特此公告。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-016 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 江西铜业股份有限公司（以下简称公司）第十届董事会第九次会 议，于 2025 年 4 月 28 日召开，公司 8 名董事均参加了会议。会议的 召开符合《中华人民共和国公司法》（以下简称《公司法》）、《江西铜 业股份有限公司章程》（以下简称《公司章程》）等有关法律法规及规 范性文件的规定，会议审议并通过了如下决议： 一、审议通过了《江西铜业股份有限公司 2025 年第一季度报告》 本议案已经公司第十届董事会独立审核委员会（审计委员会）第 四次会议审议，同意提交本次董事会审议。 表决结果：同意 8 票、反对 0 票、弃权 0 票。 详情请见公司于上海证券交易所网站（www.sse.com.cn）及本公 司网站（www.jxcc.com）披露的 2025 年第一季度报告。 江西铜业股份有限公司 董事会 2025 年 4 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Insights - Gold prices are influenced by tariff policies, which create uncertainty and trigger risk aversion in the short term. The expectation of stagflation in the U.S. due to tariffs positions gold as an optimal asset allocation choice in the medium term. Long-term, the loosening of global capital ties to dollar assets may lead to increased inflows into gold from various global funds [1][9]. - The Federal Reserve's neutral stance is seen as supportive for gold prices, with recent comments from officials indicating no immediate need for rate hikes, which helps maintain a favorable environment for gold [1][9]. - Copper prices are stabilizing, with improving demand and decreasing domestic inventory. The report suggests that copper mining equities present a good opportunity for long-term investment [10][12]. Summary by Sections 1. Weekly Research Insights - Gold's price dynamics are primarily driven by tariff uncertainties, which affect market sentiment and asset allocation strategies [1][9]. - The Federal Reserve's current neutral position is beneficial for gold prices, with no immediate rate hikes expected [1][9]. 2. Sector Performance - The non-ferrous metals index increased by 0.78%, underperforming the broader market [12]. - Gold was the best-performing segment, rising by 4.58%, followed by nickel, cobalt, tin, and antimony [12]. 3. Metal Prices and Inventory 3.1. New Energy Metals - Cobalt prices increased, while lithium prices showed a slight decline [21][23]. 3.2. Base Metals - Copper prices rose by 1.63% to 76,000 CNY/ton, while aluminum prices remained stable [31][32]. 3.3. Precious Metals - COMEX gold prices rose by 2.6% to 3,328 USD/ounce, and silver prices increased by 1.8% to 32.47 USD/ounce [44][45].

证券代码：600362 证券简称：江西铜业 公告编号：临 2025-015 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司关于 召开 2024 年度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 会议召开时间：2025 年 4 月 18 日(星期五)15:00-17:00。 会议召开方式：本次说明会通过上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/）以网络互动方式召开。 投资者可于 2025 年 4 月 11 日(星期五)至 4 月 17 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 jccl@jxcc.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 江西铜业股份有限公司(以下简称公司)已于 2025 年 3 月 28 日 发布了公司 2024 年年度报告。为使广大投资者更加全面、深入地了 解公司情况，公司决定召开业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次业绩说明会以视频结合 ...

| 股票代码：600362 | 股票简称：江西铜业 | 公告编号：临2025-014 | | --- | --- | --- | | 债券代码：137816 | 债券简称：22 江铜 01 | | 江西铜业股份有限公司 关于控股股东增持公司股份进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的 虚假记载、误导性陈述或者重大遗漏负连带责任。 重要内容提示： 增持计划情况：2024 年 12 月 13 日，公司发布了《江西铜业 股份有限公司关于控股股东增持公司 H 股股份计划的公告》（公告编 号：临 2024-056），江铜集团拟累计增持 H 股股份数量不低于 34,627,294 股（约占公司发行总股本的 1%）但不超过 69,254,588 股（约占公司发行总股本的 2%）。 增持计划进展情况：自 2024 年 12 月 12 日至本公告日，江铜 集团累计增持公司 H 股股份 36,863,000 股，约占公司已发行股份的 1.06%（占已发行 H 股股份的 2.66%）。 本次增持计划不触及要约收购，不会导致公司控股股东及实际 控制人发生变化。 截至本公告披露日，江铜集团持有公司 1 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Shanghai copper main contract fluctuated weakly, with a decrease in open interest, a premium in the spot market, and a strengthening basis. Internationally, there are concerns about economic recession risks and the impact of tariffs on inflation and employment. Domestically, policies are promoting the use of intelligent terminal consumer goods. Fundamentally, the processing fees for copper concentrates continue to decline, and the supply of raw materials may become tighter. The domestic supply may decrease due to smelter maintenance and import window closure. On the demand side, the "Golden March and Silver April" peak season and positive macro - policies are expected to boost demand, but the impact of rising copper prices on downstream purchasing should not be ignored. Overall, the fundamentals of Shanghai copper may be in a stage of slightly reduced supply, steadily increasing demand, and positive expectations. In the options market, the sentiment is relatively balanced, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows red bars converging below the 0 - axis. The operation suggestion is to go long on dips with a light position and control the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract was 79,890 yuan/ton, down 540 yuan; the LME 3 - month copper price was 9,695 dollars/ton, up 2 dollars. The spread between the main contract months was 30 yuan/ton, up 20 yuan; the open interest of the Shanghai copper main contract was 196,044 lots, down 2,275 lots. The net position of the top 20 futures holders of Shanghai copper was - 6,313 lots, up 905 lots. The LME copper inventory was 213,275 tons, up 1,900 tons; the Shanghai Futures Exchange (SHFE) cathode copper inventory was 235,296 tons, down 21,032 tons; the SHFE cathode copper warrant was 130,379 tons, down 2,856 tons [2] Spot Market - The SMM 1 copper spot price was 80,055 yuan/ton, up 40 yuan; the Yangtze River Non - Ferrous Metals Market 1 copper spot price was 80,115 yuan/ton, up 100 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 98 dollars/ton, unchanged; the average premium of Yangshan copper was 66 dollars/ton, down 0.5 dollars. The basis of the CU main contract was 165 yuan/ton, up 580 yuan; the LME copper cash - to - 3 - month spread was - 71 dollars/ton, down 16.5 dollars [2] Upstream Situation - The import volume of copper ore and concentrates was 218.25 million tons, down 34.88 million tons. The TC of domestic copper smelters was - 24.14 dollars/thousand tons, down 1.26 dollars. The price of copper concentrates in Jiangxi was 70,380 yuan/metal ton, up 110 yuan; in Yunnan, it was 71,080 yuan/metal ton, up 110 yuan. The processing fees for crude copper in the south and north were 1,100 yuan/ton and 900 yuan/ton respectively, up 250 yuan and 100 yuan [2] Industry Situation - The output of refined copper was 124.20 million tons, up 10.90 million tons. The import volume of unwrought copper and copper products was 420,000 tons, unchanged. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai was 0 yuan/ton, down 57,590 yuan; the price of 2 copper (94 - 96%) in Shanghai was 67,750 yuan/ton, up 100 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 600 yuan/ton, unchanged [2] Downstream and Application - The output of copper products was 227.28 million tons, up 13.23 million tons. The cumulative completed investment in power grid infrastructure was 436.20 billion yuan, down 5,646.38 billion yuan. The cumulative completed investment in real estate development was 10,719.74 billion yuan, down 89,560.48 billion yuan. The monthly output of integrated circuits was 4,277,402,800 pieces, up 521,990,500 pieces [2] Options Situation - The 20 - day historical volatility of Shanghai copper was 14.02%, up 0.21 percentage points; the 40 - day historical volatility was 12.25%, up 0.12 percentage points. The implied volatility of the at - the - money options in the current month was 14.76%, up 0.0035 percentage points. The call - to - put ratio of at - the - money options was 1.11, up 0.0426 [2] Industry News - The US "reciprocal tariff" is about to be implemented on April 2. The EU has a counter - measure plan. Fed officials are concerned about the impact of tariffs on inflation and employment. The Caixin China Manufacturing PMI in March was 51.2, up 0.4 points from February. The Ministry of Commerce promotes the work of consumer goods replacement. The added value of the above - scale electronic information manufacturing industry from January to February increased by 10.6% year - on - year. New energy vehicle companies released their March sales results, with some achieving significant growth [2]

江西铜业 20250328 摘要 Q&A 江西铜业 2024 年的财务表现如何？ 江西铜业 2024 年实现惠民净利润 69.69 亿元，同比增长 7%。其中，第四季度 实现净利润 19.78 亿元，同比增长 27%，环比增长 45%。扣非归母净利润同比增 长 88%。 • 江西铜业 2024 年一级铜产量同比增长 9.28%至 222.9 万吨，黄金产量增长 4.99%至 118.2 吨，但白银因恒邦事故减产。硫酸和铜加工产品分别增长 1.4%和 4.21%。自产铜矿产量略降 1.14%至 19.97 万吨。 • 上饶铜箔项目一期投产约 3 万吨，未达满产，二期取消，最终产能预计 5 万吨。哈萨克斯坦钨矿项目已试生产，四季度产 2000 吨，2025 年计划产 7,000 吨。墨西哥选矿项目预计 2025 年中期或三季度投产，目标年产 5 万 吨金属量。 • 江西铜业投资 2.5 亿美元参与第一长岛竞争，获得董事席位，加强资源端 合作。阿富汗项目有望进一步合作，并增持数字化黄金股份，参与厄瓜多 尔矿山开发建设。 • 受当地环境影响，墨西哥选矿项目推迟至 2025 年中期或三季度投产，目标 年产 5 万吨阴极 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's operating revenue was CNY 520.93 billion, a decrease of 0.18% compared to CNY 521.89 billion in 2023[10]. - The net profit attributable to shareholders was CNY 6.96 billion, representing a 7.03% increase from CNY 6.51 billion in the previous year[10]. - The net profit after deducting non-recurring gains and losses was CNY 8.29 billion, a significant increase of 54.22% from CNY 5.37 billion in 2023[10]. - The net cash flow from operating activities decreased by 77.06% to CNY 2.51 billion, down from CNY 10.93 billion in the previous year[10]. - The total assets at the end of 2024 were CNY 193.13 billion, an increase of 14.85% compared to CNY 168.15 billion at the end of 2023[10]. - The net assets attributable to shareholders increased by 15.61% to CNY 77.95 billion from CNY 67.42 billion in 2023[10]. - Basic earnings per share for 2024 were CNY 2.01, up 6.91% from CNY 1.88 in 2023[12]. - The weighted average return on equity increased to 9.58%, up from 9.23% in the previous year[12]. - The company reported a net cash flow from operating activities of CNY -6,068,554,414 in Q1 2024, indicating a significant cash outflow[20]. - The company’s consolidated operating revenue for the fiscal year 2024 is RMB 520,928,245,943, a decrease of RMB 964,266,223 or -0.18% compared to the previous year[52]. Production and Sales - Copper production increased by 9.28% to 229.19 thousand tons compared to the previous year (209.73 thousand tons)[26]. - Gold production rose by 4.99% to 118.26 tons year-on-year (previous year: 112.64 tons)[26]. - The revenue from copper cathodes was RMB 268,526,293,106, with a gross margin increase of 1.00 percentage point[61]. - The revenue from gold sales reached RMB 65,896,987,916, reflecting a year-over-year increase of 27.84%[61]. - The production volume of copper reached 229.19 million tons, reflecting a year-over-year increase of 9.28%[65]. - The production of gold was 118.26 tons, with a sales increase of 5.65% compared to the previous year[65]. Investments and Acquisitions - The company acquired a 49% stake in Jiangxi Depu Mining Equipment Co., gaining control over its operational decisions[70]. - Jiangxi Copper Group invested 12,600 million in Jiangxi Copper Group Silver Mountain Mining Co., holding 100% equity[98]. - Jiangxi Jiang Copper Huadong Copper Foil Co., with an investment of 98,965.10 million, holds 49% equity and focuses on the production and sales of electrolytic copper foil products[95]. - The acquisition of Jiangxi DePu Mining Equipment Co., Ltd. resulted in identifiable net assets with a fair value of RMB 76,886 thousand[175]. - The company acquired Jiangxi Chuanhe New Materials Co., Ltd. for a cash consideration of RMB 200 million, resulting in a 77.16% ownership stake[178]. Financial Management and Costs - Operating costs decreased by 1.07% to RMB 502,484,215,994, primarily due to changes in raw material prices and sales volume[54][55]. - Research and development expenses increased by 9.63% to RMB 1,118,434,386, indicating a focus on innovation[54][55]. - The company reported a significant increase in financing cash flow by 196.61% to RMB 5,732,637,522, driven by increased borrowing[54][55]. - The company’s financial costs increased to RMB 2,517,793, up from RMB 2,323,801, reflecting a rise of 8.4%[162]. - The company’s interest-bearing bank borrowings rose to RMB 47,776,953 thousand in 2024 from RMB 37,453,136 thousand in 2023, an increase of approximately 27.8%[168]. Risk Management and Compliance - The company emphasizes the importance of risk management and internal controls to mitigate potential risks associated with safety, currency fluctuations, and product price volatility[106]. - The company is exposed to foreign exchange risk due to its reliance on USD for international transactions, which could negatively impact profitability if not effectively managed[108]. - The company has maintained compliance with the corporate governance code and has not arranged insurance for directors facing legal litigation due to perceived low additional risk[116]. - The company received a corrective decision from the Shandong Securities Regulatory Bureau in April 2024, addressing compliance issues and has submitted a written report on corrective measures[125]. Dividend and Shareholder Information - The company plans to distribute a final dividend of RMB 7 per 10 shares for the fiscal year 2024, totaling approximately RMB 2,416,601,345.90, which accounts for 34.71% of the net profit attributable to shareholders[130]. - The proposed final dividend for 2024 is RMB 0.70 per share, up from RMB 0.60 per share in 2023, reflecting an increase of 16.7%[196]. - The total proposed final dividend amounts to RMB 2,416,601,000 for 2024, compared to RMB 2,077,424,000 in 2023, marking a year-over-year increase of approximately 16.3%[196]. - The company has 3,452,287,637 shares outstanding after excluding treasury shares, compared to 3,462,729,405 shares in 2023[196]. Future Outlook and Strategy - The company aims to enhance its core competitiveness and achieve high-quality development through innovation and talent-driven strategies[103]. - The company plans to produce 200,000 tons of copper concentrate, 2.37 million tons of cathode copper, 139 tons of gold, 1,243 tons of silver, 6.53 million tons of sulfuric acid, and 2.01 million tons of copper processing materials in 2025[104]. - The annual investment plan for 2025 is set at RMB 12.814 billion, which includes fixed asset and equity investments[104]. - The company is committed to green development, promoting low-carbon development in the industrial chain, and utilizing financial incentives for equipment upgrades and technology transformation[105].

江西铜业股份有限公司 已审财务报表 2024年度 江西铜业股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 6 | | 合并资产负债表 | 7 | - | 9 | | 合并利润表 | 10 | - | 11 | | 合并股东权益变动表 | 12 | - | 13 | | 合并现金流量表 | 14 | - | 15 | | 公司资产负债表 | 16 | - | 17 | | 公司利润表 | | 18 | | | 公司股东权益变动表 | 19 | - | 20 | | 公司现金流量表 | 21 | - | 22 | | 财务报表附注 | 23 | - | 163 | | 财务报表补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 1 | | | 3.中国与国际财务报告准则编报差异调节表 | | 2 | | 审计报告 安永华明（2025）审字第70013329_B01号 江西铜业股份有限公司 江西铜业股份有限公司全体股东： 一、审计意见 我们审计了江西铜业股份有限公司的 ...

江西铜业股份有限公司 内部控制审计报告 2024年12月31日 安永华明会计师事务所（特殊普通合伙） 中国北京巿东城区东长安街 1 号 东方广场安永大楼 17 层 邮政编码: 100738 Tel 电话· : +86 10 5815 3000 Fax 传真· : +86 10 8518 8298 ey.com 内部控制审计报告 安永华明（2025）专字第70013329_B01号 江西铜业股份有限公司 江西铜业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了江西铜业股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是 江西铜业股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发 表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 Ernst & Young Hua Ming LLP Level 17, Ernst ...

江西铜业股份有限公司 2024 年度独立董事述职报告 作为江西铜业股份有限公司的独立董事，本人严格按照 《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司独立董事管理办法》等法律法规和《公司章程》《独立 董事工作制度》的规定，谨慎、认真、勤勉地履行独立董事 的职责，积极出席公司股东大会、董事会及专门委员会会议， 认真审议董事会各项议案，发挥独立董事独立性及专业优势， 对公司重大事项发表公正、客观的独立意见，维护公司和全 体股东的合法权益。现就本人 2024 年度履行独立董事职责 情况汇报如下： 一、独立董事的基本情况 本人王丰，男，1977 年出生，企业管理专业博士。2000 年9月至2002年3月任上海市有线网络有限公司项目经理。 现任和君咨询董事长、首席经济学家以及资深合伙人。 2021 年 6 月 8 日起，担任公司独立董事，并兼任公司薪 酬与考核委员会主席、独立审核委员会（审计委员会）委员、 提名委员会委员。 （二）是否存在影响独立性的情况 作为公司的独立董事，本人与公司之间不存在诸如雇佣 关系、交易关系、亲属关系、《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》《上市公司独立 ...