Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms that Jiangxi Copper Co., Ltd.'s differentiated dividend distribution plan complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [6]. Group 1: Reasons for Differentiated Dividend - The company held a board meeting on February 19, 2024, approving a share repurchase plan, which was completed by May 17, 2024, with a total of 10,441,768 A-shares repurchased [2][4]. Group 2: Differentiated Dividend Plan - The company plans to distribute a cash dividend of 7 RMB (including tax) for every 10 shares, based on a total share capital of 2,075,247,405 shares, excluding the repurchased shares [4][5]. - The total cash dividend to be distributed amounts to 1,445,363,945.90 RMB [5]. Group 3: Calculation Basis for Differentiated Dividend - The reference price for the ex-dividend (ex-rights) calculation is determined by the formula: (previous closing price - cash dividend) [5]. - The actual ex-rights reference price calculated is approximately 21.49 RMB per share, with a minimal impact of less than 1% on the stock price due to the differentiated dividend [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution is in accordance with the Company Law, Securities Law, and other relevant regulations, and does not harm the interests of the company or its shareholders [6].

江西铜业股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.70元 证券代码：600362 证券简称：江西铜业 公告编号：2025-026 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | | 2025/7/22 | 2025/7/22 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 6 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （1）公司于 2025 年 3 月 27 日、2025 年 6 月 6 日分别召开了第十届董事会第八次会议、 案》。本公司 ...

北京德恒律师事务所 关于江西铜业股份有限公司 差异化分红事项的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于江西铜业股份有限公司差异化分红事项的法律意见 北京德恒律师事务所 关于江西铜业股份有限公司 差异化分红事项的 法律意见 德恒 01G20230544-07 号 致：江西铜业股份有限公司 北京德恒律师事务所（以下简称"本所"）接受江西铜业股份有限公司（以 下简称"公司"或"上市公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回 购指引》"）、《上海证券交易所股票上市规则》《江西铜业股份有限公司章程》 （以下简称"《公司章程》"）等相关法律、法规及规范性文件的规定，就公司 2024 年度利润分配涉及的差异化分红（以下简称"本次差异化分红"）相关事项 发表本法律意见。 为出具本法律意见，本所律师作出如下声明： 1.本所律师依据中国 ...

相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/21 | － | 2025/7/22 | 2025/7/22 | 证券代码：600362 证券简称：江西铜业 公告编号：2025-026 江西铜业股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.70元 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 6 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）公司于 2025 年 3 月 27 日、2025 年 6 月 6 日分别召开了第十届董事会第八次会议、 20 ...

Investment Rating - The report downgrades CMOC-H/A and CNM to Hold from Buy, maintains Hold ratings on MMG and JXC-H/A, and retains Buy ratings on Zijin-H/A [4][7]. Core Insights - The US has announced a 50% tariff on imported copper, leading to a spike in Comex copper prices by over 10% since the announcement [2]. - Post-tariff, copper prices in China and LME are expected to decline as the current excess flow of copper into the US reverses, impacting global supply and demand fundamentals [3]. - The report expresses caution regarding the short-term outlook for the Chinese copper sector due to the normalization of US copper inventory and its effect on demand [4]. Summary by Sections US Tariff Impact - The US imports approximately 50% of its refined copper demand, primarily from Chile, Canada, and Mexico, and the tariff is expected to create a significant market shift [2]. - Comex copper prices have surged, with a current premium of about 25% over LME prices, indicating market expectations of the tariff's impact [2]. Price and Inventory Trends - Following the tariff announcement, the report anticipates a decline in copper prices as the arbitrage opportunity reverses, leading to a normalization of US copper inventory levels [3]. - Global copper inventories have shown divergence, with LME inventories declining significantly while Comex inventories have surged to their highest levels since 2018 [15]. Company Ratings and Valuations - Zijin Mining maintains a Buy rating with unchanged target prices, reflecting strong fundamentals and expected earnings growth [48][49]. - CMOC-H/A's target price remains unchanged, but the downgrade to Hold reflects concerns over short-term demand and pricing pressures [51]. - MMG and Jiangxi Copper maintain Hold ratings, with target prices unchanged, indicating a cautious outlook amid potential price declines [54][57].

Group 1 - Jiangxi Copper Co., Ltd. announced the resignation of Mr. Liao Xinguang from his positions as Deputy General Manager and Secretary of the Board due to work relocation, effective immediately upon delivery of his resignation letter to the board [1] - The board expressed gratitude for Mr. Liao's contributions to the company's development during his tenure [1] - The company held its 11th meeting of the 10th Board of Directors on July 11, 2025, where it approved the appointment of Mr. Tu Dongyang as the new Secretary of the Board [2] Group 2 - Mr. Tu Dongyang holds a Ph.D. in Economics and has previously served as the Director of the Foreign Institutions Supervision Department at the Xiamen Regulatory Bureau of the China Banking and Insurance Regulatory Commission, as well as the Assistant General Manager and Secretary of the Board at another company [4] - Mr. Tu has been with Jiangxi Copper since March 2021, serving as Deputy General Manager prior to his new appointment [4]

公司于 2025 年 7 月 11 日召开了第十届董事会第十一次会议，审 议通过了《江西铜业股份有限公司关于聘任涂东阳先生为董事会秘书 的议案》，同意聘任涂东阳先生（简历附后）为公司董事会秘书。涂 东阳先生已取得上海证券交易所主板董事会秘书任职培训合格证明， 具备履行董事会秘书职责所需的专业知识及工作经验，任职资格符合 有关法律法规及规范性文件的规定。 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）董事会于近日收到廖新 庚先生书面辞任函，因工作调动原因，廖新庚先生决定辞去公司副总 经理、董事会秘书职务，并不再担任公司任何职务。根据《中华人民 共和国公司法》及《江西铜业股份有限公司章程》等有关法律法规规 定，廖新庚先生的辞任函自送达董事会之日起生效。廖新庚先生与公 司董事会概无任何意见分歧，亦无任何与工作变动有关而需提呈公司 股东注意的事项。公司董事会对廖新庚先生任职期间对公司发展做出 的贡献表示感谢。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-025 债券代码：137816 债券简称： ...

江西铜业股份有限公司（以下简称公司）第十届董事会第十 一次会议，于 2025 年 7 月 11 日以书面形式召开，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》《江 西铜业股份有限公司章程》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： 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-024 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第十一次会议决议公告 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。 特此公告。 江西铜业股份有限公司 董事会 2025 年 7 月 12 日 一、审议通过了《江西铜业股份有限公司关于聘任涂东阳先 生为董事会秘书的议案》 经公司第十届董事会提名委员会提名，本次董事会审议通过， 同意聘任涂东阳先生为公司董事会秘书。 表决结果：同意 8 票、反对 0 票、弃权 0 票 ...

Group 1 - As of July 9, the total market financing balance reached 1.86 trillion yuan, an increase of 3.84 billion yuan from the previous trading day, marking three consecutive days of growth [1] - The financing balance for the Shanghai Stock Exchange was 932.96 billion yuan, up by 1.88 billion yuan, while the Shenzhen Stock Exchange's balance was 916.86 billion yuan, increasing by 1.96 billion yuan [1] - A total of 1,875 stocks experienced net financing inflows on July 9, with 434 stocks having net inflows exceeding 10 million yuan, and 11 stocks exceeding 100 million yuan [1] Group 2 - The top net financing inflow was seen in Zijin Mining, with a net inflow of 310 million yuan, followed by Luoyang Molybdenum and Dongshan Precision, with net inflows of 228 million yuan and 167 million yuan, respectively [2] - In terms of industry distribution, the sectors with significant net inflows included non-ferrous metals, electric equipment, and pharmaceutical biology, with three, two, and two stocks respectively [1][2] - The average ratio of financing balance to circulating market value for stocks with large net inflows was 3.28%, with Jin Kai New Energy having the highest ratio at 8.52% [2]

Industry Performance in 2024 - In 2024, 34 listed mining and metal companies achieved sales revenue of 284.47 billion RMB, a year-on-year increase of 1.5%, while net profit was 31.92 billion RMB, a decrease of 2.3% [1] - Different mineral products showed varied performance: gold, aluminum, and copper saw increases in revenue and profit, while coal, lithium, and rare earth products experienced declines, with lithium sales revenue dropping by 57.9% and net profit decreasing by 109.9% [1] Assets and Financials - Total assets reached 3,792.44 billion RMB, a year-on-year growth of 5.9%, with a debt-to-asset ratio of 43.5%, indicating stability [2] - Operating cash flow increased by 4.49%, but accounts receivable turnover days rose, with lithium product companies having the longest turnover days at 73 days [2] Resources and Production - Domestic mineral reserves are steadily increasing, with accelerated overseas expansion. Coal, bauxite, and gold reserves grew, while lithium and rare earth production increased. Overseas investments are concentrated in copper, lithium, and gold, with Congo, Argentina, and Ghana becoming popular destinations [3] Capital Market and International Benchmarking - Market capitalization increased for all mineral companies except lithium product companies, with coal companies having the highest market value at 1,415.5 billion RMB. The highest dividend yield was for coal companies at 4.72%, while lithium companies had the lowest at 0.24% [4] - Compared to the top six global mining companies, Chinese listed mining and metal companies lag in ROA, working capital turnover days, and revenue cash ratio, but have a lower effective tax rate. Future tax burdens may rise with the implementation of the "Pillar Two" global minimum tax rules [4] Global Mergers and Tax Challenges - From 2021 to Q1 2025, Chinese enterprises engaged in overseas mining transactions totaling 15.43 billion USD, with gold transactions leading. Mergers and acquisitions were primarily focused in Canada, Australia, and Argentina, with active trading in gold, copper, and lithium [5] - The domestic green tax system is improving, with resource taxes primarily based on value. The EU carbon border adjustment mechanism significantly impacts steel and aluminum exporters, while U.S. tariff policies increase export costs [6] ESG and Future Outlook - Domestic and international ESG policies are tightening, with dual importance analysis becoming a key disclosure focus. Companies like Zijin Mining and Nanshan Aluminum have established ESG governance systems, but domestic companies still lag behind international peers in ESG ratings [7] - The industry faces challenges related to ESG, capital, and operational permits, while opportunities exist in digitalization, green transformation, and new business models. Companies need to enhance technological innovation, optimize resource allocation, and improve global competitiveness [8] Summary - In 2024, Chinese listed mining and metal companies demonstrated resilience in a complex environment, with revenue growth and stable asset structures, but significant profit differentiation. The industry must address global tax reforms and heightened ESG requirements while seizing opportunities in green transformation and digitalization for high-quality development [9]