Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][14]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 10.2-11.2 billion yuan for the first half of 2025, representing a year-on-year increase of 27.52% to 40.03%. The net profit for Q2 2025 is expected to be between 5.21-6.21 billion yuan, with a quarter-on-quarter growth of 4.41% to 24.45% and a year-on-year growth of 9.92% to 31.01% [4][5]. - The growth in performance is primarily driven by the increase in market prices for tin, copper, and zinc, alongside effective cost reduction measures and production optimization [4][5]. - The company plans to produce 90,000 tons of tin, 125,000 tons of copper, and 131,600 tons of zinc in 2025, with Q1 production figures showing 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc [5]. Financial Projections - The company is expected to generate revenues of 48.36 billion yuan in 2025, with a year-on-year growth of 15.21%. The projected revenues for 2026 and 2027 are 51.90 billion yuan and 54.68 billion yuan, respectively, with growth rates of 7.32% and 5.36% [6][10]. - The net profit attributable to shareholders is forecasted to be 23.09 billion yuan in 2025, reflecting a significant year-on-year increase of 59.86%. The expected net profits for 2026 and 2027 are 25.50 billion yuan and 27.38 billion yuan, with growth rates of 10.45% and 7.36% [6][10]. - The earnings per share (EPS) are projected to be 1.40 yuan in 2025, increasing to 1.55 yuan in 2026 and 1.66 yuan in 2027 [6][10]. Market Conditions - The report notes that while there may be short-term supply disruptions, the long-term price trend for tin is expected to rise due to ongoing demand from the semiconductor industry, which is projected to grow at around 11% globally [6][10]. - The company has announced a share buyback plan to protect shareholder interests, indicating confidence in future growth [5].

Investment Rating - The report rates the tin industry as "Overweight" [4]. Core Viewpoints - The central thesis of the report suggests that the price of tin is expected to rise, driven by tightening supply and improving demand conditions, particularly in the context of artificial intelligence and consumer electronics recovery [2][3]. Summary by Sections 1. Tin: A Competitive Advantage for China, Price Center Likely to Rise - Tin has a low abundance in the earth's crust, with significant resource advantages in China [7]. - Price analysis indicates that supply constraints and macroeconomic factors are expected to boost tin prices [18][34]. 2. Continuous Supply Disruptions, Incremental Growth May Fall Short of Expectations - Supply disruptions are ongoing, particularly in Myanmar, where production recovery is slow [46]. - The report anticipates that global tin production in 2025 will be around 300,000 tons, a year-on-year increase of 2% [2]. 3. Demand Growth Driven by AI Trends - The demand for tin solder is expected to increase significantly due to the high growth in artificial intelligence applications and the recovery of consumer electronics [3][31]. - The report forecasts a global refined tin supply gap of 8,300 tons in 2025, highlighting a pronounced supply-demand imbalance [2]. 4. Investment Recommendations - Recommended stocks include Tin Industry Co., Ltd., and Xingye Silver Tin, which are positioned well due to their resource advantages and global strategies [2][3].

Group 1 - The core viewpoint is that with the decline in global tin ore grades and limited supply increments, coupled with rising costs, the tin price is expected to increase due to tight supply and high demand driven by AI development and a recovery in consumer electronics [1][2] - The report recommends specific stocks: Xiyes Co., Ltd. (000960.SZ), Xingye Silver Tin (000426.SZ), and mentions related stocks such as Huaxi Nonferrous (600301.SH) [1] Group 2 - Supply disturbances are ongoing, with limited incremental production from mines; the complete cost of tin mining is projected to rise from approximately $25,581 per ton in 2022 to $33,800 per ton by 2027 [2] - The global tin production is expected to reach 300,000 tons in 2025, reflecting a year-on-year increase of 2% [2] Group 3 - The downstream industry is experiencing high demand, particularly in soldering materials, which account for about 56% of tin consumption; the stabilization of the semiconductor cycle is expected to drive rapid demand for solder [3] - A projected supply gap of 8,300 tons in global refined tin by 2025 highlights the supply-demand imbalance [3] Group 4 - The global monetary environment is becoming more accommodative, with expectations of potential interest rate cuts by the Federal Reserve, which could positively impact asset prices and upstream raw material prices [4] - The inflation rate in the U.S. is gradually approaching the target of 2%, indicating a shift in market expectations for demand [4]

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 ...

Core Viewpoint - Yunnan Tin Company Limited held its first bondholders meeting for the 2024 public offering of technology innovation perpetual corporate bonds, where a resolution was passed regarding the company's debt obligations and guarantees [1][4]. Group 1: Bond Issuance and Meeting Details - The company issued the 2024 technology innovation perpetual corporate bonds on April 26, 2024, with a face interest rate of 3.5% and the option to defer interest payments [1]. - The bondholders meeting was convened by CITIC Securities from July 8 to July 14, 2025, using a simplified procedure [2][6]. - The voting period for bondholders to express objections was from July 8 to July 14, 2025, with a deadline of 17:00 on July 14 [3]. Group 2: Meeting Outcomes - The resolution regarding "not requiring the company to repay debts early or provide additional guarantees" was approved with 86.5% in favor, 0% against, and 13.5% abstaining [4]. - The meeting was deemed valid and the voting process was confirmed to comply with relevant laws and regulations by Beijing Deheng (Kunming) Law Firm [4]. Group 3: Additional Information - The meeting was conducted online and did not include network voting [6]. - No other significant matters were reported in the announcement [5].

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 ...

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 ...

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].