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 年第三次临时会议 于 2024 年 10 月 24 日以通讯表决方式召开。会议通知于 2024 年 10 月 18 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。 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-046 | | --- | --- | --- | --- | | 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 第九届监事会 2024 年第三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。 1 / 2 二、备查文件 1、经与会监事签字并加盖监事会印章的《云南锡业股份有限公司第九届监事 会 2024 年第三 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥10,437,836,883.43, a decrease of 3.58% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥483,557,120.34, an increase of 18.56% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥451,589,478.70, up 14.12% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.2841, reflecting a growth of 14.65% compared to the same period last year[2]. - The operating revenue for the first three quarters of 2024 was 12.83 billion yuan, an increase from 10.95 billion yuan in the same period of 2023, representing a growth of approximately 17.1%[13]. - The net profit attributable to shareholders for the first three quarters of 2024 was 764.7 million yuan, up from 665.5 million yuan in the same period of 2023, reflecting a growth of about 14.9%[13]. - The earnings per share for the first three quarters of 2024 was 0.7647 yuan, compared to 0.6655 yuan in the same period of 2023, indicating an increase of approximately 14.8%[13]. - The company reported a comprehensive income total of CNY 1,354,938,850.63, slightly down from CNY 1,369,995,873.48 in the previous period[20]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥37,207,765,003.21, representing a 0.40% increase from the end of the previous year[2]. - The company's equity attributable to shareholders increased by 16.10% year-on-year, reaching ¥20,653,665,144.72[2]. - Total liabilities decreased to CNY 15,548,683,129.51 from CNY 18,250,417,926.44, reflecting a reduction of 14.8%[19]. - Total equity attributable to shareholders of the parent company increased to CNY 20,653,665,144.72 from CNY 17,790,292,055.99, representing an increase of 16.5%[19]. - The company's long-term borrowings decreased to CNY 7,111,520,883.03 from CNY 8,752,162,311.51, a decline of 18.7%[19]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥2,498,832,532.34, an increase of 27.74% compared to the same period last year[2]. - Net cash flow from operating activities increased by 115.94% to ¥514,173,788.71, reflecting improved operational performance[8]. - The net cash flow from operating activities for the first three quarters of 2024 was 2.499 billion yuan, compared to 1.956 billion yuan in the same period of 2023, showing an increase of about 27.8%[14]. - The net cash flow from operating activities for the current period is ¥2,498,832,532.34, an increase of approximately 27.7% compared to ¥1,956,179,998.53 in the previous period[21]. - Cash inflow from operating activities totaled ¥33,111,962,713.63, down 10.3% from ¥37,036,111,549.51 in the previous period[21]. - Cash outflow from operating activities decreased to ¥30,613,130,181.29, compared to ¥35,079,931,550.98 in the previous period, reflecting a reduction of about 12.7%[21]. - The net cash flow from investing activities was -¥272,421,382.79, an improvement from -¥399,654,583.66 in the previous period[22]. - The net cash flow from financing activities decreased to -¥1,715,049,279.52, compared to -¥1,321,682,755.55 in the previous period[22]. Expenses - Sales expenses decreased by 30.71% to ¥50,271,839.58 due to changes in the consolidation scope affecting the deep processing segment[7]. - R&D expenses increased by 79.65% to ¥273,948,872.89 as the company intensified research efforts in geological exploration and smelting technologies[7]. - The company reported a significant increase in operating expenses, with non-operating expenses rising by 5,464.76% to ¥259,680,194.49 due to asset write-offs[7]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,918[9]. - Yunnan Tin Group Co., Ltd. holds 32.97% of the shares, making it the largest shareholder[9]. Future Outlook - The company plans to continue expanding its R&D efforts and market presence in the coming quarters[10]. - The company was ranked 365th in the 2024 Fortune China 500 list, highlighting its market position and growth potential[14]. - The company’s subsidiary achieved recognition for its innovative digital transformation in July 2024, indicating a focus on technology and modernization[14].

公 司 首 次 覆 盖 报 告 证 券 研 究 报 告 公 司 报 告 锡业股份（000960.SZ） 打造全球精锡龙头 -40% -20% 0% 20% 40% 2023/082023/112024/022024/052024/08 锡业股份 沪深300 推荐（首次） 09 月 23 日：13.31 元 | --- | --- | |----------------------------|---------------------------------------| | | | | 行业 | 有色金属 | | 公司网址 | www.ytl.com.cn | | 大股东 / 持股 | 云南锡业集团有限责任公司 / | | | 32.97% | | 实际控制人 | 云南省人民政府国有资产监督 管理委员会 | | 总股本 ( 百万股 ) | 1646 | | 流通 A 股 ( 百万股 ) | 1646 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 219 | | 流通 A 股市值 ( 亿元 ) | 219 | | 每股净资产 ( 元 ) | 11.04 | | 资产负债率 (%) ...

北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2024 年第二次临时股东会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650034 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2024 年第二次临时股东会的法律意见 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2024 年第二次临时股东会的 法 律 意 见 云南锡业股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨敏律师、李妍律师出席贵公司 2024 年第二次临时股东会（以下简称 "本次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神， 对贵公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》《证 券法》《上市公司股东大会规则》及贵公司《章程》的规定，就贵公司本次股东 会的相关问题出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-044 | | --- | --- | --- | --- | | 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 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 3、云南锡业股份有限公司（以下简称"公司"）于 2024 年 8 月 24 日以公告 形式向公司全体股东发出召开 2024 年第二次临时股东大会的通知，2024 年 9 月 9 日披露了关于召开 2024 年第二次临时股东大会的提示性公告。 4、本公告中占有表决权股份总数的百分比例均保留 4 位小数，若其各分项 数值之和与合计数值存在尾差，均为四舍五入原因造成。 一、会议的召开情况 1、召开时间 （1）现场会议时间：2024 年 9 月 9 日（星期一）15:0 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2024-043 | | --- | --- | --- | --- | --- | | 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 关于召开 2024 年第二次临时股东大会的提示性公告 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 2024 年 8 月 24 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于召开 2024 年第二次临时股东大会的 通知》（公告编号：2024-038）。现将会议有关事项提示如下： 一、召开会议基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、会议召集人：公司董事会。经 2024 年 8 月 22 日召开的第九届董事会第 六次会议审议通过，同意召开公司 2024 年第二次临时股东大会（详见公司 2024 年 8 月 24 日披露的公司董 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - In Q2 2024, the company's net profit attributable to shareholders increased by 12.71% year-on-year to 4.74 billion yuan, with a significant rise in non-recurring net profit by 106.83% to 6.94 billion yuan, indicating strong performance [3][23]. - The company benefits from rising prices of its main products, which has led to improved profitability and a significant increase in gross profit [4][19]. - The company has adjusted its earnings forecast for 2024-2026, expecting EPS of 1.22, 1.56, and 1.66 yuan respectively, and has set a target price of 15.86 yuan [4][11]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 18.775 billion yuan, a decrease of 17.77% year-on-year, while net profit attributable to shareholders was 800 million yuan, an increase of 16.35% [16]. - The company produced a total of 185,200 tons of non-ferrous metals in H1 2024, with tin production at 45,200 tons, copper at 70,300 tons, and zinc at 68,800 tons, all showing year-on-year growth [30]. Product Pricing and Market Conditions - The average prices for tin, copper, and zinc in H1 2024 were 24,030, 7,500, and 2,200 yuan per ton, respectively, reflecting increases of 15.5%, 9.97%, and 0.99% year-on-year [4][17]. - The supply of tin remains tight, with demand recovering alongside the semiconductor cycle, providing strong support for tin prices [4][28]. Strategic Partnerships and Industry Position - The company has established strategic partnerships, including a collaboration with Xiamen Tungsten Co., focusing on resource development and technological cooperation [28][30]. - The company holds a leading position in the tin industry, with the largest production base and market share globally, benefiting from unique policy advantages in raw material procurement [28][30].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has shown significant improvement in its profitability, with a notable increase in non-recurring net profit by 67.95% year-on-year [2][4]. - The overall revenue for the first half of 2024 decreased by 17.77% compared to the previous year, primarily due to a decline in supply chain business scale and the exclusion of deep processing segments [4]. - The demand for tin products is expected to continue to grow, driven by the recovery in the semiconductor industry and other sectors [6]. Financial Performance Summary - The company achieved a total revenue of 187.75 billion yuan in the first half of 2024, with a net profit attributable to shareholders of 8.00 billion yuan, reflecting a year-on-year increase of 16.35% [2][4]. - The production of tin reached 45,200 tons, marking a 6.6% increase year-on-year, while the overall production of non-ferrous metals totaled 185,200 tons [4]. - The gross profit margin for tin ingots improved to 12.79%, up by 5.11 percentage points year-on-year, indicating enhanced profitability in this segment [4][5]. Market Dynamics Summary - The global supply of tin ore has significantly declined due to policy changes in Southeast Asian tin-producing countries, while domestic tin ingot production remained stable [3]. - The average price of tin in the first half of 2024 was 251,200 yuan per ton, an increase of 21.19% year-on-year, reflecting strong market conditions [3]. - The demand for tin is recovering, particularly in electronic solder and tinplate sectors, supported by inventory replenishment in certain overseas regions [3]. Investment Forecast - The company is projected to achieve net profits of 20.92 billion yuan, 27.79 billion yuan, and 30.26 billion yuan for the years 2024, 2025, and 2026, respectively [6]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 10.98 for 2024, 8.26 for 2025, and 7.59 for 2026, indicating potential for price appreciation [6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has shown significant improvement in its profitability, with a notable increase in non-recurring net profit by 67.95% year-on-year [2][4]. - The overall demand for tin products is recovering, driven by the semiconductor industry's stabilization and inventory replenishment in certain regions [3][4]. - The company maintains a strong position in the global tin market, holding a 22.92% share, with expectations for continued demand growth [6]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 187.75 billion yuan, a decrease of 17.77% year-on-year, while net profit attributable to shareholders increased by 16.35% to 8.00 billion yuan [2][4]. - The production of tin reached 45,200 tons, reflecting a year-on-year increase of 6.6%, contributing to a revenue of 74.95 billion yuan from tin ingots, which is a 51.63% increase [4][5]. - The gross margin for tin ingots improved to 12.79%, up by 5.11 percentage points year-on-year, indicating enhanced profitability [4][5]. Market Dynamics - The average price of tin in the first half of 2024 was 251,200 yuan per ton, an increase of 21.19% year-on-year, driven by positive macroeconomic sentiment and supply constraints [3]. - The global supply of tin ore has decreased significantly due to policy changes in Southeast Asian tin-producing countries, impacting overall availability [3][4]. Future Outlook - The company is expected to see net profits of 20.92 billion yuan, 27.79 billion yuan, and 30.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 10.98, 8.26, and 7.59 [6][11]. - The ongoing recovery in the semiconductor sector is anticipated to sustain demand for tin products, further supporting the company's growth trajectory [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a positive outlook on its future performance [3][5] Core Viewpoints - The company's performance in H1 2024 met expectations, with revenue of 18.78 billion yuan, a year-on-year decrease of 17.77%, but net profit attributable to shareholders increased by 16.35% to 800 million yuan [2] - The rise in tin prices significantly boosted the company's profits, with the average price of tin on the Shanghai market in H1 2024 reaching 251,000 yuan/ton, a year-on-year increase of 21.2% [3] - The company signed a strategic cooperation framework agreement with PT Timah, the fifth-largest tin producer globally, which is expected to enhance future business and technical collaborations [3] - The report is optimistic about the continued upward trend in tin prices, driven by tight supply and recovering demand, particularly in the semiconductor industry [3] Financial Performance - In H1 2024, the company produced a total of 185,200 tons of non-ferrous metals, including 45,200 tons of tin (up 6.6%), 70,300 tons of copper (up 7.99%), and 68,800 tons of zinc (up 4.56%) [3] - The company's gross profit from tin business in H1 2024 was 1.06 billion yuan, accounting for 47% of the total gross profit, with a year-on-year increase of 46% [3] - The company's net profit attributable to shareholders in H1 2024 was 800 million yuan, while the non-GAAP net profit was 1 billion yuan, with a significant difference due to the disposal of assets affecting the current period's profit and loss by -250 million yuan [3] Industry Outlook - The supply of tin is expected to remain tight in 2024, with Myanmar and Indonesia, which accounted for 18% of global tin production in 2023, facing production constraints [3] - The global semiconductor sales in H1 2024 increased by 17% year-on-year, indicating a recovery in demand for tin, which is widely used in the semiconductor industry [3] Valuation and Forecast - The report maintains the original profit forecast for 2024 and raises the performance expectations for 2025-2026, with projected net profits attributable to shareholders of 2.05 billion yuan, 2.52 billion yuan, and 2.74 billion yuan, respectively [3] - The company's PE ratios for 2024-2026 are estimated at 11x, 9x, and 8x, respectively, based on the current stock price [3]