Core Viewpoint - The independent director of Hengbang Co., Ltd., Wang Yongmei, has expressed concerns regarding the company's Q1 2025 financial report and has cast a vote of abstention due to issues related to the auditing firm and data discrepancies [1][3]. Financial Performance - Hengbang Co., Ltd. reported a revenue of 18.959 billion yuan for Q1 2025, representing a year-on-year decrease of 8.88% compared to Q1 2024 [1]. - The company achieved a net profit attributable to shareholders of 156 million yuan, which is a year-on-year increase of 10.52% [1]. Governance and Audit Concerns - Wang Yongmei's abstention vote was influenced by her concerns over the change of the signing accountant and the lack of transparency regarding the auditing firm's compliance and professional diligence [3][4]. - She highlighted that the Q1 report did not adequately reflect the impact of safety incidents on the company's financial status and the risk correction mechanisms in place [3]. - Wang also pointed out anomalies in the relationships between revenue, net profit, inventory changes, and cash flow from operating activities, indicating insufficient evidence for proper judgment [3]. Director's Resignation - Following her previous dissenting votes, Wang Yongmei submitted her resignation as an independent director, citing her busy work schedule [5]. - The resignation will take effect after the election of a new independent director at the company's shareholders' meeting, although she is still required to fulfill her duties until then [5].

Core Viewpoint - The company has faced scrutiny regarding the accuracy and completeness of its quarterly report, particularly due to the dissenting opinion of an independent director regarding the financial disclosures and the impact of a recent safety incident [3][36]. Financial Data Summary - Derivative financial assets decreased by 84.64% compared to the beginning of the year, primarily due to reduced fair value changes from temporary pricing arrangements caused by rising metal prices [6]. - Accounts receivable decreased by 41.89%, attributed to a reduction in sales receivables [6]. - Accounts receivable financing increased by 106.06%, driven by an increase in sales transactions settled via bank acceptance bills [6]. - Other receivables rose by 103.82%, mainly due to an increase in futures margin deposits [6]. - Inventory increased by 40.18%, influenced by rising metal market prices and reserves from a subsidiary's multi-metal mining project [6]. Liabilities and Equity Changes - Short-term borrowings increased by 67.81%, reflecting higher raw material procurement [9]. - Derivative financial liabilities surged by 81,333.99%, linked to increased fair value losses from temporary pricing arrangements due to rising metal prices [9]. - Contract liabilities rose by 302.00%, due to increased advance payments for products like phosphate [11]. - Tax payable increased by 155.95%, primarily due to higher value-added tax [12]. Income Statement Highlights - Sales expenses increased by 49.43%, mainly due to higher wages and business expenses [15]. - Financial expenses rose by 42.82%, attributed to increased interest expenses from a larger debt scale due to higher inventory [15]. - Other income increased by 75.09%, driven by tax incentives for advanced manufacturing enterprises and increased government subsidies [15]. - Investment income grew by 34.32%, primarily from increased returns on investments in a gold company [16]. - Credit impairment losses surged by 313.87%, due to higher provisions for bad debts [17]. Cash Flow Analysis - Net cash flow from operating activities decreased by 307.92%, mainly due to rising inventory prices and reserves for a multi-metal mining project [21]. - Net cash flow from investing activities decreased by 68.40%, attributed to increased cash outflows from investment activities [21]. - Net cash flow from financing activities increased by 231.06%, reflecting higher cash inflows from financing activities [21]. - The net increase in cash and cash equivalents decreased by 140.56%, primarily due to reduced net cash flow from operating activities [21]. Corporate Governance and Management Changes - The company appointed a new director and chairman, Xiao Xiaojun, following the resignation of Zhang Fan due to work adjustments [22]. - An independent director expressed concerns regarding the accuracy of the quarterly report, particularly about the change in the signing accountant and the implications of a recent safety incident [36].

Core Viewpoint - Wang Yongmei, an independent director of Hengbang Co., Ltd., has submitted her resignation and voted abstention on the company's Q1 report due to concerns over the audit firm's compliance and the abnormal relationships in the financial data [1][2]. Group 1: Financial Performance - Hengbang Co., Ltd. reported Q1 revenue of 18.959 billion yuan, a decrease of 8.88% compared to Q1 2024 [1]. - The net profit attributable to shareholders was 156 million yuan, an increase of 10.52% year-on-year [1]. Group 2: Audit Concerns - Wang Yongmei expressed concerns regarding the change of signing accountant, stating that the report did not objectively reflect the audit firm's lack of compliance awareness and professional prudence [2]. - She highlighted that the Q1 report's discussions on safety production did not adequately reflect the impact of accidents on the company's financial status and risk correction mechanisms [2]. - Wang noted that there were abnormal relationships in the data regarding revenue, net profit, inventory, and cash flow from operating activities, lacking sufficient evidence for judgment [2]. Group 3: Director's Actions and Background - Wang Yongmei had previously voted against 20 items in the board meeting held on March 26, 2024, and did not provide written confirmation for the 2024 annual report [5][8]. - She has a strong academic background, serving as a professor at Peking University and holding positions in various financial committees [8]. - Despite her resignation, Wang is still required to fulfill her duties as an independent director until a new director is elected [9].

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 第九届董事会 2025 年第一次临时会议决议公告 《2025 年第一季度报告》（公告编号：2025-032）详见 2025 年 4 月 28 日《证 券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）。 三、备查文件 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山东恒邦冶炼股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日以电子 邮件等方式向全体董事发出了《关于召开第九届董事会 2025 年第一次临时会议的通 知》，会议于 2025 年 4 月 25 日以书面传签的方式召开并形成决议。会议应参加表 决董事 9 人，实际参加表决董事 9 人。会议由董事长肖小军先生召集，本次会议的 召集、召开和表决程序符合《公司法》《公司章程》的有关规定，会议合法 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥18,959,157,265.86, a decrease of 8.88% compared to ¥20,807,523,447.39 in the same period last year[6] - Net profit attributable to shareholders increased by 10.52% to ¥156,347,446.50 from ¥141,464,839.90 year-on-year[6] - The net profit for the current period is CNY 152,796,359.72, an increase of 11.8% compared to CNY 136,936,686.00 in the previous period[25] - The total comprehensive income for the current period is CNY 158,595,180.15, up from CNY 140,272,265.86 in the previous period[25] - Basic earnings per share rose by 16.67% to ¥0.14 from ¥0.12 in the same period last year[6] - Basic earnings per share increased to CNY 0.14 from CNY 0.12 in the previous period, reflecting improved profitability[25] Cash Flow - The net cash flow from operating activities was negative at -¥2,632,897,310.80, a decrease of 307.92% compared to ¥1,266,276,067.64 in the previous year[6] - The net cash flow from operating activities is CNY -2,632,897,310.80, a significant decline compared to CNY 1,266,276,067.64 in the previous period[28] - Cash flow from financing activities generated a net inflow of CNY 3,298,210,663.35, compared to CNY 996,267,163.78 in the previous period, indicating increased financing activity[29] - The cash flow from investing activities shows a net outflow of CNY -1,294,175,890.64, worsening from CNY -768,523,199.11 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period reached ¥29,701,643,041.88, reflecting a 20.13% increase from ¥24,724,087,996.28 at the end of the previous year[6] - Current assets totaled ¥20,883,124,867.58, an increase of 29.00% from ¥16,085,135,704.33 at the beginning of the period[21] - Total liabilities reached ¥19,805,081,812.37, an increase of 32.00% from ¥14,989,314,397.89[23] - Non-current assets totaled ¥8,818,518,174.30, reflecting a stable position compared to previous figures[22] Inventory and Costs - The company's inventory increased by 40.18% compared to the beginning of the year, primarily due to rising metal market prices and reserves from subsidiaries[10] - Total operating costs amounted to ¥18,705,167,874.00, down 8.83% from ¥20,519,583,493.17 in the prior period[24] - Inventory increased significantly to ¥14,918,220,017.67, up from ¥10,641,879,733.06, indicating a rise of 40.66%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,741[15] - Jiangxi Copper Co., Ltd. holds 44.48% of shares, amounting to 510,643,360 shares[15] - Yantai Hengbang Group Co., Ltd. holds 5.89% of shares, amounting to 67,674,706 shares[15] - The company has a total of 273,028,960 unrestricted shares held by major shareholders[16] - The company has a pledge of 11,700,000 shares by Jiangxi Copper Co., Ltd.[15] Financing Activities - The net cash flow from financing activities increased by 231.06%, indicating a rise in cash inflows from financing activities[12] - The company plans to issue convertible bonds, with a remaining bond amount of RMB 3,159,328,200[17] - The company has experienced a reduction in convertible bond amounts due to conversions, with 6,718 bonds reduced[17] Incidents and Management Changes - A significant safety incident occurred on March 23, 2025, involving a major scalding accident[18] - The company has appointed a new signing accountant, Zhang Min, to replace Li Yuan due to his departure[19] - The company is in the process of transferring mining rights and shares from Jiangxi Copper, fulfilling commitments to avoid competition[19] Research and Development - Research and development expenses were ¥56,315,022.46, slightly up from ¥55,067,027.53, indicating continued investment in innovation[24] Foreign Exchange Impact - The company reported a foreign exchange impact on cash and cash equivalents of CNY 20,715,644.51, compared to CNY 5,272,394.40 in the previous period[29] Audit Status - The company has not undergone an audit for the first quarter report[30]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于独立董事辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 山东恒邦冶炼股份有限公司（以下简称"公司"）董事会于近日收到独立董事 王咏梅女士的书面辞职报告，王咏梅女士因工作繁忙申请辞去公司第九届董事会独 立董事、董事会审计委员会主任委员、董事会薪酬与考核委员会委员职务。王咏梅 女士辞职后将不在公司及控股子公司担任任何职务。 王咏梅女士辞职后将导致公司独立董事人数占董事会成员比例低于三分之一， 且公司独立董事中欠缺会计专业人士。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》及《公司章程》等有关规定，王咏梅女士的辞职将在公司股 东大会选举产生新任会计专业独立董事后生效。在此之前，王咏梅女士仍应当按照 有关法律、行政法规和《公司章程》的规定，继续履行独立 ...

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会无否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开情况 1.股东大会届次：2024 年度股东大会 2.会议召集人：山东恒邦冶炼股份有限公司董事会 3.现场会议召开时间：2025年4月18日下午14:30 网络投票时间：2025年4月18日。其中： （1）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2025年4月18日 上午9:15～9:25、9:30～11:30，下午13:00～15:00； （2）通过深圳证券交易所互联网投票的具体时间为：2025年4月18日上午9:15 至下午15:00期间的任意时间。 4.召开地点：山东省烟台市牟平区水道镇金政街11号公司1号办公楼二楼第一会议 ...

上海市锦天城律师事务所 关于山东恒邦冶炼股份有限公司 2024 年度股东大会的 法律意见书 法律意见书 致：山东恒邦冶炼股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东恒邦冶炼股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以 及《山东恒邦冶炼股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，出具本法律意见书。 上海市锦天城律师事务所 法律意见书 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具本法律意见书所需的相关文件、 资料，并参加了公司本次股东大会的全过程。本所保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并愿意承担相应法 ...

特力A直线涨停， 赤峰黄金、 山金国际涨超3%，股价双双创历史新高， 老凤祥、 山东黄金、 恒邦股 份等涨幅靠前。消息面上，现货黄金日内涨超40美元，突破3270美元/盎司，续创历史新高。 ...

[2025]125 中诚信国际关于关注山东恒邦冶炼股份有限公司 "8·3"较大灼烫事故调查结果的公告 山东恒邦冶炼股份有限公司（以下简称"恒邦股份"或"公司"）于 2023 年 6 月在深圳证券交易所发行的"2023 年山东恒邦冶炼股份有限公司向不特定对 象发行可转换公司债券（证券简称：恒邦转债）"由中诚信国际信用评级有限责 任公司（以下简称"中诚信国际"）进行相关评级工作。 2025 年 3 月 25 日，公司发布了《山东恒邦冶炼股份有限公司关于公司"8·3" 较大灼烫事故调查报告批复的公告》（以下简称"公告"），公告称，山东省人民 政府已对该事故1调查报告进行了批复，经事故调查组认定，上述事故发生的原 因是工艺控制及风险辨识不到位、设备带病运行、水套漏水后违规处置，该事故 被认定为一起较大生产安全责任事故，且公司存在瞒报、谎报情形。公司 8 名相 关责任人因涉嫌重大责任事故罪被取保候审，事故调查组建议依法追究上述人 员的刑事责任；同时，建议对恒邦股份的违法行为依法作出行政处罚；对恒邦股 份董事长、总裁和常务副总裁等 15 人按管理权限给予组织处理或行政处罚。 中诚信国际认为，冶炼一公司停产整顿2暂未对公司 ...