云南锡业股份有限公司 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-054 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 关于召开 2025 年第三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 2025 年 8 月 25 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于召开 2025 年第三次临时股东大会的 通知》（公告编号：2025-051）。现将会议有关事项提示如下： 一、召开会议基本情况 5、会议召开方式 1 / 7 本次股东大会采取现场表决与网络投票相结合的方式召开。公司将通过深圳 证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向股东提供 网络形式的投票平台，股东可以在网络投票时间内通过上述系 ...

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

9月9日，锡业股份涨5.08%，截至发稿，报22.12元/股，成交5.05亿元，换手率1.43%，总市值364.05亿 元。 资料显示，云南锡业股份有限公司位于云南省昆明市官渡区民航路471号，成立日期1998年11月22日， 上市日期2000年2月21日，公司主营业务涉及锡、锌、铜、铟等金属矿的勘探、开采、选矿和冶炼及锡 的深加工。主营业务收入构成为：锡锭43.61%，供应链业务20.31%，铜产品18.04%，其中:供应链业务- 铜产品12.77%，其他产品7.90%，锌产品7.08%，其中:供应链业务-锡产品5.57%，锡材2.74%，其中:供 应链业务-其他产品1.96%，其他(补充)0.32%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓锡业股份。诺安鸿鑫混合A（000066）二季度持有股数8.86万股， 占基金净值比例为3.09%，位居第九大重仓股。根据测算，今日浮盈赚取约9.48万元。 诺安鸿鑫混合A（000066）成立日期2013年5月3日，最新规模4371.98万。今年以来收益38.99%，同类 排名1223/8179；近一年收益58.89%，同类排名1926/7984；成立以 ...

Market Overview - On September 5, the small metals sector rose by 3.22% compared to the previous trading day, with Dongfang Tantalum leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Dongfang Silver Industry (000962) closed at 22.55, up 10.00% with a trading volume of 267,200 shares and a transaction value of 581 million [1] - Zhongkuang Resources (002738) closed at 42.56, up 7.58% with a trading volume of 454,700 shares and a transaction value of 1.895 billion [1] - Shenghe Resources (600392) closed at 22.90, up 5.58% with a trading volume of 1,306,200 shares and a transaction value of 2.936 billion [1] - Other notable performers include Dongfang Cuo Industry (002167) up 5.00%, Jintian Titanium Industry (688750) up 4.68%, and Tin Industry Co. (000960) up 3.88% [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 161 million from institutional investors and 101 million from speculative funds, while retail investors saw a net inflow of 262 million [1] - Shenghe Resources (600392) had a net inflow of 1.16 billion from institutional investors, while it faced a net outflow of 1.44 billion from speculative funds [2] - Xiamen Tungsten (600549) reported a net inflow of 88.79 million from institutional investors but a net outflow of 10.35 million from speculative funds [2] - Dongfang Cuo Industry (002167) had a net inflow of 67.50 million from institutional investors, with a net outflow of 47.39 million from speculative funds [2]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The Fed's September rate - cut expectation is almost certain, the resumption of tin mines in Wa State, Myanmar is slow, but weak demand causes the total inventory of tin ingots at home and abroad to increase month - on - month, which may lead to an adjustment in Shanghai tin prices. It is recommended that investors wait and see, paying attention to the support level around 265,000 - 270,000 and the pressure level around 276,000 - 280,000 for Shanghai tin, and the support level around 33,300 - 34,000 and the pressure level around 35,000 - 36,000 for London tin [1] Group 3: Summary by Related Information Supply - side - Andrada Mining's second concentrator in Namibia started commissioning in late August with a maximum monthly ore - processing capacity of 40,000 tons [1] - In Myanmar's Wa State, the first batch of 40 - 50 mines paid fees to resume mining, with an initial incremental output of no more than 10,000 metal tons and a 2 - 3 - month transmission period [1] - Alphamin Resources announced the phased resumption of the Bisie tin mine in Congo - Kinshasa, with production volumes of 17,300 and 20,000 tons in 2024 and 2025 respectively, and power system repair taking more than 3 months [1] - Thailand's suspension of Myanmar tin ore transit exports to China in June may affect 500 - 1,000 metal tons, which may increase (decrease) China's tin ore production (import) in September [1] - The domestic tin concentrate processing fee fluctuates and declines, indicating a tight supply expectation of domestic tin ore [1] - China's recycled tin production in September decreases month - on - month [1] - The operating rates of refined tin production capacity in Yunnan and Jiangxi decline (remain flat) compared with last week [1] - Yunnan Tin will conduct a shutdown maintenance of smelting equipment for no more than 45 days starting from August 30 [1] - China's refined tin production (inventory) in August decreases (increases) month - on - month [1] - Indonesia's mining license approval is affected by corruption investigations, which may compress medium - and long - term export quotas. PT Timah plans to increase production and sales in 2025, but its September exports may decrease month - on - month, which may increase (decrease) China's refined tin imports (exports) in September [1] - The refined tin inventory in the Shanghai Futures Exchange increases compared with last week [1] - China's tin ingot social inventory decreases compared with last week [1] - The refined tin inventory in the London Metal Exchange increases compared with last week [1] - The total domestic and foreign refined tin inventory increases compared with last week [1] Demand - side - The daily processing fee of photovoltaic welding tape decreases month - on - month, which may increase (decrease) China's tin solder production capacity utilization rate (inventory) in September [1] - China's welding tape imports (exports) in September may decrease (increase) month - on - month [1] - China's tin - plated sheet production (imports, exports) in September may decrease month - on - month [1] - China's lead - acid battery production capacity utilization rate declines compared with last week [1] Market Data - **Shanghai Tin Futures** - On September 3, 2025, the closing price was 273,980, down 860 from the previous day; the trading volume was 70,585 lots, up 1,086 from the previous day; the open interest was 34,947 lots, down 948 from the previous day; the inventory was 7,263 tons, up 144 from the previous day [1] - The Shanghai tin basis was - 480, up 460 from the previous day; the difference between the near - month and the first - continued contract was - 320, down 100 from the previous day; the difference between the first - continued and the second - continued contract was - 200, down 110 from the previous day; the difference between the second - continued and the third - continued contract was 60, up 110 from the previous day [1] - **London Tin Futures** - On September 3, 2025, the closing price of the 3 - month tin futures was 34,620, down 115 from the previous day; the 0 - 3 - month contract spread was 87, down 53.01 from the previous day; the 3 - 15 - month contract spread was 242, down 59 from the previous day [1] - The global inventory of LME tin was 2,195 tons, unchanged from the previous day; the registered warrants were 1,985, unchanged from the previous day; the cancelled warrants were 210, unchanged from the previous day; the ratio of Shanghai to London tin prices was 7.89, unchanged from the previous day [1]

Core Viewpoint - Yunnan Tin Company Limited has announced a share repurchase plan to buy back part of its A-shares using its own funds, aimed at reducing registered capital and enhancing shareholder value [2]. Summary by Sections Share Repurchase Plan - The company held a shareholder meeting on June 30, 2025, where it approved a plan to repurchase shares at a price not exceeding 21.19 RMB per share, with a total repurchase fund between 100 million RMB and 200 million RMB [2]. - The repurchase period is set for 12 months from the date of the shareholder meeting [2]. Progress of Share Repurchase - As of August 31, 2025, the company has repurchased a total of 170,000 shares, representing 0.0103% of the total share capital, with a total transaction amount of 3,024,800 RMB [2]. - The highest transaction price was 17.85 RMB per share, and the lowest was 17.74 RMB per share [2]. Compliance and Regulations - The share repurchase adheres to the regulations set forth by the Shenzhen Stock Exchange and relevant laws, ensuring that the repurchase does not occur during periods that could significantly impact the stock price [3][4]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [4].

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]

Summary of the Conference Call for Xiyeg股份 Company Overview - The company is involved in the tin mining and smelting industry, focusing on the production of tin ingots and other metal products such as indium, gold, silver, and tungsten [2][18]. Key Points and Arguments Production and Cost Management - The company expects to produce between 23,000 to 24,000 tons of tin ingots for the year, with a production of 48,000 tons achieved in the first half of 2025, nearing the annual target of 90,000 tons [2][4]. - The average operating cost per ton of tin ingot is approximately 166,000 yuan, with a discount coefficient reduced to 81% due to revenue reductions from new material transactions [2][6]. - The company has faced rising mining costs due to decreased resource matching and tax adjustments, but has implemented comprehensive recovery technologies to optimize smelting costs, showing positive results since 2024 [2][5]. Future Projects and Resource Recovery - The "14th Five-Year Plan" includes investments in the Kafang copper mine project and tailings resource recovery, with expectations to reach an annual recovery of 3,000 to 4,000 tons by the end of the plan [2][9][11]. - The Kafang copper mine is currently undergoing surface exploration, with potential capacity expansion beyond the current design of 1.5 million tons per year if exploration results are favorable [2][12]. Market Dynamics and Pricing - The company believes that tin demand is supported by market conditions, despite challenges in supply recovery from Myanmar, which is expected to be difficult [3][20]. - The relationship between processing fees and tin prices is inverse; rising processing fees may lead to lower tin prices, emphasizing the importance of self-mined ore profits [8][20]. - The company anticipates a slight increase in tin demand due to factors such as inventory replenishment and new product needs in sectors like photovoltaics and electric vehicles [20]. Financial Performance and Dividends - The company reported that other business revenues, including indium, gold, silver, and tungsten, exceeded 3 billion yuan in 2024, with a gross profit of nearly 1 billion yuan [2][18]. - The company plans to maintain a dividend payout ratio of no less than 30%, with potential increases based on operational performance [3][27]. Capital Expenditure and Resource Expansion - The company has been cautious with capital expenditures and acquisitions, focusing on internal resource optimization and potential external projects, although specific plans remain undisclosed [22][24]. - The company holds significant undistributed profits of over 9 billion yuan, with plans to continue dividends while considering operational performance [27]. Regulatory Environment - The company operates in Yunnan province, where there are no quota restrictions on tin mining, and it has secured control over most quality tin mines in the region [26]. Additional Important Information - The company is exploring the potential of tailings resource recovery, which, while having slightly higher processing costs, is expected to contribute significantly to future production [10][11]. - The company has not yet seen profit contributions from tungsten production, which began in May 2025, indicating a need for time to stabilize production and assess costs [15][16]. This summary encapsulates the key insights from the conference call, highlighting the company's production goals, cost management strategies, market dynamics, and future plans within the tin mining industry.

Group 1 - The company, Xiyang Co., announced on September 3 that it has repurchased a total of 170,000 shares through a dedicated securities account via centralized bidding, which represents 0.0103% of the company's total share capital as of August 31, 2025 [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), has announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing its own shares [1] Summary by Categories Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 170,000 shares, which represents 0.0103% of its total share capital [1] - The highest transaction price for the repurchased shares was 17.85 yuan per share, while the lowest was 17.74 yuan per share [1] - The total amount spent on the share buyback was 3,024,800.00 yuan, excluding transaction fees [1]