广西华锡有色金属股份有限公司 2024 年度独立董事述职报告 （报告人：蓝文永） 2024 年度，本人作为广西华锡有色金属股份有限公司（以下简称"公司"） 独立董事，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》等法律法规及《公司章程》《公司独立董事工作制度》 等规章制度的要求，本着对全体股东负责的态度，认真履行独立董事职责，积极 参加股东会、董事会及其专门委员会会议，并对有关重要事项发表了客观、公正 的独立意见，运用自身的专业知识，对公司的科学决策和规范运作提出建议性意 见，切实维护全体股东尤其是中小股东的合法权益，努力发挥好独立董事的独立 作用。现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 （一）本人任职情况 自公司完成第九届董事会换届选举以来，本人担任公司第九届董事会独立董 事，并兼任董事会专门委员会委员，具体情况如下： | 独立董事 | 审计委员会 | 战略委员会 | 薪酬与考核委员会 | 提名委员会 | | --- | --- | --- | --- | --- | | 蓝文永 | 主任委员 | 委员 | 委员 | 委员 | （二）本人基 ...

广西华锡有色金属股份有限公司 市值管理制度 $$\Xi{\bf{\mathrm{O}}}\,{\bf{\mathrm{\underline{{{\leftarrow}}}}}}\,\Xi{\bf{\mathrm{\#}}}\,\vert\Xi\vert\,\vert{\bf{\mathrm{\bar{{\cal{H}}}}}}$$ | 1. | 总则 | 1 | | --- | --- | --- | | 2. | 引用标准 | 1 | | 4. | 市值管理的目的和基本原则 | 1 | | 5. | 市值管理的机构与职责 | 2 | | 6. | 市值管理的主要方式 | 3 | | 7. | 监测机制和应急机制 | 5 | | 8. | 附则 | 6 | 广西华锡有色金属股份有限公司 市值管理制度 1. 总则 1.1. 为加强广西华锡有色金属股份有限公司（下称"公司"）市值管理工作，进 一步规范公司市值管理行为，维护公司、投资者及其他利益相关者的合法权益， 实现公司内在价值与投资价值的长期动态均衡，推动公司整体利益与股东财富回 报可持续共同发展，根据有关法律法规及《公司章程》的相关规定，制订本制度。 1.2 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,244,632,389.47, representing a 20.16% increase compared to CNY 1,035,842,150.60 in the same period last year[3] - Net profit attributable to shareholders was CNY 153,440,396.76, up 12.07% from CNY 136,920,130.03 year-on-year[3] - The basic earnings per share increased to CNY 0.24, reflecting a 12.50% rise from CNY 0.22 in the previous year[4] - Net profit for Q1 2025 was ¥256,579,283.02, representing a 13.7% increase compared to ¥225,663,677.17 in Q1 2024[20] - Earnings per share for Q1 2025 were ¥0.243, compared to ¥0.216 in Q1 2024, reflecting a 12.5% increase[20] - The company reported a total comprehensive income of ¥252,626,943.02 for Q1 2025, compared to ¥225,663,677.17 in Q1 2024, reflecting a growth of 12%[20] Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,879,345,676.63, a 1.80% increase from CNY 7,740,148,088.59 at the end of the previous year[4] - The total current assets as of March 31, 2025, amount to ¥2,281,544,348.46, an increase from ¥2,139,357,541.67 as of December 31, 2024[14] - Total liabilities increased to ¥2,943,962,280.01 in Q1 2025 from ¥2,755,690,629.78 in Q1 2024, marking a growth of 6.8%[18] - Total equity attributable to shareholders rose to ¥4,149,463,317.39 in Q1 2025, up from ¥3,998,209,900.62 in Q1 2024, an increase of 3.8%[18] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 6,169,216.41, a decline of 104.97% compared to a net inflow of CNY 124,036,598.35 in the previous year[3] - Cash flow from operating activities for Q1 2025 was negative at -¥6,169,216.41, a significant decrease from ¥124,036,598.35 in Q1 2024[22] - The total cash inflow from operating activities in Q1 2025 was ¥1,478,379,052.90, compared to ¥1,154,447,433.52 in Q1 2024, indicating a 28.1% increase[22] - The net cash flow from investing activities was -46,012,609.59, compared to -25,457,391.15 in the previous period, indicating an increase in investment outflows[23] - The total cash inflow from financing activities was 774,845,512.77, down from 1,013,200,000.00 in the previous period, reflecting a decrease in financing received[23] - Cash outflows for debt repayment amounted to 551,800,000.00, compared to 986,754,733.33 previously, showing a significant reduction in debt servicing[23] - The net cash flow from financing activities was -90,521,260.84, an improvement from -180,446,528.22 in the prior period, indicating better cash management[23] - The ending cash and cash equivalents balance was 972,520,151.78, up from 815,154,448.05, reflecting an overall increase in liquidity[23] Research and Development - The company reported a significant increase in research and development expenses by 344.85%, indicating a focus on technology upgrades[8] - Research and development expenses in Q1 2025 amounted to ¥20,883,941.72, a substantial increase from ¥4,694,623.13 in Q1 2024, indicating a focus on innovation[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,394[9] - Guangxi Huaxi Group Co., Ltd. holds 357,231,798 shares, accounting for 56.47% of total shares[9] - Guangxi Beibu Gulf International Port Group Co., Ltd. holds 75,248,058 shares, representing 11.90% of total shares[9] Inventory and Accounts - The company experienced a 131.08% increase in accounts receivable, primarily due to sales not yet collected at the end of the reporting period[8] - Inventory increased to ¥874,640,396.93 from ¥718,251,743.91, indicating a growth of approximately 21.76%[14] - Accounts payable decreased to ¥580,923,249.11 from ¥705,574,391.80, a decline of approximately 17.66%[15] Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[4] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[24]

Financial Performance - The company achieved operating revenue of CNY 4.63 billion in 2024, a year-on-year increase of 44.68%[24]. - Net profit attributable to shareholders reached CNY 657.74 million, reflecting an 87.72% increase compared to the previous year[24]. - The adjusted net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 633.43 million, up 97.63% year-on-year[24]. - The net cash flow from operating activities was CNY 1.24 billion, representing a 35.17% increase from the previous year[24]. - Total assets at the end of 2024 amounted to CNY 7.74 billion, a 7.17% increase from the beginning of the year[24]. - The net assets attributable to shareholders were CNY 3.99 billion, showing a 0.96% increase compared to the beginning of the year[24]. - Basic earnings per share for 2024 were CNY 1.04, an increase of 83.75% from CNY 0.57 in 2023[25]. - The weighted average return on equity rose to 15.56%, an increase of 6.68 percentage points from the previous year[25]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 15% year-over-year growth[155]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[157]. Strategic Initiatives - The company is committed to enhancing its core competitiveness through a three-year action plan from 2024 to 2026[14]. - The company plans to leverage its resource advantages to promote high-end, intelligent, and green development in the non-ferrous metal industry[52]. - The company aims to establish a national-level R&D platform by 2026, enhancing its value creation capabilities and core competitiveness[111]. - The company plans to achieve approximately CNY 5.786 billion in revenue by 2025, with a total metal production of 85,200 tons from mines[119]. - The company is actively pursuing market expansion and resource investment cooperation under the "Belt and Road" initiative, leveraging its geographical advantages[68]. Acquisitions and Investments - The company completed the acquisition of 100% equity in a subsidiary from Huaxi Group in June 2024, which is classified as a business combination under common control[25]. - The company completed a cash acquisition of 100% of the equity of the Fozzi Company, enhancing its asset scale and core competitiveness[41]. - The company acquired 100% equity of Fozhi Mining Co. for a cash consideration of CNY 523.09 million in June 2024[96]. - The company is committed to acquiring quality listed backup resources, focusing on the acquisition of Wujie Company and Laiye Company[124]. Research and Development - The company added 42 new patents and completed 10 national and industry standards during the reporting period, showcasing its commitment to technological innovation[42]. - Research and development expenses surged by 88.20% to ¥105,792,326.08, up from ¥56,211,697.33, as the company increased investments in R&D[71]. - The total R&D investment amounted to ¥108,374,336.11, representing 2.34% of total revenue[82]. - The company is focusing on technological innovation, aiming for a significant increase in the average conversion rate of research results and technical service revenue throughout the year[128]. Environmental and Safety Measures - The company achieved a zero fatality and zero serious injury safety target during the reporting period, with a 100% completion rate for environmental treatment measures[38]. - The company has invested approximately 80.96 million yuan in environmental protection during the reporting period[191]. - The company has implemented online automatic monitoring facilities at pollution discharge outlets to ensure compliance with environmental standards[193]. - The company is committed to recycling and reusing wastewater in the mineral processing workflow, enhancing resource efficiency[195]. - The company has established a dedicated hazardous waste storage facility for the disposal of hazardous materials, including waste mineral oil and oil drums[195]. Corporate Governance - The company has established a robust investor relations management mechanism to enhance communication with investors[141]. - The company maintains independence in assets, personnel, finance, institutions, and business from its controlling shareholder[143][144][145][146][147]. - The company has implemented a comprehensive performance evaluation and incentive mechanism for senior management, focusing on economic benefits and market competitiveness[182]. - The company held 7 shareholder meetings during the reporting period, approving 22 major matters to ensure shareholder rights and interests are protected[135]. Market Outlook - Tin prices are expected to fluctuate widely in 2024 due to supply constraints from Myanmar and Indonesia, with LME tin inventory continuing to decline[47]. - Antimony prices are projected to rise due to tight supply from reduced resource reserves and increased demand from traditional and emerging markets[48]. - Zinc prices are anticipated to be strong in 2024, driven by low global production and stable domestic output, with demand supported by fiscal policies and new infrastructure projects[48]. - The company expects a tight balance in the supply and demand of non-ferrous metals market by 2025 due to slow supply growth and increasing demand from emerging economies[103]. Risk Management - The company is facing risks related to the uncertainty of mineral resource development, which could adversely affect its performance if actual reserves fall below expectations[130]. - The company is exposed to the risk of price fluctuations in non-ferrous metal products, which could lead to a decline in profitability if prices drop due to international factors[131]. - The company is managing risks associated with the volatility of production materials and energy prices, which could increase production costs and negatively impact profitability[132].

华锡有色（600301）公告，2025年第一季度营收为12.45亿元，同比增长20.16%；净利润为1.53亿元， 同比增长12.07%。 ...

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - The tin ore supply in Asia may shift from shortage to surplus within the next year as projects come online, but in the short term, the supply situation depends on the resumption of production at the Manxiang tin mine in Myanmar [2][33]. Summary by Relevant Catalogs Global Tin Ore Distribution - In 2023, the world's publicly disclosed tin ore reserves were about 4.3 million tons, mainly concentrated in a few countries. China ranked first with 1.1 million tons, accounting for about 26% of the world's known reserves; Myanmar followed with 700,000 tons, accounting for about 16.3%. Australia and Russia had reserves of 620,000 tons and 460,000 tons, respectively, accounting for 14.5% and 10.8% [4]. - In 2024, global tin ore production was 296,000 tons, a year-on-year decrease of 5.5%. Asia, Africa, and South America were the main tin ore - producing regions. China, Indonesia, and Myanmar produced 69,000 tons, 50,000 tons, and 34,000 tons respectively, accounting for 23%, 17%, and 12% of the global supply [4]. China's Major Tin Ore Projects Yinman Mining - Yinman Mining, a subsidiary of Inner Mongolia Xingye Yinxing Mining Co., Ltd., has tin ore resources of 195,600 tons with an average tin grade of 0.74%. After a technical transformation in 2023, the ore grade increased from 0.76% in 2022 to 1.2% in 2023, and the beneficiation recovery rate increased from 50% to 60%. In 2024, the company's tin metal output reached about 8,900 tons [6][11]. - The Yinman Phase II project was approved at the beginning of this year. The project scale will be expanded from 1.65 million tons/year to 2.97 million tons/year. After completion, the production capacity and output are expected to double, with silver reaching over 360 tons and tin over 16,000 tons [11]. Huaxi Non - ferrous - Huaxi Non - ferrous is the only state - owned non - ferrous metal listed platform in Guangxi. It operates three mines, with a total of 238,000 tons of tin metal reserves [16]. - The Tongkeng Mine, the company's main mine, is promoting a project to develop tin - zinc ore resources, with a new production capacity of 1.65 million tons/year, mainly producing zinc, and the total mine production capacity will exceed 3 million tons in the future [16]. - The Gaofeng Tin Mine is promoting the deep - mining project of the 105th ore body. After completion, the production capacity of the 105th ore body will increase to 450,000 tons/year. In 2023, the mine produced 4,451 tons of tin concentrate [17]. Indonesia PT Timah - In 2024, after obtaining the export license, PT Timah's production recovered rapidly. As of the third quarter of 2024, its tin ore output was 15,189 tons, a 36% increase compared to the same period in 2023; tin metal output increased by 25% to 14,440 tons; and tin metal sales increased by 21% to 13,441 tons. In 2025, the company plans to increase ore output from 19,437 tons to 21,500 tons and tin metal output from 18,915 tons to 21,545 tons [21]. Myanmar Manxiang Tin Mine - Myanmar's tin ore resources are mainly concentrated in the W邦 Manxiang Mining Area, which accounted for over 90% of the country's output. The mine has been shut down for nearly 20 months. A symposium on resuming production was held on April 23, 2025. It is estimated that it will take at least two months to fully resume normal mining [22][26][27]. Malaysia MSC - Malaysia Smelting Corporation (MSC) is an important integrated producer of tin metal and tin - based products in Malaysia. In 2023, the tin concentrate output of its RHT project was nearly 26,000 tons, and the tin ingot output of the Pulau plant was 20,700 tons. Since the RHT project is mature and has no expansion plan, there will be no significant increase in tin supply in the short term [28][31]. Kazakhstan Syrymbet Mine - The Syrymbet Mine in Kazakhstan has total resources of 483,000 tons and reserves of 145,000 tons, with an average grade of 0.4%. The project is expected to have an annual output of about 6,500 tons of tin concentrate. It is expected to be completed, commissioned, and even launched in 2025, but the actual commissioning time is unknown [32].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].