Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price increase of lithium contributes to profit elasticity, and the germanium business is expected to ramp up production soon [1] - The company has experienced a significant increase in sales volume and profitability due to rising lithium prices, with expectations for improved profit margins in 2026 [7] - The report indicates a downward adjustment in profit forecasts for 2025 due to the impact of U.S. tariffs on cesium and rubidium, while profit forecasts for 2026 and 2027 have been raised [7] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 4.82 billion yuan, a year-on-year decrease of 35%, and a net profit attributable to shareholders of 200 million yuan, down 62.6% year-on-year [7] - The gross profit margin for Q3 2025 was 23.2%, with a net profit margin of 7.4% [7] - The company expects to achieve a total sales volume of approximately 45,000 tons of lithium carbonate equivalent (LCE) for the year, slightly up year-on-year [7] Earnings Forecast and Valuation - The earnings forecast for 2025 has been adjusted to a net profit of 450 million yuan, with subsequent years projected at 1.41 billion yuan for 2026 and 2.30 billion yuan for 2027 [1][7] - The corresponding price-to-earnings (P/E) ratios are projected at 86x for 2025, 27x for 2026, and 17x for 2027 [1][7] - The report anticipates a significant improvement in the supply-demand balance in the lithium industry in 2026, potentially leading to profits of 600-800 million yuan from lithium operations [7]

Core Viewpoint - The company, Zhongmin Resources, is changing its accounting estimate for expected credit losses on accounts receivable due to a shift in its main business focus towards lithium battery raw materials and rare light metal resource development, effective November 1 [1] Summary by Relevant Sections Business Transformation - The company has transitioned its main business from service-oriented to product sales, which has altered its customer structure and payment characteristics, leading to a decrease in the applicability of the previous short-term accounts receivable credit loss rate [1] Accounting Changes - The previous credit loss provision rate of 5% for accounts receivable within one year has been refined to 0% for accounts receivable within 6 months, 5% for those between 6 months to 1 year, while the rates for accounts receivable over one year remain unchanged [1] Financial Impact - If the new rules are applied in 2024, the net profit is expected to increase by 37.53 million yuan, accounting for 4.98% of the annual net profit; for the first nine months of 2025, the net profit is projected to increase by 14.01 million yuan, representing 7.35% of the net profit for that period [1]

Group 1 - Zhongkuang Resources (002738.SZ) reported its Q3 2025 results, with 34 institutional investors holding a total of 197 million shares, representing 27.27% of the total share capital [1] - The top ten institutional investors collectively hold 25.26% of the shares, a decrease of 0.53 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 11 funds increased their holdings, with a total increase ratio of 0.87%, including notable funds like Southern CSI Nonferrous Metals ETF and Hongde Fengrun Mixed Fund [2] - Conversely, 6 public funds reduced their holdings, with a decrease ratio of 0.27%, including funds like Eastern New Energy Theme Mixed Fund and Southern CSI 500 ETF [2] - There were 9 newly disclosed public funds this period, while 390 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed an increase in holdings from one foreign fund, Hong Kong Central Clearing Limited, with an increase ratio of 0.14% [2]

Group 1 - The company, Zhongmin Resources, announced on October 27 that it will hold the 19th meeting of its sixth board of directors to approve a proposal for using idle self-owned funds to purchase financial products, with a total limit not exceeding RMB 1 billion (approximately $140 million) [1] - The approved financial products can be in both RMB and foreign currencies, and the funds can be rolled over within the approved limit, with a maximum balance of self-owned funds for investment not exceeding RMB 1 billion at any given time [1] - The authorization period for this investment strategy is valid for 12 months from the date of approval by the board [1] Group 2 - For the first half of 2025, Zhongmin Resources reported that its revenue composition includes: 40.01% from lithium battery new energy raw material development, 21.67% from rare light metal (cesium and rubidium) resource development, 21.11% from other business revenues, 16.83% from trade, and 0.38% from solid mineral exploration technical services [1] - As of the report date, the market capitalization of Zhongmin Resources is approximately RMB 38.7 billion (around $5.4 billion) [2]

Core Viewpoint - Zhongkuang Resources (002738.SZ) reported a significant increase in revenue for the first three quarters of 2025, but a substantial decline in net profit compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 4.818 billion yuan, representing a year-on-year increase of 34.99% [1] - The net profit attributable to shareholders of the listed company was 204 million yuan, showing a year-on-year decrease of 62.58% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 122 million yuan, reflecting a year-on-year decrease of 70.60% [1] - The basic earnings per share were 0.2831 yuan [1]

Group 1: Kingsoft Office - Kingsoft Office reported a revenue of 1.521 billion yuan in Q3 2025, a year-on-year increase of 25.33% [1][2] - The net profit attributable to shareholders for Q3 2025 was 431 million yuan, reflecting a growth of 35.42% year-on-year [1][2] - For the first three quarters of 2025, the total revenue reached 4.178 billion yuan, up 15.21% year-on-year, while net profit was 1.178 billion yuan, an increase of 13.32% [1][2] Group 2: Ying Shi Innovation - Ying Shi Innovation achieved a revenue of 2.940 billion yuan in Q3 2025, marking a significant growth of 92.64% year-on-year [4] - The net profit attributable to shareholders for Q3 2025 was 272 million yuan, a decrease of 15.90% compared to the previous year [4][5] - For the first three quarters, the company reported a total revenue of 6.611 billion yuan, up 67.18%, while net profit was 792 million yuan, down 5.95% year-on-year [4][5] Group 3: Aier Eye Hospital - Aier Eye Hospital reported a revenue of 5.977 billion yuan in Q3 2025, a year-on-year increase of 3.83% [6][7] - The net profit attributable to shareholders for Q3 2025 was 1.064 billion yuan, reflecting a decline of 24.12% year-on-year [6][7] - For the first three quarters, the total revenue reached 17.484 billion yuan, up 7.25%, while net profit was 3.115 billion yuan, down 9.76% [6][7] Group 4: Hengrui Medicine - Hengrui Medicine reported a revenue of 7.427 billion yuan in Q3 2025, a year-on-year increase of 12.72% [8][10] - The net profit attributable to shareholders for Q3 2025 was 1.301 billion yuan, reflecting a growth of 9.53% year-on-year [8][10] - For the first three quarters, the total revenue reached 23.188 billion yuan, up 14.85%, while net profit was 5.751 billion yuan, an increase of 24.50% [8][10] Group 5: Victory Technology - Victory Technology achieved a revenue of 5.086 billion yuan in Q3 2025, marking a year-on-year increase of 78.95% [11][12] - The net profit attributable to shareholders for Q3 2025 was 1.102 billion yuan, reflecting a substantial growth of 260.52% year-on-year [11][12] - For the first three quarters, the company reported a total revenue of 14.117 billion yuan, up 83.40%, while net profit was 3.245 billion yuan, an increase of 324.38% [11][12] Group 6: Southern Airlines - Southern Airlines reported a revenue of 51.374 billion yuan in Q3 2025, a year-on-year increase of 3.01% [13][14] - The net profit attributable to shareholders for Q3 2025 was 3.840 billion yuan, reflecting a growth of 20.26% year-on-year [13][14] - For the first three quarters, the total revenue reached 137.665 billion yuan, up 2.23%, while net profit was 23.070 billion yuan, an increase of 17.40% [13][14] Group 7: Ningbo Bank - Ningbo Bank reported a revenue of 17.816 billion yuan in Q3 2025, a year-on-year increase of 9.19% [16][17] - The net profit attributable to shareholders for Q3 2025 was 7.673 billion yuan, reflecting a growth of 8.71% year-on-year [16][17] - For the first three quarters, the total revenue reached 54.976 billion yuan, up 8.32%, while net profit was 22.445 billion yuan, an increase of 8.39% [16][17] Group 8: Guizhou Moutai - Guizhou Moutai announced the resignation of Chairman Zhang Deqin due to work adjustments, with a new chairman to be elected soon [19] Group 9: Baosteel - Baosteel reported a revenue of 167.51 billion yuan in Q3 2025, a year-on-year increase of 14.29% [20][21] - The net profit attributable to shareholders for Q3 2025 was 812.45 million yuan, reflecting a return to profitability [20][21] - For the first three quarters, the total revenue reached 480.8 billion yuan, down 3.58%, while net profit was 2.33 billion yuan [20][21] Group 10: China Aluminum - China Aluminum reported a revenue of 601.24 billion yuan in Q3 2025, a year-on-year decrease of 4.66% [22][23] - The net profit attributable to shareholders for Q3 2025 was 38.01 billion yuan, reflecting a significant increase of 90.31% year-on-year [22][23] - For the first three quarters, the total revenue reached 1,765.16 billion yuan, up 1.57%, while net profit was 108.72 billion yuan, an increase of 20.65% [22][23] Group 11: Northern Rare Earth - Northern Rare Earth reported a revenue of 114.25 billion yuan in Q3 2025, a year-on-year increase of 33.32% [25][26] - The net profit attributable to shareholders for Q3 2025 was 610 million yuan, reflecting a growth of 69.48% year-on-year [25][26] - For the first three quarters, the total revenue reached 302.92 billion yuan, up 40.50%, while net profit was 1.541 billion yuan, an increase of 280.27% [25][26] Group 12: Hengli Petrochemical - Hengli Petrochemical reported a revenue of 534.96 billion yuan in Q3 2025, a year-on-year decrease of 17.98% [27] - The net profit attributable to shareholders for Q3 2025 was 19.72 billion yuan, reflecting a significant increase of 81.47% year-on-year [27] - For the first three quarters, the total revenue reached 1,573.84 billion yuan, down 11.46%, while net profit was 50.23 billion yuan, a slight decrease of 1.61% [27] Group 13: High Energy Environment - High Energy Environment is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [28] Group 14: Guangyun Technology - Guangyun Technology plans to acquire a 36.4652% stake in Chengdu Lingxuan Precision Machinery Co., Ltd. for 240 million yuan, gaining control over the company [29] Group 15: Zhongxin Metal - Zhongxin Metal reported a revenue of 39.807 billion yuan in Q3 2025, a year-on-year increase of 29.21% [32] - The net profit attributable to shareholders for Q3 2025 was 877 million yuan, reflecting a growth of 43.74% year-on-year [32] - For the first three quarters, the total revenue reached 1,034.64 billion yuan, up 8.84%, while net profit was 2.326 billion yuan, an increase of 35.47% [32]

Core Points - Company announced the convening of the 19th meeting of the 6th Board of Directors on October 27, 2025, to discuss governance system revisions [1] - For the first half of 2025, the revenue composition of the company was as follows: 40.01% from lithium battery new energy raw material development, 21.67% from rare light metal (cesium and rubidium) resource development, 21.11% from other business income, 16.83% from trade, and 0.38% from solid mineral exploration technical services [1] - The current market capitalization of the company is 38.7 billion yuan [1]

Core Insights - Company reported a significant increase in third-quarter revenue and net profit, indicating strong operational performance [1] - Year-to-date revenue growth is primarily driven by increased sales of self-supplied lithium salts and spodumene, along with new copper smelting sales [1] Financial Performance - Third-quarter revenue reached 1.551 billion yuan, representing a year-on-year growth of 35.19% [1] - Net profit for the third quarter was 115 million yuan, showing a year-on-year increase of 58.18% [1] - Year-to-date revenue for the first three quarters totaled 4.818 billion yuan, up 34.99% compared to the previous year [1] - Net profit for the first three quarters was 204 million yuan, reflecting a year-on-year decline of 62.58% [1] - Basic earnings per share for the first three quarters stood at 0.2831 yuan [1]

1 中矿资源集团股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 第六届董事会第十九次会议，审议通过《关于会计估计变更的议案》，同意本次 会计估计变更事项，并就本次会计估计变更的合理性说明如下： 公司新采用的应收账款信用损失率更适用公司现在和以后业务的实际情况， 能够有效避免短账龄应收账款预期信用损失计提、转回对不同报告期的损益影响， 更符合公司当前应收账款风险管控的实际情况，能更客观、公允地反映公司的财 务状况和经营成果。 公司本次会计估计变更是根据《企业会计准则第 28 号—会计政策、会计估 计变更和差错更正》的相关规定，符合行业及公司的实际情况。执行变更后的会 计估计能够更加客观、公允地反映公司的财务状况和经营成果，不涉及对公司已 披露的财务数据进行追溯调整，也不会对公司以往各年度财务状况和经营成果产 生影响，不存在损害公司及股东、特别是中小股东利益的情况。因此，董事会同 意本次会计估计变更事项。 中矿资源集团股份有限公司董事会 2025 年 10 月 27 日 中矿资源集团股份有限公司董事会 关于会计估计变更的合理性说明 ...

关于开展跨境资金池结算业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 27 日召开第六届董事会第十九次会议，审议通过了《关于开展跨境资金池 结算业务的议案》。同意公司作为主办企业开展跨境资金池结算业务（以下简称 "跨境资金池业务"），资金池集中外债额度等值人民币 600,000.00 万元，集中境 外放款额度等值人民币 500,000.00 万元。 中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-046号 中矿资源集团股份有限公司 通过开展跨境资金池业务，公司将实现境内外主体之间跨境资金管理一体化， 降低财务成本，提高资金使用效率，并加强境外资金管理的安全性，以更好地支 持公司及子公司业务的发展。开展各业务类型的必要性及资金来源如下： 1. 外债额度集中管理 目前，公司已合计拥有 418 万吨/年原矿处理能力和 6.6 万吨/年电池级锂盐 产能，正在推进投资建设 Kitumba 铜矿采、选、冶联合工程项目和 Tsumeb 多 ...