云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2025 年第一次临时股东大会的 见 证 意 见 书 海合综（2025）第【41】号 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本所 指派郭晓龙、周张悦律师出席贵公司于 2025 年 3 月 7 日召开 的 2025 年第一次临时股东大会（以下简称：本次大会）。本所 律师基于对本次大会的现场见证，依据《公司法》、《证券法》、 《上市公司股东大会规则》等法律、法规的规定，按照《律师 事务所从事证券法律业务管理办法》和《律师事务所证券法律 业务执业规则（试行）》，就本次大会的相关事项发表见证意见 如下： 一、本次大会的召集及通知 本次大会系贵公司 2025 年第一次临时股东大会，由贵公司 董事会召集。贵公司董事会召集本次大会的书面通知于 2025 年 2 月 18 日刊登在《中国证券报》、《证券时报》、《证券日报》 及巨潮资讯网上。会议通知中列明了本次大会的基本情况、议 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 _______________________________ ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading player in the domestic green aluminum industry, leveraging over 50 years of experience in the electrolytic aluminum sector. It benefits from a comprehensive green aluminum supply chain and strong backing from the China Aluminum Corporation [1][18]. - The company has a significant cost advantage due to its high proportion of green energy usage, with over 80% of its energy sourced from renewable resources, particularly hydropower from Yunnan province [2][3]. - The expected increase in electrolytic aluminum production capacity utilization and the anticipated recovery in demand are likely to drive aluminum prices higher, enhancing the company's profitability [4]. Summary by Sections Company Overview - The company, formerly known as Yunnan Aluminum Factory, was established in 1970 and has been deeply involved in the electrolytic aluminum industry for over 50 years. It became a publicly listed company in 1998 and joined the China Aluminum Group in 2019, enhancing its resource and operational capabilities [1][18]. Resource Endowment and Cost Advantages - The company has excellent upstream resource endowments, primarily in the Yunnan province, with significant bauxite reserves and production capacity. The self-sufficiency rates for bauxite and alumina are 51% and 24%, respectively, while the company enjoys a competitive edge in electricity costs due to its reliance on green energy [2][3]. Production Capacity and Utilization - The company has established a production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, and 820,000 tons of carbon products. The utilization rate of electrolytic aluminum production is expected to improve steadily, supported by the anticipated increase in Yunnan's power supply [3][4]. Market Dynamics and Price Outlook - The domestic electrolytic aluminum production capacity is nearing its ceiling of 44 million tons, with demand shifting towards high-end markets. The report anticipates that the recovery in demand, particularly in green development sectors, will support long-term aluminum price increases [4]. Financial Projections - The report forecasts the company's net profit attributable to shareholders to be 4.58 billion, 6.85 billion, and 7.82 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 12.4, 8.3, and 7.3 [4][5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company, Yunnan Aluminum Co., Ltd., is a leading green aluminum enterprise in the industry, leveraging high-quality resources in Yunnan and the support of the China Aluminum Corporation [4][7] - The company has a fully integrated industrial chain from bauxite to alumina, green aluminum, and aluminum processing, with a total capacity of 1.6 million tons of bauxite, 1.4 million tons of alumina, 3.05 million tons of green aluminum, and 1.57 million tons of aluminum processing products as of the first half of 2024 [4][13] - The company has shown significant revenue growth, with a 31.67% increase in revenue and a 52.49% increase in net profit attributable to the parent company in the first three quarters of 2024 compared to the same period last year [4][14] Summary by Sections Company Overview - Yunnan Aluminum Co., Ltd. was established in 1970 and became part of the China Aluminum Corporation in 2018, focusing on an integrated industrial chain in Yunnan [4][13] - The company’s main revenue sources are from electrolytic aluminum and aluminum processing, contributing 42.23% and 56.15% to revenue respectively in the first half of 2024 [4][17] Industry Analysis - The supply of electrolytic aluminum is constrained, with domestic production capacity capped at around 45 million tons and utilization rates exceeding 95%, limiting growth potential [5][31] - The demand for aluminum is expected to remain stable, particularly in the construction sector, which accounts for approximately 30% of downstream consumption [5][33] Financial Performance - The company’s revenue for 2023 is projected at 42.669 billion yuan, with a net profit of 3.956 billion yuan, reflecting a year-on-year decrease of 12% and 13.4% respectively [9] - Forecasted net profits for 2024, 2025, and 2026 are 4.616 billion yuan, 5.714 billion yuan, and 6.974 billion yuan, with corresponding P/E ratios of 12, 10, and 8 [7][59] Production Capacity and Utilization - The company has a total electrolytic aluminum capacity of 3.05 million tons, with utilization rates improving from 81.9% in 2023 to 88.57% in the first half of 2024 due to better power supply conditions [6][56] - The company is actively involved in resource exploration in Yunnan to secure high-quality bauxite resources, which are crucial for its production [6][52] Market Outlook - The report anticipates a recovery in aluminum prices and profitability for aluminum companies as alumina prices stabilize and new capacities are released in 2025 [5][37] - The company is positioned to benefit from its integrated supply chain and stable management under the China Aluminum Corporation [4][19]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-002 云南铝业股份有限公司董事会 2025 年 2 月 17 日 国家环境友好企业 绿色铝·在云铝 1 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。 2025 年 2 月 14 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到李志坚先生以书面形式提交的辞职报告。因工作变动，李志坚先生辞去公司董事 和董事会提名委员会委员、董事会薪酬与考核委员会委员职务，辞任后不再担任公司任何 职务。根据《公司法》、云铝股份《公司章程》等有关规定，李志坚先生的辞职报告自送 达董事会之日起生效。李志坚先生的辞职不会导致公司董事会成员人数低于法定最低人数， 其辞职不会影响公司董事会的正常运行。截止本公告披露日，李志坚先生未持有公司股票。 李志坚先生担任公司董事期间，恪尽职守、勤勉尽责，公司董事会对李志坚先生表示 衷心感谢！ 特此公告。 云南铝业股份有限公司 关于董事辞职的公告 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-004 云南铝业股份有限公司关于 接续购买董事、监事、高级管理人员责任险的公告 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。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）于 2025 年 2 月 17 日召开 第九届董事会第十次会议和第九届监事会第六次会议，会议审议通过了《关于接续购买公司 董事、监事、高级管理人员责任险的预案》，为进一步完善公司风险管理体系，降低董事、 监事及高级管理人员正常履行职责时可能导致的风险以及引发的法律责任所造成的损失，根 据《上市公司治理准则》等相关规定，公司拟为全体董事、监事及高级管理人员接续购买责 任保险。具体情况如下： 一、本次投保方案概述 2025 年 2 月 17 日，公司召开第九届董事会第十次会议，会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于接续购买公司董事、监事、高级管理人员责任险的预案》，并同意 将该预案提交公司股东大会审议。 （二）独立董事专门会议情况 国家环境友好企业 绿色铝·在云铝 1 （一）投保人：云南铝业股 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-005 关于召开 2025 年第一次临时股东大会的通知 （二）股东大会的召集人：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 董事会。 2025 年 2 月 17 日召开的第九届董事会第十次会议审议通过了《关于召开 2025 年第一次 临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》、《证 券法》及中国证监会、深圳证券交易所相关规章、指引及云铝股份《公司章程》的规定和要 求。 （四）会议召开的日期、时间： 1.现场会议召开时间为：2025 年 3 月 7 日（星期五）上午 10:00 2.网络投票时间为：2025 年 3 月 7 日上午 09:15-下午 15:00 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 性陈述或者重大遗漏。 其中，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：2025 年 3 月 7 日上午 09:15-09:25，09:30-11:30 和下午 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 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-003 云南铝业股份有限公司 第九届监事会第六次会议决议公告 本公司及监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、误导性陈述或者重 大遗漏。 二、监事会会议审议情况 会议以通讯表决方式审议通过了《关于接续购买公司董事、监事、高级管理人员责任险 的预案》，具体内容如下： 为进一步完善公司风险管理体系，降低董事、监事及高级管理人员正常履行职责时可能 导致的风险以及引发的法律责任所造成的损失，根据《上市公司治理准则》等相关规定，公 司拟为全体董事、监事及高级管理人员接续购买责任保险。投保额度每年不超过人民币 15,000 万元（具体以与保险公司协商确定的数额为准），保险费用不超过人民币 80 万元（含增值税， 具体以与保险公司协商确定的数额为准），保险期限为 12 个月。具体内容详见公司在指定信 息披露媒体上披露的《云南铝业股份有限公司关于接续购买董事、监事、高级管理人员责任 险的公告》（公告编号：2025-004）。 监事会认为：公司接续购买董事、监事、高级管理人员责任险，有利于完善公司风险管 理体系，有助于保障公司董事 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-001 云南铝业股份有限公司 第九届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 十次会议通知于 2025 年 2 月 7 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2025 年 2 月 17 日（星期一）以通讯表决方式召开。 （三）会议应出席董事 9 人，实际出席董事 9 人。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 （四）公司第九届董事会第十次会议的召开符合《公司法》、《证券法》、《深圳证 券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于接续购买公司董事、监事、高级管理人员责任险的预案》 为进一步完善公司风险管理体系，降低董事、监事及高级管理人员正常履行职责时可 能导致的风险以及引发的法律责任所造成的损失，根据《上市公司治理准则》等相关规定 ...

Investment Rating - The report assigns a "Hold" rating for the company with a target price of 18.37 CNY based on a 2025 PE of 11x [4]. Core Views - The company is a leading player in the green aluminum sector, benefiting from its integration across the aluminum value chain, including bauxite mining, alumina production, and aluminum processing [1][12]. - The company's profitability has been steadily improving, with net profit increasing from 500 million CNY in 2019 to 3.96 billion CNY in 2023, driven by high aluminum prices and increased production [2][28]. - The demand for electrolytic aluminum remains robust, with traditional sectors showing resilience and new energy applications driving growth [2][46]. Summary by Sections Company Overview - Yun Aluminum Co., Ltd. has been deeply involved in the electrolytic aluminum industry for many years and is recognized as a green aluminum leader in Western China [1][12]. - The company has a production capacity of 3.05 million tons of green aluminum and is the largest green low-carbon aluminum supplier in China [1][12]. Financial Performance - The company's revenue from electrolytic aluminum rose from 14 billion CNY in 2019 to 21.6 billion CNY in 2023, with a compound annual growth rate of 15.13% [23]. - The operating cash flow has remained strong, with net cash flow from operating activities exceeding net profit, indicating a healthy financial position [29][33]. Market Demand - The demand for electrolytic aluminum is primarily driven by traditional sectors such as construction, transportation, and electricity, which accounted for 23.9%, 22.7%, and 21.5% of demand in 2023, respectively [2][48]. - The new energy sector, particularly solar and electric vehicles, is expected to provide significant growth in aluminum demand [2][46]. Competitive Advantages - The company benefits from a high proportion of green electricity (approximately 80% in 2023) in its production process, which reduces costs and enhances its competitive position [3][12]. - The establishment of carbon tariffs and increasing market focus on energy consumption and carbon emissions are expected to boost the demand for green aluminum [3][12]. Profitability Forecast - The company is projected to achieve net profits of 4.6 billion CNY, 5.8 billion CNY, and 6.7 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 16.33%, 25.77%, and 15.81% [3][40].

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the **non-ferrous metals sector**, specifically focusing on companies **Yunlv (云旅)** and **Shenhuo (神火)** Core Points and Arguments 1. **Performance of Non-Ferrous Metals Sector**: - The non-ferrous metals sector ranked low from September 24 to the end of December, with a rise of only 10 points, making it one of the worst-performing sectors during this period [2][3][4] 2. **Market Style Shift**: - Post-New Year, there is a strong bullish outlook for the non-ferrous metals sector due to a shift in market style favoring defensive attributes and cyclical stocks [4][6] 3. **Valuation and Investment Opportunities**: - Companies like Yunlv and Shenhuo are highlighted for their attractive valuation, with potential upside of 30-40% as they have returned to pre-September 24 price levels [5][6][18] 4. **Aluminum Supply and Demand Dynamics**: - The supply-demand balance for aluminum is tightening, with production capacity constraints and increasing demand from sectors like new energy and construction [7][11] - The global supply growth for electrolytic aluminum is expected to slow down, while demand is projected to increase, particularly in the new energy sector [7][12] 5. **Cost Structure and Competitive Advantage**: - Yunlv has a low alumina self-sufficiency rate of 25%, which previously posed a disadvantage but is now becoming an advantage as costs decline [9][14] - The long-term low-carbon advantage of Yunlv, with 80% of its production from hydropower, positions it favorably against carbon tariffs [12][14] 6. **Market Concerns and Misconceptions**: - There is a common market concern that falling alumina prices will negatively impact electrolytic aluminum prices; however, the two are considered to have independent pricing mechanisms [15][18] 7. **Financial Projections**: - Yunlv's projected profits for 2024-2026 are 4.5 billion, 6.7 billion, and 7.9 billion respectively, with corresponding PE ratios indicating significant growth potential [17][18] - Shenhuo's projected profits for the same period are 4.2 billion, 5.4 billion, and 6.2 billion, with a notably low PE ratio compared to industry averages [18] Other Important but Possibly Overlooked Content 1. **Risk Factors**: - Potential risks include lower-than-expected demand for electrolytic aluminum and unexpected production limitations due to power restrictions in Yunnan [18] 2. **Market Timing**: - The recommendation is to invest in Yunlv and Shenhuo immediately, as the current market conditions present a favorable entry point [18] 3. **Long-term Trends**: - The ongoing energy transition and the push for carbon neutrality are expected to create long-term opportunities in the aluminum sector, particularly for companies with sustainable practices [11][12]