2025 年面向专业投资者公开发行科技创新公司债券 （支持西部大开发）（第二期） 发行结果的公告 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2024年6月20日、2024年7月8日召开第八届董事会第十次会议及2024 年第二次临时股东大会，审议通过了《关于公开发行公司债券的议案》（详见临 时公告2024-27号），并于2024年12月13日披露《西部矿业关于向专业投资者公开 发行科技创新公司债券注册申请获得中国证监会批复的公告》（详见临时公告 2024-55号）。 根据《西部矿业股份有限公司2025年面向专业投资者公开发行科技创新公司 债券（支持西部大开发）（第二期）发行公告》，本期债券的发行规模不超过10.00 亿元（含10.00亿元），发行期限为3年，发行价格为100元/张，采取网下面向专业 机构投资者询价配售的方式发行。本期债券发行工作已于2025年11月20日结束， 最终发行规模为10亿元，票面利率为2.12%。 | 证券代码：601168 | 证券简称：西部矿业 | | 公告编号：临 2025-04 ...

Core Insights - The industrial metal sector experienced a rise of 1.99% on November 19, with Xingye Silver Tin leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Industrial Metal Sector Performance - Xingye Silver Tin (code: 000426) closed at 31.78, up 6.68% with a trading volume of 637,700 shares and a transaction value of 19.85 billion [1] - Zinc Industry Co. (code: 000751) saw a closing price of 4.30, up 5.65%, with a trading volume of 1.87 million shares and a transaction value of 805 million [1] - Other notable performers included Shengda Resources (code: 000603) up 4.75%, Zhuzhi Group (code: 600961) up 4.57%, and Pengxin Resources (code: 600490) up 4.24% [1] Capital Flow Analysis - The industrial metal sector saw a net outflow of 523 million from institutional investors, while retail investors contributed a net inflow of 253 million [2] - The top stocks by net inflow from institutional investors included Yian Technology (code: 300328) with 128 million and Zinc Industry Co. (code: 000751) with 114 million [3] - Conversely, significant net outflows were observed in stocks like Zijin Mining (code: 601899) with a net outflow of 7462.79 million from retail investors [3]

Core Viewpoint - The recent administrative penalty imposed on Western Mining's holding company due to environmental violations has brought the company under scrutiny, highlighting potential governance issues and risks related to environmental compliance [1][5]. Violation Facts and Penalty - Western Mining's holding company constructed and commenced operations of dozens of electrolytic cells in the zinc electrolysis workshop without obtaining the necessary environmental impact assessment (EIA) approval [2]. - This action is a clear violation of the Environmental Impact Assessment Law of the People's Republic of China, which mandates EIA approval for construction projects [3]. Governance Concerns and Future Risks - The incident reflects deeper governance issues within Western Mining, indicating a lack of internal environmental control measures and insufficient oversight of subsidiaries by the group [5]. - The company's response to the incident has been passive, with no detailed explanation provided despite multiple inquiries from the media [5]. - In the current market environment where ESG (Environmental, Social, and Governance) investment principles are gaining traction, such environmental violations may raise doubts among investors regarding the company's sustainability capabilities [5]. - As environmental regulations become increasingly stringent, failure to enhance environmental compliance management could pose long-term risks to the company's development [5]. - The penalty serves as a mirror, revealing the negligence of some listed companies towards environmental compliance during rapid expansion [5].

Core Points - The independent director Mr. Huang Daze has submitted his resignation due to personal reasons, which includes stepping down from his roles in various committees [1][2] - His resignation will result in the independent director count falling below the one-third requirement as per the company's articles of association [1] - Mr. Huang will continue to fulfill his duties until a new independent director is elected at the shareholders' meeting [1] Summary by Sections Director Departure - Mr. Huang Daze has resigned from his position as an independent director of the eighth board of directors, along with his roles in the nomination committee, strategic and investment committee, audit and internal control committee, and ESG development committee [1] - The company will expedite the process of electing a new independent director to comply with regulations [1] Impact on the Company - The departure of Mr. Huang will lead to a temporary insufficiency in the number of independent directors, which is below the required one-third of the board [1] - Mr. Huang is obligated to continue his responsibilities until a new independent director is appointed [1]

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-046 西部矿业股份有限公司 重要内容提示： 公司董事会于近日收到独立董事黄大泽先生提交的书面辞职报告，黄大泽先 生因个人原因，申请辞去公司第八届董事会独立董事职务，同时一并辞去公司提 名委员会召集人及战略与投资委员会、审计与内控委员会、ESG 发展委员会委 员职务。辞职后，黄大泽先生将不再担任公司任何职务。 一、董事离任情况 | | | | | | | | 原定任期 | | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 到期日 | | 离任原因 | 市公司及其控 股子公司任职 | （如适 用） | 毕的公开 | | | | | | | | | | | 承诺 | | | | 2025 年 | 11 | 2026 年 8 | | | | | | | 黄大泽 | 独立董事 | | | | | 个人原因 | 否 | 无 | 否 | | | | 月 18 | 日 | 月 ...

Core Viewpoint - The resignation of independent director Huang Daze from Western Mining (601168.SH) due to personal reasons, along with his roles in various committees, indicates potential shifts in the company's governance structure [1]. Group 1 - Huang Daze submitted a written resignation report to the board of directors [1]. - He applied to resign from his position as an independent director of the eighth board of directors [1]. - Huang Daze will no longer hold any position within the company after his resignation [1]. Group 2 - The resignation includes his roles as the convener of the Nomination Committee and as a member of the Strategic and Investment Committee, Audit and Internal Control Committee, and ESG Development Committee [1].

Core Viewpoint - Western Mining's stock price has experienced fluctuations, with a year-to-date increase of 50.96% but a recent decline of 4.37% over the past five trading days [1] Group 1: Stock Performance - As of November 18, Western Mining's stock price was 22.75 CNY per share, with a market capitalization of 54.213 billion CNY [1] - The stock has seen a trading volume of 1.25 billion CNY and a turnover rate of 0.23% [1] - Year-to-date, the stock has increased by 50.96%, while it has decreased by 4.37% in the last five trading days [1] Group 2: Financial Performance - For the period from January to September 2025, Western Mining reported a revenue of 48.442 billion CNY, representing a year-on-year growth of 31.90% [2] - The net profit attributable to shareholders for the same period was 2.945 billion CNY, reflecting a year-on-year increase of 7.80% [2] Group 3: Shareholder Information - As of November 10, the number of shareholders for Western Mining was 116,000, an increase of 0.09% from the previous period [2] - The average number of circulating shares per shareholder was 20,543, a decrease of 0.09% [2] - Since its A-share listing, Western Mining has distributed a total of 10.723 billion CNY in dividends, with 6.911 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 111.2 million shares, a decrease of 5.1634 million shares from the previous period [3] - Southern CSI 500 ETF was the eighth-largest circulating shareholder, holding 24.32 million shares, down by 525,900 shares from the previous period [3] - Guotai Junan Securities Co., Ltd. has exited the list of the top ten circulating shareholders [3]

Core Insights - The article highlights environmental violations by several listed companies in China, emphasizing the importance of transparency in environmental information and the increasing scrutiny from regulatory bodies [1][2][5]. Group 1: Environmental Violations - Western Mining's subsidiary, Qinghai Xianghe Nonferrous Metals Co., was fined approximately 856,709 yuan for commencing construction without the necessary environmental impact assessment approval [2][4]. - Jiangxi Kexiang Electronic Technology Co., a subsidiary of Kexiang Co., was fined 499,000 yuan for failing to properly treat nickel and cyanide wastewater, with the penalty issued on October 29, 2025 [4][6]. - Zhejiang Quzhou Jushi Chemical Co., a subsidiary of Juhua Co., was fined 248,000 yuan for exceeding pollution discharge limits and evading regulatory oversight [5][6]. Group 2: Regulatory Context - The article discusses the role of environmental regulatory bodies in enforcing compliance and the legal framework that supports public access to environmental information [7][8]. - It notes that the increasing emphasis on ESG (Environmental, Social, and Governance) principles is leading investors to pay more attention to companies' sustainability practices [6][7]. Group 3: Data Collection and Reporting - The "A-share Green Weekly" report, published by Daily Economic News in collaboration with IPE, collects and analyzes environmental data from thousands of listed companies across China, aiming to enhance transparency in corporate environmental practices [1][3]. - The report indicates that nine listed companies were recently identified as having environmental risks, with five of them being state-controlled enterprises [2][3].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend due to demand recovery. As of November 14, 2025, SHFE copper closed at 86,900 CNY/ton, up 1.12% from November 7, and LME copper closed at 10,846 USD/ton, up 1.41% [1]. - Supply remains tight as Freeport has reduced copper production for 2025-2026, while cable companies are seeing a recovery in operating rates amid rising copper prices. The demand-supply balance is expected to remain tight, supporting further price increases [1][4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1.1%, while LME copper inventory fell by 0.4%. As of November 14, 2025, domestic port copper concentrate inventory was 648,000 tons, up 2.9% from the previous week [2][26]. - Global electrolytic copper inventory totaled 621,000 tons as of November 10, 2025, up 2.5% from November 3. LME copper global inventory was 136,000 tons, down 0.4% [2][26]. Supply - The price difference between refined and scrap copper increased by 500 CNY/ton this week, reaching 3,488 CNY/ton as of November 14, 2025 [2][55]. - China's copper concentrate production in July 2025 was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2][47]. Smelting - The TC spot price decreased by 0.5 USD/ton this week, with the current TC spot price at -41.82 USD/ton, the lowest since September 2007 [3][62]. - China's electrolytic copper production in October 2025 was 1.0916 million tons, down 2.6% month-on-month but up 9.6% year-on-year [3][67]. Demand - Cable companies' operating rates increased by 0.9 percentage points this week, reaching 64.36% as of November 13, 2025 [3][76]. - Air conditioning production is expected to decline year-on-year by 23.7% in November, 12.8% in December, but improve by 16.1% in January 2026 [3][94]. Futures - SHFE copper active contract positions decreased by 6% this week, with a total position of 192,000 lots as of November 14, 2025 [4][33]. Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5].

Core Points - The article highlights environmental risks faced by nine listed companies in China, emphasizing the increasing importance of environmental responsibility in corporate operations [12][19] - The report is part of a weekly analysis by the Daily Economic News and the Institute of Public and Environmental Affairs (IPE), which collects and analyzes environmental data from thousands of listed companies [11][19] Company Summaries - Western Mining Holdings Company was fined approximately 856,709 yuan for unauthorized construction and production without the necessary environmental impact assessment approval [11][15] - Juhua Co., Ltd.'s wholly-owned subsidiary was fined 248,000 yuan for exceeding pollution discharge limits and evading regulatory oversight [18] - Kexiang Co., Ltd. was penalized 499,000 yuan for discharging untreated wastewater, with the company stating that it has completed the necessary rectifications [17][19] Industry Insights - The report indicates that environmental violations are becoming a significant risk factor for companies, affecting their operational integrity and public image [13][19] - The environmental risk data covers various industries, including electronics, coal, and basic chemicals, with a notable presence of state-controlled enterprises among those penalized [14][15]