Core Viewpoint - Sichuan Hebang Biotechnology Co., Ltd. is holding a Q3 2025 performance briefing on December 15, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The meeting is scheduled for December 15, 2025, from 15:00 to 16:00 [6]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [6]. - The format of the meeting will be an interactive online session [3][6]. Group 2: Participation Information - Investors can participate online via the Shanghai Stock Exchange Roadshow Center on the meeting date [5]. - Questions can be submitted from December 8 to December 12, 2025, through the Roadshow Center or via the company's email [5][4]. - The company will address commonly asked questions during the briefing [3][5]. Group 3: Attendees - Key attendees include the actual controller and director He Zhenggang, chairman and general manager Zeng Xiaoping, financial director Wang Jun, board secretary Jiang Siying, and independent director Song Ying [4].

自贡锂产业优势在于卤水提锂 近日，一则关于和邦生物（SH603077，股价2.36元，市值208.42亿元）的"小作文"在网络上传播，其中 提到，和邦生物可能投资了15亿元碳酸锂（氢氧化锂）项目。《每日经济新闻》记者核实发现，该项目 并非和邦生物投资，而是和邦生物控股股东的决策。 该项目的签约时间在12月1日，当日，和邦生物股价涨停。该项目地点在四川省自贡市富顺县，相较于 遂宁、德阳等布局较早的锂电区域，自贡的优势则是卤水提锂。 和邦生物未投资15亿元锂盐项目 上述"小作文"显示，和邦富顺碳酸锂（氢氧化锂）项目（通常表述为"碳酸锂/氢氧化锂项目"）总投资 额15亿元，地点在四川省自贡市富顺县。根据名称判断，投资方很可能涉及和邦生物。 和邦生物是一家以化工为主业的大型企业，近年来正积极向光伏玻璃、锂电材料等新能源领域战略转 型。其中还分析了和邦生物的战略选择——"对于和邦生物这样的传统化工巨头而言，进军锂电材料是 其寻求第二增长曲线、实现产业升级的关键一步"。不过，12月5日，和邦生物股价盘中未有异动。 记者核实发现，"自贡观察""富顺融媒"等平台确实在12月3日刊发了一篇文章——《投资15亿元！和邦 富顺碳酸 ...

| 证券代码：603077 | 证券简称：和邦生物 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：113691 | 债券简称：和邦转债 | | 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： 投资者可于 2025 年 12 月 08 日（星期一）至 12 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jsy@hebang.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 四川和邦生物科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布《四川和邦生物科技股份有限公司 2025 年第三季度报告》，为便于广大投 资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 15 日（星期一）15:00-16:00 举行 2025 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将 ...

Core Viewpoint - The gold concept sector leads the market with a rise of 1.3%, indicating strong investor interest in gold-related stocks [1] Group 1: Sector Performance - The gold concept sector has increased by 1.3% [1] - Notable performers include: - Xiaocheng Technology, which surged by 12.94% [1] - Jiangxi Copper, which rose by 3.99% [1] - Nanjing Mining Group, which increased by 3.15% [1] - Shengtun Mining, Luoyang Molybdenum, and Hebang Biotechnology, all of which saw gains exceeding 2% [1]

Core Insights - The signing of the lithium carbonate (lithium hydroxide) project by Sichuan Hebang Group in Fushun County represents a significant investment of 1.5 billion yuan, marking a major achievement in attracting investment to the region [1][2] - The project aims to fill the gap in the positive electrode material industry, contributing to the development of a new chemical and renewable energy industry ecosystem in the region [1] - The establishment of the Fushun Chenguang Provincial Chemical Park, approved on October 23, will support the project and enhance the local industrial capacity [2] Investment and Economic Development - The project is seen as a strategic move to integrate into the Chengdu-Chongqing economic circle, enhancing Fushun's role in the new energy sector [1] - Sichuan Hebang Group plans to leverage its core advantages in resource integration and technology research and development to drive the project's success and contribute to local economic growth [2] - The local government, led by Fushun County officials, is committed to providing comprehensive support to ensure the project's timely commencement and operation [2] Industry Context - The lithium products produced will play an irreplaceable role in the production of positive electrode materials for power batteries, indicating a strong market potential [2] - The Fushun Chemical Park's 4.27 square kilometer area includes both developed and upcoming chemical zones, with plans for annual capacity expansion [2]

Core Insights - Sichuan Hebang Mining Co., Ltd. has been established with a registered capital of 2 billion yuan, focusing on geological exploration services, manufacturing of specialized geological equipment, and sales of non-metallic minerals and products [1] Company Information - The company is wholly owned by Hebang Biological (603077) [1] - The registered capital is 200 million yuan [2] - The company is located in Wutongqiao District, Leshan City, Sichuan Province [2] - The business scope includes mining, specialized equipment manufacturing, and various geological services [2] Operational Details - The company is classified as a limited liability company with no fixed business duration [2] - The registration status is active, with a registration number of 511112000038937 [2] - The company is authorized to conduct various activities, including mineral resource exploration and non-coal mining operations, subject to relevant approvals [2]

Core Viewpoint - The news highlights the recent stability of tin prices above 300,000 yuan per ton and the positive performance of companies in the tin industry, driven by supply constraints and increasing demand from emerging sectors like semiconductors and consumer electronics [1][5][7]. Tin Price and Market Dynamics - Tin futures reached a three-and-a-half-year high, with the main contract peaking at 314,100 yuan per ton, marking a 2.72% increase [5][18]. - The average spot price of tin on December 3 was 309,700 yuan per ton, up 5,630 yuan from the previous trading day, maintaining above 300,000 yuan for five consecutive days [5][18]. - The rise in tin prices is attributed to tight supply from Myanmar and positive macroeconomic expectations, including a high probability of a Federal Reserve interest rate cut [7][20]. Demand Drivers - The demand for tin is primarily driven by the semiconductor industry, which is expected to see a 19.1% increase in global sales in 2024, reaching $627.6 billion [7][20]. - Tin solder demand is projected to grow at a rate of 5% to 7% in 2025, supported by the recovery of the global economy and advancements in new industries [7][20]. Company Performance and Stock Market Reaction - Seven listed companies in the A-share market are involved in the tin industry, with significant investor interest due to rising tin prices [8][21]. - The average stock price increase for tin-related companies this year is 113.08%, with notable gains from companies like Xingye Silver Tin and Shengtun Mining, which saw increases of 226.33% and 160.32%, respectively [8][21]. - In the first three quarters, these companies collectively achieved a net profit of 43.314 billion yuan, a year-on-year increase of 47.47% [9][22]. Individual Company Highlights - Zijin Mining reported a net profit of 37.864 billion yuan in the first three quarters, up 55.45% year-on-year, with significant tin reserves [9][22][23]. - Xiyang Tin achieved a net profit of 1.745 billion yuan, reflecting a 35.99% increase year-on-year, maintaining its position as the largest tin producer globally [10][23]. - Institutional interest is high, with Zijin Mining and Xiyang Tin receiving the most ratings from analysts, indicating strong market confidence [10][23][24].

宜宾天原公告称，下属子公司无穷矿业磷化工厂于2023年12月19日停产。为盘活闲置无形资产，公司对 2.5万吨/年黄磷产能指标公开挂牌转让，最终和邦生物以1.85亿元（含税）受让。2025年11月25日，双 方签订《产权交易合同》，和邦生物将在合同生效5个工作日内付款。本次转让还需取得马边县对无穷 矿业黄磷产能退出公示才能完成交割，存在不确定性。本次转让不构成重大资产重组，对公司财务等指 标无重大不利影响。 ...

Core Viewpoint - Sichuan Hebang Mining Co., Ltd. has been established with a registered capital of 2 billion yuan, focusing on geological exploration and related services [1] Company Summary - The company is fully owned by Hebang Biotechnology [1] - Its business scope includes geological exploration technology services, manufacturing of specialized geological exploration equipment, sales of non-metallic minerals and products, and coal washing and selection [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].