[Announcement Overview](index=1&type=section&id=%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) This announcement provides an overview of Yunnan Tin Co., Ltd.'s 2025 semi-annual performance forecast, detailing key company information [Basic Information](index=1&type=section&id=%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section details the company's stock code, stock abbreviation, and bond codes for the 2025 semi-annual performance forecast - The company's stock code is **000960**, stock abbreviation is **Yunnan Tin**, and bond codes include **148721** and **148747**[1](index=1&type=chunk) - The announcement title is 'Yunnan Tin Co., Ltd. 2025 Semi-Annual Performance Forecast'[2](index=2&type=chunk) [Forecast Period and Trend](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4%E4%B8%8E%E8%B6%8B%E5%8A%BF) The company anticipates a year-over-year increase in operating performance for the first half of 2025, covering January 1 to June 30 - The performance forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) - Operating performance is expected to show a **year-over-year increase**[3](index=3&type=chunk) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) This section provides the company's projected financial performance for the first half of 2025, including net profit and EPS [Core Financial Indicator Forecast](index=1&type=section&id=%E6%A0%B8%E5%BF%83%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%A2%84%E6%B5%8B) The company forecasts significant growth in net profit attributable to shareholders and non-recurring net profit, with a corresponding increase in basic earnings per share for H1 2025 2025 Semi-Annual Performance Forecast vs. Prior Year Period | Indicator | 2025 Jan-Jun Forecast (10,000 CNY) | 2024 Jan-Jun Actual (10,000 CNY) | YoY Change Range | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 102,000.00 – 112,000.00 | 79,984.81 | 27.52% – 40.03% | | Net Profit Excluding Non-Recurring Items | 126,000.00 – 136,000.00 | 99,838.69 | 26.20% – 36.22% | | Basic Earnings Per Share (CNY/share) | 0.6006 – 0.6613 | 0.4806 | - | - The impact of other equity instruments, specifically perpetual bonds, has been considered in the calculation of earnings per share[3](index=3&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This 2025 semi-annual performance forecast has not been audited by an accounting firm - The 2025 semi-annual performance forecast has **not been audited** by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance growth is primarily driven by rising market prices for key metals and effective operational strategies, though fixed asset disposals will incur non-recurring losses - Year-over-year increases in market prices for key products such as **tin, copper, and zinc** are the primary drivers of performance growth[5](index=5&type=chunk) - The company actively responded to market challenges, achieving operating performance growth by managing operational pace, seizing market opportunities, organizing production effectively, enhancing operational management quality, and implementing various cost reduction and efficiency improvement measures[5](index=5&type=chunk) - The planned disposal of certain fixed assets is expected to result in a non-recurring loss of **CNY 270 million**, impacting net profit attributable to the parent company[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) This performance forecast is a preliminary, unaudited estimate, with final figures to be released in the semi-annual report, urging investors to exercise caution - This performance forecast represents preliminary estimates by the company's finance department and has **not been audited** by a certified public accountant[7](index=7&type=chunk) - Specific financial data will be subject to the company's officially disclosed **2025 semi-annual report**[7](index=7&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[7](index=7&type=chunk) [Filed Documents](index=2&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%A4%87%E6%96%87%E4%BB%B6) The company has filed the 'Yunnan Tin Co., Ltd. Ninth Board of Directors' Explanation on the 2025 Semi-Annual Performance Forecast' - The filed document is the 'Explanation on the 2025 Semi-Annual Performance Forecast by the Ninth Board of Directors of Yunnan Tin Co., Ltd.'[8](index=8&type=chunk)

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]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [12]. Core Views - The gold market is expected to maintain an upward trend due to the Federal Reserve's ongoing interest rate cut cycle [12]. - Short-term demand for copper and aluminum may weaken, but long-term supply-demand dynamics are expected to remain tight [12]. - Tin prices are supported by tight supply, while antimony prices are expected to remain weak in the short term but are supported by long-term supply constraints [12]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) saw a 6.3% increase over one month, 8.6% over three months, and 16.7% over twelve months, outperforming the CSI 300 index [3][21]. Gold Market - The average gold price in London was $3,331.90 per ounce, up 1.83% from the previous week [32]. - The SPDR gold ETF holdings decreased by 230,000 ounces to 30.47 million ounces [33]. Copper Market - LME copper closed at $9,880 per ton, a 0.25% increase from the previous week, while SHFE copper closed at 79,990 yuan per ton, a 0.11% decrease [41]. - Domestic copper social inventory was reported at 131,800 tons, a 0.17% increase from the previous week [41]. Aluminum Market - Domestic electrolytic aluminum price was 20,750 yuan per ton, down 0.91% from the previous week [42]. - The operating rate of leading aluminum profile enterprises was reported at 49.5%, a slight decrease of 0.5 percentage points [42]. Tin Market - Domestic refined tin price was 267,820 yuan per ton, down 0.88% from the previous week [43]. - LME tin inventory decreased by 65 tons to 2,110 tons [43]. Antimony Market - Domestic antimony ingot price was 185,500 yuan per ton, down 2.11% from the previous week [43]. Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold [12]. - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, and Western Mining [12]. - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12]. - Tin industry recommendations include Xiyang Silver Tin and Huaxi Nonferrous [12].

Group 1 - The company plans to repurchase shares to enhance investor confidence and maintain shareholder interests, using its own funds through centralized bidding [5][6][9] - The total amount for the bond issuance is capped at 2 billion yuan, with the first phase of the bond issuance starting on April 25, 2024, and the second phase on May 27, 2024 [2][3] - The repurchase plan has been approved by the company's shareholders and is expected to reduce registered capital by canceling the repurchased shares [4][8] Group 2 - The repurchase is expected to involve approximately 9,438,414 shares, representing about 0.57% of the total share capital, with a maximum repurchase amount of 2 billion yuan [6][8] - The company’s total assets as of December 31, 2024, were approximately 36.64 billion yuan, with net assets of about 20.85 billion yuan, indicating sufficient capacity to fund the repurchase [9] - The repurchase will not adversely affect the company's governance, daily management, or debt repayment capabilities [9]

Core Viewpoint - Yunnan Tin Company plans to issue a second phase of technology innovation perpetual bonds aimed at professional investors, with a focus on enhancing investor confidence and maintaining shareholder interests through a share buyback program [1][11]. Group 1: Bond Issuance Details - The bond code is 148747.SZ, and it is referred to as "24锡KY02" [1]. - The bond has a coupon rate of 2.78%, with the company having the option to defer interest payments and extend the bond term by one cycle (3 years) at the end of each period [1][3]. - Interest payments will be made annually on May 28 from 2025 to 2027 [3]. Group 2: Share Buyback Program - The company intends to use its own funds to repurchase part of its A-shares, which will be fully canceled to reduce registered capital [1][11]. - The buyback price will not exceed 21.19 RMB per share, with a total buyback amount between 100 million RMB and 200 million RMB [11]. - The estimated number of shares to be repurchased is approximately 4,719,207, accounting for about 0.57% of the total share capital [11]. Group 3: Meeting Details - The bondholders' meeting is scheduled to take place from July 8 to July 14, 2025, with voting allowed during this period [4][6]. - The meeting will be conducted online, and no registration is required for attendees [6][5]. - The main agenda item is to discuss a proposal not to require the company to repay debts early or provide additional guarantees [5][12].

持有人会议通知 | 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 | 关于适用简化程序召开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） 2025年第一次债券持有人会议的通知 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 ...

持有人会议通知 | 证券代码：000960.SZ | 证券简称：锡业股份 | | --- | --- | | 债券代码：148747.SZ | 债券简称：24锡KY02 | 关于适用简化程序召开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） 2025年第一次债券持有人会议的通知 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 ...

债券代码：148721.SZ 债券简称：24锡KY01 中信证券股份有限公司 债券代码：148747.SZ 债券简称：24锡KY02 关于 云南锡业股份有限公司回购公司股份并减 少注册资本的 临时受托管理事务报告 发行人 云南省昆明市高新技术产业开发区 债券受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 7 月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、 《深圳证券交易所公司债券上市规则》（以下简称"上市规则"）《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公司债券受托管理协议》（以 下简称"《受托管理协议》"）《云南锡业股份有限公司 2023 年面向专业投资 者公开发行可续期公司债券债券持有人会议规则》（以下简称"《持有人会议规 则》"）及其它相关公开信息披露文件以及云南锡业股份有限公司（以下简称"锡 业股份"、"公司"、"发行人"）出具的相关文件等，由公司债券受托管理人 中信证券股份有限公司（以下简称"中信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立 ...

Core Viewpoint - Yunnan Tin Company Limited plans to repurchase a portion of its A-shares using its own funds through centralized bidding, aimed at canceling shares and reducing registered capital. The repurchase price will not exceed 21.19 yuan per share, with a total repurchase fund between 100 million yuan and 200 million yuan, potentially affecting approximately 0.29% to 0.57% of the company's total share capital [2][6][10]. Group 1: Repurchase Plan Details - The repurchase is intended to enhance shareholder value and investor confidence, reflecting the management's confidence in the company's future prospects [6][14]. - The repurchase will be conducted through the Shenzhen Stock Exchange, with a maximum price of 21.19 yuan per share, which is 150% of the average trading price over the previous 30 trading days [7][10]. - The total funds allocated for the repurchase will range from 100 million yuan to 200 million yuan, with estimated repurchase quantities between 4,719,207 shares and 9,438,414 shares [10][12]. Group 2: Approval and Implementation - The repurchase plan has been approved by the company's board of directors and shareholders during meetings held on June 12 and June 30, 2025 [5][20]. - The implementation period for the repurchase will be within 12 months from the date of shareholder approval, with provisions for extension if the stock is suspended for more than ten trading days [12][19]. - The company has established a dedicated securities account for the repurchase, ensuring compliance with regulatory requirements [3][21]. Group 3: Financial Impact and Management Assurance - As of December 31, 2024, the company's total assets were approximately 3.66 billion yuan, with net assets of about 2.08 billion yuan, indicating sufficient liquidity to support the repurchase [14]. - The management asserts that the repurchase will not adversely affect the company's operational capabilities or financial stability, and the controlling shareholder will remain unchanged post-repurchase [14][18]. - The company will ensure timely disclosure of the repurchase progress and any significant developments during the implementation period [23].