株冶集团一季度业绩同比增长 多因素助推主业快步前进

Core Viewpoint - Zhuzhou Smelter Group Co., Ltd. reported a strong performance in Q1 2025, with revenue of approximately 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit attributable to shareholders of approximately 283 million yuan, a year-on-year increase of 112.94% [2][3] Company Overview - Zhuzhou Smelter Group is a large state-owned enterprise primarily engaged in the smelting, processing, and sales of non-ferrous metals, particularly zinc and lead, and is a leading zinc smelting company in China [2] - The company has advanced wet and pyrometallurgical zinc smelting processes and has a high resource utilization rate by recovering precious metals from smelting waste [2] - The company produces zinc alloys and hot-dip galvanized alloys for applications in automotive, battery, and construction sectors, maintaining a leading market share in domestic zinc products [2] Performance Drivers - The increase in Q1 performance is attributed to high prices of precious metals, particularly gold, driven by factors such as interest rate expectations in developed economies, geopolitical risks, and industrial demand growth [3] - The company has enhanced its profitability through mining and sourcing raw materials for precious metal refining, significantly increasing unit value and profit contribution [3] - The acquisition of Shuikoushan Mine has transformed the resource base into a profit source, and the technical upgrade project at Kangjiabao Mine has further released advanced production capacity [3] Operational Efficiency - The company has focused on meticulous cost control and process optimization, effectively maintaining low impurity levels in products and reducing unit production costs through technical improvements in smelting electricity consumption [3][4] - The domestic zinc product market demand is robust, and the company has adjusted its production strategy to meet high-quality zinc ingot demand, achieving premium sales [4] - The combination of precious metal business growth, accelerated mining capacity release, and internal cost reduction efforts has significantly contributed to the company's performance growth [4]