法律意见书 法律意见书 国浩律师（南宁）事务所 关于 法律意见书 广西华锡有色金属股份有限公司 2025 年第四次临时股东会 的法律意见书 国浩律师（南宁）意字(2025)第 5064-2 号 法律意见书 致：广西华锡有色金属股份有限公司 国浩律师（南宁）事务所受广西华锡有色金属股份有限公司（以下简 称"公司"）的委托，指派梁定君律师、刘卓昀律师（以下简称"本律师"） 作为公司召开 2025 年第四次临时股东会（以下简称"本次股东会"或"会 议"）的专项法律顾问，对本次股东会的召开全过程进行见证并出具法律 意见。 法律意见书 现出具法律意见如下： 法律意见书 一、本次股东会的召集、召开程序 公司董事会作为会议召集人于 2025 年 8 月 15 日分别在 《中国证券报》 《上海证券报》《证券日报》《证券时报》、上海证券交易所网站 法律意见书 （www.sse.com.cn）及巨潮资讯网（www.cninfo.com.cn）上公告了召开 会议的通知，召集人在发出会议通知后，未对会议通知中已列明的提案进 行修改，也未增加新的提案。 法律意见书 为出具法律意见，本律师出席了本次股东会的会议，并审查了公司提 供的有关 ...

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。 证券代码：600301 证券简称：华锡有色 编号：2025-055 广西华锡有色金属股份有限公司 (五)公司董事、监事和董事会秘书的出席情况 事何里文先生通讯参会； 讯参会； 生、财务总监叶亚斌先生列席会议。 重要内容提示： ? 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 1 日 (二)股东会召开的地点：南宁市良庆区体强路 12 号北部湾航运中心 A 座 8 楼 812 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长张小宁先生主持会议，会议采取现场投 票与网络投票相结合的方式进行表决，会议的召开及表决方式符合《公司法》及 《公司章程》的规定。 二、议案审议情况 (一)非累积投票议案 司章程》的议案 审议结果：通过 表决情况： | | 同意 | | | 反对 | | | 弃权 ...

法律意见书 国浩律师（南宁）事务所 2012 年第五次临时股东大会的 关于 法律意见书 广西华锡有色金属股份有限公司 2025 年第四次临时股东会 2012 年第五次临时股东大会的 的法律意见书 法律意见书 国浩律师（南宁）意字(2025)第 5064-2 号 致：广西华锡有色金属股份有限公司 国浩律师（南宁）事务所受广西华锡有色金属股份有限公司（以下简 称"公司"）的委托，指派梁定君律师、刘卓昀律师（以下简称"本律师"） 作为公司召开 2025 年第四次临时股东会（以下简称"本次股东会"或"会 议"）的专项法律顾问，对本次股东会的召开全过程进行见证并出具法律 意见。 为出具法律意见，本律师出席了本次股东会的会议，并审查了公司提 供的有关会议文件、资料。公司承诺：其已向本律师提供了出具法律意见 所必须的、真实的书面材料。本律师已证实书面材料的副本、复印件与正 本、原件一致。 基于对上述文件、资料的审查，本律师根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东会规则》《广西华锡有色金属 股份有限公司章程》（以下简称"《公司章程》"）等有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责的 ...

证券代码：600301 证券简称：华锡有色 编号：2025-055 广西华锡有色金属股份有限公司 2025年第四次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 1 日 (二)股东会召开的地点：南宁市良庆区体强路 12 号北部湾航运中心 A 座 8 楼 812 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 308 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 440,159,165 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 69.5829 | | 份总数的比例（%） | | 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于广西华锡有色金属股份有限公司取消监事会并修订《公 司章程》的议案 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 ...

Core Insights - Huaxi Nonferrous achieved a net profit attributable to shareholders of 382 million yuan in the first half of the year, representing a year-on-year increase of 9.49% [1] - In the second quarter, the company reported a non-recurring net profit of 225 million yuan, with a quarter-on-quarter increase of 9.22% and a year-on-year increase of 51.01% [1] - The growth in performance is primarily attributed to the rising prices of tin and antimony, as well as ongoing efficiency improvements [1] Company Performance - Huaxi Mining, Gaofeng Mining, and Fozu Mining reported net profits of 597 million yuan, 641 million yuan, and 38 million yuan respectively, with year-on-year growth rates of 13.71%, 47.02%, and 123.53% [1] - The significant price difference for antimony between domestic and international markets suggests potential for domestic price increases [1] - Tin prices are expected to benefit from the current interest rate reduction cycle, indicating strong upward momentum [1] Valuation Metrics - Based on the closing price on August 29, 2025, the projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 24.32, 21.15, and 17.31 respectively [1] - The company maintains a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [12]. Core Views - The company's revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year. The second quarter saw revenues of 1.543 billion yuan, reflecting a quarter-on-quarter increase of 19.61% and a year-on-year increase of 23.94% [3]. - The growth in performance is primarily driven by rising prices of tin and antimony, alongside ongoing efficiency improvements [3]. - The company has stable production levels for tin and antimony concentrates, with tin ingot production increasing by 19.30% year-on-year [4]. - Significant improvements in profitability were noted across subsidiaries, with net profits for Huaxi Mining, Gaofeng Mining, and Fozu Mining increasing by 13.71%, 47.02%, and 123.53% respectively [4]. - Future growth potential is highlighted by ongoing projects aimed at increasing mining capacity and efficiency, including the expansion of the Gaofeng mine and the successful transition of exploration rights at the Tongkeng tin-zinc mine to mining rights [5]. Financial Projections - The company is projected to achieve revenues of 5.709 billion yuan in 2025, 6.476 billion yuan in 2026, and 7.327 billion yuan in 2027, with year-on-year growth rates of 23.28%, 13.43%, and 13.15% respectively [5][8]. - Net profit attributable to shareholders is expected to reach 829 million yuan in 2025, 953 million yuan in 2026, and 1.164 billion yuan in 2027, with growth rates of 26.02%, 14.98%, and 22.17% respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24.32, 21.15, and 17.31 respectively [5][8].

Core Insights - The 2025 China Private Enterprises Top 500 list was released by the All-China Federation of Industry and Commerce, highlighting the strong performance of private enterprises in China [2][9] - Hengli Group ranked third among private enterprises and first in the manufacturing sector, while Shenghong Holding Group ranked ninth among private enterprises and sixth in manufacturing [1][8] Group 1: Hengli Group - Hengli Group has maintained its position as the third largest private enterprise in China for five consecutive years and has topped the manufacturing sector for four years [5] - The company focuses on transforming and upgrading key sectors such as textiles, chemical fibers, new materials, petrochemicals, and high-end equipment manufacturing, enhancing its core competitiveness in the global supply chain [5] - Hengli Group emphasizes collaboration with domestic and international research institutions and universities to foster innovation and develop high-level innovation platforms [5] Group 2: Shenghong Holding Group - Shenghong Holding Group has achieved significant milestones, ranking ninth among private enterprises and sixth in the manufacturing sector [8] - The company has developed an integrated industrial chain in petrochemical refining, new energy, and high-end textiles, with notable production capacities in various sectors [8] - Shenghong is committed to innovation and sustainability, having established the first national manufacturing innovation center led by a private enterprise and developed the world's first recycling fiber production line [8] Group 3: Regional Economic Impact - The success of Hengli and Shenghong is seen as a driving force for the private economy in Shengze, contributing to the creation of a favorable business environment and enhancing the confidence of private enterprises [9] - Shengze aims to leverage the strengths of these leading companies to build a world-class high-end textile industry cluster and promote new industrialization [9]

Group 1 - The small metals sector experienced a significant increase of 3.66% on August 29, with Guangsheng Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Key stocks in the small metals sector showed notable price increases, with Guangsheng Nonferrous and China Rare Earth both rising by 10% [1] Group 2 - The small metals sector saw a net inflow of 135 million yuan from institutional investors, while retail investors experienced a net outflow of 335 million yuan [2] - The trading volume and turnover for key stocks in the small metals sector were substantial, with China Rare Earth achieving a turnover of 5.201 billion yuan [1][2] - The data indicates a mixed sentiment among different investor types, with institutional investors showing confidence while retail investors withdrew funds [3]

Core Viewpoint - The market showed strong performance in the lithium and rare earth sectors, with significant gains in related stocks and ETFs, indicating a bullish trend in the non-ferrous metals industry [2][6]. Group 1: Market Performance - On August 29, 2025, the market experienced a red plate fluctuation, with the non-ferrous metals sector leading the gains, particularly in lithium and rare earth concepts [2]. - The non-ferrous metals ETF (516650) rose by 3.19%, with a weekly cumulative increase of 7.88% and an average daily trading volume exceeding 40 million yuan [2]. - The China Rare Earth stock hit the daily limit, achieving two consecutive boards, while other stocks like Shenghe Resources and Tin Industry shares also saw significant increases of 9.24% and 7.21%, respectively [2]. Group 2: Index and Weighting - As of July 31, 2025, the top ten weighted stocks in the China Non-Ferrous Metals Industry Theme Index (000811) accounted for 50.84% of the index, including Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum [2]. - The top ten stocks by weight are as follows: Zijin Mining (15.80%), Northern Rare Earth (4.98%), Luoyang Molybdenum (4.68%), Shandong Gold (4.56%), China Aluminum (4.41%), Huayou Cobalt (3.98%), Zhongjin Gold (3.36%), Chifeng Jilong Gold (3.27%), Ganfeng Lithium (3.01%), and Yun Aluminum (2.63%) [4].

Group 1 - The "2025 China Top 500 Private Enterprises" list was released, with Suzhou having 26 companies listed in both the overall and manufacturing categories, ranking first in the province [1] - Suzhou's 26 companies generated a total revenue exceeding 3.13 trillion yuan, accounting for 50.1% of the province's total revenue from listed companies, with an average revenue of 120.42 billion yuan per company [1] - The total assets of these companies reached 2.13 trillion yuan, contributing 77.9 billion yuan in taxes and generating a total profit of 50.79 billion yuan, while employing 575,700 people [1] Group 2 - Among the "China Top 500 Private Enterprises," Suzhou has 7 companies with revenues exceeding 100 billion yuan, representing 63.6% of the province's total [2] - Two Suzhou companies ranked in the top ten of the overall list, with Hengli Group achieving a revenue of 871.52 billion yuan, maintaining its position in the top three and leading the manufacturing sector [2] - The manufacturing sector remains dominant, with 22 out of 26 listed companies belonging to the secondary industry, highlighting Suzhou's reputation as a global manufacturing hub [2]