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].

[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].