国投证券股份有限公司 关于 藏格矿业股份有限公司 详式权益变动报告书 （修订稿） 之 财务顾问核查意见 财务顾问 二O二五年四月 财务顾问声明与承诺 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含 义。 根据《公司法》《证券法》《收购办法》《准则15号》《准则16号》等法 律法规和规范性文件的规定，本财务顾问按照行业公认的业务标准、道德规范， 本着诚实信用、勤勉尽责的精神，对本次权益变动的相关情况和资料进行了核 查并出具本核查意见，以供投资者和有关各方参考。 一、财务顾问声明 （一）本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务 人已对本财务顾问做出承诺，所提供的资料均为真实、原始的书面资料或副本 资料，该等资料副本或复印件与其原始资料或原件一致，是准确和完整的，所 有文件的签名、印章均是真实的，并无任何虚假记载、误导性陈述或者重大遗 漏，并对其真实性、准确性和完整性承担个别和连带的法律责任； （二）本财务顾问基于诚实信用和勤勉尽责的原则，已按照工作程序，旨 在就《藏格矿业股份有限公司详式权益变动报告书》相关内容发表意见，发表 意见的内容仅限详式权益变动报告书正文所列内容，除非中 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000408 证券简称：藏格矿业 公告编号：2025-025 藏格矿业股份有限公司（以下简称"公司"）第九届董事会第十九次会议决定于2025年4月18日（星期 五）在成都市高新区天府大道北段1199号2栋19楼会议室以现场与网络表决相结合的方式召开2024年年 度股东大会，具体内容详见公司于2025年3月29日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于召开2024年年度股东大会的通知》（公告编号：2025-021）。为维护广大投资者的合法权益，方便公 司各位股东行使股东大会表决权，现将公司召开2024年年度股东大会的有关事项提示如下： 一、召开会议的基本情况 1、会议届次：2024年年度股东大会。 2、会议召集人：公司第九届董事会。 3、会议召开的合法、合规性：公司第九届董事会第十九次会议审议通过了《关于召开2024年年度股东 大会的议案》，本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025年4月18日（星期五）下午2:3 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the developments and future plans of a mining company, focusing on copper and agricultural products, particularly potassium chloride and carbonates. The company is involved in significant projects in regions like Shanxi and Tibet, and is expanding its resource base and production capacity. Key Points and Arguments Resource and Production Capacity - The company holds substantial copper resources of 25.61 million tons, silver of 15,000 tons, and wood of 1.65 million tons, making it the largest copper mine in China by registered resource volume [1] - The second phase of the Jilong Copper Mine expansion is underway, expected to be completed by the end of 2025, with a projected increase in copper production capacity to 300,000 to 350,000 tons [1] - The company is also advancing the Shanxi project, aiming for a total ore processing capacity of approximately 200 million tons and a copper production scale of 600,000 tons, positioning itself as the largest and highest-altitude copper mine globally [1] Project Developments - The company has completed the design and bidding for a 2 million tons per year green fertilizer project, which is crucial for its global expansion strategy [2] - The first phase of the Tibet Marmot Rock project is progressing, with a 50,000 tons exploration project undergoing optimization, which is expected to set a benchmark for low-cost development in high-altitude mining [2] Technological Innovation and Sustainability - The company emphasizes technological innovation as a core competitive advantage, with plans for automation upgrades across five production areas and the implementation of advanced carbon capture technologies [3] - An ESG (Environmental, Social, and Governance) information system is being established to enhance sustainability efforts and reduce emissions [3] Financial Performance and Shareholder Returns - The company has implemented a cash dividend of 408 million and repurchased 10.21 million shares, totaling 300 million in buybacks, with cumulative cash dividends over the past three years reaching 7.429 billion [4] - Future plans include achieving potassium chloride production of 1 million tons and sales of 950,000 tons, alongside the initiation of the Marmot project [4] Market Conditions and Pricing - The company is monitoring market conditions, particularly the pricing of potassium chloride, which is currently fluctuating around 2,800 to 3,000, influenced by supply chain dynamics and government policies [14][32] - The long-term pricing strategy for carbonates is being adjusted based on supply-demand relationships, with a current discount rate being evaluated [12][13] Strategic Partnerships and Acquisitions - The company is exploring resource acquisitions both domestically and internationally, with a focus on enhancing its resource reserves and operational efficiency [5] - The recent acquisition of a controlling stake by Zijin Mining is expected to provide significant operational and strategic advantages, enhancing the company's market position [33][41] Future Outlook - The company anticipates a continued focus on expanding its resource base and production capabilities under the guidance of its new controlling shareholder, Zijin Mining, aiming for accelerated growth and improved shareholder returns [45] Additional Important Information - The company is actively addressing environmental concerns and regulatory compliance, particularly in relation to its mining operations and the associated costs [36][43] - There is a recognition of the need for ongoing adjustments in production strategies to align with market conditions and regulatory requirements [16][40] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic initiatives, market positioning, and future outlook in the mining industry.

证券代码：000408 证券简称：藏格矿业 公告编号：2025-025 藏格矿业股份有限公司 关于召开2024年年度股东大会的提示性公告 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。 藏格矿业股份有限公司（以下简称"公司"）第九届董事会第十九次会议决 定于 2025 年 4 月 18 日（星期五）在成都市高新区天府大道北段 1199 号 2 栋 19 楼会议室以现场与网络表决相结合的方式召开 2024 年年度股东大会，具体内容 详见公司于 2025 年 3 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于召开 2024 年年度股东大会的通知》（公告编号：2025-021）。为维护广大 投资者的合法权益，方便公司各位股东行使股东大会表决权，现将公司召开 2024 年年度股东大会的有关事项提示如下： 一、召开会议的基本情况 1、会议届次：2024 年年度股东大会。 2、会议召集人：公司第九届董事会。 3、会议召开的合法、合规性：公司第九届董事会第十九次会议审议通过了 《关于召开 2024 年年度股东大会的议案》，本次股东 ...

藏格矿业 2024 年年度股东大会会议资料 藏格矿业股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 4 月 18 日 藏格矿业股份有限公司 2024 年年度股东大会会议须知 为维护全体股东的合法权益，确保 2024 年年度股东大会（以下简称"股东 大会"或"大会"）的正常秩序和议事效率，保证大会的顺利进行，根据中国 证监会相关法律法规、深圳证券交易所业务规则以及《藏格矿业股份有限公司 章程》等规定，特制定本须知： 一、经公司审核，符合条件参加本次大会的股东、股东代表以及其他出席 人员可进入会场，公司有权拒绝不符合条件的人员进入会场。参会股东应当按 照通知时间准时到场，会议开始后，由会议主持人宣布现场出席会议的股东人 数及其所持有表决权的股份总数，在此之后进场的股东可以列席会议，但无权 参与现场投票表决。 二、与会者必须遵守本次股东大会的议程安排。会议期间，应保持会场安 静，对于干扰大会秩序、寻衅滋事、打断与会人员的正常发言以及侵犯股东合 法权益的行为，公司有权予以制止并报告有关部门查处。 三、股东要求在会上发言前，请先举手征得大会主持人的同意。如无特殊 理由大会主持人将会安排其发言。股东 ...

Core Viewpoint - The announcement details the progress of a control change in藏格矿业股份有限公司, involving a share transfer agreement between existing shareholders and 紫金国际控股有限公司, which will become the new controlling shareholder [3][4]. Group 1: Equity Change Situation - On January 16, 2025, a control transfer agreement was signed, where藏格创投 and its associates transferred a total of 392,249,869 shares, representing 24.82% of the company's total equity, to 紫金国际 [3][4]. - The transfer includes 276,692,503 shares from藏格创投 and its associates, and 115,557,366 shares from新沙鸿运投资 [3]. Group 2: Supplementary Agreement Details - A supplementary agreement was signed to adjust the share transfer due to the cancellation of 10,209,328 repurchased shares, reducing the total shares from 1,580,435,073 to 1,570,225,745 [5][7]. - The supplementary agreement includes adjustments to the number of shares being transferred, with肖永明 now participating as a transferor [5]. Group 3: Payment Arrangement - The first payment of 1,372,874,541.5 yuan, representing 10% of the total transfer price, has been completed [9]. - The second payment, amounting to 10,982,996,332 yuan (80% of the total), will be made after compliance checks are completed [10][12]. Group 4: Agreement Effectiveness and Termination - The supplementary agreement will take effect upon signing by authorized representatives and approval from the relevant state asset supervision authority [15]. - The agreement allows for unilateral termination by either party if certain conditions are not met by specified deadlines [16].

证券代码：000408 证券简称：藏格矿业 公告编号：2025-024 藏格矿业股份有限公司 关于控制权拟发生变更的进展暨签署补充协议的公告 公司控股股东西藏藏格创业投资集团有限公司及其一致行动人四川省永鸿 实业有限公司、林吉芳女士和肖永明先生、5%以上股东宁波梅山保税港区新沙鸿 运投资管理有限公司、紫金国际控股有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 一、本次权益变动情况 2025 年 1 月 16 日，藏格矿业股份有限公司（以下简称"公司"或"藏格矿 业"）控股股东西藏藏格创业投资集团有限公司（以下简称"藏格创投"）及其一 致行动人四川省永鸿实业有限公司（以下简称"四川永鸿"）、林吉芳女士、5%以 上股东宁波梅山保税港区新沙鸿运投资管理有限公司（以下简称"新沙鸿运投资"） 与紫金国际控股有限公司（以下简称"紫金国际"）签订了《关于藏格矿业股份 有限公司的控制权转让协议》（以下简称《控制权转让协议》），藏格创投、四川 永鸿、林吉芳女士以及新沙鸿运投资向紫金国际转让所持有的公司股份 276,6 ...

Investment Rating - The report maintains an "Outperform" rating for Zangge Mining with a target price of Rmb39.16, representing an 18% upside from the current price of Rmb33.54 [2][11]. Core Insights - The recurring net profit for 2024 decreased by 28.76% year-on-year, with total revenue of Rmb3.251 billion, a decline of 37.79% compared to the previous year. The net profit attributable to the parent company was Rmb2.580 billion, down 24.56% year-on-year [7][11]. - The decline in performance is primarily attributed to falling prices of potassium chloride and lithium carbonate. In Q4 2024, the company reported a revenue of Rmb927 million, a quarter-on-quarter increase of 64.98% but a year-on-year decrease of 10.55% [7][9]. - The company is actively rewarding investors through a combination of share repurchase and cash dividends, with a total return amounting to approximately Rmb559 million, which is 21.68% of the net profit attributable to the parent company [8][9]. Revenue and Profit Analysis - For 2024, the potassium chloride segment generated Rmb2.210 billion in revenue, a decrease of 31.26% year-on-year, while lithium carbonate revenue fell by 48.40% to Rmb1.022 billion [9][10]. - The gross profit margin for potassium chloride decreased to 44.83%, and for lithium carbonate, it dropped to 45.44% [9][10]. Investment in Copper Mining - Zangge Mining holds a 30.78% stake in Julong Copper Industry, which significantly contributed to the company's profits. In 2024, the investment income from Julong Copper Mine was Rmb1.928 billion, accounting for 74.72% of the net profit attributable to the parent company [10][11]. - The second phase of production expansion at Julong Copper Mine is expected to be completed by the end of 2025, potentially increasing the company's equity copper production capacity to 92,000 to 108,000 tons per year [10][11]. Earnings Forecast - The forecast for net profit attributable to the parent company is Rmb3.006 billion in 2025, Rmb4.455 billion in 2026, and Rmb5.322 billion in 2027, reflecting growth potential from the copper mining business [11].

证券代码：000408 证券简称：藏格矿业 公告编号：2025-023 藏格矿业股份有限公司 关于股东权益变动触及1%的公告 股东紫金国际控股有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 藏格矿业股份有限公司（以下简称"公司"）于2025年4月9日收到紫金国际控股有限公司（以下简称"紫 金国际"）《关于增持藏格矿业股份的告知函》，2025年2月5日至2025年4月9日，紫金国际通过深圳证 券交易所交易系统以集中竞价方式累计增持公司A股股份14,715,300股，期间公司注销回购股份导致股 东持股比例被动增加，紫金国际及其一致行动人累计权益变动触及1%，具体变动情况如下： 一、本次股东增持情况 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 注：上表各分项增持比例数值之和与增持总数比例尾数不符的情况，为四舍五入原因造成。 二、本次股东权益变动触及1%的情况 ■■ 注1：上表中"本次变动前权益数量"按照公司注销回购股份前总股本1,580,435,073股计算，"本次变动后 权益数量"按照公司注销 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-023 藏格矿业股份有限公司 关于股东权益变动触及1%的公告 股东紫金国际控股有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 藏格矿业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日收到紫金国 际控股有限公司（以下简称"紫金国际"）《关于增持藏格矿业股份的告知函》， 2025 年 2 月 5 日至 2025 年 4 月 9 日，紫金国际通过深圳证券交易所交易系统以 集中竞价方式累计增持公司 A 股股份 14,715,300 股，期间公司注销回购股份导 致股东持股比例被动增加，紫金国际及其一致行动人累计权益变动触及 1%，具 体变动情况如下： 一、本次股东增持情况 | | | 日期 | | 公司总股本 增持股数 | | 增持比例 | 累计持股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （股） | （股） | | 比例 | | 2025 | ...