证券代码：601168 证券简称：西部矿业 公告编号：2025-021 西部矿业股份有限公司 关于召开2024年年度股东大会的通知 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 (一)股东大会类型和届次：2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 7 日14 点 30 分 召开地点：青海省西宁市海湖新区文逸路 4 号西矿海湖商务中心 1 号楼 26 楼 股东大会召开日期：2025年5月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大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：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 7 日 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | -- ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-023 西部矿业股份有限公司 第八届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）本次监事会会议的召集、召开符合有关法律、法规和《公司章程》的 相关规定。 （二）本次监事会会议通知和材料于 2025 年 3 月 31 日以邮件的方式向全体 监事发出。 （三）本次监事会会议于 2025 年 4 月 10 日以现场方式召开。 （四）本次监事会会议应出席的监事 3 人，实际出席会议的监事 3 人，会议 有效表决票数 3 票。 （五）本次监事会会议由监事会主席王永宁先生召集并主持，公司部分高级 管理人员列席会议。 二、监事会会议审议情况 （一）2024 年度监事会工作报告 会议同意，将监事会主席王永宁代表监事会所做《2024 年度监事会工作报告》 提请 2024 年年度股东会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （二）2024 年度内部控制评价报告 会议同意，批准公司编制的《202 ...

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-015 西部矿业股份有限公司 第八届董事会第十九次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召集、召开符合有关法律、法规及《公司章程》的 相关规定。 （二）本次董事会会议通知及议案于 2025 年 3 月 31 日以邮件方式向全体董 事发出。 （三）本次董事会会议于 2025 年 4 月 10 日以现场方式召开。 （四）本次董事会会议应出席的董事 7 人，现场出席会议的董事 7 人，会议 有效表决票数 7 票。 （五）本次董事会由副董事长钟永生主持，公司全体监事和部分高级管理人 员列席会议。 二、董事会会议审议情况 （一）2024 年度总裁工作报告 会议同意，批准公司管理层所做《2024 年度总裁工作报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）2024 年度董事会工作报告 会议同意，将王海丰董事长代表董事会所做《2024 年度董事会工作报告》 提请 2024 年年 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 2.932 billion for the fiscal year 2024[7]. - As of the end of the reporting period, the distributable profits available to shareholders amounted to RMB 4.243 billion, with a proposed cash dividend of RMB 10 per 10 shares, totaling RMB 238.3 million, which represents 81% of the distributable profits[7]. - The company's operating revenue for 2024 reached CNY 50,025,596,656, representing a 17% increase compared to CNY 42,748,116,165 in 2023[22]. - Net profit attributable to shareholders for 2024 was CNY 2,931,546,224, a 5% increase from CNY 2,789,284,569 in 2023[22]. - The total profit reached 5.992 billion yuan, up 27% year-on-year, while net profit was 5.294 billion yuan, reflecting a 25% increase[31]. - The company achieved a revenue of 50.03 billion RMB in 2024, an increase of 17% compared to the previous year, and a total profit of 5.99 billion RMB, up 27% year-on-year[84]. - The net profit attributable to shareholders reached 2.93 billion RMB, reflecting a 5% increase from the previous year, primarily driven by rising non-ferrous metal prices and increased copper production and sales[84]. - Cumulative cash dividends since listing amount to 8.34 billion RMB, representing 56.21% of the cumulative net profit, indicating strong shareholder return policies[83]. Operational Efficiency - The net cash flow from operating activities for 2024 was CNY 8,246,465,412, marking a 32% increase from CNY 6,239,219,530 in 2023[22]. - The company's total assets at the end of 2024 were CNY 54,939,668,740, a 6% increase from CNY 52,066,714,877 at the end of 2023[22]. - Basic earnings per share for 2024 were CNY 1.23, up 5% from CNY 1.17 in 2023[23]. - The weighted average return on equity for 2024 was 18.23%, an increase of 0.51 percentage points from 17.72% in 2023[23]. - The company's total operating costs for the reporting period amounted to CNY 39,552,474,484, representing a 13.68% increase compared to CNY 34,794,233,470 in the previous year[93]. - The main business cost for copper products was CNY 31,576,707,148, accounting for 79.84% of total costs, which is a 30.85% increase from CNY 24,131,260,983 last year[94]. - The company's sales expenses rose by 2% to CNY 32,506,528, while management expenses increased by 12% to CNY 1,024,026,352[97]. Production and Capacity - The production of copper reached 177,543 tons, a 35% increase year-on-year, with Yulong Copper producing 159,084 tons, up 39.1%[34]. - The company plans to produce 158,715 tons of copper in 2024, with actual completion at 177,543 tons, achieving a completion rate of 112%[38]. - The company is actively expanding its production capacity, with the Yulong Copper Mine undergoing a 30 million ton expansion project to enhance competitiveness in the non-ferrous metal sector[64]. - The company operates 14 mines, including 6 non-ferrous metal mines and 7 iron and polymetallic mines, ensuring a diversified resource base for sustainable development[62][63]. - The company has a total iron ore resource of 28.8 million tons, with significant production from the Hami Baishan Spring Iron Mine and the Su Bei Qijiao Well Vanadium and Iron Mine, which produced 376,742 tons and 813,119 tons of iron concentrate respectively in 2024[67]. Research and Development - The company invested 620 million yuan in R&D, focusing on process optimization and efficiency improvements[42]. - The company has established partnerships with research institutions, resulting in 85 patent applications in 2024[42]. - The company is focusing on enhancing independent innovation capabilities and implementing an innovation results multiplication plan, particularly in comprehensive utilization of mining resources and high-value development of magnesium resources from salt lakes[123]. - The company is investing $200 million in R&D for new technologies aimed at enhancing operational efficiency[143]. Environmental and Sustainability Initiatives - The company added 1.65 million square meters of greening area and increased carbon sinks by 3,351 tons during the reporting period[43]. - The average annual power generation from the distributed photovoltaic project reached 7.5 million kWh, with clean energy accounting for 67.7% of total energy consumption, up 1.9% year-on-year[43]. - The company invested 650 million yuan in solid waste disposal and other key renovations in 2024, significantly reducing waste rock and tailings emissions[43]. - The company achieved a 21.1% year-on-year reduction in energy consumption per ten thousand yuan of output value, with renewable energy power accounting for 74% of total energy consumption[44]. - The company has established mechanisms for environmental protection and is classified as a key pollutant discharge unit by environmental authorities[186]. - All wastewater from production processes is fully reused, and domestic wastewater is treated before being used for landscaping, ensuring no external discharge[186]. - The company has implemented a complete wastewater recycling system, ensuring no discharge of production wastewater[190]. Governance and Compliance - The company held 5 shareholder meetings during the reporting period, ensuring compliance with regulations and protecting shareholder rights[128]. - The board of directors consists of 7 members, including 3 independent directors, ensuring diverse expertise and compliance with governance standards[130]. - The company received an "A" rating for information disclosure from the Shanghai Stock Exchange, reflecting its commitment to transparency and compliance with regulations[132]. - The company has established a comprehensive ESG management framework, integrating ESG factors into daily operations and business decisions[134]. - The company has a robust risk assessment process, regularly updating its risk list and optimizing its warning indicator database[133]. Strategic Initiatives and Future Outlook - The company plans to deepen market penetration in existing sales regions and optimize procurement strategies to enhance competitiveness[95]. - Future performance guidance indicates a positive outlook, with expectations for revenue growth driven by new product launches and market expansion efforts[141]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[142]. - The company plans to implement a three-year development plan for digitalization, integrating advanced information technology into production operations[119]. Risk Management - The company has established a risk control system and integrated compliance management into all operational areas[45]. - The company faces risks related to price fluctuations of key products like zinc, lead, and copper, which are influenced by domestic and international market conditions[125]. - The company’s mining and smelting operations are subject to various operational risks, including industrial accidents and equipment failures, which could impact financial performance[125].

证券代码：601168 证券简称：西部矿业 公告编号：临 2025-016 西部矿业股份有限公司 本次利润分配方案以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 一、利润分配方案内容 2024 年度利润分配方案公告 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 2024 年度利润分配方案为：以 2024 年度末公司总股本 238,300 万 股为基数，向全体股东每 10 股派发现金股利 10 元（含税），共计分配 238,300 万元（占 2024 年度合并报表归属于母公司可分配利润的 81%），剩余未分配利润 结转以后年度分配。 | 最近三个会计年度累计现金分红总额是否 | 否 | | --- | --- | | 低于5000万元 | | | 最近三个会计年度累计回购注销总额（元） | - | | 最近三个会计年度平均净利润（元） | 3,046,061,568 | | 最近三个会计年度累计现金分红及回购注 | 6,910,700,000 | | 销总额（元） | | | 现 ...

Group 1 - The company announced a projected operating revenue of 50.026 billion yuan for 2024, representing a year-on-year increase of 17% [1] - The net profit attributable to shareholders of the listed company is expected to be 2.932 billion yuan, reflecting a year-on-year growth of 5% [1] - The company plans to distribute a cash dividend of 10 yuan (including tax) for every 10 shares to all shareholders [1]

Core Viewpoint - The company announces the completion of the repayment and delisting of its non-publicly issued exchangeable bonds, which were secured by a portion of its shares held by the controlling shareholder, West Mining Group [1][2] Group 1 - West Mining Group issued exchangeable bonds worth RMB 1 billion on April 7, 2022, with a maturity of three years [1] - The bonds were secured by 138,000,000 shares of the company, and the bonds were referred to as "22 West Mining EB" with the code "137135.SH" [1] - As of April 7, 2025, West Mining Group completed the repayment of the principal and interest of the bonds and initiated the delisting process [1] Group 2 - West Mining Group plans to apply for the release of the pledge on 82,272,404 shares held in a special account for the exchangeable bonds [2] - After the release of the pledge, West Mining Group will hold 733,868,848 shares, representing 30.796% of the total share capital of the company [2] - The pledged shares account for 11.211% of West Mining Group's total holdings and 3.452% of the company's total share capital [2]

西矿集团在中国证券登记结算有限责任公司上海分公司开立了"西部矿业集 团有限公司－西部矿业集团有限公司 2021 年非公开发行可交换公司债券质押专 户"，为本次可交换公司债券换股和本息偿付提供担保。鉴于西矿集团已完成本 次可交换公司债券的本息兑付及摘牌工作，西矿集团拟于近日向中国证券登记结 算有限责任公司上海分公司申请办理"22 西矿 EB"解除质押手续，将质押专户持 有的公司 82,272,404 股股份解除质押后划转至西矿集团自有证券账户。 截至 2025 年 4月 7日，西矿集团及其一致行动人持有公司股份 733,868,848 股，占公司总股本的 30.796%，其中质押公司股份 82,272,404 股，占其持有的 公司股份总数的 11.211%，占公司总股本的 3.452%。本次解除质押后，西矿集 团质押公司股份数量为 0 股。公司将持续关注解除质押的后续事项，并根据相 关规定及时履行信息披露义务。 特此公告。 西部矿业股份有限公司 关于控股股东非公开发行可交换公司债券拟办理可 交换公司债券解除质押登记的提示性公告 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 ...

证券代码：601168 证券简称：西部矿业 编号：临 2025-013 2.本次增持前，西矿集团及其一致行动人合计持有公司股票731,952,122股， 占公司已发行总股本的30.72%。 西部矿业股份有限公司 关于控股股东及其一致行动人增持公司股份暨后续 增持计划的公告 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。 重要内容提示： ●首次增持的时间及方式、增持数量及比例：公司控股股东西部矿业集团有 限公司（以下简称"西矿集团"）及其一致行动人青海西矿资产管理有限公司（以 下简称"西矿资产"）于 2025 年 4 月 3 日通过上海证券交易所交易系统以集中竞 价方式增持公司 1,167,944 股股份，占公司总股本的 0.05%。 ●增持计划的数量、增持方式、实施期限等基本情况：控股股东西矿集团及 其一致行动人西矿资产拟自 2025 年 4 月 7 日起 3 个月内通过上海证券交易所 交易系统以集中竞价交易方式增持公司总股本的 0.15%-0.222%，即 3,574,500 股-5,290,023 股。 ●增持价格区 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].