Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,144,124,667.46, representing a 10.10% increase compared to CNY 4,672,162,549.90 in the same period last year[4] - The net profit attributable to shareholders was CNY 494,373,172.45, showing a slight increase of 1.40% from CNY 487,535,414.51 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥5,144,124,667.46, an increase of 10.1% compared to ¥4,672,162,549.90 in Q1 2024[19] - Net profit for Q1 2025 was ¥492,126,683.75, compared to ¥482,377,627.42 in Q1 2024, representing a growth of 2.0%[20] - The net profit attributable to shareholders of the parent company for Q1 2025 was ¥494,373,172.45, up from ¥487,535,414.51 in Q1 2024, indicating an increase of 1.7%[21] - Basic and diluted earnings per share for Q1 2025 were both ¥0.0971, compared to ¥0.0958 in Q1 2024, showing an increase of 1.4%[21] Cash Flow and Liquidity - The net cash flow from operating activities increased by 58.97% to CNY 1,132,181,213.40, up from CNY 712,212,663.99 in the previous year[4] - The company's cash and cash equivalents increased to RMB 1,578,676,640.15 from RMB 961,176,705.00, reflecting a significant growth in liquidity[14] - The total cash inflow from operating activities in Q1 2025 was ¥5.78 billion, up from ¥4.61 billion in Q1 2024, reflecting a growth of 25.3%[24] - Cash outflows from operating activities totaled ¥4.64 billion in Q1 2025, compared to ¥3.89 billion in Q1 2024, representing an increase of 19.4%[24] - The ending cash and cash equivalents balance for Q1 2025 was ¥1.52 billion, an increase from ¥1.25 billion in Q1 2024[25] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 26,572,939,237.96, a 0.78% increase from CNY 26,368,403,366.41 at the end of the previous year[4] - Total liabilities as of March 31, 2025, were ¥7,363,251,808.72, a slight decrease from ¥7,585,197,192.98 as of December 31, 2024[17] - The total liabilities amounted to RMB 4,749,470,385.68, a slight decrease from RMB 4,808,690,596.33 at the end of 2024[16] - The total current assets reached RMB 3,855,333,598.04, compared to RMB 3,501,822,046.42 at the end of 2024, indicating a growth of approximately 10.1%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 170,598[9] - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., holds 1,944,142,784 shares, accounting for 38.19% of the total shares[11] - Total equity attributable to shareholders of the parent company was ¥16,731,335,411.57 as of March 31, 2025, compared to ¥16,302,608,557.25 at the end of 2024, reflecting an increase of 2.6%[17] Research and Development - The company reported a 46.83% increase in R&D expenses, reflecting a commitment to technological innovation and increased investment in research[7] Production and Inventory - The production of lead and zinc concentrates in Q1 2025 was 6.96 million metal tons, a decrease of 1.74 million metal tons year-on-year, primarily due to operational impacts from safety system optimization projects[13] - The company reported a total inventory of RMB 1,641,661,866.73 as of March 31, 2025, down from RMB 2,031,390,969.48 at the end of 2024[15] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance production efficiency and product offerings[12]

重要内容提示： 会议召开时间：2025 年 4 月 30 日（星期三）上午 10:00 至 11:00。 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com）。 会议召开方式：上证路演中心网络文字互动。 投资者可于 2025 年 4 月 23 日（星期三）至 4 月 29 日（星期二）下午 17:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （chxz600497@chinalco.com.cn）就所关注的问题进行提问，公司将在说明会上 对投资者普遍关注的问题进行回答。 云南驰宏锌锗股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日在 上海证券交易所网站（www.sse.com.cn）披露《公司 2025 年第一季度报告》， 为方便广大投资者更加全面深入地了解公司 2025 年第一季度经营业绩和经营情 况，公司拟于 2025 年 4 月 30 日（星期三）上午 10:00 至 11:00 召开 2025 年第一 季度业绩说明会，对投资者普遍关心的问题进行回答。现将有关事项公告如下 ...

驰宏锌锗（600497）公告，2025年第一季度营业收入51.44亿元，同比增长10.10%。净利润4.94亿元， 同比增长1.40%。 ...

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 ...