General Provisions - The purpose of the implementation rules is to standardize the decision-making process and the selection of senior management, optimize the composition of the board, and improve the corporate governance structure [2] - The Nomination Committee is established as a specialized working body of the board, responsible for selecting candidates for directors and senior management, and making recommendations to the board [2] Composition of the Committee - The Nomination Committee consists of three directors, including two independent directors [3] - The committee members are nominated by the chairman, more than half of the independent directors, or one-third of all directors, and elected by the board [3] - The committee has a chairperson who is an independent director, responsible for leading the committee's work [3] Responsibilities and Authority - The Nomination Committee is responsible for formulating selection criteria and procedures for directors and senior management, reviewing candidates' qualifications, and making recommendations on various matters to the board [5] - The board has the authority to reject plans or proposals that may harm shareholders' interests [5] - Major shareholders must respect the committee's recommendations regarding candidates unless there is sufficient reason or reliable evidence to propose alternatives [5] Decision-Making Procedures - The committee will research the selection criteria and procedures for directors and senior management based on relevant laws and the company's actual situation, and submit resolutions to the board for approval [6] - The selection process includes communication with relevant departments, searching for candidates internally and externally, and gathering detailed information about candidates [6] Meeting Rules - Meetings of the Nomination Committee must be announced three days in advance, except in special circumstances [7] - A quorum for meetings requires the presence of at least two-thirds of the committee members [8] - Decisions made in meetings must be recorded, and all members have a confidentiality obligation regarding the discussed matters [8] Supplementary Provisions - The implementation rules take effect upon approval by the board, and previous rules are abolished [9] - Any matters not covered by these rules will be executed according to national laws and regulations [9]

Core Viewpoint - The document outlines the selection and appointment procedures for accounting firms by Henan Yuguang Gold Lead Co., Ltd, emphasizing the importance of maintaining shareholder interests and ensuring high-quality financial information [1][2]. Group 1: General Principles - The selection of accounting firms must comply with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1]. - The appointment process requires approval from the audit committee, board of directors, and shareholders [1][2]. - The controlling shareholders and actual controllers are prohibited from designating accounting firms before the board and shareholders' approval [1]. Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess necessary qualifications as per regulatory requirements and have a solid organizational structure and internal management [2]. - Firms must have a good track record in providing audit services to listed companies and must not have been penalized by regulatory bodies [2][3]. - Confidentiality and data security must be maintained by the accounting firms [2]. Group 3: Selection Procedures - The audit committee is responsible for establishing selection policies, initiating the selection process, and evaluating the proposals [3][4]. - Competitive negotiation, public bidding, and other transparent methods must be used to ensure fairness in the selection process [3][4]. - The selection results must be publicly disclosed, including the chosen firm and audit fees [4]. Group 4: Evaluation and Scoring - The evaluation criteria for accounting firms must include audit fees, qualifications, performance history, and risk management capabilities [5][6]. - Quality management should have a weight of at least 40% in the evaluation, while audit fees should not exceed 15% [5][6]. - The average audit fee from compliant firms will serve as the benchmark for scoring [6]. Group 5: Procedures for Reappointment - The company may reappoint accounting firms under specific circumstances, such as significant quality deficiencies or failure to meet deadlines [7][8]. - The audit committee must investigate the quality of both the previous and proposed firms during the reappointment process [8]. Group 6: Supervision and Penalties - The audit committee is tasked with evaluating the performance of the appointed accounting firms and ensuring compliance with laws and regulations [9]. - Any violations by the selected firms that lead to severe consequences must be reported to the board for appropriate action [9]. Group 7: Implementation and Authority - The new selection system will take effect upon approval by the board and will replace the previous system [10]. - The board retains the rights to interpret and amend the selection system as necessary [10].

Core Viewpoint - The document outlines the internal management system for the temporary suspension and exemption of information disclosure by Henan Yuguang Gold Lead Co., Ltd, emphasizing the need for compliance with legal regulations and the protection of investor rights [1][2]. Group 1: Information Disclosure Regulations - The company must disclose information truthfully, accurately, completely, timely, and fairly, and cannot misuse suspension or exemption to evade disclosure obligations or mislead investors [1][2]. - The company is obligated to maintain state secrets and must not leak confidential information through any form of communication [2][3]. Group 2: Conditions for Suspension and Exemption - The company can suspend or exempt disclosure if it has sufficient evidence that the information involves state secrets or could violate confidentiality regulations [2][3]. - Information related to commercial secrets can be suspended or exempted if it pertains to core technology or could harm the interests of the company or others [2][3]. Group 3: Internal Procedures - The company must follow internal review procedures before implementing any suspension or exemption of disclosure [1][4]. - The board secretary is responsible for organizing and coordinating matters related to the suspension and exemption of information disclosure [3][4]. Group 4: Documentation and Reporting - The company must keep detailed records of any suspension or exemption requests, including the type of information and the reasons for the decision [4][5]. - After the annual, semi-annual, or quarterly reports are published, the company must submit relevant documentation regarding any suspended or exempted disclosures to the regulatory authorities within ten days [5]. Group 5: Accountability and Compliance - If the company fails to disclose information that does not meet the suspension or exemption criteria, or if the reasons for suspension have been resolved, appropriate disciplinary measures will be taken against responsible personnel [5][6]. - The internal management system will be effective upon approval by the board of directors, replacing the previous version of the system [5][6].

Core Viewpoint - The performance forecast for the first half of 2025 by Zhuhai Group indicates a significant increase in net profit, driven by rising precious metal prices and improved operational efficiency [1][2]. Group 1: Company Performance - Zhuhai Group expects a net profit of 560 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 50.97% to 75.23% [1]. - The net profit excluding non-recurring gains and losses is projected to grow by 80.97% to 109.55% year-on-year [1]. - The company attributes its performance growth to the increase in precious metal prices and a recovery in zinc smelting processing fees, alongside enhanced operational efficiency through refined management practices [1]. Group 2: Industry Trends - The lead and zinc business of Zhuhai Group is currently in a recovery phase, with an expected increase in processing fees and improved supply-demand dynamics for zinc concentrate [2]. - The average processing fee for domestic zinc concentrate in the first quarter of 2025 was 4,463 yuan per ton, reflecting a month-on-month increase of 937 yuan per ton [2]. - The prices of gold and silver are expected to continue rising, supported by global geopolitical tensions and central bank purchasing trends, with gold prices increasing nearly 30% this year following a 27% rise last year [2][3]. Group 3: Future Outlook - Institutions remain optimistic about the upward trend in precious metal prices, which is expected to support the performance of related companies [3]. - Recent dovish comments from Federal Reserve officials regarding potential interest rate cuts are anticipated to bolster gold prices [3]. - Silver, with its dual industrial and financial attributes, is expected to see increased demand, particularly from the photovoltaic sector, leading to a favorable supply-demand balance [3].

Core Viewpoint - The company, Zhuyou Group, anticipates a significant increase in net profit for the first half of 2025, projecting a net profit attributable to shareholders of 560 million to 650 million yuan, representing a year-on-year increase of 189 million to 279 million yuan, or 50.97% to 75.23% [1] Financial Projections - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 570 million and 660 million yuan, which indicates an increase of 255 million to 345 million yuan compared to the same period last year, translating to a year-on-year growth of 80.97% to 109.55% [1]

Group 1 - The introduction of innovative technologies in the zinc smelting industry is significantly reducing energy consumption by approximately 30% and pollutant emissions by over 40%, enhancing metal recovery rates and achieving both environmental and economic benefits [1] - The production of ultra-high purity metals such as 6N and 7N grade tellurium, cadmium, zinc, and indium is entering mass production, supporting the transition of companies from raw material leaders to strong players in new materials [1] - Traditional industries in Jiyuan are actively innovating and upgrading to improve competitiveness in response to increasing domestic and international competition and environmental constraints [1] Group 2 - Jiyuan Steel has developed a world-first non-exchange electrode (10.4-meter self-consumption electrode) process to produce ultra-pure electric slag steel ingots, addressing the challenges of the steel industry's internal competition [2] - Jinma Energy is establishing a complete hydrogen energy industrial chain, supplying 700 to 800 million cubic meters of hydrogen annually to local petrochemical projects [2] - Wanyuan Group is leveraging selenium resources from industrial by-products to produce selenium products, achieving an annual output value of 15 million yuan [2] Group 3 - Jiyuan is implementing a "1+5+N" strategic layout to enhance high-quality development, focusing on five key areas including building a strong industrial city [3] - The city is deepening technological reforms and establishing a comprehensive innovation system to boost productivity through technological advancements [3] - Jiyuan is actively promoting traditional industry upgrades and implementing policies to support enterprise development through a multi-faceted service system [3] Group 4 - The non-ferrous metal industry cluster in Jiyuan has an annual output value of nearly 200 billion yuan, with steel processing and modern chemical industries also approaching the 100 billion yuan mark [4] - All enterprises in the region have achieved ultra-low emissions, and the output value of the circular economy accounts for over 30% of the total industrial output value [4]

Core Viewpoint - The company announced an adjustment to its profit distribution plan for the year 2024, specifically modifying the cash dividend per share due to changes in the number of shares participating in the distribution [1][2]. Summary of Key Points Profit Distribution Plan - The company will distribute a total cash dividend of 245,307,582.00 yuan (including tax), which represents a dividend of 2.25 yuan per share (including tax) [1]. - The distribution will not include stock dividends, and if there are changes in the total share capital before the record date, the total distribution amount will remain unchanged while the per-share distribution will be adjusted accordingly [1]. Adjustment Details - As of April 1, 2025, the number of shares converted from "Yuguang Convertible Bonds" into company stock was 2,430 shares, leading to a change in the actual number of shares participating in the profit distribution [2]. - The adjusted cash dividend per share is set at 0.22500 yuan (including tax), calculated based on the unchanged total distribution amount [2]. - The calculation for the adjusted per-share distribution is based on the total cash dividend divided by the total number of shares, resulting in a per-share distribution of approximately 0.22500 yuan [2].

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views - For lead, on the previous trading day, the average price of SMM1 lead ingots decreased by 0.15% compared to the previous day, and the closing price of the main Shanghai lead contract dropped by 0.58%. With no expected increase in lead concentrate imports, processing fees are likely to rise. The operation of primary lead is stable with a slight increase, while the operation of secondary lead is at a relatively low level due to rising scrap lead - acid battery prices and limited raw materials. The demand is gradually shifting from the off - season to the peak season, and the drag on lead prices may slow down. However, due to the inventory accumulation risk, the upward momentum of lead prices is limited [1]. - For zinc, on the previous trading day, the average price of SMM1 zinc ingots decreased by 0.94% compared to the previous day, and the main Shanghai zinc contract closed down 1.07%. Refineries have sufficient raw material reserves, zinc concentrate processing fees are rising, and the output is showing an increasing trend. The demand is weak, and most downstream enterprises only replenish inventory as needed. Recently, zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound space is limited, and attention should be paid to short - selling opportunities after the elimination of favorable factors [1]. Group 3: Summary by Related Catalogs 1. Price and Market Data Lead - SMM1 lead ingot average price: 16,925.00 yuan/ton, - 0.15% [1] - Shanghai lead futures - spot price (main contract closing price): 17,100.00 yuan/ton, - 0.58% [1] - Shanghai lead basis: - 175.00 yuan/ton, + 75.00 [1] - LME 3 - month lead futures closing price (electronic trading): 2,039.00 US dollars/ton, - 0.12% [1] - Shanghai - London lead price ratio: 8.39, - 0.46% [1] Zinc - SMM1 zinc ingot average price: 22,210.00 yuan/ton, - 0.94% [1] - Shanghai zinc futures - spot price (main contract closing price): 22,255.00 yuan/ton, - 1.07% [1] - Shanghai zinc basis: - 45.00 yuan/ton, + 30.00 [1] - LME 3 - month zinc futures closing price (electronic trading): 2,713.50 US dollars/ton, - 1.00% [1] - Shanghai - London zinc price ratio: 8.20, - 0.06% [1] 2. Inventory Data Lead - LME inventory: 270,075.00 tons, 0.00% [1] - Shanghai lead warehouse receipt inventory: 46,389.00 tons, + 0.22% [1] Zinc - LME inventory: 114,900.00 tons, 0.00% [1] - Shanghai zinc warehouse receipt inventory: 6,824.00 tons, - 3.57% [1] 3. Trading Volume and Open Interest Data Lead - Futures active contract trading volume: 31,387.00 lots, - 2.89% [1] - Futures active contract open interest: 51,411.00 lots, + 0.01% [1] - Trading volume - open interest ratio: 0.61, - 2.90% [1] Zinc - Futures active contract trading volume: 178,683.00 lots, + 11.04% [1] - Futures active contract open interest: 134,433.00 lots, - 4.10% [1] - Trading volume - open interest ratio: 1.33, + 15.79% [1] 4. Industry News Lead - Shanghai Municipal Commission of Commerce and other eight departments issued the "Implementation Rules for the Replacement Subsidy of Electric Bicycles in Shanghai in 2025". From July 1 to December 31, 2025, individual consumers who trade in old electric bicycles (including batteries) for new ones will receive a one - time 500 - yuan subsidy, and an additional 100 - yuan subsidy for those who trade in for lead - acid battery electric bicycles [1] - Nandu Power signed a 1.4GWh energy storage system supply contract for a large - scale new - energy photovoltaic project in India [1] Zinc - In April 2025, Peru's zinc concentrate production was 137,600 metal tons, a year - on - year increase of 15.3%, and the total production from January to April was 458,300 metal tons, a year - on - year increase of 11.7% [1] - A mine in southwest China's zinc ore tender price in July was 3,770 yuan/metal ton, a month - on - month increase of 170 yuan/metal ton [1] - Nexa's Cajamarquilla smelter resumed full - scale operation with normal capacity utilization after a three - day shutdown [1]

Group 1 - 株冶集团 (600961) experienced a trading halt today with a daily turnover rate of 6.85% and a transaction amount of 569 million yuan, showing a fluctuation of 8.78% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.75%, with institutional investors net selling 5.82 million yuan and the Shanghai-Hong Kong Stock Connect net selling 619,400 yuan [2] - The top five trading departments accounted for a total transaction amount of 201 million yuan, with a net buying amount of 12.08 million yuan [2] Group 2 - As of June 26, the margin trading balance for the stock was 218 million yuan, with a financing balance of 218 million yuan and a securities lending balance of 238,800 yuan [3] - Over the past five days, the financing balance increased by 14.99 million yuan, representing a growth of 7.39%, while the securities lending balance decreased by 28,140 yuan, a decline of 54.09% [3] - The company's Q1 report indicated a revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 277 million yuan, a year-on-year increase of 74.07% [3]

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