证券代码：000878 证券简称：云南铜业 公告编号：2024-021 特此公告。 云南铜业股份有限公司董事会 2024 年 4 月 18 日 孔德颂先生简历 孔德颂 男，汉族，1978 年 7 月出生，2001 年 8 月参加 工作，中共党员，党校研究生，正高级经济师。历任云南铜 业股份有限公司冶炼加工总厂党政办公室秘书、副主任、主 任、人力资源部主任、持续改进部主任，易门铜业有限公司 总经理、党委副书记、董事长、执行董事，云南铜业股份有 限公司冶炼加工总厂副厂长，云南铜业股份有限公司西南铜 业分公司党委副书记、副总经理、总经理。现任云南铜业股 份有限公司第九届董事会董事长，西南铜业搬迁项目指挥部 指挥长，云铜科技发展股份有限公司董事长，富民薪冶工贸 有限公司董事长。 云南铜业股份有限公司 关于选举董事长的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 云南铜业股份有限公司（以下简称公司）于 2024 年 4 月 18 日召开第九届董事会第二十四次会议，审议通过《关于选 举孔德颂先生为第九届董事会董事长的议案》，现将有关事 项公告如下： 公司第九届董事会 ...

非公开发行 A 股股票持续督导保荐总结报告书 | | | 一、发行人基本情况 | 公司名称 | 云南铜业股份有限公司 | | --- | --- | | 证券代码 | 000878.SZ | | 总股本 | 2,003,628,310.00 | | 注册地址 | 云南省昆明高新技术产业开发区 M2-3 | | 办公地址 | 云南省昆明市盘龙区华云路 1 号中铜大厦 | | 法定代表人 | 高贵超 | | 经营范围 | 有色金属、贵金属的生产、加工、销售及生产工艺的设计、施工、 | | | 科研。高科技产品化工产品的生产、加工及销售。机械动力设备的 | | | 制作、安装，经营本企业自产产品及相关技术的出口业务；经营本 | | | 企业生产的科研所需的原辅料、机械设备、仪器仪表、零配件及相 | | | 关技术的进口业务；经营本企业的进料加工和"三来一补"业务； | | | 出口本企业自产的铜材、选矿药剂、有色金属；进口本企业生产、 | | | 科研所需的原材料、机械设备、仪器仪表、零配件、经营有色金属 | | | 开采和选矿业务，化肥加工及销售，饲料添加剂产品，硫酸；食品 | | | 添加剂生产；液氧、氧气、氮 ...

关于云南铜业股份有限公司 2023 年度 2 中信证券股份有限公司 持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 | | --- | | 被保荐公司简称：云南铜业 （以下简称"中信证券"或"保荐人"） | | 保荐代表人姓名：罗峰 联系电话：010-60837549 | | 保荐代表人姓名：郑冰 联系电话：010-60837549 | | 现场检查人员姓名：罗峰、郑冰 | | 现场检查对应期间：2023 年 1 月 1 日-2023 年 12 月 31 日 | | 年 月 日 现场检查时间：2024 3 25-27 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段： | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、高级管理 人员名单及其变化情况，取得上市公司关联方清单，查阅公开信息披露文件，对上市公司高 | | 级管理人员进行访谈。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和三会规则是否得到有效执行 √ | | 3.三会会议记录是否完整，时间、地点、出席人员及会议 √ | | ...

中信证券股份有限公司 关于云南铜业股份有限公司 2023 年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：云南铜业 | | --- | --- | | 保荐代表人姓名：罗峰 | 联系电话：010-60837549 | | 保荐代表人姓名：郑冰 | 联系电话：010-60837549 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集资 | 是 | | 金管理制度、内控制度、内部审计制度、关联交 | | | 易制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据 2023 年度内部控制评价报告、2023 | | | 年度内部控制审计报告，发行人有效执行了 | | | 相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 ...

证券研究报告 | 2024年04月05日 云南铜业（000878.SZ） 增持 硫酸跌价拖累业绩，大股东优质资产注入可期 核心观点 公司研究·财报点评 2023年公司归母净利润同比下降12.7%。2023实现营收1470亿元（+8.9%）， 有色金属·工业金属 归母净利润15.8元（-12.7%），扣非归母净利润15.4亿元（-15.1%），经 证券分析师：刘孟峦 证券分析师：焦方冉 营活动产生的现金流量净额64.4亿元（+6.1%）。其中2023Q4营业收入364 010-88005312 021-60933177 liumengluan@guosen.com.cn jiaofangran@guosen.com.cn 亿元（同比-1.2%，环比-8.4%），归母净利润0.61亿元（同比-88%，环比 S0980520040001 S0980522080003 -88%）。2023Q4盈利大幅下滑主因计提资产减值。公司利润分配方案：以 基础数据 2023年末总股本20亿股为基数，拟向全体股东每10股派发现金股利3元（含 投资评级 增持(维持) 税），合计分配现金股利人民币6亿元。 合理估值 收盘价 14.14 ...

| 动主要内容介 | 公司就投资者在本次说明会中提出的问题进行了回复： | | --- | --- | | 绍 | 1、问：西南铜业搬迁补偿有没有确定，什么时候公布？ | | | 答：您好，感谢对公司的关注！公司目前正在积极与政府有关部门进行 | | | 沟通和协商，并依据相关规定及时履行信息披露义务。 | | | 2、问：年初冶炼费暴跌 80%，作为一个众所周知的没有什么矿只有冶 | | | 炼的公司，对 2024 年的业绩计划是什么，同比增加还是同比暴跌？ | | | 答：您好，感谢对公司的关注！全球主要铜矿企业受地缘政治、环保等 | | | 因素影响，产量普遍未达预期，导致铜精矿矿供给紧张，现货铜精矿加工费 | | 自去年 | 月以来出现大幅下跌。公司作为国内较大的铜精矿采购商之一长 12 | | | 期以来与各大供应商保持了较好的长期稳定的合作关系，铜精矿供应由长单 | | | 和现货两部分构成，受影响部分主要为现货采购，对公司 2024 年业绩有一 | | | 定影响。同时，铜精矿矿供给紧张导致了铜价上涨，对公司矿山企业是增利 | | | 因素，可有效对冲加工费下降的影响。 | | | 3、问：上市 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 16.39 CNY per share based on a 14x PE for 2024 [4][10]. Core Insights - The company reported a 2023 revenue of 147 billion CNY, a year-on-year increase of 9%, while the net profit attributable to shareholders was 1.58 billion CNY, a decrease of 13% year-on-year. In Q4 2023, revenue was 36.4 billion CNY, down 1% year-on-year and 8% quarter-on-quarter, with a gross profit of 1.787 billion CNY, up 18% year-on-year and 13% quarter-on-quarter [2][3]. - The decline in net profit in Q4 was primarily due to asset impairment losses of 724 million CNY and an increase in management expenses [2]. - The company optimized its copper mining costs in 2023, with production of copper concentrate and cathode copper both increasing by 2% year-on-year [2][3]. Financial Summary - The company achieved an EBITDA of 5.307 billion CNY in 2023, with a projected EBITDA of 6.421 billion CNY in 2024 [3]. - The earnings per share (EPS) for 2023 was 0.79 CNY, with forecasts of 1.17 CNY, 1.18 CNY, and 1.20 CNY for 2024, 2025, and 2026 respectively [3][9]. - The company’s debt-to-asset ratio was 56.4% at the end of 2023, a decrease of 3.4 percentage points from the end of 2022 [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.99 yuan [2]. Core Views - The company achieved a revenue of 146.985 billion yuan in 2023, representing a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 12.73% to 1.579 billion yuan [1][2]. - The company increased its copper reserves through the acquisition of a larger stake in Diqun Copper, raising its ownership from 50.01% to 88.24%, resulting in a total copper metal reserve of 3.6622 million tons by the end of 2023 [1]. - The relocation project of Southwest Copper Industry is expected to optimize smelting capacity, with an investment of approximately 6.4 billion yuan, aiming for an annual production capacity of 550,000 tons of cathode copper [1]. - The company is backed by its major shareholder, China Aluminum Group, which holds various mining assets, indicating potential for future resource integration [1]. Financial Forecasts - For 2024-2026, the company is projected to achieve net profits of 1.821 billion, 2.056 billion, and 2.233 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 times [2][5]. - The revenue growth rates for the forecasted years are expected to be 3.3% in 2024, 7.0% in 2025, and 7.1% in 2026 [2][5]. - The gross profit margin for 2023 was reported at 4.13%, slightly down from the previous year, with a projected margin of 3.81% for the following years [5][6]. Production and Pricing Insights - The company produced 63,700 tons of copper concentrate in 2023, a year-on-year increase of 1.76%, with cathode copper production reaching 1.3801 million tons, up 2.29% [1]. - The average price of cathode copper in 2023 was approximately 68,000 yuan per ton, reflecting a year-on-year increase of 1.71% [1]. - Sulfuric acid prices saw a significant decline, averaging 237.05 yuan per ton in 2023, down 57.68% year-on-year [1].

Production and Financial Performance - The company produced 1.38 million tons of cathode copper, 16.20 tons of gold, 737.53 tons of silver, 5.16 million tons of sulfuric acid, and 63,700 tons of copper concentrate, with cathode copper and silver production reaching record highs[43] - The company achieved annual revenue of 146.985 billion yuan, net profit attributable to shareholders of 1.579 billion yuan, and net cash flow from operating activities of 6.444 billion yuan[43] - The company's weighted average return on equity was 11.70%, and the total asset turnover ratio was 3.70 times[43] Exploration and Resource Management - The company invested 761 million yuan in exploration, adding 97,200 tons of inferred copper resources, and maintained 978 million tons of copper ore resources with 3.6622 million tons of copper metal by the end of 2023[42] R&D and Innovation - The company's R&D investment reached 2.413 billion yuan, an increase of 8.2% year-on-year, with key project R&D investment of 947 million yuan, generating 224 million yuan in efficiency gains[43] - The company filed 291 patent applications, including 131 invention patents and 6 international patents, and obtained 149 patent authorizations, including 16 invention patents and 3 international patents[43] - The company's R&D investment in 2023 was 2.41 billion RMB, accounting for 1.64% of total revenue, with an 8.20% increase compared to 2022[73] - The company has 1,493 R&D personnel, accounting for 17.07% of total employees, with a 13.20% increase in the number of bachelor's degree holders[73] - The company organized 251 scientific and technological projects, focusing on green and low-carbon technologies, resource recycling, and intelligent manufacturing[74] - The company established 1 new technical center and passed the national annual review of its national enterprise technology center[74] - The company's "Double Furnace Multi-Gun Top-Blowing Continuous Smelting Furnace" won the 24th China Patent Excellence Award[74] Energy Efficiency and Environmental Performance - The company's copper smelting comprehensive energy consumption decreased by 2.91%, reaching a historical optimal level[43] - The company's molybdenum beneficiation recovery rate increased by 4.93 percentage points compared to the annual plan[43] Corporate Rankings and Recognition - The company ranked 107th in the 2023 Fortune China 500 list and 1,817th in the Forbes Global 2000 list[43] Financial Expenses and Subsidies - Sales expenses increased by 17.05% year-over-year to 270.04 million RMB, while financial expenses decreased by 26.54% to 544.82 million RMB[70] - The company received 67 million yuan in project subsidies and 37 million yuan in science and technology policy funding[43] Procurement and Supplier Management - Top 5 suppliers accounted for 22.73% of total annual procurement, with a total procurement amount of 32.03 billion RMB[68] - Supplier 1, affiliated with the company's ultimate controlling shareholder, accounted for 6.96% of total annual procurement[69]

云南铜业股份有限公司 2023 年 12 月 31 日 内部控制审计报告 索引 页码 内部控制审计报告 1-2 9/F. Block A. Fu No.8. Chaovangmen B Donachena District. Beijing 100027. P.R.China 内部控制审计报告 XYZH/2024BJAA16B0023 云南铜业股份有限公司 云南铜业股份有限公司全体股东: 联系电话: 信永中和会计师事务所 北京市东城区朝阳门北大街 telephone: 8 号富华大厦 A 座 9 层 certified public accountants 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了云南铜业股份有限公司 2023年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制并评价其有效性,是云南铜业股份有限公司 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对 ...