证券代码：600362 证券简称：江西铜业 公告编号：2025-018 江西铜业股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 6 日 15 点 00 分 召开地点：江西省南昌市高新区昌东大道 7666 号江铜国际广场会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年6月6日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 6 月 6 日 至2025 年 6 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported operating revenue of CNY 520.93 billion, a slight decrease of 0.18% compared to CNY 521.89 billion in 2023[19]. - Net profit attributable to shareholders increased by 7.03% to CNY 6.96 billion from CNY 6.51 billion in the previous year[19]. - The net profit after deducting non-recurring gains and losses surged by 54.22% to CNY 8.29 billion, compared to CNY 5.37 billion in 2023[19]. - The company's total assets reached CNY 193.13 billion, reflecting a growth of 14.85% from CNY 168.15 billion in 2023[21]. - The net assets attributable to shareholders increased by 15.61% to CNY 77.95 billion, up from CNY 67.42 billion in the previous year[21]. - Basic earnings per share rose to CNY 2.01, marking a 6.91% increase from CNY 1.88 in 2023[23]. - The weighted average return on equity improved to 9.58%, an increase of 0.35 percentage points from 9.23% in the previous year[23]. - The company reported a significant decline in net cash flow from operating activities, which fell by 77.06% to CNY 2.51 billion from CNY 10.93 billion in 2023[19]. - The total liabilities increased by 15.23% to CNY 105.33 billion, compared to CNY 91.40 billion in the previous year[21]. Dividend and Capital Management - The board has proposed a final dividend of RMB 0.70 per share for the fiscal year 2024[3]. - The company has not proposed any capital reserve fund transfers to increase capital or stock dividends[3]. Audit and Compliance - The company has confirmed that all financial data in the report is derived from audited consolidated financial statements prepared in accordance with Chinese accounting standards[4]. - The financial statements have been audited by Ernst & Young, both domestically and internationally, with standard unqualified audit reports issued[5]. - The company has not violated any regulatory decision-making procedures in providing guarantees[6]. - There are no significant risks that could compromise the authenticity, accuracy, and completeness of the annual report disclosed by the board[6]. Risk Management - The company has detailed industry risks in the "Management Discussion and Analysis" section of the report[4]. - The report includes a section on potential risks faced by the company in future development strategies[4]. - The company is aware of risks from changes in the macroeconomic environment and downstream market demand, which can impact the demand for its products, and is committed to enhancing product quality and developing new products[131]. - The company emphasizes strict hedging policies to mitigate commodity price risks, prohibiting speculative trading[109]. Production and Operations - In 2024, the production of cathode copper reached 229.19 thousand tons, a year-on-year increase of 9.28% compared to 209.73 thousand tons in 2023[35]. - Gold production was 118.26 tons, up 4.99% from 112.64 tons in 2023, while silver production decreased by 10.16% to 1,214.18 tons[35]. - The company achieved significant progress in key projects, including the expansion of high-voltage cross-linked cables and the successful operation of multiple projects in the smelting sector[37]. - The company is committed to high-quality development standards, effectively overcoming challenges from international market fluctuations and economic pressures[34]. Investments and Acquisitions - The company acquired a 77.16% stake in Jiangxi Chuanhe New Materials Co., Ltd. through a capital increase of RMB 200 million[70]. - The total investment amount during the reporting period reached 317,150.01 million, representing a year-on-year increase of 284.43% compared to 82,498 million in the same period last year[100]. - The company invested 98,965.10 million in Jiangxi Copper East Copper Foil Co., Ltd., holding a 49% equity stake, focusing on the production and sales of electrolytic copper foil products[103]. Governance and Board Structure - The board of directors consists of ten members, including six executive directors and four independent non-executive directors, with changes in composition throughout the year[144]. - The company has appointed at least three independent non-executive directors, meeting the regulatory requirements[147]. - The audit committee held four meetings in 2024, reviewing the annual report and quarterly reports, and providing constructive feedback on the risk management system[149]. - The company has established a comprehensive internal management structure and basic management systems[143]. Environmental and Social Responsibility - The company has invested significantly in environmental protection measures and technologies to comply with increasing regulatory standards, which may lead to higher operational costs if regulations tighten further[132]. - The ESG development committee is responsible for formulating and implementing the company's long-term environmental, social, and governance strategies[158]. Market Outlook and Strategy - The company plans to produce 200,000 tons of copper concentrate, 2.37 million tons of cathode copper, and 139 tons of gold in 2025, with an annual investment plan of RMB 12.814 billion[122]. - The anticipated copper price range for 2025 is RMB 73,000-83,000 per ton for Shanghai copper and USD 8,800-10,500 per ton for LME copper[119]. - The company aims to enhance resource acquisition and expand its own mining resource reserves to ensure stable production[123].

Core Viewpoint - The company reported a decline in revenue for Q1 2025, but showed improvement in net profit and cash flow, driven by rising metal prices and cost advantages in its smelting operations [1][2][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 111.61 billion yuan, a year-on-year decrease of 8.90% and a quarter-on-quarter decrease of 10.40% [1]. - The net profit attributable to shareholders was 1.95 billion yuan, reflecting a year-on-year increase of 13.85% but a quarter-on-quarter decrease of 1.29% [1]. - The non-recurring net profit attributable to shareholders was 2.48 billion yuan, showing a year-on-year growth of 37.08% and a quarter-on-quarter growth of 7.04% [1]. Metal Prices and Profitability - In Q1 2025, the average prices of copper, gold, and silver increased by 11.4%, 36.9%, and 32.8% year-on-year, respectively, and by 2.7%, 8.9%, and 2.5% quarter-on-quarter [2]. - The company's gross profit margin and net profit margin for Q1 2025 were 4.40% and 1.82%, respectively, both showing year-on-year increases of 1.12 and 0.35 percentage points, and quarter-on-quarter increases of 1.17 and 0.24 percentage points [2]. Cash Flow and Expense Management - The operating cash flow for Q1 2025 was 558 million yuan, an increase of 6.63 billion yuan year-on-year, primarily due to an increase in accounts payable [3]. - The expense ratio for Q1 2025 was 1.22%, a slight decrease of 0.02 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses being 0.15%, 0.53%, 0.31%, and 0.23%, respectively [3]. Competitive Advantages - The company is the largest integrated copper producer in China, with a comprehensive industrial chain including mining, smelting, and processing [4]. - The company’s cash cost per unit is below the industry average, and its smelting facility is the largest single smelting plant globally, providing significant cost advantages [4]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 6.62 billion, 7.34 billion, and 8.54 billion yuan, reflecting year-on-year changes of -4.89%, +10.92%, and +16.21% [5]. - The expected EPS for the same period is 1.91, 2.12, and 2.46 yuan per share, with corresponding PE ratios of 11.3, 10.2, and 8.7 times [5].

Financial Performance - The company's operating revenue for the current period is CNY 111.61 billion, a decrease of 8.90% compared to CNY 122.52 billion in the same period last year[5]. - Net profit attributable to shareholders increased by 13.85% to CNY 1.95 billion from CNY 1.71 billion year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 37.08% to CNY 2.48 billion from CNY 1.81 billion in the previous year[5]. - Basic earnings per share increased to CNY 0.57, up 14.00% from CNY 0.50 in the previous year[5]. - Total operating revenue for Q1 2025 was CNY 111.61 billion, a decrease of 8.5% compared to CNY 122.52 billion in Q1 2024[23]. - Net profit for Q1 2025 reached CNY 2.03 billion, an increase of 12.8% from CNY 1.80 billion in Q1 2024[25]. - Total equity attributable to shareholders rose to CNY 80.00 billion in 2025, up from CNY 77.95 billion in 2024, reflecting a growth of 2.7%[21]. - Total comprehensive income for Q1 2025 was RMB 2,029,985,154, compared to RMB 4,671,296,932 in Q1 2024, reflecting a significant decrease[26]. Cash Flow - Cash flow from operating activities showed a significant improvement, with a net amount of CNY 558.15 million compared to a negative CNY 6.07 billion in the same period last year, marking a 109.20% increase[10]. - Cash inflow from operating activities in Q1 2025 was RMB 126,522,924,593, down from RMB 146,952,976,149 in Q1 2024, showing a decline of approximately 13.9%[29]. - Cash outflow from operating activities in Q1 2025 totaled RMB 125,964,778,001, compared to RMB 153,021,530,563 in Q1 2024, representing a decrease of about 17.6%[30]. - Net cash flow generated from operating activities for Q1 2025 was RMB 558,146,592, a significant recovery from a negative cash flow of RMB -6,068,554,414 in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 7,304,041,751, compared to RMB 5,972,266,318 in Q1 2024, indicating an increase of approximately 22.3%[30]. - Cash outflow from investment activities totaled $11.58 billion in Q1 2025, compared to $8.74 billion in Q1 2024, representing a 32.5% increase[31]. - The net cash flow from financing activities was $3.63 billion in Q1 2025, compared to $3.06 billion in Q1 2024, showing an 18.6% increase[31]. - The ending balance of cash and cash equivalents was $15.39 billion in Q1 2025, up from $13.76 billion in Q1 2024, representing a 11.8% increase[32]. Assets and Liabilities - Total assets attributable to shareholders increased by 9.84% to CNY 212.14 billion from CNY 193.13 billion year-on-year[5]. - The total liabilities of the company as of March 31, 2025, were CNY 109.88 billion, up from CNY 86.21 billion at the end of 2024, reflecting an increase of approximately 27.5%[19]. - The company's current assets amounted to CNY 137.32 billion as of March 31, 2025, compared to CNY 115.00 billion at the end of 2024, indicating a rise of about 18.6%[17]. - Short-term borrowings increased significantly to CNY 60.89 billion as of March 31, 2025, up from CNY 44.83 billion at the end of 2024, representing a growth of approximately 35.8%[19]. - The company's accounts receivable rose to CNY 7.16 billion as of March 31, 2025, compared to CNY 6.36 billion at the end of 2024, indicating an increase of about 12.6%[17]. - The total non-current liabilities decreased to CNY 12.30 billion in 2025 from CNY 19.12 billion in 2024, a decrease of 35.8%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 123,970[11]. - The largest shareholder, Jiangxi Copper Group Co., Ltd., holds 44.79% of the shares, totaling 1,550,799,110 shares[11]. - Minority interests increased slightly to CNY 9.96 billion in 2025 from CNY 9.86 billion in 2024, a growth of 1.1%[21]. Research and Development - Research and development expenses for Q1 2025 were CNY 341.13 million, an increase of 25.4% compared to CNY 272.21 million in Q1 2024[23]. Future Plans - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[26]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[34].

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 15.63%, 14.23%, and 13.24% respectively [1][2] - The company with the largest increase in short positions is China Ruifeng (00136), which saw an increase of 2.52%, followed by Vanke Enterprises (02202) with an increase of 1.49%, and Rongchang Biologics (09995) with an increase of 1.18% [1][2] - The companies with the largest decrease in short positions include Zai Ding Pharmaceuticals (09688) with a decrease of 1.31%, Midea Group (00300) with a decrease of 0.80%, and Kanglong Chemical (03759) with a decrease of 0.76% [1][3] Group 2 - The latest short position data shows that the short ratio for WuXi AppTec decreased from 6168.69 million shares to 6050.95 million shares, while Ganfeng Lithium decreased from 5893.42 million shares to 5743.15 million shares [2] - The short ratio for Vanke Enterprises increased from 259 million shares to 292 million shares, indicating a growing bearish sentiment [2] - Other notable companies with significant changes in short positions include ZTE Corporation (00763) and Brilliance China Automotive (01114), with short ratios of 12.54% and 12.18% respectively [2]

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 Views - Gold remains in a bull market despite short-term fluctuations due to easing US-China trade tensions and concerns over Federal Reserve independence [9][10]. - Copper prices are stabilizing, presenting opportunities for low-position equity investments, supported by demand and supply-side disruptions [10]. Summary by Sections 1. Research Insights - Gold: The bull market is not over. Short-term price adjustments are normal due to market reactions to US-China trade dynamics and Federal Reserve concerns. The underlying bullish logic for gold remains intact, with expectations of continued inflows of capital in the long term [9]. - Copper: Prices are showing signs of stabilization, with demand supported by increased operating rates and supply disruptions. The report suggests focusing on equity assets for long-term investment [10]. 2. Sector Performance - The non-ferrous metals index increased by 1.59%, outperforming the broader market by 1.03%. Gold led the sector with a 4.58% increase [13]. 3. Metal Prices and Inventory - Basic metals prices generally increased, with SHFE copper rising to 77,640 CNY/ton and LME copper reaching 9,360 USD/ton. The report highlights a decrease in inventories for several metals, indicating a tightening supply [34][39]. - Precious metals saw a decline in gold prices by 0.9% to 3,298 USD/oz, while silver prices increased by 1.7% to 33.01 USD/oz [48].

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 ...