公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘路坷、主管会计工作负责人岳敏及会计机构负责人(会计主 管人员)武武声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉未来计划等前瞻性陈述，不代表对公司未来盈利预测，不构成 公司对投资者的实质承诺，敬请投资者注意投资风险。公司在本报告"第三节 十、公司面临的风险和应对措施"中，已详细描述公司可能面临的风险及公司 拟应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。此外，公 司 1 亿元（含）-2 亿元（含）回购股份并注销的方案已于 2025 年 8 月 7 日首 次实施。 第 1 页 共 162 页 第 2 页 共 162 页 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； （二）报告期内公开披露过的所有公司文件的正本及公告的原稿； （三）载有公司法定代表人签名的 2025 年半年度报告文本。 第 3 页 共 162 页 ...

Investment Ratings - The report does not explicitly provide investment ratings for the industries discussed [2][3][4][5][6]. Core Insights - The copper market shows a stable upward trend with expectations of demand recovery in mid-September, despite current seasonal weakness [15]. - The aluminum sector is stabilizing at the bottom, with a slight increase in processing rates among leading companies [16]. - The gold market remains highly active, influenced by international geopolitical developments and trade agreements [17]. - The rare earth sector is experiencing significant price increases and regulatory changes, indicating a bullish outlook [35]. - The antimony market is expected to see price recovery due to improved export expectations and domestic production cuts [36]. - The molybdenum market is witnessing price increases driven by rising demand from steel manufacturers [37]. Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased slightly, with LME copper at $9734.50 per ton and SHFE copper at ¥78,700 per ton [15]. - Aluminum prices also fell, with LME aluminum at $2593.00 per ton and SHFE aluminum at ¥20,600 per ton [16]. - Gold prices showed a minor increase, with COMEX gold at $3383.50 per ounce [17]. 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index dropped to -$41.15 per ton, and domestic copper inventory decreased by 0.2 thousand tons to 13.17 thousand tons [15]. - The operating rate in the copper industry fell by 7.39% to 52.1% due to raw material shortages [15]. 2.2 Aluminum - Domestic aluminum ingot inventory decreased by 1.1 thousand tons to 596 thousand tons, while the operating rate for aluminum processing companies rose by 0.5% to 60.0% [16]. - The complete cost of electrolytic aluminum is ¥16,718 per ton, with industry profits around ¥3,960 per ton [16]. 2.3 Precious Metals - The gold market is influenced by international trade agreements and geopolitical tensions, maintaining a volatile trading environment [17]. 3. Minor Metals and Rare Earth Market Overview - The rare earth sector is seeing price increases, with praseodymium-neodymium oxide at ¥622,300 per ton, up 11.61% [35]. - Antimony prices are expected to recover due to improved export conditions and domestic production cuts [36]. - Molybdenum prices are rising as demand from steel manufacturers increases, with molybdenum concentrate prices at ¥4,420 per ton [37]. 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Regulatory changes in the rare earth industry are expected to enhance market conditions, with significant price increases anticipated [35]. 4.2 Antimony - The antimony market is poised for recovery, supported by export expectations and production cuts [36]. 4.3 Molybdenum - Molybdenum prices are on the rise due to increased demand from the steel sector, with a notable recovery in steel procurement volumes [37].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown significant performance growth driven by the synergy of tin and antimony prices, with a notable increase in resource reserves potential [4][5]. - The company is positioned as a leader in the tin and antimony industry, with robust resource endowments and a strong market presence [45][46]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [1][13]. - In Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64% [1][13]. Production and Sales - The company’s tin concentrate production in H1 2025 was approximately 3,273.80 tons, a decrease of 6.18% year-on-year, while sales increased by 41.02% [2][22]. - The production of zinc ingots rose by 8.47% year-on-year, with sales also increasing by 8.06% [2][22]. Pricing and Margins - The average prices for the company's main products in H1 2025 were 262,100 yuan/ton for tin, 189,000 yuan/ton for antimony, and 23,100 yuan/ton for zinc, with significant year-on-year increases for antimony [3][26]. - The overall gross margin for H1 2025 was 36.36%, a decrease of 2.56 percentage points year-on-year [3][26]. Resource Development - The company has made progress in resource development, with significant increases in mineral reserves, particularly in the Fozichong lead-zinc mine, which saw a 93.59% increase in verified reserves [4][47]. - The company holds mining rights for three major mines, with a total resource amount of 89.591 million tons as of H1 2025 [4][47]. Future Outlook - The company is expected to achieve net profits of 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 12 [6][5]. - The anticipated demand surge, coupled with relaxed export policies, is expected to create a favorable market environment for tin and antimony [49].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company is expected to benefit significantly from the rising prices of tin and antimony, with a projected increase in revenue and net profit for the coming years [5][6] - The company achieved a revenue of 2.787 billion yuan in H1 2025, representing a year-on-year increase of 23.66%, and a net profit of 382 million yuan, up 9.49% year-on-year [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted upwards, with expected figures of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan respectively [5][6] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.543 billion yuan, a year-on-year increase of 19.55% and a quarter-on-quarter increase of 23.95% [5][6] - The net profit for Q2 2025 was 228 million yuan, showing a year-on-year increase of 2.22% and a quarter-on-quarter increase of 48.87% [5][6] - The company’s tin ingot production in Q2 2025 was 3,237.96 tons, a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [6] Production and Pricing Insights - The average market price for tin ingots in Q2 2025 was approximately 264,000 yuan per ton, with a slight increase compared to the previous periods [6] - The company’s gross profit from the tin ingot segment in Q2 2025 was 186 million yuan, reflecting a quarter-on-quarter increase of 38% [6] - The antimony segment achieved a gross profit of 240 million yuan in Q2 2025, with a gross margin close to 90% [6] Strategic Initiatives - The company is actively promoting a "Three-Year Action Plan" aimed at enhancing production capacity, including a planned investment of 1.09 billion yuan for deep mining projects [7] - The company’s copper mine project has seen an increase in certified scale from 2.376 million tons per year to 3.5 million tons per year [7] Financial Projections - Revenue projections for 2025 to 2027 are 5.103 billion yuan, 5.435 billion yuan, and 6.506 billion yuan respectively, with corresponding net profit estimates of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan [9][12] - The expected EPS for 2025, 2026, and 2027 are 1.49 yuan, 1.66 yuan, and 2.10 yuan respectively, with P/E ratios of 17.8, 15.9, and 12.6 [9][12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady demand but is facing challenges due to high prices suppressing procurement and weak terminal orders [1][14] - The aluminum sector is experiencing a mild recovery with increased operating rates among downstream processing enterprises [2][15] - Gold maintains its appeal as a safe-haven asset despite a slight decrease in price, influenced by geopolitical events and rising U.S. debt [3][16] - The rare earth sector is expected to benefit from supply tightening and policy changes, with prices showing an upward trend [4][36] - The antimony market is stabilizing with potential for price recovery due to improved export expectations and domestic production cuts [4][38] - Molybdenum prices are expected to rise as demand from the steel industry increases and supply remains tight [4][39] - Tin prices are supported by strong inventory levels and demand from sectors like AI and photovoltaics [4][40] Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased by 0.08% to $9,760.00 per ton on LME, while Shanghai copper increased by 0.73% to 79,100 yuan per ton [1][14] - Aluminum prices fell by 0.46% to $2,603.00 per ton on LME, with a slight increase in Shanghai aluminum [2][15] - Gold prices decreased by 0.36% to $3,381.70 per ounce, with increased holdings in SPDR Gold Trust [3][16] 2. Base and Precious Metals Fundamental Updates 2.1 Copper - Domestic copper inventory decreased to 125,600 tons, with a forecasted slight drop in operating rates due to weak demand [1][14] 2.2 Aluminum - Operating rates in the aluminum processing sector increased to 59.5%, indicating a mild recovery [2][15] 2.3 Precious Metals - Gold's attractiveness as a safe-haven asset remains despite geopolitical tensions and rising U.S. debt levels [3][16] 3. Minor Metals and Rare Earth Market Overview - Rare earth prices are on the rise due to supply constraints and policy changes, with significant benefits expected for leading companies in the sector [4][36] - Antimony prices are stabilizing with potential for recovery driven by export expectations and domestic production cuts [4][38] - Molybdenum prices are anticipated to rise due to increased demand from the steel industry and low inventory levels [4][39] - Tin prices are supported by strong inventory levels and demand from sectors like AI and photovoltaics [4][40]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company achieved a significant increase in profits in Q2, primarily due to a notable rise in self-produced ore sales. The revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit of 382 million yuan, up 9.49% year-on-year [2][10]. - The company is focusing on resource expansion and production capacity enhancement, with several major projects underway, including the increase of ore reserves at the Fozi Mine and the acceleration of mining projects [4][19]. Financial Performance - In the first half of 2025, the company produced 3,273.80 tons of tin concentrate, a decrease of 6.18% year-on-year, while tin ingot production increased by 19.30% to 6,147.02 tons. Zinc concentrate production was 27,100 tons, down 1.17% year-on-year, and zinc ingot production was 16,500 tons, up 8.47% [2][14]. - The gross profit structure shows that tin ingot business contributed 321 million yuan, accounting for 31.68% of total gross profit, while antimony ingot and lead-antimony concentrate contributed 413 million yuan, accounting for 40.73% [3][14]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 5.349 billion yuan in 2025, with a year-on-year growth rate of 15.5%. The net profit is projected to be 1.001 billion yuan, reflecting a growth rate of 52.2% [5][22]. - The company is one of the few in China focusing on tin and antimony as primary minerals, which positions it well to benefit from price increases in these metals [5][22].

证券代码：600301 证券简称：华锡有色 编号：2025-049 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 1-6 月 | 2025 年 1-6 月 毛利 | | 营业收入 | 营业成本 | 毛利率比上 | | 分行业 | | | | 比上年同 | 比上年同 | 年同期增减 | | | 营业收入 | 营业成本 | 率（%） | 期增减（%） | 期增减（%） | （%） | | 有色金属采 | 2,591,291,212.11 | 1,617,919,210.01 | 37.56 | 22.18 | 25.98 | 减少 1.89 个 | | 选业 | | | | | | 百分点 | | 有色金属深 | | | | | | 减少 16.97 | | 加工业 | 128,494,259.80 | 104,092,129.18 | 18.99 | 86.84 | 136.34 | 个百分点 | | 服务行业 | 67,598,955.18 | 51,830,801.58 | 23.33 | 5 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a stable upward trend with a slight increase in prices and a notable rise in production rates for various types of copper [14] - The aluminum market is stabilizing at the bottom, with slight increases in production and inventory levels [15] - The gold market maintains high attractiveness due to international geopolitical tensions, enhancing its appeal as a safe-haven asset [16] - The rare earth sector is expected to see price increases due to supply constraints and regulatory changes, benefiting leading companies in the field [34] - The antimony market is stabilizing with expectations of price recovery driven by export improvements and domestic production cuts [37] - The molybdenum market remains bullish due to low inventory levels and strong demand from the steel industry [38] - The tin market is experiencing upward momentum supported by strong inventory levels and improving macroeconomic conditions [39] Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices increased by 1.40% to $9,768.00 per ton on LME, with a notable rise in production rates [14] - Aluminum prices rose by 1.69% to $2,615.00 per ton on LME, with stable inventory levels [15] - Gold prices increased by 0.86% to $3,458.20 per ounce, driven by geopolitical factors [16] 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index rose to $38.06 per ton, with a significant increase in production rates across various sectors [14] 2.2 Aluminum - The operating capacity of alumina increased to 82.57%, reflecting recovery from maintenance [15] 2.3 Precious Metals - Gold holdings in SPDR increased by 4.84 tons, indicating strong demand [16] 3. Minor Metals and Rare Earth Market Overview - The rare earth market is expected to see price increases due to supply constraints and regulatory changes [34] - The antimony market is stabilizing with expectations of price recovery driven by export improvements [37] - The molybdenum market remains bullish due to low inventory levels and strong demand [38] 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Prices for praseodymium and neodymium oxide decreased by 1.84%, but supply constraints are expected to drive future price increases [34] 4.2 Antimony - Antimony prices remain stable, with expectations of recovery due to improved export conditions [37] 4.3 Molybdenum - Molybdenum prices are expected to rise due to low inventory and strong demand from the steel industry [38] 4.4 Tin - Tin prices increased by 1.61%, supported by strong inventory levels and improving demand conditions [39]

Core Viewpoint - The company, Xiyeg股份, is actively engaging in share repurchase to reduce its registered capital, reflecting a strategic move to enhance shareholder value amidst fluctuating stock performance [1] Group 1: Stock Performance - As of August 7, 2025, Xiyeg股份's stock price closed at 18.04 yuan, down by 0.15 yuan, representing a decline of 0.82% from the previous trading day [1] - The trading volume on that day was 208,182 hands, with a total transaction amount of 375 million yuan, and the stock experienced a fluctuation of 3.46% [1] Group 2: Company Operations - Xiyeg股份 primarily engages in the mining, smelting, deep processing, and sales of tin and other non-ferrous metals [1] - The company's product offerings include tin ingots, tin materials, and tin chemical products, which are widely used in the electronics, metallurgy, and chemical industries [1] Group 3: Financial Performance - In the first quarter of 2025, Xiyeg股份 achieved an operating revenue of 9.729 billion yuan and a net profit attributable to shareholders of 499 million yuan [1] Group 4: Share Repurchase - On August 7, 2025, the company announced its first share repurchase of 170,000 shares, accounting for 0.0103% of the total share capital, with a transaction price range of 17.74 to 17.85 yuan, totaling 3.02 million yuan [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For aluminum, due to high macro uncertainty, prices are expected to adjust within a range in the short - term, and future developments in news and downstream off - season conditions should be monitored [9][10] - For zinc, short - term policy sentiment has basically been released, and medium - to long - term supply increases will put pressure on prices, leading to high - level adjustments [12][13] - For tin, the downward pressure is increasing [15] Summary by Catalog 01. Colored Weekly Market Review - The closing prices of futures main contracts and spot prices of various non - ferrous metals (copper, aluminum, zinc, tin, nickel) declined last week. For example, the copper futures main contract CU2509 fell by 850 yuan, a week - on - week decline of 1.07%, and the spot price of copper in Shanghai Wumei dropped by 1210 yuan, a week - on - week decline of 1.52% [7] 02. This Week's Colored Market Forecast Aluminum - **Logic**: Last week, aluminum prices rose and then fell. Macroscopically, Fed Chairman Powell was hawkish on monetary policy on Wednesday, and the market increased bets on interest rate cuts after the employment data was released on Friday. Fundamentally, in July 2025, the average fully - costed value of China's electrolytic aluminum industry was 16,261 yuan/ton, down 1.7% month - on - month and 5.8% year - on - year. In August, alumina's support for costs emerged. The supply of bauxite is expected to decline while demand increases, and the inventory accumulation rate of bauxite in China is expected to slow down in August, with a turning point in inventory in August - September. In July, China's electrolytic aluminum production increased year - on - year and month - on - month, and the operating capacity increased slightly. As of August 4, the inventory of electrolytic aluminum ingots in major domestic consumption areas increased [9] - **Viewpoint**: High macro uncertainty, short - term price range adjustment, and attention to news and downstream off - season conditions [10] Zinc - **Logic**: Last week, zinc prices weakened. The Shanghai - London ratio rebounded slightly and fluctuated below 8.1, and the zinc ingot import window remained closed. In the spot market, the processing fees of zinc concentrates in many domestic regions were finalized at the beginning of the month, and the raw material inventory of smelters remained high. The import of zinc ore was at a loss, and smelters mainly purchased domestic zinc ore. The operating rate of die - cast zinc alloy decreased. The raw material inventory increased slightly, and the finished product inventory decreased. As of August 4, the domestic zinc ingot inventory increased [12] - **Viewpoint**: Short - term policy sentiment released, medium - to long - term supply increase putting pressure on prices, high - level adjustment of zinc prices [13] Tin - **Logic**: Myanmar's Wa State is actively resuming production, and the market expects an increase in tin ore output. The production and operating rates of refined tin in Yunnan and Guangxi have recovered to some extent, but the raw material supply and inventory are still low, and processing fees remain at a low level. Downstream performance has weakened compared to the first half of the year, showing a situation of weak supply and demand [15] - **Viewpoint**: Increasing downward pressure [15] 03. Variety Data Aluminum - **Bauxite**: The price of domestic high - grade bauxite in Henan remained unchanged week - on - week; the price of domestic low - grade bauxite in Henan remained unchanged week - on - week; the average price index of imported bauxite increased week - on - week. The arrival and departure volumes of bauxite at ports increased week - on - week [19][22] - **Alumina**: The domestic price in Henan remained unchanged week - on - week, the full cost increased week - on - week, and the profit in Shanxi decreased week - on - week [25] - **Electrolytic Aluminum**: The total cost decreased week - on - week, and the regional price difference increased week - on - week. The operating rates of downstream processing sectors had different changes, and the inventory in bonded areas decreased, while the social inventory increased. The inventory in exchanges increased, and the basis and monthly spreads also changed [27][32][37] Zinc - **Zinc Concentrate**: The price of domestic zinc concentrate decreased week - on - week, the domestic processing fee remained unchanged week - on - week, and the import processing fee increased week - on - week. The enterprise production profit decreased week - on - week, the import loss decreased week - on - week, and the inventory of imported zinc concentrate in Lianyungang increased week - on - week [54][55] - **Refined Zinc**: The social inventory of zinc ingots increased week - on - week, the bonded area inventory increased week - on - week, the inventory of refined zinc in SHFE increased week - on - week, and the LME inventory decreased week - on - week [59] - **Galvanized**: The production decreased week - on - week, the operating rate decreased week - on - week, the raw material inventory decreased week - on - week, and the finished product inventory increased week - on - week [62] - **Zinc Basis and Monthly Spreads**: The basis and monthly spreads of zinc showed different changes week - on - week [65][66] Tin - **Refined Tin**: The combined output of Yunnan and Jiangxi provinces increased week - on - week, and the combined operating rate increased week - on - week [72] - **Tin Ingot Inventory**: The SHFE tin ingot inventory and China's regional social inventory increased week - on - week [75] - **Tin Concentrate Processing Fees**: The processing fees in Yunnan, Guangxi, Hunan, and Jiangxi remained unchanged week - on - week [77] - **Tin Ore Import Profit and Loss**: The import profit and loss level increased week - on - week [78] - **Spot Average Prices**: The average prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi decreased week - on - week [82]