关于西部矿业股份有限公司 2025 年第二次临时股东会之 法律意见书 青海树人律师事务所 地址：西宁市城西区五四西路61号新华联国际中心B座 (7层) 邮编：810000 电话：0971-6111958 对本法律意见书的出具,本所律师声明如下: 法律意见书 青海树人律师事务所 关于西部矿业股份有限公司 2025 年第二次临时股东会 之法律意见书 树律意见字(2025)第106号 致:西部矿业股份有限公司 引 言 西部矿业股份有限公司(以下简称"西部矿业"或"公司")2025年第二 次临时股东会(以下简称"本次股东会")于 2025年 11 月 12 日在青海省西宁 市海湖新区文逸路 4 号西矿 · 海湖商务中心 1 号楼 26 楼召开,青海树人律师事务 所(以下简称"本所")接受西部矿业委托,指派陈龙律师、祁春珍律师出席了 本次股东会,并就本次股东会的相关法律问题发表意见。 声 明 1. 本所及经办律师依照《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")《上市公司股东会规则》 (以下简称"《股东会规则》")、《律师事务所从事证券法律业务管理办法》、 《律 ...

青海金融监管局核准应海峰青海银行董事长的任职资格、吴存寿青海银行行长的任职资格及刘宏波青海银行副行长的任职资格。 吴存寿在2010年后，历任青海银行合规风险部副总经理、授信审查部副总经理及总经理、信贷管理部总经理、行长助理等职。2022年4月，他调任青海省 联社副主任至今。 成立时，青海银行注册资本为1.01亿元，后经四次增资扩股及分红，注册资本增至25.57亿元。天眼查App显示，西宁伟业房地产等民营法人股东的股份占 比为38.43%，青海省财政厅等国有股东的股份占比为35.73%，西部矿业（601168）集团等国有法人股东的股份占比为24.90%。 【导读】青海银行同日迎三位高管 2024年，青海银行净利润止跌回升。当前，该行处于改革化险期间，资产质量状况正在改善。 青海银行同日迎三位高管 11月11日，青海金融监管局发布《关于应海峰青海银行股份有限公司董事长任职资格的批复》《关于吴存寿青海银行股份有限公司行长任职资格的批复》 《关于刘宏波青海银行股份有限公司副行长任职资格的批复》，核准应海峰青海银行董事长的任职资格、吴存寿青海银行行长的任职资格及刘宏波青海银 行副行长的任职资格。 青海银行官网信息显示， ...

Core Viewpoint - Western Mining has shown significant stock performance with a year-to-date increase of 61.18% and a market capitalization of 578.83 billion yuan as of November 12 [1] Financial Performance - For the period from January to September 2025, Western Mining achieved a revenue of 48.442 billion yuan, representing a year-on-year growth of 31.90% [2] - The net profit attributable to shareholders for the same period was 2.945 billion yuan, reflecting a year-on-year increase of 7.80% [2] Stock and Shareholder Information - As of October 31, the number of shareholders for Western Mining was 115,900, a decrease of 0.43% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.43% to 20,560 shares [2] - Since its A-share listing, Western Mining has distributed a total of 10.723 billion yuan in dividends, with 6.911 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 111.2 million shares, a decrease of 5.1634 million shares from the previous period [3] - Southern CSI 500 ETF ranked as the eighth-largest circulating shareholder with 24.32 million shares, down by 525,900 shares [3] - Guotou Securities Co., Ltd. has exited the list of the top ten circulating shareholders [3]

Group 1: Aluminum Industry - Aluminum prices are expected to enter an upward cycle as the logic of aluminum shortage gradually materializes, with electrolytic aluminum profits continuing to expand [3] - Shanghai aluminum rose by 1.74% to 21,700 yuan/ton, with electrolytic aluminum gross profit at 5,741 yuan/ton, a 3.66% increase month-on-month [3] - Domestic electrolytic aluminum operating capacity is nearing its ceiling, while overseas projects are progressing slowly, leading to a potential shortage in electrolytic aluminum next year [3] Group 2: Copper Industry - Copper prices are experiencing fluctuations due to accumulated domestic inventory, with London copper, Shanghai copper, and US copper showing respective changes of -1.57%, -1.23%, and -3.05% [2] - Domestic electrolytic copper social inventory increased by 11.34% to 203,000 tons, while the operating rate of electrolytic copper rods rose by 1.54 percentage points to 61.97% [2] - The copper supply-demand balance may shift from tight equilibrium to shortage due to insufficient capital expenditure in copper mines and frequent supply disruptions [2] Group 3: Lithium Industry - Lithium demand is exceeding expectations, leading to a destocking cycle for lithium salts, with lithium prices showing signs of recovery from the bottom [4] - Carbonate lithium price decreased by 0.19% to 80,400 yuan/ton, while spodumene concentrate fell by 1.80% to $927/ton [4] - The lithium battery demand is expected to remain strong, potentially leading to a profit turning point for companies in the lithium sector [4] Group 4: Cobalt Industry - The tight supply of cobalt raw materials remains unchanged, with cobalt prices expected to continue rising [5] - The price of MB cobalt increased by 0.43% to $23.53 per pound, while domestic electric cobalt prices fell by 1.54% to 384,000 yuan/ton [5] - The Democratic Republic of Congo has lifted its cobalt export ban but implemented a quota system, which may delay the arrival of cobalt raw materials [5]

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The aluminum shortage logic is expected to gradually materialize, leading to an upward cycle in aluminum prices [2] - Copper prices are currently experiencing fluctuations due to domestic inventory accumulation, with a potential shift towards a supply shortage in the medium to long term [4][21] - The lithium sector is witnessing unexpected demand, with lithium salt entering a destocking cycle, indicating a potential rebound in lithium prices [4][73] - Cobalt prices are expected to continue rising due to a tight supply situation [4][86] Summary by Sections 1. Industry Overview - The U.S. October ISM Manufacturing PMI was below expectations at 48.7, while the ADP employment figure exceeded expectations with an increase of 42,000 jobs [8] 2. Market Performance - The overall performance of the non-ferrous sector showed a slight decline, with the Shenyin Wanguo non-ferrous index down 0.04%, underperforming the Shanghai Composite Index by 1.12 percentage points [10][11] - The aluminum and lithium sectors showed better performance, while the magnetic materials and rare earth sectors lagged [10] 3. Valuation Changes - The TTM PE for the non-ferrous sector is 25.53, with a change of 0.32, while the PB is 3.16, with a change of 0.03 [19][22] 4. Industrial Metals Copper - London copper prices fell by 1.57%, while Shanghai copper prices decreased by 1.23% [21][22] - Domestic copper inventory increased by 0.95%, indicating a potential supply-demand imbalance in the future [21] Aluminum - London aluminum prices decreased by 1.01%, while Shanghai aluminum prices increased by 1.74% [35] - The profit margin for electrolytic aluminum rose to 5,741 yuan/ton, up 3.66% [35] Lithium - Lithium carbonate prices fell by 0.19% to 80,400 yuan/ton, while lithium hydroxide prices decreased by 0.26% to 75,580 yuan/ton [73] Cobalt - MB cobalt prices rose by 0.43% to $23.53 per pound, while domestic cobalt prices fell by 1.54% to 384,000 yuan/ton [86]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The supply shortage is a favorable mid-term logic for copper prices, and actively anchoring resource reserves may become a trend in the industry [2] - The copper supply chain is experiencing frequent disruptions, leading to a significant reduction in expected increments, with a projected copper concentrate output of approximately 22.92 million tons in 2025, which is flat or slightly down from 2024 [7] - The demand for copper is expected to rise significantly due to emerging fields such as renewable energy and AI data centers, with the International Energy Agency predicting a demand of over 12 million tons by 2040 [7] - Companies in the copper sector are actively seeking to increase their resource reserves, which is expected to enhance their profitability [7] Summary by Sections Investment Recommendations and Targets - It is recommended to focus on companies with substantial resource reserves and expected mid-term copper production increases, such as Zijin Mining (601899, Buy) [7] - Other notable companies include Luoyang Molybdenum (603993, Not Rated) and Jincheng Mining (603979, Not Rated) [7] - For copper smelting, companies like Tongling Nonferrous Metals (000630, Not Rated) and Jiangxi Copper (600362, Not Rated) are highlighted [7]

Core Points - The stock price of Western Mining (601168) closed at 23.53 yuan on November 7, 2025, down 1.84% from the previous week [1] - The company's total market capitalization is 56.072 billion yuan, ranking 10th out of 60 in the industrial metals sector and 317th out of 5166 in the A-share market [1] Shareholder Changes - As of October 31, 2025, the number of shareholders is 115,900, a decrease of 500 shareholders or 0.43% compared to October 20, 2025 [4] - The average shareholding per shareholder has increased to 20,600 shares, with an average market value of 492,800 yuan [1][4] Company Announcements - Western Mining will hold its second extraordinary general meeting on November 12, 2025, to review a proposal regarding the bidding for exploration rights of the Cha Ting copper polymetallic mine in Xuanzhou District, Anhui Province [1] - The proposal was approved by the company's board of directors on October 27, 2025, and the meeting will utilize a combination of on-site and online voting [1]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The report emphasizes the investment opportunities in aluminum and the continued price increase of rare earth metals. Recent expectations of reduced production in overseas electrolytic aluminum plants have raised concerns about supply. The rapid expansion of AI computing power may alter the electricity consumption structure, potentially impacting future electrolytic aluminum projects due to the long construction cycle of power plants. The Ministry of Commerce has announced the suspension of the implementation of four rare earth export control measures, leading to a moderate increase in rare earth spot prices. The overall outlook remains positive for aluminum, rare earths, copper, tin, gold, silver, cobalt, tantalum, and uranium [1][2][3]. Summary by Sections Non-Ferrous Metals - Concerns about electrolytic aluminum supply have arisen due to expected production cuts in overseas plants. The rapid growth of AI computing may change electricity consumption patterns, affecting future electrolytic aluminum projects [1]. - The Ministry of Commerce's decision to suspend certain rare earth export controls has led to a moderate increase in rare earth prices, with low inventory levels suggesting a potential replenishment cycle [1]. - The report maintains a positive outlook on metals including aluminum, rare earths, copper, tin, gold, silver, cobalt, tantalum, and uranium [1]. Precious Metals - COMEX gold and silver closed at $3995.2 and $48.0 per ounce, with slight increases of +0.33% and +0.04% respectively. The Federal Reserve may soon need to expand its balance sheet through bond purchases to meet liquidity demands [2]. - The report suggests a continued long-term upward trend in gold prices, supported by central bank and ETF buying. Silver prices may experience short-term volatility but are expected to maintain long-term elasticity [2]. Industrial Metals - Copper prices on LME closed at $10,695 per ton, down 1.1% from the previous week. Supply chain issues in Tanzania and Zambia are affecting copper trade, while downstream demand is showing signs of recovery [2][3]. - Aluminum prices on LME closed at $2,862 per ton, with a slight decrease of 1.6%. The report notes stable domestic electrolytic aluminum production capacity and tight liquidity in aluminum ingots [3]. - Tin prices are expected to remain stable due to a recovery in domestic refined tin production and slow progress in Myanmar's tin mining exports [8]. Strategic Metals - Rare earth prices have shown a slight increase, with the report anticipating a recovery in export demand and increased purchasing intentions from downstream manufacturers [9]. - Cobalt prices are under pressure due to tight supply and reduced purchasing intentions from downstream manufacturers, but a long-term upward trend is expected due to supply constraints [10].

Core Insights - The company has successfully developed a new type of lead-silver collector and zinc inhibitor, significantly improving the recovery efficiency of precious metals from lead concentrates, providing a replicable technical model for the efficient development of similar complex polymetallic mines in China [1][4][5] Group 1: Project Overview - The project, part of Qinghai Province's key research and transformation plan, aims to address the challenges of lead-zinc ore mining, which has become increasingly difficult due to the depletion of resources and the complexity of ore composition [4] - The project team developed a new lead-silver collector (A11) that enhances the selective recovery of lead, gold, and silver minerals, and a zinc inhibitor (T18) that effectively suppresses the flotation behavior of zinc minerals [4][5] Group 2: Results and Impact - The application of the new technologies at the Xitieshan branch of Western Mining Co. resulted in an increase in processing capacity from 1.32 million tons per year to 1.5 million tons per year [4] - The recovery rates for lead and zinc reached 92.76% and 95.66%, respectively, while the recovery rates for gold and silver improved by 4.65% and 2.73%, leading to an additional annual output value of 19 million yuan [4]

Core Viewpoint - The Chaka Lake salt from Qinghai is gaining international recognition as a new "Chinese flavor" brand, successfully exporting to countries like the USA, South Korea, and Japan, while also being popular in the domestic market [1][3]. Group 1: Product and Market Expansion - Chaka Lake salt is recognized as a geographical indication product and has entered numerous domestic supermarkets and e-commerce channels, with plans to expand its product line to include low-sodium and weak alkaline salts [3][5]. - The production and sales data show a positive trend, with edible salt production reaching 58,000 tons and sales at 60,200 tons in the first three quarters of 2025, reflecting a year-on-year increase of 20,700 tons and 21,300 tons respectively [5]. - E-commerce sales have significantly increased, with revenue reaching 120 million yuan by the end of September 2025, marking a 44 million yuan increase compared to the entire year of 2024 [5]. Group 2: Quality and Certifications - The company integrates green development principles throughout its production chain, utilizing natural raw materials from Chaka Lake and employing purely physical processing methods, ensuring quality control from production to consumption [6]. - The products have received multiple certifications, including national geographical indication, green food A-level, and ecological origin protection, as well as international certifications such as HACCP, ISO9001, and FDA, facilitating entry into international markets [6]. - The "Chaka Lake salt" brand has been recognized as a "Qinghai old brand," and its "Chaka 3100 Tibetan blue salt" is the only lake salt product selected as an upgraded consumer good in the national salt industry [6]. Group 3: Marketing and Digital Innovation - The company has implemented a "guarding the land and expanding" strategy, establishing an "online + offline" marketing network, with 12 branches set up in major cities and active participation in e-commerce platforms [7]. - A digital identity system called "one salt one code" has been introduced, allowing each bag of salt to have a unique QR code for traceability, enhancing consumer trust through clear sourcing information [7][8].