云南驰宏锌错股份有限公司拟出资涉及 的云南驰宏国际绪业有限公司股东全部 权益价值 资产评估说明 国众联评报字(2025)第 3-0170 号 此为二维码防伪标志,内含 本报告估值主要信息,建议 报告使用方查证核实 评估机构:国众联资产评估土地房地产估 价有限公司 联系地址:深圳市罗湖区清水河街道清水 河社区清水河三路 7 号中海慧 智大厦 1 栋 1C618 邮编:518024 报告日期: 二〇二五年九月二十八日 网址: www.gzlchina.com 电话:0755-88832456 云南驰宏锌绪股份有限公司拟出资涉及的 云 南 驰 宏 国 际 绪 业 有 限 公 司 股 东 全 部 权 益 价 值 目录 | 第一部分:关于《资产评估说明》使用范围的声明 … | | --- | | 第二部分:企业关于进行资产评估有关事项的说明 … | | 第三部分:资产清查核实情况说明 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3 | | 一、评估目的 | ...

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has transformed from a small mining operation into a leading enterprise in the global lead-zinc smelting and comprehensive recycling industry, focusing on resource security and technological innovation to drive sustainable growth [2][3][4]. Group 1: Resource Management - The company emphasizes the importance of resource management, stating that resource security is a strategic priority, with a resource reserve system established across multiple provinces in China [3][4]. - Chihong Zn & Ge aims to ensure sustainable resource accumulation by integrating resource consolidation and technological upgrades, while also exploring external high-quality resources [3][4]. Group 2: Technological Innovation - The company is committed to technological innovation, focusing on four key areas: technological advancement, resource security, green low-carbon practices, and high-end transformation [4][5]. - Chihong Zn & Ge has implemented intelligent mining technologies, reducing the need for manual labor and enhancing operational efficiency through remote control and automation [5][6]. Group 3: Environmental Sustainability - The company is dedicated to breaking the traditional perception of mining as environmentally damaging, promoting a "green development" philosophy through innovative technologies that create a low-carbon, circular production system [7][8]. - Chihong Zn & Ge has established seven green mines and six green factories, achieving a 100% green mine completion rate, and its products have been recognized for their energy efficiency [7][8]. Group 4: Industry Leadership - The company has developed a new flotation process that significantly improves zinc recovery rates to 96.37%, setting a benchmark in the industry for efficiency and sustainability [8]. - Chihong Zn & Ge is on a path to becoming a world-class lead-zinc-germanium enterprise, driven by its commitment to green innovation and ecological protection [8].

Core Insights - The article discusses how Chinese companies are seizing opportunities in the new technological revolution and industrial transformation, enhancing their independent innovation capabilities and striving for high-quality development [9] Group 1: Chihong Zinc and Germanium - Chihong Zinc and Germanium has transformed from a small mine into one of the world's most comprehensive companies in lead-zinc smelting and resource recovery [21] - The company focuses on "technological innovation, resource security, green low-carbon, and high-end transformation" to enhance traditional industries through intelligent upgrades and strategic extensions into high-value new materials [23] - Chihong Zinc and Germanium has achieved a significant increase in metal recovery rates and reduced smelting costs for zinc products for six consecutive years [21][22] Group 2: Haon Automotive Electronics - Haon Automotive Electronics has become a leader in intelligent perception technology, collaborating with major automotive manufacturers and AI giants [10][12] - The company aims to transition from a "follower" to a "technology leader" through strategic upgrades in its R&D center [17] - In the first half of this year, Haon Automotive Electronics held a market share of 27.3% in the domestic ultrasonic radar supplier market [15] Group 3: Mousse Co., Ltd. - Mousse Co., Ltd. has embraced AI technology since 2015, resulting in a revenue of 121 million yuan from AI products in the first half of this year, a year-on-year increase of over three times [11][39] - The company has transitioned from a traditional mattress seller to a promoter of healthy sleep culture, focusing on AI and brand expansion [42] - Mousse has invested significantly in R&D, with expenditures rising from 74 million yuan in 2019 to 205 million yuan in 2024, reflecting a compound annual growth rate of 22.6% [38]

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has shown a significant stock price increase of 26.96% year-to-date, with a recent trading price of 6.87 CNY per share, indicating strong market interest and performance in the non-ferrous metal sector [1][2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 17.178 billion CNY, reflecting a year-on-year growth of 17.24%. However, the net profit attributable to shareholders decreased by 10.18% to 1.324 billion CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.495 billion CNY, with 2.132 billion CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.64% to 162,400, while the average circulating shares per person increased by 2.71% to 31,036 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 57.0341 million shares, a decrease of 31.9014 million shares from the previous period [3].

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has shown a significant stock price increase of 26.04% year-to-date, with a recent rise of 2.10% on November 12, 2023, indicating positive market sentiment despite some fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - For the period from January to September 2025, Chihong Zn & Ge reported a revenue of 17.178 billion yuan, reflecting a year-on-year growth of 17.24%. However, the net profit attributable to shareholders decreased by 10.18% to 1.324 billion yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.495 billion yuan, with 2.132 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.64% to 162,400, while the average number of circulating shares per person increased by 2.71% to 31,036 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 57.0341 million shares, a decrease of 31.9014 million shares from the previous period. Meanwhile, the fund "China Europe Dividend Enjoyment Flexible Allocation Mixed A" increased its holdings by 5.1806 million shares to 47.7779 million shares [3]. Market Activity - On November 12, 2023, Chihong Zn & Ge's stock price reached 6.82 yuan per share, with a trading volume of 220 million yuan and a turnover rate of 0.65%. The total market capitalization stands at 34.375 billion yuan [1]. - The stock has experienced a 5.90% increase over the last five trading days, a 1.02% decrease over the last 20 days, and a 21.35% increase over the last 60 days [1]. Business Overview - Chihong Zn & Ge, established on July 18, 2000, and listed on April 20, 2004, is primarily engaged in the mining, smelting, deep processing, and sales of lead, zinc, and germanium products. The revenue composition is 73.82% from lead and zinc mining, 15.00% from other sources, and 11.18% from non-ferrous metal trading [1]. - The company is classified under the industrial metals sector, specifically in the non-ferrous metals category, and is associated with concepts such as scarce resources and central enterprise reform [1].

Group 1 - The company, Chihong Zn & Ge Co., Ltd., indicated that it will consider shareholder demands while planning its annual production, operation, and investment strategies [1] - The company aims to ensure that shareholder returns are aligned with its development and growth [1] - The company is planning to coordinate dividend distribution and share repurchase matters [1]

Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, with a focus on ESG performance management among central enterprises [3][4]. Core Insights - The report evaluates 18 central enterprises in the non-ferrous metals sector based on an established ESG rating system, highlighting that 11 companies scored over 100 points, reflecting a systematic approach to ESG management [4][12]. - Environmental management is prioritized, with comprehensive disclosure on pollution control, waste management, and energy utilization, although there is room for improvement in areas like green mining and circular economy indicators [4][24]. - The report emphasizes the importance of climate-related governance, with many companies actively addressing climate change and setting reduction targets, though mechanisms for information acquisition need enhancement [4][42]. - Social responsibility is a key focus, with all companies covering social indicators, but there is a noted deficiency in disclosures related to technology ethics [4][61]. - Governance structures are generally robust, but there is a need for improvement in due diligence practices, particularly concerning compliance checks of supply chain partners [4][75]. Summary by Sections 1. Overall Scores and ESG Governance - The overall ESG scores for the 18 central enterprises are high, with 61.1% scoring above 100 points, indicating a well-established ESG management framework [12]. 2. Importance Assessment: Need for Third-Party Verification - All companies disclosed financial and impact importance assessments, but only 11% provided third-party verification, indicating a gap in independent validation [16][17]. 3. Environmental: Mature Disclosure, Comprehensive Management - Environmental indicators show high scores, with 67% of companies achieving full marks, reflecting strong environmental protection awareness [24][27]. 4. Climate: Accelerating Disclosure Framework - 67% of companies received full scores for climate-related disclosures, demonstrating a high level of commitment to addressing climate change [42][49]. 5. Social: Commitment to Social and Management Responsibilities - Social responsibility indicators are fully covered by all companies, but technology ethics disclosures are lacking [61][64]. 6. Governance: Well-Structured, Need for Enhanced Due Diligence - Governance structures are generally well-defined, with high coverage of governance mechanisms, but due diligence practices require further development [75][76].

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

Core Points - The company announced a cash dividend distribution of 0.03 CNY per share (before tax) [3][4] - The total cash dividend to be distributed amounts to 151,211,414.49 CNY (before tax) based on a total share capital of 5,040,380,483 shares [3][4] - The profit distribution plan was approved at the company's first extraordinary general meeting of shareholders on September 11, 2025 [2] Distribution Plan - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the close of trading on the registration date [3] - The company will directly distribute cash dividends to China Aluminum Group Co., Ltd. and Yunnan Metallurgical Group Co., Ltd. [3][4] - The distribution is set for the first half of 2025 [4] Taxation Details - For individual shareholders holding shares for over one year, the dividend income is exempt from individual income tax [6] - For shares held for one year or less, the actual cash dividend received will be subject to tax based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [6] - Qualified Foreign Institutional Investors (QFII) will receive a net dividend of 0.027 CNY per share after a 10% withholding tax [7][8] - Hong Kong investors holding shares through the Shanghai-Hong Kong Stock Connect will also receive a net dividend of 0.027 CNY per share after a 10% withholding tax [8] - Other institutional investors and corporate shareholders will receive the full cash dividend of 0.03 CNY per share without withholding tax [9]

Core Points - The company announced a cash dividend distribution of CNY 0.03 per share (including tax) for the first half of 2025 [2][4] - The total cash dividend to be distributed amounts to CNY 151,211,414.49 (including tax) based on a total share capital of 5,040,380,483 shares [4] Distribution Plan - The dividend distribution plan was approved at the company's first extraordinary general meeting on September 11, 2025 [3] - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [4] Implementation Details - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [5] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [5] Taxation Information - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period [8] - For shares held for over one year, dividends are exempt from individual income tax; for shares held for one year or less, the actual cash dividend received is CNY 0.03 per share, with tax calculated upon stock transfer [8] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net cash dividend of CNY 0.027 per share [8][9]