| 证券代码：000960 | 证券简称：锡业股份 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于召开 2025 年第二次临时股东大会的提示性公告 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"公司"）于 2025 年 6 月 13 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于召开 2025 年第二次临时股东大会的 通知》（公告编号：2025-035）。现将会议有关事项提示如下： 一、召开会议基本情况 1、股东大会届次：2025 年第二次临时股东大会。 2、会议召集人：云南锡业股份有限公司董事会。经 2025 年 6 月 12 日召开 的第九届董事会 2025 年第三次临时会议审议通过，同意召开公司 2025 年第二次 临时股东大会（详见公司 2025 年 6 月 13 日披露的公司董事会决议公告 ...

Group 1 - The copper concept sector increased by 1.95%, ranking 6th among concept sectors, with 58 stocks rising, including Northern Copper, which hit the daily limit, and Jin Chengxin, Jiangxi Copper, and Jintian Co., which rose by 6.70%, 6.12%, and 6.05% respectively [1][2] - The main capital inflow into the copper concept sector was 281 million yuan, with 35 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 50 million yuan, led by Northern Copper with a net inflow of 244 million yuan [2][3] - The net inflow ratios for Northern Copper, Xiyu Co., and ST Shengtun were 19.90%, 15.00%, and 11.19% respectively, indicating strong investor interest in these stocks [3] Group 2 - The top gainers in the copper concept sector included Northern Copper, which rose by 10.03%, and Xiyu Co., which increased by 5.95%, while the top losers included Huamao Co., which fell by 7.56% [3][6] - The trading volume and turnover rates for the leading stocks in the copper sector showed significant activity, with Northern Copper having a turnover rate of 6.86% and Xiyu Co. at 4.85% [3][4] - The overall performance of the copper concept sector reflects a positive sentiment among investors, as evidenced by the substantial net inflows and the number of stocks experiencing gains [2][5]

Group 1 - The metal lead concept increased by 2.55%, ranking third in concept sector gains, with 28 stocks rising, including Zhuhai Group and Jinhui Co., which hit the daily limit [1] - Leading gainers in the metal lead sector included Xiyu Co. (5.95%), Tibet Zhufeng (4.86%), and Western Mining (4.60%) [1] - The top decliners were Chifeng Gold (-1.78%), Shanjin International (-0.94%), and Hunan Gold (-0.90%) [1] Group 2 - The metal lead concept saw a net inflow of 0.21 billion yuan, with 14 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflows [2] - Xiyu Co. led the net inflow with 1.83 billion yuan, followed by ST Shengtun (597.97 million yuan) and Zhuhai Group (493.65 million yuan) [2] - The net inflow ratios for Jinhui Co. (37.62%), Xiyu Co. (15.00%), and ST Shengtun (11.19%) were the highest in the sector [3] Group 3 - The trading performance of stocks in the metal lead sector showed significant variations, with Jinhui Co. and Xiyu Co. having notable turnover rates of 0.73% and 4.85% respectively [3] - Other stocks like Western Mining and Chifeng Gold experienced declines in net inflow, indicating potential selling pressure [5] - The overall market sentiment in the metal lead sector appears positive, with several stocks achieving substantial gains amidst mixed performances [1][2]

Group 1 - The metal zinc concept increased by 3.11%, ranking second among concept sectors, with 33 stocks rising, including Zhuhai Group and Jinhui Co., which hit the daily limit [1] - Notable gainers in the zinc sector included New Weiling, Hongda Co., and Xiyu Co., with increases of 8.96%, 7.65%, and 5.95% respectively [1] - The largest net inflow of main funds was seen in Xiyu Co., with a net inflow of 183 million yuan, followed by ST Shengtun, Zhuhai Group, and Jinhui Co. with net inflows of 59.8 million yuan, 49.4 million yuan, and 34.3 million yuan respectively [2][3] Group 2 - The main fund inflow ratios for Jinhui Co., Xiyu Co., and ST Shengtun were 37.62%, 15.00%, and 11.19% respectively [3] - The trading volume and turnover rates for key stocks in the zinc sector showed significant activity, with Xiyu Co. having a turnover rate of 4.85% and a daily increase of 5.95% [3] - Stocks such as ST Shengtun and Zhuhai Group also demonstrated strong performance with daily increases of 4.06% and 10.05% respectively [3]

Group 1 - The company, Yunnan Tin Company Limited, is issuing two series of bonds, 24 Tin KY01 and 24 Tin KY02, aimed at professional investors, with a total issuance amount of 10 billion RMB for each series [1][2][3] - The first series of bonds (24 Tin KY01) has an interest rate of 3.50% and a maturity date of April 26, 2026, while the second series (24 Tin KY02) has an interest rate of 2.78% and matures on May 28, 2027 [2][3] - The bonds are structured with options for the issuer to extend the maturity or defer interest payments under certain conditions, which are not triggered during the reporting period [3][4][5] Group 2 - The company operates in the non-ferrous metal smelting and rolling processing industry, focusing on the exploration, mining, and processing of metals such as tin, zinc, copper, and indium [6][8] - The company has a comprehensive production model that includes geological exploration, mining, processing, and recycling, contributing to a circular economy [6][7] - The company holds a leading position in the tin and indium markets, with a domestic market share of 47.98% for tin and 7.35% for indium, and a global market share of 25.03% for tin and 5.01% for indium [10][11] Group 3 - The company's main business revenue for 2024 is reported at 41.795 billion RMB, showing a slight decrease of 1% compared to the previous year [10][11] - The company has a strong financial position, with a current ratio of 1.63 and a debt-to-asset ratio of 40.19%, indicating improved asset structure and debt management [19] - The company has maintained a stable credit rating of AA+ from China Chengxin International Credit Rating Co., Ltd., with a stable outlook [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The report highlights that the company's production capacity is expected to continue to rise in 2024, with a significant improvement in profitability in Q1 2025 [3][4] - The company achieved a revenue of 42 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.44 billion yuan, an increase of 2.55% year-on-year [4] - The report anticipates a revenue of 46.5 billion yuan for 2025, with projected production of 90,000 tons of tin, 125,000 tons of copper, and 131,600 tons of zinc [6][7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42 billion yuan, with a net profit of 1.44 billion yuan, and a non-recurring net profit of 1.94 billion yuan, reflecting a 40.5% increase year-on-year [4] - For Q1 2025, the company achieved a revenue of 9.73 billion yuan, a 15.8% increase year-on-year, and a net profit of 500 million yuan, a 53.1% increase year-on-year [4][6] Production and Pricing - In 2024, the company produced 84,800 tons of tin, a 6% increase year-on-year, with an average tin price of 248,000 yuan per ton, up 16.9% year-on-year [5] - For Q1 2025, the tin production was 24,200 tons, an 8% increase year-on-year, with an average tin price of 260,800 yuan per ton, a 20% increase year-on-year [6] Profitability Forecast - The report projects net profits for 2025, 2026, and 2027 to be 2.23 billion yuan, 2.42 billion yuan, and 2.56 billion yuan respectively, with corresponding EPS of 1.35, 1.47, and 1.55 yuan [7]

债券简称：24 锡 KY01 债券代码：148721.SZ 债券简称：24 锡 KY02 债券代码：148747.SZ 云南锡业股份有限公司 公司债券受托管理事务报告 （2024年度） 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 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息 均来源于云南锡业股份有限公司（以下简称"锡业股份"、"发行人"或"公司"） 对外披露的《云南锡业股份有限公司 2024 年年度报告》等相关公开信息披露文件、 发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中的"报告 期"是指 2024 年 4 月 26 日至 2024 年 12 月 31 日。 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 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声明。 1 | 第一节 | 公司债券概况 | 3 | | --- | --- | --- | | 第二节 | 公司债券受托管理人履职情况 | 6 | | 第三节 | 发行人 2024 年度经营情况和财务状况 | 8 | | 第四节 | 发行人募集资 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-037 | | --- | --- | --- | --- | --- | | 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 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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"公司"）于 2025 年 6 月 12 日召开第九 届董事会 2025 年第三次临时会议，审议通过了《关于回购公司股份的方案》， 具体内容详见公司于 6 月 13 日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于回购公司股份方案的公告》。 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数 量。 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持有数量 （股） | 持股比例 （%） | | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has achieved a significant breakthrough in tin smelting technology with a newly patented system, enhancing its competitive edge in international markets [2]. - The company's revenue and net profit have shown substantial growth, with Q1 2025 revenue reaching 9.729 billion yuan, a year-on-year increase of 15.82%, and net profit attributable to the parent company at 499 million yuan, up 53.08% year-on-year [3][9]. - The increase in metal prices, particularly tin, copper, and zinc, has positively impacted the company's financial performance, with average prices for these metals rising compared to 2024 [4][9]. Summary by Sections Technology Breakthrough - The company has received a U.S. patent for a tin-containing material smelting system, marking a significant milestone in its technological advancements [2]. - The new technology has led to improved operational efficiency, including a 2.5% reduction in dust emissions and a 3.5% decrease in coal consumption, resulting in annual economic benefits exceeding 30 million yuan [2]. Financial Performance - In Q1 2025, the company reported a total production of 82,200 tons of non-ferrous metals, with tin production at 24,200 tons, copper at 24,400 tons, and zinc at 33,300 tons [8]. - The company has effectively controlled its expenses, with a period expense ratio of 4.01% in Q1 2025, and a significant reduction in financial expenses by 50.18% year-on-year [3]. Market Dynamics - The demand for tin is expected to continue growing, driven by its applications in new energy and electronic communication sectors, amidst a tightening supply from traditional tin-producing countries [4]. - The company is well-positioned to benefit from the favorable supply-demand dynamics in the tin market, supported by its strong resource reserves and operational efficiencies [9]. Profit Forecast - The company is projected to achieve net profits of 2.274 billion yuan, 2.484 billion yuan, and 2.680 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.38 yuan, 1.51 yuan, and 1.63 yuan [9].

Company Overview - Xiyeg股份 reported significant growth in Q1 2025, with total non-ferrous metal production reaching 82,200 tons, including tin at 24,200 tons, copper at 24,400 tons, and zinc at 33,300 tons, alongside 30 tons of indium ingots [1] - The company achieved operating revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 499 million yuan, up 53.08% year-on-year [1] Tungsten Market Dynamics - The tungsten price remains high due to China's export control upgrades and reduced mining quotas, with current black tungsten concentrate (≥65%) prices exceeding 170,000 yuan per ton [2] - The rapid expansion of the global military industry is significantly driving tungsten demand, supported by China's military modernization and increased military aid from Western countries [2] - The tungsten industry is currently characterized by tight supply and demand, with potential for further price increases if demand recovers [2]