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 2025 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 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 2025 年第二次临时股东大会的 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 2025 年第二次临时股东大会（以 下简称"本次临时股东大会"）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。 公司已于 2025 年 5 月 17 日在巨潮资讯网（http://www.cninfo.com.cn）、《证 券时报》《中国证券报》《上海证券报》《证券日报》上发出了《关于召开 2025 年第二次临 ...

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-040 | | --- | --- | --- | | 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 可转换公司债券 2025 年付息公告 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."恒邦转债"将于 2025 年 6 月 12 日按面值支付第二年利息，每 10 张债券（面 值 1,000 元）利息为 4.00 元（含税）； 2.债权登记日：2025 年 6 月 11 日（星期三）； 3.除息日：2025 年 6 月 12 日（星期四）； 4.付息日：2025 年 6 月 12 日（星期四）； 5."恒邦转债"票面利率为：第一年 0.20%、第二年 0.40%、第三年 0.60%、第 四年 1.50%、第五年 1.80%、第六年 2.00%； 8.下一付款利率：0.60%。 公司于 2023 年 6 月 12 日公开发行了 3,160 万张可转换公司债券（债券代码： 127086，债券简称：恒邦转债），根据《山东恒邦冶炼股份有限公 ...

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于调整"恒邦转债"转股价格的公告 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。 特别提示： 证券代码：002237，证券简称：恒邦股份 债券代码：127086，债券简称：恒邦转债 调整前转股价格：11.33 元/股 调整后转股价格：11.19 元/股 转股价格调整生效日期：2025 年 6 月 12 日 一、关于"恒邦转债"转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意山东恒邦 冶炼股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 1132 号）核准，山东恒邦冶炼股份有限公司（以下简称"公司"）于 2023 年 6 月 12 日公开发行了 3,160 万张可转换公司债券，每张面值 100 元，募集资金总额为 316,000 万元。经深圳证券交易所（以下简称"深交所"）同意，公司 3 ...

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-039 | | --- | --- | --- | | 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 年年度权益分派实施公告 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"），2024 年年度权益分派方案 已获 2025 年 4 月 18 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告 如下： 一、股东大会审议通过利润分配方案等情况 1.公司 2024 年度股东大会审议通过的 2024 年年度利润分配方案为： 以 2024 年年度权益分派实施时股权登记日的股本为基数，向全体股东派发现金 股利 161,878,290.04 元（含税），若按照公司截至 2024 年 12 月 31 日总股本 1,148,072,979.00 股为基数，即向全体股东每 10 股派发现金股利约 1.41 元（含税）， 占公司 2024 年度归属于上市公司股东净利润 536,715,089.11 元的比例为 ...

Market Overview - The three major A-share indices rebounded collectively, with the Shanghai Composite Index rising by 0.48%, the Shenzhen Component Index by 0.35%, and the ChiNext Index by 0.73% [1] - The total market turnover reached 763.9 billion yuan, a decrease of 7.7 billion yuan compared to the same period of the previous trading day [1] - Over 3,400 stocks in the market experienced gains [1] Sector Performance - The gold sector led the market, with Western Gold hitting the daily limit [1][9] - The innovative drug sector remained active, with stocks like Wanbangde and Qianhong Pharmaceutical also hitting the daily limit [1] - The new consumption concept saw renewed activity, with stocks like Ruoyuchen and Wancheng Group hitting their historical highs [1][12] Sports Sector Impact - The Jiangsu City Football League ("Su Chao") attracted significant attention, with 15,669 fans attending a match despite rain [3] - The popularity of "Su Chao" translated into the capital market, with Jinling Sports hitting a 20% limit up and 11 stocks in the Jiangsu sector reaching their daily limits [4][6] Gold Market Insights - Gold prices rebounded, with COMEX gold futures surpassing $3,400 per ounce [11] - The gold sector in both A-shares and Hong Kong stocks showed strong performance, with several companies like China Silver Group and Zijin Mining also experiencing gains [9][11] New Consumption Trends - The new consumption sector saw significant growth, with stocks like Ruoyuchen and Wancheng Group achieving historical highs [12] - Recent data indicated that several new consumption stocks have seen their prices more than double, with Ruoyuchen and Wancheng Group increasing over four times [18]

Market Overview - The Shanghai Composite Index closed at 3363.48 points, above the annual line, with a change of 0.48% [1] - The total trading volume of A-shares reached 763.885 billion yuan [1] Stocks Breaking Annual Line - A total of 75 A-shares have surpassed the annual line today, with notable stocks including: - Zhangqu Technology (掌趣科技) with a deviation rate of 11.95% - New Jingang (新劲刚) at 8.64% - Beitaini (贝泰妮) at 8.42% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the annual line: - Zhangqu Technology (掌趣科技): Today's change of 13.55%, turnover rate of 20.26%, annual line at 5.09 yuan, latest price at 5.70 yuan [1] - New Jingang (新劲刚): Today's change of 9.22%, turnover rate of 12.15%, annual line at 19.52 yuan, latest price at 21.21 yuan [1] - Beitaini (贝泰妮): Today's change of 11.83%, turnover rate of 4.22%, annual line at 45.60 yuan, latest price at 49.44 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Nanjing Shanglv (南京商旅): Change of 9.97%, turnover rate of 9.74%, annual line at 8.76 yuan, latest price at 9.49 yuan [1] - Beixin Source (北信源): Change of 6.31%, turnover rate of 7.33%, annual line at 4.99 yuan, latest price at 5.22 yuan [1] - Bolei Technology (倍轻松): Change of 3.67%, turnover rate of 3.40%, annual line at 31.11 yuan, latest price at 32.17 yuan [1]

Group 1 - The gold stock sector is experiencing significant gains, with notable increases in stocks such as Western Gold, Mankalon, and others, indicating strong market interest in gold-related investments [1] - The Huafu Yongxin Flexible Allocation Mixed Fund has heavily invested in gold-related companies, achieving a year-to-date increase of 25.23% as of May 30, 2025, reflecting the positive impact of rising gold prices on these stocks [1] - International gold prices have surged, with spot gold breaking through $3,380 per ounce and COMEX gold futures rising by 2.74% to $3,406.4 per ounce, indicating a bullish trend in the gold market [1] Group 2 - Short-term market sentiment is supported by potential risks from U.S. "reciprocal tariffs," leading to a rise in gold prices, while long-term uncertainties in global tariff policies and regional politics continue to bolster gold's appeal as a safe-haven asset [2] - The Huafu Yongxin Flexible Allocation Mixed Fund focuses on diversifying investments in A-share gold-related companies, allowing for exposure to the benefits of rising gold prices while mitigating risks associated with holding individual gold stocks [2]

关于实施权益分派期间"恒邦转债"暂停转股的公告 | 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-037 | | --- | --- | --- | | 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 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 鉴于山东恒邦冶炼股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召 开的 2024 年度股东大会审议通过了《关于 2024 年度利润分配及公积金转增的议案》， 公司将于近日实施 2024 年度权益分派，根据《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募集说明书》中"转股价格的调整及计算方式"（详见附 件）条款的规定，公司可转换公司债券（债券代码：127086，债券简称：恒邦转债） 将于 2025 年 5 月 30 日至 2024 年度权益分派股权登记日期间暂停转股，本次权益分 派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常交易，敬请"恒邦转债"持有人留意。 特此公告。 山东恒邦冶炼股份有限公司 本公司及董事会全体成员保证信息披露 ...

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. maintains an AA+ credit rating with a stable outlook, primarily due to its advantages in gold smelting, scale, technology, and strong shareholder support, despite facing challenges such as increased inventory, declining processing fees, and rising financial leverage [1][4][5]. Company Overview - The company focuses on gold smelting and has established a certain scale and technological advantage in the industry [1][4]. - It has diversified into non-ferrous metal smelting and the recovery of various valuable elements, which supplement its revenue and profit [1][4]. - The company benefits from strong support from its controlling shareholder, Jiangxi Copper Co., Ltd., which enhances its financial and strategic capabilities [4][7]. Financial Performance - In 2024, the company reported total assets of 247.24 billion yuan and total liabilities of 116.84 billion yuan, with a net profit of 4.66 billion yuan [3]. - The operating income for 2024 was 500.47 billion yuan, reflecting a significant increase compared to previous years [3]. - The company's financial leverage has increased, with total debt rising to 86.57 billion yuan, indicating a weakening in debt repayment capacity [1][3]. Market Conditions - Gold prices have surged, with the average price in 2024 reaching 2,403.55 USD/ounce, a year-on-year increase of 22.97% [5]. - The domestic gold price also rose significantly, with a year-end price of 616.68 yuan/gram, up 28.30% from the beginning of the year [5]. - The copper market is experiencing fluctuations, with processing fees declining, which may impact the profitability of related enterprises [6][14]. Operational Challenges - The company has faced challenges such as increased inventory levels due to expanded operations and rising capital expenditures [1][4]. - Safety incidents have led to temporary production halts, affecting the output of copper and sulfuric acid [13][14]. - The company is under scrutiny for safety management practices following a significant production safety incident [14]. Strategic Initiatives - The company is focusing on expanding its gold mining resources and enhancing its smelting capabilities through various ongoing projects [9][17]. - It aims to strengthen its position in the high-end materials manufacturing sector by leveraging its existing resources [9][17]. - The company is also working on integrating its operations with its controlling shareholder to avoid competition and enhance resource control [10][17].

山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0229 号 山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 23 日 山东恒邦冶炼股份有限公司 2025 年度跟踪评级报告 | 本次跟踪发行人及评级结果 山东恒邦冶炼股份有限公司 AA | | + /稳定 | | --- | --- | --- | | "恒邦转债" AA | 本次跟踪债项及评级结果 | + | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行跟 | 跟踪评级原因 | | | 踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | | 本次跟踪维持主体及债项上次评级结论，主要基于山东恒邦冶炼股份有限公 司（以下简称"恒邦股份"或"公司"）以黄金冶炼为主业，形成了一定的冶 | | | | 炼规模优势和技术优势，有色金属冶炼及多种有价元素回收可对收入、利润 | 评级观点 | | | 形成补充，股东支持力度大和融资渠道畅通等方面的优势。同时中诚信国际 | | | | 也关注到跟踪期内存货对资金占用显著增加、黄 ...