Core Viewpoint - The company announced a cash dividend distribution of CNY 0.13 per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 22, 2025 [1][2][3] Dividend Distribution Details - The cash dividend of CNY 0.13 per share is applicable to all shareholders registered by the close of trading on June 18, 2025, with the ex-dividend date set for June 19, 2025 [1][3] - The total number of shares eligible for the dividend distribution is 5,054,650,083 shares, resulting in a total cash dividend payout of approximately CNY 657.1 million (including tax) [2][3] Taxation Information - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax. For those holding shares for one year or less, the company will not withhold tax at the time of distribution [4][5] - The actual cash dividend received by QFII shareholders after a 10% withholding tax will be CNY 0.117 per share [5] - For Hong Kong investors through the "Shanghai-Hong Kong Stock Connect," the cash dividend will also be subject to a 10% withholding tax, resulting in an actual distribution of CNY 0.117 per share [5] Implementation Method - The company will distribute the cash dividends through its clearing system to shareholders who have registered by the ex-dividend date. Shareholders who have not completed designated transactions will have their dividends held by China Securities Depository and Clearing Corporation Limited until the transaction is completed [3][4]

云南建广律师事务所 关于云南驰宏锌错股份有限公司 差异化分红事项的 法律意见书 2025年5月 云南建广律师事务所 关于云南驰宏锌错股份有限公司 差异化分红事项的 法律意见书 致:云南驰宏锌错股份有限公司 云南建广律师事务所(以下简称"本所")接受云南驰宏锌错股份 有限公司(以下简称"公司")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》"）、《上市公司股份回购规则(2025修订)》( 以下简称"《回购规则》")、《上海证券交易所上市公司自律监管 指引第7号 -- 回购股份(2025年3月修订)》(以下简称"《回购指 引》")等法律、法规及其他规范性文件以及《云南驰宏锌铸股份有 限公司章程》(以下简称"《公司章程》")的规定,就公司 2024年 年度利润分配所涉及的差异化分红特殊除权除息(以下简称"本次差 异化分红"）相关事项出具本法律意见书。 为出具本法律意见书,本所律师审查了公司提供的相关文件。本所在 进行法律审查时公司向本所作出的如下保证:公司已经向本所提供了为出 1 云南驰宏锌绪股份有限公司(以下简称"公司")分别于2024年9月 23 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-026 云南驰宏锌锗股份有限公司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0.13元 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 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 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云南驰宏锌锗股份有限公司（以下简称"公司""本公 司"）2025 年 4 月 22 日的2024年年度股东大会审议通过。 二、分配方案 （一）发放年度：2024年年度。 （二）分派对象 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。 根据《上市公司股份回购规则》和《上海证 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—025 云南驰宏锌锗股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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个别及连带责任。 | 回购方案首次披露日 | 2024 年 9 月 24 日 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 10 月 11 日至 2025 | 年 | 10 月 | 10 | 日 | | 预计回购金额 | 人民币 14,500 万元至 29,000 √减少注册资本 | | 万元 | | | | 回购用途 | □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 万股 3,664.15 | | | | | | 累计已回购股数占总股本比例 | 0.72% | | | | | | 累计已回购金额 | 人民币 万元 19,289.10 | | | | | | 实际回购价格区间 | 4. ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report emphasizes the importance of closely monitoring investment opportunities in strategic metals such as rare earths, especially following significant price increases in overseas markets due to China's export controls [8][13]. - In the steel sector, there has been a notable increase in rebar consumption and a slight rise in overall steel prices, indicating a positive trend in demand [14][38]. Summary by Sections 1. Core Viewpoints: Focus on Strategic Metals - The report highlights the strategic importance of rare earth metals, particularly in light of recent U.S.-China trade discussions that aim to reduce tariffs, which could enhance global economic recovery [8][13]. - Following China's export restrictions on heavy rare earths, overseas prices have surged, with dysprosium and terbium prices in Europe increasing nearly threefold [8][13]. 2. Steel Sector: Price Trends - Rebar consumption has risen significantly, with a reported consumption of 2.6 million tons, marking a 21.69% increase week-on-week [14][18]. - The overall steel price index has seen a slight increase of 0.92%, with hot-rolled coil prices rising to 3,320 CNY/ton, a 1.40% increase, and cold-rolled prices at 3,767 CNY/ton, a 1.31% increase [14][38]. 3. New Energy Metals: Supply and Price Declines - Lithium production in April 2025 was reported at 70,640 tons, a year-on-year increase of 40.38%, but with a slight month-on-month decline [15][42]. - Nickel production has seen a significant year-on-year decrease of 14.18%, while cobalt prices have shown a downward trend [15][44]. 4. Industrial Metals: Copper and Aluminum - Copper smelting fees have slightly increased, with the LME aluminum price settling at 2,474 USD/ton, reflecting a minor week-on-week rise of 0.20% [16]. - The production costs for electrolytic aluminum have decreased significantly, leading to increased profitability for producers [16][28]. 5. Precious Metals: Market Adjustments - Gold prices have experienced a notable decline of 3.72% week-on-week, attributed to reduced demand for safe-haven assets following positive developments in U.S.-China relations [17].

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-024 本次活动将于 2025 年 5 月 16 日（星期五）16:00 至 17:00 在深圳全景网络 有限公司提供的网上平台采取网络远程的方式举行。 云南驰宏锌锗股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 16 日（星期五）16:00 至 17:00。 会议召开方式：网络远程方式。 投资者参与方式：登录"全景路演"网站（https://rs.p5w.net），或关注 微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流。 为进一步加强与投资者的互动交流，云南驰宏锌锗股份有限公司（以下简称 "公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有 限公司联合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"活动， 现将相关事项公告如下： 一、活动时间和方式 二、投资者参加方式 ...

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, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

Industry Overview - China's zinc concentrate production has shown a decline overall, stabilizing around 3.5 million tons since 2020. In 2023, domestic zinc concentrate production reached 3.69 million tons, a year-on-year increase of 11%. However, in 2024, production is expected to decrease to 3.4688 million tons, a year-on-year decline of 6.12% [1][10] - The supply situation for zinc ore in 2024 is significantly below expectations due to adjustments in mining plans, declining ore grades, and weather conditions. Advances in exploration technology, such as deep exploration techniques, are expected to uncover more zinc resources, providing a resource base for increased zinc concentrate production [1][10] Industry Chain Definition and Classification - The zinc mining industry encompasses a complete system from resource exploration to end-product application. The upstream focuses on exploration and mining, the midstream is dedicated to smelting and processing, and the downstream involves the application and recycling of zinc products across various industries [3] Development History - The development of China's zinc mining industry has gone through three stages: initial establishment, rapid growth, and integration upgrade. Initially, the industry was weak and relied on imports, but it gradually achieved self-sufficiency. After the reform and opening up, the industry experienced rapid growth with significant improvements in mining and smelting technologies. In the 21st century, the industry began to integrate and upgrade, focusing on technological innovation and resource recycling [5][6] Current Development Status - China is one of the world's major zinc resource countries, with proven zinc reserves ranking among the top globally. As of 2023, China's zinc reserves reached 59.9271 million tons, with significant concentrations in regions such as Inner Mongolia, Yunnan, and Qinghai [8][12] Key Enterprises Analysis - The competitive landscape of China's zinc mining industry is diverse and intense. Key players include: - Chihong Zn & Ge Co., Ltd., which has a complete industry chain and leading technology in zinc mining and processing [14][16] - Zhongjin Lingnan Nonfemet Company, which has a strong resource reserve and comprehensive industry chain layout [14][16] - Luoping Zinc & Electricity Co., Ltd., focusing on high-quality zinc smelting and processing [14][16] - Zijin Mining Group, a global mining giant with advanced technology and a global business network [14][16] Future Development Trends - Intelligent mining and ore selection are becoming important trends in the zinc mining industry, utilizing advanced technologies such as big data and AI to optimize mining processes [20] - The development of green smelting technology is crucial for sustainable development, focusing on energy conservation and resource recycling [21][22] - Extending the industry chain and enhancing product added value are key directions for transformation and upgrading, allowing companies to diversify and improve profitability [23]

Core Viewpoint - The company, Chihong Zn & Ge Co., Ltd., is focused on enhancing its profitability through resource management, technological advancements, and strategic operational improvements, while also planning significant increases in related party transactions for 2025. Group 1: Profit Growth Drivers - The main drivers for future profit growth include maintaining a resource-first strategy with over 32 million tons of lead-zinc resources, enhancing zinc alloy and germanium processing capabilities, and advancing digital and intelligent integration in operations [2][3]. - The company has increased its zinc alloy production capacity to 220,000 tons per year by the end of 2024, with a growing market share [2]. - A focus on cost management and operational efficiency has led to a stable cost structure for lead-zinc concentrate and a continuous decrease in processing costs for zinc products over the past five years [2]. Group 2: Financial Performance - In Q1 2025, the company reported revenue of 5.144 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 494 million yuan, up 1.4% [3][7]. - The net cash flow from operating activities reached 1.132 billion yuan, reflecting a significant increase of 58.97% [3][7]. - The company’s debt ratio stands at 27.71%, indicating a solid financial position [7]. Group 3: Shareholder Engagement and Dividends - The company has outlined a dividend policy for 2024-2026, committing to distribute at least 30% of the annual distributable profits in cash, with a cumulative payout of no less than 40% of the average annual distributable profits over the last three years [4]. - Historically, the company has implemented cash dividends 19 times since its listing, with a total distribution of 6.686 billion yuan, achieving a payout ratio of 74.42% [4]. Group 4: Market and Competitive Position - The company is actively addressing competition with its indirect controlling shareholders and has completed acquisitions to streamline operations and enhance market position [5][6]. - The company is also focused on expanding its financing channels, leveraging a strong asset structure and financial performance to maintain a favorable credit rating and access to capital markets [7]. Group 5: Future Development Directions - In 2025, the company aims to enhance operational efficiency through technological innovation and digital transformation, focusing on high-value product development and sustainable practices [3][6]. - The company plans to optimize its governance structure and improve decision-making processes to align with modern regulatory requirements [6].

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—023 云南驰宏锌锗股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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个别及连带责任。 一、回购股份的基本情况 云南驰宏锌锗股份有限公司（以下简称"公司"）分别于 2024 年 9 月 23 日、 2024 年 10 月 11 日召开了第八届董事会第十六次会议、第八届监事会第十一次 会议和 2024 年第三次临时股东大会，审议通过了《关于审议公司以集中竞价交 易方式回购公司股份的议案》，同意公司以不低于人民币 1.45 亿元（含）且不 超过人民币 2.90 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回 购价格不超过人民币 5.7 元/股（含），回购期限自公司股东大会审议通过回购方 案之日起不超过 12 个月，回购股份将全部依法注销减少注册资本，具体详见公 司 2024 年 9 月 24 日 和 2024 年 10 月 18 日 披露 于上 海证 券交 易所 网 站 www.sse.com.cn 上的《云南驰宏 ...