KGHM Polska Miedz SA 2026年Q2财报及业务进展电话会议纪要

发布时间：2026-08-20 一、AI总结内容 一、核心业绩要点 1. 2026年上半年集团表现：集团收入同比增长近40%，EBIT同比增长近90%，债务下降、现金流显著增强，运营效率提升、成本优化成效明显，C1成本指标下降，营业利润率从25%升至34%。 2. 关键产品产量：电解铜产量同比增长超20%，硫酸等高利润率产品需求旺盛，白银产量同比增长38%，黄金产量同比下降37%（符合预算，属生产过渡阶段正常波动），钼产量同比增长6%。 二、投资与项目进展 1. 波兰本土项目：红鬃（Redstone）竖井2029年9月将启用，已完成第一阶段工程；GG2竖井因地勘问题后移800米，正进行实验，2年后冻结、2.5年后加深；全球二号（Gogów 2）冶炼厂翻新工程已推进，原计划9月投产，现缩短9天至9月17日，成本约6.7亿兹罗提；成本优化计划2028年较2024年基准节省10亿兹罗提，上半年已实现3亿兹罗提，2026年计划覆盖更多KPI。 2. 海外项目：智利塞拉加达（Sierra Gorda）第四处理线项目，总投资7.25亿美元，2030年下半年全面投产，目标提升金属产量20%、降低C1成本、缩短矿山寿命3年，2027-2028年为投资高峰；卡特拉诺（Catalla）区域勘探发现高矿化潜力，正推进钻探。 3. 其他投资：与波兰国家环保基金签2亿兹罗提光伏、风电合同；推进斯洛文尼亚铜产品价值链延伸项目，正办理许可证；考虑通过外部融资支撑项目现金流。三、风险与市场关注 1. 核心风险：矿山老化带来的供应链中断风险；美国、中国等地缘政治因素影响的铜等金属市场稳定性；C1成本受能源等输入成本波动影响。 2. 市场动态：铜市场供需受政策、地缘政治影响显著，ETF等机构需求稳定，白银价格较高，集团正调整套期保值策略；国际矿业项目成本高，并购将审慎推进。四、问答环节核心内容 1. 库存与现金流：Q2库存处于高位，Q3-Q4将释放约6万盎司库存改善现金流；2026年股息将在股东大会公布，将维持分红与发展投资平衡。 2. 铜产量改善：罗宾逊（Robinson）矿正采取技术措施提升产量，当前处于新露天矿过渡阶段，预计未来数月见效。 3. 并购方向：重点关注南美、北非（摩洛哥等稳定司法辖区），乌克兰也在勘探范围内，正推进尽职调查，暂不披露细节。 4. 成本控制：波兰铜生产成本现约5.5万兹罗提/吨，高利润贡献导致一次性成本增加，Q3有望下降，公司将持续优化能源消费与套期保值。 二、音频原文（转写） Copper will be torn off the base, and we'll go directly to Sydney. Here you can see another fragment of this line. We face some difficulties the re because it is an installation that is continuing in our facilities. This year we intend to complete it, and at the beginning of next year a similar installation is to be put into operationinto in Guogou. I would like to mention Sydney,Sydney is not really a smelter, it's our rollingfacility. This rolling plant has been operational for over forty years, so it's time to refurbish or replace the machines. They are still performant, they are still in good condition, but we.嗯。 嗯。endeavor to replace them. and also take this opportunity to expand our product of with molders, shapers and other products. さあ made of copper,so we are thinking about 啊。はし。嗯，再说呀。 Thanks. Exploratory and development work focus above all on maintaining highly. productive geological lines we Work in increasingly difficult. um conditions. we are. Successful in withdrawinghumans from the most dangerous areas. and 声浪 ねっか うん。 HAD A are becoming the most serious ones. Now wehave a robot for cleaning the passage between the furnace and. が。We cover boiler in globe of two. Now we are finalizing a similar robot like this for a group of one. also Down in the mines, we need a machine so that. 啊 Well, while they emit heat, they should not emit. 嗯。 my fumes So we have electric way. TACKLE OF THEMACHINE Here in the picture you can see a vehicle for transporting employees. It will be equipped with modern air conditioning devices, both inthere. Cabin and in the park. for caring workers. It will be a mobile. 嗯。 え。device, which will also give a chance to the workers to We'll get a moment of rest. we work un der very difficult conditions. As the deeper yougo, the warmer it gets. We feel it acutely. Also, we remove the humans. from the front of the corridor. We now shift to automatic anchors. Andall processes will be done from automated booths. we also considering automation of drilling andautomation of But loading of explosives. Also,all things related to removal of water. じゃあ。 improvement of productivity of MCRs. うん。and. I would not. Focus too much on figures. because sometimes they only signal that a certain machine was put into routine operation or was phased outWe generally increase the capacity of our. OPERATION マシンのみ。 已经约。So to close this presentation, I would liketo say that the first half of the year was favorable for the company, also in terms of what we saw in the market. In a moment I will talk you through that in greater detail because there havebeen questions. But as the CEO mentioned, we improved the efficiency, we improved the balance sheet and cash flows. We also tried to. Anything we could to ensure certain buffer that will helpthe company in more difficult external conditions. I would like to highlight three elements in the first six months of the year. This is the resilience of our business, the tool, the market and three consistent building of value through thestrategy. And I will to explain what it means for our operations. and how we implemented it inthe 到现在。 Half of the year. Starting with the first pointof its resilience. Resilience is understood through the lens of income. And if we look at revenues, I can also say it referring to what Mr. Laskowski said. Production is. crucial. But given how fragmented and divided the market is. じゃあ。 I don't say in Sales also becomes. 嗯。very important aspect. Production is our. 对。office and so to speak. and now you can see that we うん。嗯。 focused more on 那么一。stock We also replace the. Conditions in some contracts. by focusing on products which were previously niche ones However, they generated good margins. So then you move itand I'm. the sulfuric acid. 嗯。 Here we diversified our hedging also, which provides another good element. the prices which we achieved there for the 6 months were very h