基于改进杜邦分析法下矿业公司的盈利能力分析——以西藏珠峰为例

Analysis of the Profitability of Mining Companies Based on theImproved DuPont Analysis Method—A Case Study of Xizang Zhufeng

摘要: 随着互联网、AI等新技术的发展，轻资产产业模式快速兴起，持续冲击以固定资产为主导的矿产行业。文章采用改进杜邦分析法，将企业活动拆分为经营与金融活动，以西藏珠峰为研究对象，从盈利质量、资产运营、财务杠杆三个维度分析其盈利可持续性。研究发现，西藏珠峰近年虽通过产品结构调整、成本管控实现盈利修复，但核心经营盈利能力(ROIC)呈下滑趋势，财务杠杆持续攀升推高财务风险，盈利基本面未实现实质性改善。因此，针对企业经营与财务层面的核心问题，结合矿产行业发展趋势，提出针对性优化对策，为矿业企业提升盈利可持续性提供参考。

Abstract: With the development of new technologies such as the Internet and AI, the asset-light industrial model has risen rapidly, continuously impacting the mineral industry, which is dominated by fixed assets. This paper adopts the improved DuPont analysis method, which divides enterprise activities into operating and financial activities. Taking Xizang Zhufeng as the research object, it analyzes its profit sustainability from three dimensions: profit quality, asset operation, and financial leverage. The study finds that although Xizang Zhufeng has realized profit recovery through product structure adjustment and cost control in recent years, its core operating profitability (ROIC) has shown a downward trend, and the continuous rise of financial leverage has pushed up financial risks, and the fundamental profit has not achieved substantial improvement. In view of the core problems at the operational and financial levels of the enterprise, combined with the development trend of the mineral industry, targeted optimization countermeasures are put forward to provide reference for mining enterprises to improve profit sustainability.