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].