{
 "as_of": "2026-11-06",
 "cmr": "de-cm-kg/XETRA/HMU",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# HMS BERGBAU AG (Xetra: HMU) — research page\n\nAs of 2026-11-06 · de-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is HMS BERGBAU AG, listed on Xetra under ticker HMU, with ISIN DE0006061104 and LEI 5299004BSTX10BXHV941. Its security type is Corporate, its segment is DEUTSCHLAND, and its jurisdiction is Germany (Handelsregister HRB). Its sector is not on the record, because the Xetra instruments file carries index membership and not a sector classification. Its status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 9 filings in the twelve months to 2026-11-06, all of them corporate_news, across 9 filing days. The median gap between filing days is 34.0 days. The latest filing is dated 2026-10-05, 32 days before the record date, and is of type corporate_news. The exchange median is 22.8 days for cadence gap and 5.5 days for latency, across 419 issuers with a median of 6 filings. The sector median is not on the record for this market.\n\n## Auditor\n\nThe auditor of record is not on the record. The record carries the annual report link only, as a source link and not a read. The auditor's location is not on the record, and auditor changes are not on the record because this register has no lifecycle type map yet.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map yet. The halt flag is clear: the issuer is listed, not halted.\n\n## Orderability\n\nUnder rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, as of chapter date 2026-11-04, the signal is ACM-200 for each client category: Professionelle Kunden, Privatkunden and Geeignete Gegenparteien. The outcome is determinable for all three.\n\n## Coverage\n\nThe issuer's investor-relations page names 2 research houses: mwb Research and Montega Research.\n\n## Open research\n\nThe record holds 5 openly published research notes: mwb research on 2026-06-11, mwb research on 2026-05-29, mwb research on 2026-02-03, Montega AG on 2025-11-28 and Montega AG on 2025-10-13.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe market's vintage is not sealed. No years are sealed for this issuer, the market's earliest sealed date is not on the record, and the live record's start date is not on the record.\n\n## Sources\n\n13 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/5299004BSTX10BXHV941 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.de-cm-kg.ai/events/XETRA/HMU (the disclosure lines)\n- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list (the halt flag)\n- https://mcp.de-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://hms-ag.com/investor-relations/analystcoverage/ (coverage)\n- https://hms-ag.com/wp-content/uploads/2026/06/2026-06-11-HMS-Bergbau-bond-___k8xhkigk-1.pdf (open research)\n- https://hms-ag.com/wp-content/uploads/2026/06/2026-05-29-HMS-Bergbau-2026-guidance___ys3arww7-1.pdf (open research)\n- https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-030226-MWB-ENG.pdf (open research)\n- https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-281125-ENG.pdf (open research)\n- https://hms-ag.com/wp-content/uploads/2025/10/Initiation-Note-16.10.2025-EN.pdf (open research)\n- https://mcp.de-cm-kg.ai/record/XETRA/HMU (the record)\n",
 "market": "DE",
 "node": "de-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the DE vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "market": "DE",
    "reason": "Width 0 records the annual report link only (ORDER-015: source link, not a read)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "DE",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "DE",
    "state": "not_on_record"
   },
   "changes": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "de-cm-kg/XETRA/HMU",
  "coverage": {
   "count": 2,
   "houses": [
    {
     "analyst": "Alexander Zienkowicz",
     "house": "mwb Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/investor-relations/analystcoverage/",
     "state": "sourced"
    },
    {
     "analyst": "Bastian Brach",
     "house": "Montega Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/investor-relations/analystcoverage/",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://hms-ag.com/investor-relations/analystcoverage/",
     "result": "read: 2 of 4 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 419,
     "median_cadence_gap_days": 22.8,
     "median_filings": 6,
     "median_latency_days": 5.5,
     "name": "Xetra"
    },
    "sector": {
     "market": "DE",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "corporate_news": 9
   },
   "cadence_median_gap_days": 34,
   "filing_days": 9,
   "filings": 9,
   "latency_days": 32,
   "latest": [
    {
     "category": "research-channel",
     "date": "2026-10-05",
     "source": "https://www.eqs-news.com/news/research-channel/original-research-hms-bergbau-ag-von-montega-ag-kaufen/caaa5927-45f3-4073-b99c-a6f10aea8af5_de",
     "title": "Original-Research: HMS Bergbau AG (von Montega AG): Kaufen | Research - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-07-10",
     "source": "https://www.eqs-news.com/news/corporate/hms-bergbau-ag-unternehmensanleihe-2025-2030-erfolgreich-um-25-mio-euro-aufgestockt/57101377-a6b0-43a9-86b4-b4730c60789d_de",
     "title": "HMS Bergbau AG: Unternehmensanleihe 2025/2030 erfolgreich um 25 Mio. Euro aufgestockt | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-06-09",
     "source": "https://www.eqs-news.com/de/news/corporate/hms-bergbau-ag-plant-eine-anleiheemission-ueber-bis-zu-50-mio-euro-zur-beschleunigung-des-wachstumskurses/c715c465-8cac-4de3-beb7-573ef771228c_de",
     "title": "HMS Bergbau AG plant eine Anleiheemission über bis zu 50 Mio. Euro zur Beschleunigung des Wachstumskurses | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-05-21",
     "source": "https://www.eqs-news.com/news/corporate/hms-bergbau-signs-exclusive-offtake-agreement-for-chrome-ore-with-south-african-mining-company/f8e177fe-7443-41f1-b1b4-dd434a1abeeb_en",
     "title": "HMS Bergbau Signs Exclusive Offtake Agreement for Chrome Ore with South African Mining Company | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-04-14",
     "source": "https://www.eqs-news.com/news/corporate/hms-bergbau-mit-vorlaufigen-geschaftszahlen-fur-das-geschaftsjahr-2025/2afaa73f-cfca-4ca9-bc45-0a7dc4df9e33_de",
     "title": "HMS Bergbau mit vorläufigen Geschäftszahlen für das Geschäftsjahr 2025 | Corporate - EQS News",
     "type": "corporate_news"
    }
   ],
   "latest_filing_date": "2026-10-05",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/HMU",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Xetra"
   },
   "isin": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "confirmed",
    "value": "DE0006061104"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (registeredAs)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/5299004BSTX10BXHV941",
    "state": "sourced",
    "value": "Germany (Handelsregister HRB)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-09",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN DE0006061104)",
    "state": "sourced",
    "value": "5299004BSTX10BXHV941"
   },
   "name": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "HMS BERGBAU AG"
   },
   "sector": {
    "market": "DE",
    "reason": "the Xetra instruments file carries index membership, not a sector classification",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEUTSCHLAND"
   },
   "ticker": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "HMU"
   },
   "website": {
    "market": "DE",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "DE",
  "node": "de-cm-kg",
  "numbers_hash": "sha256:c14952afee35509f50bea202752f3456765a58b0e87e5d755a869bf050c9eb9e",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [
    {
     "date": "2026-06-11",
     "kind": "issuer-sponsored",
     "publisher": "mwb research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/wp-content/uploads/2026/06/2026-06-11-HMS-Bergbau-bond-___k8xhkigk-1.pdf",
     "state": "sourced",
     "title": "HMS Bergbau AG"
    },
    {
     "date": "2026-05-29",
     "kind": "issuer-sponsored",
     "publisher": "mwb research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/wp-content/uploads/2026/06/2026-05-29-HMS-Bergbau-2026-guidance___ys3arww7-1.pdf",
     "state": "sourced",
     "title": "Guidance lands ahead; structural growth building"
    },
    {
     "date": "2026-02-03",
     "kind": "issuer-sponsored",
     "publisher": "mwb research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-030226-MWB-ENG.pdf",
     "state": "sourced",
     "title": "HMS Bergbau AG"
    },
    {
     "date": "2025-11-28",
     "kind": "issuer-sponsored",
     "publisher": "Montega AG",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-281125-ENG.pdf",
     "state": "sourced",
     "title": "HMS BERGBAU AG"
    },
    {
     "date": "2025-10-13",
     "kind": "issuer-sponsored",
     "publisher": "Montega AG",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://hms-ag.com/wp-content/uploads/2025/10/Initiation-Note-16.10.2025-EN.pdf",
     "state": "sourced",
     "title": "Full Steam Ahead"
    }
   ],
   "state": "found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Professionelle Kunden",
    "Privatkunden",
    "Geeignete Gegenparteien"
   ],
   "outcomes": {
    "Geeignete Gegenparteien": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Privatkunden": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Professionelle Kunden": {
     "determinable": true,
     "signal": "ACM-200"
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.de-cm-kg.ai/book/aio.json",
    "door": "https://mcp.de-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1",
   "section": "de.aio.v13"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.de-cm-kg.ai/record/XETRA/HMU",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-09",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:c14952afee35509f50bea202752f3456765a58b0e87e5d755a869bf050c9eb9e",
 "path": "/de/XETRA/HMU",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is HMS BERGBAU AG, listed on Xetra under ticker HMU, with ISIN DE0006061104 and LEI 5299004BSTX10BXHV941. Its security type is Corporate, its segment is DEUTSCHLAND, and its jurisdiction is Germany (Handelsregister HRB). Its sector is not on the record, because the Xetra instruments file carries index membership and not a sector classification. Its status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 9 filings in the twelve months to 2026-11-06, all of them corporate_news, across 9 filing days. The median gap between filing days is 34.0 days. The latest filing is dated 2026-10-05, 32 days before the record date, and is of type corporate_news. The exchange median is 22.8 days for cadence gap and 5.5 days for latency, across 419 issuers with a median of 6 filings. The sector median is not on the record for this market.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is not on the record. The record carries the annual report link only, as a source link and not a read. The auditor's location is not on the record, and auditor changes are not on the record because this register has no lifecycle type map yet.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map yet. The halt flag is clear: the issuer is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "Under rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, as of chapter date 2026-11-04, the signal is ACM-200 for each client category: Professionelle Kunden, Privatkunden and Geeignete Gegenparteien. The outcome is determinable for all three.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 2 research houses: mwb Research and Montega Research.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "The record holds 5 openly published research notes: mwb research on 2026-06-11, mwb research on 2026-05-29, mwb research on 2026-02-03, Montega AG on 2025-11-28 and Montega AG on 2025-10-13.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The market's vintage is not sealed. No years are sealed for this issuer, the market's earliest sealed date is not on the record, and the live record's start date is not on the record.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "13 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/5299004BSTX10BXHV941"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/HMU"
  },
  {
   "for": "the halt flag",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.de-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://hms-ag.com/investor-relations/analystcoverage/"
  },
  {
   "for": "open research",
   "source": "https://hms-ag.com/wp-content/uploads/2026/06/2026-06-11-HMS-Bergbau-bond-___k8xhkigk-1.pdf"
  },
  {
   "for": "open research",
   "source": "https://hms-ag.com/wp-content/uploads/2026/06/2026-05-29-HMS-Bergbau-2026-guidance___ys3arww7-1.pdf"
  },
  {
   "for": "open research",
   "source": "https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-030226-MWB-ENG.pdf"
  },
  {
   "for": "open research",
   "source": "https://hms-ag.com/wp-content/uploads/2026/02/HMS-Research-281125-ENG.pdf"
  },
  {
   "for": "open research",
   "source": "https://hms-ag.com/wp-content/uploads/2025/10/Initiation-Note-16.10.2025-EN.pdf"
  },
  {
   "for": "the record",
   "source": "https://mcp.de-cm-kg.ai/record/XETRA/HMU"
  }
 ],
 "title": "HMS BERGBAU AG (HMU) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}