Core Viewpoint - The successful development of cobalt-specific active magnesium oxide by Western Mining and its subsidiary fills a domestic gap and opens international markets, promoting diversified high-value utilization of salt lake magnesium resources and supporting Qinghai's goal of becoming a "world-class salt lake base" [2][8]. Group 1: Product Development - The cobalt-specific active magnesium oxide product has three significant features: high activity, low consumption during the cobalt precipitation process, and a substantial increase in comprehensive recovery rates, ensuring efficient resource utilization [3][4]. - The product's development was inspired by an industry exhibition where the company identified a market gap for magnesium oxide in cobalt precipitation, leading to a focused research effort [3][4]. - The research team overcame initial challenges in achieving expected experimental results by optimizing process parameters, ultimately enhancing cobalt precipitation efficiency [3][4]. Group 2: Technological Innovation - The production process of the cobalt-specific active magnesium oxide integrates multiple patented technologies, achieving a purity of 99.0%, marking a global first and filling a domestic void in the production of magnesium oxide for cobalt precipitation [5][9]. - The product has been successfully applied in cobalt recovery from African copper-cobalt mines, capturing a 2.5% share of the global market, with projected sales of 4,900 tons in 2024 [5][9]. Group 3: Industry Impact - The establishment of a "research-production-application" chain development system around the new product enhances the company's ability to meet international standards and supports domestic enterprises in entering international markets [6][7]. - The development of cobalt-specific active magnesium oxide signifies a milestone in China's magnesium chemical industry, injecting new momentum into its internationalization [7][9]. Group 4: Resource Utilization - Qinghai's abundant salt lake resources have faced technical limitations, but recent research has focused on the preparation of magnesium hydroxide and magnesium oxide, becoming key industrialization focal points [8][9]. - The company has built production lines with significant capacities, including 150,000 tons/year of high-purity magnesium hydroxide and 130,000 tons/year of high-purity magnesium oxide, achieving world-leading production levels [9].

Investment Rating - The report maintains a "Buy" rating for the company, Western Mining (601168) [1][4]. Core Views - The company achieved a revenue of 16.542 billion yuan in Q1 2025, representing a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37%. The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and 305.62% quarter-on-quarter [4][5]. - The production of key mineral products has shown significant year-on-year growth, with copper, zinc, lead, and molybdenum production increasing by 14.35%, 18.17%, 38.38%, and 43.64% respectively [5]. - The company is actively advancing resource expansion and production capacity, with the Yulong Phase III project expected to enhance copper production [6]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 16.542 billion yuan, a 50.74% increase year-on-year and a 24.37% increase quarter-on-quarter. The net profit attributable to shareholders was 808 million yuan, reflecting a 9.61% year-on-year increase and a 305.62% quarter-on-quarter increase [4][5]. - The company’s gross margin and net profit margin for Q1 2025 were 17.40% and 9.38%, respectively, with a slight decrease compared to the previous year [7]. Production and Capacity - The company’s mineral production for Q1 2025 included copper at 44,100 tons, zinc at 30,000 tons, lead at 16,700 tons, and molybdenum at 1,200 tons, with respective year-on-year increases of 14.35%, 18.17%, 38.38%, and 43.64% [5]. - The smelting production for copper, zinc, and lead also saw significant increases, with copper smelting up 54.83% year-on-year [5]. Market Conditions - Prices for copper, zinc, and lead have increased year-on-year, with copper averaging 77,400 yuan/ton, a 12% increase [7]. - The company maintains a high self-sufficiency rate for raw materials, which mitigates the impact of declining processing fees in the smelting segment [7]. Future Outlook - The company forecasts net profits attributable to shareholders of 3.558 billion yuan, 3.814 billion yuan, and 4.134 billion yuan for 2025, 2026, and 2027, respectively [8]. - The report anticipates a revenue growth rate of 23.73% for 2025, followed by more modest growth in subsequent years [8].

Core Viewpoint - The company is facing challenges in its smelting operations, with significant losses reported, and is under pressure to improve its market performance and investor confidence [16][19][22]. Group 1: Stock Performance and Market Sentiment - As of May 13, 2025, the company's stock closed at 15.98 yuan, up 0.38%, with a turnover rate of 1.02% and a trading volume of 243,700 hands, amounting to a transaction value of 389 million yuan [1]. - The company has seen a decline in institutional holdings, which may be influenced by market conditions and investment strategies [3]. - The company’s stock has underperformed compared to its peers, with a significant drop in value attributed to poor earnings performance and market sentiment [12][19]. Group 2: Financial Performance and Management - The company reported a net profit increase of only 9% in the first quarter, significantly lower than competitors like Zijin Mining and Luoyang Molybdenum, which saw net profit increases of 62% and 90%, respectively [7][12]. - The smelting segment has been a major source of losses, with the company’s smelting capacity at only 750,000 tons per year, which is lower than industry peers [16][19]. - The company plans to increase its copper smelting capacity by 33% in 2025, despite previous losses, indicating a strategy to enhance production [18]. Group 3: Strategic Decisions and Future Outlook - The company is considering strategic partnerships to improve management and operational efficiency, particularly in light of its challenges in the smelting sector [20]. - The management has emphasized the importance of risk management in its hedging strategies, despite facing losses in its futures trading [5][21]. - The company is committed to optimizing its resource allocation and enhancing operational efficiency to improve its financial performance [19].

Summary of the Conference Call for Western Mining Co., Ltd. Company Overview - Western Mining Co., Ltd. was established on December 28, 2000, and listed on the Shanghai Stock Exchange on July 12, 2007. The company is headquartered in Xining, Qinghai Province and has over 30 subsidiaries across 11 provinces and regions in China [4][5][6]. Financial Performance - For 2024, the company reported revenue of 50.26 billion yuan, a year-on-year increase of 17%, with a five-year compound annual growth rate (CAGR) of 14.93% [2][5]. - Net profit reached 52.94 billion yuan, up 25% year-on-year, with a five-year CAGR of 40.88% [2][5]. - Operating cash flow was 82.46 billion yuan, reflecting a 32% increase year-on-year, indicating strong profitability and cash generation capabilities [2][5]. - Total assets amounted to 549 billion yuan, with total liabilities of 321 billion yuan, resulting in a net asset value of 227.62 billion yuan [5][7]. Resource and Production Capacity - The company owns 6 non-ferrous metal mines and 7 iron and polymetallic mines, with total reserves of 38.4 million tons, including 24.39 million tons of copper, 3.16 million tons of lead and zinc, and 9.35 million tons of iron [2][4]. - Smelting capacities include 350,000 tons of copper, 200,000 tons of zinc, and 200,000 tons of lead, enhancing resource utilization efficiency and profitability [2][4]. Market Performance - The company's stock price increased by 81.49% from 2023 to the end of 2024, outperforming the Shanghai Composite Index by 72 percentage points and the industrial metals index by 61 percentage points [2][9]. - The average dividend payout ratio since listing is 60%, with cumulative dividends exceeding 10.723 billion yuan, ranking first in the non-ferrous industry for dynamic dividend yield [2][9][16]. Strategic Initiatives - The company aims to become a leading enterprise in the non-ferrous metal industry with a focus on green, low-carbon, and circular development [10]. - Key strategies include enhancing resource recovery rates, expanding production capacity, and upgrading existing facilities [10]. - The Yulong Copper Phase III expansion project is expected to be completed by the end of the year, increasing copper ore processing capacity to 30 million tons per year [12]. Risk Management - In 2024, the company recognized impairment provisions totaling 520 million yuan, primarily for fixed assets, intangible assets, and inventory [3][14]. - The company plans to continue monitoring impairment risks, especially regarding inventory that may be reversed if prices recover [3][15]. Future Outlook - The company is committed to sharing development dividends with investors and plans to maintain a high dividend payout ratio in line with regulatory guidelines [16]. - Ongoing resource exploration efforts are focused on lead, zinc, and iron resources, with new project teams established in Lhasa and Golmud to enhance resource reserves [13]. Conclusion - Western Mining Co., Ltd. demonstrates strong financial performance, robust resource reserves, and a commitment to sustainable growth, positioning itself favorably within the non-ferrous metal industry. The strategic focus on capacity expansion and risk management will be crucial for future success.

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-031 西部矿业股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会召开情 况的公告 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。 公司于2025年5月8日下午15:00-17:00在上海证券交易所上证路演中心、证券 时报、全景路演采用视频直播和网络互动方式召开"关于2024年度暨2025年第一 季度业绩说明会"。关于本次业绩说明会的召开事项，公司已于2025年4月28日在 《上海证券报》《中国证券报》《证券时报》及上海证券交易所网站上披露了《西 部矿业关于召开2024年度暨2025年第一季度业绩说明会的公告》（详见临时公告 2025-027号）。现将有关事项公告如下： 一、投资者说明会召开情况 2025年5月8日，公司董事长王海丰先生，总裁赵福康先生，财务负责人、董 事会秘书王伟先生，独立董事秦嘉龙女士出席了本次业绩说明会。公司就2024 年度、2025年第一季度经营成果、财务状况等事项与投资者进行互动交流和沟通， 在信息披露允许的范 ...

Core Viewpoint - The rapid development of new energy and artificial intelligence creates significant opportunities for strategic resources such as copper and molybdenum [1] Financial Performance - The company reported an annual revenue exceeding 50 billion yuan, with a total profit of nearly 6 billion yuan and an operating cash flow of 8.246 billion yuan, setting multiple historical records [1] Industry Outlook - The global non-ferrous metals industry is expected to face new opportunities and challenges in 2025, driven by the wave of the new energy revolution and the rapid advancement of artificial intelligence [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY per share, while the current share price is 15.61 CNY [5]. Core Views - The company maintains a high dividend level, planning to distribute 10 CNY per 10 shares, totaling 23.83 billion CNY, which reflects a dividend payout ratio of 81% [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1][10]. - The company expects to achieve total revenue of 55 billion CNY in 2025, with a profit of 5 billion CNY [8]. Production and Financial Performance - In 2024, the company exceeded its copper production target, achieving 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2][11]. - The average copper price in 2024 was 74,932 CNY per ton, reflecting a year-on-year increase of 9.7% [2]. - The company reported a significant increase in Q1 2025 revenue, reaching 16.54 billion CNY, a 51% year-on-year increase [1]. Future Production Plans - The company plans to increase its lead and zinc production in 2025, with expected production of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4][11]. - The company is focusing on the expansion of the Yulong Copper Mine, with ongoing projects to increase processing capacity to 30 million tons per year [8]. Financial Projections - The company forecasts revenues of 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY respectively, with a price-to-earnings (PE) ratio of 10.3, 9.6, and 9.0 [9][10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY [5]. Core Views - The company maintains a high dividend level and emphasizes the progress of the Yulong Copper Mine Phase III expansion [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 16.54 billion CNY, a year-on-year increase of 51%, and a net profit of 808 million CNY, up 10% year-on-year [1]. Production and Performance Summary - In 2024, the company exceeded its copper production target with a total of 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2]. - The average copper price in 2024 was 74,932 CNY/ton, reflecting a 9.7% year-on-year increase [2]. - The company plans to produce 168,208 tons of copper in 2025, with a slight year-on-year increase [4]. Financial Forecast - The company aims to achieve total revenue of 55 billion CNY and a total profit of 5 billion CNY in 2025 [8]. - Revenue projections for 2025-2027 are 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY, respectively, with net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9]. - The projected earnings per share (EPS) for 2025-2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY, respectively [9]. Production Plans - The company plans to increase its lead and zinc production in 2025, with a target of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4]. - The Yulong Copper Mine's processing capacity has been upgraded to 22.8 million tons per year, with ongoing expansion projects [8].

证券代码：601168 证券简称：西部矿业 公告编号：2025-030 西部矿业股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 7 日 (二)股东大会召开的地点：青海省西宁市海湖新区文逸路 4 号西矿•海湖商务中心 26 楼公司会议室 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 1、会议召集人：第八届董事会 2、会议主持人：王海丰董事长 3、会议的召开及表决方式：现场投票与网络投票结合的方式 4、本次股东大会的召集、召开符合《中华人民共和国公司法》等法律法规 和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事7人，出席7人； 二、 议案审议情况 (一)非累积投票议案 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,760 | | --- ...

青海树人律师事务所 关于西部矿业股份有限公司 2024 年年度股东大会之 法律意见书 北京树成 · 青海树人 · 四川树业 | www.shurenlawfirm.com 法律意见书 膏海树人律师事务所 关于西部矿业股份有限公司 2024 年年度股东大会之 法律意见书 树律意见字(2025)第33号 致:西部矿业股份有限公司 引 言 西部矿业股份有限公司(以下简称"西部矿业"或"公司")2024年年度 股东大会(以下简称"本次股东大会")于2025年5月7日在青海省西宁市海 湖新区文逸路 4 号西矿海湖商务中心 1 号楼 26 楼召开,青海树人律师事务所(以 下简称"本所"）接受西部矿业委托,指派王存良律师、祁春珍律师出席了本次 股东大会,并就本次股东大会的相关法律问题发表意见。 声明 对本法律意见书的出具,本所律师声明如下: 1. 本所律师依照《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》(以下简称"《股东会规则》")等法律法规和规范性 文件及《西部矿业股份有限公司章程》(以下简称"《公司章程》")的有关规 定,及本法律意见书出具目以前已经发生或者存在的行为、事件、事实,严格履 ...