证券代码：000878 证券简称：云南铜业 公告编号：2025-035 云南铜业股份有限公司 因有关事项尚存不确定性，为了维护投资者利益，避免 对公司证券交易造成重大影响，根据深圳证券交易所的相关 规定，经公司申请，公司证券（品种：A 股股票，简称：云 南铜业，代码：000878）自 2025 年 5 月 13 日开市时起开始 停牌。预计停牌时间不超过 10 个交易日，即不晚于 2025 年 项的停牌公告》（公告编号：2025-033）。 截至本公告披露之日，公司以及有关各方正在积极推进 本次交易的各项工作。为了维护投资者利益，避免对公司证 券交易造成重大影响，根据深圳证券交易所的相关规定，公 司股票将继续停牌。待相关工作完成后，公司将按照《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》的要求披露本次交易预案并申请公司股 票复牌。 鉴于本次交易的有关事项尚存不确定性，敬请广大投资 者关注公司后续公告并注意投资风险。 特此公告 云南铜业股份有限公司董事会 关于筹划发行股份购买资产并募集配套 资金事项的停牌进展公告 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 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-035 云南铜业股份有限公司 关于筹划发行股份购买资产并募集配套 资金事项的停牌进展公告 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。 特此公告 云南铜业股份有限公司董事会 2025 年 5 月 16 日 云南铜业股份有限公司（以下简称公司）正在筹划发行 股份购买云南铜业（集团）有限公司持有的凉山矿业股份有 限公司 40%股份并募集配套资金。 因有关事项尚存不确定性，为了维护投资者利益，避免 对公司证券交易造成重大影响，根据深圳证券交易所的相关 规定，经公司申请，公司证券（品种：A 股股票，简称：云 南铜业，代码：000878）自 2025 年 5 月 13 日开市时起开始 停牌。预计停牌时间不超过 10 个交易日，即不晚于 2025 年 5 月 27 日开市时起复牌。具体内容详见公司于 2025 年 5 月 13 日披露的《关于筹划发行股份购买资产并募集配套资金事 项的停牌公告》（公告编号：2025-033）。 截至本公告披露之日，公司以及有关各方正在积极推进 本次交易的各项工作。为了维护投资 ...

云南铜业近日公告，公司正在筹划发行股份购买资产并募集配套资金事项，因有关事项尚存不确定性，根据深圳证券交易所的相关规定，经公 司申请，公司证券自5月13日开市起停牌。 Yunnan Copper Industry recently announced that the company is planning to issue shares to purchase assets and raise supporting funds. Due to the uncertainties surrounding these matters, in accordance with the relevant regulations of the Shenzhen Stock Exchange, the company's securities will be suspended from trading starting May 13. 公司预计在不超过10个交易日的时间内披露本次交易方案，即在2025年5月27 日前按照《公开发行证券的公司信息披露内容与格式准则第26号 ——上市公司重大资产重 组》的要求披露相关信息。 ...

Core Viewpoint - The high-voltage direct current relay market is experiencing significant growth driven by the increasing demand in the power industry, industrial automation, and the rapidly expanding electric vehicle sector. The market size in China is projected to reach approximately 3.288 billion yuan in 2024, with continued growth expected due to the development of renewable energy, smart grids, and electric vehicles [1][16]. Group 1: Industry Overview - High-voltage direct current relays are essential electrical devices used to control current in high-voltage direct current circuits, featuring advantages such as high voltage resistance and impact resistance. They are primarily applied in the power, industrial automation, and electric vehicle industries [3][11]. - The demand for high-voltage direct current relays is increasing due to the rapid growth of the electric vehicle industry, which requires these relays for battery management systems and motor control systems [1][11]. Group 2: Market Demand and Growth - The market for high-voltage direct current relays is projected to grow significantly, with the global market size expected to reach approximately 3.521 billion USD in 2024, driven by the increasing sales of electric vehicles [14]. - In China, the production and sales of new energy vehicles have seen substantial growth, with production increasing from 340,500 units in 2015 to 12.888 million units in 2024, reflecting a compound annual growth rate of 49.74% [11][14]. Group 3: Technical Requirements - High-voltage direct current relays used in electric vehicles must meet various technical requirements, including high voltage resistance, load endurance, impact resistance, strong arc extinguishing capability, and high breaking capacity [5][6]. - The relays must withstand high working voltages and currents, with electric vehicles typically requiring relays that can handle voltages significantly higher than traditional vehicles [5][6]. Group 4: Industry Chain and Key Materials - The upstream of the high-voltage direct current relay industry includes the supply of core raw materials and key components, such as precious metals for contacts and copper for coils, which are crucial for performance and manufacturing costs [7][9]. - The production of copper materials in China is projected to grow from 18.62 million tons in 2017 to 23.503 million tons in 2024, providing a solid raw material foundation for high-voltage direct current relays [9]. Group 5: Competitive Landscape - The global high-voltage direct current relay market exhibits an oligopolistic structure, with major players including Panasonic, Tyco, Gigavac, Omron, and Denso, while domestic manufacturers like Hongfa and Aerospace Electric hold significant market shares [18][20]. - In the domestic market, Hongfa Technology holds approximately 40% of the market share, with other players like BYD and Panasonic also contributing to the competitive landscape [18][20]. Group 6: Future Trends - The demand for high-voltage direct current relays is expected to grow due to the upgrade of high-voltage platforms in electric vehicles, requiring higher voltage ratings and safety standards [24]. - There is a trend towards lightweight design in high-voltage direct current relays, aiming to reduce weight by over 30% while maintaining performance, which is crucial for enhancing the range of electric vehicles [25]. - The integration of smart technologies in high-voltage direct current relays is anticipated to enhance safety and efficiency, with features like real-time monitoring and adaptive protection mechanisms [27][28].

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 | 投资者关 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 投资者网上提问 | | 人员 | | | 时间 | 2025 年 5 月 16 日（周五）16:00-17:00 | | 地点 | 公司通过"全景路演"网站（https://rs.p5w.net）采用网络远程的方式召开业绩说 | | | 明会 | | 形式 | 网络文字互动方式 | | 上市公司 | 财务总监、董事会秘书：高洪波 | | 参加人员 | 财务资产部负责人：刘八妹 | | 姓名 | 证券部负责人、证券事务代表：孙萍 | | | 证券部业务经理：岳圣文 | | | 公司参加云南辖区上市公司 年度投资者网上集体接待日活动，就投 2024 | | | 资者在本次说明会中提出的问题进行了回复： | | | 1、铜 TC 已经为负并且不断走低，贵司是否会考虑减产？ | | | 感谢您对公司的关注。确实，现在 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-034 云南铜业股份有限公司 关于召开 2025 年一季度网上业绩说明会 的公告 （三）出席人员：副董事长、总经理孙成余先生，董 事会秘书、财务总监高洪波先生，独立董事于定明先生， 财务资产部负责人刘八妹女士，证券事务代表孙萍女士和 公司证券部相关人员。 （四）投资者参与方式 投资者可登陆"约调研"小程序搜索"云南铜业"，参加本 次网上业绩说明会。 二、投资者问题征集 为充分尊重投资者、提升交流的针对性，公司就本次 说明会提前向投资者公开征集问题。投资者可于 2025 年 5 月 19 日 12:00 时前，通过"约调研"小程序，以提问的形式 将关注的问题进行提交。公司将对征集到的问题进行整理， 在本次业绩说明会上就投资者重点关注的问题进行回复。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告 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4月 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 ...

证券代码：000878 证券简称：云南铜业 公告编号：2025-034 云南铜业股份有限公司 关于召开 2025 年一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4月 25日披露公司《2025年第一季度报告》，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年一季度网上业绩说明会"。 一、业绩说明会安排 （一）召开时间：2025 年 5 月 22 日（星期四）15:00- 16:00。 （二）召开方式：网络互动方式 （三）出席人员：副董事长、总经理孙成余先生，董 事会秘书、财务总监高洪波先生，独立董事于定明先生， 财务资产部负责人刘八妹女士，证券事务代表孙萍女士和 公司证券部相关人员。 1 投资者可登陆"约调研"小程序搜索"云南铜业"，参加本 次网上业绩说明会。 二、投资者问题征集 为充分尊重投资者、提升交流的针对性，公司就本次 说明会提前向投资者公开征集问题。投资者可于 202 ...

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) in the A-share market reflects a deep-seated logic of industrial upgrading and strategic transformation, showcasing the diversification and specialization of the current M&A landscape [1] Group 1: Characteristics of Recent M&A Activity - Cash transactions dominate the current wave of M&A, with companies accelerating their entry into new sectors [2] - The M&A activities are driven by three strategic directions: seeking breakthroughs in technological innovation, enhancing risk resilience through resource integration, and capitalizing on policy incentives to enter emerging sectors like AI and semiconductors [2] Group 2: Industry Chain Integration - Industry chain integration is a core driver of M&A among A-share companies, with firms pursuing horizontal and vertical integration to enhance competitiveness [3] - Jiangsu Zongyi Co., Ltd. plans to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. to extend its reach into the power semiconductor sector [3] - Suzhou Dongshan Precision Manufacturing Co., Ltd. intends to acquire 100% of Groupe Mécanique Découpage to optimize its debt structure and enhance its capabilities in the automotive parts sector [3][4] Group 3: Strategic Focus and Diversification - Companies are adopting divergent strategies, with some focusing on core businesses while others pursue diversification [5] - Jiangsu Zongyi's acquisition of Jilai Microelectronics aims to strengthen its position in the integrated circuit sector, enhancing its technical capabilities and market share [5] - China National Pharmaceutical Group plans to acquire Beijing Jinsui Technology to enter the e-commerce service sector, diversifying its business and revenue streams [5] Group 4: Investment Trends - Beijing Lier High-Temperature Materials Co., Ltd. is investing in Shanghai Zhenliang Intelligent Technology Co., Ltd. to enter the AI chip market, reflecting a commitment to both core business and new growth areas [6] Group 5: Valuation and Compliance Concerns - Valuation and compliance are critical issues in M&A transactions, directly impacting their success [8] - Huafeng Chemical Co., Ltd. terminated its planned acquisition of Zhejiang Huafeng Synthetic Resin Co., Ltd. due to high valuation and lack of shareholder approval, highlighting the risks associated with high-premium related transactions [8][9] - Companies are advised to establish a scientific valuation system and ensure transparency in operations to mitigate risks associated with related-party transactions [10]

（图片系AI生成） 时隔多年后，大股东资产注入计划终于再次启动。 股权结构方面，云铜集团持有40%股权，凉山州工业投资发展集团有限责任公司持有40%股权，云南铜 业持有20%股权。2022年1月，云铜集团将凉山矿业40%的股权委托云南铜业管理。2023年11月，云南 铜业发布控股股东承诺事项延期的公告称，因凉山矿业土地、房产等资产问题较为复杂，云铜集团对凉 山矿业的股权注入承诺已延期至2026年11月底前启动。 目前市场对云南铜业存在较强的重组预期，此次大股东终于启动凉山矿业资产注入计划似乎让投资者看 到了希望。再加上2023年间接控股股东中国铜业已将中矿国际股权委托云南铜业代管，并压缩管理层 级，被外界视为资产注入前兆；2024年中国铝业集团增持云南铜业股权1.98%亦被看作是为后续整合铺 路。 但此次凉山矿业能否注入成功还要打一个问号，一是因为云南铜业曾有多次重大筹划"落空"，比如2014 年、2015年的两次定增。二是云铜集团也曾违背承诺，其在2014年6月云铜集团明确了资产注入时间 表，即在当年内启动资产注入，同年云南铜业也曾公告筹划资产重组。然而，该事项最终在上市公司停 牌三个月后宣告终止，理由是" ...

Core Viewpoint - Yunnan Copper is planning to acquire 40% of Liangshan Mining from its major shareholder, Yunnan Copper Group, which will enhance its resource reserves and operational performance while resolving competition issues with the parent company [1][2][3]. Group 1: Acquisition Details - Yunnan Copper announced the plan to issue shares to purchase 40% of Liangshan Mining and raise matching funds, with the stock expected to be suspended for up to 10 trading days [2]. - Liangshan Mining, established in October 2001, focuses on copper and associated mineral mining, and is projected to generate revenue of 9.562 billion yuan and a net profit of 324 million yuan in 2024 [2][3]. Group 2: Financial Performance - In Q1 2024, Yunnan Copper reported revenue of 37.754 billion yuan, a year-on-year increase of 19.7%, and a net profit of 560 million yuan, up 23.97% [1][5]. - The company has shown strong inventory management, with inventory turnover days decreasing from 42.66 to 34.02 days, and turnover rate increasing from 2.11 to 2.65 times [5]. Group 3: Historical Context and Future Outlook - Yunnan Copper has a history of asset injections from its major shareholder, with commitments made in 2016 to resolve competition issues and enhance asset quality [3]. - The company is positioned as the only listed platform for the copper industry under China Aluminum Group and China Copper, with a copper production capacity of 1.4 million tons [4].