债券代码：148517.SZ 债券简称：23 格林 G1 债券受托管理人 国联民生证券承销保荐有限公司 （住所：中国(上海)自由贸易试验区浦明路 8 号） 二〇二六年三月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理 人执业行为准则》《格林美股份有限公司 2023 年面向专业投资者公开 发行绿色公司债券(第一期)募集说明书》《格林美股份有限公司 2022 年面向专业投资者公开发行公司债券受托管理协议》等相关规定以及 格林美股份有限公司（以下简称"公司"或"发行人"）提供的相关资 料等，由本次公司债券受托管理人国联民生证券承销保荐有限公司（以 下简称"国联民生承销保荐"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为国联民生承销保荐所做的承诺或声明。在任何情况下，投资者依据 本报告所进行的任何作为或不作为，国联民生承销保荐不承担任何责 任。 2 国联民生证券承销保荐有限公司 关于格林美股份有限公司注销部分回购股份暨 变更注册资本的临时受托管理事务报告 | 债券名称 | 格林美股份有限公司 2023 发行绿色 ...

债券代码：148517.SZ 债券简称：23 格林 G1 国联民生证券承销保荐有限公司 关于格林美股份有限公司回购注销部分限制性 股票减少注册资本的临时受托管理事务报告 债券受托管理人 国联民生证券承销保荐有限公司 （住所：中国(上海)自由贸易试验区浦明路 8 号） 二〇二六年三月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理 人执业行为准则》《格林美股份有限公司 2023 年面向专业投资者公开 发行绿色公司债券(第一期)募集说明书》《格林美股份有限公司 2022 年面向专业投资者公开发行公司债券受托管理协议》等相关规定以及 格林美股份有限公司（以下简称"公司"或"发行人"）提供的相关资 料等，由本次公司债券受托管理人国联民生证券承销保荐有限公司（以 下简称"国联民生承销保荐"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为国联民生承销保荐所做的承诺或声明。在任何情况下，投资者依据 本报告所进行的任何作为或不作为，国联民生承销保荐不承担任何责 任。 2 一、发行人及债券基本情况 （一）发行人基本情况 | ...

Summary of China Basic Materials Monitor - March 2026 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting changes post-Chinese New Year (CNY) amid elevated commodity prices and geopolitical tensions in the Middle East [1] Key Points Demand Trends - **Mixed Demand Post-CNY**: Demand is strong for energy-related items such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, automotive, and traditional hardware [1] - **Demand Destruction**: Elevated metal prices have led to a **15-20% demand destruction** pre-CNY, although this has been accepted by the end market for now [1] - **Export Orders Impact**: Producers expect a **5-15% impact on export orders** from the Middle East, particularly in steel, electric vehicles (EV), and energy storage systems (ESS) [1] - **High Energy Prices**: The outlook for high energy prices has made copper traders cautious, leading to increased prices for seaborne and domestic coal [1] Supply Dynamics - **Cement Production Cuts**: Top cement producers are closing **5-15% of their capacity** due to depressed demand [1] - **Carbon Trading Impact**: The inclusion of steel in the national carbon trading platform imposes limited discipline on steel production in 2026 [1] Demand Metrics - **High-Frequency Data**: In the first week of March, Chinese demand was reported to be **50-60% lower year-on-year (YoY)** for cement and construction steel, and **2-8% lower YoY** for aluminum, copper, and flat steel [1] - **Margin and Pricing Trends**: Margins/pricing for coal, aluminum, and lithium improved, while steel and cement prices softened, with copper prices remaining stable [1] Producer Feedback - **Order Book Trends**: A proprietary survey indicated that **95% of respondents** reported a month-on-month (MoM) pickup in March for downstream sectors, and **86% for commodities** [2] Additional Insights - **Cautious Outlook**: The overall cautious sentiment in the market is reflected in the mixed demand and the adjustments in production capacities across various sectors [1][2] Conclusion - The China Basic Materials industry is currently navigating a complex landscape characterized by mixed demand, elevated prices, and strategic adjustments in production. The ongoing geopolitical tensions and energy price fluctuations are critical factors influencing market dynamics.

Financial Performance - The estimated net profit for 2025 is projected to be between ¥142,856.81 million and ¥173,468.99 million, representing a year-on-year growth of 40% to 70% [2][7] - Nickel resource shipments exceeded 110,000 tons in 2025, marking a year-on-year increase of over 110% [3][6] - Cobalt metal production reached nearly 10,000 tons, while cobalt recovery amounted to approximately 15,000 tons [3][6] - Tungsten resource recovery exceeded 10,000 tons, contributing to significant growth in the key metal resource recycling business [3][8] Business Segmentation - Key metal resource recycling accounted for 36.83% of total revenue in the first half of 2025 [4] - Lithium battery recycling contributed 4.93% to total revenue [4] - New energy battery materials represented 58.24% of total revenue [4] Strategic Partnerships - A strategic cooperation agreement was signed with China ENFI to enhance the development of key mineral resources [5] - The partnership aims to leverage complementary strengths and promote green, low-carbon, and efficient utilization of resources [5] Market Position and Operations - The company maintains a leading position in nickel resource profitability, utilizing high-pressure acid leaching (HPAL) technology for cost-effective production [6] - The nickel resource project is expected to maintain full production capacity of 150,000 tons per year in 2026 [6] - The company has implemented a market value management system to enhance shareholder value through performance growth, share buybacks, and cash dividends [7] Future Developments - The company is actively developing solid-state battery precursor materials, with products already available in ton-scale [8] - Ongoing maintenance and inspections are scheduled to ensure efficient production capacity release [7]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

证券代码：002340 证券简称：格林美 公告编号：2026-022 格林美股份有限公司 关于与中国恩菲签署共同推动关键矿产资源开发 的战略合作协议的公告 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。 2、本战略合作协议的签订不会对公司本年度财务状况及经营业绩构成重大 影响。 一、概述 特别提示： 1、本次签署的战略合作协议为双方合作意愿和基本原则的框架性约定，在 具体实施过程中存在一定不确定性，公司董事会将积极关注该事项的进展情况， 并及时履行信息披露义务。敬请广大投资者谨慎决策，注意投资风险。 在地缘政治复杂演变、全球关键矿产资源供应链加速重构的背景下，为满足 国家重大发展需要，应对全球经贸新挑战，紧扣国家"十五五"规划中夯实能源 资源安全保障、提升产业链自主可控水平的任务，深入贯彻2026年两会期间政府 工作报告关于加快高水平科技自立自强、产业链供应链和绿色低碳发展的部署， 格林美股份有限公司（以下简称"格林美"或"公司"）与中国恩菲工程技术有 限公司（以下简称"中国恩菲"）于2026年3月6日签署了战略合作协议，中国恩 菲凭借深厚的资源整合能力、成熟 ...

证券代码：002340 证券简称：格林美 公告编号：2026-021 格林美股份有限公司 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 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。 格林美股份有限公司（以下简称"公司"）于 2026 年 1 月 26 日召开第七届董 事会第十次会议、2026 年 3 月 6 日召开 2026 年第一次临时股东会，审议通过了 《关于调整限制性股票回购价格并回购注销部分激励对象已获授但尚未解除限 售的限制性股票的议案》，根据公司《2024 年限制性股票激励计划（草案）》 及相关规定，公司董事会决定对未满足业绩考核指标目标值要求的公司层面可解 除限售比例以外的限制性股票以及 8 名离职人员已获授但尚未解除限售的限制 性股票进行回购注销，共计 97.3846 万股。 因此，本次限制性股票回购注销完成后，公司股份总数将由 5,103,333,507 股变更为 5,102,359,661 股，注册资本将由人民币 5,103,333,507 元变更为 5,102,359,661 元。 上述具体内容详见公司分别于 2026 年 ...

关于格林美股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年三月 广东君信经纶君厚律师事务所 法律意见书 广东君信经纶君厚律师事务所 关于格林美股份有限公司 2026 年第一次临时股东会的 1 法律意见书 致：格林美股份有限公司 广东君信经纶君厚律师事务所接受格林美股份有限公司（下称"格林美"） 的委托，指派戴毅律师、陈晓璇律师（下称"本律师"）出席格林美于 2026 年 3 月 6 日召开的 2026 年第一次临时股东会（下称"本次股东会"），并 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和 国证券法》（下称"《证券法》"）、中国证券监督管理委员会《上市公司 股东会规则》（下称"《股东会规则》"）及格林美《章程》的规定，就本 次股东会的召集和召开程序、出席会议人员资格、召集人资格、表决程序、 表决结果等事项出具法律意见。 根据《股东会规则》第六条的要求，按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，本律师现就本次股东会的有关事项出具法律意见如 下： 一、本次股东会的召集和召开程序 （一）格林美董事会于 2026 年 1 月 28 日在指定媒体上刊登了《格林美 ...

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： 1．本次股东会未出现否决提案的情形。 证券代码：002340 证券简称：格林美 公告编号：2026-020 格林美股份有限公司 2026年第一次临时股东会决议公告 2．本次股东会未涉及变更以往股东会已通过的决议。 3．本次股东会采取现场投票与网络投票相结合的表决方式。 一、会议召开和出席情况 1、会议召开情况 （1）会议召集人：公司董事会 （2）会议时间 现场会议召开时间：2026年3月6日上午10:00 网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2026年3 月6日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为2026年3月6日9:15至15:00的任意时间。 （3）会议主持人：董事长许开华先生 （4）现场会议召开地点：格林美股份有限公司会议室（深圳市宝安区新安街道 海旺社区宝兴路88号星通大厦41楼） （5）召开方式：现场召开与网络投票相结合的方式 （6）本次会议的通知及相关文件刊登在2026年1月28日《中国 ...