证券代码：000426 证券简称：兴业银锡 公告编号：2025-39 联系人：尚佳楠 特此公告。 内蒙古兴业银锡矿业股份有限公司 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日在巨潮资讯网（www.cninfo.com.cn）披露了《兴业银锡：2024 年年度报告》 及《兴业银锡：2024 年年度报告摘要》。 关于举办 2024 年度网上业绩说明会的公告 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公 司定于 2025 年 05 月 22 日（星期四）15:00-16:30 在全景网举办 2024 年度业绩 说明会，本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景网 "投资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：董事长吉兴业先生，董事、总裁张树成先生，董 事、常务副总裁兼财务总监董永先生，董事、副总裁兼董事会秘书孙凯先生，独 立董事周显军先生，证券事务代表尚佳楠女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Insights - The company's main products have seen both volume and price increases, with significant growth in revenue and net profit for 2024 and Q1 2025 [1][6]. - The successful acquisition of Yubang Mining has opened further growth opportunities, significantly increasing the company's silver reserves [6]. - The company is expanding its international footprint by initiating a takeover of Atlantic Tin Limited, enhancing its tin mining operations [6]. Financial Performance - In 2024, the company achieved a revenue of 4.27 billion yuan, a year-on-year increase of 15.23%, and a net profit of 1.53 billion yuan, up 57.82% year-on-year [1][7]. - For Q1 2025, the company reported a revenue of 1.15 billion yuan, reflecting a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [1][7]. - The projected net profits for 2025-2027 are 2.07 billion, 2.39 billion, and 2.75 billion yuan, respectively, with corresponding P/E ratios of 11.7, 10.1, and 8.8 [6][7]. Production and Revenue Breakdown - The company’s mineral production from 2022 to 2024 shows an increase in silver, tin, and zinc output, with significant revenue contributions from these products [6]. - In 2024, the revenue contributions from tin, silver, and zinc were 33.1%, 27.3%, and 23.0%, respectively, with corresponding gross profit margins of 38.2%, 28.6%, and 18.7% [6]. Future Growth Prospects - The acquisition of Yubang Mining is expected to enhance the company's silver resource base significantly, ranking it among the top globally [6]. - The planned acquisition of Atlantic Tin Limited aims to boost the company's tin production capacity, with expected production of around 6,000 tons of tin metal annually post-expansion [6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [4] Core Views - The company has a strong resource base and is expanding its global footprint, particularly in silver and tin mining. It has significantly increased its silver reserves by 181% due to the acquisition of Yubang Mining, making it a key player in the domestic market [5][49] - The company is undergoing a restructuring process, with the potential for the Budun Silver Mine to be injected into the listed company, which could enhance profitability [5] - Recent acquisitions, including Yubang Mining and Atlantic Tin Mining, have bolstered the company's resource portfolio and international presence, providing a solid foundation for future growth [5] Company Overview - The company primarily engages in the mining and selection of silver and tin, with a history of over 30 years in the industry. It has expanded its resource base through various acquisitions and is now a significant player in the non-ferrous metal sector in China [10][14] - As of the end of 2024, the company holds silver reserves of 27,200 tons and tin reserves of 185,700 tons, ranking first and second in China, respectively [51] Financial Analysis - The company achieved revenue of 4.27 billion yuan in 2024, a year-on-year increase of 15.23%, and a net profit of 1.53 billion yuan, up 57.82% year-on-year [26] - The company’s gross profit margin improved to 62.95% in 2024, reflecting enhanced operational efficiency [37] - The company has a declining debt-to-asset ratio, which stood at 34.39% at the end of 2024, down 6.19 percentage points from the previous year [41] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 5.40 billion, 6.24 billion, and 7.39 billion yuan, respectively, with year-on-year growth rates of 26.55%, 15.54%, and 18.34% [5] - The estimated earnings per share (EPS) for the same period are 1.15, 1.38, and 1.67 yuan, with corresponding price-to-earnings (PE) ratios of 11.6x, 9.8x, and 8.0x [5] - The company's reasonable valuation range is estimated to be between 16.16 and 18.47 yuan, indicating a premium of 20.42% to 37.62% compared to the current stock price [5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [4] Core Views - The company has a strong resource base and is expanding its global footprint, particularly in silver and tin mining. It has a history of acquiring high-quality mining assets, which has significantly increased its silver reserves by 181% following the acquisition of Yubang Mining. The company is also involved in restructuring efforts to address past debt issues, with plans to inject profitable subsidiaries into the listed entity [5][58][61]. Company Overview - The company primarily engages in the mining and selection of silver and tin, with a history of over 30 years as a private mining enterprise in Inner Mongolia. It has expanded its operations internationally, acquiring resources in Indonesia and Africa. As of the end of 2024, the company holds silver reserves of 27,200 tons and tin reserves of 185,700 tons, making it a significant player in the domestic market [5][10][51]. Financial Analysis - The company has shown significant revenue growth, with projected revenues of 5.404 billion, 6.244 billion, and 7.389 billion yuan for 2025-2027, representing year-on-year growth rates of 26.55%, 15.54%, and 18.34% respectively. The net profit attributable to shareholders is expected to reach 2.049 billion, 2.444 billion, and 2.967 billion yuan over the same period, with corresponding growth rates of 33.93%, 19.26%, and 21.41% [5][26][31]. Profitability Forecast and Valuation - The company is expected to maintain a strong profitability trajectory, with an estimated EPS of 1.15, 1.38, and 1.67 yuan for 2025-2027. The current stock price reflects a PE ratio of 11.6, 9.8, and 8.0 times for the same years, indicating a potential upside of 20.42% to 37.62% compared to its estimated fair value range of 16.16 to 18.47 yuan [5][26][31]. Core Competitiveness - The company’s core competitiveness lies in its ability to acquire high-quality resources. Following the acquisition of Yubang Mining, its silver reserves have significantly increased, positioning it as a leading player in the silver market in Asia. The company ranks first in silver reserves and second in tin reserves among domestic listed companies [5][51][58].

证券代码：000426 证券简称：兴业银锡 公告编号：2025-36 内蒙古兴业银锡矿业股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）已于2025年5月6 日在《中国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资讯网上 刊登了《兴业银锡：关于召开2025年第二次临时股东大会的通知》（公告编号： 2025-35）。本次股东大会采取现场投票与网络投票相结合的方式召开，现将本 次股东大会的有关事宜提示如下： 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：公司董事会 公司于2025年4月30日召开的第十届董事会第十七次会议以9票同意，0票反 对，0票弃权的表决结果审议通过了《关于提请召开2025年第二次临时股东大会 的议案》。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定，会议的召开合法、合规。 4、会议召开的日期、时间： （1）现 ...

Group 1 - Inner Mongolia Xingye Silver Tin Mining Co., Ltd. plans to acquire Atlantic Tin Limited at a price of AUD 0.24 per share through an off-market conditional takeover bid [1] - The acquisition requires approval from relevant regulatory authorities and adherence to customary offer conditions [1] - Supply-side factors indicate a tightening expectation for domestic tin supply due to the resumption of operations at the Bisie tin mine in the Democratic Republic of Congo and increased processing fees from the Wa State in Myanmar [1] Group 2 - The production of recycled tin in China is expected to increase in May, despite a tight supply situation [1] - The operating rates of refined tin production in Yunnan and Jiangxi have changed compared to the previous week, affecting production and inventory levels [1] - The recent explosion at a gas pipeline has led to a suspension of tin production at Malaysia's MSC smelting company, while Indonesia plans to increase tin production and sales in 2025 [1] Group 3 - Demand-side factors show a decrease in processing fees for photovoltaic solder strips, which may impact the production and import/export volumes of tin solder and tin-plated sheets in China [1] - The recent progress in US-China tariff negotiations may lead to a relaxation of export restrictions on chips to Gulf countries [1] - The increase in refined tin inventory levels domestically and internationally may lead to fluctuations in tin prices, suggesting investors should remain cautious and monitor support and resistance levels [1]

证券代码：000426 证券简称：兴业银锡 内蒙古兴业银锡矿业股份有限公司 投资者关系活动记录表 编号：2025-01 | | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | | ☑其他（2024 年度暨 2025 一季度业绩交流会） | | | 1、柏胜资本（李学） | | | 2、北京市星石投资管理（邱英伦） | | | 3、北京鑫顺和康投资管理（石苑强） | | | 4、北京展宏资管（田海鹏） | | | 5、北京中泽控股（刘军洁） | | | 6、财通证券资产（毛鼎） | | | 7、创金合信基金（黄超） | | | 8、大成基金（张家旺） | | | 9、大家资管（冯思宇） | | | 10、东北证券（冯先涛、李一涛） | | | 11、敦和资产（陈文敏） | | | 12、方正富邦基金（刘蒙） | | | 13、方正证券（甘嘉尧、熊宇航） | | | 14、佛山弘信私募基金（廖朝磊） | | 参与单位名称及 | 15、富安达基金（余思贤） | | 人员姓名 | 16 ...

2025 年 05 月 06 日 银锡量价齐升，内部扩产外部并购护航远期增长 —兴业银锡（000426.SZ）公司事件点评报告 买入(维持) 事件 ▌ 银漫矿山扩建+外部并购宇邦矿业，远期增长可 期 2025 年 1 月银漫矿业扩建工程获批，项目建设规模由 165 万 吨/年扩建为 297 万吨/年，开采方式为地下开采，建设属性 为改扩建项目。 2025 年 1 月，公司以自有资金及自筹资金人民币 23.88 亿元 完成宇邦矿业 85%股权的收购。宇邦矿业矿区位于于内蒙古 自治区巴林左旗，总共拥有一宗采矿权和三宗探矿权。其中 采矿权位于双尖子山银铅矿，截止至 2017 年 3 月 31 日，已 备案的主、共生矿产保有资源储量矿石量为 15,897.87 万 吨，银金属量 15,129.30 吨，铅金属量 389,119 吨，锌金属 量 1,500,462 吨，主、共生矿产中：银平均品位 138g/t，铅 平均品位 1.03%，锌平均品位 1.46%；另含有伴生银金属量 3,110.08 吨，伴生铅金属量 461,905 吨，伴生锌金属量 388,170 吨。 兴业银锡发布 2024 年年报和 2025 年一季 ...

兴业银锡 20250505 摘要 • 兴业银锡拟收购大西洋锡业 75%权益，后者核心资产为摩洛哥阿什马什林 锡矿，锡金属量达 25.33 万吨，此举旨在增强公司锡金属储备，推进国际 化布局，为长期发展提供支撑。该项目预计 2027 年四季度投产，2028 年达产，每年处理稀有金属约 6,000 吨。 • 大西洋气创项目勘探成果显著，阿什马什项目控制资源量为 21 万吨，平 均品位 0.55%。该项目拥有接近 8 公里长的成矿带，深部仍具找寻空间， 且发现高品位锡样品及含锡花岗岩，表明其具有良好的储量控制及找寻前 景。 • 公司计划发行 3 亿美元境外债券，用于支持大西洋锡业项目建设及其他境 外拓展项目。尽管当前海外利率较高，但此举符合公司国际化扩张战略， 并能优化资本结构，提高资金使用效率。预计大西洋锡业项目资本开支为 7,000-8,000 万美元。 • 公司预计 2025 年生产锡 1,355 吨，银 304 吨，稀有金属 9,400 吨。锡 和银的增长较为显著。2024 年，稀金属实现营业收入 14 亿，占比 3.14%；银金属实现销售收入 11.6 亿，占比 27.29%；稀有金属 9.8 亿， 占比 ...

公告称，公司通过本次交易整合境外锡矿资源，加大锡矿国际化布局，为公司发展储备战略资源，有利 于丰富公司业务布局。 根据《要约实施协议》，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(以《要约实施协议》签署日目标公司全部已发行股份计算);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。本次收购具体能获得的目标公司股 份数和股权比例取决于要约期结束时目标公司股东对要约的接受情况。若目标公司所有股东均接受要约 且要约成功，本次交易总投资额约0.98亿澳元。 据公告所示，目标公司的主要业务活动是开发位于摩洛哥的Achmmach锡矿项目。Achmmach锡矿项目 位于摩洛哥中北部Meknès市西南约40公里处。根据《矿产资源储量规模划分标准》(DZ/T0400-2022)， 锡矿大型矿山的划分标准为金属储量≥4万吨。Achmmach锡矿目前已相 ...