Group 1 - The resignation of Chairman Liu Langming and Director Cao Xiaoyang is due to work adjustments, and they do not hold shares in the company [2][3] - The company will proceed with the election of new directors and a new chairman following the resignation [2][3] - The board expresses gratitude for the contributions made by the resigning directors during their tenure [3] Group 2 - Peng Shuguang has been nominated as a candidate for the board of directors, pending approval at the upcoming shareholders' meeting [3] - The election of a worker director, Tan Yizhong, was approved by the employee representative assembly, and he meets the qualifications required by law [4] Group 3 - The eighth board of directors held its fourteenth meeting on November 10, 2025, to discuss the election of new directors [14] - The meeting was attended by all seven directors, and the election proposal was unanimously approved [14] Group 4 - The company plans to adjust the expected amount of daily related transactions for 2025, increasing procurement by 1 billion yuan and sales by 150 million yuan [30] - The adjustments are based on the company's operational needs and are expected to enhance market competitiveness without harming shareholder interests [28][46]

Core Viewpoint - Zhuzhou Smelter Group's stock has shown significant performance, with a year-to-date increase of 95.93%, indicating strong market interest and potential growth in the non-ferrous metal sector [1][2]. Group 1: Stock Performance - As of November 11, the stock price of Zhuzhou Smelter Group reached 15.42 CNY per share, with a trading volume of 2.03 billion CNY and a market capitalization of 165.44 billion CNY [1]. - The stock has experienced a 5.69% increase over the last five trading days, a 7.66% decrease over the last 20 days, and a 27.44% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent net buy of 58.32 million CNY on September 12 [1]. Group 2: Company Overview - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is located in Hunan Province and specializes in the production and sale of zinc, zinc alloys, and industrial sulfuric acid [2]. - The revenue composition includes 38.48% from zinc and zinc alloys, 28.17% from other sources, 13.94% from gold ingots, 10.71% from silver ingots, 7.85% from lead and lead alloys, 0.51% from indium ingots, 0.20% from sulfuric acid, and 0.14% from non-ferrous metal trading [2]. - As of October 31, the number of shareholders increased to 41,300, with an average of 18,203 circulating shares per shareholder [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhuzhou Smelter Group reported a revenue of 16.048 billion CNY, reflecting a year-on-year growth of 11.54%, and a net profit attributable to shareholders of 858 million CNY, which is a 47.51% increase year-on-year [2]. - The company has distributed a total of 388 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Qianhai Kaiyuan Gold and Silver Jewelry Mixed A, holding 16.65 million shares, an increase of 2.59 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest shareholder with 9.22 million shares, an increase of 1.64 million shares [3]. - New entrants include the Gold Stock ETF, holding 6.17 million shares, while several funds have exited the top ten list [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.4 CNY based on a 20X PE valuation for 2025 [3][6]. Core Views - The company's profitability is expected to improve significantly due to rising gold prices, with a projected increase in earnings per share (EPS) to 1.02 CNY, 1.43 CNY, and 1.56 CNY for 2025, 2026, and 2027 respectively [3][10]. - The company's strategic focus on dual business development in lead-zinc and precious metals is anticipated to enhance its growth potential, especially with the expected rise in precious metal prices [10]. - The company's asset injection process is likely to accelerate following the restructuring of its shareholding, which is expected to further boost its internal growth momentum [10]. Financial Summary - Revenue is projected to grow from 19,406 million CNY in 2023 to 27,101 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [5][12]. - Operating profit is expected to increase from 755 million CNY in 2023 to 2,043 million CNY in 2027, with a significant growth rate of 38.4% in 2025 [5][12]. - Net profit attributable to the parent company is forecasted to rise from 611 million CNY in 2023 to 1,673 million CNY in 2027, with a notable growth rate of 39.1% in 2025 [5][12]. - The gross margin is expected to improve from 8.5% in 2023 to 11.9% in 2026 and 2027, indicating enhanced profitability [5][12].

同意将该议案提交公司董事会审议。 株洲冶炼集团股份有限公司 独立董事专门会议决议 根据《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等相关规定，公司独立董事于 2025 年 11 月 10 日 召开了独立董事专门会议，就提交公司第八届董事会第十四次会 议审议的相关事项进行了事前审核，具体如下： 关于调整 2025 年度日常关联交易预计额度的议案 审核意见：公司本次调整 2025 年度日常关联交易，主要内 容为向关联方采购阳极泥及销售金精矿、铜精矿等，调整是根据 交易公司经营发展需要，交易对方具有相应资质、履约能力可靠， 其交易价格遵循公平、公开、公正的原则，参照市场价格确定。 对公司本期及未来财务状况和经营成果不会产生不利影响，不存 在损害公司及中小股东利益的情形，不会影响公司独立性，公司 主营业务不因此类交易而对关联人形成依赖，同意调整 2025 年 度日常关联交易的预计额度。 （此页无正文，为《株洲冶炼集团股份有限公司独立董事专门会 议决议》的签字页） 独立董事： 谢思敏： 李志军： 饶育蕾： 表决结果：同意 3 票，反对 0 ...

株洲冶炼集团股份有限公司 董事会审计委员会会议决议暨审核意见 审核意见：公司本次调整 2025 年度日常关联交易预计额度 是基于公司日常经营业务实际需要，交易价格亦严格遵循市场公 允价结算，按照公平、公正、公开原则开展，不存在损害公司及 全体股东利益，特别是中小股东利益的情形，不影响公司的独立 性，公司主要业务也不存在因此类交易而对关联人形成依赖。 我们同意将《关于调整 2025 年度日常关联交易预计额度的 议案》提交公司董事会审议。 表决结果：同意 4 票，反对 0 票，弃权 0 票。 公司关联委员郭文忠先生对此议案进行了回避表决。 1 （此页无正文，为《株洲冶炼集团股份有限公司董事会审计 委员会 2025 年第六次会议决议暨审核意见》的签字页） 董事会审计委员会签名： 根据中国证券监督管理委员会《上市公司治理准则》《上海 证券交易所上市公司自律监管指引第 1 号—规范运作》《上海证 券交易所股票上市规则》及《公司章程》《公司董事会审计委员 会实施细则》等有关规定，株洲冶炼集团股份有限公司（以下简 称"公司"）董事会审计委员会于 2025 年 11 月 6 日以通讯表决 的方式召开了 2025 年第六次会议 ...

证券代码：600961 证券简称：株冶集团 公告编号：2025-035 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法律责任。 | 姓 | 离任职务 | 离任时 | | 原定任期 | 离任 | 是否继续在上 市公司及其控 | 具体职 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | | 间 | | 到期日 | 原因 | 股子公司任职 | 务 | 公开承诺 | | 刘 | 董事长、董 | 2025 | 年 | 2026 年 10 | 工作 | | | | | 朗 | 事、专门委员 | 11 | 月 10 | 月 12 日 | 调整 | 否 | / | 否 | | 明 | 会委员 | 日 | | | | | | | | 曹 | 董事、专门委 | 2025 | 年 | 2026 年 10 | 工作 | | 子公司 | | | 晓 | | 11 | 月 10 | | | 是 | | 否 | | | 员会委员 | | | 月 12 日 | ...

证券代码：600961 证券简称：株冶集团 公告编号：2025-036 株洲冶炼集团股份有限公司 关于调整 2025 年度日常关联交易预计额度的公告 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法律责任。 关联交易，主要内容为向关联方采购阳极泥及销售金精矿、铜精矿等，调整是根 据交易公司经营发展需要，交易对方具有相应资质、履约能力可靠，其交易价格 遵循公平、公开、公正的原则，参照市场价格确定。对公司本期及未来财务状况 和经营成果不会产生不利影响，不存在损害公司及中小股东利益的情形，不会影 响公司独立性，公司主营业务不因此类交易而对关联人形成依赖，同意调整 2025 年度日常关联交易的预计额度。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审议情况 本次日常关联交易事项已经株洲冶炼集团股份有限公司（以下简称"株冶集 团""公司"）于 2025 年 11 月 10 日召开的第八届董事会第十四次会议审议， 公司关联董事均回避表决，本事项经其他四位非关联董事表决一致通过。 本次日常关联交易事项尚需提交 ...

株洲冶炼集团股份有限公司 证券代码：600961 证券简称：株冶集团 公告编号：2025-036 关于召开2025年第三次临时股东会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 27 日 15 点 00 分 召开地点：湖南省株洲市天元区衡山东路 12 号株冶集团会议室 股东会召开日期：2025年11月27日 本次股东会采用的网络投票系统：中国证券登记结算有限责任公司持有 人大会网络投票系统 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：中国证券登记结算有限责任公司持有人大会网络投票系统 网络投票起止时间：自2025 年 11 月 26 日 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约 ...

株洲冶炼集团股份有限公司 第八届董事会第十四次会议决议公告 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法律责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 （二）公司于 2025 年 11 月 7 日通过电子邮件和传真等方式发出董事会会议 通知和会议材料。 （三）召开董事会会议的时间：2025 年 11 月 10 日。 召开董事会会议的地点：湖南省株洲市天元区衡山东路 12 号株洲冶炼集团 股份有限公司会议室。 召开董事会会议的方式：现场结合视频。 证券代码：600961 证券简称：株冶集团 公告编号：2025-034 1 并同意将该事项提交董事会审议。 具体内容详见 2025 年 11 月 11 日刊登于《中国证券报》《上海证券报》《证 券时报》和上海证券交易所网站（www.sse.com.cn）的《关于董事长、部分董事 辞职暨选举董事的公告》（公告编号：2025-035）。 本议案需提交股东会审议。 （四）本次董事会会议应当出席董事 7 人，实际出席会议的 ...

Core Viewpoint - The resignation of key executives at Zhuye Group is due to work adjustments, but it will not affect the company's normal operations [1] Group 1 - Liu Langming has resigned from the positions of Chairman and Director [1] - Cao Xiaoyang has resigned from the position of Director [1] - The resignation reports are effective immediately upon delivery to the board [1] Group 2 - The board has nominated Peng Shuguang as a candidate for Director [1] - Tan Yizhong has been nominated as an employee Director [1]