公司董事长孔德颂表示，2025年公司聚焦极致经营，清单式推进重点经营工作，力争成本竞争力处于行业前列。而在之前的投资者调研中，云南铜业表示要 推进铁血降本。 尽管去年实现盈利，但公司去年第四季度呈现亏损，这和市场加工费(TC)持续走低相关。云南铜业表示，公司在经营好现有矿山、冶炼厂的基础上，积极关 注优质铜资源项目。 每经记者 胥帅 每经编辑 魏官红 4月2日，A股铜业热门股云南铜业（000878.SZ，股价12.95元，市值259.47亿元）举行了线上业绩说明会。《每日经济新闻》记者发现，公司董事长孔德颂 和财务总监、董事会秘书高洪波出席会议，说的内容挺有"料"。 图片来源：由每经财报智能体一键生成 要推进铁血降本 4月2日，云南铜业举行了业绩说明会，投资者对公司业绩、产量和铜价等方面进行了提问。3月25日晚间，云南铜业披露了2024年年报，公司2024年实现营 业收入1780.12亿元，同比增长21.11%；归母净利润12.65亿元，同比下降19.9%。 云南铜业去年第四季度的归母净利润为亏损2.6亿元。公司董事长孔德颂和财务总监、董事会秘书高洪波均表示，公司2024年第四季度归母净利润下降，与 市场加工 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][31]. Core Views - The company's net profit attributable to shareholders is expected to decline by 20% in 2024, with a projected net profit of 1.26 billion yuan [5][31]. - The decline in profit is primarily due to a significant drop in copper concentrate processing fees, which are at historical lows [2][30]. - Despite short-term pressures in the smelting business, the long-term outlook is positive due to the expected clearing of global copper smelting capacity and government restrictions on new smelting capacity [2][31]. Financial Performance - In 2024, the company is projected to achieve revenue of 178 billion yuan, an increase of 21.1% year-on-year [5][33]. - The operating cash flow is expected to decrease significantly to 145 million yuan from 6.44 billion yuan in the previous year [5][33]. - The company plans to distribute a total cash dividend of 540 million yuan, which represents 43% of the net profit for 2024 [5][6]. Production Analysis - The copper concentrate production is expected to be 54,800 tons in 2024, a decrease of 10,000 tons year-on-year, mainly due to reduced output from the main mine [6][31]. - The smelting output of cathode copper is projected to be 1.206 million tons, down 12.6% year-on-year, primarily due to the relocation of Southwest Copper [6][31]. - The company has achieved a record high cathode copper production of 470,000 tons from the Southeast Copper's electrolytic quality improvement project [6][31]. Profit Forecast - The forecasted net profits for 2025-2027 are 1.124 billion, 2.496 billion, and 2.812 billion yuan, respectively, with growth rates of -11.1%, 122.1%, and 12.7% [31][33]. - The diluted EPS for the same period is expected to be 0.56, 1.25, and 1.40 yuan, with corresponding P/E ratios of 23.6, 10.6, and 9.4 [31][33].

Group 1: Company Performance in 2024 - Yunnan Copper produced 1,206,000 tons of cathode copper, 127,100 tons of gold, and 12,000 tons of silver in 2024 [1] - Total assets at the end of 2024 amounted to CNY 34.899 billion, with a debt-to-asset ratio of 57.66% [1] - The company achieved a total profit of CNY 1.265 billion and an operating income of CNY 17.8012 billion [1][2] Group 2: Southwest Copper Relocation Project - The Southwest Copper relocation project has completed its overall construction and is currently in the load trial phase [3] - The project aims to optimize smelting layout and production processes, enhancing resource utilization and reducing production costs [3] Group 3: Asset Disposal and Financial Impact - The company plans to transfer part of the fixed assets and inventory of the Wangjiabridge plant, with an estimated asset value of CNY 239.5048 million and a final transaction price of CNY 446.7424 million [4] - This asset transfer is expected to increase the company's net profit by approximately CNY 182 million for 2025 [4] Group 4: Resource Acquisition and Exploration - In 2024, the company invested CNY 65 million in geological research and exploration, discovering an additional 91,800 tons of copper resources [5] - The total copper ore reserves at the end of 2024 were 964 million tons, with a metal content of 3.6509 million tons and an average grade of 0.38% [5] Group 5: Response to Processing Fee Fluctuations - The company employs long-term contracts and spot market strategies to manage processing fee volatility [6][7] - It maintains stable relationships with major suppliers to ensure consistent supply and production continuity [7] Group 6: Technological Innovation and Digital Transformation - In 2024, the company invested CNY 2.707 billion in R&D, focusing on green low-carbon technologies and resource recovery [8][9] - The company has made significant progress in smart factory projects, including the implementation of AI technologies for improved operational efficiency [9] Group 7: Shareholder and Asset Injection Plans - Yunnan Copper Group plans to inject its 40% stake in Liangshan Mining into Yunnan Copper by November 29, 2026, subject to regulatory conditions [10][11] - The company is committed to maintaining transparency regarding any future asset injection matters [11]

云南铜业 20250326 摘要 Q&A 云南铜业在 2024 年的财务表现如何？ 根据云南铜业发布的 2024 年年报，公司全年实现归母净利润 12.62 亿元。细分 来看，银铜的毛利为 25.5 亿元，贵金属的毛利为 6 亿元，硫酸的毛利约为 5 亿 元，协益、小金属等其他业务整体毛利为 3 亿元。然而，在第四季度，公司单 季度归母净利润亏损 2.5 亿元，这主要是由于冶炼加工费的下滑和计提所致。 • 2024 年云南铜业实现营收 1,780 亿元，总利润 23 亿元，归母净利润 12 亿 元，每股收益 0.63 元。生产阴极铜 120.6 万吨，黄金 12.71 吨，白银 348.99 吨，硫酸 482.8 万吨。年末资产总额 4,355.7 亿元，资产负债率 56%。 • 2024 年国内三个月期和当月期铜价分别增长 10.98%和 10.34%，伦敦当月 期和三月期铜价分别增长 7.9%和 8.87%，铜价整体呈现上涨态势，但四季 度冶炼加工费下滑和计提导致单季度归母净利润亏损 2.5 亿元。 • 公司通过增加再生铜和稀散金属等高附加值产品，以及大股东旗下矿山提 供的原料支撑，应对冶炼加工费下降问题 ...

铜精矿加工费大跌侵蚀利润，云南铜业陷"增收不增 利"困境 高位铜价拉动云南铜业的收入，铜精矿现货加工费大幅下降导致成本承压。 2024年铜价在强势美元、弱传统需求、高显性库存的背景下仍创历史新高，云南铜业（000878.SZ）营 业收入创下历史新高，但铜精矿现货加工费大幅跌价也让公司成本承压，全年利润同比减少近二成。 3月25日晚，云南铜业发布2024年年报，公司实现营业收入1780.12亿元，创历史新高，同比增长 21.11%；实现归母净利润12.65亿元，同比下降19.91%，连续两年出现同比下滑。公司拟每10股现金分 红2.4元（含税），分红总额4.81亿元。 2025年以来，铜可谓是风口上的周期之王，关税预期下美铜溢价持续拉大，伦铜与沪铜年内均有不同程 度涨幅。随着二季度旺季到来，全球风电、光伏、新能源汽车需求持续增长料将支撑铜的需求端，在加 工费持续低迷背景下，若冶炼厂减产现象持续扩散，铜矿端短缺或逐步向金属端传导，铜价有望迎来上 行周期。 就阴极铜库存大幅减少原因，云南铜业称，公司加强销售力度，推动年底库存量降低，黄金与白银库存 增长都是因为产品尚未进行销售，属于正常库存变动。 截至2024年末， ...

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

2021年，云南铜业子公司云南迪庆有色金属有限责任公司旗下的普朗铜矿成为全国首个实现5G工 业应用的有色金属地下铜矿。目前，正在实施的8个智能化项目投用后，普朗铜矿将进一步提升采选自 动化、智能化水平。 云南铜业2024年实现净利润12.65亿元 矿山建设 追"智"逐"绿" 本报讯(记者李如是)3月26日，云南铜业（000878）股份有限公司(以下简称"云南铜业")发布2024年 年度报告。2024年，公司实现营业总收入1780.12亿元，同比增长21.11%；归属于上市公司股东的净利 润12.65亿元，经营活动现金净流入1.45亿元，加权平均净资产收益率8.84%。公司2024年度分配预案 为：拟向全体股东每10股派现2.4元(含税)。 年报显示，2024年，云南铜业坚持"保产量、控成本、优指标"工作思路，统筹抓好生产组织各项工 作，保障生产经营目标实现，全年生产阴极铜120.60万吨、黄金12.71吨、白银348.99吨、硫酸482.86万 吨、精矿含铜5.48万吨；成本技术指标优化，矿山精矿含铜单位完全成本、冶炼阴极铜单位加工完全成 本优于预算目标，回收率、作业率再提升，采矿损失率进一步优化，极致降库创 ...

2024年第四季度净利润亏损、铜库存同比大降⋯⋯ 云南铜业去年年报透露了这些信息 每经记者 胥帅 每经编辑 魏官红 3月25日晚间，云南铜业（000878.SZ，股价14.38元，市值288.12亿元）披露了2024年年报，公司2024年 实现营业收入1780.12亿元，同比增长21.11%；归母净利润12.65亿元，同比下降19.9%。 云南铜业去年第四季度的归母净利润为亏损2.6亿元，记者注意到，公司阴极铜库存量从2023年的1.7万 吨降至2024年的7152.08吨，同比大降58.25%。目前主营为铜且披露了2024年年报的企业有三家，分别 是紫金矿业、云南铜业和洛阳钼业，综合上述三家企业观点，其认为供应端存在冶炼减产的预期，而需 求端预期是能源转型行业用铜。 铜库存量同比下降58.25% 云南铜业2024年实现营业收入1780.12亿元，同比增长21.11%；归母净利润12.65亿元，同比下降 19.9%。 分拆云南铜业的季度业绩情况，去年上半年是利润高点，下半年则是利润低点。特别是公司去年第四季 度的归母净利润为亏损2.6亿元。而从毛利率看，2024年公司阴极铜毛利率为1.92%。 《每日经济新闻 ...

云南铜业: 关于非公开发行股票之标的资产2024年 度业绩承诺实现情况的专项说明 云南铜业股份有限公司 关于非公开发行股票之标的资产 2024 年度业绩承诺实现情况的专项说明 云南铜业股份有限公司 关于非公开发行股票之标的资产 2024 年度业绩 承诺实现情况的专项说明 根据深圳证券交易所相关规定，云南铜业股份有限公司（简称"本公司"）编制了 《云南铜业股份有限公司关于非公开发行股票之标的资产 2024 年度业绩承诺实现情况 的专项说明》。 一、本次非公开发行及标的资产过户的基本情况 股票的批复》（证监许可〔2022〕1853 号），核准公司非公开发行不超过 509,903,568 股新股。公司本次非公开发行股票的部分募集资金用于收购云南铜业（集团）有限公司 （以下简称"云铜集团"、"补偿主体"）持有的迪庆有色 38.23%股权（以下简称"本次交 易"）。 若目标公司在业绩承诺期内累计实现净利润数高于或等于承诺净利润数，则转让方 无需对受让方进行任何业绩承诺补偿；若目标公司在业绩承诺期内累计实现净利润数低 于承诺净利润数,则转让方应对受让方进行业绩承诺补偿（"业绩承诺补偿"）。具体补偿 计算公式:业绩承诺补偿 ...

云南铜业: 关于2025年公司债务融资工具注册及发 行方案的公告 证券代码：000878 证券简称：云南铜业 公告编号：2025-024 云南铜业股份有限公司 关于 2025 年度债务融资工具注册及 发行方案的公告 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。 为了满足云南铜业股份有限公司（以下简称"公司"） 业务发展的资金需求，优化债务结构，降低融资成本，拓宽 融资渠道，保障项目建设、生产经营所需资金，提高公司的 综合竞争力，公司拟向中国银行间市场交易商协会（以下简 称"交易商协会"）申请注册发行债务融资工具，有关发行 内容如下： 一、注册及发行方案 （一）注册额度 申请债务融资工具额度不超过100亿元，其中短期融资 券额度不超过50亿元（含50亿元），中期票据额度不超过50 亿元（含50亿元），具体额度将以公司在交易商协会审批或 备案的金额为准； （二）发行主体 云南铜业股份有限公司； （三）发行规模 元（含40亿元），其中短期融资券不超过20亿元，中期票据 不超过20亿元，具体发行规模在交易商协会注册的额度范围 内； （四）发行期限 不超过10年（含 ...