure, with a decline from an average of 16,483.33 yuan/ton at the beginning of 2024 to 14,900 yuan/ton by year-end, reflecting a drop of 9.61% [4]. - Molybdenum prices have also decreased from their peak in 2023, which could impact the performance of Guocheng Resources post-acquisition [10][12]. - The performance of Guocheng's equity subsidiary, Malkang Jinxin Mining, has declined significantly due to falling lithium product prices, with net profit dropping nearly 90% in 2024 [5].