云南锡业股份有限公司 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1-2 | 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 关于云南锡业股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025KMAA2B0022 云南锡业股份有限公司 云南锡业股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了云南锡业股份有限公司（以下简称锡业股 份）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表、2024 年 度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以 及财务报表附注，并于 2025 年 4 月 1 日出具了 XYZH/2025KMAA2B0021 号标准无保留意 见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》（证监会公告〔2022〕26 号），以及深圳证券交易所相关披露的要 求，锡业股份编制了本专项说明所附的锡业股份 2024 年 ...

云南锡业股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-121 | 审计报告 XYZH/2025KMAA2B0021 云南锡业股份有限公司 云南锡业股份有限公司全体股东： 一、审计意见 我们审计了云南锡业股份有限公司（以下简称锡业股份）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了锡业股份 20 ...

（报告人：王道斌） 各位股东： 云南锡业股份有限公司 2024 年度独立董事述职报告 作为云南锡业股份有限公司（以下简称"锡业股份"或"公司"）的独立董 事，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》（以下 简称"《独董管理办法》"）、《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》（以下简称"《规范运作》"）等相关法律法规、 规范性文件及《云南锡业股份有限公司章程》（以下简称"《公司章程》"）《独 立董事工作制度》之相关规定及要求，严格保持独立董事独立性，勤勉尽责地履 行了独立董事的职责，积极出席有关会议，维护公司整体利益和全体股东尤其是 中小股东的合法权益。现就 2024 年度本人履职情况汇报如下： 一、基本情况 王道斌，男，1986 年 8 月生，北京有色金属研究总院材料学硕士。曾任北 京有色金属研究总院加工事业部工程师、中国稀有稀土有限公司投资管理部业务 经理、中铝山东稀土有限公司副总经理、山东稀土协会副秘书长、山东钢研中铝 稀土科技有限公司董事、华商基金管理有限公司研究员、上投摩根基金管理有限 公司研究员。现任上海胤胜资产管理有限公司总经理，云南锡业股份有限公 ...

云南锡业股份有限公司 2024 年度独立董事述职报告 （报告人： 袁蓉丽） 各位股东： 作为云南锡业股份有限公司（以下简称"锡业股份"或"公司"）的独立董事， 本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》（以下简称 "《独董管理办法》"）、《深圳证券交易所上市公司自律监管指引第 1 号—主 板上市公司规范运作》（以下简称"《规范运作》"）等相关法律法规、规范性 文件及《云南锡业股份有限公司章程》（以下简称"《公司章程》"）《独立董 事工作制度》之相关规定及要求，严格保持独立董事独立性，勤勉尽责地履行了 独立董事的职责，积极出席有关会议，及时了解公司生产经营和发展情况，维护 公司整体利益和全体股东尤其是中小股东的合法权益。现就 2024 年度本人履职 情况汇报如下： 一、基本情况 袁蓉丽，女，1972 年 1 月生，中国人民大学商学院会计系教授、博士生导 师、注册会计师、财政部全国会计领军人才。2006 年毕业于英国卡迪夫大学， 获得博士学位（会计和金融方向）。曾任郑州威科姆电子科技有限公司财务总监， 负责公司上市工作，2008 年 9 月开始任教于中国人民大学商学院会计系，现任 北京威卡威汽车 ...

作为云南锡业股份有限公司（以下简称"锡业股份"或"公司"）的独立董事， 本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》（以下简称 "《独董管理办法》"）、《深圳证券交易所上市公司自律监管指引第 1 号—主 板上市公司规范运作》（以下简称"《规范运作》"）等相关法律法规、规范性 文件及《云南锡业股份有限公司章程》（以下简称"《公司章程》"）《独立董 事工作制度》之相关规定及要求，严格保持独立董事独立性，勤勉尽责地履行了 独立董事的职责，积极出席有关会议，及时了解公司生产经营和发展情况，维护 公司整体利益和全体股东尤其是中小股东的合法权益。现就 2024 年度本人履职 情况汇报如下： 一、基本情况 于定明 男，1975 年 8 月出生，毕业于中国政法大学，法学博士，中国国籍， 无永久境外居留权。现任云南财经大学法政学院教授委员会主任、云南财经大学 社会稳定风险评估研究中心主任，兼任上海市汇业（昆明）律师事务所执业律师。 现任云南建投绿色高性能混凝土股份有限公司、云南云维股份有限公司和云南铜 业股份有限公司独立董事，及云南锡业股份有限公司第九届董事会独立董事，绩 效薪酬委员会召集人、提名委员会委员。 ...

董事会 二〇二五年四月三日 云南锡业股份有限公司董事会 关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求， 云南锡业股份有限公司（以下简称"公司"）董事会就公司在任独立董事袁蓉丽、 王道斌、于定明的独立性情况进行评估并出具如下专项意见： 经核查独立董事袁蓉丽、王道斌、于定明的任职经历以及签署的独立性自查 文件，公司董事会认为：截至本公告披露之日，公司在任独立董事符合《上市公 司独立董事管理办法》《深圳证券交易所股票上市规则》和《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》中对独立董事独立性的 相关要求。 云南锡业股份有限公司 ...

Financial Performance - The company's operating revenue for 2024 was approximately ¥41.97 billion, a decrease of 0.91% compared to ¥42.36 billion in 2023[27]. - Net profit attributable to shareholders for 2024 was approximately ¥1.44 billion, an increase of 2.55% from ¥1.41 billion in 2023[27]. - The net profit after deducting non-recurring gains and losses for 2024 was approximately ¥1.94 billion, a significant increase of 40.48% compared to ¥1.38 billion in 2023[27]. - The net cash flow from operating activities for 2024 was approximately ¥3.40 billion, representing a 55.25% increase from ¥2.19 billion in 2023[27]. - Basic earnings per share for 2024 were ¥0.8526, a slight decrease of 0.36% from ¥0.8557 in 2023[28]. - The weighted average return on equity for 2024 was 7.69%, down 0.6 percentage points from 8.29% in 2023[28]. - Total assets at the end of 2024 were approximately ¥36.64 billion, a decrease of 1.13% from ¥37.06 billion at the end of 2023[28]. - Net assets attributable to shareholders at the end of 2024 were approximately ¥20.85 billion, an increase of 17.19% from ¥17.79 billion at the end of 2023[28]. - The company reported a revenue of 41.973 billion yuan in 2024, a decrease of 0.91% year-on-year, while net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan[86]. Market Position and Share - The company's market share in the domestic tin market reached 47.98%, while its global market share was 25.03% in 2024[50]. - The company holds the world's largest indium resource reserves, with a domestic market share of 7.35% and a global market share of 5.01% for refined indium in 2024[60]. - The company has maintained its position as the world's largest tin producer since 2005, with a domestic market share of 47.98% and a global market share of 25.03% in 2024, reflecting an increase of 0.06 and 2.11 percentage points respectively from 2023[64]. Production and Operations - The company achieved a historical high production volume of 361,000 tons of non-ferrous metals in the reporting period[79]. - The company reported a total production of 361,000 tons of non-ferrous metals in 2024, including 84,800 tons of tin, 130,300 tons of copper, and 144,000 tons of zinc, marking a historical high[86]. - The production volume of tin raw ore metal decreased by 2.46% to 31,173 tons in 2024 from 31,958 tons in 2023[106]. - The company’s copper product sales volume increased slightly by 0.84% to 130,402 tons in 2024, compared to 129,315 tons in 2023[104]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[5]. - R&D expenses increased by 61.92% to ¥397,478,568.20 from ¥245,476,771.50, primarily due to enhanced research efforts in geological exploration and smelting technologies[96]. - The number of R&D personnel increased by 65.60% to 1,401 from 846 in 2023, with the proportion of R&D personnel rising to 10.58%[117]. Sustainability and Governance - The company emphasized its commitment to sustainable development, being selected as a model for sustainable practices in the 2024 annual report[10]. - The company has made significant progress in green mining and factory initiatives, showcasing its commitment to environmental responsibility[5]. - The company has established a comprehensive governance structure, ensuring transparency and accountability in its operations[13]. - The company was recognized for its governance and information disclosure, receiving multiple awards including the A-level rating from the Shenzhen Stock Exchange for 2023-2024[90]. Strategic Initiatives - The company is focused on enhancing its mining efficiency through the implementation of advanced mining equipment and technologies[3]. - The company plans to enhance resource exploration and processing technology to improve the quality and quantity of production, focusing on cost control and lean production[150]. - The company is committed to becoming a leading global supplier of tin and indium products, emphasizing digital transformation and smart mining initiatives[148]. - The company is actively pursuing external resource acquisition and strategic partnerships to stabilize its supply chain amidst global resource distribution challenges[151]. Financial Management - The company reported a significant increase in derivative financial assets, rising by 271.14% to ¥99,145,336.90 due to increased floating profits from commodity hedging contracts[93]. - Accounts receivable financing decreased by 35.93% to ¥142,381,088.17, primarily due to a reduction in held receivables[93]. - The company raised a total of 200 million CNY through the issuance of two tranches of perpetual bonds, with a net amount of 199.275 million CNY after deducting issuance costs[140]. Shareholder Engagement - The company emphasized its independence from controlling shareholders in operations, finance, and business activities, ensuring no conflicts of interest[174]. - The first temporary shareholders' meeting in 2024 had an investor participation rate of 54.94%[175]. - The company reported a significant increase in shareholder meeting resolutions, with 47.14% approval for the annual meeting and 46.15% for the second extraordinary meeting in 2024[176]. Future Outlook - The company aims for a total revenue of 46.5 billion yuan in 2025, with product targets of 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 102.3 tons of indium[149]. - The company anticipates challenges in the stability and sustainability of global tin supply, particularly from traditional mining regions[50]. - The company faces risks from geopolitical tensions and macroeconomic uncertainties, which may impact production and market operations[150].

为充分尊重投资者，提升业绩说明会交流效果，现就公司 2024 年度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 7 日（星期一）15:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码， 进入问题征集专题页面。公司将在 2024 年度业绩说明会上对投资者普遍关注的 问题进行回答。 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-007 | | --- | --- | --- | --- | --- | | 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 关于举办 2024 年度业绩说明会的公告 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"）将于 2025 年 4 月 3 日披露《2024 年年度报告》及《2024 年年度报告摘要》，为便于广大投资者进一步了解公司 2024 年度报告 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company expects a net profit attributable to shareholders of 1.42-1.52 billion yuan for 2024, representing a year-on-year increase of 0.8%-7.9%. The non-recurring net profit is projected to be 1.92-2.02 billion yuan, reflecting a year-on-year growth of 38.8%-46.1% [1][4] - The decline in net profit for Q4 2024 is primarily due to the impact of mining rights transfer income, with an estimated net profit of 190 million yuan, down 61% quarter-on-quarter. However, the non-recurring net profit is expected to increase by 15% quarter-on-quarter [2] - The company has signed multiple strategic cooperation agreements, which are expected to enhance future growth prospects. The agreements include partnerships with local governments and companies in Indonesia, focusing on resource integration and collaboration [3] Summary by Sections Financial Performance - The company forecasts a net profit of 1.48 billion yuan for 2024, with a 5% increase in 2025 and a 10% increase in 2026. The corresponding P/E ratios are projected to be 16, 11, and 10 times for 2024, 2025, and 2026 respectively [4][5] - The average price of tin is expected to remain high due to supply constraints, particularly following the suspension of mining in Myanmar, which accounted for approximately 18% of global tin production [3] Strategic Developments - The company has entered into a cooperation agreement with the local government to consolidate tin resources, positioning itself as a key player in the region [3] - The strategic partnerships with Indonesian companies are anticipated to facilitate resource and technology sharing, enhancing operational capabilities [3] Market Outlook - The report indicates that tin prices are likely to remain elevated due to ongoing supply tightness, with expectations for continued high prices into 2025 [3]

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between CNY 1,420 million and CNY 1,520 million, representing an increase of 0.83% to 7.93% compared to the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between CNY 1,920 million and CNY 2,020 million, reflecting a significant increase of 38.84% to 46.07% year-on-year[3]. - The basic earnings per share for 2024 is projected to be between CNY 0.8379 and CNY 0.8987, compared to CNY 0.8557 in the previous year[3]. - The performance forecast period is from January 1, 2024, to December 31, 2024[3]. Company Strategy and Performance - The company has focused on "strong attack, deep reform, market expansion, and stable operation" to enhance production efficiency despite market challenges[5]. - The company has successfully mitigated the adverse effects of declining processing fees and capitalized on market opportunities to achieve substantial growth in net profit after deducting non-recurring items[6]. - The increase in net profit attributable to shareholders is partially impacted by the payment of mining rights transfer income[6]. Audit and Communication - The performance forecast has not been audited by the accounting firm, and the final financial data will be disclosed in the 2024 annual report[7]. - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies between the two parties[4]. - The company emphasizes the importance of cautious decision-making for investors due to the preliminary nature of the performance forecast[7].