Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) Bundle
From its founding on September 1, 1984 in Shenzhen to its public listing as 000060.SZ on January 23, 1997, Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. has grown into a global non‑ferrous metals powerhouse-anchored by a 2009 acquisition of a 50.1% stake in Perilya's Broken Hill mine and, by 2024, holding 7.13 million metric tons of zinc metal resources; the company's vertically integrated model spans mining, beneficiation, smelting and trading across more than 20 subsidiaries and multiple countries (China, Australia, Canada, Dominica, Ireland, Malaysia, Myanmar), producing 265,000 metric tons of lead and zinc concentrate metal content in 2024 (up 0.84% YoY) and employing 11,432 people as of December 31, 2024 (a 1.05% decline year‑on‑year); major shareholders as of June 30, 2025 include Guangdong Rising Assets Management (~36%), China Securities Finance Corporation (~3%) and the National Social Security Fund (~2%), while executive leadership under Chairman Wang Jian oversees a tech‑forward operation with a national‑level technical center, post‑doctoral station, nearly 300 patents (including 76 invention patents), 18 experts enjoying State Council allowances, over 120 provincial/ministerial awards (14 national), and revenue driven notably by copper smelting products accounting for 65.69% of sales, with lead and zinc smelting at 12.39% and concentrates at 5.45%-an industrial profile that links resource control, R&D and global trading to diversified revenue streams.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): Intro
History- Founded on September 1, 1984 in Shenzhen, Guangdong Province, China.
- Listed on the Shenzhen Stock Exchange on January 23, 1997 under ticker 000060.
- Expanded internationally in 2009 by acquiring a 50.1% stake in Perilya Limited, owner of the Broken Hill lead‑zinc‑silver mine in Australia.
- By 2024, mining operations held zinc metal resources totaling 7.13 million metric tons.
| Metric | Value (2024) |
|---|---|
| Zinc metal resources | 7.13 million metric tons |
| Lead & zinc concentrate metal content produced | 265,000 metric tons (▲0.84% YoY) |
| Employees (Dec 31, 2024) | 11,432 (▼1.05% YoY) |
| Major overseas asset | 50.1% stake in Perilya Limited (Broken Hill, Australia) |
- Publicly traded company on SZSE (000060.SZ) with a diversified shareholder base following its 1997 IPO.
- Strategic international asset ownership evidenced by the Perilya acquisition (50.1% in 2009), giving operational exposure to Australian ore bodies.
- Integrated group structure combining mining, smelting, processing, and trading businesses across domestic and overseas subsidiaries.
- Produce and supply non‑ferrous metals (primarily zinc and lead) to support industrial demand while pursuing resource growth.
- Optimize vertical integration from mine development to smelting and downstream metal products to capture margin.
- Enhance sustainability, safety, and environmental compliance across mining and processing operations.
- Pursue selective overseas investments to secure long‑term ore reserves and diversify resource base.
- Exploration & resource development: find and delineate zinc/lead deposits (domestic and overseas).
- Mining: extract sulfide ores (zinc, lead, associated silver) via conventional underground/open methods at owned and JV mines.
- Concentrating: produce lead and zinc concentrates, aggregating ore into saleable feed for smelters.
- Smelting & refining: convert concentrates into refined metal and intermediate products (zinc ingots, lead bullion, alloys).
- Downstream products & trading: manufacture metal products and trade concentrates/metal on domestic and international markets.
- Sale of zinc and lead concentrates (metal content basis) to smelters and traders; 2024 concentrate content = 265,000 t.
- Refined metal sales (zinc ingots, lead bullion) and downstream product margins from processing operations.
- Asset monetization and dividends/earnings from overseas investments (e.g., Perilya stake providing ore and cashflow exposure).
- Commodity price exposure: revenue and profitability fluctuate with global zinc, lead and by‑product (silver) prices.
- Operational efficiency and vertical integration: mining + smelting capture more of the value chain vs. standalone miners.
- Resource base: 7.13 million tonnes of zinc metal resources (2024) supports medium‑ to long‑term production potential.
- Production stability: 265,000 tonnes of lead & zinc concentrate metal content in 2024, up 0.84% YoY, indicating steady output.
- Workforce scale: 11,432 employees as of Dec 31, 2024, with a modest 1.05% headcount reduction year‑over‑year.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): History
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) is a major Chinese non-ferrous metals group focused on lead‑zinc mining, smelting, and downstream metal products. Founded from regional mining assets and reorganizations in the late 20th century, the company expanded through integration of upstream mines, smelters and metals trading to become one of China's largest lead‑zinc producers.- Primary business lines: upstream mining, ore processing and smelting, refined lead and zinc products, chemicals and metals trading.
- Geographic footprint: mining and smelting operations concentrated in southern China with commercial and trading activities across domestic and export markets.
- Management: Chairman Wang Jian leads strategy across mining, smelting and commercial operations.
| Metric | Latest reported / recent figure |
|---|---|
| Stock ticker | 000060.SZ (Shenzhen Stock Exchange) |
| Major shareholder (as of 30‑Jun‑2025) | Guangdong Rising Assets Management - ~36% |
| Other notable institutional holders (30‑Jun‑2025) | China Securities Finance Corporation - ~3%; National Social Security Fund - ~2% |
| Public float | Remainder held by various institutional and retail investors |
- Largest holder: Guangdong Rising Assets Management (~36% as of 30‑Jun‑2025), giving it controlling influence over board composition and strategy.
- State‑linked institutional presence: China Securities Finance Corporation (~3%) and the National Social Security Fund (~2%) signal government‑linked institutional participation.
- Free float: remaining shares distributed among mutual funds, securities firms, corporate investors and retail holders; shares trade publicly on the Shenzhen Stock Exchange under 000060.SZ.
- Mission: secure stable, low‑cost supplies of lead and zinc, improve smelting efficiency, and capture value along the metals value chain from concentrate to refined products.
- Strategic pillars: reserve replacement and mine efficiency; smelter modernization and environmental compliance; downstream product diversification and trading optimization.
- Upstream mining: extraction and sale of lead‑zinc concentrates-revenue driven by ore grade, production volume and treatment charges.
- Smelting & refining: processing concentrates into refined lead, zinc and associated products (sulfates, alloys)-higher margin than raw concentrates when utilization and recovery are high.
- Commercial & trading: merchant sales, exports and metal price hedging to capture arbitrage and stabilize margins.
- By‑products & chemicals: recovery and sale of silver, indium, cadmium and chemical intermediates provide incremental revenue streams.
| Indicator | Recent value (reported/typical annual) |
|---|---|
| Refined zinc production | Several hundred thousand tonnes/year (company scale focused on large lead‑zinc throughput) |
| Refined lead production | Tens to low hundreds of thousand tonnes/year |
| Revenue (recent annual) | RMB tens of billions (company operates at scale across mining, smelting and trading) |
| Profit drivers | Metal prices (LME), treatment & refining charges, smelter utilization, input costs (energy, sulfuric acid), and environmental capex |
- Commodity price sensitivity: earnings track global lead and zinc prices and LME spreads.
- Regulatory & environmental: smelter emissions controls and mine permitting affect capital spending and operating continuity.
- Balance sheet and funding: majority strategic shareholder support (Guangdong Rising) aids access to capital for mine development and smelter upgrades.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): Ownership Structure
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) is a vertically integrated non‑ferrous metals group focused on lead, zinc, copper, silver and nickel. Its stated mission emphasizes secure, efficient extraction and processing of non‑ferrous resources, technological innovation, environmental stewardship and value creation for stakeholders. The company presents itself as a technology‑driven industrial platform combining mining, smelting, manufacturing and downstream services to capture value across the metals value chain.- Core products: lead, zinc, copper, silver, nickel.
- Business scope: mining, ore processing, smelting, manufacturing, R&D, construction materials, real estate, trade, warehousing, financial services.
- Global footprint: operations and investments in China, Australia, Canada, Dominica, Ireland, Malaysia, Myanmar.
- R&D & talent: national‑level technical center, post‑doctoral research station, academician workstation; 18 experts receive State Council special allowances.
- Recognition: national high‑tech enterprise; >120 provincial/ministerial scientific & technological awards, including 14 national‑level awards.
- Upstream: exploration and mining - revenue capture from ore extraction and mineral rights.
- Midstream: concentrators and smelters - value added through beneficiation, smelting and refining of lead, zinc, copper, silver and nickel.
- Downstream and services: production of alloy and chemical products, construction materials and manufacturing; trading, warehousing and financial services create diversified fee and margin streams.
- Technology & cost control: in‑house R&D and national technical resources reduce unit costs, improve recovery rates and support higher‑value product lines (refined metals, alloys, chemicals).
| Shareholder | Nature | Notes |
|---|---|---|
| Zhongjin Lingnan Group (major state‑affiliated holder) | State/Group | Principal promoter and strategic controller (majority/controlling stake; key governance influence) |
| Public shareholders (A‑share retail & institutional) | Retail & Institutional | Traded on SZSE (000060.SZ); free float provides liquidity and market valuation) |
| Domestic institutional investors | Institutions | Mutual funds, asset managers - active holders of A‑share blocks |
| Overseas & strategic investors | Foreign / Strategic | Holds via QFII/HK channels or strategic JV partners in overseas projects |
- Product mix: primary revenue contributors are zinc and lead concentrates and refined metals; precious metal by‑product (silver) contributes margin uplift.
- Technological output: holder of a national technical center, post‑doctoral station and academician workstation that underpin continuous process optimization and product upgrades.
- Awards & recognition: >120 provincial/ministerial awards; 14 national‑level awards emphasize technological leadership and process innovation.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): Mission and Values
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) operates across the full non-ferrous metal value chain-mining, beneficiation, smelting and trading-positioning itself as an integrated supplier of lead, zinc, copper, silver and nickel products for industrial and strategic end markets. The company emphasizes resource security, technological innovation and sustainable development as core elements of its mission and values.- Integrated operations covering exploration, mining, beneficiation, smelting and global trading.
- Portfolio includes more than 20 directly affiliated, wholly-owned subsidiaries.
- Global mining footprint with projects in China, Australia, Canada, Dominica, Ireland, Malaysia and Myanmar.
- Smelting capability producing refined lead, zinc, copper, silver and nickel suitable for industrial supply chains.
- Strong R&D orientation: nearly 300 patents obtained through in-house research and development, including 76 invention patents.
- Exploration & Mining: Secure and develop ore bodies across multiple jurisdictions to ensure raw material supply.
- Beneficiation: Ore processing to concentrate target metals for efficient smelting.
- Smelting & Refining: Pyrometallurgical and hydrometallurgical processes yielding refined metal products.
- Sales & Trading: Domestic and international trading channels supplying metal producers, battery makers, galvanizers and chemical manufacturers.
| Metal | Primary Refined Products | Main End-Use Industries |
|---|---|---|
| Lead | Refined lead ingots, lead alloys | Battery manufacturing (lead-acid), cable sheathing, radiation shielding, chemicals |
| Zinc | Zinc ingots, zinc oxide, galvanizing alloys | Galvanizing and corrosion protection, die-casting, chemicals, batteries |
| Copper | Refined copper cathodes, wire rod | Electrical wiring, electronics, motors, renewable energy equipment |
| Silver | Refined silver bullion, industrial silver products | Electronics, photovoltaics, chemical catalysts, jewelry |
| Nickel | Refined nickel cathodes, nickel alloys | Stainless steel, rechargeable batteries (NCM/NCA), aerospace alloys |
- Upstream sales: Concentrates and mined ore sold internally to smelting units or externally via long-term and spot contracts.
- Refined metal sales: Value-added margins from smelting/refining operations selling to industry consumers (batteries, galvanizers, chemical producers).
- Trading & hedging: Price risk management and market-making activities that capture spreads between concentrate and refined metal markets.
- Technology licensing & byproduct recovery: Monetization through improved recovery rates and chemical/industrial byproduct sales.
- Diversified geographic mine base reduces single-country concentration risk (China plus Australia, Canada, Dominica, Ireland, Malaysia, Myanmar).
- Vertical integration (mining → smelting → trading) captures upstream-to-downstream margins and provides feedstock security for smelters and customers.
- R&D strength-nearly 300 patents (76 invention patents)-supports process efficiencies, improved recovery and product quality enhancements.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): How It Works
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) (hereafter NONFEMET) is an integrated non-ferrous metals producer and trader. Its core activities span mining, concentrate processing, smelting/refining, metal fabrication and downstream materials (battery and composite materials, aluminum profiles), plus a trading arm that purchases and sells concentrates and refined metals domestically and internationally.- Upstream: mining and purchase of concentrates (lead, zinc, copper, Ni, Ag-bearing concentrates).
- Midstream: smelting, refining and metal recovery (lead, zinc, copper, silver, nickel).
- Downstream: production of refined metals, alloys, battery/composite materials, aluminum profiles and other fabricated products.
- Trading & logistics: spot and contract trading of concentrates and refined metals, hedging and supply-chain services.
- Sale of refined metals and smelting products - the principal revenue engine, dominated by copper smelting/refining.
- Sale of lead and zinc smelting products and refined by‑products (e.g., silver recovery).
- Sale of concentrates sourced from mines or third parties.
- Sale of battery materials, composite materials and aluminum profiles to industrial customers.
- Trading income and margin from physical metal trading and arbitrage.
- Service and tolling income from smelting/processing third‑party concentrates.
| Item | Share of Revenue (%) | Amount (RMB, FY example) |
|---|---|---|
| Total revenue (example FY) | 100.00% | RMB 35,600,000,000 |
| Copper smelting products | 65.69% | RMB 23,401,000,000 |
| Lead & zinc smelting products | 12.39% | RMB 4,411,000,000 |
| Concentrate products | 5.45% | RMB 1,941,000,000 |
| Battery & composite materials, aluminum profiles, other products | - (remainder) | RMB 3,848,000,000 |
| Trading and other income | - (embedded across lines) | RMB 1,999,000,000 |
- Throughput scale and smelter recoveries: higher feed volumes and better metal recovery rates translate directly into larger saleable metal output and margin expansion.
- Product mix: copper smelting commands the largest revenue share and typically the largest absolute profit contribution given copper's higher unit value; lead/zinc and precious metal by‑products add incremental margin.
- Vertical integration and tolling: owning upstream feed or long‑term concentrate supply contracts reduces raw material cost volatility; tolling provides stable fee income with lower capital exposure.
- Trading operations: generate gross trading margin but can add volatility; hedging and inventory management dampen price swings.
- Downstream diversification: battery materials and aluminum profiles capture additional value beyond commodity metal sales and can improve blended margins.
| Indicator | Value (example FY) |
|---|---|
| Total revenue | RMB 35.6 billion |
| Gross profit margin (typical range) | ~12-18% |
| EBITDA margin (typical range) | ~8-14% |
| Copper smelting revenue share | 65.69% |
| Lead & zinc smelting revenue share | 12.39% |
| Concentrate revenue share | 5.45% |
- Levers: increasing smelter capacity, improving recovery rates, expanding higher‑value downstream products (battery materials), optimizing trading book, and securing long‑term concentrate supplies.
- Risks: commodity price volatility (esp. copper, zinc, lead), input cost inflation (energy, reagents), environmental/regulatory constraints on smelting, and operational disruptions at smelters or mines.
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ): How It Makes Money
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (000060.SZ) (NONFEMET) is a leading global player in the lead and zinc sector, vertically integrated across exploration, mining, smelting, refining and commodity trading. The company leverages a diversified business model and international footprint to capture value across the metal lifecycle.- Core operations: mine-to-smelt value chain for lead, zinc and associated non-ferrous metals.
- Global reach: assets and trading channels spanning China, Southeast Asia and other international markets.
- Sustainability focus: ongoing investment in emissions controls, tailings management and resource-efficient smelting technologies.
- Upstream mining and concentrate production - generates feedstock for internal smelters and third-party sales.
- Smelting and refining - produces refined zinc, lead and by-products (silver, copper) sold on long-term contracts and spot markets.
- Trading and distribution - global trading arm arbitrages regional price spreads and supplies industrial customers.
- Value-added services - tolling, recycling and custom refining for industrial clients.
| Metric | Value (approx.) |
|---|---|
| Annual refined zinc equivalent production | ~350,000-450,000 tonnes |
| Annual revenue | ~RMB 40-55 billion |
| EBIT margin (smelting operations) | ~8-15% |
| Geographic revenue split | China ~70%, Export/trading ~30% |
| Capital expenditure focus (annual) | RMB 1-3 billion on environmental upgrades & reserve expansion |
- Market leader: One of China's largest lead-zinc producers and a recognized global flagship in non-ferrous metals.
- Reserve & capacity growth: Strategic acquisitions and exploration programs aimed at expanding ore reserves and smoothing feedstock supply.
- Operational resilience: Diversified revenue mix (mining, smelting, trading) reduces exposure to single-market shocks and spot price swings.
- Sustainability investments: Incremental CAPEX allocated to cleaner smelting tech, wastewater treatment and tailings stabilization to meet tightening environmental standards.
- Outlook: Well-positioned to maintain market leadership through integrated operations, trading scale and continued reserve development, supporting long-term competitiveness in a cyclical commodities environment.
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