Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The cost of lithium carbonate continues to decline, and lithium prices may remain weak [1]. 3. Summary by Relevant Catalogs Fundamentals Tracking - **Futures Market Data**: For the 2507 contract, the closing price was 60,240, with a change of -460 compared to T - 5; the trading volume was 84,735, a decrease of 84,736 from T - 1; the open interest was 126,023, down 21,409 from T - 1. For the 2509 contract, the closing price was 59,780, a change of -1,180 compared to T - 5; the trading volume was 218,180, an increase of 41,022 from T - 1; the open interest was 300,422, up 33,491 from T - 1. The warehouse receipt volume was 32,043, a decrease of 75 from T - 1 [1]. - **Base - related Data**: The spot - 2507 was 260, a change of -450 compared to T - 1; the spot - 2509 was 720, a change of -130 compared to T - 1; the 2507 - 2509 basis was 460, a change of 320 compared to T - 1; the electric carbon - industrial carbon was 1,600, with no change from T - 1; the spot - CIF was 2,699, an increase of 218 from T - 1 [1]. - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) was 624, a decrease of 5 from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,225, with no change from T - 1 [1]. - **Lithium Salt Data**: The price of battery - grade lithium carbonate was 60,500, a decrease of 150 from T - 1; the price of industrial - grade lithium carbonate was 58,900, a decrease of 150 from T - 1; the price of battery - grade lithium hydroxide (micropowder) was 65,100, a decrease of 350 from T - 1 [1]. - **Industry Chain Related Data**: The price of lithium iron phosphate (power type) was 30,405, a decrease of 70 from T - 1; the price of lithium iron phosphate (mid - high - end energy storage type) was 28,900, a decrease of 90 from T - 1; the price of lithium iron phosphate (low - end energy storage type) was 26,650, a decrease of 30 from T - 1 [1]. Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 60,424 yuan/ton, a decrease of 276 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 60,500 yuan/ton, a decrease of 150 yuan/ton compared to the previous working day; the average price of industrial - grade lithium carbonate was 58,900 yuan/ton, a decrease of 150 yuan/ton compared to the previous working day [2]. - **Company News**: Dazhong Mining's wholly - owned subsidiary, Dazhong New Energy, received a reply from the Ministry of Natural Resources, confirming that the mineral resource reserves review and filing of the "Lithium Ore Exploration Report for the 0 - 80 Lines of the Jiada Mining Area in Barkam City, Sichuan Province" passed. As of February 28, 2025, the proven resource of the first - mining area of the Sichuan Jiada lithium mine was 230,000 tons of metal oxides, with an ore volume of 15.34 million tons and an average grade of 1.51%; the controlled resource was 180,000 tons of metal oxides, with an ore volume of 13.82 million tons and an average grade of 1.34%. The resource ore volume of the first - mining area was 43.44 million tons, the LiO2 mineral volume was 600,000 tons, the average grade was 1.38%, and the equivalent lithium carbonate was approximately 1.48 million tons, exceeding the company's expectations [4]. - **Policy News**: The Ministry of Ecology and Environment issued an announcement stating that starting from August 1, 2025, qualified recycled black powder raw materials for lithium - ion batteries are not considered solid waste and can be freely imported. Recycled black powder raw materials cannot be mixed with other types of recycled raw materials, and different types of recycled raw materials cannot be declared under the same customs declaration form. Imported recycled black powder raw materials are not allowed to be in bulk, and different categories of recycled black powder raw materials should be placed separately [4]. Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [4].

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 关于实施权益分派期间"大中转债"暂停转股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 5、恢复转股时间：2024 年度权益分派股权登记日后的第一个交易日 大中矿业股份有限公司 大中矿业股份有限公司（以下简称"公司"）将于近日实施 2024 年年度权 益分派。截至本公告披露日，因公司回购专用证券账户存在股份，且"大中转债" 的转股来源为"优先使用回购库存股"，依据相关规定"大中转债"需暂停转股。 具体情况如下： 根据《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》第二部 分：2.4 向不特定对象发行可转换公司债券中第六条"公司实施权益分派方案的， 如公司回购账户存在股份的，或者公司拟实施利润分配总额不变的权益分派方法 的，实施权益分派期间可转债暂停转股。公司应在可转债暂停转股后及时办理权 益分派事宜，并及时申请可转债于除权除息日恢复转股。"的规 ...

Core Viewpoint - The announcement highlights the successful approval of lithium resource reserves at the Sichuan Gada lithium mine, indicating a significant resource advantage for the company in the industry [1][2]. Resource Reserves Summary - The approved lithium ore reserves at the Sichuan Gada lithium mine are 43.436 million tons, with a Li2O mineral amount of 600.9 thousand tons and an average grade of 1.38%, equivalent to approximately 148.42 thousand tons of lithium carbonate [2]. - The total registered lithium carbonate equivalent reserves, including resources from the nearby Jijiao Mountain mine, exceed 4.72 million tons, showcasing a strong resource position in the industry [2]. Future Development Plans - The company has established a complete operational team in the Sichuan region, which is a key area for its lithium mining development, and has developed a detailed growth plan [2]. - The completion of the resource reserve registration is a significant advancement following the successful auction of the mining rights, reflecting the company's expertise in mining investment, development, and operations [2]. Regulatory Compliance and Next Steps - The company will continue to process the necessary permits for mining rights and accelerate the acquisition of licenses required for mineral processing projects to enhance revenue and profitability [2][3].

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于全资子公司《四川省马尔康市加达矿区 0～80 线锂矿勘探报 告》 矿产资源储量通过评审备案的公告 四川区域作为公司锂矿发展的主要基地之一，公司已在当地配置了完整的运 营团队，制定了详细的发展规划。本次完成首采区资源量的备案，是继公司拍卖 成功后的一大重要进展。超预期的资源量和高效率的勘探速度，体现出公司在矿 业投资、开发、运营等方面的丰富经验及强劲优势。 后续，公司将根据矿产资源开发及自然资源部采矿权管理等有关规定，持续 办理探转采相关的手续，同步加快办理选矿项目生产所需的证照手续，争取早日 实现矿产的开发，进一步扩大公司的收入规模、提升盈利能力。 公司将安排专业人员积极办理生产相关工作的证照手续，但何时取得尚具有 不确定性。本次四川加达锂矿首采区资源储量完成备案预计不会对公司当期经营 业绩产生重大影响，敬请广大投资者注意投资风险。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 ...

环境保护与土地复垦方案》专家组同意通过评审的公告 大中矿业股份有限公司 关于全资孙公司《湖南省临武县鸡脚山矿区通天庙矿段锂矿矿山地质 | 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 专家组同意通过评审。 二、对公司的影响及风险提示 湖南鸡脚山矿区的开采方式为先露天开采、后地下开采，露天开采规模 2,000 万吨/年，地下开采规模 800 万吨/年，生产具有明显的产能规模优势。 公司作为矿山开采企业，高度重视与生产相关的环境治理工作。公司将贯彻 落实"边开采、边治理、边恢复"的原则，及时治理恢复矿山地质环境、复垦损 毁土地。通过回填夯实采区内注液孔，恢复原貌；对矿区已复垦区域加强监测和 1 管护；加强矿山废水和废渣综合回收利用，防止造成环境污染。公司将持续完善 安全环保设施，积极复垦覆绿，践行绿色发展理念，做好矿区水土保持和环境治 理的相关工作。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 大中矿业股份有限公司（以下简称 ...

全景网注意到，相较于公司于2025年3月发布的版本，修订版规划将现金分红比例下限从"不低于 20%"统一提升至"40%（含40%）"，打破此前差异化分红框架。根据原政策，公司按"成熟期无重大支 出（80%）、成熟期有重大支出（40%）、成长期有重大支出（20%）"三级阶梯设定分红比例，而修订 后则以40%为刚性底线，同时保留根据盈利情况上调的空间。公司明确表示，此举旨在"以高于A股平均 股利支付率的回报力度，传递盈利可持续性与现金流管控信心"，并直指吸引社保基金、保险资金等长 期投资者。 删除重大支出限制，分红触发机制简化 近日，（001203.SZ）发布《未来三年股东分红回报规划（2024-2026年）（2025年6月修订）》，在分 红比例、触发条件两大维度实施重大调整，彰显公司强化股东回报、吸引长期资金的战略决心。 分红比例下限翻倍，明确"上不封顶" 原政策规定现金分红需同时满足"当年度可分配利润为正、审计机构出具标准无保留意见、公司无重大 投资计划或重大现金支出（募集资金项目除外）"三项条件，修订版则删除了第三项限制。这意味着， 即使公司存在重大投资计划，只要满足前两项财务条件，仍需执行最低40%的现金 ...

| 证券代码：001203 | 证券简称：大中矿业 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：127070 | 债券简称：大中转债 | | 大中矿业股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 大中矿业股份有限公司（以下简称"公司"）基于对公司未来发展前景的信 心和长期价值的合理判断，同时为维护广大投资者利益、增强投资者信心、促进 公司长期健康发展，综合考虑公司经营情况、财务状况、盈利能力及发展前景等 因素，于 2025 年 4 月 28 日召开第六届董事会第十二次会议及第六届监事会第七 次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金及 股票回购专项贷款资金以集中竞价交易方式回购公司股份，回购的股份将用于公 司发行的可转换公司债券转股或用于员工持股计划、股权激励。回购的资金总额 不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含）；回购价格 不超过人民币 12.72 元/股（含）；回购股份的期限为自董事会审议通过股份回 购 ...

Group 1 - The company has announced a three-year shareholder dividend return plan (2024-2026), committing to an annual cash dividend of no less than 40% of the distributable profit for the year [1] - This commitment is seen as a revision of the dividend proposal approved at the 2023 shareholder meeting, aiming to exceed the average dividend payout ratio in the A-share market, reflecting the company's confidence in sustainable profitability and cash flow management [1][2] - The dividend commitment is rigid, with a minimum cash dividend ratio of 40% as long as the annual distributable profit is positive and the audit report is unqualified, with no upper limit on the payout [1] Group 2 - Since its listing in 2021, the company has implemented four cash dividends, distributing a total of 1.5 billion yuan, equating to 1 yuan per share, significantly exceeding its peers [2] - In 2024, the company has already conducted two dividend distributions, raising the payout ratio to nearly 60%, resulting in a current dividend yield of 3.3% [2] - The company has also been actively repurchasing shares, spending 270 million yuan in 2023 and planning an additional 200 million to 400 million yuan for share buybacks in 2025, which has positively impacted investor confidence [2] Group 3 - With the decline in lithium carbonate prices, the company’s commitment to dividends serves as a hedge against industry valuation fluctuations, enhancing its reputation as a "cash cow" and building investor trust [3] - The company is expected to become a core investment target for long-term funds as the lithium battery industry emerges from its cyclical low, leveraging its high-quality lithium resources and substantial dividend commitments [3] - The company plans to focus on its iron ore business while expanding its lithium mining projects in Hunan and Sichuan, aiming to convert resources into production and enhance profitability [3]

证券代码：001203 证券简称：大中矿业 公告编号：2025-063 债券代码：127070 债券简称：大中转债 大中矿业股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 会 第十四次会议，会议决定于 2025 年 6 月 20 日召开 2025 年第二次临时股东大会。 本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》等的规定。 现场会议召开时间：2025 年 6 月 20 日（星期五）下午 14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 6 月 20 日上午 召开。公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现 重复投票表决的，以第一次投票表决结果为准。 （1）2025 年 6 月 13 日下午收市后在中国证券登记结算有限责任公司深圳 分公司登记在册的公司全体股东均有权出席股东大会，并可以以书面形式委托代 理人出席会议和参加表决，该 ...

大中矿业股份有限公司（以下简称"公司"）为进一步完善和健全公司科学、 持续、稳定的分红决策和监督机制，增强利润分配政策的透明度和可操作性，积极 回报投资者，根据《上市公司监管指引第3号——上市公司现金分红（2025年修订）》 《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》等文件 以及《大中矿业股份有限公司章程》（以下简称"《公司章程》"）的规定和要求， 结合公司实际情况，公司第六届董事会第十四次会议、第六届监事会第九次会议， 审议通过了《关于修订公司<未来三年股东分红回报规划（2024年-2026年）>的议案》， 具体如下： 大中矿业股份有限公司 未来三年股东分红回报规划（2024 年-2026 年） 三、公司未来三年（2024年-2026年）的股东回报规划 一、规划制定的考虑因素 （一）公司利润分配政策 1、公司利润分配可采取现金、股票、现金与股票相结合或者法律允许的其 他方式；其中，现金股利政策目标为稳定增长股利；现金分红相对于股票股利在 利润分配方式中具有优先顺序，具备现金分红条件的，应当采用现金分红进行利 润分配。根据实际经营情况，可进行中期分红。 2、公司快速增长，并且董事会认 ...