兴业银锡（000426）公告，公司拟指定全资子公司兴业黄金(香港)矿业有限公司以每股0.24澳元的价 格，通过场外要约收购方式向持有Atlantic Tin Ltd全部已发行股份的股东发出场外附条件要约收购。若 要约成功且兴业黄金(香港)购得目标公司全部已发行股份，以每股0.24澳元计，兴业黄金(香港)在《要 约实施协议》项下拟收购的目标公司全部已发行股份的股权总价值约为0.96亿澳元。若所有目标公司期 权均转换为普通股份且接受要约，兴业黄金(香港)实际收购目标公司股权的总对价约为0.98亿澳元。本 次收购将全部以现金作为对价形式、澳元作为支付货币，在要约收购完成时进行支付。 ...

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - The tin ore supply in Asia may shift from shortage to surplus within the next year as projects come online, but in the short term, the supply situation depends on the resumption of production at the Manxiang tin mine in Myanmar [2][33]. Summary by Relevant Catalogs Global Tin Ore Distribution - In 2023, the world's publicly disclosed tin ore reserves were about 4.3 million tons, mainly concentrated in a few countries. China ranked first with 1.1 million tons, accounting for about 26% of the world's known reserves; Myanmar followed with 700,000 tons, accounting for about 16.3%. Australia and Russia had reserves of 620,000 tons and 460,000 tons, respectively, accounting for 14.5% and 10.8% [4]. - In 2024, global tin ore production was 296,000 tons, a year-on-year decrease of 5.5%. Asia, Africa, and South America were the main tin ore - producing regions. China, Indonesia, and Myanmar produced 69,000 tons, 50,000 tons, and 34,000 tons respectively, accounting for 23%, 17%, and 12% of the global supply [4]. China's Major Tin Ore Projects Yinman Mining - Yinman Mining, a subsidiary of Inner Mongolia Xingye Yinxing Mining Co., Ltd., has tin ore resources of 195,600 tons with an average tin grade of 0.74%. After a technical transformation in 2023, the ore grade increased from 0.76% in 2022 to 1.2% in 2023, and the beneficiation recovery rate increased from 50% to 60%. In 2024, the company's tin metal output reached about 8,900 tons [6][11]. - The Yinman Phase II project was approved at the beginning of this year. The project scale will be expanded from 1.65 million tons/year to 2.97 million tons/year. After completion, the production capacity and output are expected to double, with silver reaching over 360 tons and tin over 16,000 tons [11]. Huaxi Non - ferrous - Huaxi Non - ferrous is the only state - owned non - ferrous metal listed platform in Guangxi. It operates three mines, with a total of 238,000 tons of tin metal reserves [16]. - The Tongkeng Mine, the company's main mine, is promoting a project to develop tin - zinc ore resources, with a new production capacity of 1.65 million tons/year, mainly producing zinc, and the total mine production capacity will exceed 3 million tons in the future [16]. - The Gaofeng Tin Mine is promoting the deep - mining project of the 105th ore body. After completion, the production capacity of the 105th ore body will increase to 450,000 tons/year. In 2023, the mine produced 4,451 tons of tin concentrate [17]. Indonesia PT Timah - In 2024, after obtaining the export license, PT Timah's production recovered rapidly. As of the third quarter of 2024, its tin ore output was 15,189 tons, a 36% increase compared to the same period in 2023; tin metal output increased by 25% to 14,440 tons; and tin metal sales increased by 21% to 13,441 tons. In 2025, the company plans to increase ore output from 19,437 tons to 21,500 tons and tin metal output from 18,915 tons to 21,545 tons [21]. Myanmar Manxiang Tin Mine - Myanmar's tin ore resources are mainly concentrated in the W邦 Manxiang Mining Area, which accounted for over 90% of the country's output. The mine has been shut down for nearly 20 months. A symposium on resuming production was held on April 23, 2025. It is estimated that it will take at least two months to fully resume normal mining [22][26][27]. Malaysia MSC - Malaysia Smelting Corporation (MSC) is an important integrated producer of tin metal and tin - based products in Malaysia. In 2023, the tin concentrate output of its RHT project was nearly 26,000 tons, and the tin ingot output of the Pulau plant was 20,700 tons. Since the RHT project is mature and has no expansion plan, there will be no significant increase in tin supply in the short term [28][31]. Kazakhstan Syrymbet Mine - The Syrymbet Mine in Kazakhstan has total resources of 483,000 tons and reserves of 145,000 tons, with an average grade of 0.4%. The project is expected to have an annual output of about 6,500 tons of tin concentrate. It is expected to be completed, commissioned, and even launched in 2025, but the actual commissioning time is unknown [32].

Core Viewpoint - The company, Xingye Silver Tin, has shown strong performance with significant growth in revenue and net profit, driven by increased product prices and sales volume in the non-ferrous metal sector [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 50.37%, and net profit of 374 million yuan, up 63.22% [1][2]. - For the full year 2024, the company reported revenue of 4.270 billion yuan, a 15.23% increase, and net profit of 1.53 billion yuan, which is a 57.82% rise [2][3]. - The operating cash flow for 2024 and Q1 2025 was 1.815 billion yuan and 1.198 billion yuan, respectively, reflecting increases of 3.75% and 783.78% [3]. Asset Growth - The total assets of the company reached 15.214 billion yuan by the end of Q1 2025, marking a 25.06% increase from the previous year, with a debt-to-asset ratio of 42.34% [1][7]. Resource Expansion - The company has expanded its mineral resource reserves through acquisitions, including the purchase of 70% of Bosheng Mining and 85% of Yubang Mining, enhancing its operational capabilities [5][6]. - Xingye Silver Tin now owns 11 mining subsidiaries, with significant production capacities in silver and tin [5][6]. R&D Investment - In 2024, the company invested 140 million yuan in R&D, a 30.56% increase, representing 3.27% of its revenue [7]. - The number of R&D personnel increased by 46.75% to 226, with R&D staff now making up 18.64% of the workforce [7].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 4.27 billion yuan in 2024, representing a year-on-year growth of 15.23%, and a net profit attributable to shareholders of 1.53 billion yuan, which is a 57.82% increase year-on-year [1] - The company’s silver reserves increased to 24,537 tons after acquiring Yubang Mining, ranking first in Asia and eighth globally in silver reserves [3] - The company’s overall gross margin improved to 62.95% in 2024, up by 10.13 percentage points year-on-year, benefiting from rising metal prices [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 974 million yuan, a decrease of 23.99% year-on-year, and a net profit of 230 million yuan, down 46.05% year-on-year [1] - For Q1 2025, the company achieved a revenue of 1.15 billion yuan, a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [1] Production and Pricing - The company’s tin production reached 8,902 tons in 2024, a growth of 14.58% year-on-year, while silver production was 229 tons, up 14.68% [2] - The average price of silver in 2024 was 28 USD/ounce, a 21.0% increase year-on-year, and the average price of tin was 248,000 yuan/ton, up 16.9% year-on-year [2] Future Projections - The company is projected to achieve net profits of 2.02 billion yuan in 2025, 2.33 billion yuan in 2026, and 2.97 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 [4][3] - The company’s silver mining project is expected to enhance its processing capacity significantly, increasing from 1.65 million tons/year to 2.97 million tons/year by the second phase completion in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index over the next six months [6][7]. Core Insights - The company reported a revenue of 4.27 billion yuan in 2024, marking a year-on-year increase of 15.23%. The net profit attributable to shareholders reached 1.53 billion yuan, reflecting a substantial growth of 57.82% [3][4]. - The increase in revenue and profit is primarily attributed to rising prices of silver and tin, alongside growth in production and efficiency [3][4]. - The company’s silver and tin production for 2024 was 229 tons and 8,901 tons respectively, both showing growth of approximately 14.68% and 14.58% year-on-year [4]. - The gross profit margin improved to 62.95%, up by 10.08 percentage points from the previous year, with silver and tin products contributing significantly to the overall profitability [4][5]. Financial Projections - Revenue projections for the next three years are 5.09 billion yuan in 2025, 6.18 billion yuan in 2026, and 7.14 billion yuan in 2027, with expected growth rates of 19.24%, 21.45%, and 15.46% respectively [7][9]. - The net profit attributable to shareholders is forecasted to be 1.95 billion yuan in 2025, 2.30 billion yuan in 2026, and 2.78 billion yuan in 2027, with growth rates of 27.44%, 18.12%, and 20.78% respectively [7][9]. - The earnings per share (EPS) are projected to increase to 1.10 yuan in 2025, 1.30 yuan in 2026, and 1.57 yuan in 2027 [7][9]. Company Overview - The company has strengthened its resource advantages through the acquisition of Yubang Mining, which holds significant silver reserves, enhancing its market position [5][6]. - Collaboration with Shandong Gold's subsidiary has resulted in a substantial portion of annual sales, indicating strong market relationships and potential for price leverage [5].

内蒙古兴业银锡矿业股份有限公司 2024 年度财务报表审计报告 【天衡审字 (2025) 01352 号】 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.com/ 审计报告 天衡审字(2025)01352 号 内蒙古兴业银锡矿业股份有限公司全体股东: 一、审计意见 我们审计了内蒙古兴业银锡矿业股份有限公司(以下简称"兴业银锡")财务报表,包 括 2024年 12月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映 了兴业银锡 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司 经营成果和现金流量。 =、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师 对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计 师职业道 ...

内蒙古兴业银锡矿业股份有限公司 内部控制审计报告 【天衡专字(2025)00660 号】 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是内蒙古兴业银锡矿业股份有限公 司董事会的责任。 二、注册会计师的责任 . 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变 化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计 结果推测未来内部控制的有效性具有一定风险。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.blog 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://xc.mof.gov.gov.dock 内部控制审计报告 天衡专字(2025)00660 号 内蒙古兴业银锡矿业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审 ...

关于内蒙古兴业银锡矿业股份有限公司 2024 年度非经营性资金占用及其他关联 资金往来情况的专项说明 【天衡专字(2025)00659 号】 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 报告编码:苏251 关于内蒙古兴业银锡矿业股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 天衡专字(2025)00659 号 内蒙古兴业银锡矿业股份有限公司全体股东: 我们接受委托,对内蒙古兴业银锡矿业股份有限公司(以下简称"兴业银锡")2024 年 12月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司所有者权益变动表以及财务报表附注进行了审计,并出具了天 衡审字(2025)01352 号《审计报告》。 兴业银锡根据中国证券监督管理委员会《上市公司监管指引第 8号 -- 上市公司资金 往来、对外担保的监管要求》和《深圳证券交易所上市公司自律监管指南第 1 号 -- 业务 办理》的相关规定,编制了后附的《内蒙古兴业银锡矿业股份有限公司 2024 年度非经营性 资金占用及其他关联资 ...

2024 年度独立董事述职报告－李伍波 我本人作为内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）的独立 董事，现将本人 2024 年度在公司履行独立董事职务的工作情况作如下报告： 一、关于独立董事的基本情况。 （一）本人基本身份情况说明： 李伍波先生，1972 年 9 月生，硕士学历。历任西部矿业股份有限公司董事会 秘书、副总裁、副董事长，西部矿业集团有限公司副总裁，西藏珠峰资源股份有 限公司总裁，西藏百悦矿业有限公司总经理，国城控股集团有限公司副董事长， 甘肃建新实业集团有限公司副董事长，国城矿业股份有限公司副董事长、总经理。 现任百悦能源（唐山）有限公司董事长，西藏珠峰资源股份有限公司董事，公司 独立董事。 （二）关于本人独立性的说明： 本人未在公司担任除独立董事以外的任何职务，目前未持有公司股份，也未 在公司主要股东公司担任任何职务，与持有公司 5%以上股份的股东、实际控制 人以及其他董事、监事、高级管理人员也不存在关联关系，不存在影响独立董事 独立性的情况，符合《上市公司独立董事管理办法》、《深圳证券交易所上市公 司自律监管指引第 1 号一一主板上市公司规范运作》等法律、法规、规范性文件 中关于独 ...

内蒙古兴业银锡矿业股份有限公司章程 二〇二五年四月 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 独立董事 第三节 董事会 第四节 董事会秘书 第六章 经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 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》）和其他有关规定，制订本章程。 第二条 公司系依照 ...