法律意见书 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于天山铝业集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：天山铝业集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大 会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所上市公司股东大会网 络投票实施细则》（以下简称"《网络投票实施细则》"）等法律、行政法规、 规章和规范性文件以及《天山铝业集团股份有限公司章程》（以下简称"《公司 章程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作为天山铝业 集团股份有限公司（以下简称"公司"）的常年法律顾问，指派律师出席公司 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-072 天山铝业集团股份有限公司 网络投票时间为：2024 年 11 月 11 日。其中，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 2024 年 11 月 11 日的交易时间，即 9:15—9:25， 9:30—11:30 和 13:00—15:00；通过互联网投票系统进行网络投票的具体时间为 2024 年 11 月 11 日 9:15—15:00 期间的任意时间。 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会不涉及变更以往股东大会决议。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2024 年 11 月 11 日 14:45 2）会议召开地点：上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 楼 公司会议室 3）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开 4）股权登记日：2024 年 11 月 5 日 5）会议召集人：公司董事 ...

Summary of Key Points Core Viewpoint - The company has provided guarantees for its wholly-owned subsidiaries, which are crucial for their financing and operational activities, while ensuring compliance with regulatory requirements and maintaining financial control [1][8]. Guarantee Overview - The company has provided a maximum guarantee of 500 million RMB (approximately 71 million USD) to Shanghai Pudong Development Bank for its subsidiary Jingxi Tiangui Aluminum Co., Ltd. [1] - The company’s wholly-owned subsidiary MIGHTY SKY INTERNATIONAL PTE. LTD. has entered into a risk exploration agreement with LATIP NG for the acquisition of PT Inti Tambang Makmur, with a guarantee amount not exceeding 13.5 million USD [2][7]. Guarantee Review - The company’s board of directors and shareholders approved a guarantee limit of up to 29.9 billion RMB for the next 12 months, covering various financing and operational needs [3]. - The company can provide guarantees for subsidiaries with an asset-liability ratio exceeding 70%, while those below this threshold can adjust their guarantee limits among themselves [3]. Guarantee Usage - Prior to this guarantee, MIGHTY SKY had no available guarantee limits, prompting the company to transfer 1 billion RMB of unused guarantee limits from another subsidiary [4]. - The guarantee adjustment complies with the board's and shareholders' meeting regulations [4]. Basic Information of Guaranteed Parties - Jingxi Tiangui Aluminum Co., Ltd. has a registered capital of 1.8 billion RMB and is involved in various mining and construction activities [5]. - MIGHTY SKY INTERNATIONAL PTE. LTD. was established with a registered capital of 1 USD and focuses on international trade and investment [6]. Guarantee Agreements - The guarantee agreement with Shanghai Pudong Development Bank includes a joint liability guarantee and a guarantee period extending three years after the debt repayment period [7]. - The company has committed to ensuring MIGHTY SKY fulfills its payment obligations under the risk exploration agreement, with a total liability not exceeding 13.5 million USD [7]. Board Opinions - The board believes that the guarantees will facilitate financing for Jingxi Tiangui and operational activities for MIGHTY SKY, while maintaining effective financial risk control [8]. - The company has no overdue guarantees or litigation-related guarantees, ensuring compliance with regulatory requirements [9]. Cumulative Guarantee Status - As of the announcement date, the company and its subsidiaries have a total guarantee balance of 24.47 billion RMB, which is 101.5% of the company's latest audited net assets [8].

证券代码：002532 证券简称：天山铝业 公告编号：2024-070 天山铝业集团股份有限公司 关于公司对全资孙公司提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：公司本次对下属全资孙公司 MIGHTY SKY INTERNATIONAL PTE. LTD.提供担保，属于对资产负债率超过 70%的对象提供担保。敬请投资者 充分关注担保风险。 一、担保情况概述 二、担保额度使用情况 截至本次担保行为发生前，新加坡昊天无可用担保额度，为便于后期业务开 展，现将公司下属全资孙公司江阴新仁铝箔科技有限公司（以下简称"江阴新仁 铝箔科技"）尚未使用的 10 亿元担保额度调剂给新加坡昊天使用，担保额度调 出方江阴新仁铝箔科技和调入方新加坡昊天的资产负债率均超过 70%，符合第 六届董事会第五次会议和 2023 年第四次临时股东大会关于担保额度调剂使用的 规定。 2 / 7 （一）担保情况 1．根据公司业务的发展和生产经营的需要，天山铝业集团股份有限公司（以 下简称"天山铝业"、"公司"或"本公司"）为上海浦东发展银行股份有限公 司南宁分行（以下 ...

天山铝业集团股份有限公司（以下简称"公司"）拟通过注册于新加坡的全 资孙公司 MIGHTY SKY INTERNATIONAL PTE. LTD.（以下简称"SgCo1"）、 TRILLION SKY INTERNATIONAL PTE. LTD.（以下简称"SgCo2"）以自有资金 购买 LATIP NG 先生、IRRYANTO 先生合计持有的 PT Inti Tambang Makmur（以 下简称"ITM 公司"）100%股份，从而间接取得 PT Persada Pratama Cemerlang （以下简称"PPC 公司"）、PT Persada Buana Gemilang（以下简称"PBG 公司"） 及 PT Paloan Maju Abadi（以下简称"PMA 公司"，与 PPC 公司、PBG 公司合称 "矿业子公司"）三家矿业子公司的全部已发行 B 类股份，该等矿业子公司在印 度尼西亚各拥有一个铝土矿的采矿权。具体内容详见公司于 2023 年 2 月 24 日发 布在巨潮资讯网的《关于境外孙公司收购 PT Inti Tambang Makmur100%股份暨铝 土矿投资的公告》（公告编号：20 ...

Summary of Conference Call Notes Industry Overview - The focus is on the non-ferrous metals industry, with a particular emphasis on the outlook for 2025, titled "Seeing the Light Through the Clouds" [1] - Positive fiscal and monetary policies in both domestic and international markets are expected to gradually boost demand for non-ferrous metals, especially given low inventory levels in downstream sectors [1][2] - The ongoing geopolitical risks and insufficient capital expenditure over the past decade are likely to continue suppressing global supply, which may lead to an upward trend in metal prices by 2025 [2] Key Insights on the Non-Ferrous Metals Industry - The recommendation is to focus on gold, aluminum, and copper sectors, as well as companies with strong growth potential [2] - The U.S. election results are seen as a catalyst for economic stimulus, which will benefit the non-ferrous metals sector [3] - The potential for structural supply shortages due to geopolitical tensions and domestic policies is highlighted, with a call for increased domestic production and international expansion [4] Company Focus: Tianshan Aluminum - Tianshan Aluminum is recommended due to its comprehensive supply chain and high self-sufficiency in raw materials, with nearly 100% self-sufficiency in key areas [6][7] - The company has a strong cost structure, with its production facilities located in cost-advantaged regions, ensuring stable profitability despite raw material price fluctuations [7][8] - Tianshan's growth strategy includes expanding its production capacity and exploring international markets, particularly in Indonesia and Guinea [16][17] Financial Performance and Projections - Tianshan Aluminum's projected production for 2025 includes approximately 1.2 million tons of primary aluminum and 2.5 million tons of alumina, with expected revenues of around 4.3 billion [30] - The company maintains a high dividend payout ratio, which is attractive to investors [8] - The anticipated increase in production capacity and favorable market conditions are expected to enhance the company's profitability and valuation [30] Market Dynamics - The real estate sector's recovery is crucial for the non-ferrous metals industry, as it accounts for about 30% of demand [20] - Recent trends indicate a decrease in inventory levels and an increase in utilization rates, suggesting a potential recovery in demand [20][21] - The government's focus on new industries, such as electric vehicles and renewable energy, is expected to drive aluminum demand significantly by 2030 [21] Risks and Considerations - The potential for increased tariffs under a new U.S. administration could impact the aluminum market, although the overall effect may be limited [22] - Supply chain vulnerabilities, particularly concerning alumina and bauxite, are highlighted, with Guinea's political stability being a key concern [26][27] - The overall supply-demand balance in the global aluminum market is expected to tighten over the next few years, supporting higher prices [24] Conclusion - The non-ferrous metals industry, particularly Tianshan Aluminum, presents a compelling investment opportunity due to its strong fundamentals, cost advantages, and growth potential in a recovering market [30] - Continuous monitoring of geopolitical developments and market dynamics will be essential for assessing future risks and opportunities [31]

天山铝业集团股份有限公司 简式权益变动报告书 上市公司名称：天山铝业集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：天山铝业 股票代码：002532 信息披露义务人：华融致诚柒号(深圳)投资合伙企业(有限合伙) 住所/通讯地址：深圳市前海深港合作区南山街道金融街1号弘毅大厦写字楼23A 股份变动性质：股份减少（降至5%以下） 签署日期：2024年11月1日 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 及相关法律、法规和规范性文件编写。 二、依据《中华人民共和国公司法》《中华人民共和国证券法》和《上市 公司收购管理办法》的规定，本报告书已全面披露信息披露义务人在天山铝业 集团股份有限公司中拥有权益的变动情况。 1 | | 信息披露义务人声明 | 1 | | --- | --- | --- | | 第一节 | 释义 | 3 | | 第二节 | 信息披露义务人介绍 | 4 | | 第三节 | 权益变动目的 | 6 | | 第四节 | 权益变动方式 | 7 | | 第五节 | 前6个月买卖上市 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-069 天山铝业集团股份有限公司 关于持股 5%以上股东股份减持计划实施完成暨权益变动公 告 信息披露义务人华融致诚柒号（深圳）投资合伙企业（有限合伙）保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 （二）股东本次减持前后持股情况 特别提示： 1、本次权益变动后，信息披露义务人华融致诚柒号(深圳)投资合伙企业(有 限合伙)（以下简称"华融致诚柒号"）持有天山铝业集团股份有限公司（以下简 称"公司"或"本公司"）股份 232,594,216 股，占公司总股本 4.9999988%，持股比 例下降至 5%以下，不再是公司持股 5%以上股东。 2、本次权益变动属于股份减持，不触及要约收购，不会导致公司控股股东、 实际控制人发生变化。 2024 年 10 月 9 日，公司于巨潮资讯网披露了《关于持股 5%以上股东股份 减持计划的预披露公告》，华融致诚柒号计划在 2024 年 10 月 31 日至 2025 年 1 月 30 日期间以集中竞价交易方式减 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [1] Core Views - The company's profit significantly increased due to the rise in prices of electrolytic aluminum and alumina, with the average selling prices for self-produced aluminum ingots and alumina rising approximately 6% and 30% year-on-year, respectively [1][3] - The company is advancing key projects, including the large-scale mining of bauxite in Guinea, which is expected to enhance raw material self-sufficiency for alumina production [1][2] Financial Performance - In Q3 2024, the company reported operating revenue of 7.011 billion yuan, a year-on-year decrease of 7.12%, while net profit attributable to shareholders was 1.010 billion yuan, an increase of 63.48% [1] - For the first three quarters of 2024, the company achieved operating revenue of 20.796 billion yuan, a year-on-year increase of 6.93%, and a net profit of 3.084 billion yuan, up 88.36% year-on-year [1] - The company plans to distribute a mid-term cash dividend of 2 yuan per 10 shares, totaling 920 million yuan, with a dividend payout ratio of 30% [1] Price Trends - In Q3 2024, the average price of A00 aluminum was 19,565 yuan per ton, up 3.76% year-on-year, while the average price of alumina was 3,844 yuan per ton, up 25.25% year-on-year [1] Future Projections - The company forecasts operating revenues of 32.536 billion, 34.484 billion, and 37.649 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 4.266 billion, 4.548 billion, and 4.846 billion yuan [3][5] - The current stock price corresponds to a PE ratio of 9.0 for 2024, 8.5 for 2025, and 7.9 for 2026, indicating a favorable valuation given the expected price stability of electrolytic aluminum and alumina [3]

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [2][8] Core Views - Q3 2024 results met expectations with a net profit of 1.01 billion yuan, a year-on-year increase of 63.5% [2] - The decline in electrolytic aluminum prices impacted performance, with a quarterly average price of 19,562 yuan/ton, down 4.75% from Q2 [3] - The price of alumina has been rising, with Q4 expected to show improved performance due to high self-supply rates and rising alumina prices [4] - The company announced a mid-term profit distribution plan, distributing 2 yuan per 10 shares, totaling 923 million yuan, which represents 30% of the net profit for the first nine months of 2024 [5] - The company is set to ship 6 million tons of bauxite from Guinea, which is expected to significantly reduce alumina production costs [6] Financial Summary - For 2024-2026, the company is projected to have revenues of 28.434 billion yuan, 29.006 billion yuan, and 29.130 billion yuan respectively, with year-on-year growth rates of -1.87%, 2.01%, and 0.43% [7] - The net profit for the same period is expected to be 4.231 billion yuan, 4.485 billion yuan, and 5.416 billion yuan, with year-on-year growth rates of 91.87%, 6.00%, and 20.74% [7] - The earnings per share (EPS) are projected to be 0.91 yuan, 0.96 yuan, and 1.16 yuan for 2024, 2025, and 2026 respectively [10]