Group 1 - The company emphasizes resource expansion as a long-term development strategy, with significant investments in geological research and exploration activities, resulting in new tin resources of 17,600 tons and copper resources of 34,800 tons discovered in 2024 [2] - The company holds tungsten oxide resources of 77,800 tons and has received a quota of 688 tons for tungsten mining in 2025, which will be organized according to provincial regulations [3] - Global tin supply remains tight due to slow recovery in Southeast Asian tin-producing countries and temporary shutdowns in African countries, leading to a decline in domestic refined tin production and inventory [4] Group 2 - The company is implementing cost control measures through lean management and optimizing the entire production process to enhance operational efficiency amid low smelting processing fees [5] - The company is progressing with its share repurchase plan, which was approved by the board and will be submitted for shareholder approval [6] - The company has established a value management system to enhance performance and shareholder returns through increased cash dividends and share buybacks [7] Group 3 - In Q1 2025, the company reported a main 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 53.09% [8] - The company has seen a net outflow of 323 million yuan in financing over the past three months, with a decrease in financing balance, while the short-selling balance has increased [9]

Group 1: Company Overview - Yunnan Tin Company has a comprehensive supply chain integration in the exploration, mining, selection, smelting, deep processing, and new material research of non-ferrous metals such as tin, indium, zinc, and copper [1] - As of the end of 2024, the company holds tin reserves of 626,200 tons and indium reserves, ranking first globally in both tin and indium resource reserves [1] - The company achieved a total production of 82,200 tons of non-ferrous metals in Q1 2025, including 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc [2] Group 2: Financial Performance - The company reported an operating income of 9.729 billion yuan, a year-on-year increase of 15.82% [2] - The net profit attributable to shareholders reached 499 million yuan, reflecting a significant year-on-year growth of 53.08% [2] Group 3: Resource Expansion and Investment Plans - The company emphasizes resource expansion as a long-term development strategy, with a focus on geological research and mineral exploration activities [3] - In 2024, the company discovered additional tin reserves of 17,600 tons and copper reserves of 34,800 tons [3] - Future plans include enhancing resource security and sustainable development through both internal and external resource expansion efforts [3] Group 4: Tungsten Resource Management - As of the end of 2024, the company has tungsten oxide reserves of 77,800 tons [4] - The company has received a quota of 688 tons for tungsten mining in 2025, which will be organized according to provincial regulations [4] Group 5: Market Conditions and Company Strategies - Global tin supply remains tight due to slow recovery in Southeast Asian tin-producing countries and temporary shutdowns in African countries [5] - The company is implementing lean management practices to control costs and enhance operational efficiency [6] - Ongoing share repurchase plans are in progress, with a focus on enhancing shareholder value through increased cash dividends and share buybacks [6] Group 6: Value Management Initiatives - The company has established a value management system in 2024 to enhance performance and value creation [6] - Efforts include improving information disclosure quality and strengthening investor communication to convey investment value [6]

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 易日（即 2025 年 6 月 12 日）登记在册的前十名股东和前十名无限售条件股东的 名称及持股数量、比例情况公告如下： 证券代码：000960 证券简称：锡业股份 公告编号：2025-036 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》。 一、前十名股东持股情况 | | | 持有数量 | 持股比例 | | --- | --- | --- | --- | | 序号 | 股东名称 | | | | | ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-036 | | --- | --- | --- | --- | --- | | 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 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。 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》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 ...

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [12][14]. Core Insights - Geopolitical military conflicts have led to increased capital inflow into precious metals, driving strong upward momentum in prices [6]. - The U.S. Federal Reserve is expected to continue its interest rate cuts, which supports the bullish trend in gold prices [12]. - Domestic demand for copper and aluminum is expected to weaken in the short term, but long-term supply-demand dynamics remain tight, supporting prices [12]. Summary by Sections Precious Metals - Gold prices have risen due to geopolitical tensions and continued purchases by the People's Bank of China, which increased its gold reserves by 60,000 ounces in May [6][12]. - The report notes that after a period of consolidation, gold prices are likely to enter a new upward phase [6]. Copper and Aluminum - Domestic macroeconomic indicators show a slight decline in demand, with China's May CPI at -0.1% and PPI at -3.3% [7][29]. - Despite weak downstream demand, low domestic inventory levels are expected to support copper and aluminum prices, which are projected to experience wide fluctuations [11][12]. Tin and Antimony - Tin prices are expected to remain strong due to supply constraints and declining inventories, with domestic refined tin prices at 265,680 RMB/ton [12]. - Antimony prices are under pressure due to weak demand, but long-term supply constraints are expected to support prices [12]. Key Recommendations - The report recommends specific stocks within each sector, including Zijin Mining and Zhongjin Gold for gold, and various companies for copper and aluminum [14][16].

Core Viewpoint - The company, Xiyes Co., Ltd., is demonstrating confidence in the market by announcing a share buyback plan of 100 million to 200 million RMB, aimed at reducing registered capital and enhancing shareholder value [1][2]. Group 1: Share Buyback Plan - Xiyes Co., Ltd. plans to repurchase shares at a price not exceeding 21.19 RMB per share, with a total investment between 100 million and 200 million RMB, potentially acquiring approximately 471,920 to 943,840 shares, which represents 0.29% to 0.57% of the total share capital [2]. - The buyback is seen as a strategy to boost stock prices, as the current market price is 14.48 RMB per share, which is 46% lower than the buyback price cap [2]. Group 2: Financial Performance - In Q1 2025, Xiyes Co., Ltd. reported a revenue of 9.729 billion RMB, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 499 million RMB, up 53.08% [1][4][5]. - The company has shown a consistent improvement in its financial health, with a decrease in the debt-to-asset ratio from 61.53% in 2020 to 40.22% in Q1 2025 [3]. Group 3: Research and Development - Xiyes Co., Ltd. is committed to innovation, with R&D expenses increasing significantly over the years, reaching 75.22 million RMB in Q1 2025, a year-on-year rise of 9.12% [5]. - The company plans to invest 270 million RMB in collaboration with Yunnan Tin Holdings and New Materials Company to enhance the Tin-Indium Laboratory, which focuses on comprehensive research and development across the tin-indium industry chain [5][6].

Audit Opinion - The audit report states that the financial statements of Yunnan Tin Indium Laboratory Co., Ltd. fairly reflect its financial position and operating results as of December 31, 2024, in accordance with accounting standards [1][2][3]. Management and Governance Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and maintaining internal controls to prevent material misstatements due to fraud or error [2][3]. - The governance body oversees the financial reporting process [2]. Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [3][4]. - The auditor assesses risks of material misstatement and designs audit procedures to address these risks [3][4]. Company Overview - Yunnan Tin Indium Laboratory Co., Ltd. was established on August 24, 2016, and renamed on June 18, 2024, with a registered capital of 130 million RMB [5]. - The company operates in mineral resource research, technology development, and related services [5]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, following the accounting standards issued by the Ministry of Finance [5]. - The company adheres to the accounting policies and estimates outlined in the financial statement notes [5]. Important Accounting Policies - The accounting period is based on the calendar year, from January 1 to December 31 [5]. - The company uses the historical cost principle for accounting, except for certain financial assets measured at fair value [5][6]. Consolidation Method - The consolidation scope is determined based on control, including the company and all subsidiaries [7][8]. - The financial results of subsidiaries are included in the consolidated financial statements from the date control is obtained [8][9]. Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value [13][14]. - The company recognizes expected credit losses based on credit risk assessments [17][23].

Core Viewpoint - The company plans to repurchase its shares to enhance shareholder value and confidence, with a total repurchase amount between 100 million RMB and 200 million RMB, at a maximum price of 21.19 RMB per share [1][3][8] Group 1: Repurchase Plan Details - The repurchase will involve buying back A-shares, with an estimated quantity of approximately 9,438,414 shares at the upper limit and 4,719,207 shares at the lower limit, representing about 0.57% and 0.29% of the total share capital respectively [1][5][8] - The repurchase is intended to reduce registered capital and will be executed within 12 months following the approval from the shareholders' meeting [1][6] - The funding for the repurchase will come from the company's own or raised funds, and the company has sufficient liquidity to cover the repurchase costs, which will not significantly impact its financial position [8][10] Group 2: Approval and Implementation - The repurchase plan requires approval from the shareholders' meeting, needing a two-thirds majority of the voting rights present [2][11] - The board of directors has already approved the plan, and it will be submitted for further approval at the upcoming shareholders' meeting [11] - The company will adjust the repurchase price if there are any corporate actions affecting the stock price during the repurchase period [5][6] Group 3: Impact on Share Structure - Following the repurchase and cancellation of shares, the company's share structure will change, but it is expected that the control of the company will remain unchanged, with the major shareholder still holding the largest stake [8][10] - The repurchase reflects management's confidence in the company's intrinsic value and aims to protect the interests of all shareholders, particularly minority investors [8][9]

Core Viewpoint - Yunnan Tin Company plans to increase capital in Yunnan Tin Indium Laboratory to enhance research and development capabilities through a joint investment with its parent company and a subsidiary, totaling 120 million yuan from Yunnan Tin Company, 30 million yuan from Yunnan Tin Group, and 120 million yuan from Yunnan Tin New Materials Company, resulting in a new shareholding structure [1][6][8] Group 1: Related Transaction Overview - The capital increase involves Yunnan Tin Company investing 120 million yuan, while Yunnan Tin Group and Yunnan Tin New Materials will invest 30 million yuan and 120 million yuan respectively, leading to a new shareholding structure of 40% for Yunnan Tin Group, 30% for Yunnan Tin Company, and 30% for Yunnan Tin New Materials in Yunnan Tin Indium Laboratory [1][6] - The transaction is classified as a related party transaction due to the ownership structure, with Yunnan Tin Group being the controlling shareholder of Yunnan Tin Company [2][3] - The board of directors approved the transaction unanimously, and it does not require shareholder meeting approval as per relevant regulations [2][3] Group 2: Financial and Operational Details - The registered capital of Yunnan Tin Indium Laboratory will increase from 13 million yuan to 40 million yuan following the capital increase [6][8] - The valuation of Yunnan Tin Indium Laboratory was assessed at 1,821.46 million yuan, reflecting a 359.66% increase in value, despite a negative net asset value of -701.48 million yuan [6][8] - The capital increase aims to strengthen the laboratory's role as a provincial-level high-energy technology innovation platform, focusing on the entire tin-indium industry chain [8][9] Group 3: Strategic Implications - The investment is expected to enhance the collaborative research and development efforts between Yunnan Tin Company and Yunnan Tin Indium Laboratory, thereby improving the company's technological innovation foundation and competitive advantage [8][9] - The laboratory aims to address key technological challenges in the tin-indium industry and promote the integration of innovation and industrial chains [8][9]

锡业股份：公司拟1亿元-2亿元回购股份，用于注销并减少注册资本。回购价格不超过21.19元/股。 ...