交易所〈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〉的回复》及其他相关文件。 本次交易尚需经深圳证券交易所审核通过并经中国证 券监督管理委员会同意注册后方可实施。本次交易能否取得 相关批准、审核通过或同意注册，以及最终取得的时间均存 在不确定性。公司将根据相关进展情况，按照有关法律法规 的规定和要求及时履行信息披露义务，敬请广大投资者关注 后续公告，注意投资风险。 证券代码：000878 证券简称：云南铜业 公告编号：2025-078 云南铜业股份有限公司 关于发行股份购买资产并募集配套资金暨 关联交易审核问询函回复的提示性公告 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（以下简称公司或上市公司）拟 通过发行股份的方式购买云南铜业（集团）有限公司持有的 凉山矿业股份有限公司 40%股份，并向中国铝业集团有限公 司、中国铜业有限公司发行股份募集配套资金（以下简称本 次交易）。 公司于 2025 年 9 月 2 日收到深圳证券交易所上市审核 中心出具的《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 ...

股票代码：000878 股票简称：云南铜业 上市地点：深圳证券交易所 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 暨关联交易报告书（草案）摘要 （修订稿） 发行股份购买资产交易对方 云南铜业（集团）有限公司 募集配套资金认购方 中国铝业集团有限公司、中国铜业有限公司 独立财务顾问 二〇二五年九月 上市公司声明 本公司及全体董事、高级管理人员保证本报告书摘要的内容真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、准 确性和完整性承担相应的法律责任。 本公司控股股东及其一致行动人、董事、高级管理人员承诺，如本次交易因 所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案 侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和 股票账户提交上市公司董事会，由上市公司董事会代为向证券交易所和证券登记 结算机构申请锁定；未在两个交易日内提交锁定申请的，授权上市公司董事会核 实后直接向证券交易所和证券登记结算机构报送相关主体的身份信息和账户信 息并申请锁定；上市公司董事会未 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025--075 云南铜业股份有限公司 关于召开 2025 年第四次临时股东会的 通 知 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、召开会议基本情况 （一）股东会届次：2025 年第四次临时股东会 （二）会议召集人：云南铜业股份有限公司（以下简称 公司）第十届董事会 （三）会议召开的合法、合规性：经 2025 年 9 月 29 日 召开的公司第十届董事会第五次会议审议通过，同意召开公 司 2025 年第四次临时股东会（董事会决议公告已于 2025 年 9 月 30 日在《证券时报》《证券日报》及巨潮资讯网上披露）。 本次股东会会议召开符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的有关规定。 （四）会议召开日期和时间： 现场会议召开时间为：2025 年 10 月 15 日下午 14:30。 网络投票时间为：2025 年 10 月 15 日，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 10 月 15 日上午 9:15－9:25，9:30－11:30，下午 ...

2025年第四次临时股东会 会议资料 云南铜业股份有限公司 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东会。股东 应当持身份证或其他能够表明其身份的有效证件或证明出席股东会。 代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、高管人员等。 （一）本次会议表决方法按照公司章程规定，与会股东及股东代 表对议案进行表决。 （二）现场表决情况汇总并宣布表决结果。 2 （三）将现场表决结果上传至深圳证券交易所股东会网络投票 系统。 （四）统计现场投票和网络投票的合并表决结果。 （五）宣读股东会决议。 （二）介绍会议议题、表决方式。 （三）推选表决结果统计的计票人、监票人。 | 提案编码 | 提案名称 | | --- | --- | | 100 | 总议案：除累积投票提案外的所有提案 | | 非累积投票 | | | 提案 | | | 1.00 | 提案1审议《关于调整云南铜业股份有限公司发行股份购买资 产并募集配套资金暨关联交易方案且本次交易方案调整不构 | | ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-074 云南铜业股份有限公司 第十届董事会第五次会议决议公告 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或上 市公司）第十届董事会第五次会议以通讯方式召开，会议通 知于 2025 年 9 月 26 日以加密邮件方式发出，表决截止日期 为 2025 年 9 月 29 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《中华人民共和国公司法》（以下简称《公司法》）及《云 南铜业股份有限公司章程》（以下简称《公司章程》）的规 定。会议表决通过了如下决议： 一、关联董事回避表决后，以 7 票同意，0 票反对，0 票弃权，审议通过《关于调整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暨关联交易方案且本次交易方 案调整不构成重大调整的议案》； 上市公司 2025 年第三次临时股东会审议通过了《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 暨关联交易方案的议案》，同意上市公司向云南铜业 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1]. Core Views - The company is a leading domestic copper smelting enterprise with a robust profit model and a significant asset injection from its major shareholder [3]. - The company has a well-structured mining segment, with the main asset being the Pulang Copper Mine, which has a stable annual copper production of 35,000 to 40,000 tons [3]. - The company is set to enhance its resource reserves and industrial layout through the acquisition of a 40% stake in Liangshan Mining, which will increase its copper production capacity significantly [3]. - The company is positioned to benefit from the anticipated recovery in copper prices and has a strong profit outlook for the coming years [3]. Company Overview - Yunnan Copper Industry Co., Ltd. is a state-owned enterprise established in 1958, originally part of China's first five-year plan [11]. - The company is the only publicly listed platform for the copper segment under the Aluminum Corporation of China (Chinalco) [16]. - The company has a total copper smelting capacity of 140,000 tons, ranking third in China, with significant production facilities located in Yunnan, Inner Mongolia, and Fujian [60]. Business Analysis - The company has a complete industrial chain in copper and related non-ferrous metals, including exploration, mining, and smelting [17]. - The main revenue source is from cathode copper, followed by by-products such as sulfuric acid and precious metals [17]. - The company has a total copper resource reserve of 470,000 tons, with the Pulang Copper Mine accounting for 60% of this reserve [3][24]. Profit Forecast and Investment Suggestions - Revenue projections for 2025-2027 are estimated at 201.8 billion, 209 billion, and 209 billion yuan, respectively, with net profits of 2.297 billion, 2.412 billion, and 3.912 billion yuan [3]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.15, 0.99, and 1.61 yuan, respectively [3]. - The company is expected to achieve a reasonable valuation range of 18.4 to 20.7 yuan per share, indicating a potential premium of 15% to 29% over the current market value [3].

Core Viewpoint - Yunnan Copper has shown significant stock price appreciation this year, with a year-to-date increase of 36.74% and notable gains over various trading periods [2]. Group 1: Stock Performance - As of September 29, Yunnan Copper's stock price reached 16.34 CNY per share, with a trading volume of 15.06 billion CNY and a market capitalization of 327.39 billion CNY [1]. - The stock has increased by 6.24% over the last five trading days, 7.29% over the last 20 days, and 27.86% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Yunnan Copper reported operating revenue of 889.13 billion CNY, reflecting a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 13.17 billion CNY, which is a 24.32% increase year-on-year [2]. - The company has distributed a total of 40.19 billion CNY in dividends since its A-share listing, with 19.44 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 19, the number of shareholders for Yunnan Copper reached 169,000, an increase of 21.72% from the previous period, while the average number of circulating shares per shareholder decreased by 17.84% to 11,852 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 33.06 million shares, a decrease of 10.14 million shares from the previous period [3].

Group 1 - The copper smelting industry in China is facing "involution" competition, leading to persistently low copper concentrate processing fees, which has become a major discussion point at the recent meeting of the China Nonferrous Metals Industry Association [1] - The association has reported to relevant national departments, suggesting strict control over the expansion of copper smelting capacity, with measures expected to be implemented soon [1] - The processing fee for copper concentrate, which includes smelting and refining costs, has been under pressure, with both long-term and spot prices at historical lows, significantly impacting the profitability of smelting operations [1] Group 2 - Northern Copper Industry, the largest cathode copper supplier in North China, reported a decline in copper concentrate processing fees, with spot processing fees dropping to -40 USD/ton by the end of June [2] - Major companies like Tongling Nonferrous Metals experienced a 33.94% year-on-year decline in net profit, marking the first drop in five years, while Northern Copper's profit growth was only 5.85%, far below previous year's growth [2] - The gross profit margin for copper products has decreased across leading companies, with margins ranging from 1.9% to 8.2%, significantly affecting overall revenue as this segment accounts for over 70% of total income [2] Group 3 - The continuous low processing fees are primarily due to tightening copper concentrate supply, with a shift from surplus to shortage expected as global mining companies reduce future production guidance [3] - China's smelting capacity has been growing at a much faster rate than raw material supply, leading to increased supply-demand conflicts, with domestic smelting capacity growth around 15% as of July [3] - The combination of reduced production guidance from major copper mines and increasing demand from emerging industries like photovoltaics and electric vehicles is expected to keep copper concentrate supply tight, further lowering processing fees [3] Group 4 - Analysts noted that the tightening supply of copper ore is becoming more pronounced, with the surplus of electrolytic copper flowing to the U.S., exacerbating tensions in other regions [4] - Companies are responding to the low processing fees and raw material shortages by focusing on cost reduction and increasing the profitability of by-products [4] - Yunnan Copper reported a 24% year-on-year increase in net profit, attributing this to cost-cutting measures and increased contributions from by-products like sulfuric acid, which saw a significant rise in gross margin [4]

Core Viewpoint - The copper smelting industry in China is facing significant challenges due to "involution" competition, leading to persistently low copper concentrate processing fees, which has prompted industry associations to call for stricter control over smelting capacity expansion [1][2]. Industry Overview - The copper concentrate processing fee has been at historically low levels, with both long-term and spot prices remaining depressed, severely impacting profits in the smelting sector [1]. - The processing fee, which includes smelting and refining costs, has dropped significantly, with reports indicating that the spot processing fee fell to -$40 per ton by the end of June 2023 [2]. - Major companies like Tongling Nonferrous Metals and Northern Copper have reported declines in net profits due to the low processing fees, with Tongling's net profit down 33.94% year-on-year [2]. Supply and Demand Dynamics - The decline in processing fees is primarily attributed to tightening copper concentrate supply, as the global supply-demand balance shifts from surplus to shortage [3]. - China's copper smelting capacity has been growing at a rate much faster than the supply of raw materials, leading to increased dependency on imports, which constitute over 80% of the copper ore supply [3]. - The production guidance for major copper mines has been revised downward, further tightening supply and leading to expectations of continued low processing fees [4]. Company Strategies - In response to the challenging environment, leading companies are focusing on cost reduction and enhancing the profitability of by-products to offset the impact of low processing fees [4]. - Yunnan Copper has reported a year-on-year net profit increase of over 24% by implementing cost-cutting measures and increasing the contribution of by-products like sulfuric acid, which saw a significant rise in gross margin [4].

Group 1 - The industrial metal sector increased by 0.43% on September 26, with Jingyi Co., Ltd. leading the gains at 10% [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the industrial metal sector showed significant price movements, with Jingyi Co., Ltd. closing at 14.85 and a trading volume of 285,000 shares, resulting in a transaction value of 409 million yuan [1] Group 2 - The industrial metal sector experienced a net outflow of 293 million yuan from institutional investors, while retail investors saw a net outflow of 60.1 million yuan [2] - The sector attracted a net inflow of 354 million yuan from speculative funds [2] - Specific stocks like Luoyang Aluminum and Baiyin Nonferrous Metals had notable net inflows from institutional investors, while others like Lida New Materials faced significant outflows from retail investors [3]