Industry Overview - China's zinc concentrate production has shown a decline overall, stabilizing around 3.5 million tons since 2020. In 2023, domestic zinc concentrate production reached 3.69 million tons, a year-on-year increase of 11%. However, in 2024, production is expected to decrease to 3.4688 million tons, a year-on-year decline of 6.12% [1][10] - The supply situation for zinc ore in 2024 is significantly below expectations due to adjustments in mining plans, declining ore grades, and weather conditions. Advances in exploration technology, such as deep exploration techniques, are expected to uncover more zinc resources, providing a resource base for increased zinc concentrate production [1][10] Industry Chain Definition and Classification - The zinc mining industry encompasses a complete system from resource exploration to end-product application. The upstream focuses on exploration and mining, the midstream is dedicated to smelting and processing, and the downstream involves the application and recycling of zinc products across various industries [3] Development History - The development of China's zinc mining industry has gone through three stages: initial establishment, rapid growth, and integration upgrade. Initially, the industry was weak and relied on imports, but it gradually achieved self-sufficiency. After the reform and opening up, the industry experienced rapid growth with significant improvements in mining and smelting technologies. In the 21st century, the industry began to integrate and upgrade, focusing on technological innovation and resource recycling [5][6] Current Development Status - China is one of the world's major zinc resource countries, with proven zinc reserves ranking among the top globally. As of 2023, China's zinc reserves reached 59.9271 million tons, with significant concentrations in regions such as Inner Mongolia, Yunnan, and Qinghai [8][12] Key Enterprises Analysis - The competitive landscape of China's zinc mining industry is diverse and intense. Key players include: - Chihong Zn & Ge Co., Ltd., which has a complete industry chain and leading technology in zinc mining and processing [14][16] - Zhongjin Lingnan Nonfemet Company, which has a strong resource reserve and comprehensive industry chain layout [14][16] - Luoping Zinc & Electricity Co., Ltd., focusing on high-quality zinc smelting and processing [14][16] - Zijin Mining Group, a global mining giant with advanced technology and a global business network [14][16] Future Development Trends - Intelligent mining and ore selection are becoming important trends in the zinc mining industry, utilizing advanced technologies such as big data and AI to optimize mining processes [20] - The development of green smelting technology is crucial for sustainable development, focusing on energy conservation and resource recycling [21][22] - Extending the industry chain and enhancing product added value are key directions for transformation and upgrading, allowing companies to diversify and improve profitability [23]

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].

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 ...

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 | | --- ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Core Viewpoint - The company has announced that its subsidiary, Sichuan Xinyuan Mining Co., Ltd., has obtained a mining license for the Yuhot lead-zinc mine in Sichuan Province, which is expected to enhance its resource security and production capacity in lead and zinc mining [1]. Summary by Sections Mining License Information - The mining license is issued by the Sichuan Provincial Natural Resources Department, with a validity period of 12 years from April 1, 2025, to April 1, 2037 [1]. - The mining rights holder is Sichuan Xinyuan Mining Co., Ltd., located in Baiyu County, with a production scale of 600,000 tons per year [1]. - The mine has a resource amount of 6.792 million tons of lead-zinc ore, with lead metal content of 297,100 tons and zinc metal content of 431,200 tons [1]. Impact on the Company - The acquisition of the mining license is expected to strengthen the company's lead and zinc resource security and enhance its production capacity [1]. - The Yuhot mine is significant for the company, as it has a processing capacity of 800,000 tons per year and is a key production unit for lead, zinc, and silver concentrates [1]. - The company anticipates that this development will consolidate its industry advantages and improve its market competitiveness, positively impacting its long-term growth [1].