2025 年第三季度经营数据公告 证券代码：601069 证券简称：西部黄金 公告编号：2025-074 西部黄金股份有限公司 公司报告期内黄金产品销售量较上年同期增加，外购合质金生产的标准金 11.44 吨，销 售 11.42 吨。锰矿石销售量 34.67 万吨，均销售至科邦锰业。 三、2025 年第三季度（1-9 月）矿石原材料的成本情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提 醒》要求，现将西部黄金股份有限公司（以下简称"公司"）2025 年第三季度 （1-9 月）主要有色金属品种产销量及盈利情况披露如下（财务数据未经审计）： 一、2025 年第三季度（1-9 月）主营业务分行业、分产品、分地区、分销售模式情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Macroeconomic factors include Trump restarting the trade war with China, potential for precise macro - policies, support for energy - saving and carbon - reduction in the steel industry, and a predicted decline in domestic steel demand during the "15th Five - Year Plan" period. Overseas, short - term funds have shifted to US bonds and gold due to Trump's tariff threats, and the IMF expects the world economy to grow by 3.2% in 2025 [6]. - In terms of supply and demand, pre - holiday inventory has rebounded rapidly, production has slightly declined from a high level, and inventory has increased for three consecutive weeks. The port inventory of imported manganese ore has decreased by 2.1 tons, and iron water production is oscillating at a high level. Profits in Inner Mongolia and Ningxia are in the negative, and the mainstream steel procurement pricing is still under negotiation [6]. - Technically, the weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, indicating a bearish trend. It is expected that after October, new production capacity in Inner Mongolia will increase, and the supply pressure will rise. With the national policy of reducing crude steel production, the alloy is likely to remain in a loss state. The manganese - silicon main contract is expected to oscillate in the range of 5650 - 5850 [6]. Summary by Directory 1. Weekly Highlights Summary - **Macro**: Trump restarts the trade war with China, adding 100% tariffs on Chinese products exported to the US, causing a general decline in commodities at the beginning of the week. The state may implement precise macro - policies, and the steel industry is supported in energy - saving and carbon - reduction. The domestic steel demand is expected to decline during the "15th Five - Year Plan" period [6]. - **Overseas**: Due to Trump's tariff threats, short - term funds shift to US bonds and gold. The IMF expects the world economy to grow by 3.2% in 2025, 0.2 percentage points higher than the July forecast [6]. - **Supply and Demand**: Pre - holiday inventory rebounds rapidly, production slightly declines from a high level, and inventory increases for three consecutive weeks. The port inventory of imported manganese ore decreases by 2.1 tons, and iron water production is at a high level. Inner Mongolia's spot profit is - 145 yuan/ton, and Ningxia's is - 270 yuan/ton. The mainstream steel procurement pricing is still under negotiation [6]. - **Technical**: The weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, showing a bearish trend [6]. - **Strategy**: After October, new production capacity in Inner Mongolia is expected to increase, and the supply pressure will rise. With the national policy of reducing crude steel production, the alloy is likely to remain in a loss state. The manganese - silicon main contract is expected to oscillate in the range of 5650 - 5850 [6]. 2. Futures and Spot Markets - **Futures Market**: As of October 17, the silicon - manganese futures contract's open interest is 598,000 lots, an increase of 33,000 lots. The 5 - 1 contract spread is 42, an increase of 8 points. The manganese - silicon warehouse receipts are 48,976, a decrease of 5,359. The spread between the manganese - silicon and ferrosilicon January contracts is 288, a decrease of 76 points [12][16]. - **Spot Market**: As of October 17, the Inner Mongolia silicon - manganese spot price is 5530 yuan/ton, a decrease of 20 yuan/ton. The basis is - 168 yuan/ton, an increase of 42 points [24]. 3. Industrial Chain Situation - **Industry**: The production of silicon - manganese is at a high level, with the national capacity utilization rate at 43.28%, an increase of 0.09%. The daily average production is 29,830 tons, an increase of 655 tons. The weekly demand of five major steel types for silicon - manganese is 121,113 tons, a decrease of 0.79%, and the weekly supply of national silicon - manganese is 208,810 tons, an increase of 2.25% [27]. - **Inventory**: As of October 16, the national silicon - manganese inventory is 262,500 tons, an increase of 20,000 tons [32]. - **Upstream**: As of October 17, the price of South32 South African semi - carbonate lump at Tianjin Port is 34.0 yuan/ton - degree, a slight increase. As of October 13, the electricity price in Ningxia has decreased by 0.01 yuan/kWh, and that in Inner Mongolia remains unchanged. The port inventory of imported manganese ore is 445.7 tons, a decrease of 2.1 tons. The arrival of manganese ore from different countries shows different trends. The silicon - manganese spot profit remains in a loss state [36][41][46]. - **Downstream**: The daily average iron - water production of 247 steel mills is 240.95 tons, a decrease of 0.59 tons from last week but an increase of 6.59 tons compared to last year. The final pricing of Hebei Iron and Steel Group's silicon - manganese in September is 6000 yuan/ton, a decrease of 200 yuan/ton [50].

Core Viewpoint - The lawsuit filed by Hunan Lianshao against Wuling Mining for unpaid project payments totaling 37.34 million yuan highlights ongoing financial difficulties within the manganese sector of China Three Gorges Water Conservancy [1][2] Group 1: Lawsuit Details - Wuling Mining is being sued for a total of 37.34 million yuan, which includes principal and interest for unpaid engineering fees [1] - The lawsuit involves three contracts: the first phase of the project with a total payment of 193 million yuan, where 17.2 million yuan has been paid, leaving 20.74 million yuan outstanding; the second phase with 11.92 million yuan unpaid; and a remaining balance of 24,740 yuan for the activity room project [2] Group 2: Financial Performance - China Three Gorges Water Conservancy's manganese and trading business has been consistently unprofitable, reporting a loss of 47.76 million yuan in the first half of the year, which accounted for -38.68% of the company's operating profit [3][4] - As of mid-2025, the company's total assets and liabilities were 25.368 billion yuan and 14.139 billion yuan, respectively, with a debt ratio of 55.74% [4] Group 3: Company Structure - Wuling Mining is a subsidiary of China Three Gorges Water Conservancy, with 60% ownership by Chongqing Wujiang Industrial Group, which is a wholly-owned subsidiary of China Three Gorges [3]

Core Viewpoint - The report from Zhongyou Securities highlights that Western Gold achieved a net profit attributable to shareholders of 154 million yuan in the first half of 2025, with a strong performance in Q2 driven by rising gold prices and volumes [1] Group 1: Financial Performance - In H1 2025, the average spot gold price increased by 39.21% year-on-year, while the closing price of Au9999 gold on the Shanghai Gold Exchange rose by 24.50% compared to the beginning of the year [1] - The company is expected to see significant profit growth due to the upcoming production from Xinjiang Meishengda, which will contribute positively to overall earnings [1] Group 2: Market Conditions - The manganese ore market is under pressure due to a downturn in the steel industry, but strong demand in the new energy sector (such as high-purity manganese sulfate and manganese trioxide) is expected to balance supply and demand in the second half of the year [1] - Price fluctuations in the manganese market are anticipated to narrow as the overall supply-demand situation stabilizes [1] Group 3: Investment Rating - The company is given an "Accumulate" rating, supported by the steady increase in gold prices and the expected performance contribution from Meishengda [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Macro factors include China's September LPR remaining unchanged, potential bank deposit - rate cuts in Q4, and various overseas trade policies such as US tariff hikes and South Korea's anti - dumping duties. Supply has been rising since mid - May, inventory has increased significantly, and costs and demand have changed. Technically, the manganese silicon main contract's weekly K - line is bearish. The market is expected to be weak after the holiday, and it is recommended to reduce or empty positions [6]. 3. Summary by Directory 3.1 Week - ly Key Points Summary - **Macro**: China's September LPR: 5 - year above at 3.5%, 1 - year at 3%. Guangdong prepared for Typhoon "Hua Jiasha". More banks may cut deposit rates in Q4. Overseas, the US will impose high tariffs on certain products from October 1, and South Korea imposed anti - dumping duties on steel products [6]. - **Supply and Demand**: Production has been rising since mid - May, inventory increased significantly. Imported manganese ore port inventory decreased by 25.3 tons, and hot metal production returned to previous levels. Inner Mongolia's spot profit is - 80 yuan/ton, and Ningxia's is - 190 yuan/ton. HeSteel Group's September silicon - manganese price is 6000 yuan/ton, down 200 yuan/ton [6]. - **Technical**: The manganese silicon main contract's weekly K - line is below the 60 - day moving average, indicating a bearish trend [6]. - **Strategy**: Before the holiday, funds reduced positions, market sentiment declined, and the sector was weak. After the holiday, prices are expected to be weak. It is recommended to reduce or empty positions [6]. 3.2 Futures and Spot Market - **Futures Market**: As of September 26, the silicon - manganese futures contract's open interest decreased by 50,300 lots to 501,000 lots, and the 5 - 1 contract spread increased by 8 points to 46. Manganese silicon warehouse receipts decreased by 4,563 to 56,113, and the manganese silicon - ferrosilicon January contract spread decreased by 8 points to 220 [12][16]. - **Spot Market**: As of September 26, Inner Mongolia's silicon - manganese spot price was 5,700 yuan/ton, down 50 yuan/ton, and the basis was - 138 yuan/ton, up 56 points [23]. 3.3 Industry Chain - **Industry**: Manganese silicon inventory increased rapidly, and production declined from its peak. The national 187 - enterprise sample's capacity utilization was 44.18%, down 1.50%. Daily production was 29,490 tons, down 335 tons. Five major steel products' silicon - manganese weekly demand was 122,484 tons, up 0.87%, and national production was 206,430 tons, down 1.12% [25]. - **Inventory**: As of September 25, the national 63 - enterprise sample's inventory was 233,800 tons, up 34,900 tons. Inner Mongolia decreased by 1,500 tons, Ningxia increased by 30,600 tons, etc. [30]. - **Upstream**: As of September 26, Tianjin Port's South32 South African semi - carbonate lump was 34.3 yuan/ton - degree, down 0.2. Ningxia and Inner Mongolia's electricity prices were flat. Imported manganese ore port inventory decreased by 25.3 tons to 427.2 tons. South African manganese ore arrivals decreased by 25%, while Australian, Gabonese, and Ghanaian arrivals increased [34][40]. - **Profit**: On September 26, the northern region's spot production cost was 5,830 yuan/ton, up 20, and the profit was - 140 yuan/ton, down 50. The southern region's cost was 6,230 yuan/ton, up 20, and the profit was - 530 yuan/ton, down 40 [44]. - **Downstream**: Daily hot metal production was 2.4236 million tons, up 13,400 tons week - on - week and 175,000 tons year - on - year. HeSteel Group's September silicon - manganese price was 6,000 yuan/ton, down 200 yuan/ton [48].

Summary of Conference Call for Western Gold Industry Overview - The gold market is expected to experience multiple rebound opportunities despite a sideways trend in gold prices from June 2024 to September 2025, particularly after significant events such as Trump's election victory and tariff announcements in April 2025 [2][3] - The investment focus for 2025 will be on major changes within companies, such as the performance growth post-restructuring of Shengda Resources and the successful integration of Tongguan Gold's mining rights [2] Company-Specific Insights Western Gold - Western Gold's production guidance for 2025 is set at 1.9 tons, with projections of 4.6 tons in 2026 and 6.8-7 tons in 2027, indicating a significant increase in output [4][9] - The company has completed the integration of the Mikin mine and is advancing the resumption of operations at the Ili mine, with a technical upgrade expected to add 0.5 tons of production [2][6] - The Xinjiang Meisheng Katabas gold-copper mine is expected to contribute profits with an estimated annual production capacity of 2.5-2.6 tons at an 80% utilization rate [2][6] - A notable transaction involved the injection of 3.3 tons of production and 78-79 tons of resources into the listed company for 1.7 billion yuan, showcasing the group's willingness to support the company [2][6] Financial Performance - The anticipated profit for 2026 is over 1.5 billion yuan, with projections exceeding 2.5 billion yuan for 2027, based on current gold prices [4][9] - The cost control measures are stable, maintaining a cost range of 200-300 yuan per gram, which is competitive within the industry [10] Market Dynamics - The gold market's trading logic for 2025 revolves around identifying key buying points, particularly during periods of price consolidation before upward breaks [3] - The long-term outlook for precious metals remains strong due to factors such as de-globalization, unsustainable U.S. debt, and a potential interest rate cut cycle [12] Other Important Considerations - The manganese segment is in trial production, with a production target of 450,000 tons in 2025 to meet downstream demand [11] - Investors are advised to stay informed about industry dynamics and adjust strategies accordingly to capitalize on potential profit opportunities [13]

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - Both silicon iron and manganese silicon are expected to have a relatively strong and volatile trend due to the boost of macro - sentiment [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For silicon iron, the closing price of SF2511 is 5700, with no change from the previous trading day, and the trading volume is 210,936, and the open interest is 212,449; the closing price of SF2601 is 5680, up 20 from the previous day, with a trading volume of 80,355 and an open interest of 95,537. For manganese silicon, the closing price of MS2511 is 5920, up 26 from the previous day, with a trading volume of 170,580 and an open interest of 115,197; the closing price of MS2601 is 5944, up 38 from the previous day, with a trading volume of 220,244 and an open interest of 335,721 [1]. - **Spot Data**: The price of silicon iron FeSi75 - B in Inner Mongolia is 5400 yuan/ton, up 100 yuan/ton from the previous day; the price of silicon manganese FeMn65Si17 in Inner Mongolia is 5730 yuan/ton, up 50 yuan/ton from the previous day; the price of manganese ore Mn44 block is 40.0 yuan/ton - degree, up 0.2 yuan/ton - degree from the previous day; the price of small - sized semi - coke in Shenmu is 650 yuan/ton [1]. - **Price Spread Data**: The spot - futures price spread of silicon iron (spot - 11 futures) is - 300 yuan/ton, up 100 yuan/ton; the spot - futures price spread of manganese silicon (spot - 01 futures) is - 214 yuan/ton, up 24 yuan/ton. The near - far month price spread of silicon iron (SF2511 - SF2601) is 20 yuan/ton, down 20 yuan/ton; the near - far month price spread of manganese silicon (MS2511 - MS2601) is - 24 yuan/ton, down 12 yuan/ton. The cross - variety price spread of MS2511 - SF2511 is 220 yuan/ton, up 26 yuan/ton; the cross - variety price spread of MS2601 - SF2601 is 264 yuan/ton, up 18 yuan/ton [1]. Macro and Industry News - **Silicon Iron and Manganese Silicon Prices**: On September 16, the price of 72 silicon iron in Shaanxi is 5200 - 5300 (+50), in Ningxia is 5350 - 5450 (+100), in Qinghai is 5250 - 5350 (+50), in Gansu is 5350 - 5400 (+50), and in Inner Mongolia is 5350 - 5400 (+50); the price of 75 silicon iron in Shaanxi is 5900, in Ningxia is 5700 - 5800, in Qinghai is 5750 - 5800, in Gansu is 5800 - 5850, and in Inner Mongolia is 5800 (cash - inclusive natural lump ex - factory, yuan/ton). The FOB price of 72 silicon iron is 1040 - 1060, and that of 75 is 1100 - 1130 (US dollars/ton, inclusive of tax). The northern quotation of 6517 silicon manganese is 5650 - 5750 yuan/ton, and the southern quotation is 5700 - 5800 yuan/ton (cash ex - factory tax - inclusive quotation) [1]. - **Steel Mill's Purchase**: A steel mill in Shandong has finalized the purchase price of 75B silicon iron at 5740 yuan/ton in cash, with a quantity of 200 tons [1]. - **South Korea's Manganese Ore Import**: In August 2025, South Korea imported 110.02 tons of manganese ore, a sharp 99.73% decline from the previous month. From January to August 2025, South Korea imported a total of 248,588 tons of manganese ore, a slight 13.4% increase year - on - year, but a significant 58.14% decrease compared with the same period in 2023. Due to the low iron alloy prices and high electricity costs, most South Korean alloy producers are not operating at full capacity, and some are still cutting production by 30% - 50%, resulting in low manganese ore imports since 2023 [2][3]. Trend Intensity - The trend intensity of silicon iron is 1, and that of manganese silicon is 1. The range of trend intensity is an integer within the [- 2,2] interval, with - 2 indicating the most bearish and 2 indicating the most bullish [3].

Core Viewpoint - The stock price of Western Gold has surged significantly since September, with five limit-up days in seven trading days, despite the announcement of a subsidiary's production halt for maintenance [1][5]. Group 1: Subsidiary Production Halt - Western Gold's wholly-owned subsidiary, Xinjiang Hongfa Ferroalloy Co., Ltd., will halt production for maintenance after depleting its existing raw material inventory, with the maintenance period expected to last until the end of the year [3][4]. - The financial impact of this production halt on the company remains uncertain, but the company asserts that its main business operations will not be affected [4]. Group 2: Financial Performance - In the first half of the year, Western Gold reported total revenue of 5.03 billion yuan, a year-on-year increase of 69.01%, and a net profit of 154 million yuan, up 131.94% [5]. - The company produced 5.9 tons of gold in the first half of 2025, achieving 60.24% of its annual target, and also produced 4.04 million tons of electrolytic manganese and 15.97 million tons of manganese ore [5]. Group 3: Stock Price Movement - The stock price of Western Gold reached a historical high of 33.66 yuan per share on September 10, with an increase of over 80% in ten trading days, including five limit-up days [5]. - Following the peak, the stock price experienced a decline, closing at 31.99 yuan on September 11 and further dropping to 31.35 yuan on September 12, although the year-to-date increase remains around 175% [5].

Group 1 - The company, Western Gold, is a major player in the gold mining industry in Xinjiang, China, focusing on gold while also developing manganese and beryllium sectors through acquisitions [1][2] - The company has a total gold metal resource of 32.1 tons and a reserve of 12.1 tons, with a grade exceeding 3g/t, and is working on the resumption of production at key mines [1] - The company has significant manganese resources of 1,136 tons and reserves of 554 tons, with production expected to ramp up from its subsidiaries [1] Group 2 - The completion of the injection of Xinjiang Meisheng's core assets, including the Katerba Asu gold-copper mine, is expected to significantly increase the company's gold resources by 245% and annual gold production by over 300% by 2025 [2] - The company is poised for a high growth phase, with projections indicating a turnaround to profitability in 2024 and substantial revenue growth in the following years [3] - Revenue forecasts for 2025 to 2027 are estimated at 9.041 billion, 12.408 billion, and 14.576 billion yuan, with corresponding net profits of 469 million, 1.645 billion, and 2.438 billion yuan [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned for significant growth with the completion of the acquisition of Xinjiang Meisheng, which is expected to enhance its gold and copper production capabilities [2]. - The anticipated restart of interest rate cuts in the U.S. is expected to drive gold prices higher, benefiting the company's revenue [2]. - The company is projected to turn profitable in 2024 and enter a high growth phase in 2025, with substantial increases in revenue and net profit forecasted for the coming years [3]. Summary by Sections 1. Company Overview - The company, Western Gold, is a major player in the gold mining sector in Xinjiang, China, and has expanded into manganese and beryllium through acquisitions [1][10]. - The company has a total gold resource of 32.1 tons and a manganese resource of 1,136 tons, with ongoing projects aimed at increasing production capacity [1][22]. 2. Core Assets - The company has significant assets in Xinjiang, including the Katerba Asu gold-copper mine, which has a gold resource of 78.73 tons and is expected to start production in late 2025 [2][52]. - The company’s gold production is expected to increase significantly, with plans to produce 1.79 tons in 2025 [23]. 3. Industry Outlook - The report highlights a favorable outlook for gold prices due to anticipated monetary easing and increased demand from central banks [2][3]. - The company is well-positioned to benefit from these trends, with a diversified portfolio that includes gold, manganese, and beryllium [1][2]. 4. Financial Projections - Revenue is projected to grow from 9.04 billion yuan in 2025 to 14.58 billion yuan in 2027, with net profit expected to increase from 469 million yuan to 2.44 billion yuan in the same period [3][4]. - The company’s PE ratio is expected to decrease significantly from 53 in 2025 to 10 in 2027, indicating strong earnings growth potential [3][4].