第六届董事会 2025 年第四次临时会议决议公告 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。 一、董事会会议召开情况 股票代码：002379 股票简称：宏创控股 公告编号：2025－046 山东宏创铝业控股股份有限公司 山东宏创铝业控股股份有限公司（以下简称"公司"）第六届董事会 2025 年第四次临时会议于 2025 年 9 月 25 日在公司会议室以现场结合通讯表决的方式 召开，由于会议紧急，会议通知于 2025 年 9 月 23 日通过书面、传真、电子邮件、 电话及其他口头方式发出。会议由董事长杨丛森先生主持，并就本次董事会紧急 通知的原因在会议上作出了说明，公司董事共 7 人，实际出席董事 7 人。公司监 事和高级管理人员列席了本次会议。会议符合《公司法》等有关法律、行政法规、 部门规章、规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 1、审议并通过了《关于批准本次交易相关加期审计报告、备考审阅报告的 议案》 本议案有效表决票 6 票，同意 6 票，反对 0 票，弃权 0 票，关联董事杨丛森 回避表决。 公司拟通过发行股份的方式购买山 ...

Group 1 - The industrial metal sector increased by 1.17% on September 19, with Hongchuang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the industrial metal sector showed various performance, with Hongchuang Holdings rising by 4.97% and closing at 17.33 [1] Group 2 - Major stocks that declined included Liyuan Co., down 6.05% to 2.64, and Beifang Copper, down 5.12% to 13.71 [2] - The industrial metal sector experienced a net outflow of 838 million yuan from main funds, while retail investors saw a net inflow of 804 million yuan [2][3] - The stock with the highest net inflow from main funds was China Aluminum, with 79.77 million yuan, while Xinjiang Zhonghe had a net outflow of 5.73 million yuan from retail investors [3]

Core Viewpoint - The performance of the Zhongzheng 2000 ETF managed by Jiashi Fund has shown a decline in its share price and mixed results among its major holdings since its inception on September 14, 2023 [1] Group 1: ETF Performance - As of the midday close on September 19, the Zhongzheng 2000 ETF Jiashi (159535) decreased by 0.92%, trading at 1.395 yuan with a transaction volume of 453,100 yuan [1] - Since its establishment, the fund has achieved a return of 40.87%, with a monthly return of 1.85% [1] Group 2: Major Holdings Performance - Major stocks within the ETF include: - Meiri Hudong down 0.31% - Hanwei Technology down 7.97% - Hongchuang Holdings up 5.27% - Dongtu Technology down 1.34% - Hengbao Shares down 5.53% - Taiji Shares down 0.72% - Rejing Biology down 4.53% - Shijia Photon up 0.67% - Huasheng Tiancai down 4.24% - Tainkang up 1.49% [1]

Group 1 - The core viewpoint of the news is that Hongchuang Holdings has seen a significant increase in stock price, rising by 5.03% to 17.34 CNY per share, with a trading volume of 1.29 billion CNY and a market capitalization of 19.705 billion CNY as of the report date [1] - Hongchuang Holdings, established on August 11, 2000, and listed on March 31, 2010, is primarily engaged in the processing, production, and sales of high-quality aluminum plates, strips, and foils [1] - The revenue composition of Hongchuang Holdings includes aluminum foil at 45.37%, cast-rolled coils at 30.34%, cold-rolled coils at 23.83%, aluminum particles at 0.36%, scrap income at 0.08%, leasing income at 0.01%, and material income at 0.00% [1] Group 2 - From the perspective of major fund holdings, one fund under Jiashi Fund has a significant position in Hongchuang Holdings, with Jiashi Zhongzheng 2000 ETF holding 4,600 shares, accounting for 0.3% of the fund's net value, making it the third-largest holding [2] - Jiashi Zhongzheng 2000 ETF, established on September 14, 2023, has a latest scale of 20.5767 million CNY and has achieved a year-to-date return of 34.79%, ranking 1363 out of 4222 in its category [2] - The fund has a one-year return of 84.22%, ranking 905 out of 3805, and a return of 40.87% since its inception [2]

Core Viewpoint - Hongchuang Holdings experienced a decline of 2.30% on September 17, with a trading volume of 315 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On September 17, Hongchuang Holdings had a financing buy-in amount of 30.28 million yuan and a financing repayment of 42.64 million yuan, resulting in a net financing outflow of 12.36 million yuan [1]. - The total financing and securities balance for Hongchuang Holdings as of September 17 is 451 million yuan, with the current financing balance of 449 million yuan accounting for 2.32% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, on September 17, the company repaid 1,700 shares and sold 1,200 shares, with a selling amount of 20,400 yuan at the closing price. The securities lending balance is 189,890 yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Business Performance - For the first half of 2025, Hongchuang Holdings reported an operating income of 1.448 billion yuan, a year-on-year decrease of 13.82%, and a net profit attributable to shareholders of -118 million yuan, a significant year-on-year decrease of 539.64% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 12.38 million yuan since its A-share listing [3]. Shareholder Information - As of September 10, the number of shareholders for Hongchuang Holdings increased to 20,800, a rise of 6.43%, while the average circulating shares per person decreased by 6.04% to 54,596 shares [2]. - As of June 30, 2025, Hongchuang Holdings' second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 49.84 million shares, an increase of 27.49 million shares compared to the previous period. New shareholders include Silver Hua Xinjia Two-Year Holding Period Mixed Fund and Silver Hua Xinyi Flexible Allocation Mixed A [3].

Market Overview - On September 17, the industrial metals sector rose by 0.21% compared to the previous trading day, with Electric Alloy leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Industrial Metals - Electric Alloy (300697) closed at 19.49, up 11.88% with a trading volume of 721,400 shares and a transaction value of 1.317 billion yuan [1] - Yiqiu Resources (601388) closed at 3.26, up 10.14% with a trading volume of 2,584,200 shares and a transaction value of 814 million yuan [1] - Liyuan Co. (002501) closed at 2.74, up 10.04% with a trading volume of 1,663,200 shares and a transaction value of 439 million yuan [1] - Northern Copper (000737) closed at 15.25, up 10.03% with a trading volume of 2,801,700 shares and a transaction value of 4.067 billion yuan [1] - Other notable gainers include Yian Technology (300328) and Wanshun New Materials (300057) with increases of 8.14% and 7.85% respectively [1] Top Losers in Industrial Metals - Xingye Silver Tin (000426) closed at 25.00, down 4.58% with a trading volume of 620,700 shares and a transaction value of 1.559 billion yuan [2] - Shengda Resources (000603) closed at 21.20, down 3.37% with a trading volume of 323,700 shares and a transaction value of 685 million yuan [2] - Hailiang Co. (002203) closed at 12.21, down 3.17% with a trading volume of 443,300 shares and a transaction value of 546 million yuan [2] Capital Flow Analysis - On the same day, the industrial metals sector experienced a net outflow of 653 million yuan from institutional investors, while retail investors saw a net inflow of 740 million yuan [2] - The capital flow data indicates that Northern Copper (000737) had a net inflow of 48.216 million yuan from institutional investors, while it faced a net outflow of 191 million yuan from speculative funds [3] - Yiqiu Resources (601388) and Liyuan Co. (002501) also showed significant net outflows from speculative funds, indicating a shift in investor sentiment [3]

Group 1 - The core viewpoint of the news is that Hongchuang Holdings has experienced a significant stock price increase of 89.97% year-to-date, despite a recent decline of 2.07% on September 17 [1] - As of September 10, the company reported a total market capitalization of 19.364 billion yuan and a trading volume of 1.61 billion yuan on September 17 [1] - The company has a diverse revenue structure, with aluminum foil accounting for 45.37%, cast-rolled coils 30.34%, and cold-rolled coils 23.83% of its total revenue [2] Group 2 - Hongchuang Holdings has seen a net outflow of 11.7255 million yuan in principal funds on September 17, with large orders accounting for 22.49% of total purchases [1] - The company has been listed on the stock market since March 31, 2010, and has a total of 20,800 shareholders as of September 10, with an increase of 6.43% from the previous period [2][3] - The company reported a revenue of 1.448 billion yuan for the first half of 2025, a year-on-year decrease of 13.82%, and a net profit attributable to shareholders of -118 million yuan, a decrease of 539.64% [2]

Group 1 - The company Hongchuang Holdings (002379) responded to investor inquiries on September 16, indicating that as of September 10, 2025, the number of shareholders is 20,814 [1]

Company Overview - Shandong Hongchuang Aluminum Industry Holdings Co., Ltd. was established on August 11, 2000, and listed on March 31, 2010. The company specializes in the processing, production, and sales of high-quality aluminum plates, strips, and foils [2] - The main business revenue composition includes aluminum foil (45.37%), cast-rolled coils (30.34%), cold-rolled coils (23.83%), aluminum particles (0.36%), scrap income (0.08%), leasing income (0.01%), and material income (0.00%) [2] - The company belongs to the non-ferrous metals industry, specifically industrial metals-aluminum, and is involved in sectors such as annual strong performance, mergers and acquisitions, margin financing, battery foil, and non-ferrous aluminum [2] Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 1.448 billion yuan, a year-on-year decrease of 13.82%, and a net profit attributable to shareholders of -118 million yuan, a year-on-year decrease of 539.64% [2] - Since its A-share listing, the company has distributed a total of 12.382 million yuan in dividends, with no dividends distributed in the past three years [3] Stock Performance - As of September 15, the company's stock price decreased by 2.25%, trading at 17.80 yuan per share, with a total market capitalization of 20.227 billion yuan [1] - Year-to-date, the stock price has increased by 98.44%, with a 5-day increase of 5.33%, a 20-day increase of 17.11%, and a 60-day increase of 56.55% [1] - The company has appeared on the trading leaderboard once this year, with the most recent appearance on May 23, where it recorded a net buy of -73.6124 million yuan [1] Shareholder Information - As of September 10, the number of shareholders increased to 20,800, a rise of 6.43%, while the average circulating shares per person decreased by 6.04% to 54,596 shares [2] - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 49.844 million shares, an increase of 27.4856 million shares from the previous period [3] - New shareholders include Silver Hua Xinjia Two-Year Holding Period Mixed Fund and Silver Hua Xinyi Flexible Allocation Mixed Fund, holding 18.2694 million shares and 8.655 million shares, respectively [3]

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]