证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 24 日 [Table_Title] TIMAH 2025Q3 锡金属产销量分别环比增加 6%、 12%至 3,985 吨、3,486 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q3 产销情况 2025Q3，公司锡矿产量为 5,200 吨，同比增长 5%，环比 增长 37%。 2025Q3，来自陆上的锡矿产量为 2,099 吨，同比增长 25%，环比增长 161%。 2025Q3，来自海上的锡矿产量为 3,101 吨，同比下降 4%，环比增长 4%。 2025Q3，锡金属的产量为 3,985 吨，同比下降 16%，环比 增长 6%。 2025 前三季度，锡金属的平均销售价格为 33,596 美元/ 吨，较去年同期的 31,183 美元/吨上涨了 8%。 2025 年前三季度，公司国内精炼锡销量占比 7%，出口销 量占比 93%，前六大出口目的地分别为日本（19%）、新加坡 （19%）、韩国（18%）、荷兰（9%）、意大利（4%）和美 国（4%）。公司专注于出口市场 ...

Group 1 - Guangqi Technology's subsidiary signed mass production contracts for metamaterials totaling 516 million yuan, with products to be delivered by June 30, 2026 [1][2] - Mingyang Smart Energy plans to invest 1.5 billion pounds (approximately 14.21 billion yuan) to build a comprehensive wind power manufacturing base in Scotland, with the first phase expected to be operational by the end of 2028 [3][4] - Wentech Technology's control over Anshi Semiconductor is temporarily restricted due to a ministerial order from the Dutch government, affecting operational efficiency but not economic benefits [4][5] Group 2 - Baotailong's mine has officially resumed production with an annual design capacity of 900,000 tons [6] - New Lai Materials reported no significant changes in its operating environment, maintaining normal production and operations [7][8] - Tailing Micro plans to issue H-shares and list on the Hong Kong Stock Exchange [9] Group 3 - Times New Material announced a cash dividend of 0.07 yuan per share, totaling 65.18 million yuan, with the ex-dividend date set for October 17, 2025 [10] - Times New Material signed blade sales contracts totaling approximately 4.49 billion yuan, with 4.048 billion yuan from onshore wind projects and 442 million yuan from offshore projects [11][12] - Sunshine Nuohuo's new drug BTP4507 has received approval for clinical trials, targeting patients with poorly controlled primary hypertension [13] Group 4 - BGI Genomics expects to receive over 120 million USD in licensing fees for its CoolMPS sequencing technology [14] - Shandong Environmental Energy won a project for kitchen waste treatment in Xingtai, with an 8-year service period [15] - Kelun Pharmaceutical's product sac-TMT received approval for a third indication for treating advanced non-small cell lung cancer [16] Group 5 - Zhongzhi Holdings' major shareholder plans to publicly transfer 24.73% of the company's shares, which may lead to a change in control [17] - Yunnan Copper reported uncertainty regarding the future prices of cathode copper and gold, while maintaining normal operations [18] - Xiyang Co. announced that its tin smelting processing fees remain low despite rising tin prices [19] Group 6 - TEBIO's product Peginterferon has received approval for an additional indication for chronic hepatitis B treatment [20] - Yirui Biotech's major shareholder plans to reduce their stake by up to 3% due to personal funding needs [21] - China Nuclear Power reported a 14.95% year-on-year increase in power generation for the first three quarters, totaling 184.364 billion kWh [22] Group 7 - Shanghai Hejing's shareholder plans to reduce their stake by up to 1% due to personal funding needs [23] - Baili Tianheng's subsidiary triggered a milestone payment of 250 million USD from a collaboration with Bristol-Myers Squibb [24] - Hengdian East Magnetic expects a net profit increase of 50.1% to 65.2% year-on-year for the first three quarters [25]

Group 1 - The company's stock (Securities abbreviation: Xiye Co., Securities code: 000960) experienced an abnormal trading fluctuation, with a cumulative deviation of +20% in closing prices over three consecutive trading days (September 30, October 9, and October 10, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company did not find any recent media reports that could have significantly impacted the stock price [4] Group 2 - The company's production and operational conditions are normal, with no significant changes in the internal and external operating environment [4] - The main product, tin metal, has seen a price increase, while tin smelting processing fees remain at a low level [4] - The company and its controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules [6] - The company will release its Q3 2025 report on the 25th of this month, and there has been no leakage of related undisclosed performance information [7]

Core Viewpoint - The company, Xiyu Co., Ltd. (stock code: 000960), reported that its production and operational conditions are normal, with no significant changes in the internal and external operating environment [1] Group 1: Operational Status - The company confirmed that its main product, tin metal, has seen a price increase recently [1] - Tin smelting and processing fees are currently running at a low level [1] Group 2: Disclosure and Major Events - The company, its controlling shareholders, and their concerted actions do not have any undisclosed major matters related to the company or any significant matters in the planning stage [1]

Core Viewpoint - The company announced that its stock price has experienced significant fluctuations, with a cumulative deviation of +20% over three consecutive trading days, indicating abnormal trading activity [1] Group 1: Company Operations - The company's production and operational conditions are currently normal, with no significant changes in the internal or external operating environment [1] - The main product, tin metal, has seen a price increase recently, while tin smelting processing fees remain at low levels [1] Group 2: Disclosure and Trading Activity - The company, its controlling shareholders, and their concerted parties do not have any undisclosed significant matters related to the company or any major matters in the planning stage [1] - There have been no recent media reports that could have significantly impacted the company's stock trading price with undisclosed major information [1] - During the period of abnormal stock fluctuations, the controlling shareholders and their concerted parties did not engage in buying or selling the company's stock [1]

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights - In Q2 2025, the production of tin metal increased by 22% quarter-on-quarter to 3,775 tons, while sales rose by 8% to 3,109 tons [1]. - The average selling price of tin metal in H1 2025 was $32,816 per ton, an increase of 8% compared to $30,397 per ton in the same period last year [1]. - The company aims for a tin ore production target of 21,500 tons and a tin metal production target of 21,545 tons for the year 2025 [6]. Production and Sales Summary - In Q2 2025, the company's tin ore production was 3,782 tons, a year-on-year decrease of 23% but an 18% increase quarter-on-quarter [1]. - The land-based tin ore production was 804 tons, down 52% year-on-year and down 50% quarter-on-quarter [1]. - The sea-based tin ore production was 2,978 tons, a decrease of 8% year-on-year but an increase of 84% quarter-on-quarter [1]. - The sales volume of tin metal in Q2 2025 was 3,109 tons, reflecting a year-on-year decrease of 35% but an 8% increase quarter-on-quarter [1]. Financial Performance Summary - In Q2 2025, the company's revenue was 21.2 trillion Indonesian Rupiah, a year-on-year increase of 2% but a quarter-on-quarter decrease of 20% [3]. - The cost of goods sold in Q2 2025 was 16.5 trillion Indonesian Rupiah, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 13% [3]. - The operating profit for Q2 2025 was 232 billion Indonesian Rupiah, a year-on-year increase of 59% but a quarter-on-quarter decrease of 56% [3]. - The net profit for Q2 2025 was 183.21 billion Indonesian Rupiah, a quarter-on-quarter decrease of 58% [3]. Market Position and Strategy - In H1 2025, domestic sales accounted for 8% of tin metal sales, while exports made up 91%, with Japan, South Korea, and Singapore being the top three export destinations [2]. - The company plans to enhance resource management, strengthen market position, and support the electric vehicle ecosystem as part of its strategy for 2025 [6].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [4]. Core Insights - The tin ore production in Q1 2025 decreased by 40% year-on-year to 3,215 tons, with a guidance for 2025 indicating a 10.6% increase in tin ore production to 21,500 tons [1][6]. - The average selling price of refined tin increased by 20% to $32,495 per metric ton compared to $27,071 per metric ton in the previous year [2][7]. - The company achieved a net profit of 116.86 billion Indonesian Rupiah in Q1 2025, exceeding its target by 20% [3]. Summary by Sections Production and Sales - In Q1 2025, the total production of tin ore was 3,215 tons, down from 5,360 tons in Q1 2024, with onshore production at 1,598 tons (down 51%) and offshore production at 1,617 tons (down 23%) [1][7]. - The production of refined tin was 3,095 tons, a decrease of 31% from 4,475 tons in the same quarter last year [2][7]. - Refined tin sales were 2,874 tons, down 18% from 3,524 tons year-on-year [2][7]. Financial Performance - The company's revenue for Q1 2025 was 21 trillion Indonesian Rupiah, a 2.1% increase from 20.6 trillion Indonesian Rupiah in Q1 2024, attributed to the rise in average tin prices [3]. - Operating profit for Q1 2025 was 148 billion Indonesian Rupiah, up from 93 billion Indonesian Rupiah in Q1 2024 [3]. - The company's total assets decreased by 2% to 12.49 trillion Indonesian Rupiah, while liabilities fell by 9% to 4.85 trillion Indonesian Rupiah [5]. 2025 Guidance - The company anticipates that the average price of tin metal in 2025 will exceed that of 2024, driven by increased demand from electronics and advancements in digital technology [6]. - Key targets for 2025 include tin ore production of 21,500 tons (up 10.6%), refined tin production of 21,545 tons (up 13.9%), and sales of refined tin at 19,065 tons (up 8.9%) [6].