长江商报消息 ●长江商报记者 汪静 4月14日晚间，锡业股份披露2025年第一季度业绩预告，公司预计实现归属于上市公司股东的净利润 （以下简称"净利润"）为4.7亿元—5.3亿元，同比增长44.06%—62.45%。锡、铜、锌等金属市场价格同 比上涨，是公司业绩增长的主要原因。 长江商报记者注意到，锡业股份是全球锡、铟双龙头。自2005年以来，公司锡产销量稳居全球第一， 2024年全球市场占有率升至25.03%。 2017年以来，锡业股份一直处于盈利状态，并在2021年创下业绩新高，当年实现营业收入538.4亿元、 净利润28.17亿元。 锡价震荡走高，锡业股份（000960.SZ）业绩高增。 2024年，锡业股份有色金属总产量达36.10万吨，其中锡8.48万吨、铜13.03万吨、锌14.40万吨，总产量 及锡、锌产量均创历史新高。 锡价震荡走高带动净利增长 根据业绩预告，2025年第一季度，锡业股份预计净利润为4.7亿元—5.3亿元，同比增长44.06%— 62.45%；扣非净利润为4.64亿元—5.24亿元，同比增长52.68%—72.42%。 锡业股份表示，报告期内，主要产品锡、铜、锌等金属市场价格同 ...

2025 年 04 月 14 日 相关研究 1、《锡业股份（000960）：2024H1 公司量价齐升，带动利润增长》 2024-08-27 2、《锡业股份（000960）：锡锭产 量稳中有升，公司有望受益锡价上 行》2024-04-20 2024 年盈利同比提升，费用率下降 —锡业股份（000960.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 13.65 | | 总市值（亿元） | 225 | | 总股本（百万股） | 1646 | | 流通股本（百万股） | 1646 | | 52 周价格范围（元） | 12.8-18.32 | | 日均成交额（百万元） | 512.24 | 市场表现 -30 -20 -10 0 10 20 30 (%) 锡业股份 沪深300 资料来源：Win ...

一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 3 月 31 日 2、预计的经营业绩：同向上升 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-019 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 KY02 | | 云南锡业股份有限公司 2025 年第一季度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2025 年 1 月 1 日至 3 月 31 日业绩预计变动情况 | 项 | 目 | 年 日 1 日–3 | 2025 | 月 1 | 月 | 31 | 上年同期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 净利润 | | | 盈利：47,000 | 万元–53,000 | 万元 | | 盈利：32,625.54 | 万元 | ...

锡业股份（000960）公告，2025年1月1日至2025年3月31日，预计归属于上市公司股东的净利润为4.7亿 元–5.3亿元，比上年同期的3.26亿元上升44.06%–62.45%；扣除非经常性损益后的净利润为4.64亿元– 5.24亿元，比上年同期的3.04亿元上升52.68%–72.42%；基本每股收益为0.2856元/股–0.322元/股，上年 同期为0.1982元/股。 ...

—锡业股份（000960.SZ）公司事件点评报告 买入(维持) 事件 2025 年 04 月 14 日 2024 年盈利同比提升，费用率下降 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 13.65 | | 总市值（亿元） | 225 | | 总股本（百万股） | 1646 | | 流通股本（百万股） | 1646 | | 52 周价格范围（元） | 12.8-18.32 | | 日均成交额（百万元） | 512.24 | 市场表现 -30 -20 -10 0 10 20 30 (%) 锡业股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《锡业股份（000960）：2024H1 公司量价齐升，带动利润增长》 2024-08-27 2、《锡业股份（000960）：锡锭产 量稳中有升，公司有望受益锡价上 行》20 ...

Core Viewpoint - Yunnan Tin Company Limited (锡业股份) has received a proposal from its controlling shareholder, Yunnan Tin Group Co., Ltd. (云锡控股公司), to implement a share buyback to enhance shareholder value and investor confidence [1][3]. Group 1: Proposal Details - The proposal was made on April 10, 2025, by Yunnan Tin Group, which holds 177,922,654 shares, accounting for 10.81% of the total share capital of Yunnan Tin Company [1][2]. - The purpose of the buyback is to reduce the registered capital of the company, thereby increasing earnings per share and enhancing long-term value [3]. - The buyback will involve repurchasing A-shares through the Shenzhen Stock Exchange via a centralized bidding method [4][6]. Group 2: Buyback Specifications - The maximum buyback price will not exceed 150% of the average trading price of the company's shares over the 30 trading days prior to the board's approval of the buyback resolution [6]. - The total amount allocated for the buyback will be no less than RMB 100 million and no more than RMB 200 million [7]. - The funding for the buyback will come from the company's own funds or funds raised by the company [8]. - The buyback period will last no more than 12 months from the date the shareholders' meeting approves the final buyback plan [9]. Group 3: Shareholder Actions and Commitments - Yunnan Tin Group has not engaged in buying or selling company shares in the six months prior to the proposal and currently has no plans to increase or decrease its holdings during the buyback period [10]. - The shareholder has committed to facilitating the company in convening a board or shareholders' meeting to review the buyback proposal and will vote in favor of it [11]. - The company's board will carefully study the proposal in light of its current operational and financial status and future development plans, and will follow the necessary approval procedures [11].

（二）提议时间：2025 年 4 月 10 日。 二、提议人提议回购股份的原因和目的 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-018 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 云南锡业股份有限公司 关于股东提议公司实施回购股份的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）于 2025 年 4 月 10 日收到云南锡业集团（控股）有限责任公司（以下简称"云锡控股公司"） 的《关于提议云南锡业股份有限公司实施股份回购的函》，云锡控股公司提议公 司以自有或自筹资金通过深圳证券交易所交易系统以集中竞价交易方式回购公 司发行的部分人民币普通股（A 股）股票用于减少公司注册资本，具体情况如下： 一、提议人的基本情况及提议时间 （一）提议人：云锡控股公司，云锡控股公司为公司控股股东 ...

智通财经4月10日电，锡业股份(000960.SZ)公告，股东云锡控股公司提议公司以自有或自筹资金通过深 圳证券交易所交易系统以集中竞价交易方式回购部分股份用于减少公司注册资本，回购资金总额不低于 1亿元且不超过2亿元。 锡业股份：股东提议1亿元-2亿元回购股份用于减少注册资本 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][17]. Core Insights - The company is expected to benefit from rising prices and increased production, with a projected net profit of 21.6 billion, 24 billion, and 25 billion for the years 2025 to 2027 respectively, corresponding to P/E ratios of 10.22, 9.21, and 8.77 [4][5]. - The company reported a strong growth in non-recurring net profit, which increased by 40.5% year-on-year [1]. - The report highlights a significant impact from impairment losses and mineral rights fee payments, particularly in Q4 2024, which affected the gross profit margin [2][3]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 419.73 billion, a slight decrease of 0.9% year-on-year, while the net profit attributable to the parent company was 14.44 billion, up 2.55% year-on-year [1]. - The production figures for 2024 included 84,800 tons of tin (up 6.0% YoY), 130,300 tons of copper (up 0.8% YoY), and 144,000 tons of zinc (up 6.9% YoY) [3]. - The average tin price in 2024 was 248,000 yuan/ton, reflecting a year-on-year increase of 16.9% [3]. Supply and Market Outlook - The tin supply is expected to face disruptions in 2025 due to geopolitical tensions and operational delays in key mining regions, which may sustain high tin prices [4]. - The report anticipates that the company will benefit from these supply constraints, maintaining a strong market position [4].

Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][15]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, primarily due to rising tin prices, with an expected average tin price of approximately 248,300 CNY/ton in 2024, reflecting a year-on-year increase of 16.92% [7][15]. - The company is the largest refined tin producer globally, holding a 25.03% market share worldwide and a 47.98% share in the domestic market for tin metal [2][14]. - The company aims to enhance its resource integration and production capabilities, targeting production goals of 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium by 2025 [9][15]. Financial Performance - In 2024, the company achieved a revenue of 41.973 billion CNY, a decrease of 0.91% year-on-year, and a net profit attributable to shareholders of 1.444 billion CNY, an increase of 2.55% year-on-year [7][4]. - The net profit excluding non-recurring items for 2024 was 1.943 billion CNY, representing a substantial year-on-year increase of 40.48% [7][4]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 313 million CNY, which accounts for 21.65% of the 2024 net profit [2][13]. Production and Resource Management - The total production of non-ferrous metals in 2024 was 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, zinc at 144,000 tons, and indium at 127 tons, showing respective year-on-year increases of 6%, 0.77%, 6.90%, and 24.51% [9][14]. - The company maintains a self-sufficiency rate of 30.21% for tin concentrate, 15.91% for copper concentrate, and 72.72% for zinc concentrate [9][14]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 42.577 billion CNY, 43.285 billion CNY, and 43.993 billion CNY, reflecting year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [15][4]. - The net profit forecast for 2025 to 2027 is 2.392 billion CNY, 2.603 billion CNY, and 2.815 billion CNY, with growth rates of 65.6%, 8.8%, and 8.1% respectively [15][4].