Group 1 - China Aluminum (02600.HK) announced a capital contribution agreement to establish a joint venture with Chalco Group, Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital, with respective ownership stakes of 25%, 20%, 20%, 20%, and 15% [1] - The joint venture will not be a subsidiary of China Aluminum, and its financial performance will not be consolidated into the company's accounts [1] - Chalco Group is the controlling shareholder of China Aluminum, while Yunnan Copper, Chihong Zinc & Germanium, and Chalco Capital are subsidiaries of Chalco Group, making this transaction a related party transaction under Hong Kong Listing Rules Chapter 14A [1] Group 2 - The proposed business scope of the joint venture includes the processing of waste electrical and electronic products, which requires approval from relevant authorities before operations can commence [2] - Other general business activities include research and development of new materials technology, manufacturing and sales of electronic materials, sales of high-purity elements and compounds, and various metal alloy sales and manufacturing [2] - The joint venture will also engage in the smelting of rare earth metals and common non-ferrous metals, as well as the manufacturing of metallurgical equipment [2]

Core Viewpoint - China Aluminum (601600) announced a joint investment agreement with several partners to establish a joint venture focused on the rare metals industry, which aligns with the company's strategic development plan [1] Group 1: Joint Venture Details - The joint venture will be established with China Aluminum Group, Yunnan Copper (000878), Chihong Zinc & Germanium (600497), and China Aluminum Capital, with respective shareholdings of 25%, 20%, 20%, 20%, and 15% [1] - The registered capital of the joint venture is set at RMB 1.5 billion, with China Aluminum Group and the company contributing RMB 375 million and RMB 300 million, respectively [1] - The joint venture will not be a subsidiary of the company, and its financial performance will not be consolidated into the company's accounts [1] Group 2: Strategic Implications - The joint venture aims to extend the rare metals industry chain, focusing on downstream industries and developing advanced materials [1] - Participation in the joint venture allows the company to leverage China Aluminum Group's resource integration capabilities, enhancing its global competitive advantage in the rare metals functional materials sector [1] - The strong business correlation between the company and the joint venture facilitates collaboration, resource sharing, and industrial synergy, while also mitigating risks associated with independent expansion into downstream industries [1]

Core Points - Yunnan Copper Industry Co., Ltd. announced on October 24 that it has applied for an extension to submit revised materials in response to the Shenzhen Stock Exchange's inquiry regarding its share issuance for asset acquisition and fundraising [1][2] - The company plans to acquire a 40% stake in Liangshan Mining Co., Ltd. from Yunnan Copper (Group) Co., Ltd. and raise matching funds through share issuance to China Aluminum Corporation and China Copper Corporation [1] - The company received the inquiry letter from the Shenzhen Stock Exchange on September 2, 2025, requiring a written response within 30 days, and submitted a related response document on September 30 [1] Summary by Sections - **Transaction Details** - The transaction involves the acquisition of a 40% stake in Liangshan Mining Co., Ltd. and fundraising through share issuance to two major corporations [1] - **Regulatory Process** - The transaction is subject to approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] - **Disclosure Commitment** - The company commits to continue advancing the transaction and will disclose progress in accordance with legal requirements, urging investors to pay attention to future announcements [2]

Core Viewpoint - Yunnan Copper announced its Q3 2025 financial results, showing a significant increase in revenue but a notable decline in net profit [1] Financial Performance - In Q3 2025, the company reported an operating revenue of 48.83 billion yuan, representing a year-on-year growth of 11.52% [1] - The net profit for Q3 2025 was 235 million yuan, which is a decrease of 49.36% compared to the same period last year [1] - For the first three quarters of 2025, the total operating revenue reached 137.743 billion yuan, reflecting a year-on-year increase of 6.73% [1] - The net profit for the first three quarters was 1.551 billion yuan, showing a slight increase of 1.91% year-on-year [1]

证券代码：000878 证券简称：云南铜业 公告编号：2025-085 云南铜业股份有限公司 关于与关联方共同出资参股设立公司 暨关联交易的进展公告 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、关联交易基本情况概述 2025 年 8 月 27 日，云南铜业股份有限公司（以下简称 云南铜业或公司）第十届董事会第四次会议审议通过了《云 南铜业股份有限公司关于与关联方共同出资参股设立公司 暨关联交易的议案》，同意公司与中国铝业集团有限公司（以 下简称中铝集团）、中国铝业股份有限公司（以下简称中国 铝业）、云南驰宏锌锗股份有限公司（以下简称驰宏锌锗） 和中铝资本控股有限公司（以下简称中铝资本）共同出资设 立有限责任公司，联合打造稀有金属产业链延伸的平台。其 中，云南铜业以现金出资 3 亿元，持股 20%。具体内容详见 公司于 2025 年 8 月 28 日披露的《云南铜业股份有限公司关 于与关联方共同出资参股设立公司暨关联交易的公告》（公 告编号：2025-071）。 二、关联交易进展情况 2025 年 10 月 24 日，公司与中铝集团、中国铝业、驰 宏锌锗 ...

（一）召开时间：2025 年 10 月 31 日（星期五）15:00- 16:00。 （二）召开方式：网络互动方式。 （三）出席人员：董事长孔德颂先生、财务总监、董 事会秘书高洪波先生，独立董事纳鹏杰先生、韩润生先生。 公司财务部（资本运营部、证券事务部）、制造部、装备 部（数字化管理部）等相关人员。 （四）投资者参与方式 投资者可登录"约调研"小程序搜索"云南铜业"， 参加本次网上业绩说明会。 证券代码：000878 证券简称：云南铜业 公告编号：2025-084 云南铜业股份有限公司 关于召开 2025 年三季度网上业绩说明会 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。 云南铜业股份有限公司（以下简称公司）于 2025 年 10 月 25 日披露公司《2025 年第三季度报告》，为方便广大投 资者更全面深入了解公司所处行业状况、生产经营、财务 状况、面临的风险与困难等相关情况，加强公司与投资者 的沟通互动，公司决定召开"2025 年第三季度网上业绩说明 会"。 一、业绩说明会安排 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 云南铜业 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-086 公司于 2025 年 9 月 2 日收到深圳证券交易所出具的《关 于云南铜业股份有限公司发行股份购买资产并募集配套资 金申请的审核问询函》（审核函〔2025〕130014 号）（以下 简称《审核问询函》），要求公司在 30 日内对审核问询函 中所列问题逐项落实并提交书面回复。收到《审核问询函》 后，公司立即对《审核问询函》所列问题进行了认真核实和 答复，并于 2025 年 9 月 30 日披露了相关回复文件。具体内 容详见公司同日在指定信息披露媒体上披露的相关公告。 特此公告。 云南铜业股份有限公司董事会 2025 年 10 月 24 日 根据深圳证券交易所的进一步审核意见，公司需对《审 核问询函》回复文件进行修改、补充，因进一步修改、补充 所需工作时间需要一定时间，为切实稳妥做好《审核问询函》 回复等相关工作，根据《深圳证券交易所上市公司重大资产 重组审核规则》相关规定，公司已向深圳证券交易所申请延 期，公司将自《审核问询函》回复期限届满之日起延期不超 过 30 日向深圳证券交易所提交修订后的《审核问询函》回 复文件并及时履行信息披露义 ...

具体内容详见公司于同日在指定信息披露媒体上披露 的《云南铜业股份有限公司 2025 年第三季度报告》。 董事会审计与风险管理委员会已审议并一致同意上述 议案，同意将相关议案提交董事会审议。 特此公告。 证券代码：000878 证券简称：云南铜业 公告编号：2025-082 云南铜业股份有限公司 第十届董事会第六次会议决议公告 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。 云南铜业股份有限公司（以下简称云南铜业或公司）第 十届董事会第六次会议以通讯方式召开，会议通知于 2025 年 10 月 21 日以邮件方式发出，表决截止日期为 2025 年 10 月 24 日。会议应发出表决票 11 份，实际发出表决票 11 份， 在规定时间内收回有效表决票 11 份，会议符合《公司法》 及《公司章程》的规定。会议表决通过了如下决议： 一、以 11 票赞成，0 票反对，0 票弃权，审议通过《云 南铜业股份有限公司 2025 年第三季度报告》。 云南铜业股份有限公司董事会 2025 年 10 月 24 日 ...

Financial Performance - Total revenue for the third quarter reached ¥48,829,645,151.83, an increase of 11.52% compared to the same period last year[5] - Net profit attributable to shareholders was ¥234,507,993.47, a decrease of 49.36% year-on-year[5] - The basic earnings per share (EPS) was ¥0.1170, down 49.36% from the previous year[5] - The total comprehensive income decreased by 61.90% to ¥796,773,002.61, primarily due to fluctuations in hedging gains and losses[13] - The company's net profit for the current period is approximately ¥1.89 billion, a decrease from ¥2.13 billion in the previous period, representing a decline of about 11.5%[29] - The total profit before tax was approximately ¥2.23 billion, down from ¥2.57 billion in the previous period, a decrease of about 13.2%[29] Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of ¥5,074,662,357.04, a decline of 74.99% compared to the same period last year[5] - Cash flow from operating activities worsened by 74.99% to -¥5,074,662,357.04, attributed to rising copper and silver prices and increased raw material demand[14] - Cash flow from financing activities increased by 40.50% to ¥8,681,433,739.96, reflecting higher financing scale compared to the previous year[14] - The net increase in cash and cash equivalents was ¥2,455,967,147.73, a 196.02% increase due to reduced cash outflows from investment activities compared to last year[14] - The company's cash and cash equivalents increased to ¥4.18 billion from ¥1.80 billion, representing a growth of 132.5%[24] - The cash and cash equivalents at the end of the period totaled approximately ¥3.89 billion, down from ¥7.02 billion at the end of the previous period, a decrease of about 44.5%[33] Assets and Liabilities - Total assets increased by 24.80% to ¥54,360,246,103.26 compared to the end of the previous year[5] - Accounts receivable rose by 391.20% to ¥786,342,963.03, primarily due to an increase in receivables not yet due[10] - Inventory increased by 70.68% to ¥21,589,969,784.06, driven by rising copper and silver prices[10] - Short-term borrowings surged by 228.14% to ¥12,102,836,860.63, reflecting increased financing needs for operations[10] - The company's investment activities resulted in a net cash outflow of approximately ¥1.15 billion, an improvement from a net outflow of ¥2.44 billion in the previous period[33] Expenses and Costs - Total operating costs amounted to ¥135.79 billion, up from ¥126.77 billion, reflecting a year-over-year increase of 7.9%[28] - Sales expenses rose by 36.89% to ¥228,949,053.25, primarily due to increased transportation costs for self-produced products[12] - Research and development expenses were reported at ¥272.94 million, a decrease of 11.4% from ¥308.40 million in the previous period[28] - The company incurred an asset impairment loss of approximately ¥411.27 million, compared to ¥200.74 million in the previous period, indicating an increase of about 105.5%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 167,454[16] - Yunnan Copper (Group) Co., Ltd. holds 31.82% of shares, totaling 637,469,718 shares[16] - The top ten shareholders include state-owned entities and foreign legal persons, with the largest shareholder being Yunnan Copper (Group) Co., Ltd.[16] - The company has no major changes in the shareholding structure among the top ten shareholders due to margin trading activities[17] Strategic Initiatives - The company plans to sell part of the assets of the Southwest Copper Wangjiabao plant, with an estimated asset value of 239.50 million RMB and a final transaction price of 446.74 million RMB, expected to increase net profit by 18.2 million RMB in 2025[18] - The company is establishing a holding subsidiary in Liangshan Prefecture with a registered capital of 50 million RMB, where the company will contribute 30 million RMB for a 60% stake[19] - Yunnan Copper intends to acquire 40% of Liangshan Mining Co., Ltd. through a share issuance, which will make it a subsidiary of the listed company[20] - The share issuance for asset acquisition has been approved by the board and is under review by the Shenzhen Stock Exchange[21] - The company has signed a supplementary agreement with Yunnan Copper Group regarding performance commitments and asset impairment compensation arrangements[22] - The company is actively progressing with its major asset restructuring in compliance with relevant regulations and guidelines[22]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has approved a proposal to establish a joint venture with related parties to extend the rare metal industry chain [1] Group 1: Joint Venture Details - The company will collaborate with China Aluminum Group Co., Ltd., China Aluminum Corporation, Yunnan Copper Co., Ltd., and Chalco Capital Holdings Co., Ltd. to set up a joint venture [1] - The company will contribute a total of RMB 300 million, which includes 100% equity of Yunnan Chihong International Germanium Co., Ltd. and cash, to hold a 20% stake in the joint venture [1] - The formal signing of the investment agreement for the joint venture took place on October 24, 2025 [1]