证券代码：000960 证券简称：锡业股份 公告编号：2024-036 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 放弃参股公司增资优先认缴出资权暨关联交易的公告 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。 一、关联交易概述 （一）关联交易基本情况 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）参股公司云南 锡业新材料有限公司（以下简称"新材料公司"）因自身战略发展需要，拟通过 原有部分股东非公开协议方式增资、产权交易机构公开挂牌交易引入战略投资者 增资并同步实施员工股权激励，增加新材料公司的资本金。根据《公司法》相关 规定，锡业股份作为新材料公司原有股东之一，享有优先认缴出资权。锡业股份 基于自身战略发展暨进一步聚焦主业和产业上游发展的考虑，从打造有色金属原 材料供应商的战略定位出发，决定放弃本次新材料公司增资扩股的优先认缴出资 权。新材料公司现有另一股东云南锡业集团（控股）有限责任公司（以下简称"云 锡控股公司"）拟以现金不超过人民币 17,000 万元 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-040 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | 债券代码：148747 | 锡 债券简称：24 | | KY02 | 云南锡业股份有限公司关于与印尼 PT 蒂玛公司 签署《战略合作框架协议》的自愿性信息披露公告 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。 特别提示： ◆本次签订的合作协议，属于双方合作意愿的框架性约定，协议相关的实施 内容和进度存在不确定性。 PT 蒂玛与公司不存在关联关系。 （二）协议签署的时间、地点 公司与 PT 蒂玛于 2024年 8月 23 日在云南昆明签署了《战略合作框架协议》 （以下简称"《协议》"）。 （三）签订协议已履行的审议决策程序 本《协议》为战略合作框架协议，无需提交公司董事会或股东大会审议。公 司将在具体合作事宜明确后，严格按照《深圳证券交易所股票上市规则》《公司 ◆本合作协议的签订预计对云南锡业股份有限公司（以下简称"锡业股份" "公司"）当 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥18.78 billion, a decrease of 17.77% compared to ¥22.83 billion in the same period last year[22]. - Net profit attributable to shareholders of the listed company reached approximately ¥799.85 million, an increase of 16.35% from ¥687.43 million year-on-year[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥998.39 million, representing a significant increase of 67.95% compared to ¥594.44 million in the previous year[22]. - The net cash flow from operating activities was approximately ¥1.55 billion, up 13.31% from ¥1.37 billion in the same period last year[22]. - Basic earnings per share increased to ¥0.4806, a rise of 15.06% from ¥0.4177 in the previous year[22]. - Total assets at the end of the reporting period were approximately ¥38.54 billion, an increase of 3.99% from ¥37.06 billion at the end of the previous year[22]. - Net assets attributable to shareholders of the listed company were approximately ¥20.17 billion, up 13.36% from ¥17.79 billion at the end of the previous year[22]. - The company achieved an operating revenue of 18.775 billion yuan, a decrease of 17.77% YoY, primarily due to a decline in supply chain business scale and the deconsolidation of the deep processing segment[57]. - The net profit attributable to shareholders was 800 million yuan, an increase of 16.35% YoY, while total assets reached 38.539 billion yuan, up 3.99% from the beginning of the year[57]. Market Position and Share - The company's domestic market share for tin metal was 47.92% in 2023, a slight increase of 0.14 percentage points from 2022, while the global market share rose to 22.92%, up 0.38 percentage points[41]. - The company maintains a leading position in the tin industry, being the largest tin producer globally since 2005[41]. - The company reported a significant investment in trust products, with an initial investment of ¥100,000,000.00 and a fair value of ¥103,315,219.45 at the end of the period[84]. - The company successfully issued 2 billion yuan of perpetual corporate bonds during the reporting period, reflecting strong market recognition of its operational quality and creditworthiness[59]. - The company maintained a domestic market share of 47.92% and a global market share of 22.92% in tin metal production in 2023[63]. Production and Operations - The company produced a total of 185,200 tons of non-ferrous metals, including 45,200 tons of tin (up 6.6% YoY), 70,300 tons of copper (up 7.99% YoY), and 68,800 tons of zinc (up 4.56% YoY)[57]. - The company has a tin smelting capacity of 80,000 tons/year, cathode copper capacity of 125,000 tons/year, zinc smelting capacity of 100,000 tons/year, and indium smelting capacity of 60 tons/year[54]. - The company has a comprehensive industrial chain in non-ferrous metals, with significant resources in tin and indium, solidifying its market leadership[40]. - The company emphasizes fine management in production and operations, optimizing the matching of mining and beneficiation processes to improve efficiency[54]. - The company is actively responding to complex economic conditions and challenges, achieving stable production and operational goals in the first half of the year[56]. Environmental Compliance and Sustainability - Yunnan Tin Company has been listed as a key regulatory unit for soil and groundwater pollution prevention, implementing strict monitoring and reporting protocols[113]. - The company is committed to enhancing its competitive edge by leveraging its full industry chain and promoting circular economy practices[54]. - The company has implemented a soil pollution risk investigation and monitoring plan to address potential environmental hazards[113]. - The company has established a comprehensive environmental monitoring management system, ensuring compliance with environmental regulations[139]. - The company has reported a total emission of 14.12 tons of particulate matter, exceeding the standard limit of 30 mg/m³[127]. Research and Development - The company’s research and development expenses rose by 119.83% to CNY 162,826,105.65, reflecting increased investment in geological exploration and smelting technology[68]. - The company is focused on enhancing smelting technology to improve production efficiency and reduce costs, with significant advancements in recovery rates and by-product utilization[58]. - The company has committed to digital transformation, with initiatives like the "5G+ Cloud Tin Industry Smart Smelting Factory" recognized as a national exemplary case for digital and green transformation[62]. - The company has invested 200 million CNY in R&D for new technologies aimed at improving environmental sustainability and operational efficiency[129]. Community Engagement and Social Responsibility - The company has conducted over 40 legal education sessions in villages to enhance legal awareness among residents[148]. - The company has resolved over 20 practical difficulties for local residents and completed 17 community service tasks, investing 53,400 yuan in the process[149]. - A total of 1.9 million poultry (chickens, ducks, and geese) valued at 275,000 yuan have been distributed to impoverished households from January to August[146]. - The company plans to invest 1.358 million yuan in industrial assistance funds in the second half of the year, with 358,000 yuan allocated for poultry farming and 1 million yuan for improving the quality of star anise cultivation[146]. Financial Management and Governance - The company has not engaged in speculative derivative investments during the reporting period, ensuring a conservative investment strategy[88]. - The company has not reported any changes in the use of raised funds, indicating adherence to the original funding plan[92]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[159]. - The company has reported a total of 11 litigation cases prior to 2024, with a total amount involved of 183.84 million yuan, and no significant impact on the company[161]. - The company has not faced any penalties or rectification issues during the reporting period[162].

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2024-034 | | --- | --- | --- | --- | --- | | 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 关于拟续聘会计师事务所的公告 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。 特别提示： 1 / 4 （1）名称：信永中和会计师事务所（特殊普通合伙） （2）成立日期：2012 年 3 月 2 日 （3）组织形式：特殊普通合伙企业 （4）注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 （5）首席合伙人：谭小青先生 审计业务收入为 30.15 亿元，证券业务收入为 9.96 亿元。2023 年度上市公司审 计客户 364 家，审计收费总额 4.56 亿元，主要行业包括制造业，信息传输、软 件和信息技术服务业，交通运输、仓储和邮政业，电力、热力、燃气及水生产和 供应业，批发和零售业，金融业，水利、环境和公共设施 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-035 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 KY01 | 锡 | | | 债券代码：148747 | 债券简称：24 KY02 | 锡 | | 关于部分固定资产报废处置的公告 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"锡业股份"或"公司"）于2024年8月22 日召开第九届董事会第六次会议及第九届监事会第六次会议，审议通过了《关于 部分固定资产报废处置的议案》。 为真实、准确反映公司截至 2024 年 6 月 30 日财务状况及 2024 年上半年经营 成果，根据《企业会计准则》及深圳证券交易所相关规定，公司及所属分子公司 对上半年末固定资产等资产进行了全面清查。对存在毁损、拆除、淘汰、无法修 复的资产账面净额为 24,811.23 万元的固定资产进行报废处置。上述事项对公司 2024 年半年度合并报表利润总额影响-24,810.96 万元，对归属于母公司股东的净利 润影响- ...

公司报告 | 首次覆盖报告 宏微观因素共振助推锡价，锡业龙头乘风而起 历久弥新，执铟锡之牛耳二十载 凭借丰富的锡与铟资源储量，公司在锡、铟两大领域均确立了行业龙头地位。 2023 年，公司在国内/全球锡金属市场的占有率达 47.9%/22.9%，在 2023 年全 球十大精锡生产商中名列榜首。公司在铟资源领域同样成绩斐然，位于都龙矿 区的铟资源生产基地是全国最大的原生铟生产基地。2023 年，公司原生铟的 国内/全球市场占有率约为 15.9%/9.6%。 供需基本面与宏观因子共振，锡价具备强劲上行动力 进口、库存迎来拐点，供给侧收紧对锡价产生正向影响。1）进口端，23 年 8 月缅甸禁矿令正式实施后，却并没有见到预期中的进口量立刻收紧，原因在于 缅甸的原矿库存和矿渣回收依然充沛。但随着库存消耗殆尽、矿渣回收叫停， 24 年 5 月起，我们测算缅甸矿供需转向缺口，缅甸禁矿令在历时 10 个月后正 式开始对国内供给产生影响。此外，刚果金在我国锡进口来源国中排名第二， 今年以来刚果金矿山生产发运扰动不断，若未来再发生超预期的扰动或将进一 步对供给侧产生冲击。2）库存端，24 年以来，锡锭库存出现了陡峭的累库曲 线， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 13.87 CNY [1]. Core Insights - The company is a leading player in the tin and indium market, with a comprehensive supply chain that includes exploration, mining, smelting, and deep processing of non-ferrous metals [4][5]. - The company has the largest tin production and processing base in China and holds the world's longest and most complete tin industry chain [4][5]. - The company’s tin resources amount to 646,400 tons, with a smelting capacity of 80,000 tons per year, capturing 47.92% of the domestic market and 22.92% of the global market [4][5]. - The company is expected to benefit from a strong upward trend in tin prices due to improving demand in the semiconductor sector and supply constraints from major producing countries [4][5][26]. Financial Performance and Forecast - The company’s revenue for 2023 is projected at 42.36 billion CNY, a decrease of 19% year-on-year, with net profit expected to be 1.408 billion CNY, a 5% increase [1][19]. - Forecasted net profits for 2024, 2025, and 2026 are 2.165 billion CNY, 2.317 billion CNY, and 2.413 billion CNY respectively, reflecting growth rates of 54%, 7%, and 4% [1][6]. - The estimated P/E ratios for 2024, 2025, and 2026 are 10.5, 9.9, and 9.5 respectively, indicating a favorable valuation compared to peers [6][19]. Industry Overview - The tin market is experiencing a recovery driven by improved macroeconomic conditions and a rebound in consumer electronics demand [4][26]. - Supply-side challenges include mining halts in Myanmar and regulatory delays in Indonesia, leading to a significant reduction in tin exports from these regions [26][35]. - The long-term outlook for tin prices is positive, with expectations of a gradual increase in price levels due to supply rigidity and rising demand from sectors such as photovoltaics and semiconductors [4][5][26].

证券代码:000960 证券简称:锡业股份 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投资者关系活动记录表 编号:2024-007 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 ■现场调研 □其他 华鑫证券:杜 飞、万 蕾 融通基金:曲 悦 交银施罗德:刘元浩 东吴证券:孟祥文、米 宇 参与单位名称 景顺长城基金:李建霖 鑫元基金:王夫伟 及人员姓名 平安基金:康子然 中邮证券:李帅华、冯兴振、何抒颖 北京兴业基金:秦占军 大家资产:冯思宇 时间 2024 年 7 月 17 日 地点 云南省昆明市官渡区民航路 471 号公司会议室 上市公司接待 人员姓名 董事会秘书:杨佳炜 证代:杨 媛 公司与投资机构就 2024 年以来公司生产经营情况、未来发 展规划及行业发展趋势等相关情况进行了交流沟通与探讨,具 体内容如下: 一、公司基本情况 投资者关系活 锡业股份作为全球锡铟行业的龙头企业,2000 年 2 月在深 动主要内容介 交所正式挂牌上市,有着百年的传承历史和文化底蕴 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-029 | | --- | --- | --- | --- | | 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 第九届董事会 2024 年第二次临时会议决议公告 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。 经云南锡业股份有限公司（以下简称"公司"）董事长刘路坷先生、董事张 扬先生、吴红星先生、陈雄军先生和李德宁先生联名提议，公司第九届董事会 2024 年第二次临时会议于 2024 年 6 月 26 日以通讯表决方式召开，根据《云南 锡业股份有限公司章程》第一百三十九条之规定，本次会议通知于 2024 年 6 月 20 日以当面送达、电子邮件及传真的方式通知了公司 8 名董事。应参与此次会 议表决董事 8 名，实际参与表决董事 8 名。本次临时董事会的召开符合《公司法》 和《云南锡业股份有限公司章程》的规定。 一、经会议审议、通过以下议案： 1、《云南锡业股 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-030 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 KY02 | | 2、《云南锡业股份有限公司关于全资子公司减少注册资本的议案》 云南锡业股份有限公司 第九届监事会 2024 年第二次临时会议决议公告 本公司及监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。 经云南锡业股份有限公司（以下简称"公司"）监事会主席卢丽桃女士、监 事张宏旭先生、王金先生联名提议，公司第九届监事会 2024 年第二次临时会议 于 2024 年 6 月 26 日以通讯表决方式召开。会议通知于 2024 年 6 月 20 日以当面 送达、电子邮件及传真的方式通知了公司的 3 名监事。应参与此次会议表决的监 事 3 名，实际参与表决监事 3 名。本次临时监事会的召开符合《公司法》和《云 南锡业股份有限公司章程》的规定。 一、经会议审议、通过以下议案： 1、《云南锡业股份有限公司 ...