Core Viewpoint - The company has established a shareholder return plan for the next three years (2025-2027), committing to a proactive profit distribution policy that ensures at least 30% of the annual distributable profits will be distributed in cash each year [1] Group 1 - The company will actively adopt cash distribution of profits, subject to compliance with relevant laws, regulations, and the company's articles of association [1] - The company plans to communicate and engage with shareholders, especially institutional and minority shareholders, through phone and internet before the shareholder meeting to discuss the specific cash dividend plan [1] - The company aims to respond promptly to any questions raised by shareholders regarding the profit distribution [1]

Core Viewpoint - The company, Guangdong Shaoneng Group Co., Ltd., has convened its 11th Supervisory Board's 7th temporary meeting to approve the proposal for issuing A-shares to specific investors, which requires further approval from the shareholders' meeting [1][2]. Meeting Details - The meeting was held on July 3, 2025, with all four supervisors present, including one via telecommunication [1]. - The meeting's procedures complied with legal and regulatory requirements, ensuring the resolutions made were valid [1]. Resolutions Passed - The Supervisory Board approved the proposal regarding the company's eligibility to issue A-shares to specific investors, confirming compliance with relevant laws and regulations [2]. - The specific issuance plan was also approved, with the shares to be issued at a price of 3.96 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [4]. - The total amount to be raised from this issuance is capped at 400 million yuan, with net proceeds intended for replenishing working capital [5]. Issuance Details - The issuance will involve a maximum of 101,010,101 shares, not exceeding 30% of the company's total share capital prior to the issuance [5]. - The shares will be subscribed for in cash by Shaoguan Jin Cai Investment Group Co., Ltd., which is the sole designated investor [3][4]. Additional Proposals - The board also approved a feasibility analysis report regarding the use of funds raised from the issuance [10]. - A plan for shareholder returns for the next three years (2025-2027) was established to enhance transparency and protect investor interests [14]. - The company plans to amend its articles of association to reflect changes in governance, including the cancellation of the Supervisory Board [14]. Future Steps - All resolutions passed are subject to approval at the upcoming shareholders' meeting [2][9]. - The company will submit the issuance plan to the Shenzhen Stock Exchange and await approval from the China Securities Regulatory Commission [8].

Group 1: Company Overview - The company is Guangdong Provincial Highway Development Co., Ltd., with stock codes 000429 and 200429 for its A and B shares respectively [1] - The meeting was held on July 1, 2025, from 13:30 to 14:30 in the company conference room [1] Group 2: Impact of Infrastructure Changes - The opening of the Shenzhen-Zhongshan Channel will continue to affect the traffic distribution on the Jingzhu-Guangzhu East section in 2025, with the overall impact to be monitored and assessed [1] - The Guanghui Expressway is expected to have no new traffic distribution impacts in 2025, as the main factors affecting it were already reflected in 2024 [2] Group 3: Dividend Policy - The company disclosed a shareholder return plan for 2024-2026, stating that cash dividends should not be less than 70% of the net profit attributable to the parent company for the respective year [2] - The specific profit distribution plan for each year will be proposed by the board based on the company's annual profitability and future funding plans, and submitted for shareholder approval [2] Group 4: Capital Expenditure Plans - Recent capital expenditures are primarily focused on the expansion projects of controlled highways, including the ongoing expansions of Guangzhu East, Guanghui, Yuezhao, and Huishan highways [2] - The company will fund these projects according to their engineering progress to meet the financial needs of construction [2]

Group 1: Financial Performance - The company's net profit attributable to shareholders decreased year-on-year in 2024, but operating cash flow remains robust [2] - As of the end of 2024, the cumulative undistributed profits on the consolidated balance sheet amounted to RMB 1.261 billion, while the parent company's undistributed profits were RMB 1.12 billion [2] - The profit distribution plan for 2024 is to distribute RMB 5 per 10 shares (including tax) based on a total share capital of 400,010,000 shares [2][3] Group 2: Dividend Policy - The company has established a scientific, continuous, and stable dividend mechanism, responding positively to national dividend policy calls [3] - The company aims to maintain the stability and transparency of its dividend policy to reward long-term shareholder support [3] Group 3: Cash Management and Investments - As of the end of Q1 2025, the company had cash and cash equivalents exceeding RMB 6 billion [3] - The company plans to use no more than RMB 900 million to purchase land use rights in Shenzhen, with a total land transaction price of RMB 466 million [3] - The company will invest in the construction of a modern fashion creative industry headquarters project to meet future business development needs [3] Group 4: Strategic Direction - The company will leverage its expertise in emotional expression and existing supply chain advantages to explore suitable investment directions through internal incubation, external acquisitions, or strategic partnerships [3] - Discussions with investors also covered industry prospects, future strategies, and key focus areas for brand/product/channel work in the second half of the year [3]

Core Viewpoint - The company has established a three-year shareholder return plan for 2025-2027, focusing on sustainable development and investor protection [1][2]. Group 1: Factors Considered in the Plan - The company aims for long-term sustainable development, considering its actual situation, strategic planning, and industry trends [1]. - The plan is designed to ensure continuity and stability in profit distribution policies, adhering to relevant laws and regulations [1]. Group 2: Profit Distribution Principles - The company will implement a continuous and stable profit distribution policy, prioritizing cash dividends while retaining necessary undistributed profits for operational needs [2]. - Profit distribution will be conducted primarily in cash, with the possibility of stock dividends based on the company's operational performance and cash flow [2]. Group 3: Profit Distribution Conditions and Ratios - The company plans to distribute profits at least once a year, with cash dividends not less than 10% of the distributable profits, subject to board approval [2][3]. - Specific cash dividend ratios will vary based on the company's development stage and any significant capital expenditure plans [3][4]. Group 4: Decision-Making Mechanism - The board will prepare the profit distribution proposal during the annual report preparation, considering operational status and future funding needs [5][6]. - The proposal requires approval from a majority of the board and independent directors, with the supervisory board also providing opinions [5][6]. Group 5: Adjustment Mechanism - The profit distribution policy can be adjusted in response to significant changes in the external environment or the company's operational status, following regulatory requirements [6][7]. - The board will review and potentially revise the shareholder return plan every three years, ensuring compliance with established procedures [7].

Core Viewpoint - The company aims to establish a scientific, sustainable, and stable profit distribution policy to actively reward shareholders and promote long-term and rational investment concepts, in accordance with relevant regulations and its actual situation [1][6]. Group 1: Profit Distribution Policy - The company will propose profit distribution plans based on annual operating performance and future business plans, which will be approved by the shareholders' meeting [2]. - Profit distribution can be in the form of cash, stock, or a combination of both, with a preference for cash dividends when conditions are met [2][3]. - The company aims to distribute at least 20% of the annual distributable profit in cash, or at least 60% of the average annual distributable profit over any three consecutive years [2][4]. Group 2: Conditions and Procedures - Major capital expenditures are defined as investments or asset acquisitions exceeding 10% of the latest audited net assets or 50 million yuan [3]. - The board of directors will consider industry characteristics, development stages, and major capital expenditure plans when proposing differentiated cash dividend policies [4]. - The decision-making process for profit distribution involves the board's proposal, majority approval from directors, and subsequent approval from the shareholders' meeting [4][5]. Group 3: Shareholder Return Planning - The company will develop a shareholder return plan at least every three years, considering long-term sustainable development and various external factors [6]. - Adjustments to the shareholder return plan require detailed discussion and must be approved by a two-thirds majority of the shareholders present at the meeting [6][7]. - The company will ensure that the planning process includes input from independent directors and minority shareholders [6].

Summary of the Conference Call for Western Mining Industry and Company Overview - The conference call pertains to Western Mining, specifically focusing on the copper and lithium mining sectors, including the Yulong Mine and its upcoming projects [2][3]. Key Points and Arguments - **Yulong Mine Phase III Project**: - Expected to commence construction in the second half of this year and reach production by the end of next year [2][3]. - Projected ore processing capacity will reach 30 million tons, with copper-gold output estimated at 180,000 to 200,000 tons by 2027 [2][3]. - Total investment for the project is approximately 5 billion yuan, with 2 billion yuan allocated for tailings pond construction [3]. - **Copper Production Forecast**: - Copper production is expected to remain stable at around 170,000 tons for this year and next [2][4]. - After the completion of the Phase III project, total copper metal capacity is anticipated to approach 370,000 tons by 2028 [2][5]. - **Cost Structure**: - The cost for the Phase III project is expected to stabilize at approximately 31,000 yuan per ton [2][6]. - **Smelting Business Performance**: - The main smelting products include copper, lead, and zinc, with no long-term procurement agreements in place [2][8]. - Currently facing losses at a price of -43 USD, indicating a struggle to break even [2][8]. - **By-products and Sales**: - The company plans to produce 6 tons of gold and 430 tons of silver this year, with a clearer profit outlook expected after the second quarter sales [2][9]. - **Wild Horse Battery Processing Fees**: - Processing fees for copper, zinc, and lead are reported at 4,800 yuan/ton, 3,800-4,000 yuan/ton, and 1,000-1,100 yuan/ton respectively [2][10]. - Improvement in processing fees is expected to help reduce losses in the smelting segment, with more noticeable effects in the second quarter [2][10]. - **Lithium Mining Operations**: - The company holds a stake in Dongtai Lithium Mine, which has a production capacity of 12,000 to 15,000 tons of lithium carbonate annually, contributing approximately 160 million yuan in profit [2][13]. - The cost of production at Dongtai Lithium Mine is stable at 34,000 to 35,000 yuan per ton, with a profit margin of over 10,000 yuan per ton based on current market prices [2][13]. - **Expansion Plans for Dongtai Lithium Mine**: - The company is urging Dongtai Lithium Mine to accelerate its expansion plans, which are expected to progress quickly due to resolved infrastructure issues [2][14]. - **Shareholder Returns and Dividend Policy**: - The company has established a shareholder return plan with a minimum average dividend payout ratio of 30% over the next three years [2][15]. Additional Important Information - The smelting business is currently not utilizing scrap copper, with a total capacity of 350,000 tons split between two production units [2][12]. - The overall copper processing industry has seen some shutdowns this year, which has contributed to a recovery in processing fees [2][11].

证券代码：000962 证券简称：东方钽业 公告编号：2025-056 号 宁夏东方钽业股份有限公司 未来三年（2025 年-2027 年）股东回报规划 为完善和健全宁夏东方钽业股份有限公司（以下简称"公司"）科学、持续、 稳定、透明的分红决策和监管机制，进一步强化回报股东的意识，根据中国证监 会《上市公司监管指引第 3 号—上市公司现金分红》（证监会公告20255 号） 等法律法规，《公司章程》对利润分配政策条款进行了规定，公司制定了《宁夏 东方钽业股份有限公司未来三年（2025 年-2027 年）股东回报规划》（以下简称 "本规划"），具体内容如下： 一、股东回报规划制定考虑因素 公司着眼于长远的和可持续的发展，在综合分析企业经营发展实际、股东要 求和意愿、社会资金成本、外部融资环境等因素的基础上，充分考虑公司目前及 未来盈利规模、现金流量状况、发展所处阶段、项目投资资金需求、银行信贷及 债权融资环境等情况，建立对投资者持续、稳定、科学的回报规划与机制，从而 对利润分配作出制度性安排，以保持利润分配政策的连续性和稳定性。 二、股东回报规划的制定原则 本规划的制定应在符合相关法律法规和《公司章程》相关利润分 ...

Group 1 - The company will hold its annual shareholder meeting on June 27, 2025, to discuss various proposals including the board and supervisory reports, remuneration for directors and supervisors, and profit distribution plans [1][4][6] - The agenda includes ten proposals, such as the 2024 annual report, financial settlement report, and a three-year shareholder return plan [1][5][19] - The company plans to propose a profit distribution plan for 2024, indicating no distribution will occur, with profits carried forward to the next year [11][12] Group 2 - The company reported a net profit of approximately 18.3 million yuan for 2024, a decrease of 23.59% compared to the previous year [13][16] - Total revenue for 2024 was approximately 1.08 billion yuan, showing a slight decline of 0.52% from 2023 [13][16] - The company’s total assets increased by 5% to approximately 1.94 billion yuan, while net assets rose by 1.86% to approximately 1.17 billion yuan [13][16] Group 3 - The company plans to apply for a total financing limit of up to 1.5 billion yuan for 2025, with various financing types including loans and guarantees [17][18] - A three-year shareholder return plan (2025-2027) is being proposed to enhance the transparency and effectiveness of profit distribution policies [19] - The company seeks authorization to develop a mid-term dividend plan for 2025, with the maximum amount not exceeding the net profit for that period [20]

Core Viewpoint - The company has established a shareholder return plan for the next three years (2025-2027) focusing on sustainable development and stable profit distribution [1] Group 1: Factors Considered in the Dividend Plan - The company aims for long-term and sustainable development, considering its actual situation and development goals to create a stable return mechanism for investors [1] - The profit distribution policy emphasizes reasonable returns to investors while ensuring the company's sustainable development [1] Group 2: Principles of the Dividend Plan - The company will implement a stable and continuous profit distribution policy, ensuring that profit distribution does not exceed the cumulative distributable profits and does not harm the company's ongoing operations [1] Group 3: Dividend Distribution Plan for 2025-2027 - The company may distribute dividends in cash, stock, or a combination of both, prioritizing cash dividends when conditions allow [1] - Cash dividends will be distributed at a minimum of 10% of the distributable profits for the year, provided there are no special circumstances [2] - Special circumstances include negative net profit, asset-liability ratio exceeding 70%, lack of standard audit opinions, low per-share distributable profits, insufficient cash flow, or significant investment plans [2] Group 4: Conditions for Stock Dividend Distribution - The company may propose stock dividends if the operating conditions are good and the board believes it benefits all shareholders, while still meeting cash dividend conditions [3] Group 5: Dividend Distribution Timing and Mechanism - Cash dividends will generally occur annually, with the possibility of mid-term cash dividends based on profitability and funding needs [3] - The profit distribution order includes covering losses, allocating statutory reserves, and then distributing profits [4] - The profit distribution plan will be proposed by the board and requires approval from the shareholders' meeting, with communication efforts made to engage shareholders [4]