证券代码：000878 证券简称：云南铜业 公告编号：2025-064 云南铜业股份有限公司 关于发行股份购买资产并募集配套资金暨 关联交易申请文件获得深圳证券交易所 云南铜业股份有限公司（以下简称公司）拟通过发行股 份的方式购买云南铜业（集团）有限公司持有的凉山矿业股 份有限公司 40%股份，并向中国铝业集团有限公司、中国铜 业有限公司发行股份募集配套资金（以下简称本次交易）。 公司于 2025 年 8 月 20 日收到深圳证券交易所（以下简 称深交所）出具的《关于受理云南铜业股份有限公司发行股 份购买资产并募集配套资金申请文件的通知》（深证上审 〔2025〕153 号）。深交所根据相关规定对本次交易申请文 件进行了核对，认为申请文件齐备，决定予以受理。 本次交易尚需履行多项审批程序方可实施，包括但不限 于深交所审核通过、中国证券监督管理委员会同意注册等。 本次交易能否取得相关批准、审核并注册以及最终取得批准、 审核并注册的时间均存在不确定性。公司将继续推进本次交 易的相关工作，并严格按照相关法律法规的要求履行信息披 露义务。敬请广大投资者关注后续公告并注意投资风险。 特此公告。 云南铜业股份有限公司董事会 ...

（编辑 任世碧） 证券日报网讯 8月15日晚间，北方铜业发布公告称，公司第十届监事会第四次会议审议通过了《2025年 半年度报告全文及其摘要》《2025年半年度募集资金存放、管理与实际使用情况的专项报告》。 ...

Company Overview - Yunnan Copper Industry Co., Ltd. was listed on the Shenzhen Stock Exchange in 1998, primarily engaged in copper exploration, mining, smelting, precious and rare metal extraction, sulfur chemical industry, and trade. It is a significant production base for copper, gold, silver, and sulfur chemicals in China, with an annual cathode copper production capacity of 140,000 tons [1]. - As of Q1 2025, the company produced 348,900 tons of cathode copper (up 48.15% YoY), 5.80 tons of gold (up 95.63% YoY), 128.48 tons of silver (up 54.31% YoY), and 1.3872 million tons of sulfuric acid (up 23.61% YoY) [1]. Financial Performance - Total assets as of Q1 2025 amounted to 49.256 billion yuan, with a debt-to-asset ratio of 62.39% [1]. - The company achieved an operating income of 37.754 billion yuan (up 19.71% YoY), total profit of 922 million yuan (up 14.11% YoY), and a net profit attributable to shareholders of 560 million yuan (up 23.97% YoY) [1]. Industry Challenges and Strategies - The smelting processing fee remains low, impacting the copper industry. The company has focused on cost reduction and efficiency improvement, maintaining competitive product costs without plans for production cuts [2]. - The company uses long-term contracts and spot market strategies for processing fees, ensuring stable supply through strong relationships with suppliers [3]. Sulfuric Acid Market - Sulfuric acid, a byproduct of copper smelting, has seen significant price increases in major regions this year, positively impacting the company's performance [4]. Resource Acquisition Efforts - The company invested 65 million yuan in 2024 for geological research and exploration, adding 91,800 tons of inferred copper resources, exceeding annual targets for four consecutive years [5]. - The company plans to acquire a 40% stake in Liangshan Mining from its controlling shareholder, Yunnan Copper Group, enhancing its competitive edge through access to quality copper resources [6][7]. Future Outlook and Strategic Focus - The company aims to enhance its strategic layout by focusing on "digital transformation, resource expansion, mining optimization, smelting improvement, and recycling" while maintaining its core business in mining and smelting [8][9]. - Future investments will prioritize high-quality resource projects and cost reduction strategies to improve asset quality and promote high-quality development [10].

Company Overview - Yunnan Copper Industry Co., Ltd. was listed on the Shenzhen Stock Exchange in 1998, primarily engaged in copper exploration, mining, smelting, precious and rare metal extraction, sulfur chemical production, and trade. It is a significant production base for copper, gold, silver, and sulfur chemicals in China, with an annual cathode copper production capacity of 140,000 tons [1]. - In Q1 2025, the company produced 348,900 tons of cathode copper, a year-on-year increase of 48.15%, 5.80 tons of gold (up 95.63%), 128.48 tons of silver (up 54.31%), and 1.3872 million tons of sulfuric acid (down 23.61%) [1]. Financial Performance - As of the end of Q1 2025, total assets amounted to 49.256 billion yuan, with a debt-to-asset ratio of 62.39% [1]. - The company achieved an operating income of 37.754 billion yuan, a year-on-year increase of 19.71%, and a total profit of 922 million yuan, up 14.11%. The net profit attributable to shareholders was 0.2793 yuan per share, reflecting a year-on-year growth of 23.97% [1]. Strategic Measures - In response to the current low processing fee environment, the company is focusing on "digital transformation, expanding resources, refining mining, optimizing smelting, solidifying recycling (copper), and detailing rare and scattered metals" [2]. - The company is enhancing the profitability of by-products such as sulfuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to improve overall competitiveness [2][3]. Resource Acquisition and Development - In 2024, the company invested 65 million yuan in geological research and exploration activities, successfully adding 91,800 tons of inferred copper resources, exceeding the annual target for four consecutive years [5]. - The company is planning to acquire a 40% stake in Liangshan Mining from its controlling shareholder, Yunnan Copper Group, which will enhance resource advantages and profitability [6][7]. Project Updates - The Hongniupo copper mine is currently under construction, with confirmed resource reserves of 41.606 million tons and an average copper grade of 1.42%, amounting to 592,900 tons of copper metal [8]. Market Conditions - The average price of sulfuric acid has significantly increased in Q1 2025, positively impacting the company's performance [4]. - The company is actively mitigating the adverse effects of declining processing fees through cost reduction and expanding procurement channels [3].

Company Overview - Yunnan Copper Industry Co., Ltd. was listed on the Shenzhen Stock Exchange in 1998, primarily engaged in copper exploration, mining, smelting, precious metals, and sulfur chemical production [1] - The company has an annual cathode copper production capacity of 1.4 million tons and is a key production base for copper, gold, silver, and sulfur chemicals in China [1] Financial Performance - As of the end of Q1 2025, total assets amounted to CNY 49.256 billion, with a debt-to-asset ratio of 62.39% [1] - Revenue for Q1 2025 reached CNY 37.754 billion, a year-on-year increase of 19.71% [1] - Total profit was CNY 0.922 billion, up 14.11% year-on-year, while net profit attributable to shareholders was CNY 0.560 billion, reflecting a 23.97% increase [1] - Basic earnings per share were CNY 0.2793, also a 23.97% increase year-on-year [1] Production Metrics - In Q1 2025, the company produced 34.89 thousand tons of cathode copper, a 95.63% increase year-on-year [1] - Silver production reached 128.48 tons, up 54.31% year-on-year, while sulfuric acid production was 138.72 thousand tons [1] - Copper concentrate production was 13.9 thousand tons, showing a 15% decline year-on-year [1] Strategic Initiatives - The company is focusing on "digital transformation, resource expansion, mining optimization, smelting enhancement, and recycling" to improve competitiveness [2] - Plans to acquire a 40% stake in Liangshan Mining from Yunnan Copper Group, which will enhance resource advantages and profitability [3][4] - The acquisition aims to resolve industry competition and improve overall asset and profit scale [4] Market Conditions - Sulfuric acid prices have increased in Q1 2025, contributing positively to the company's performance [3] - The company is not planning to reduce production despite low smelting processing fees, focusing instead on cost reduction and efficiency improvements [6] - The company is actively managing the impact of declining processing fees through cost control and increasing contributions from by-products [6] Project Development - The Hongniupo copper mine project is currently under construction, with confirmed ore reserves of 41.606 million tons and an average copper grade of 1.42% [5] - The project is expected to enhance the company's resource base and production capacity once completed [5]

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].

Group 1: Transaction Overview - The company plans to acquire 40% of Liangshan Mining from Yunnan Copper Group through a share issuance, with a fundraising target of up to 5 billion yuan from Chalco and China Copper [1][2] - The acquisition aims to enhance resource reserves and production capacity, improving the company's operational scale and quality [2][3] Group 2: Liangshan Mining's Business and Financials - Liangshan Mining specializes in the mining, selection, and smelting of copper and other metal ores, with a current annual production capacity of approximately 13,000 tons of copper concentrate and 119,000 tons of anode copper [5][6] - The company holds a significant resource base, 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% [7][8] Group 3: Strategic Benefits of the Acquisition - The acquisition will resolve existing industry competition and enhance business synergy, leading to improved asset and profit scales [3][4] - The construction of the Hongnippo Copper Mine is expected to further increase profitability, with confirmed resource reserves of 41.61 million tons and an average copper grade of 1.42% [8][9] Group 4: Risk Considerations - The completion of the transaction is subject to regulatory approvals, which introduces uncertainty and potential investment risks for stakeholders [2][3]

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].