Financial Performance - The company's operating revenue for Q1 2025 was ¥35,222,182,663.23, representing a 7.65% increase compared to ¥32,720,083,664.56 in the same period last year[6]. - Net profit attributable to shareholders was ¥1,128,857,570.60, up 2.93% from ¥1,096,690,756.19 year-on-year[6]. - Total operating revenue for the current period reached ¥35,222,182,663.23, an increase of 4.6% compared to ¥32,720,083,664.56 in the previous period[23]. - Operating profit for the current period was ¥1,850,273,960.98, slightly higher than ¥1,796,856,709.27 from the previous period, indicating a growth of 3.0%[23]. - Net profit for the current period was ¥1,341,880,044.94, a decrease of 2.1% from ¥1,371,320,946.17 in the previous period[23]. - The net profit attributable to the parent company was CNY 1,128,857,570.60, an increase from CNY 1,096,690,756.19 in the previous period, reflecting a growth of approximately 2.4%[24]. - The total comprehensive income attributable to the parent company was CNY 893,899,961.60, down from CNY 1,143,867,968.08, indicating a decrease of about 22%[24]. Cash Flow - The net cash flow from operating activities increased by 25.59%, reaching ¥1,543,499,543.66 compared to ¥1,229,008,591.82 in the previous year[6]. - The net cash flow from operating activities was CNY 1,543,499,543.66, compared to CNY 1,229,008,591.82 in the previous period, representing an increase of approximately 25.5%[25]. - The company reported cash inflows from operating activities totaling CNY 38,017,299,060.77, an increase from CNY 36,371,891,477.36 in the previous period, reflecting a growth of approximately 4.5%[25]. - The cash outflows from investing activities were CNY 1,041,339,273.23, compared to CNY 1,542,255,194.57 in the previous period, indicating a decrease of about 32.5%[25]. - The net cash flow from financing activities was CNY 1,176,277,794.83, a significant improvement from a negative cash flow of CNY 34,080,248.61 in the previous period[26]. - The company received CNY 5,186,396,288.25 in cash from borrowings, an increase from CNY 4,478,102,112.82 in the previous period, reflecting a growth of approximately 15.8%[26]. Assets and Liabilities - Total assets at the end of Q1 2025 amounted to ¥86,001,161,805.65, a 6.25% increase from ¥80,944,491,696.95 at the end of the previous year[6]. - Total assets increased to ¥86,001,161,805.65 from ¥80,944,491,696.95, representing a growth of 6.4%[21]. - Total liabilities rose to ¥42,555,550,162.57, compared to ¥38,687,741,657.58, marking an increase of 4.8%[21]. - The company's total liabilities increased, with accounts payable rising by 33.31% to ¥9,111,229,285.80, reflecting higher raw material payments[10]. - The company reported a significant increase in contract liabilities, which rose by 101.88% to ¥877,548,485.02, indicating a rise in advance payments received[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 291,211[13]. - The largest shareholder, Tongling Nonferrous Metals Group Holdings Co., Ltd., holds 47.77% of shares, totaling 6,112,133,557 shares[13]. - The top ten shareholders do not have any related party relationships or act in concert with each other[14]. - The company has a total of 3,845,746,464 unrestricted shares held by its largest shareholder[14]. - The company’s stockholder Huang Weiqin holds 50,900,000 shares, representing 0.40% of the total shares[14]. Earnings Per Share - The company's basic and diluted earnings per share remained unchanged at ¥0.09[6]. - The basic and diluted earnings per share remained stable at CNY 0.09, unchanged from the previous period[24]. Research and Development - Research and development expenses decreased to ¥132,162,605.16 from ¥157,098,249.53, a decline of 15.9%[23]. Convertible Bonds - The company issued 2,140,476,679 shares and 3,336,626 convertible bonds to acquire related assets, with a fundraising limit of 2,146 million yuan[16]. - The company plans to initiate the conversion period for the "Tongling Ding 02" convertible bonds from March 27, 2024, to September 20, 2029[17]. - As of March 31, 2025, the remaining number of "Tongling Ding 02" convertible bonds is 21,419,990, with a remaining amount of 2,141,999,000 yuan[17]. - The company has issued a total of 21,460,000 convertible bonds, which were registered on October 23, 2023[16].

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Group 1 - The company reported a revenue of 145.53 billion yuan for 2024, a year-on-year increase of 5.88%, and a net profit attributable to shareholders of 2.81 billion yuan, up 4.05% year-on-year [1] - In Q4 2024, the company achieved a revenue of 39.22 billion yuan, a year-on-year increase of 12.52%, but the net profit attributable to shareholders dropped to 79 million yuan, a decline of 36.12% year-on-year [1] - The Mirador copper mine's production was affected by power supply issues due to drought in Ecuador, leading to 28 days of complete shutdown and 26 days of reduced production [1] Group 2 - The copper smelting processing fees have significantly decreased in 2024, putting pressure on the profitability of smelting operations, with a gross margin of 7.09%, down 0.17 percentage points year-on-year [2] - The company's smelting plants reported a net profit of 331 million yuan in H2 2024, a decrease of 134 million yuan compared to H1 2024 [2] Group 3 - The company plans to produce 194,900 tons of copper concentrate in 2025, an increase from 155,200 tons in 2024, despite a decline in 2024 production [3] - In 2024, the company produced 1.768 million tons of cathode copper and plans to increase this to 1.896 million tons in 2025 [3] Group 4 - The forecast for net profit attributable to shareholders for 2025-2027 is 2.878 billion yuan, 3.848 billion yuan, and 4.418 billion yuan, representing year-on-year growth of 2.47%, 33.72%, and 14.80% respectively [4] - The current stock price corresponds to a PE ratio of 14.0, 10.5, and 9.2 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][36]. Core Views - The company is expected to achieve a revenue of 145.5 billion yuan in 2024, representing a year-on-year growth of 5.9%. The net profit attributable to the parent company is projected to be 2.81 billion yuan, a 4.1% increase year-on-year, while the non-recurring net profit is expected to reach 2.69 billion yuan, showing a significant growth of 43.9% [5][6]. - The company’s copper smelting cost competitiveness is strong, and the second phase of the Mirador project is set to commence production in mid-2025, which will increase the company's copper mining capacity to 310,000 tons, ranking third among A-share copper companies [2][6]. Financial Performance and Forecast - In 2024, the company is expected to generate a net profit of 2.81 billion yuan, with a revenue of 145.5 billion yuan. The operating cash flow is projected to decline to 1.54 billion yuan, a decrease of 74.1% due to increased raw material inventory and new smelting capacity coming online [5][6]. - The company’s copper production is forecasted to be 155,000 tons in 2024, a decrease of 20,000 tons year-on-year, primarily due to power shortages in Ecuador affecting the Mirador copper mine [6][7]. - The estimated net profits for 2025-2027 are projected to be 2.885 billion yuan, 4.397 billion yuan, and 4.561 billion yuan, respectively, with year-on-year growth rates of 2.7%, 52.4%, and 3.7% [2][34]. Segment Analysis - In the smelting segment, the company’s profitability is expected to decline in the second half of 2024, but it will not incur losses. The estimated smelting profit margin is expected to remain above 40% in 2024, despite a general decline in profitability across the industry [2][6]. - The mining segment is facing challenges, with a projected copper output decrease due to operational disruptions. However, the upcoming production from the second phase of the Mirador project is anticipated to significantly enhance the company's mining capacity [2][6].

铜陵有色金属集团股份有限公司 2024 年度审计委员会履职暨 对会计师事务所履行监督职责的总结报告 铜陵有色金属集团股份有限公司（以下简称"公司"）董事会审计委员会（以 下简称"审计委员会"）按照中国证监会《公开发行证券的公司信息披露内容与 格式准则第2号—年度报告的内容与格式》、深圳证券交易所《上市公司自律监管 指南第1号—业务办理》、《国有企业、上市公司选聘会计师事务所管理办法》及 《董事会专门委员会工作细则》的要求，对2024年公司财务报告和内控审计工作 进行了全面的审查，现对审计委员会的履职情况暨对容诚会计师事务所（特殊普 通合伙）履行监督职责的总结如下： 一、审计委员会基本情况 公司第十届董事会审计委员会现由4名成员组成，现任委员分别为独立董事姚 禄仕先生、独立董事汤书昆先生、独立董事尤佳女士、独立董事朱明先生，并由 具有会计专业背景和丰富经验的独立董事姚禄仕先生担任召集人。审计委员会成 员的组成符合相关法律法规的规定。 二、审计委员会年度会议召开情况 2024年，公司审计委员会共召开6次会议，审计委员会各位委员均认真出席会 议，积极开展相关议案的讨论分析，最终形成会议决议。会议的召集、召开程序 符 ...

铜陵有色金属集团股份有限公司 2024 年财务预算执行情况及 2025 年 财务预算安排的报告 一、2024 年财务决算 2024 年，公司坚持稳中求进工作总基调，紧紧围绕年度 方针目标，积极作为，沉着应对铜价高位波动、铜冶炼现货 加工费大幅下跌、海外矿山缺电等挑战和困难，抓住有色金 属产品价格处于历史高位等市场机遇，全力增收创效，发展 态势持续向好。本年度财务报告经容诚会计师事务所审计， 出具了标准无保留意见的审计报告。 （一）2024 年生产经营情况 公司生产阴极铜 176.80 万吨，较上年增长 0.67%；硫酸 535.96 万吨，较上年下降 0.13%；黄金 22.91 吨，较上年增 长 9.99%；白银 547.67 吨，较上年下降 1.65%。 公司实现营业收入 14,553,139.93 万元，较上年增长 5.88%，主要是主产品价格上涨；利润总额 550,758.97 万元， 较上年增长 2.15%；归母净利润 280,859.57 万元，较上年增 产品 2024 年 2023 年 增减百分比 阴极铜（万吨） 176.80 175.63 0.67% 硫酸（万吨) 535.96 536.65 ...

证券简称：铜陵有色 证券代码：000630 铜陵有色金属集团股份有限公司 Tongling Nonferrous Metals Group Co.,Ltd. 章 程 报告日期：2025 年 4 月 1 第七章 经理及其他高级管理人员 第八章 监事会 第十章 通知与公告 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第三节 股份转让 第四章 股东和股东大会 第五章 党建 第六章 董事会 第十一章 合并、分立、增资、减资、解散和清算 2 第一节 股份发行 第二节 股份增减和回购 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 第一节 党委和纪委 第二节 党委职权 第三节 纪委职权 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第五节 董事会秘书 第一节 监事 第二节 监事会 第九章 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 第一节 通知 第二节 公告 第一节 合并、分立、增资和减资 第二节 解散和清算 第十二章 修改 ...

铜陵有色金属集团股份有限公司 2024 年度独立董事述职报告 尊敬的各位股东及股东代表： 本人作为铜陵有色金属集团股份有限公司（以下简称"公司"）的独 立董事，根据《公司法》《证券法》《上市公司独立董事管理办法》等法 律法规及《公司章程》《独立董事工作制度》等有关规定和要求，本着客 观、公正、独立的原则，诚信、勤勉履行职务，积极出席相关会议，认真 审议董事会各项议案，充分发挥独立董事及各专门委员会的作用，维护公 司及全体股东的利益。现将2024年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 报告期内，本人未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性 的情况，任职符合《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——主板上市公司规范运作》中对独立董事独立性 的相关要求。 二、2024 年度履职概况 （一）出席股东大会及董事会情况 （一）个人基本情况 本人汤书昆，1960年6月出生，中国国籍，中共党员，中国科学技术大 学讲席教授。1982年毕 ...

铜陵有色金属集团股份有限公司 2024 年度独立董事述职报告 尊敬的各位股东及股东代表： 本人作为铜陵有色金属集团股份有限公司（以下简称"公司"）的独 立董事，根据《公司法》《证券法》《上市公司独立董事管理办法》等法 律法规及《公司章程》《独立董事工作制度》等有关规定和要求，本着客 观、公正、独立的原则，诚信、勤勉履行职务，积极出席相关会议，认真 审议董事会各项议案，充分发挥独立董事及各专门委员会的作用，维护公 司及全体股东的利益。现将2024年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）个人基本情况 本人尤佳，1978年10月出生，中国国籍，中共党员，中国人民大学民 商法博士研究生，法学博士。2004年7月至今任职于安徽大学。现任安徽大 学法学院副教授，硕士研究生导师，民商法与经济法学系副主任，现兼任 安徽皖维高新材料股份有限公司、安徽江淮汽车集团股份有限公司独立董 事。2022年6月至今任铜陵有色独立董事。 （二）是否存在影响独立性的情况说明 报告期内，本人未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍 ...

铜陵有色金属集团股份有限公司 2024 年度独立董事述职报告 一、独立董事的基本情况 （一）个人基本情况 本人姚禄仕，1962年11月出生，教授，管理学博士，中共党员。1985 年7月至今任职于合肥工业大学。曾任中国会计学会高等工科院校分会秘书 长。目前担任合肥工业大学管理学院教授，兼任中国会计学会高等工科院 校分会常务理事、安徽省总会计师协会副会长、加加食品集团股份有限公 司、安徽新安银行股份有限公司（非上市公司）独立董事。2020年5月至今 任铜陵有色独立董事。 （二）是否存在影响独立性的情况说明 报告期内，本人未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性 的情况，任职符合《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——主板上市公司规范运作》中对独立董事独立性 的相关要求。 二、2024 年度履职概况 （一）出席股东大会及董事会情况 2024年度，公司共计召开了9次董事会，3次股东大会，本人积极参加 公司召开的董事会和股东大会，未出现连续两次未亲 ...