厦门钨业股份有限公司 专 项 审 计 报 告 华兴专字202424009810012 号 华兴会计师事务所（特殊普通合伙） 专 项 审 计 报 告 华兴专字202424009810012 号 厦门钨业股份有限公司： 一、审计意见 我们接受委托，审计了后附的厦门钨业股份有限公司按照模拟财务报表 附注三所述的编制基础和方法编制的二次资源材料相关业务模拟财务报表 （以下简称"模拟财务报表" ），包括 2024 年 6 月 30 日模拟资产负债表、模 拟利润表、模拟现金流量表及模拟财务报表附注。 我们认为，后附的模拟资产负债表在所有重大方面按照模拟财务报表附 注三所述的编制基础和方法编制，公允反映了厦门钨业股份有限公司二次资 源材料相关业务 2024 年 6 月 30 日的模拟财务状况。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对模拟财务报表审计的责任"部分进一步阐述了我们在这些准 则下的责任。按照中国注册会计师职业道德守则，我们独立于厦门钨业股份 有限公司，并履行了职业道德方面的其他责任。我们相信，我们获取的审计 证据是充分、适当的，为发表审计意见提供了基 ...

Core Viewpoint - Jiangxi Copper Group Co., Ltd. has increased its shareholding in Jiangxi Copper Co., Ltd. to enhance investor confidence and demonstrate its commitment to the company's long-term value and stable development [5][6]. Group 1: Shareholding Changes - As of the report date, Jiangxi Copper Group holds 1,558,229,110 shares in Jiangxi Copper, representing 45.00% of the total issued shares, an increase from 44.79% [5][6]. - The increase in shareholding was achieved by acquiring 7,430,000 H shares through the Shanghai-Hong Kong Stock Connect mechanism, which accounts for approximately 0.21% of the total issued shares [6]. Group 2: Future Plans - Jiangxi Copper Group expresses a possibility of further increasing its shareholding in Jiangxi Copper within the next 12 months, subject to compliance with relevant disclosure obligations [5][6]. Group 3: Company Background - Jiangxi Copper Group is a state-controlled limited liability company with a registered capital of RMB 672,964,613.5 and operates in the non-ferrous metal mining and processing industry [4]. - The company is headquartered in Guixi City, Jiangxi Province, and has been operational since June 26, 1979 [4]. Group 4: Compliance and Disclosure - The report confirms that all information disclosed is accurate and complete, with no other means of shareholding changes outside of what is reported [2][5]. - The report is prepared in accordance with the relevant laws and regulations, ensuring transparency in the shareholding changes [1][2].

Group 1 - Xinjiang Jinkai Magnesium Industry Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Fan Xiaobo [1] - The business scope includes manufacturing of non-ferrous metal alloys, smelting of common non-ferrous metals, rolling processing of non-ferrous metals, casting of non-ferrous metals, manufacturing of metal materials, and sales of new metal functional materials [1] Group 2 - The company is wholly owned by Jinkai New Energy (600821) through indirect shareholding [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.27 RMB [7][8]. Core Views - The company achieved a revenue of 8.983 billion RMB in 2024, a year-on-year increase of 17.39%, but the net profit attributable to the parent company was only 160 million RMB, down 47.91% year-on-year, primarily due to unexpected declines in magnesium prices [1][2]. - The global magnesium production is expected to grow by 12% in 2024, leading to a significant oversupply and a projected 16% decrease in magnesium ingot prices to 19,759 RMB per ton [2][4]. - The company is positioned as a leader in the magnesium industry, with a robust production capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloy, alongside ongoing expansions [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.636 billion RMB, a year-on-year increase of 26.20%, but a net profit of only 5.8688 million RMB, reflecting a 94.07% decline year-on-year [1][2]. - The company's main business revenue is expected to grow by 19.27% in 2024, while the gross margin is projected to decline by 1.75 percentage points [2]. Industry Positioning - The company is leveraging opportunities in automotive lightweighting, securing contracts with major automotive manufacturers for large magnesium alloy components [3]. - Collaborations with technology partners have led to the development of innovative magnesium alloy products, including a lightweight electric drive assembly and a new magnesium alloy robot [3]. Future Projections - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.42 RMB, 0.67 RMB, and 0.94 RMB respectively, with significant downward adjustments of 55% and 54% for 2025 and 2026 EPS estimates [4][6]. - The target price is based on a price-to-earnings (PE) ratio of 34 times for 2025, reflecting the company's strong market position and growth potential despite current challenges [4][6].