Core Viewpoint - The recent announcement by Yuguang Jinlan to terminate its stock issuance plan has raised concerns about the company's decision-making rigor and transparency [1][2]. Group 1: Company Actions - Yuguang Jinlan's board initially approved a plan to raise up to 400 million yuan for working capital and bank loan repayment, with a share price set at 6.74 yuan, representing a 24% discount from the closing price on August 13 [1]. - The termination of the stock issuance plan occurred just one day after its approval, indicating a lack of thoroughness in the decision-making process [2]. - The company did not provide a detailed explanation for the termination, which has led to skepticism regarding its commitment to shareholder interests [1][2]. Group 2: Market Reaction - Following the announcement of the stock issuance plan, Yuguang Jinlan's share price fell by 3.85%, reflecting the negative sentiment among small investors [1]. - The rapid decision to terminate the plan may erode market trust and negatively impact the company's reputation [2]. Group 3: Financing History - Yuguang Jinlan has a history of frequent financing activities, including a 710 million yuan convertible bond issuance in August 2024, with a significant portion allocated to Yuguang Group [2]. - The company’s repeated attempts to raise funds for working capital within a short timeframe raise questions about the necessity and efficiency of its financing strategies [2]. Group 4: Recommendations - Companies should adopt a rigorous approach when implementing financing plans, ensuring that the necessity and pricing are well-justified to maintain investor confidence [3]. - There is a need to explore mechanisms that allow small investors to participate in financing activities, which could enhance market fairness and transparency [3].

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The lead market shows no significant contradictions with both supply and demand increasing. Supported by tight raw materials and peak - season expectations, the short - term lead price is expected to move in a range [1]. - For the zinc market, considering the macro situation and the increase in both zinc ore and zinc ingot supply during the off - season of demand, with continued inventory accumulation in the domestic market and a continuous decline in overseas LME zinc inventory providing some support, the short - term zinc price is also expected to move in a range [1]. 3. Summary by Related Catalogs Lead - **Price and Market Data**: The average price of SMM1 lead ingots remained flat compared to the previous day, while the closing price of the Shanghai lead futures main contract rose 0.30% from the previous day. The LME3 - month lead futures (electronic) closed at $1,973.50 per ton, up 0.13%. The trading volume of the active futures contract decreased by 10.92%, and the open interest decreased by 2.80%. The LME lead inventory remained unchanged, while the Shanghai lead warehouse receipt inventory decreased by 1.40%. The Shanghai - London lead price ratio increased by 0.17% [1]. - **Industry News**: Some small - scale secondary lead smelters in South China stopped production due to losses and stopped purchasing waste lead - acid batteries. They plan to resume production when the raw material inventory reaches around 5,000 tons. On August 18, the [LME0 - 3 lead] was at a discount of $44 per ton, and the open interest decreased by 522 to 159,114 contracts [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Primary lead smelters that had maintenance are gradually resuming production, with stable - to - increasing production. In the secondary lead sector, due to high waste battery prices, limited supply, and strong hoarding sentiment among recyclers, some smelters have reduced or stopped production, resulting in relatively low overall production. The demand side shows no significant improvement, with dealers mainly consuming inventory and producers producing based on sales [1]. Zinc - **Price and Market Data**: The average price of SMM1 zinc ingots decreased by 0.45% from the previous day, and the closing price of the Shanghai zinc futures main contract decreased by 0.60%. The trading volume of the active futures contract increased by 37.72%, and the open interest increased by 51.62%. The LME zinc inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory also remained unchanged. The LME3 - month zinc futures (electronic) closed at $2,770 per ton, down 0.25%. The Shanghai - London zinc price ratio decreased by 0.35% [1]. - **Industry News**: Peru's Romina zinc project has reached 50% completion and is expected to be officially put into production in Q2 2026. A zinc smelter in the northwest plans to continue its maintenance from September to October, with the expected impact to be made up in November - December. On August 18, the [LME0 - 3 zinc] was at a discount of $8.65 per ton, and the open interest increased by 3,010 to 193,998 contracts [1]. - **Fundamentals**: Zinc smelters have sufficient raw material inventories, and zinc ore processing fees are rising. The production of zinc is showing an upward trend. On the demand side, downstream enterprises mainly consume existing inventory, but due to concerns about future production cuts, some terminals have stockpiled goods, leading to a rebound in galvanizing production [1].

Group 1 - The controlling shareholder, Henan Yuguang Gold Lead Group Co., Ltd., holds convertible bonds worth 210,143,000 yuan, accounting for 29.60% of the total issuance of the company's convertible bonds [2] - After the recent pledge, the total pledged amount of convertible bonds by the controlling shareholder reaches 210,000,000 yuan, which is 99.93% of its holdings and 29.58% of the total issuance [2] - The pledge does not serve as collateral for major asset restructuring or performance compensation [2] Group 2 - As of the announcement date, the controlling shareholder has not engaged in non-operating fund occupation, illegal guarantees, or related party transactions that harm the company's interests [3] - The controlling shareholder has a good credit status and possesses the ability to repay funds, indicating that the pledge risk is within a controllable range [3] - The company will continue to monitor the controlling shareholder's convertible bond pledges and associated risks, fulfilling information disclosure obligations as required [3]

Group 1 - In July, China's lead production reached 629,000 tons, a year-on-year increase of 0.5% [1] - In July, China's zinc production was 617,000 tons, showing a significant year-on-year increase of 13.8% [1] - From January to July, China's cumulative lead production totaled 4,468,000 tons, reflecting a year-on-year decrease of 0.8% [1] - From January to July, China's cumulative zinc production reached 4,166,000 tons, with a year-on-year increase of 1.3% [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is unstable. The supply of zinc ore and ingots is increasing, while demand is in the off - season with inventory accumulation. However, the continuous decline of overseas LME zinc inventory provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Relevant Information Lead Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 lead ingot average price was 16,675 yuan/ton, down 0.15%; the futures main contract closing price was 16,775 yuan/ton, down 0.45%; the LME3 - month lead futures closing price (electronic) was 1,971 dollars/ton, down 0.50% [1]. - **Inventory**: LME lead inventory was 260,475 tons, unchanged; Shanghai lead warehouse receipt inventory was 62,225 tons, up 0.71% [1]. - **Trading Volume and Position**: The trading volume of the active lead futures contract was 30,595 lots, down 6.15%; the position was 49,496 lots, down 3.34% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Pre - maintenance smelters are gradually resuming production. For secondary lead, scrap lead - acid battery prices are likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost inversion. Terminal demand has not improved significantly [1]. - **Industry News**: An East - China large secondary lead smelter plans to stop production for 1 month, expected to affect August secondary refined lead output. Dongying Xinsanyuan's 200,000 - ton lead - acid battery environmental utilization project has determined the winning bidder [1]. Zinc Market - **Price and Market Indicators**: On August 19, 2025, the SMM1 zinc ingot average price was 22,230 yuan/ton, down 0.67%; the futures main contract closing price was 22,340 yuan/ton, down 0.73%; the LME3 - month zinc futures closing price (electronic) was 2,777 dollars/ton, down 0.70% [1]. - **Inventory**: LME zinc inventory was 75,850 tons, unchanged; Shanghai zinc warehouse receipt inventory was 32,538 tons, up 62.53% [1]. - **Trading Volume and Position**: The trading volume of the active zinc futures contract was 80,217 lots, down 3.61%; the position was 69,630 lots, down 8.80% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. In August, zinc concentrate processing fees are expected to continue rising. Downstream demand is mainly consuming existing inventories, but some terminal demand has increased due to concerns about zinc price increases [1]. - **Industry News**: Indian Zinc (HZL) plans to build a zinc tailings re - processing plant in Rajasthan and expand its metal (zinc + lead) production capacity [1].

河南日报客户端记者 赵珊珊 "142万元退税，不仅是宝贵的现金流，更是国家对企业绿色低碳循环发展路径的肯定。"近日，河南金 马能源股份有限公司财务负责人庞吏义收到资源综合利用增值税退税税款后，倍感振奋。在当前氢能技 术研发投入巨大的起步阶段，这笔"真金白银"为企业扩大绿色生产规模注入了强劲信心。 据了解，为有效服务企业绿色技改、循环发展，济源税务部门专门组建"绿色转型服务专班"，主动下沉 重点企业，深入调研、把脉问需，"一对一"梳理政策，定制"绿色税惠政策清单"，清单精准涵盖环保节 能及安全生产专用设备投资额抵免、研发费用加计扣除、水资源税减免等多项针对性政策。 此外，济源税务部门还积极探索跨部门协同机制，与水利、财政等部门建立信息共享平台，动态跟踪企 业用水等关键数据，为符合条件的企业高效享受水资源税减征等联动优惠政策提供支撑。 税惠"活水"有效缓解了企业转型的资金压力，浇灌出累累"硕果"。 在济源钢铁（集团）有限公司，得益于量身定制的高新技术企业税收优惠等政策支持，企业将每年节省 的超千万元资金持续投入研发，成功突破"超高纯净度电渣钢锭技术"，显著提升了产品竞争力。 河南豫光金铅集团有限责任公司今年上半年 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][8]. Core Insights - The company achieved a revenue of 10.41 billion yuan in H1 2025, representing a year-on-year growth of approximately 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% from the previous year [3][4]. - The rebound in zinc processing fees and the increase in precious metal prices contributed to the company's significant performance improvement, alongside effective operational management and cost control [4][5]. - The acquisition of 100% equity in Shuikoushan Co., Ltd. has enhanced the company's resource capabilities, with Shuikoushan contributing significantly to the overall net profit [6]. Financial Performance - In H1 2025, the company reported a net profit of approximately 1 billion yuan from its smelting segment, driven by rising processing fees and product prices [5]. - The company’s net profit from Shuikoushan reached 489 million yuan in H1 2025, accounting for about 84% of the total net profit [6]. - The company forecasts net profits of 1.29 billion yuan, 1.35 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.83%, 4.93%, and 7.92% [8][10]. Market Position and Outlook - The company is transitioning from a lead-zinc smelting focus to a resource-oriented model, leveraging its high-grade mineral resources [6]. - The report anticipates stable growth in the company's mining production and sales, supported by rising gold and silver prices [8].

中国经济网北京8月15日讯豫光金铅（600531）(600531.SH)昨日晚间发布关于终止向特定对象发行股票 并签署终止协议的公告。 本次发行的股票种类为境内上市人民币普通股(A股)，每股面值为人民币1.00元。本次发行的股票将在 上海证券交易所上市交易。本次向特定对象发行股票数量为不超过59,347,181股(含本数)，发行数量不 超过本次发行前公司总股本的30%。 本次向特定对象发行股票募集资金总额不超过40,000万元(含本数)，扣除发行费用后拟全部用于补充流 动资金及偿还银行贷款。 据公司前次募集资金使用情况的专项报告，经中国证监会批复(证监许可〔2024〕887号)核准，公司于 2024年8月12日向不特定对象发行面值总额71,000万元可转换公司债券，期限6年，每张面值为人民币 100元，发行数量710.00万张，募集资金总额为人民币710,000,000.00元。扣除发行费用人民币 13,677,575.47元(不含税)后，募集资金净额为人民币696,322,424.53元。上述募集资金到位情况已经中勤 万信会计师事务所(特殊普通合伙)予以验证，并由其出具《验证报告》(勤信验字〔2024〕第0 ...

河南豫光金铅股份有限公司 第九届董事会独立董事专门会议 河南豫光金铅股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日以通讯方式 召开第九届董事会独立董事专门会议 2025 年第七次会议。本次会议应到独立董事 3 名， 实到 3 名。本次会议的召集、召开符合《中华人民共和国公司法》（以下简称《公司法》） 和本公司《公司章程》《独立董事工作制度》的规定。经与会独立董事认真审议，基于 独立、客观判断的立场，就相关审议事项形成会议决议如下： 一、审议通过《关于终止公司 2025 年度向特定对象发行股票并签署相关终止协议 的议案》 根据《公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》等 相关法律、法规及规范性文件的规定，结合实际情况，为更好地维护公司及全体股东的 利益，经审慎研究，公司决定终止本次向特定对象发行股票事项，并同意与认购对象签 署《附生效条件的股份认购协议之终止协议》。 独立董事认为，公司终止向特定对象发行股票事项并签署终止协议，主要是综合 考虑目前公司实际情况做出的审慎决策，不会对公司的正常经营和持续稳定造成重大影 响，不存在损害公司及全体股东特别是中小股东利益的情形， ...

证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-073 债券代码：110096 债券简称：豫光转债 公司于 2025 年 8 月 14 日召开第九届董事会第二十次会议，审议通过了《关于 终止 2025 年度向特定对象发行股票并签署相关终止协议的议案》，同意公司终止 本次向特定对象发行股票，并与豫光集团签署《终止协议》。豫光集团为公司控股 股东，根据《上海证券交易所股票上市规则》的有关规定，本次发行构成关联交易。 本次董事会涉及的关联董事已履行相应回避表决程序，相关议案由非关联董事表决 通过。本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、终止向特定对象发行股票事项的原因 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》等相关法律、法规及规范性文件的规定，结合公司实际情况，为 更好地维护公司及全体股东的利益，经审慎研究，公司决定终止本次向特定对象发 行股票事项。 河南豫光金铅股份有限公司 关于终止向特定对象发行股票 并签署终止协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其 ...