证券代码：000878 证券简称：云南铜业 公告编号：2025-034 云南铜业股份有限公司 关于召开 2025 年一季度网上业绩说明会 的公告 （三）出席人员：副董事长、总经理孙成余先生，董 事会秘书、财务总监高洪波先生，独立董事于定明先生， 财务资产部负责人刘八妹女士，证券事务代表孙萍女士和 公司证券部相关人员。 （四）投资者参与方式 投资者可登陆"约调研"小程序搜索"云南铜业"，参加本 次网上业绩说明会。 二、投资者问题征集 为充分尊重投资者、提升交流的针对性，公司就本次 说明会提前向投资者公开征集问题。投资者可于 2025 年 5 月 19 日 12:00 时前，通过"约调研"小程序，以提问的形式 将关注的问题进行提交。公司将对征集到的问题进行整理， 在本次业绩说明会上就投资者重点关注的问题进行回复。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 云南铜业股份有限公司（以下简称公司）于2025年4月 者更全面深入了解公司所处行业状况、生产经营、财务状 况、面临的风险与困难等相关情况，加强公司与投资 ...

Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [5] Group 2: Core View of the Report - After the UK - US trade agreement, market risk sentiment has emerged, and the continuously low TC price indicates that copper prices are still likely to rise rather than fall. It is recommended to mainly use buy - hedging on dips [5] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On May 14, 2025, the main Shanghai copper contract opened at 77,930 yuan/ton and closed at 78,940 yuan/ton, up 1.09% from the previous trading day's close. The night - session main contract opened at 78,900 yuan/ton and closed at 78,650 yuan/ton, up 0.19% from the afternoon close [1] Spot Situation - On the previous day, both procurement and sales sentiment declined. Near the delivery date, downstream procurement was affected by high monthly spreads, with a procurement index of 3.07. Sellers with registerable warehouse receipt goods were reluctant to sell at low prices, and the overall sales sentiment index dropped to 3.14 [2] Important Information Summary - **Macro and Geopolitical**: The US is "close to reaching" a trade tariff agreement with Japan, South Korea, and India. The US does not seek dollar depreciation in tariff negotiations. Trump reached a $12 - trillion economic commitment in Qatar, and the US and Qatar signed over $243.5 - billion economic and military cooperation agreements. In China, the social financing increment from January to April was 16.34 trillion yuan, new loans were 10.06 trillion yuan, and M2 in April increased by 8% year - on - year [3] - **Mine End**: From 2020 - 2024, Western Mining's net profit compound growth rate was 41%. Its mine production capacity expanded, and mineral copper production increased significantly. In 2024, the deterioration of smelting processing fees and year - end asset impairment affected the company's profitability [3] - **Smelting and Import**: In 2024, the total electrolytic copper output of 19 large domestic copper smelters was 10.5558 million tons, an increase of 0.642 million tons or 6.5% year - on - year. These 19 enterprises accounted for 77.37% of China's total electrolytic copper output, a 1.04% increase from the previous year [4] - **Consumption**: Last week, copper prices fluctuated narrowly. Near the end of the month, downstream consumption growth was limited. Due to some processing enterprises' export - rushing actions, market demand was relatively stable, and downstream enterprises mainly made low - price, just - in - time purchases [4] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,125 tons to 185,575 tons, SHFE warehouse receipts increased by 20,912 tons to 50,069 tons. On May 12, the domestic electrolytic copper spot inventory was 1.231 million tons, an increase of 0.03 million tons from the previous week [4] Strategy - Copper: Cautiously bullish, mainly use buy - hedging on dips [5] - Options: short put@ 74000 [5] Data Table - The table shows copper price and basis data including spot (premium/discount), inventory, warehouse receipt, arbitrage, import profit, and Shanghai - London ratio data for different time points [20][25]

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) in the A-share market reflects a deep-seated logic of industrial upgrading and strategic transformation, showcasing the diversification and specialization of the current M&A landscape [1] Group 1: Characteristics of Recent M&A Activity - Cash transactions dominate the current wave of M&A, with companies accelerating their entry into new sectors [2] - The M&A activities are driven by three strategic directions: seeking breakthroughs in technological innovation, enhancing risk resilience through resource integration, and capitalizing on policy incentives to enter emerging sectors like AI and semiconductors [2] Group 2: Industry Chain Integration - Industry chain integration is a core driver of M&A among A-share companies, with firms pursuing horizontal and vertical integration to enhance competitiveness [3] - Jiangsu Zongyi Co., Ltd. plans to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. to extend its reach into the power semiconductor sector [3] - Suzhou Dongshan Precision Manufacturing Co., Ltd. intends to acquire 100% of Groupe Mécanique Découpage to optimize its debt structure and enhance its capabilities in the automotive parts sector [3][4] Group 3: Strategic Focus and Diversification - Companies are adopting divergent strategies, with some focusing on core businesses while others pursue diversification [5] - Jiangsu Zongyi's acquisition of Jilai Microelectronics aims to strengthen its position in the integrated circuit sector, enhancing its technical capabilities and market share [5] - China National Pharmaceutical Group plans to acquire Beijing Jinsui Technology to enter the e-commerce service sector, diversifying its business and revenue streams [5] Group 4: Investment Trends - Beijing Lier High-Temperature Materials Co., Ltd. is investing in Shanghai Zhenliang Intelligent Technology Co., Ltd. to enter the AI chip market, reflecting a commitment to both core business and new growth areas [6] Group 5: Valuation and Compliance Concerns - Valuation and compliance are critical issues in M&A transactions, directly impacting their success [8] - Huafeng Chemical Co., Ltd. terminated its planned acquisition of Zhejiang Huafeng Synthetic Resin Co., Ltd. due to high valuation and lack of shareholder approval, highlighting the risks associated with high-premium related transactions [8][9] - Companies are advised to establish a scientific valuation system and ensure transparency in operations to mitigate risks associated with related-party transactions [10]

（图片系AI生成） 时隔多年后，大股东资产注入计划终于再次启动。 股权结构方面，云铜集团持有40%股权，凉山州工业投资发展集团有限责任公司持有40%股权，云南铜 业持有20%股权。2022年1月，云铜集团将凉山矿业40%的股权委托云南铜业管理。2023年11月，云南 铜业发布控股股东承诺事项延期的公告称，因凉山矿业土地、房产等资产问题较为复杂，云铜集团对凉 山矿业的股权注入承诺已延期至2026年11月底前启动。 目前市场对云南铜业存在较强的重组预期，此次大股东终于启动凉山矿业资产注入计划似乎让投资者看 到了希望。再加上2023年间接控股股东中国铜业已将中矿国际股权委托云南铜业代管，并压缩管理层 级，被外界视为资产注入前兆；2024年中国铝业集团增持云南铜业股权1.98%亦被看作是为后续整合铺 路。 但此次凉山矿业能否注入成功还要打一个问号，一是因为云南铜业曾有多次重大筹划"落空"，比如2014 年、2015年的两次定增。二是云铜集团也曾违背承诺，其在2014年6月云铜集团明确了资产注入时间 表，即在当年内启动资产注入，同年云南铜业也曾公告筹划资产重组。然而，该事项最终在上市公司停 牌三个月后宣告终止，理由是" ...

Group 1: Production and Operational Performance - In 2024, the company produced 155,200 tons of copper concentrate, 1,768,000 tons of cathode copper, 415,800 tons of copper processing materials, 5,359,600 tons of sulfuric acid, 229.1 tons of gold, 5,476.7 tons of silver, 393,600 tons of iron concentrate, and 447,300 tons of sulfur concentrate, successfully meeting production targets [3] - The company achieved operating revenue of 145.531 billion yuan, a year-on-year increase of 5.88%; total profit of 5.508 billion yuan, up 2.15%; and net profit attributable to shareholders of the parent company of 2.809 billion yuan, an increase of 4.05% [4] Group 2: Safety and Environmental Management - The company maintained a "zero work-related death" and "zero environmental incident" goal, enhancing safety and environmental culture through various initiatives [5] - The company added two photovoltaic power generation projects, generating over 12 million kWh, and purchased over 112 million kWh of green electricity, reducing carbon emissions by 2.02% [5] Group 3: Technological Innovation and Development - R&D investment reached 4.68 billion yuan, a year-on-year increase of 12.38%, with 334 key technology projects implemented [7] - The company received 9 provincial and ministerial-level science and technology achievement awards, including 6 first prizes and 3 second prizes, and was granted 329 patents, including 269 invention patents [7] Group 4: Industry and Market Trends - In 2024, global refined copper consumption grew by 2.9%, with China being the core driver, particularly benefiting from the rapid growth of the electric vehicle industry, which saw a year-on-year increase of over 34% in production and sales [11] - Copper prices fluctuated significantly, with an annual average price of 74,904 yuan/ton, up 9.7% year-on-year, ranging between 67,830 yuan/ton and 88,940 yuan/ton [12] Group 5: Future Plans and Strategic Goals - For 2025, the company plans to produce 194,900 tons of copper concentrate, 1,896,000 tons of cathode copper, and 430,500 tons of copper processing materials, among other targets [16] - The company aims to enhance operational efficiency and cost control, focusing on quality improvement and resource optimization to maintain competitiveness [18] Group 6: Social Responsibility and ESG Initiatives - The company allocated 4.34 million yuan for scholarships benefiting 86 university students and purchased agricultural products worth 13.5389 million yuan for consumption assistance [10] - The company was recognized in the "ESG Pioneer 100 Index" and the "Top 50 ESG Listed Companies in the Yangtze River Delta" for its commitment to social responsibility [10]

云南铜业（000878）公告，公司正在筹划发行股份购买云南铜业(集团)有限公司持有的凉山矿业股份有 限公司40%股份并募集配套资金。因有关事项尚存不确定性，公司证券自2025年5月13日开市时起开始 停牌，预计在不超过10个交易日的时间内披露本次交易方案。若未能在上述期限内召开董事会审议并披 露交易方案，公司证券最晚将于2025年5月27日开市起复牌并终止筹划相关事项。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The Sino-US tariff negotiations have achieved initial results, and the inventory of electrolytic copper at home and abroad tends to decline. However, as the traditional off-season of consumption approaches, copper prices may be strong first and then weak. It is recommended that investors wait and see for the moment, paying attention to the support and resistance levels of copper prices in different markets [3]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On May 9, 2025, the closing price of the active contract was 77,450 yuan, up 120 yuan from the previous day; the trading volume was 111,450 lots, down 5,268 lots; the open interest was 181,319 lots, up 1,627 lots; the inventory was 19,165 tons, down 375 tons. The average price of SMM 1 electrolytic copper was 78,205 yuan, down 230 yuan. The Shanghai copper basis and various spot premiums and discounts, as well as the spreads between near - and far - month contracts, showed different degrees of change [2]. - **London Copper**: On May 9, 2025, the LME 3 - month copper futures settlement price (electronic trading) was 9,445.5 US dollars, up 14 US dollars. The total inventory of registered and cancelled warrants decreased, and the spreads of different LME copper futures contracts also changed [2]. - **COMEX Copper**: On May 9, 2025, the closing price of the active copper futures contract was 4.654 US dollars, up 0.03 US dollars, and the total inventory was 160,250 tons, up 3,627 tons [2]. Company News - **Jinchengxin**: It plans to acquire a 50% stake in Colombia's OM Company for 100 million US dollars and gain control. It will invest 230 million US dollars in the construction of the Alacran copper - gold - silver mine project, with an estimated investment of 420.4 million US dollars, a construction period of 2 years, and an expected mine life of 12 years. The company will contribute about 202.22 million US dollars according to the equity ratio and lead the subsequent development and construction of the mine, with an average annual ore mining volume of about 6.1 million tons, equivalent to 25,000 tons of copper, 1.4 tons of gold, and 16 tons of silver [2]. - **Codelco and Escondida Mine**: In March, Codelco's copper production increased by 14.8% year - on - year to 123,200 tons, and the Escondida mine under BHP Billiton's smelting had a 18.9% year - on - year increase in copper production to 120,600 tons [2]. Important Information - **Macro - economic**: The US Senate and House of Representatives reached an agreement on the budget resolution on April 10, including tax cuts of 5.5 trillion US dollars in the next ten years, an increase in the debt ceiling of 5 trillion US dollars, and a reduction in government spending of 4 billion US dollars. The Trump administration proposed to cut the federal fiscal budget by 163 billion US dollars in 2026. The US ISM manufacturing PMI and employment data in April were not bad, delaying the expected time of the Fed's interest rate cut to July, September, or December [2]. - **Upstream**: Some copper mines in Peru, Poland, Kazakhstan, etc. have production changes such as resumption or suspension. Some copper smelters at home and abroad have production adjustments due to various reasons, such as accidents, overhauls, and new capacity launches. The domestic copper concentrate production (import) volume, electrolytic copper production (import) volume, and waste copper production (import) volume may change in May. The inventory of electrolytic copper in China's bonded area, social inventory, and LME inventory decreased, while the COMEX inventory increased [2]. - **Downstream**: The new orders and long - order executions of refined copper rod enterprises decreased significantly, resulting in a decline in the capacity utilization rate of refined copper rods and an increase in that of recycled copper rods. The capacity utilization rate, production volume, import volume, and export volume of domestic copper product enterprises may decline in May, with different performances in different sub - industries [2]. 4. Trading Strategy Investors are advised to wait and see for the moment, paying attention to the support and resistance levels of copper prices in different markets: 70,000/73,000 - 75,000 yuan for Shanghai copper, 8,700 - 8,900 US dollars for London copper, 4.3 - 4.58 US dollars for COMEX copper on the support side, and 78,500 - 80,000 yuan for Shanghai copper, 9,600 - 9,800 US dollars for London copper, 4.85/5.0 - 5.2 US dollars for COMEX copper on the resistance side [3].

Group 1 - The "Jiangxi sector" achieved nearly 1.08 trillion yuan in total operating revenue in 2024, ranking tenth among 31 provinces and cities in China [1] - Jiangxi listed companies distributed a total dividend of nearly 10.4 billion yuan in 2024, with a dividend payout ratio of approximately 77%, ranking eighth nationwide [1][3] - Jiangxi Copper (600362) reported over 520 billion yuan in operating revenue for 2024, with a net profit of 6.962 billion yuan, marking a year-on-year increase of 7.03% [1] Group 2 - JinkoSolar (688223) topped the A-share photovoltaic industry with an annual operating revenue of 92.471 billion yuan, achieving a global module shipment of 92.87 GW, a year-on-year growth of 18.28% [1] - The company maintained its position as the global leader in module shipments for the sixth consecutive year, with N-type module shipments accounting for 88% of total shipments in 2024 [1] Group 3 - Major infrastructure projects like the Gan-Shen High-speed Railway and Gan-Yue Canal are transforming Jiangxi from an "inland hinterland" to an "open frontier" [2] - Jiangxi Copper is expanding internationally with new offices in South America and Southeast Asia, while JinkoSolar is establishing a new battery and module factory in Saudi Arabia [2] - Other companies like Funeng Technology (688567) and Nipe Mining (300818) are also advancing their international strategies, indicating a trend of "Jiangxi manufacturing" integrating into the global supply chain [2] Group 4 - Jiangxi listed companies are focusing on refining their core businesses while actively implementing the "1269" action plan to upgrade traditional industries and foster emerging sectors [3] - In 2024, Jiangxi Copper allocated 2.417 billion yuan for cash dividends, with several other companies also distributing over 500 million yuan in dividends [3] - The overall dividend distribution of nearly 10.4 billion yuan reflects a strong commitment to shareholder returns and social responsibility among Jiangxi enterprises [3] Group 5 - As the "14th Five-Year Plan" approaches its conclusion, Jiangxi listed companies are showing promising new developments, with traditional industry giants and emerging players competing in the capital market [4] - The formation of a trillion-level non-ferrous metal industry cluster and a photovoltaic new energy base is expected to enhance the national ranking of the "Jiangxi sector" in the next five years [4]

Group 1: Copper Price Management - The company utilizes hedging tools to manage copper price fluctuations and has established a hedging management system to mitigate risks [2] - The copper concentrate processing fee is expected to remain low in the short term, based on the 2025 long-term contract pricing [3] Group 2: Research and Development Focus - Future R&D priorities include developing high-end, high-value-added products in the copper strip and foil sector [3] - The company aims to accelerate the digital transformation of traditional industries, implementing a phased approach to smart upgrades [3] Group 3: Environmental Initiatives - The company invested CNY 140 million in various environmental protection measures in 2024, including tailings pond management [3] - Future strategies will focus on comprehensive pollution control, adhering to principles of source reduction, process control, and end-of-pipe treatment [3] Group 4: Shareholder Returns - The company has disclosed a shareholder return plan for 2023-2025, considering industry conditions and operational performance for profit distribution [3] Group 5: Market Trends and Governance - Copper prices are influenced by global economic trends, supply-demand dynamics, monetary policy, and geopolitical risks [4] - The company plans to optimize its governance structure and internal control systems in 2025 to enhance operational efficiency [4]

Core Viewpoint - The copper market is experiencing fluctuations in prices and inventory levels, influenced by macroeconomic uncertainties and supply-demand dynamics [4]. Price Summary - On May 9, the spot price for 1 electrolytic copper in Shanghai was quoted at 78,205.00 CNY per ton, with a premium of 755.00 CNY over the futures main price of 77,450.00 CNY per ton [1]. - The national copper price overview shows various market prices for 1 electrolytic copper, with quotes ranging from 78,205 CNY to 78,290 CNY per ton across different trading platforms [2]. Inventory Data - As of May 9, LME copper inventory recorded 191,800 tons, a decrease of 2,500 tons or 1.29% from the previous day. Over the past week, LME copper inventory decreased by 5,525 tons, a reduction of 2.80%, and over the past month, it decreased by 20,200 tons, or 9.51% [3]. - The Shanghai copper futures inventory stood at 80,705 tons, down by 8,602 tons or 9.63% from the previous week, and a total decrease of 102,236 tons or 55.88% over the past month [3]. Market Analysis - According to a report by Industrial Futures, global macroeconomic uncertainties and the joint statement between China and Russia are improving market risk appetite. However, tight supply at the mining level and declining smelting processing fees, along with the end of the domestic consumption peak season, are contributing to a slowdown in inventory reduction. The fluctuations in the US dollar index are causing copper prices to remain within a range [4].