1 证券代码： 000737 证券简称：北方铜业 北方铜业股份有限公司 投资者关系活动记录表 编号：2024-05 | --- | --- | --- | |-------------------------|--------------------------------------------|----------------------------------------------------------| | | | | | 投资者关系 | □ 特定对象调研 | □ 分析师会议 | | 活动类别 | □ 媒体采访 | 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 参与本次会议的全体投资者 | | | | | | | 时间 地点 | 2024 年 9 月 3 日 ( 价值在线（ | 周二 ) 15:00-16:30 ）网络互动 | | 形式 | 网络互动 | https://www.ir-online.cn/ | | 上市公司参加 | 董事长 魏迎辉 | | | 人员姓 ...

证券代码： 000737 证券简称：北方铜业 北方铜业股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------|----------------------------------------------------------| | | | | | 投资者关系 | □ 特定对象调研 | 分析师会议 | | 活动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 中信证券 陈剑凡 | | | 人员姓名 | | | | 时间 | 2024 年 8 月 30 日 | ( 周五 ) 11:00~12:00 | | 地点 | 公司总部会议室 | | | 形式 | 电话会议 | | | 上市公司参加 | 1 、董事会秘书 | 杨云涛 | | 人员姓名 | 2 、证券事务代表 马雪丽 | | | | 1、北方铜业 | 2024 年上半年经营业绩情况？ | | ...

| 其 它 关 联 | | 往来方与上市公 | 上市公司核 | 2024 | 年期初往来 | 2024 年 1-6 月往 | 2024 | 年 1-6 | 月往 2024 | 年 1-6 | 月偿 | 2024 | 年 6 | 月期末往 | | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金往来 | 资金往来方名称 | 司的关联关系 | 算的会计科 | | 资金余额 | 来累计发生金额 | | 来资金的利息 | | 还累计发生金额 | | | 来资金余额 | | 往来形成原因 | （经营性往来、 | | | | | 目 | | | （不含利息） | | (如有) | | | | | | | | 非经营性往来） | | | 连云港中条山有色 | 控股股东直接控 | 预付款项 | | 32,430.36 | 36,934,289.74 | | | | 36,966,720.10 | | | | | 接受劳务 | 经营性往来 | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥12,421,552,465.38, representing a 173.99% increase compared to the same period last year[10]. - Net profit attributable to shareholders was ¥460,068,524.54, an increase of 53.66% from ¥317,966,784.73 in the previous year[10]. - The net cash flow from operating activities surged to ¥838,332,028.29, marking a significant increase of 2,159.70% compared to ¥52,768,492.49 in the same period last year[10]. - Basic earnings per share rose to ¥0.2596, up 53.70% from ¥0.1794 in the previous year[10]. - Total assets at the end of the reporting period were ¥16,151,808,690.19, reflecting a 5.85% increase from the previous year's end[10]. - Net assets attributable to shareholders increased to ¥5,178,791,121.47, a rise of 6.24% from ¥4,874,389,652.25 at the end of the previous year[10]. - The company reported a net profit excluding non-recurring gains and losses of ¥445,730,077.04, which is a 45.07% increase from ¥307,261,343.00 in the previous year[10]. - The company achieved a revenue of CNY 12.42 billion in the reporting period, representing a year-on-year increase of 173.99%[32]. - The net profit attributable to shareholders was CNY 460 million, up 53.66% year-on-year, primarily due to increased sales volume and prices of cathode copper[32]. - The company reported a significant increase in long-term borrowings by 8.38% compared to the previous year, indicating a shift in financing strategy[36]. Production and Operations - The company processed 9 million tons of ore annually, producing 43,000 tons of copper, along with 32,000 tons of cathode copper, 10.8 tons of gold, 170 tons of silver, and 122,000 tons of sulfuric acid[19]. - Cathode copper production reached 164,700 tons, with sulfuric acid and gold/silver ingots produced at 604,500 tons and 2,905 kg/30,793.36 kg respectively[32]. - The company processed 500,000 tons of polymetallic ore annually at its smelting plant, utilizing advanced recovery technologies[29]. - The company has a copper ore resource of 218.61 million tons, with a metal content of 1.33 million tons, and is exploring additional resources expected to add 300 million tons[27]. - The company is expanding its product offerings with high-performance rolled copper foil and copper alloy products, targeting sectors such as electronics and renewable energy[19]. Market and Pricing - In the first half of 2024, copper prices peaked at $11,104.5 per ton on May 20, before experiencing a rapid decline due to increased supply and reduced demand[15]. - The average processing fee for copper concentrate dropped significantly, reflecting a shift from surplus to shortage in the global copper concentrate market[16]. - Gold prices increased by 15% and silver prices surged by 30% in the first half of 2024, indicating strong performance in the precious metals market[17]. - The global refined copper consumption growth rate was 5% in 2023, with China's consumption growth at 7%, accounting for over 50% of global demand[28]. Environmental Compliance - The company complied with various environmental protection standards and achieved stable pollutant discharge during the reporting period[57]. - The company has obtained pollution discharge permits for its key subsidiaries, with validity periods ranging from 2024 to 2029[58]. - The emissions from the company's key pollution units meet national and local standards, with zero environmental incidents reported[59]. - The company is committed to adhering to environmental protection regulations and has implemented measures to ensure compliance[58]. - The company has a focus on sustainable practices, as evidenced by its strict adherence to pollution discharge standards[59]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[1]. - The company has identified several risks, including price fluctuation risk and credit risk, and has implemented measures to mitigate these risks[41]. - The company faces risks from price fluctuations of copper, which directly impact profit levels, and plans to strengthen cost control and use financial tools for hedging[50]. Research and Development - Research and development expenses increased by 305.67% to CNY 16.98 million, reflecting the company's commitment to innovation[32]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this period[1]. - The company held three shareholder meetings during the reporting period, with participation rates of 60.56%, 65.66%, and 65.69% respectively[54]. - The company has a total of 105,594 common shareholders at the end of the reporting period[108]. Financial Management - The company reported a total of 12,230.78 million CNY in related party transactions for copper raw materials, accounting for 1.23% of similar transaction amounts[90]. - The company has a total of 3,481.5 million CNY in related party transactions for auxiliary materials, which is 11.90% of similar transaction amounts[90]. - The company has a total of 150,000 million CNY in entrusted financial management, with no overdue amounts or impairments reported[102]. Social Responsibility - In the first half of 2024, the company supported 3,500 people through its agricultural initiatives, resulting in an increase of collective economic income by CNY 200,000 and an average income increase of CNY 1,040 per person in Xiniu Village[85]. - The company has invested CNY 1,045,000 in small loans for 186 poverty-stricken households, facilitating employment and economic stability[86]. - The company has maintained a commitment to social responsibility, aligning its efforts with national poverty alleviation and rural revitalization strategies[83].

Investment Rating - Outperform rating for the company [1] Core Views - The company is a state-owned enterprise with a long history in copper mining, actively expanding its copper reserves and production capacity [5] - Tight supply-demand dynamics are expected to persist, driving copper prices higher [6] - The company is projected to benefit from rising copper prices and increased production, with EPS forecasts of 0.64, 0.74, and 0.84 yuan/share for 2024-2026 [7] - A valuation range of 9.61-10.25 yuan/share is proposed based on a 15-16x PE multiple for 2024 [7] Financial Performance and Projections - Revenue is expected to grow significantly, from 9,323 million yuan in 2023 to 28,930 million yuan in 2026 [8] - Net profit is projected to increase from 619 million yuan in 2023 to 1,493 million yuan in 2026 [8] - EPS is forecasted to rise from 0.35 yuan in 2023 to 0.84 yuan in 2026 [8] - ROE is expected to peak at 18.9% in 2024 before gradually declining to 16.9% by 2026 [8] Production and Sales Assumptions - The company plans to process 9 million tons of ore annually from 2024-2026, producing 42,000 tons of copper concentrate each year [9] - Cathode copper production is projected to reach 320,000 tons by 2025-2026 [9] Business Segment Analysis - Cathode copper is the primary revenue driver, with revenue expected to grow from 7,973 million yuan in 2023 to 24,940 million yuan in 2026 [10] - Precious metals and sulfuric acid are smaller but growing segments, with sulfuric acid turning profitable in 2024 [10] Valuation and Peer Comparison - The company is valued at a 15-16x PE multiple for 2024, lower than the peer average of 16.5x [7][25] - Key peers include Tongling Nonferrous, Yunnan Copper, and Jiangxi Copper, with an average 2024 PE of 11.5x [25] Market Performance - The stock has underperformed the Haitong Composite Index over the past year, with a 29.01% decline compared to the index's 0.99% gain [19] Industry Outlook - Copper prices are expected to remain strong due to tight global supply and supportive macroeconomic policies [6][24] - The company's expansion of reserves and production capacity positions it well to benefit from favorable industry conditions [5][20]

北方铜业股份有限公司 证券代码：000737 证券简称：北方铜业 公告编号：2024-40 2024 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、本期业绩预计情况 1. 业绩预告期间：2024 年 1 月 1 日-2024 年 6 月 30 日 2. 预计的经营业绩： □亏损 □扭亏为盈 同向上升 □同向下降 □其他 | --- | --- | --- | |----------------|-------------------------------------------|-------------------------| | 项 目 | 本报告期 | 上年同期 | | 归属于上市公司 | 盈利： 42,215.87 万元– 45,209.90 万 元 | 盈利： 29,940.33 万元 | | 股东的净利润 | 比上年同期增长： 41% - 51% | | | 扣除非经常性损 | 盈利： 42,402.06 万元– 45,474.67 万 元 | | | 益后的净利润 | 比上年同期增长： 38% - 48% | 盈利： ...

北京市金杜律师事务所 关于北方铜业股份有限公司 2024 年第二次临时股东大会的法律意见书 致：北方铜业股份有限公司 北京市金杜律师事务所（以下简称本所）接受北方铜业股份有限公司（以下 简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简称 《股东大会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见 书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区） 现行有效的法律、行政法规、部门规章、规范性文件和现行有效的《北方铜业股 份有限公司章程》有关规定，指派律师出席了公司于 2024 年 6 月 28 日召开的 2024 年第二次临时股东大会（以下简称本次股东大会），并就本次股东大会相关 事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第四次临时股东大会审议通过的《北方铜业股份有限公司 章程》（以下简称《公司章程》）； 2. 公司于 2024 年 6 ...

证券代码：000737 证券简称：北方铜业 公告编号：2024-39 北方铜业股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、 现场会议时间：2024 年 6 月 28 日（星期五）15:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 6 月 28 日 9：15—9：25，9：30—11：30 和 13：00—15：00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2024年6月28日9:15至15:00。 2、 召开地点：山西省垣曲县东峰山公司办公楼三楼会议室 3、 召开方式：现场投票与网络投票相结合的方式 4、 召集人：公司董事会 5、 主持人：董事长魏迎辉先生 6、 本次会议的召集、召开符合《公司法》《上市公司股东大会规则》《深圳 证券交易所股票上市规则》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定。 ...

证券代码：000737 证券简称：北方铜业 公告编号：2024-38 北方铜业股份有限公司 2023年年度权益分派实施公告 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。 北方铜业股份有限公司（以下简称"公司"）2023年年度权益分派方案已获2024 年5月22日召开的2023年年度股东大会审议通过。现将本次权益分派方案的有关实施 事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司2023年年度股东大会审议通过的利润分配方案为：以2023年末总股本 1,772,456,167股为基数，向全体股东每10股派发现金股利1元（含税），合计分配现 金股利177,245,616.70元（含税），不进行资本公积金转增股本，剩余未分配利润滚 存下一年度。 2、分配方案披露至实施期间，公司总股本未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 除权除息日为：2024年6月28日。 四、权益分派对象 本次权益分派对象为：截至2024年6月27日下午深圳证券交易所收市后， ...

关于提请股东大会延长授权董事会全权办理 公司向特定对象发行股票相关事宜有效期的公告 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。 北方铜业股份有限公司（以下简称"公司"）分别于2023年5月30日、2023年8月 21日召开第九届董事会第十六次会议、第九届监事会第十二次会议和2023年第三次 临时股东大会，审议通过了公司向特定对象发行股票事宜相关的议案，根据相关决 议，股东大会授权董事会全权办理公司向特定对象发行股票相关事宜的有效期为公 司2023年第三次临时股东大会审议通过之日起十二个月，即2023年8月21日至2024年 8月20日。 鉴于公司尚未完成本次向特定对象发行A股股票事宜，为了顺利推进本次向特定 对象发行股票的后续事项，公司于2024年6月12日召开了第九届董事会第二十五次会 议，审议通过了《关于提请股东大会延长授权董事会全权办理公司向特定对象发行股 票相关事宜有效期的议案》，董事会提请股东大会延长授权董事会全权办理本次向特 定对象发行A股股票相关事宜的有效期，有效期自原期限届满之日起延长12个月，即 延长至2025年8月20日。该事项尚需提交 ...