Core Viewpoint - The article discusses the growth and outlook of China's lead alloy industry, highlighting production statistics and future market trends based on a report by Zhiyan Consulting [1]. Group 1: Industry Overview - In November 2025, China's lead production reached 705,000 tons, marking a year-on-year increase of 7.8% [1]. - From January to November 2025, the cumulative lead production in China totaled 7,021,000 tons, reflecting a cumulative growth of 2.4% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the lead industry, including Yuguang Gold Lead (600531), Zijin Mining (601899), Western Mining (601168), Chihong Zn & Ge (600497), and others [1]. Group 3: Research Report - Zhiyan Consulting has released a report titled "2026-2032 China Lead Alloy Industry Market Supply and Demand Situation and Outlook Strategic Assessment Report," which provides insights into the market dynamics and future prospects of the industry [1].

Core Viewpoint - The ignition ceremony of the copper anode mud precious metal comprehensive utilization technology transformation project marks a significant milestone for Zhongjin Lingnan, indicating the transition to a new phase of production and operation [1][2]. Group 1: Project Overview - The project is a key initiative under Zhongjin Lingnan's "one body, two wings" strategy, focusing on efficient resource recovery and green low-carbon development [3]. - The first phase of the project commenced construction in July 2025 and has achieved ignition readiness after over five months of construction, including civil works and equipment installation [3]. Group 2: Production Capacity and Output - Upon full production capacity, the project will handle 4,000 tons of copper anode mud annually, enabling the tiered recovery of precious metals such as gold, silver, platinum, palladium, selenium, and tellurium [3]. - The project is expected to produce approximately 8 tons of gold and over 300 tons of silver each year [3]. Group 3: Strategic Importance - The project embodies Zhongjin Lingnan's commitment to the FAITH management philosophy and aims to enhance the company's resilience and value in the industry [2]. - It is positioned to accelerate the transformation of China's non-ferrous metal industry and contribute to high-quality development during the "14th Five-Year Plan" period [2][3].

证券代码：000060 证券简称：中金岭南 公告编号：2025-144 深圳市中金岭南有色金属股份有限公司 关于注销部分募集资金专户及变更保荐机 构后重新签订募集资金三方及四方监管协 议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市中金岭南有色金属股份有限公司（以下简称"公 司"）于 2025 年 8 月 29 日披露了《关于变更持续督导保荐 机构及保荐代表人的公告》(公告编号：2025-069)，公司因 聘请中信证券股份有限公司（以下简称"中信证券"）担任 公司 2025 年度向特定对象发行 A 股股票的保荐机构，根据 《证券发行上市保荐业务管理办法》相关规定，原保荐机构 中信建投证券股份有限责任公司（以下简称"中信建投证券"） 尚未完成的持续督导工作将由中信证券承接。公司与原保荐 机构中信建投证券、募集资金存储银行签订的《募集资金专 户存储三方监管协议》相应终止。 为规范公司募集资金管理，保护投资者权益，根据《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作（2025 年修订）》等有关法律、法规和规范性文 件的规定， ...

Core Viewpoint - The significant increase in gold prices, reaching over $4500 per ounce, has prompted many companies to engage in hedging activities to mitigate price volatility risks, with a notable 70% increase in gold prices projected for 2025 [1][2]. Group 1: Impact of Gold Price Fluctuations - The surge in gold prices has led to various companies announcing their participation in futures markets to hedge against price volatility risks [1]. - A total of 1737 listed companies announced plans to participate in the futures market from January to October 2025, marking a 10.8% year-on-year increase [1]. - Companies are advised to adopt flexible and diversified inventory management and procurement strategies to optimize capital efficiency in response to price fluctuations [1][7]. Group 2: Company Strategies for Hedging - Companies like Zhongjin Lingnan and Shanjin International are actively engaging in hedging activities related to their production and raw materials to stabilize their operational performance [2]. - The hedging strategies include futures and options for various commodities such as copper, lead, zinc, aluminum, gold, and silver [2]. - Different segments of the gold industry are adopting tailored hedging strategies: upstream mining companies focus on selling hedges to protect against price drops, while downstream jewelry retailers may use buying hedges to manage rising procurement costs [6][8]. Group 3: Risks Associated with Gold Price Volatility - The volatility in gold prices poses multiple risks across the industry, including profit stability, inventory management, and demand decline risks [4]. - Companies face challenges in balancing inventory value preservation with capital occupation, as high gold prices can suppress end-consumer demand [4][5]. - The fluctuation in gold prices can lead to uncertainties in operational rhythms and financial reporting, potentially affecting stock performance [3]. Group 4: Recommendations for Inventory and Procurement Management - Companies are encouraged to dynamically adjust inventory levels to mitigate risks, such as reducing inventory during high price periods to lock in profits [7]. - Utilizing options tools, such as purchasing put options, can help protect inventory value against price declines [7]. - Engaging in gold borrowing can provide a cost-effective alternative to traditional loans, allowing companies to manage financial impacts from price volatility [7].

Core Viewpoint - The report from Zhongshanzhonghuan Accounting Firm provides detailed explanations regarding the fluctuations in gross profit margin, related party transactions, inventory management, and overseas subsidiary control for Zhongjin Lingnan Nonfemet Company Limited. Group 1: Gross Profit Margin Fluctuations - The fluctuations in gross profit margin are primarily attributed to changes in raw material prices and product structure. For instance, the gross profit margin for copper smelting products decreased from 4.13% to 2.39% due to rising raw material costs, which were 63,500 CNY/ton, 73,800 CNY/ton, and 80,500 CNY/ton from 2023 to the first half of 2025, while sales prices did not increase at the same rate [2] - The gross profit margin for lead and zinc smelting products decreased by 5.47 percentage points in 2023 but gradually recovered, reaching 18.15% in the first half of 2025 [2] Group 2: Sensitivity Analysis - Sensitivity analysis indicates that fluctuations in raw material prices significantly impact the gross profit margins of copper and lead-zinc smelting products. For example, a 10% increase in raw material prices for copper smelting products would lead to a 9.46 percentage point decrease in gross profit margin [3] Group 3: Related Party Transactions - The related party procurement amounts were 38.85 million CNY, 33.01 million CNY, 271.11 million CNY, and 183.36 million CNY during the reporting period. The pricing of related party transactions is fair and based on normal commercial needs, with a price difference of only 3.70% compared to third-party prices [4] Group 4: Inventory Management - The book value of inventory increased from 3.489 billion CNY at the end of 2022 to 12.987 billion CNY by the end of June 2025, accounting for 26.79% of total assets. The inventory turnover rate decreased from 17.81 to 4.93 [5] - The increase in inventory is mainly due to the expansion of copper smelting business after the merger with Zhongjin Copper Industry, with raw materials and work-in-progress reserves increasing significantly [5] Group 5: Overseas Subsidiary Performance - The Australian subsidiary, Peiliya, reported net profits of 11.605 million AUD, -64.26 million AUD, and 0.44 million AUD over the past three years. The loss in 2023 was primarily due to falling metal prices and increased costs [6] - The company has implemented effective control measures over Peiliya, ensuring that there is no risk of loss of control over overseas assets [6] Group 6: Fundraising and Project Delays - Zhongjin Lingnan raised 3.8 billion CNY through convertible bonds in 2020, with some projects experiencing delays. The "Dominican Mining Company's Maimon Mine" project has been postponed from the end of 2022 to the end of 2025 due to public health events and geological conditions [7][8] - The company plans to raise up to 1.5 billion CNY through a targeted stock issuance, with all funds intended for working capital and bank loan repayment [8]

公告显示，中金岭南于2025年9月12日收到深圳证券交易所（以下简称"深交所"）下发的《关于深圳市 中金岭南有色金属股份有限公司申请向特定对象发行股票的审核问询函》（审核函〔2025〕120036 号）。公司随即会同相关中介机构对问询函所提问题进行了认真研究和落实，并于2025年10月24日在巨 潮资讯网披露了回复及更新后的申请文件。 根据深交所的进一步审核意见，公司再次会同相关中介机构对问询函所列问题进行了逐项补充和回复， 并同步更新了募集说明书等申请文件。此外，鉴于公司2025年第三季度报告已公开披露，公司已对募集 说明书等申请文件中涉及的公司财务数据等内容进行了相应更新，相关文件已于同日在巨潮资讯网披 露。 登录新浪财经APP 搜索【信披】查看更多考评等级 深圳市中金岭南有色金属股份有限公司（证券代码：000060，证券简称：中金岭南）于2025年12月26日 发布公告，披露公司已完成向特定对象发行股票审核问询函的回复工作，并对募集说明书等申请文件进 行了更新。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理 ...

深圳市中金岭南有色金属股份有限公司 Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. （注册地址：广东省深圳市罗湖区清水河街道清水河社区清水河一路 112 号深业 进元大厦塔楼 2 座 303C） 2025年度向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 二〇二五年十二月 证券代码：000060 证券简称：中金岭南 深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述 ...

中信证券股份有限公司 关于 深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 二〇二五年十二月 深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票 上市保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受深圳 市中金岭南有色金属股份有限公司（以下简称"中金岭南"、"发行人"或 "公司"）的委托，担任其向特定对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关 法律、法规、中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具上市保荐书，并 保证所出具文件的真实性、准确性、完整性。 在本上市保荐书中，除上下文另有所指，释义与《深圳市中金岭南有色金 属股份有限公司 2025 年度向特定对象发行 A ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-65527227 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票的 补 充 法 律 意 见 书（一） 康达股发字 2025 第 0128 号 二〇二五年十二月 | 二十一、发行人《募集说明书》法律风险的评价 167 | | --- | 法律意见书 释 义 在本《补充法律意见书》中，除非文义另有所指，下列词语具有下述涵义： | 序号 | 简称 | 指 | 全称（涵义） | | --- | --- | --- | --- | | | | | 《北京 ...

中信证券股份有限公司 关于 深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 | ж | | --- | | | | 深圳市中金岭南有色金属股份有限公司 2025 年度向特定对象发行 A 股股票 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受深圳市 中金岭南有色金属股份有限公司（以下简称"中金岭南"、"发行人"或"公 司"）的委托，担任其向特定对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关 法律、法规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券 交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依 法制订的业务规则、行业执业规范和道德准则出具发行保荐书，并保证所出具文 件的真实性、准确性和完整性。若因保荐人 ...