（2013 年 5 月实施，2015 年 1 月第一次修订，2022 年 4 月第二次修订，2023 年 10 月第三次修订，2025 年 8 月第四次修订） 云南驰宏锌锗股份有限公司股东会议事规则 第一章 总则 第一条 为规范云南驰宏锌锗股份有限公司（以下简称"公司"）股东会的 议事方法和程序，保证股东会依法行使职权，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 市公司股东会规则》（以下简称"《股东会规则》"）《上市公司治理准则》（以下 简称"《治理准则》"）等有关法律、法规、规范性文件及《云南驰宏锌锗股份有 限公司章程》（以下简称"《公司章程》"）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 第四条 公司董事会应当切实履行职责，认真、按时组织股东会，公司全体 董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第二章 股东会的一般规定 第五条 公司股东会由全体股东组成，股东会是公司的权力机 ...

一、减少公司注册资本 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-031 云南驰宏锌锗股份有限公司 关于减少注册资本、取消监事会并修订《公司章程》 及其附件的公告 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。 云南驰宏锌锗股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开 第八届董事会第二十三次会议及第八届监事会第十五次会议，审议通过了《关 于审议减少注册资本、取消监事会并修订<公司章程>的预案》《关于审议修订 <云南驰宏锌锗股份有限公司股东会议事规则>的预案》和《关于审议修订<云 南驰宏锌锗股份有限公司董事会议事规则>的预案》。现将具体情况公告如下： 根据公司回购股份方案，2025 年 7 月 17 日，公司注销了回购专用证券账户 的全部股份 50,911,085 股，公司总股本由 5,091,291,568 股变更为 5,040,380,483 股，并拟相应减少注册资本人民币 50,911,085 元，减资完成后，公司注册资本 将变更为人民币 5,040,380,483 元 ...

一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 （1）事务所基本信息 证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025—032 云南驰宏锌锗股份有限公司 关于续聘 2025 年度财务及内部控制审计机构的公告 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： 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 云南驰宏锌锗股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第八 届董事会第二十三次会议和第八届监事会第十五次会议，审议通过了《关于审议续聘 公司 2025 年度财务及内部控制审计机构的预案》，同意公司拟续聘信永中和会计师 事务所（特殊普通合伙）（以下简称"信永中和"）为公司 2025 年度财务及内部控 制审计机构。本事项尚需提交公司股东大会审议。 | 事务所名称 | | | | 信永中和会计师事务所（特殊普通合伙） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025－030 云南驰宏锌锗股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届监事会第十五次 会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《云南驰宏锌锗股份有限公司章程》等有关规定。 2.会议通知于2025年8月1日以电子邮件的方式发出。 3.会议于2025年8月8日以通讯方式召开。 4.会议应出席监事4人，实际出席监事4人。 二、监事会会议审议情况 1.审议通过《关于审议减少注册资本、取消监事会并修订<公司章程>的预案》； （1）减少公司注册资本 同意公司拟根据股份回购及注销情况相应减少注册资本人民币 50,911,085 元，减资后，公司注册资本为人民币 5,040,380,483 元。 同意公司拟根据《中华人民共和国公司法》《上市公司章程指引（2025 年 修订）》等相关规定，并结合公司实际情况，取消监事 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：临 2025-029 云南驰宏锌锗股份有限公司 第八届董事会第二十三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 1.云南驰宏锌锗股份有限公司（以下简称"公司"）第八届董事会第二十三 次会议的召集和召开符合《公司法》《证券法》《上海证券交易所股票上市规则》 和《云南驰宏锌锗股份有限公司章程》等有关规定。 2.会议通知于2025年8月1日以电子邮件和专人送达的方式发出。 4.会议应出席董事10人，实际出席董事10人。 3.会议于2025年8月8日以通讯方式召开。 （3）修改《云南驰宏锌锗股份有限公司章程》 二、董事会会议审议情况 1.审议通过《关于审议减少注册资本、取消监事会并修订<公司章程>的预案》 （详见公司"临 2025-031"号公告）； （1）减少公司注册资本 2025 年 7 月 17 日，公司注销了回购专用证券账户的全部股份 50,911,085 股， 公司总股本由 5,091,291,568 股变更为 5,040 ...

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][5]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and began his career at Huize Lead-Zinc Mine after graduating from middle school in 1991 [2][3]. - Initially assigned to the machine repair workshop, Xu sought to learn smelting techniques and moved to the sintering workshop, where he excelled and became the workshop leader, achieving the highest production record for three consecutive years [2][3]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, and Xu was selected for training to operate this advanced technology [3][4]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first in China to apply this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts, showcasing his innovative problem-solving skills [4][5]. Group 3: Continuous Improvement and Achievements - Xu led multiple technological improvements in the IsaSmelt process, significantly increasing production efficiency and reducing costs, including extending the lifespan of spray guns from 48 hours to 240 hours and enhancing the smelting capacity by increasing oxygen concentration by 31% [5][6]. - Under his leadership, the company achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5][6]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including National Labor Model and National May Day Labor Medal, and he remains committed to mentoring the next generation of smelting professionals [7][8]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation in lead smelting, focusing on addressing production challenges and enhancing operational efficiency [7][8]. - His mentorship has led to the development of skilled technicians across various subsidiaries of Chihong Zinc & Germanium, fostering a culture of innovation and excellence within the industry [8].

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][5]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and began his career at Huize Lead-Zinc Mine after graduating from middle school in 1991 [2][3]. - Initially assigned to the machine repair workshop, Xu Chengdong sought to learn smelting techniques and moved to the sintering workshop, where he excelled and became the workshop leader, achieving the highest production record for three consecutive years [2][3]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, and Xu was selected for training to operate this advanced technology [3][4]. - Xu overcame language barriers and mastered the IsaSmelt furnace operation within three months, becoming the first in China to apply this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts, showcasing his innovative problem-solving skills [4][5]. Group 3: Continuous Improvement and Achievements - Xu led multiple technological improvements in the IsaSmelt production process, achieving record production metrics, including an annual output of 85,000 tons of crude lead in 2014 [5][6]. - His innovations included enhancing the design of the spray gun, significantly extending its lifespan and reducing production costs, as well as increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency [5][6]. Group 4: Mentorship and Legacy - Xu Chengdong has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7][8]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation in lead smelting, focusing on addressing production challenges and fostering talent development [7][8]. - His efforts have led to the successful completion of over 20 technological improvement projects, significantly impacting the company's operational efficiency and profitability [8].

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][2][3]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and pursued a career in smelting after completing middle school [2]. - He started working at Huize Lead-Zinc Mine in 1991, initially in a mechanical repair workshop, but quickly moved to the sintering workshop to learn smelting technology [2]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, with Xu being one of the selected workers for training [3]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first operator in China to use this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts [4]. Group 3: Continuous Improvement and Innovation - Xu led multiple technological improvements in the IsaSmelt process, achieving record production levels and significantly extending the lifespan of equipment [5]. - His innovations included enhancing the design of the spray gun and increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency and reduced costs [5][6]. - Xu's team achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation within the industry [7][8]. - Xu's mentorship has led to the development of skilled technicians who have become key contributors across various subsidiaries of the company [8].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metal industries [1] Core Viewpoints - The supply-side reform in China is expected to break the deflationary cycle and create investment opportunities in the steel and non-ferrous metal sectors [1][6] - The report emphasizes the importance of "supply constraints" to manage the supply-demand balance and mitigate economic downturn risks [6][12] - The steel industry is facing severe overcapacity, with state-owned enterprises holding a significant market share, which facilitates the implementation of administrative measures to control production [6][28] Summary by Sections 1. Supply-Side Reform and Economic Management - The socialist market economy in China allows for effective macroeconomic control, contrasting with the cyclical issues faced in capitalist economies [12][13] - Historical experiences show that demand stimulus alone is insufficient to resolve deep-seated deflationary pressures [14][15] - The supply-side reform initiated in 2016 has proven successful in stabilizing prices and improving corporate profitability [21][22] 2. Steel Industry Analysis - The steel industry has been in a state of oversupply from 2007 to 2024, with crude steel production increasing from 490 million tons to 1.01 billion tons, while apparent consumption has not kept pace [28][29] - The production capacity utilization rates for rebar and wire rod are expected to decline from around 70% to 50% due to weak real estate demand [33][34] - The concentration of production among state-owned enterprises is high, with central state-owned enterprises accounting for approximately 63% of total production in 2024 [38][39] 3. Investment Recommendations - The report suggests focusing on three categories of investment targets: profit recovery, stable profit with valuation repair, and stable high-dividend stocks [51] - Specific companies recommended for profit recovery include Liugang Co., Taigang Stainless Steel, and Shandong Iron and Steel, with projected annualized PE ratios improving significantly under favorable conditions [51]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has successfully completed its share repurchase plan, acquiring a total of 50,911,085 shares, which represents 1.00% of the company's total share capital, with a total expenditure of approximately RMB 267.73 million [1][2][3] Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on September 24, 2024, with an implementation period from October 11, 2024, to October 10, 2025 [1] - The expected repurchase amount ranges from RMB 145 million to RMB 290 million, with a maximum repurchase price set at RMB 5.7 per share [1] - The actual repurchase price ranged from RMB 4.72 to RMB 5.67 per share, with an average price of RMB 5.26 per share [2][3] Implementation Status - As of December 31, 2024, the company had repurchased 500,000 shares, accounting for 0.0098% of the total share capital [2] - The repurchase was completed on July 15, 2025, with a total of 50,911,085 shares acquired [2][3] Financial Impact - The funds used for the repurchase included both bank loans and the company's own funds, ensuring that the repurchase would not significantly impact the company's operations, financial status, or future development [3] Share Cancellation - The company plans to cancel all repurchased shares, which will reduce the registered capital accordingly [4] - The total number of shares before the repurchase was 5,091,291,568, and after the cancellation, it will be reduced to 5,040,380,483 shares [4] Shareholder Structure - The shareholding structure of major shareholders, such as China Aluminum Group and Yunnan Metallurgical Group, will see slight changes post-repurchase, with their respective ownership percentages adjusted [4]