证券代码：000426 证券简称：兴业银锡 公告编号：2024-34 内蒙古兴业银锡矿业股份有限公司 关于控股股东兴业集团重整进展暨其股东变更及更名的公告 2019 年 10 月 8 日，赤峰市中级人民法院（以下简称"赤峰中院"）依法裁定 受理兴业集团重整一案。2020 年 7 月 23 日，赤峰中院依法裁定对兴业集团、赤峰 玉龙国宾馆有限公司 (以下简称"玉龙国宾馆"）、西珠穆沁旗布敦银根矿业有限 责任公司(以下简称"布敦银根")三家公司(以下合称"兴业集团等三家公司")进 行实质合并重整。 2022 年 8 月 16 日，赤峰中院依法作出(2019)内 04 破 2-9 号《民事裁定书》， 裁定批准《内蒙古兴业集团股份有限公司、赤峰玉龙国宾馆有限公司、西乌珠穆沁 旗布敦银根矿业有限责任公司三家公司实质合并重整计划》(以下简称"《重整计 划》")，终止兴业集团、玉龙国宾馆、布敦银根三家公司实质合并重整程序。 根据《重整计划》的规定，兴业集团原股东应成立两家持股平台公司，将其所 持有的兴业集团 100%股权全部让渡至新设立的这两家持股平台公司。在让渡完成之 后，兴业集团由股份有限公司改制为有限责任公司，上述两 ...

内蒙古兴业银锡矿业股份有限公司 关于公司竞拍获得探矿权的公告 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。 一、交易概述 （一）交易的基本情况 证券代码：000426 证券简称：兴业银锡 公告编号：2024－32 4、其他情况说明：自然资源部与公司持股 5%以上股东在产权、业务、资产、债 务债权、人员等方面不存在可能或已经造成公司对其利益倾斜的关系。自然资源部 不属于失信被执行人。 三、交易标的基本情况 云南省政府采购和出让中心于 2024 年 4 月 17 日发布了《云南省麻栗坡县新厂 冲锡多金属矿勘查区块挂牌出让公告》（ZRZYBKYQCR【2024】7 号），为促进矿产资 源勘查开采，按照相关法律法规规定，中华人民共和国自然资源部（以下简称"自 然资源部"）组织云南省自然资源厅实施云南省麻栗坡县新厂冲锡多金属矿勘查区 块（以下简称"云南麻栗坡探矿权"）挂牌出让。交易机构为云南省政府采购和出 让中心，交易平台为云南省公共资源交易中心。 2024 年 5 月 30 日，内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）以 人民币 1,527 万元竞拍成功。 ...

关于举办 2023 年度网上业绩说明会的公告 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 2024 年 4 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露了《兴业银锡：2023 年年度报 告》及《兴业银锡：2023 年年度报告摘要》。 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 2024 年 05 月 24 日（星期五）15:00-16:30 在全景网举办 2023 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。 证券代码：000426 证券简称：兴业银锡 公告编号：2024-29 内蒙古兴业银锡矿业股份有限公司 出席本次说明会的人员有：董事长吉兴业先生，董事、总经理张树成先生， 董事、副总经理、财务总监董永先生，董事、副总经理、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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.06 CNY per share, based on a valuation of 20 times earnings for 2024 [4][12]. Core Insights - The company reported significant growth in 2023, with total revenue reaching 3.71 billion CNY, a year-on-year increase of 77.7%, and a net profit of 969 million CNY, up 457.4% from the previous year [2][3]. - In Q1 2024, the company achieved revenue of 760 million CNY, reflecting a 66.5% year-on-year growth, while net profit surged to 230 million CNY, marking a staggering increase of 1539.4% [2]. - The production of tin and silver significantly contributed to the profit increase, with tin concentrate production rising to 0.78 million tons, a 155.4% increase year-on-year [2]. - The report anticipates continued production growth in 2024 due to the completion of multiple mining upgrades, projecting tin production to reach 1.15 million tons and silver production to 233 tons [2]. Financial Summary - The company’s revenue is projected to grow from 3.71 billion CNY in 2023 to 6.09 billion CNY in 2024, representing a growth rate of 64% [3][8]. - Net profit is expected to increase from 969 million CNY in 2023 to approximately 2.03 billion CNY in 2024, indicating a growth rate of 109% [3][8]. - Earnings per share (EPS) are forecasted to rise from 0.53 CNY in 2023 to 1.10 CNY in 2024 [3][8]. Production and Pricing Insights - The average price of tin in 2023 was 212,000 CNY per ton, a decrease of 13.3% year-on-year, while the average price of silver increased by 17.7% to 5,579 CNY per kilogram [2]. - In Q1 2024, the average tin price is expected to be 217,000 CNY per ton, a slight increase of 3.8% year-on-year, while silver is projected to average 6,025 CNY per kilogram, up 18.4% [2]. Company Performance by Segment - The subsidiary Yinman Mining reported a net profit of 844 million CNY, a year-on-year increase of 317.6%, while Qianjinda and Rongguan Mining also showed significant profit growth [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 3.71 billion yuan, up 77.7% year-on-year, and net profit of 970 million yuan, up 448.3% year-on-year [2][4] - The first quarter of 2024 showed continued strong performance, with revenue of 760 million yuan, up 66.5% year-on-year, and net profit of 230 million yuan, up 1539.4% year-on-year [2][4] - The company is expected to see a doubling of production capacity in the long term due to ongoing technical upgrades and expansions [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.71 billion yuan and a net profit of 970 million yuan, with a significant increase in production across various metals [2][4] - The company forecasts revenues of 5.13 billion yuan in 2024, 6.16 billion yuan in 2025, and 7.12 billion yuan in 2026, with corresponding net profits of 1.89 billion yuan, 2.33 billion yuan, and 2.78 billion yuan respectively [4][14] Production and Pricing - The company’s production of tin concentrate, zinc concentrate, and lead concentrate increased by 111%, 33%, and 204% respectively in 2023 [2] - The average tin price in 2023 was 212,000 yuan per ton, down 14.9% year-on-year, while the average silver price was 5,571.1 yuan per kilogram, up 17.8% [2][4] Strategic Initiatives - The company plans to accelerate resource transfer and expansion of its silver mine, as well as increase its investment in gold resources [3] - The company aims to enhance its risk resilience through acquisitions of copper and gold resources abroad [3] Earnings Forecast - Future earnings are projected to grow significantly, with expected EPS of 1.03 yuan in 2024, 1.27 yuan in 2025, and 1.51 yuan in 2026, corresponding to PE ratios of 13, 10, and 9 respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.85 CNY, based on a 17x PE for 2024 [6][8]. Core Insights - The company reported a significant improvement in profitability, with total revenue reaching 3.706 billion CNY, a year-on-year increase of 77.67%, and a net profit of 969 million CNY, up 457.41% year-on-year [2][4]. - The production of lead, zinc, and tin has increased, with zinc concentrate production at 55,000 tons (up 33% YoY), lead concentrate at 14,200 tons (up 204% YoY), and tin concentrate at 7,800 tons (up 155% YoY) [3][4]. - The company has improved its gross margin to 52.88%, an increase of 8.41 percentage points, and its net margin to 25.72%, up 17.39 percentage points [4][6]. Financial Performance - The company's operating income for 2023 was 3.706 billion CNY, with a growth rate of 77.67% compared to 2022 [7]. - The net profit for 2023 was 969 million CNY, reflecting a growth rate of 457.41% [7]. - The earnings per share (EPS) for 2023 was 0.53 CNY, with projections for 2024-2026 EPS at 0.93, 1.06, and 1.12 CNY respectively [6][7]. Market Position and Future Outlook - The company has increased its market share in tin production to 8.7%, ranking second in the domestic market, driven by improvements in ore recovery rates and ore grades [5][6]. - Future production growth is anticipated with the commissioning of the second phase of the Qianjinda mining area and the resumption of operations at Tibet Bosheng Mining [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 3.706 billion yuan, a year-on-year growth of 77.67%, and net profit of 969 million yuan, up 457.41% [4]. - The production of tin and silver concentrates saw substantial growth, with tin concentrate production increasing by 155.38% year-on-year [4]. - The report anticipates continued strong performance in 2024, driven by the completion of technical upgrades and favorable market conditions for silver and tin prices [4]. Financial Performance Summary - **2023 Financials**: - Revenue: 3.706 billion yuan, up 77.67% - Net Profit: 969 million yuan, up 457.41% - Gross Profit: 1.960 billion yuan, up 111.27% with a gross margin of 52.88% [4][6]. - **2024 Projections**: - Expected Revenue: 6.012 billion yuan, a growth of 62.22% - Expected Net Profit: 1.917 billion yuan, a growth of 97.79% - Projected EPS: 1.04 yuan [5][6][7]. - **Valuation Metrics**: - PE Ratio for 2024: 12.38 - PB Ratio for 2024: 2.83 [5][6]. Production and Market Trends - The company has seen a rise in production volumes across various products, with notable increases in tin and silver concentrates due to improved recovery rates from technical upgrades [4]. - The average prices for silver and tin are expected to remain strong in 2024, influenced by macroeconomic factors and supply-demand dynamics [4].

Investment Rating - The investment rating for the company is "Buy" [1][4][16] Core Views - The company achieved a significant increase in profit, with a net profit of 969 million yuan in 2023, representing a year-on-year growth of 457.41% [1][5] - The revenue for 2023 was 3.706 billion yuan, an increase of 66.51% year-on-year [1][5] - The company plans to distribute a cash dividend of 0.65 yuan per share, totaling approximately 119 million yuan, which is 12.32% of the net profit for 2023 [1][5] Financial Performance Summary - In Q1 2024, the company reported a revenue of 764 million yuan, a year-on-year increase of 66.51% but a quarter-on-quarter decrease of 40.35% [1][5] - The net profit for Q1 2024 was 229 million yuan, showing a year-on-year increase of 1539.37% but a quarter-on-quarter decrease of 46.21% [1][5] - The gross profit margin for 2023 was 52.88%, up 8.41 percentage points year-on-year, while the net profit margin was 25.72%, up 17.39 percentage points year-on-year [1][9] Production and Operational Improvements - The company completed technical upgrades at its subsidiary, Yinnan Mining, which improved the recovery rate of tin from 50% to 60%, with plans to increase it to 70% in the future [1][11] - The production volumes for various products from 2021 to 2023 include lead-silver concentrate at 19.03/27.07/27.37 tons, copper-silver concentrate at 46.46/85.52/94.71 tons, and tin at 0.15/0.30/0.78 million tons [1][12] Future Earnings Forecast - The company expects revenues of 5.299 billion yuan in 2024, 5.536 billion yuan in 2025, and 5.634 billion yuan in 2026, with year-on-year growth rates of 43.00%, 4.47%, and 1.76% respectively [1][14] - The forecasted net profits for the same years are 1.573 billion yuan, 1.668 billion yuan, and 1.721 billion yuan, with growth rates of 62.25%, 6.06%, and 3.15% respectively [1][14]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 457% [4][6] - The revenue for 2023 reached 3.706 billion yuan, representing a year-on-year increase of 77.67% [4][6] - The company plans to distribute a cash dividend of 119 million yuan for 2023, with a payout ratio of 12.32% [4] Financial Performance Summary - In 2023, the company reported a net profit of 969 million yuan, with a substantial increase in production across its main products, including zinc, iron, lead, and tin [5][6] - The company’s main products saw significant sales growth: zinc concentrate sales increased by 20.5%, lead concentrate by 158.16%, and tin concentrate by 192.41% [5] - The company’s gross profit margin for 2023 was 52.9%, with projections for 2024-2026 indicating stable margins around 52.2% to 55.5% [11][12] Earnings Forecast - The company is expected to achieve revenues of 5.364 billion yuan in 2024, with net profits projected at 1.770 billion yuan, reflecting a year-on-year growth of 82.6% [6][11] - The price-to-earnings (P/E) ratios for 2024-2026 are forecasted to be 14.12x, 12.50x, and 11.80x respectively [6][11]

Dividend Distribution - The company plans to distribute a cash dividend of 0.65 CNY per 10 shares to all shareholders, based on a total of 1,837,192,219 shares[4]. - The total cash dividend distributed is CNY 119,417,494.24, which represents 100% of the profit distribution amount[167]. - The company has established a profit distribution policy to ensure stable returns to investors, adhering to the policy without adjustments during the reporting period[164]. Business Operations - The company has not changed its main business, which is focused on non-ferrous metal mining, since the last adjustment in December 2011[13]. - The company has not experienced any changes in its controlling shareholder during the reporting period[13]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000426[9]. - The company’s official website is http://www.xyyxky.com/[9]. - The company’s mining operations are influenced by macroeconomic cycles and the economic cycles of downstream industries, indicating a cyclical nature[36]. - The company’s main products include silver, tin, zinc, lead, iron, copper, antimony, and gold, with diverse applications across various industries[41][42][43][44][45]. Financial Performance - The company’s operating revenue for 2023 reached ¥3,706,005,008.22, representing a 77.67% increase compared to ¥2,085,888,738.73 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥969,344,844.83, a significant increase of 457.41% from ¥173,900,470.00 in 2022[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,024,293,764.54, up 410.11% from ¥200,798,812.84 in 2022[16]. - The net cash flow from operating activities for 2023 was ¥1,749,643,341.00, an increase of 125.26% compared to ¥776,720,487.49 in 2022[16]. - The basic earnings per share for 2023 was ¥0.5276, reflecting a 457.13% increase from ¥0.0947 in 2022[16]. - The total assets at the end of 2023 amounted to ¥11,083,437,191.46, a 15.12% increase from ¥9,627,417,740.00 at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were ¥6,476,277,712.61, up 16.67% from ¥5,550,724,678.52 at the end of 2022[16]. Market Conditions - The macroeconomic environment remains challenging, with ongoing geopolitical conflicts and domestic economic risks, but the company is focused on high-quality development and risk management[25]. - In 2023, tin prices experienced a weak overall performance, with the annual average price around 200,000 CNY/ton, reflecting a slight surplus in the market[26]. - The average price of zinc in 2023 was 21,489 CNY/ton, a decrease of 13.8% year-on-year, with the lowest price recorded at 18,600 CNY/ton in May[28]. - Lead prices in 2023 showed a slight decline of 0.2%, closing at 15,875 CNY/ton, while the average price for 1 lead was 15,601 CNY/ton, up 2.8% year-on-year[30]. - Copper prices peaked at 9,550 USD/ton in January 2023, but overall showed a downward trend due to insufficient demand recovery, leading to a slight increase in supply surplus[31]. - The international gold price fluctuated significantly in 2023, with historical highs reached in December, driven by changes in U.S. monetary policy and geopolitical tensions[32]. Production and Sales - The company reported quarterly revenues of ¥1,281,347,664.14 in Q4 2023, with a net profit of ¥426,389,752.91 attributable to shareholders[20]. - The company’s revenue from non-ferrous metal mining accounted for 99.80% of total operating income in 2023[40]. - The sales volume of zinc concentrate increased by 32.76% year-on-year, reaching 54,972.43 tons in 2023 compared to 41,408.20 tons in 2022[69]. - The production volume of lead concentrate surged by 203.67% year-on-year, totaling 161.74 tons in 2023, up from 53.33 tons in 2022[71]. - The sales volume of copper-silver concentrate rose by 75.71% year-on-year, amounting to 118,942.12 kg in 2023, compared to 67,693.55 kg in 2022[71]. - The production volume of tin concentrate increased by 110.74% year-on-year, reaching 5,811.57 tons in 2023, up from 2,757.74 tons in 2022[70]. Risk Management - The company emphasizes the potential risks related to market price fluctuations, safety production, environmental protection, and policy changes[4]. - The company faces risks from market price fluctuations, particularly in the non-ferrous metals sector, which could significantly impact profitability if prices decline sharply[126]. - Safety production risks are present due to potential natural disasters, equipment failures, and human errors during mining operations[125]. - Environmental protection risks include waste emissions and ecological impacts from mining activities, which could adversely affect business prospects and financial performance[126]. - Strategies to mitigate risks include enhancing market price forecasting, conducting futures hedging, and improving safety and environmental management systems[127]. Research and Development - The company is focusing on technological research and development aims to enhance mining efficiency and resource recovery[40]. - The company has established high-efficiency green mining research centers in its subsidiaries to boost R&D capabilities[63]. - Research and development investment amounted to ¥107,012,793.60 in 2023, a 42.04% increase from ¥75,341,487.98 in 2022[93]. - The number of R&D personnel increased to 154 in 2023, representing a growth of 10.79% from 139 in 2022[93]. - The company has implemented advanced automation and control technologies in its processing plants, leading to industry-leading technical indicators[63]. Corporate Governance - The company has established a clear decision-making process for remuneration, ensuring transparency and alignment with industry standards[147]. - The company has a total of three independent directors, with backgrounds in finance and law, enhancing governance and oversight[141][142]. - The governance structure has been updated to align with regulatory requirements, including the establishment of an Environmental, Social, and Governance (ESG) committee[132]. - The company has not reported any penalties from regulatory bodies for its directors and supervisors in the last three years, indicating compliance with regulations[145]. - The company has established a commitment to link executive compensation to the performance of the company's return measures[200]. Environmental Responsibility - The company has invested a total of RMB 14.5154 million in environmental protection during the reporting period[181]. - The company has achieved environmental assessment approvals for subsidiaries including Xilin Mining, Rongguan Mining, and Yinman Mining, with ongoing efforts for others[178]. - The company has actively engaged in land reclamation and geological environment remediation, enhancing the ecological environment of mining areas[179]. - The company has reported no incidents of pollutant exceedance during the reporting period, adhering to environmental monitoring requirements[179]. - The company is preparing for the "Green Mine Review" initiative, aiming to enhance green mining practices across its subsidiaries[179]. Strategic Acquisitions - The company acquired a 70% stake in Boshen Mining, which owns the Bangbu Gold Mine, enhancing resource reserves and core competitiveness[40]. - The company acquired 70% equity in Tibet Boshen Mining for ¥280,000,000.00, with asset delivery completed on May 19[102]. - The company has integrated gold mining resources through the acquisition of Tibet Boson Mining, which is expected to strengthen its core competitiveness[118]. Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[198]. - The company plans to expand its market presence by entering two new provinces, aiming for a 25% increase in market share[198]. - A strategic acquisition of a smaller mining company is in progress, expected to enhance operational efficiency and increase production capacity by 30%[199]. - The company is committed to sustainability, with plans to reduce carbon emissions by 15% over the next three years[198].