云南铜业股份有限公司投资者关系活动记录表 编号：2025-11 | 投资者关 | ☑特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 1. 鹿秀投资么博、宁炜哲 | | 人员 | 2. 华源证券田庆争、郑州杰等 4 人 | | 时间 | 2025 年 6 月 26 日 10:00—11:00 | | | 2025 年 6 月 27 日 10:00—11:00 | | 地点 | 3307 会议室、电话会议 | | 形式 | 座谈交流、线上电话交流 | | 上市公司 | 证券部负责人、证券事务代表：孙萍 | | 参加人员 | 证券部业务经理：岳圣文 | | 姓名 | | | | 一、公司基本情况介绍 | | | 云南铜业于 1998 年在深交所挂牌上市，主要业务涵盖了铜的勘探、采选、 | | | 冶炼，贵金属和稀散金属的提取与加工，硫化工以及贸易等领域，是中国重要 | | | 的铜、金、银和硫化工生产基地；其中，阴极铜产能 万吨。公司是中铝集 140 | | | 团 ...

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-09 | 投资者关 | ☑特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 1. 华泰证券李斌、黄自迪 | | 人员 | 2. 中信证券陈剑凡、张铭赫，云南能投张一零、胡强，西安唐璞投资王立、 | | | 西藏合众易晟投资虞利洪等。 | | | 2025 年 6 月 11 日 16:00—17:30 | | 时间 | 2025 年 6 月 13 日 10:00—11:30 | | | 会议室 | | 地点 | 3307 会议室、3222 | | 形式 | 座谈交流 | | 上市公司 | 证券部负责人、证券事务代表：孙萍 | | 参加人员 姓名 | 云铜营销分公司经理：李嘉 | | | 一、公司基本情况介绍 | | | 云南铜业于 1998 年在深交所挂牌上市，主要业务涵盖了铜的勘探、采选、 | | | 冶炼，贵金属和稀散金属的提取与加工，硫化工以及贸易等领域，是 ...

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-08 | 投资者关 | ☑特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | 别 | □现场调研 □其他 | | | | | 活动参与 | 华源证券项祈瑞、陈轩 | | | | | 人员 | | | | | | 时间 | 2025 年 6 月 4 日 14:30—16:00 | | | | | 地点 | 3307 会议室 | | | | | 形式 | 座谈交流 | | | | | 上市公司 | | | | | | 参加人员 | 证券部负责人、证券事务代表：孙萍 | | | | | 姓名 | | | | | | | | | | 一、公司基本情况介绍 | | | | 云南铜业于 年在深交所挂牌上市，主要业务涵盖了铜的勘探、采选、 1998 | | | | | | | 冶炼，贵金属和稀散金属的提取与加工，硫化工以及贸易等领域，是中国重要 | | | ...

Core Viewpoint - Yunnan Copper Industry plans to acquire a 40% stake in Liangshan Mining from its controlling shareholder, Yunnan Copper Group, through a share issuance, aiming to enhance its resource base and resolve industry competition issues [1][2]. Group 1: Acquisition Details - The acquisition will be financed by issuing shares to Chalco Group and China Copper, with Chalco Group subscribing for up to 1 billion yuan and China Copper for up to 500 million yuan [1]. - The controlling shareholder, Yunnan Copper Group, will voluntarily extend the lock-up period for the newly issued shares to 60 months from the issuance completion date [1]. Group 2: Liangshan Mining Overview - Liangshan Mining operates in copper mining, selection, and smelting, with annual production capacities of approximately 213,000 tons of copper concentrate, 119,000 tons of anode copper, and 400,000 tons of industrial sulfuric acid [2]. - The company has a competitive edge due to its low-cost mining operations and favorable sulfuric acid sales prices in the southwestern region [2]. Group 3: Resource and Financial Impact - Liangshan Mining holds significant copper resources, with a total copper metal amount of 779,700 tons and an average copper grade of 1.16%, which is higher than Yunnan Copper's current average of 0.38% [3]. - The construction of the Hongnippo Copper Mine is expected to enhance the self-sufficiency of the smelting segment and improve the overall asset and profit scale of Yunnan Copper [3]. - The acquisition aligns with the State-owned Assets Supervision and Administration Commission's guidelines on enhancing the market value management of central enterprises [3].

1 规规定的锁定期基础上自愿进行延长：自股份发行结束之日起 60 个月内不得 转让。 本次交易标的公司凉山矿业主营业务为铜等金属矿的开采、选矿及冶炼。 公司在本次交易前已持有凉山矿业 20%股份，通过本次交易收购凉山矿业 40% 股份后，凉山矿业将成为上市公司的控股子公司，可充分发挥公司与标的公司 的业务协同性；公司通过本次交易进行同业整合，可实现在资源储备和产能布 局等方面的有效加强，进一步促进主业发展，提高上市公司的业务体量和质量， 提升上市公司的持续经营能力以及核心竞争力；本次交易完成后，公司将取得 凉山矿业的控股权以及募集配套资金，资产、收入及利润规模预计得到提升。 同时，本次交易能否取得上述批准、审核通过或同意注册，以及最终取得 的时间均存在不确定性，提请广大投资者注意投资风险。 证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-07 | 投资者关 | □特定对象调研 ☑分析师会议 | | | --- | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | 别 | □现场调研 □ ...

长江商报消息 ●长江商报记者 汪静 云南铜业（000878.SZ）再获大股东资产注入。 5月12日晚间，云南铜业发布公告，公司正在筹划发行股份购买大股东云铜集团持有的凉山矿业股份有 限公司（简称"凉山矿业"）40%股份并募集配套资金。 数据显示，2024年，凉山矿业实现营业收入95.62亿元、净利润3.24亿元；期末净资产为16.18亿元。本 次收购不仅将化解与大股东间的同业竞争问题，还将大幅提升云南铜业的资源储量及经营业绩。 作为中铝集团、中国铜业旗下的唯一铜产业上市平台，云南铜业拥有阴极铜产能140万吨。今年一季 度，云南铜业实现营业收入377.54亿元，同比增长19.7%；净利润5.6亿元，同比增长23.97%。 长江商报记者还注意到，一季度，云南铜业存货周转加快，存货周转天数由去年同期42.66天下降至 34.02天，存货周转率由2.11次增长至2.65次。 大股东履行注入资产承诺 5月12日晚间，云南铜业发布公告，公司正在筹划发行股份购买大股东云铜集团持有的凉山矿业40%股 份并募集配套资金。经公司申请，公司股票自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。 公告 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY [5]. Core Views - The company maintains a high dividend level and emphasizes the progress of the Yulong Copper Mine Phase III expansion [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 16.54 billion CNY, a year-on-year increase of 51%, and a net profit of 808 million CNY, up 10% year-on-year [1]. Production and Performance Summary - In 2024, the company exceeded its copper production target with a total of 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2]. - The average copper price in 2024 was 74,932 CNY/ton, reflecting a 9.7% year-on-year increase [2]. - The company plans to produce 168,208 tons of copper in 2025, with a slight year-on-year increase [4]. Financial Forecast - The company aims to achieve total revenue of 55 billion CNY and a total profit of 5 billion CNY in 2025 [8]. - Revenue projections for 2025-2027 are 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY, respectively, with net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9]. - The projected earnings per share (EPS) for 2025-2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY, respectively [9]. Production Plans - The company plans to increase its lead and zinc production in 2025, with a target of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4]. - The Yulong Copper Mine's processing capacity has been upgraded to 22.8 million tons per year, with ongoing expansion projects [8].

Core Insights - The company reported a revenue of 65.56 billion yuan for 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.386 billion yuan, up 13.71% year-on-year [1] - In Q1 2025, the company achieved a revenue of 14.859 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84% [1] - The net profit attributable to shareholders for Q1 2025 was 1.038 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [1] Financial Performance - The average prices of gold and copper in the domestic market increased by 23.8% and 10% respectively in 2024, contributing to the company's performance [2] - The company’s total operating expenses for 2024 were 3.17 billion yuan, a year-on-year increase of 10.4%, with a slight increase in the expense ratio [3] - The company experienced a decrease in gold production by 0.54 tons to 18.35 tons in 2024, while copper production increased by 2,077.28 tons to 82,000 tons [4] Resource Management and Projects - The company enhanced resource security, increasing gold reserves by 30.3 tons and copper reserves by 114,800 tons in 2024 [5] - Key projects are progressing well, with total investment in ongoing projects reaching 1.024 billion yuan [5] - In Q1 2025, the company produced 4.5 tons of gold, a year-on-year increase of 1.09%, benefiting from rising gold and copper prices [6] Future Outlook - The company expects net profits of 4.83 billion yuan, 5.39 billion yuan, and 5.65 billion yuan for 2025-2027, representing year-on-year growth rates of 42.7%, 11.6%, and 4.8% respectively [6] - A target price of 17.9 yuan is set based on an 18x PE ratio for 2025, maintaining a strong buy rating [6]