北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 关于云南锡业股份有限公司 北京德恒（昆明）律师事务 所 "24 锡 KY01""24 锡 KY02"2025 年 次债券持有人会议的法律意见 第一 目 录 关于云南锡业股份有限公司 北京德恒（昆明）律师事务所 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的法律意见 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的 法律意见 德恒 21F20230125-4 号 致：云南锡业股份有限公司 受云南锡业股份有限公司（以下简称"锡业股份"或"公司"）委托，北 京德恒（昆明）律师事务所（以下简称"本所"）指派律师见证锡业股份" 24 锡 KY 01"、" 24 锡 KY 02"（以下合称"本次债券"）2025 年第一次债 ...

证券代码：000960.SZ 证券简称：锡业股份 债券代码：148721.SZ 债券简称：24锡KY01 关于云南锡业股份有限公司 （第一期）2025年第一次债券持有人会议结果的公告 本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担相应的法律责任。 云南锡业股份有限公司2024年面向专业投资者公开发行科技创 新可续期公司债券（第一期）公司债券持有人： 云南锡业股份有限公司（以下简称"锡业股份"、"发行 人"）于2024年4月26日发行了云南锡业股份有限公司2024年面 向专业投资者公开发行科技创新可续期公司债券（第一期）（以 下简称"本期债券"、"24锡KY01"）。基于对公司发展前景的 信心，为有效维护全体股东利益，增强投资者信心，进一步提升 上市公司投资价值，结合公司经营情况、主营业务发展前景、财 务状况以及未来的盈利能力等因素，公司拟使用自有资金通过集 中竞价交易方式回购部分人民币普通股（A股）股票，回购的股 份将全部予以注销并减少注册资本。发行人本次因回购股份导致 减资金额低于本期债券发行时最近一期经审计合并口径净资产 的10%，根据《公司债券发 ...

2024年面向专业投资者公开发行科技创新可续期公司债券 （第二期）2025年第一次债券持有人会议结果的公告 本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担相应的法律责任。 云南锡业股份有限公司2024年面向专业投资者公开发行科技创 新可续期公司债券（第二期）公司债券持有人： 云南锡业股份有限公司（以下简称"锡业股份"、"发行 人"）于2024年5月28日发行了云南锡业股份有限公司2024年面 向专业投资者公开发行科技创新可续期公司债券（第二期）（以 下简称"本期债券"、"24锡KY02"）。基于对公司发展前景的 信心，为有效维护全体股东利益，增强投资者信心，进一步提升 上市公司投资价值，结合公司经营情况、主营业务发展前景、财 务状况以及未来的盈利能力等因素，公司拟使用自有资金通过集 中竞价交易方式回购部分人民币普通股（A股）股票，回购的股 份将全部予以注销并减少注册资本。发行人本次因回购股份导致 减资金额低于本期债券发行时最近一期经审计合并口径净资产 的10%，根据《公司债券发行与交易管理办法》《云南锡业股份 有限公司2024年面向专业投资者公开发行科 ...

北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒（昆明）律师事务所 "24 锡 KY01" "24 锡 KY02" 2025 年 第一次债券持有人会议的法律意见 目 录 | 正 文 | | --- | | 一、本次会议的召集、召开程序 …………………… | | 二、本次会议出席会议人员的资格 | | 三、本次会议的表决程序及表决结果 . | | 四、结论意见 . | l 关于云南锡业股份有限公司 北京德恒（昆明）律师事务所 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的法律意见 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 "24 锡 KY01""24 锡 KY02"2025 年 第一次债券持有人会议的 法律意见 德恒 21F20230125-4 号 致：云南锡业股份有限公司 受云南锡业股份有限公司（以下简称"锡业股份"或"公 ...

本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担相应的法律责任。 云南锡业股份有限公司2024年面向专业投资者公开发行科技创 新可续期公司债券（第一期）公司债券持有人： 云南锡业股份有限公司（以下简称"锡业股份"、"发行 人"）于2024年4月26日发行了云南锡业股份有限公司2024年面 向专业投资者公开发行科技创新可续期公司债券（第一期）（以 下简称"本期债券"、"24锡KY01"）。基于对公司发展前景的 信心，为有效维护全体股东利益，增强投资者信心，进一步提升 上市公司投资价值，结合公司经营情况、主营业务发展前景、财 务状况以及未来的盈利能力等因素，公司拟使用自有资金通过集 中竞价交易方式回购部分人民币普通股（A股）股票，回购的股 份将全部予以注销并减少注册资本。发行人本次因回购股份导致 减资金额低于本期债券发行时最近一期经审计合并口径净资产 的10%，根据《公司债券发行与交易管理办法》《云南锡业股份 有限公司2024年面向专业投资者公开发行科技创新可续期公司 债券（第一期）募集说明书》和《云南锡业股份有限公司2023 年面向专业投资者公开发行可续期 ...

Group 1 - The company expects an upward trend in its operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The preliminary performance forecast indicates that the main products, including tin, copper, and zinc, have seen a year-on-year price increase [3] - The company has actively managed production and operational quality to overcome challenges such as volatile metal prices and tight raw material supply, leading to a year-on-year growth in operating performance [3] Group 2 - The company plans to dispose of certain fixed assets during the reporting period, which is expected to impact the net profit attributable to the parent company by approximately -270 million [3] - The performance forecast has not been audited by an accounting firm and is based on preliminary calculations by the company's finance department [2][4] - The specific financial data will be disclosed in the company's 2025 semi-annual report [4]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [14][15]. Core Views - The report indicates that the gold market will continue to rise due to the Federal Reserve's ongoing interest rate cuts [14]. - Short-term demand for copper and aluminum may weaken, but the long-term supply-demand balance is expected to tighten [15]. - Tin prices are expected to fluctuate due to a tight supply situation, while antimony prices are projected to remain weak in the short term but supported by long-term supply constraints [15]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 3.75%, outperforming other sectors [23]. - The top-performing sub-sectors included rare earths (+18.65%), magnetic materials (+11.28%), and silver (+8.35%) [23]. 2. Precious Metals - London gold price was $3352.10 per ounce, up $20.20 from July 4, with a 0.61% increase [34]. - London silver price reached $37.5 per ounce, increasing by 0.62% from July 4 [34]. - The report notes that the Federal Reserve's differing views on inflation may impact precious metals, but a bullish trend is anticipated [6][34]. 3. Copper and Aluminum - LME copper closed at $9640 per ton, down $240 from July 4, a decrease of 2.43% [41]. - Domestic aluminum price was 20760 RMB per ton, with a slight increase of 0.05% [42]. - The report highlights that short-term copper and aluminum prices may face downward pressure due to weak demand [15][41]. 4. Tin and Antimony - Domestic refined tin price was 266820 RMB per ton, down 0.37% from July 4 [43]. - Antimony price was 185500 RMB per ton, reflecting a decrease of 1.80% [15][43]. - The report suggests that while demand is weak, supply constraints may support tin prices in the future [15]. 5. Recommended Stocks - The report recommends specific stocks in the gold sector, including Zhongjin Gold and Shandong Gold, and in the copper sector, including Zijin Mining and Western Mining [15][17].

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-042 | | --- | --- | --- | --- | | 债券代码：148721 | 锡 债券简称：24 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 云南锡业股份有限公司 2025 年半年度业绩预告 注：按相关规定在计算每股收益时考虑了其他权益工具（可续期公司债券）的影响。 二、与会计师事务所沟通情况 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。 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 6 月 30 日 2、预计的经营业绩：同向上升 2025 年 1 月 1 日至 6 月 30 日业绩预计变动情况 | 项 | 目 | 2025 年 月 1 30 | 1 | 日—6 | 月 | 日 | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 净利润 | | 盈利：102,00 ...

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, indicating strong financial performance compared to the previous year [1] Financial Performance Summary - The estimated net profit attributable to shareholders for January 1 to June 30, 2025, is projected to be between 1.02 billion and 1.12 billion yuan, representing an increase of 27.52% to 40.03% compared to 800 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.26 billion and 1.36 billion yuan, which is an increase of 26.20% to 36.22% from 998 million yuan year-on-year [1] - The basic earnings per share are projected to be between 0.6006 yuan and 0.6613 yuan, up from 0.4806 yuan per share in the same period last year [1]

Investment Rating - Industry rating: Recommended [3] Core Insights - The U.S. Department of Defense (DoD) has invested billions in MP Materials to accelerate the independence of U.S. rare earth magnets, but global production remains highly concentrated in China in the short term [9][14][45] - Nickel prices have decreased due to a significant drop in demand and production halts in Indonesia, which may impact local mining operations [12][20][23] - Cobalt prices have risen due to supply tightening from the Democratic Republic of Congo, which accounts for approximately 75% of global electric vehicle battery supply [13][31] - Lithium carbonate prices have increased, but future price movements will depend on downstream demand recovery [7][38][44] - Antimony prices have remained stable, with domestic supply still tight, and production expected to decline in the coming months [32][36] Summary by Sections Rare Earth Industry - MP Materials announced a partnership with the DoD to enhance domestic production capabilities, with a new magnet manufacturing facility expected to be operational by 2028 [45][46] - The DoD has committed to a minimum price of $110 per kilogram for NdPr products, ensuring stable cash flow for MP Materials [46][47] Nickel Industry - As of July 11, LME nickel spot price was $14,955 per ton, down 1.09% from July 4, with total LME nickel inventory increasing by 1.83% [20] - Domestic NPI smelting costs remain under pressure, affecting the acceptance of high-priced raw materials [20][23] Cobalt Industry - As of July 11, cobalt prices have shown mixed trends, with electrolytic cobalt at 249,300 yuan per ton, down 0.99%, while cobalt oxide increased by 1.54% [24][31] - The extension of a temporary export ban by the Congolese government is expected to tighten global cobalt supply [31] Lithium Industry - The average price of battery-grade lithium carbonate reached 63,800 yuan per ton, up 2.36% as of July 11 [7][38] - Market sentiment is cautious, with inventory levels remaining high, limiting upward price movement [38][44] Antimony Industry - Domestic antimony ingot prices have stabilized, with supply constraints expected to support future pricing [32][36]