Group 1: Company Strategy and Market Position - The company emphasizes resource expansion as a long-term development strategy, focusing on both domestic and international markets to enhance resource security and sustainable development [1][2][5]. - As a leading player in the global tin industry, the company aims to maintain the health of the tin sector and ensure supply chain security for the nation [1][2]. - The company plans to leverage its unique resources, market position, and key technologies to enhance its core competitiveness and governance [2][3]. Group 2: Financial Performance and Shareholder Engagement - The company has implemented measures to improve investor relations, including enhancing information disclosure and increasing cash dividends [4][8]. - Since its listing, the company has focused on improving operational performance and has engaged in share buybacks to enhance shareholder value [3][4]. - The company reported that its copper product revenue approached 8.6 billion CNY in 2024, but the gross margin was only 0.16%, indicating a challenging profitability environment [11]. Group 3: Resource Management and Production Challenges - The company faces challenges in maintaining a stable supply of tin due to declining resource quality and geopolitical factors affecting supply [2][9]. - The self-sufficiency rates for various minerals are low, with tin ore at 30% and copper ore at 12%, prompting the company to focus on resource expansion and integration [9][12]. - The company is exploring strategic partnerships to enhance resource development and ensure efficient utilization of tin resources [5][12]. Group 4: Future Outlook and Market Conditions - The company anticipates growth in domestic tin demand driven by consumption stimulus policies and advancements in artificial intelligence and electric vehicles [2][9]. - The company is committed to enhancing its mining operations and procurement strategies to meet production targets despite challenges in raw material availability [9][12]. - The company is actively pursuing strategic collaborations to strengthen its market position and resource base, particularly in regions with significant mineral deposits [5][12].

Group 1 - The company, Yunnan Tin Company Limited, will participate in the "2024 Annual Online Collective Reception Day for Listed Companies in Yunnan" to enhance interaction with investors [1] - The event will be held online on May 16, 2025, from 16:00 to 17:00, allowing investors to engage with the company's executives [1] - Topics of discussion will include the company's performance in 2024 and the first quarter of 2025, corporate governance, development strategy, profit distribution, and sustainable development [1]

网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，云南锡业股份有限公司（以下简称"公 司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有限公 司联合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 16 日（周五）16:00-17:00。届时公司 相关高管将在线就公司 2024 年度及 2025 年第一季度经营业绩、公司治理、发展 战略、利润分配和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与。 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-027 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | ...

Group 1: Copper Industry - The investment rating for the copper industry is currently neutral, with LME copper prices increasing by 0.89% to $9,439.00 per ton and Shanghai copper prices rising by 0.30% to 77,500 yuan per ton [1][13]. - Supply-side data indicates that the import copper concentrate processing fee index has dropped to -$43.11 per ton, while Codelco's copper production increased by 14.8% year-on-year to 123,200 tons in March [1][13]. - Domestic copper rod enterprises' operating rates have decreased to 62.79%, down 17.10 percentage points week-on-week, primarily due to high copper prices leading to a significant reduction in new orders [1][13]. Group 2: Aluminum Industry - The investment rating for the aluminum industry is neutral, with LME aluminum prices decreasing by 0.66% to $2,418.00 per ton and Shanghai aluminum prices falling by 1.63% to 19,600 yuan per ton [2][14]. - Domestic electrolytic aluminum ingot inventory stands at 620,000 tons, a decrease of 16,000 tons compared to earlier in the week, while aluminum oxide weekly operating rates have been adjusted down by 0.07 percentage points to 79.67% [2][14]. - Downstream demand remains weak, with companies primarily adopting a wait-and-see approach and purchasing based on demand [2][14]. Group 3: Gold Industry - The investment rating for the gold industry is positive, with COMEX gold prices decreasing by 0.43% to $3,329.10 per ounce, influenced by international trade tensions and geopolitical conflicts [3][15]. - The Federal Reserve has maintained the federal funds rate at 4.25% to 4.5%, indicating increased uncertainty in the U.S. economic outlook [3][15]. - SPDR gold holdings have decreased by 1.45 tons to 937.94 tons, reflecting market dynamics amid geopolitical developments [3][15]. Group 4: Rare Earth Industry - The investment rating for the rare earth industry is positive, with prices rising due to export controls and supply disruptions from Myanmar [4][32]. - The price of praseodymium and neodymium oxide has increased by 3.65% to 423,300 yuan per ton, while dysprosium oxide has risen by 9.87% to 1,670,000 yuan per ton [4][32]. - The overall supply-demand situation is improving, with expectations of moderate quota growth and increased focus on rare earth resources amid global geopolitical shifts [4][32]. Group 5: Lithium and Cobalt Industries - The investment rating for the lithium industry is neutral, with lithium carbonate prices decreasing by 3.35% to 66,000 yuan per ton [5]. - Cobalt prices remain stable, with the price of cobalt at 242,000 yuan per ton, reflecting steady demand in the market [5]. - Nickel prices have increased by 2.7% to $15,800 per ton, indicating a positive trend in the nickel market [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In April, tin prices fluctuated extremely in the first half - month and then narrowed in the second half - month. The market focus has shifted to demand. The tin market is treated as a rebound, with strong resistance at 265,000 - 270,000 yuan. The medium - and long - term trend will be pressured by supply easing and consumption concerns, and short - selling is the main strategy. In May, tin prices will mainly complete the right - shoulder shock pattern, with obvious resistance above and a possible downward shift in the lower trading low [18]. Summary by Relevant Catalogs 1. Fundamental Information 1.1 Tin Concentrate Supply - Myanmar's Wa State promotes the resumption of production at the Manxiang Mine. The new mining license fee standard has increased significantly, which may put pressure on low - altitude mines and small and medium - sized concentrators, while large enterprises have an advantage [1]. - Alphamin's Bisie mine in Congo (Kinshasa) has resumed tin production, which accounts for about 6% of the world's annual tin production [2]. - Xingye Yinxi's wholly - owned subsidiary, Yinman Mining, resumed production on April 16 after a safety accident in March [2]. - Malaysia Smelting Corporation (MSC) temporarily suspended production due to a gas pipeline explosion on April 1. In 2024, its refined tin output was 16,300 tons, and this event may cause delays in tin metal delivery [3]. - In March 2025, China's tin ore imports remained at a low level. The import volume of tin ore and concentrates was 8,322.55 tons, a year - on - year decrease of 64% and a month - on - month decrease of 4.8%. From January to March, the cumulative import volume was 26,900 tons, a cumulative year - on - year decrease of 55% [4]. 1.2 Refined Tin Production and Import - Export Trends - In March, Mysteel's survey of 20 domestic tin smelters showed that the refined tin output was 14,590 tons, a month - on - month increase of 2.92% and a year - on - year decrease of 5.96%. From January to March, the cumulative output was 43,600 tons, a cumulative year - on - year increase of 4.7%. In April, the planned output is expected to be 14,000 tons, a month - on - month decrease of 4% [5]. - In March, Indonesia's tin ingot exports returned to the high - level range of last year, with 5,780.14 tons exported, a year - on - year increase of 49.8% [5]. - In March, China's tin ingot imports increased, exports decreased, and net imports turned positive. The import volume of unforged non - alloy tin was 2,094 tons, a month - on - month increase of 12.02% and a year - on - year increase of 145.67%. The export volume was 1,673 tons, a month - on - month decrease of 29.51% and a year - on - year increase of 12.99%. In March, the net import of refined tin was 421 tons, and the cumulative net import in the first quarter was 119 tons [6]. - In the first quarter, Yunnan Tin Company's net profit was 499 million yuan, a year - on - year increase of 53.08%. It is expected to produce 90,000 tons of tin products, 125,000 tons of copper products, 131,600 tons of zinc products, and 102.3 tons of indium ingots in 2025, with a budgeted operating income of 46.5 billion yuan [6]. 1.3 Consumption and Balance - The Yunnan Provincial Grain and Material Reserves Bureau and Yunnan Tin Group signed a tin and indium metal reserve agreement to jointly promote the establishment of a "Yunnan model" for non - ferrous metal reserves [7]. - According to WBMS, in February 2025, the global refined tin supply had a surplus of 1,100 tons. From January to February, there was a supply shortage of 2,500 tons. In February, the global tin ore output was 25,600 tons, and from January to February, it was 51,200 tons [8]. 2. Weekly Report Trends 2.1 April 7 - **Price Trend**: After the earthquake in Myanmar, the Wa State postponed the early - April resumption investment conference. Driven by funds, the tin market rose, with LME tin reaching a maximum of $38,395 and SHFE tin weighted index hitting 299,700 yuan. However, affected by the US - China tariff risk, LME tin gave back all its gains and closed at $35,000 [9]. - **Upstream Supply**: Malaysia Smelting Group suspended production due to a gas pipeline accident. The processing fee of 40% tin concentrate in Yunnan was concentrated at 11,000 yuan/ton, and smelters' raw material inventories were at a low level. Attention should be paid to the production schedule of domestic smelters in April and the resumption news from the Wa State [9]. - **Downstream Consumption**: Due to the high price, point - pricing by tin - related downstream enterprises above 290,000 yuan basically stopped. Domestic SMM tin social inventory increased to 12,000 tons, while LME tin inventory dropped to 2,990 tons. The risk of a short squeeze increased, but it was difficult in the short term [9]. - **Outlook**: The global tin market has many supply - related topics, but current consumption is average. It is recommended that downstream enterprises conduct point - pricing below 270,000 yuan. Tin prices are still in a high - level volatile state, and the trend depends on supply changes [10]. 2.2 April 14 - **Price Trend**: In the past two weeks, tin prices fluctuated greatly. Affected by the US - China tariff and Alphamin's resumption of production, LME tin dropped to a minimum of $28,900, and SHFE tin weighted index fell to 236,000 yuan. Then, due to tight domestic tin resources and tariff game, prices rebounded quickly, and SHFE tin oscillated above 260,000 yuan [11]. - **Upstream Supply**: Although tin prices resisted multiple supply - side impacts, the impact of systematic risks on prices was large, indicating that the market focus has shifted to demand. Alphamin is resuming production, and attention should be paid to actual supply changes [12]. - **Downstream Consumption**: Uncertainty in demand increased due to potential US tariffs on the semiconductor industry. Domestic SMM tin social inventory decreased slightly to 11,600 tons, and LME tin inventory increased to 3,140 tons [12]. - **Outlook**: The tin market is treated as a rebound, with resistance at 265,000 - 270,000 yuan. It is recommended to short - sell and wait for supply changes [12]. 2.3 April 21 - **Price Trend**: Although SHFE tin rebounded on Monday, the overall price oscillated, with resistance at 265,000 - 270,000 yuan. LME tin was weaker than SHFE tin, and attention should be paid to its performance at $32,500 [13]. - **Upstream Supply**: The tin market is still in a tight supply situation. In March, domestic tin concentrate imports decreased year - on - year. Domestic smelters' raw material inventories were tight, and it was expected that April's refined tin output might decrease. Yinman Mining resumed production, and Alphamin gave up its 20,000 - ton annual output target [13]. - **Downstream Consumption**: Consumption in the semiconductor industry is highly uncertain. Due to the price fluctuations last week, downstream enterprises replenished their inventories, and steel - linked tin social inventory decreased to 10,600 tons. Attention should be paid to pre - holiday inventory replenishment before May Day [14]. - **Outlook**: The tin market is regarded as a rebound, with resistance at 265,000 - 270,000 yuan. It is recommended to short - sell, and the medium - and long - term trend will be pressured by supply and consumption concerns [14]. 2.4 April 28 - **Price Trend**: Last week, domestic and international tin prices oscillated, with a narrowing fluctuation range. The weekly increase was over 2%. SHFE tin was stronger than LME tin, and SHFE tin weighted index oscillated above the 250 - day moving average, but the overall position decreased significantly. LME tin failed to break through $32,000 [16]. - **Upstream Supply**: In March, domestic tin concentrate imports continued to decline year - on - year. The weekly operating rates of refined tin production in Yunnan and Jiangxi were weak, and it was expected that April's tin output would drop to 14,000 tons. The import window for refined tin opened, and net imports might continue in April. The Wa State promoted the resumption of production, and the new fee standard might promote the large - scale and intensive development of the Manxiang Mine [16]. - **Downstream Consumption**: The global semiconductor consumption index has changed. LME tin inventory slowly decreased to 2,810 tons. Domestic SMM social inventory decreased slightly to 10,413 tons. The market is not optimistic about pre - May Day tin inventory replenishment. South Korea's export data was revised down, and there is high uncertainty in domestic photovoltaic and home appliance production schedules [17]. - **Outlook**: Overseas tin prices are weaker. The tin market is a rebound, and it is recommended to short - sell with resistance at 265,000 - 270,000 yuan. The medium - and long - term trend will be pressured by supply and consumption factors [17]. 3. Conclusions and Outlook - In April, tin prices fluctuated extremely in the first half - month and then narrowed in the second half - month. The market focus has shifted to demand. The tin market is treated as a rebound, with strong resistance at 265,000 - 270,000 yuan. The medium - and long - term trend will be pressured by supply easing and consumption concerns, and short - selling is the main strategy. In May, tin prices will mainly complete the right - shoulder shock pattern, with obvious resistance above and a possible downward shift in the lower trading low [18][19].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the total profit reached 1.835 billion yuan, an increase of 5.15% year-on-year. The net profit attributable to the parent company was 1.444 billion yuan, up 2.55% year-on-year. In the first quarter of 2025, the company achieved a total revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, with total profit of 608 million yuan, up 40.51% year-on-year, and net profit of 499 million yuan, up 53.09% year-on-year [5][6] - The company experienced an increase in production and prices for its main products, with total production of non-ferrous metals reaching 361,000 tons in 2024, including 84,800 tons of tin, 130,300 tons of copper, and 144,000 tons of zinc. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [5] - The supply-demand dynamics for tin remain favorable, with a tightening global supply due to policy restrictions in Southeast Asia and stable demand growth driven by sectors such as electric vehicles and semiconductors [5] - The company is a leader in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024, positioning it well to benefit from ongoing industry prosperity [5] Financial Data Summary - The company’s total assets were reported at 36.803 billion yuan, with a total market capitalization of 22.827 billion yuan. The earnings per share (EPS) for 2024 is projected at 0.88 yuan, with a net profit margin of 3.7% [6][8] - Forecasted net profits for 2025, 2026, and 2027 are 2.269 billion yuan, 2.406 billion yuan, and 2.828 billion yuan, respectively, indicating a strong growth trajectory [5][8]

Core Viewpoint - In the first quarter of 2025, Xiyeg股份 demonstrated significant growth in financial performance, with notable increases in revenue and net profit compared to the previous year [1][5]. Financial Performance - The total operating revenue reached 9.729 billion yuan, a year-on-year increase of 15.82% [1] - The net profit attributable to shareholders was 499 million yuan, up 53.09% year-on-year [1] - The net profit excluding non-recurring items was 494 million yuan, reflecting a 62.43% increase year-on-year [1] Profitability - The gross profit margin improved to 11.5%, an increase of 2.7% year-on-year [2] - The net profit margin was 5.22%, with a year-on-year growth of 26.39% [2] Cost Control - Total selling, administrative, and financial expenses amounted to 314 million yuan, accounting for 3.23% of revenue, a decrease of 27.65% compared to the same period last year [3] Cash Flow and Debt Situation - Operating cash flow per share was 0.39 yuan, a decline of 40.14% year-on-year [4] - Interest-bearing liabilities stood at 10.557 billion yuan, down 21.93% from the previous year, but still at a high level, with an interest-bearing asset-liability ratio of 28.33% [4] Other Key Indicators - The net asset per share was 11.5 yuan, reflecting a year-on-year growth of 4.48% [6] - Earnings per share were 0.29 yuan, an increase of 48.28% year-on-year [6] - Cash and cash equivalents amounted to 2.599 billion yuan, up 5.47% year-on-year [6] - Accounts receivable reached 741 million yuan, a year-on-year increase of 13.93% [6]

云南锡业股份有限公司 2024 年度权益分派实施公告 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"本公司"或"公司"）2024 年度权益 分派方案已经公司 4 月 25 日召开的年度股东大会审议通过，现将权益分派事宜 公告如下： | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-026 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 一、股东大会审议通过权益分派方案情况 1、经公司股东大会审议通过的 2024 年度权益分派具体方案为：以 2024 年 12 月 31 日公司总股本 1,645,801,952 股为基数，向全体股东每 10 股派发现金股 利 1.90 元（含税），合计派发现金股利 312,702,370.88 元（含税）。除此之外， 不送红股，不以资本公积金转增股本。 2、公司自分配方案披露至实施期间，公司股本总额未发生变化。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q1 2025 revenue reached 9.729 billion RMB, representing a year-over-year increase of 15.82% and a quarter-over-quarter decrease of 23.76%. The net profit attributable to the parent company was 499 million RMB, up 53.08% year-over-year and up 210.55% quarter-over-quarter, driven by rising tin prices [1][2] - The report anticipates that the tight supply of tin mines will likely lead to an upward trend in tin prices from 2025 to 2027, which is expected to support the company's future performance [1][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a comprehensive gross margin of 11.50%, an increase of 6.57 percentage points quarter-over-quarter and 0.30 percentage points year-over-year. The average price of tin ingots in Q1 2025 was 260,700 RMB per ton, up 3.9% quarter-over-quarter, significantly contributing to the company's profitability [2] - The company produced 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc in Q1 2025, maintaining stable production levels [2] Profit Forecast and Valuation - The report maintains the company's EPS forecasts for 2025, 2026, and 2027 at 1.37 RMB, 1.57 RMB, and 1.71 RMB, respectively. The target price is set at 17.43 RMB, corresponding to a PE ratio of 12.72 times for 2025 [4][7]