Core Viewpoint - The company, Henan Yuguang Gold Lead Co., Ltd., has maintained its credit ratings for both its corporate and bond issuances, indicating stable financial health and outlook [1][2]. Group 1: Credit Ratings - Previous bond rating was "AA" and corporate rating was also "AA" with a stable outlook [1]. - Current bond rating remains "AA" and corporate rating is "AA" with a stable outlook, showing no change from the previous assessment [2]. Group 2: Rating Agency and Methodology - The credit ratings were conducted by the credit rating agency, United Ratings Co., Ltd., based on a comprehensive analysis of the company's operational status [2]. - The tracking credit rating report is available on the Shanghai Stock Exchange website [2].

| 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：临 | 2025-039 | | --- | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | | 河南豫光金铅股份有限公司 关于"豫光转债"2025 年跟踪评级结果的公告 本次跟踪评级报告全文详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 河南豫光金铅股份有限公司董事会 2025 年 6 月 27 日 前次债项评级："AA"；主体评级："AA"；评级展望：稳定 本次债项评级："AA"；主体评级："AA"；评级展望：稳定 重要内容提示： 根据《上市公司证券发行注册管理办法》《上海证券交易所股票上市规则》 《公司债券发行与交易管理办法》等有关规定，河南豫光金铅股份有限公司（以 下简称 "公司"）委托信用评级机构联合资信评估股份有限公司（以下简称"联 合资信"）对公司 2024 年发行的"河南豫光金铅股份有限公司向不特定对象发 行可转换公司债券"（以下简称"豫光转债"）进行了跟踪信用评级。 公司前次主体信用等级为"AA","豫光转债"前次债券信用等级为"AA", 评级展望为"稳定" ...

河南豫光金铅股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕5322 号 联合资信评估股份有限公司通过对河南豫光金铅股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持河南 豫光金铅股份有限公司主体长期信用等级为 AA，维持"豫光转债" 信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受河南豫光金铅股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任 ...

Group 1 - The article highlights the implementation of water resource tax incentives aimed at promoting water conservation among industries in China, effective from December 1, 2024, where companies achieving advanced water efficiency will receive a 20% tax reduction [1][3] - Henan Yuguang Zinc Industry Co., Ltd. reported receiving over 58,000 yuan in water resource tax benefits in the first quarter, reinforcing their commitment to increasing water-saving investments [1][2] - The list of taxpayers achieving advanced water efficiency in Henan province includes Henan Yuguang Zinc Industry Co., Ltd., Henan Jinli Jin Zinc Co., Ltd., and Henan Jinma Energy Co., Ltd., marking them as pioneers in water efficiency [1] Group 2 - The Jiyuan tax department has established a "one-on-one" service mechanism for key enterprises, providing tailored support to help them understand and apply for tax benefits related to water conservation [2] - Jiyuan tax authorities collaborate with water resources and finance departments to monitor and analyze enterprise water usage data, ensuring effective implementation of tax incentives [2] - Henan Jinma Energy Co., Ltd. has invested 200 million yuan in wastewater treatment and recycling projects, achieving significant water savings of over 2 million cubic meters annually [3] Group 3 - Henan Yuguang Zinc Industry Co., Ltd. has adopted innovative water-saving practices, reducing water usage to 8.42 m³/t of zinc ingot, significantly below national standards [3] - Henan Jinli Jin Zinc Co., Ltd. has implemented smart water-saving devices for real-time monitoring and precise control of production water usage [3] - The Jiyuan tax department emphasizes that water resource tax incentives are crucial for promoting green development among enterprises, aiming to enhance their water efficiency and contribute to sustainable economic growth [3]

Core Viewpoint - The article highlights the transformation and technological advancements in the lead and zinc smelting industry in Henan, particularly through the efforts of companies like Henan Yuguang Gold Lead Group and Henan Jinli Gold Lead Group, emphasizing their shift towards green and intelligent manufacturing processes [2][5][9]. Group 1: Technological Innovations - Henan Yuguang has implemented advanced technologies that significantly reduce labor intensity, with a "blocking slag machine" reducing the time for a high-risk operation from tens of minutes to seconds, decreasing labor intensity by 70% [2]. - The company has transitioned from traditional labor-intensive processes to smart control operations, contributing to a more efficient and environmentally friendly production process [2]. - The production of high-purity metal materials at Yuguang is now at an industry-leading level due to ongoing technological innovations [5]. Group 2: Industry Transformation - The local industry in Jiyuan has developed a comprehensive industrial system focused on non-ferrous deep processing, steel, equipment manufacturing, and modern chemicals, promoting traditional industry upgrades towards green and circular development [5][9]. - Henan Jinli is also advancing its production processes with smart equipment and self-developed technology for multi-metal and copper-based new material alloys, emphasizing resource recycling and waste reduction [6][8]. - The local non-ferrous industry has established a closed-loop recycling chain, recovering nearly 1 million tons of used lead-acid batteries annually and producing over 600,000 tons of lead ingots [8]. Group 3: Economic Impact - Official data indicates that by 2024, Jiyuan will have 50 enterprises in the circular economy sector, generating over 74.6 billion yuan, accounting for approximately 34.7% of the total industrial output value [8]. - Projections suggest that the total output value of the circular economy in Jiyuan will exceed 80 billion yuan by the end of 2025 [8]. - The city is also fostering new industries such as electronic information, nanomaterials, and hydrogen energy, aiming for modernization and high-quality development [9].

| 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：临 2025-038 | | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | 河南豫光金铅股份有限公司 关于非独立董事辞职的公告 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。 河南豫光金铅股份有限公司（以下简称"公司"）董事会近日收到非独立董 事胡宇权先生的书面辞职报告。根据中国黄金集团资产管理有限公司的有关工作 安排，胡宇权先生申请辞去公司第九届董事会非独立董事职务，辞职报告自送达 董事会之日起生效。 胡宇权先生的辞职不会影响公司的正常运作和公司的日常生产经营。公司将 根据《公司章程》等相关规定,尽快完成非独立董事的补选相关工作。 胡宇权先生在任职期间，认真履行职责，勤勉尽责，为公司生产经营和持续 发展发挥了积极作用。公司董事会对胡宇权先生在任职期间为公司做出的贡献表 示衷心感谢！ 特此公告。 河南豫光金铅股份有限公司董事会 2025年6月10日 ...

Industry Overview - The capacity of China's recycled lead industry has been steadily increasing, driven by stricter environmental policies, technological advancements, and rising market demand [2][4] - As restrictions on primary lead production tighten, recycled lead is gaining more attention as an environmentally friendly alternative, prompting companies to invest in recycled lead projects and technological upgrades [2] - By 2023, China's recycled lead capacity has exceeded 8 million tons, becoming a major source of lead supply [2] Production Growth - The production of recycled lead in China has shown significant growth in recent years, largely due to the push from environmental policies and improved recycling efficiency [4] - The production efficiency and recovery rates of recycled lead have continuously improved, leading to an increase in output [4] - In the first four months of 2024, the production of recycled lead in China was approximately 128.29 thousand tons [4] Market Dynamics - The recycled lead industry is gradually moving towards a park-based development model, with many large enterprises establishing recycled lead industrial parks and integrating downstream lead-acid battery companies [6] - The market is characterized by intense competition and high concentration, with the top four recycled lead companies holding about 31.2% of the market share, indicating a low degree of oligopolistic market structure [6] Company Spotlight - Yuguang Gold Lead is one of China's leading recycled lead producers, focusing on recycling waste lead-acid batteries and other lead-containing waste [8] - The company has advanced smelting technology and strict environmental management measures, enabling efficient recovery of lead resources while minimizing pollution emissions [8] - In 2023, Yuguang Gold Lead's revenue from lead products reached 7.789 billion yuan [8] Research Methodology - The research team from Huajing Industry Research Institute employs a combination of desktop research, quantitative surveys, and qualitative analysis to comprehensively analyze the overall market capacity, industry chain, operational characteristics, profitability, and business models of the recycled lead industry [10] - Various analytical models such as SCP, SWOT, PEST, regression analysis, and SPACE matrix are utilized to assess the market environment, industry policies, competitive landscape, technological innovations, market risks, industry barriers, opportunities, and challenges [10]

Group 1 - The precious metals sector is experiencing a significant upward trend, with silver leading the gains [1] - Hunan Silver has reached its daily limit up, while other companies like Silver Nonferrous, Xingye Silver Tin, and Shengda Resources have also shown notable increases [1] - On Thursday, the spot silver price surged by 4.5%, surpassing the $36 per ounce mark, reaching its highest level since February 2012 [1]

| 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：临 2025-037 | | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | 河南豫光金铅股份有限公司 关于2024年度暨2025年第一季度业绩说明会召开情况 的公告 问题 1：高管您好，请问贵公司本期财务报告中，盈利表现如何？谢谢。 回复：尊敬的投资者，您好。公司 2025 年 1-3 月，实现营业收入 103.95 亿元， 较上年同期的 85.71 亿元增长了 21.29%；归属于上市公司股东的净利润为 2.29 亿 元，较上年同期的 1.69 亿元增长 35.38%。感谢您的关注。 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。 河南豫光金铅股份有限公司（以下简称"公司"）为便于广大投资者更加全面 深入地了解公司经营成果、财务状况，于 2025 年 5 月 26 日上午 9:30-11:30 在上海 证券交易所上证路演中心（https://roadshow.sseinfo.com/）以自行录制+网络文字 ...

Group 1 - The company participated in the 2025 Investor Online Collective Reception Day on May 22, 2025, to enhance communication with investors regarding its operational status and strategic development plans [1][5] - The company reported that its top five customers contributed sales of 1,628.30 million yuan, accounting for 41.39% of the total sales in 2024 [2] - The company aims to strengthen its upstream resource investment as part of its long-term strategy, focusing on optimizing management and enhancing competitiveness [2][3] Group 2 - In Q1 2025, the company produced 162,700 tons of lead, 43,500 tons of cathode copper, 33.4 tons of gold, and 394.7 tons of silver, with sales figures of 146,600 tons of lead, 41,500 tons of cathode copper, 34 tons of gold, and 335.5 tons of silver [3] - The company achieved a revenue of 10.395 billion yuan in Q1 2025, representing a year-on-year growth of 21.29%, and a net profit of 229 million yuan, up 35.38% year-on-year [3] - The company plans to invest 650 million yuan in a new site for its advanced semiconductor precious metal materials project, which is currently in the preparatory stage [4]