Стабилизационная компания 2025 год: чистая прибыль, принадлежащая материнской компании, выросла на 36.14%, чистый денежный поток от операционной деятельности значительно сократился на 61.95%

Interpretation of Core Revenue and Profitability Metrics

Operating Revenue: Steady Growth

In 2025, the company achieved operating revenue of 43.535 billion yuan, representing a year-on-year increase of 3.72% compared with 41.973 billion yuan in 2024. This growth mainly comes from the fact that, as a global leader in the tin industry, the company leverages its end-to-end industry chain advantages. In a context where the tin price center trend moved upward (the Shanghai tin benchmark futures contract average price increased by 29.01% year-on-year), through coordinated operations via the “five linkages,” the company optimized its production and sales strategy. At the same time, it consolidated and expanded market share domestically (market share 53.35%, up 5.37 percentage points) and globally (market share 27.16%, up 2.13 percentage points), thereby achieving steady expansion of revenue.

Attributable Net Profit to the Parent: Significant Increase

In 2025, net profit attributable to shareholders of listed companies was 1.966 billion yuan, a substantial year-on-year increase of 36.14% compared with 1.444 billion yuan in 2024. The scale of profit growth was significantly higher than that of revenue. On the one hand, it benefited from profitability improvements driven by price increases of major products such as tin. On the other hand, by strengthening lean production management, optimizing raw material mix, and improving integrated recovery capabilities for precious metals, the company effectively offset pressures from declining processing fees for purchased raw materials, enabling rapid growth in profitability.

Non-GAAP Net Profit (After Excluding Non-Recurring Items): Steady Improvement

In 2025, non-GAAP net profit after excluding non-recurring gains and losses was 2.418 billion yuan, up 24.48% year-on-year from 1.943 billion yuan in 2024. The increase in non-GAAP net profit reflects the profitability resilience of the company’s core businesses. Under measures such as industry-chain coordination and cost control, the foundation for earnings was continuously strengthened. However, non-recurring gains and losses were -0.452 billion yuan, mainly affected by gains and losses from the disposal of non-current assets (-0.604 billion yuan), which created some drag on net profit attributable to the parent.

Earnings Per Share: Concurrent Growth

Both basic earnings per share and non-GAAP earnings per share achieved concurrent growth, matching the growth rates of net profit and non-GAAP net profit. This indicates that the company’s profit growth is truly transmitted to the earnings-per-share level, and shareholders’ unit earnings per share increased.

Analysis of Expense Control and R&D Investment

Period Expenses: Structure Adjusted

During the reporting period, the company’s data related to period expenses are as follows:

Selling Expenses: Scale Decrease

Selling expenses decreased by 8.23% year-on-year. This was mainly due to the company optimizing the layout of its sales network and strengthening refined management of marketing expenses. While improving market share, the company achieved an effective reduction in selling expenses. The selling expense ratio decreased from 0.25% in 2024 to 0.23% in 2025, indicating improved expense utilization efficiency.

Administrative Expenses: Slight Increase

Administrative expenses increased by 5.17% year-on-year. This was mainly because the company increased investment in areas such as digital construction and optimization of its internal control system to enhance operational management capabilities. Also, as the scale of assets expanded, related supporting management costs rose somewhat. However, the overall growth rate remained controllable, and the administrative expense ratio stayed around 0.66%.

Finance Expenses: Marked Reduction

Finance expenses decreased by 12.45% year-on-year. The main drivers were the company optimizing its debt structure and reducing the scale of interest-bearing liabilities. In addition, benefiting from falling market interest rates, financing costs declined, effectively easing the financial burden.

R&D Expenses: Continued Acceleration

R&D expenses increased significantly by 18.79% year-on-year. The company continued to invest in key technologies for mining and selection, precious metals recovery, and R&D for deep-processed products, among other areas, to strengthen its technological barrier. By the end of the reporting period, the number of R&D personnel was 1256, accounting for 8.72% of the total number of employees. This is an increase of 0.35 percentage points compared with 2024. The expansion of the R&D team provided talent support for technological innovation and helped the company in its plans in areas such as high-end tin materials and the circular economy.

Cash Flow and Capital Operations Analysis

Cash Flow: Clear Divergence in Structure

Net Cash Flow from Operating Activities: Sharp Decline

Net cash flow from operating activities fell sharply by 61.95% year-on-year. The main reasons include: first, to ensure raw material supply, the company increased reserves of raw materials such as tin concentrate and copper concentrate, leading to higher working capital tied up in inventories; second, some downstream customer payment cycles were extended, increasing the scale of accounts receivable and the capital tied up there; third, operating expenditures such as employee compensation and taxes paid during the reporting period increased. The sharp decline in cash flow needs to be treated with caution regarding the company’s short-term capital turnover pressure.

Net Cash Flow from Investing Activities: Increased Spending

Net cash flow from investing activities decreased by 54.35% year-on-year, mainly because the company increased investment in resource exploration (exploration expenditures of 112 million yuan during the reporting period), advanced the release of mine production capacity, and built deep-processing projects. Long-term capital expenditures increased, reflecting the company’s layout for sustainable development, but also increasing the pressure of cash outflows in the current period.

Net Cash Flow from Financing Activities: Turned from Positive to Negative

Net cash flow from financing activities shifted from net inflow in 2024 to net outflow. This was mainly due to the company optimizing its capital structure and repaying some interest-bearing liabilities, while not conducting large-scale equity or debt financing. As a result, financing-side cash inflows decreased and outflows increased.

Risk Alerts and Executive Compensation

Core Risks Faced

2. Risk of Market Price Fluctuations: Product prices of tin, copper, zinc, etc. are affected by multiple factors including macroeconomic conditions, geopolitical factors, and supply-demand relationships. Although prices moved upward in 2025, market expectations for 2026 indicate increased volatility. If prices experience a significant drop, it will directly affect the company’s profitability.
3. Risk of Raw Material Supply: The company’s self-sufficiency rate of tin concentrates is only 28.47%, and the proportion of purchased raw materials is high. If geopolitical conflicts in overseas main production areas, policy controls, and other factors lead to disruptions in raw material supply or price increases, it will impact production and operations.
4. Risk of Safety Production: The company’s mining and smelting processes are high-risk industries. If a safety production accident occurs, it will affect production continuity and bring economic losses.
5. Environmental Compliance Risk: As environmental policies become more stringent, the company needs to continuously increase investment in green production, tailings treatment, etc. If it fails to meet standards, it will face compliance risks.

Executive Compensation

Executive compensation is linked to the company’s performance growth. Overall compensation levels are consistent with the industry and the company’s scale, reflecting the incentive nature of the compensation system. Among them, the chairman’s and general manager’s annual pre-tax compensation both exceeded 1 million yuan, matching the company’s profit growth in 2025.

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