Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected at 5.364 billion yuan, a decrease of 10.80% year-on-year, with a net profit of 756.98 million yuan, down 65.72% year-on-year. The Q4 2024 revenue is expected to be 1.79 billion yuan, showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [7] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, a quarter-on-quarter increase of 36% but a year-on-year decrease of 14%. The net profit for Q1 2025 is projected at 130 million yuan, down 47% quarter-on-quarter and 36% year-on-year [7] - The company is expected to face challenges in copper smelting, with a loss of 100 million yuan in Q1 2025, but losses are anticipated to decrease in Q2 2025 [7] - The lithium salt sales in Q1 2025 were affected by maintenance, resulting in a 25% quarter-on-quarter decrease, but the annual sales are expected to reach 45,000 tons [7] Financial Summary - The total revenue forecast for 2025 is 6.611 billion yuan, with a year-on-year growth of 23.26%. The net profit is expected to be 603.68 million yuan, a decrease of 20.25% year-on-year [1][8] - The earnings per share (EPS) for 2025 is projected at 0.84 yuan, with a price-to-earnings (P/E) ratio of 34.47 [1][8] - The company’s operating cash flow in Q1 2025 was negative 800 million yuan, a significant decrease of 652% quarter-on-quarter [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating potential for future growth [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit of 757 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency improvement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance - In 2024, the company achieved a revenue of 5.36 billion yuan, a net profit of 757 million yuan, and a non-recurring net profit of 600 million yuan, reflecting significant declines in profitability [2][7] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segments - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a year-on-year increase of 94%, solidifying its leading position in the industry [9][10] - The lithium business saw a production of approximately 43,700 tons in 2024, a 138% increase year-on-year, with sales of about 42,600 tons, up 145% year-on-year [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Outlook - The company is projected to achieve revenues of 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% [4][17] - The net profit is expected to increase to 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan for the same years, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company maintains a strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating promising future growth potential [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency enhancement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance Summary - For 2024, the company achieved a revenue of 5.36 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 760 million yuan, down 65.7% year-on-year [2][7] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segment Performance - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a significant increase of 94% year-on-year [9][10] - The lithium business produced approximately 43,700 tons of lithium salt in 2024, a year-on-year increase of 138%, with sales of about 42,600 tons, up 145% [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Projections - Revenue projections for 2025-2027 are 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% respectively [4][17] - Net profit projections for the same period are 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company is expected to maintain strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's revenue for 2024 was 5.36 billion, a year-on-year decrease of 10.8%, with a net profit attributable to shareholders of 760 million, down 65.7% year-on-year [1] - The company is accelerating the development of its copper and gallium-indium projects, which are expected to contribute to profits starting in 2025 [4] - The lithium salt production and sales have significantly increased, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year [2] - The cesium and rubidium business shows strong growth, with revenue of 1.4 billion in 2024, up 24.2% year-on-year, and a gross profit margin of 78.3%, up 13.9 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion, a year-on-year increase of 36.4%, but a net profit of 130 million, down 47.4% year-on-year [1] - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares for 2024, totaling 360 million, with a cash dividend rate of 47.7% [1] Lithium Business - The average price of domestic lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, with a Q1 2025 average price of 75,000 yuan [2] - The company is optimizing lithium salt costs through adjustments in raw material structure and energy cost reductions, with plans to complete 30,000 tons of lithium sulfate capacity in Africa by 2026 [2] Cesium and Rubidium Business - The cesium and rubidium fine chemical production in 2024 was 960 tons, a slight decrease of 0.2% year-on-year, while sales were 844 tons, down 15.5% year-on-year [3] - The gross profit for the cesium and rubidium business in Q1 2025 was 230 million, reflecting a year-on-year increase of 92% [3] Copper and Gallium-Indium Projects - The company completed the acquisition of a 65% stake in the Kitumba copper mine in Zambia in July 2024, with plans for 60,000 tons of copper capacity [4] - The company also acquired a 98% stake in the Tsume project in Namibia, with plans for significant gallium and indium production [4] Profit Forecast - The company forecasts net profits of 800 million, 1.79 billion, and 2.99 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 12, and 7 [5]

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [6] - For Q1 2025, the revenue was CNY 1.536 billion, net profit was CNY 135 million, and basic earnings per share was CNY 0.1868 [6] - As of December 31, 2024, total assets were CNY 17.193 billion and net assets attributable to shareholders were CNY 12.181 billion [6] - By March 31, 2025, total assets increased to CNY 18.145 billion and net assets attributable to shareholders reached CNY 12.305 billion [6] Strategic Development - The company aims to enhance its competitive edge through three strategic focuses: lean management, resource advantage reinforcement, and accelerated internationalization [5] - The Kitumba copper project in Zambia is expected to start production in September 2026, with a designed capacity of 60,000 tons of cathode copper per year [7][8] - The Tsumeb project in Namibia will have a designed capacity of 33 tons/year of germanium and 11 tons/year of gallium, with a total resource of 294.35 million tons of ore [9][10] Rare Metals Sector - In 2024, the rare light metals sector generated a revenue of CNY 1.395 billion, a 24.16% increase year-on-year, with a gross profit of CNY 1.092 billion, up 50.98% [11] - The cesium and rubidium salt business achieved revenues of CNY 728 million and CNY 667 million, respectively [11] - The company is positioned as a leading integrated enterprise in the cesium and rubidium market, capitalizing on the growing demand for these strategic metals [11] Lithium Battery New Energy Sector - In 2024, the company sold 39,477 tons of lithium salts, marking a 164% increase year-on-year [12] - The company plans to invest in a 30,000 tons/year lithium sulfate plant in Zimbabwe to further reduce production costs [12] Future Outlook - The company aims to establish a multi-metal resource pool focusing on copper and rare strategic metals, enhancing its global resource allocation capabilities [13][14] - The goal is to achieve a copper production capacity of over 100,000 tons/year within five years and to maintain industry-leading cost levels for lithium salts [14]

中矿资源集团股份有限公司募集资金管理办法 第一章 总则 第一条 为规范中矿资源集团股份有限公司（以下简称"公司"或"本公司"） 募集资金的管理和运用，提高募集资金使用效率，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"《规 范运作指引》"）等有关法律、法规、规章、规范性文件和《中矿资源集团股份 有限公司章程》（以下简称"《公司章程》"）的有关规定，特制定本办法。 第二条 本办法所称募集资金是指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、分离交易的可转换公司债券、公司 债券、权证等）以及非公开发行证券向投资者募集并用于特定用途的资金。 第三条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或 公司控制的其他企业实施的，公司应确保该子公司或控制的其他企业遵守本办 法。 第四条 公司应当审慎使用 ...

中矿资源集团股份有限公司 第六届董事会独立董事 吴淦国 2024 年度述职报告 本人在 2024 年度严格按照《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司独立董事管理办 法》《上市公司治理准则》等法律、法规、规范性文件以及《中矿资源集团股份 有限公司章程》（以下简称"《公司章程》"）《中矿资源集团股份有限公司独立董 事工作制度》（以下简称"《独立董事工作制度》"）的规定，认真、勤勉、谨慎履 行职责，积极出席相关会议，对各项议案进行认真审议，充分发挥了独立董事及 各专业委员会委员的作用。一方面，严格审核中矿资源集团股份有限公司（以下 简称"公司"）提交董事会的相关事项，维护公司和公众股东的合法权益，促进 公司规范运作；另一方面发挥自身的专业优势，积极关注和参与研究公司的发展， 切实维护了公司和社会公众股东的利益。现将 2024 年度本人履行独立董事职责 的工作情况向各位股东及股东代表汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 （二）不存在影响独立性的情况 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东 ...

第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《上市公司股东会规则》及《公 司章程》的相关规定召开股东会，保证股东依法享有的知情权、查询权、分配权、 质询权、建议权、股东会召集权、提案权、提名权、表决权等权利，积极为股东 行使权利提供便利，切实保障股东特别是中小股东的合法权益。公司董事会应当 切实履行职责，认真、按时组织股东会。公司审计委员会应当切实履行职责，必 要时召集主持临时股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和 依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应 当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现以下情 形时，临时股东会应当在 2 个月内召开。 中矿资源集团股份有限公司股东会议事规则 第一章 总则 第一条 为完善中矿资源集团股份有限公司（以下简称"本公司"或"公司"） 公司治理结构，保障股东依法行使股东权利，确保股东会高效、平稳、有序、规 范运作，本公司根据《中华人民共和国公司法》（以下简称"《公司 ...

中矿资源集团股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为规范中矿资源集团股份有限公司（以下简称"公司"）外汇套期 保值业务，有效防范公司采购、销售及投资等业务中的汇率波动所带来的风险， 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第1号--主板上市公司规范运 作》《深圳证券交易所上市公司自律监管指引第7号—交易与关联交易》《上市公 司信息披露管理办法》及《中矿资源集团股份有限公司章程》等的有关规定，结 合公司具体实际，特制定本制度。 第二条 本制度所称外汇套期保值交易是指为满足公司正常经营或业务需要， 与经国家有关政府部门批准、具有外汇套期保值业务经营资质的银行等金融机构 开展的用于规避和防范外汇汇率或外汇利率风险的外汇套期保值业务，包括但不 限于：外汇远期结售汇、掉期业务、外汇买卖、外汇掉期、外汇期权、利率期权 或上述产品的组合。 第三条 本制度适用于公司及下属全资、控股子公司（以下统称"子公司"） 的外汇套期保值业务。子公司进行外汇套期保值业务视同上市公司进行外汇套期 保值业务，适用本制度。未经公司审批同意，公 ...

一、独立董事基本情况 （一）工作履历、专业背景以及兼职情况 中矿资源集团股份有限公司 第六届董事会独立董事 宋永胜 2024 年度述职报告 本人在 2024 年度严格按照《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司独立董事管理办 法》《上市公司治理准则》等法律、法规、规范性文件以及《中矿资源集团股份 有限公司章程》（以下简称"《公司章程》"）《中矿资源集团股份有限公司独立董 事工作制度》（以下简称"《独立董事工作制度》"）的规定，认真、勤勉、谨慎履 行职责，积极出席相关会议，对各项议案进行认真审议，充分发挥了独立董事及 各专业委员会委员的作用。一方面，严格审核中矿资源集团股份有限公司（以下 简称"公司"）提交董事会的相关事项，维护公司和公众股东的合法权益，促进 公司规范运作；另一方面发挥自身的专业优势，积极关注和参与研究公司的发展， 切实维护了公司和社会公众股东的利益。现将 2024 年度本人履行独立董事职责 的工作情况向各位股东及股东代表汇报如下： 宋永胜先生，硕士研究生，正高级工程师，享受国务院特殊津贴专家，中国 金属学会会员，科技部、生 ...