云南驰宏锌锗股份有限公司 云南驰宏锌锗股份有限公司 2024 年年度股东大会 会议资料 2025 年 4 月 22 日 2024 年年度股东大会 目录 | 1.听取《公司独立董事 2024 年度述职报告》 1 | | | --- | --- | | 2024 年度董事会工作报告》的议案 2 | 2.关于审议《公司 | | 2024 年度监事会工作报告》的议案 13 | 3.关于审议《公司 | | 2024 年度财务决算报告》的议案 19 | 4.关于审议《公司 | | 2025 年度财务预算报告》的议案 26 | 5.关于审议《公司 | | 2024 年度利润分配方案的议案 28 | 6.关于审议公司 | | 2024 年年度报告》及其摘要的议案 30 | 7.关于审议《公司 | | 8.关于审议中铝财务有限责任公司为公司提供金融服务的议案 31 | | | 9.关于审议预计公司 2025 年度日常关联交易事项的议案 39 | | | 10.关于审议公司董事及监事 2024 年度薪酬的议案 45 | | | 11.关于审议继续为公司董事、监事、高级管理人员购买责任险的议案 47 | | 2024 年年度股东大 ...

Core Insights - The company reported a revenue of 18.8 billion yuan for 2024, a year-on-year decrease of 14.8% [1] - Net profit attributable to shareholders was 1.29 billion yuan, down 14.2% year-on-year, while the non-recurring net profit was 1.4 billion yuan, a decrease of 9.6% [1] - The fourth quarter saw a revenue of 4.15 billion yuan, a significant decline of 25.5% year-on-year and 14.0% quarter-on-quarter [1] Production and Supply - The company's lead and zinc concentrate production for 2024 was 75,000 and 215,000 metric tons, respectively, down 15.1% and 14.9% year-on-year [1] - Lead and zinc product production was 166,000 and 485,000 tons, reflecting year-on-year decreases of 7.4% and 6.4% [1] - The decline in production was attributed to project renovations and safety system optimizations at mining sites [1] Profitability and Costs - The company experienced an increase in overall expense ratios, with total sales, management, R&D, and financial expense ratios at 7.66%, up 2.13 percentage points year-on-year [2] - Gross margin and net margin for 2024 were 17.71% and 6.87%, respectively, showing improvements of 1.64 and 0.35 percentage points year-on-year [2] - Average prices for lead and zinc in 2024 were 17,200 and 23,400 yuan per ton, up 10.1% and 8.2% year-on-year [2] Financial Health - The company's debt levels decreased, with short-term and long-term borrowings at 1.21 billion and 610 million yuan, down 11.6% and 1.0% year-on-year [3] - The asset-liability ratio was 28.8%, a reduction of 2.4 percentage points year-on-year, indicating improved financial stability [3] - The company plans to distribute a cash dividend of 660 million yuan, representing 51.2% of the net profit attributable to shareholders for 2024 [3] Future Outlook - The company has revised down its profit forecasts for 2025 and 2026, now expecting net profits of 1.75 billion and 2.0 billion yuan, respectively [3] - The long-term development trend for the company's lead, zinc, and germanium businesses remains positive, maintaining a "buy" rating [3]

1 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 1.45 亿元至 2.90 亿元 回购用途 减少注册资本 累计已回购股数 11,148,008 股 累计已回购股数占总股本比例 0.22% 累计已回购金额 人民币 6,177.62 万元 实际回购价格区间 5.42 元/股—5.67 元/股 重要内容提示： 购资金来源暨收到回购专项贷款承诺函的公告》（公告编号：临 2025-002），将 本期回购计划的资金来源由"自有资金"调整为"自有资金和自筹资金（含银行 回购专项贷款等）"。 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—018 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company is expected to face a decline in net profit for 2024, with a projected decrease of 14% year-on-year, resulting in a net profit of 1.29 billion yuan and revenue of 18.8 billion yuan, also down by 14.8% [8][4] - The decline in production is attributed to the implementation of safety system optimization projects and the disposal of fixed assets that have reached the end of their useful life [8][4] - The company benefits from rising prices of lead, zinc, and germanium, which are expected to contribute positively to profits if maintained at high levels [9][10] Financial Performance Summary - In 2024, the company achieved a revenue of 18.8 billion yuan, a decrease of 14.8% year-on-year, and a net profit of 1.29 billion yuan, down 14.24% [8][5] - The operating cash flow for 2024 was 2.37 billion yuan, reflecting a significant decline of 34.4% [8] - The company’s lead production was 75,000 tons, down 1.33 million tons year-on-year, while zinc production was 214,800 tons, down 3.75 million tons [9][2] Production and Pricing Insights - The lead price in 2024 was 17,141 yuan per ton, an increase of 1,529 yuan per ton year-on-year, while the zinc price was 23,419 yuan per ton, up 1,791 yuan per ton [9][2] - The company is the largest germanium producer globally, with a production capacity of 60 tons per year, which accounts for 25% of global output [10][3] Future Profitability Forecast - The company is projected to achieve net profits of 1.545 billion yuan, 1.702 billion yuan, and 1.777 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.5%, 10.1%, and 4.4% [4][32] - The estimated diluted EPS for the same years is expected to be 0.30 yuan, 0.33 yuan, and 0.35 yuan [4][32]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.08 [8][9]. Core Views - The company reported a revenue of RMB 18.803 billion in 2024, a year-on-year decrease of 14.80%, and a net profit attributable to shareholders of RMB 1.293 billion, down 14.24% year-on-year, which was below previous expectations of RMB 2.238 billion for 2024 [1][5]. - The fourth quarter of 2024 saw a revenue of RMB 4.151 billion, a year-on-year decline of 25.48% and a quarter-on-quarter decrease of 13.98%, with a net loss of RMB 181 million [1][2]. - The company is expected to see future profitability growth in its germanium segment, leading to the maintenance of the "Accumulate" rating despite current cost pressures [1][5]. Summary by Sections Financial Performance - In 2024, the company sold 485,400 tons of zinc ingots and 166,000 tons of lead ingots, both showing a decrease of approximately 5.97% and 5.88% year-on-year, respectively [2]. - The overall gross margin for 2024 was 17.71%, an increase of 0.60 percentage points year-on-year, but the fourth quarter gross margin dropped to 11.29%, a decrease of 11.85 percentage points quarter-on-quarter due to rising costs from decreased self-sufficiency in mining [2]. Production Capacity - The company has an annual production capacity of 420,000 tons for lead and zinc metals, with stable refining capacity of 630,000 tons per year [3]. - A new mining project in Tibet, with a designed capacity of 200,000 tons per year, is expected to begin trial production in the second half of 2024 and officially start operations in 2025 [3]. Resource Integration and Market Position - The company accelerated resource integration in 2024 through acquisitions, significantly enhancing its lead and zinc resource reserves and production capabilities [4]. - The asset-liability ratio decreased by 1.62 percentage points year-on-year to 28.77%, indicating improved financial stability [4]. Profit Forecast and Valuation - Due to ongoing cost recovery challenges, the report adjusts cost assumptions and lowers price expectations, forecasting EPS of RMB 0.38, RMB 0.42, and RMB 0.45 for 2025 to 2027, respectively [5]. - The target price is set at RMB 6.08, reflecting a price-to-earnings ratio of 16 times for 2025, up from 12.7 times previously [5].

云南驰宏锌锗股份有限公司 2024 年度 审计报告 审计报告 XYZH/2025BJAA16B0293 云南驰宏锌锗股份有限公司 云南驰宏锌锗股份有限公司全体股东： | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-112 | 1 一、 审计意见 我们审计了云南驰宏锌锗股份有限公司（以下简称驰宏锌锗公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允 ...

云南驰宏锌锗股份有限公司 2024 年度 内部控制审计报告 1-2 内部控制审计报告 索引 页码 北京市东城区朝阳门北大街 联系申话: +86 (010) 6554 2288 六十师事务所 elephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 内部控制审计报告 XYZH/2025BJAA16B0292 云南驰宏锌铭股份有限公司 云南驰宏锌铭股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了云南驰宏锌错股份有限公司（以下简称"驰宏锌错"）2024 年 12 月 31 日财务报告内 部控制的有效性。 一、 企业对内部控制的责任 三、 内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的 变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 您可使用手机"扫一扫"或进入 1 审计报告(续) 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其 ...

中铝财务有限责任公司 风险持续评估审核报告 | 索引 | 页码 | | --- | --- | | 审核报告 | 1-2 | | 财务公司风险持续评估说明 | 1-9 | 联系电话: +86(010) 6554 2288 北京市东城区朝阳门北大街 "会计师事务所 telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 关于中铝财务有限责任公司 风险持续评估审核报告 XYZH/2025BJAA16B0291 中铝财务有限责任公司 云南驰宏锌铬股份有限公司全体股东: 我们接受委托,审核了中铝财务有限责任公司(以下简称"中铝财务公司")管理当 局对中铝财务公司 2024 年 12 月 31 日与其经营资质、业务和风险状况相关的风险持续 评估说明。中铝财务公司管理层的责任是建立健全并合理设计风险管理体系并保持其有 效性,保证风险管理政策与程序的真实性和完整性,同时按照中国银行保险监督管理委 员会颁布的《企业集团财务公司管理办法》相关规定对截至 2024 年 12 月 31 日与财务 报表相关的风险管理体系有效性做出认定。我们的责任是对中铝财务公司与其经营资质、 业务和风险状况相关的各 ...

云南驰宏锌锗股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-112 | 审计报告 XYZH/2025BJAA16B0293 云南驰宏锌锗股份有限公司 云南驰宏锌锗股份有限公司全体股东： 一、 审计意见 我们审计了云南驰宏锌锗股份有限公司（以下简称驰宏锌锗公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 ...

二、2024 年度履职概况 2024 年度独立董事述职报告 （宋枫） 作为云南驰宏锌锗股份公司（以下简称"公司"）的独立董事，本人严格按 照《公司法》《证券法》《上市公司独立董事管理办法》等法律法规，以及《公 司章程》《公司独立董事制度》等相关规定和要求，独立客观、勤勉尽责地履行 职责，积极参加公司召开的相关会议，认真审议公司的各项议案，并对相关事项 发表独立意见，切实维护了公司及全体股东合法权益。现将本人 2024 年度履职 情况报告如下： 一、个人基本情况 本人 2023 年 11 月 14 日至今任公司独立董事，曾任中国人民大学经济学院 讲师、副教授，中国人民大学应用经济学院副教授。现任中国人民大学应用经济 学院教授、博士生导师、能源经济系主任，中国价格协会能源与供水价格专业委 员会专家，中国南方区域电力市场专家委员会委员，中国动机工程协会动能专家 委员会委员。上述任职情况与公司独立董事职务均不存在利益冲突，不影响本人 担任公司独立董事的独立性。 2024 年度，本人积极出席董事会及董事会专门委员会，认真审议各项议案。 通过听取汇报、研读资料以及多方沟通等方式深入了解公司生产经营情况，本着 公平、公正、 ...