另外，公司的全资附属公司天等分公司的采矿权证已于2024年12月2日届满。目前相关采矿权证仍在申 请办理中。鉴于目前尚未取得有效采矿权证，天等分公司的锰矿的部份业务现时暂停生产，出现较大亏 损。公司正积极跟进有关申请事宜。由于遵义地区锰矿石需求持续偏弱，且人员成本较重，非全资附属 公司遵义公司的经营表现出现严重亏损。公司已持续评估改善遵义公司经营状况的可行方案。 消息面上，1月27日晚，南方锰业公布，董事会注意到近日网上出现若干有关公司的资料，当中涉及公 司的经营状况。公司指，其核心产品电解金属锰及电解二氧化锰的主要原材料包括锰矿石、硫酸、阳极 板等，其成本于过去一年有所上升。就此，公司已不时检视及调整其成本结构，并采取适当措施以控制 及降低生产成本。 南方锰业(01091)跌超12%，截至发稿，跌11.54%，报0.46港元，成交额1658.29万港元。 ...

Core Viewpoint - Southern Manganese (01091) has seen a significant decline in stock price, dropping over 12% to 0.46 HKD, with a trading volume of 16.58 million HKD [1] Group 1: Company Operations - The company has acknowledged recent online discussions regarding its operational status, particularly concerning its core products, electrolytic manganese metal and electrolytic manganese dioxide, whose raw material costs have increased over the past year [1] - Southern Manganese is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production - The mining rights for the company's wholly-owned subsidiary, Tiandeng, will expire on December 2, 2024, and the application for renewal is currently in process [1] - Due to the lack of valid mining rights, part of Tiandeng's manganese mining operations has been suspended, leading to significant losses [1] - The company is closely following up on the application for mining rights [1] Group 3: Regional Market Conditions - The demand for manganese ore in the Zunyi region remains weak, and high personnel costs have resulted in severe losses for the non-wholly-owned subsidiary in Zunyi [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

Core Viewpoint - The company is facing challenges due to rising raw material costs and operational issues related to mining rights, which have led to significant losses in certain subsidiaries [1] Group 1: Cost Structure and Raw Material Prices - The main raw materials for the company's core products, electrolytic manganese metal and electrolytic manganese dioxide, have seen a rise in costs over the past year [1] - The company is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production Issues - The mining rights for the company's wholly-owned subsidiary, Tian Deng Manganese Mine, will expire on December 2, 2024, and the application for renewal is still in process [1] - Due to the lack of valid mining rights, part of the Tian Deng subsidiary's manganese mining operations has been suspended, resulting in significant losses [1] - The company is actively following up on the application for the mining rights [1] Group 3: Performance of Subsidiaries - The subsidiary, Guizhou Zunyi Huixing Ferroalloy Co., Ltd., is experiencing severe losses due to weak demand for manganese ore in the Zunyi region and high personnel costs [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司（「本公司」）董事會（「董事會」）注意到，近日網上出現 若干有關本公司的資料，當中涉及本公司之經營狀況。董事會經作出一切合理查詢後 所深知，相關情況如下： 1 1. 本公司之核心產品電解金屬錳及電解二氧化錳的主要原材料包括錳礦石、硫酸、 陽極板等，其成本於過去一年有所上升。就此，本公司已不時檢視及調整其成本 結構，並採取適當措施以控制及降低生產成本。 2. 本公司之全資附屬公司南方錳業集團有限責任公司天等錳礦分公司（「天等分公 司」）的採礦權證已於2024年12月2日屆滿。截至本公告日期，相關採礦權證仍在 申請辦理中。鑒於目前尚未取得有效採礦權證，天等分公司的錳礦的部份業務現 時暫停生產，出現較大虧損。本公司正積極跟進有關申請事宜。 3. 由於遵義地區錳礦石需求持續偏弱，且人員成本較重，本公司之非全資附屬公司 貴州 ...

Group 1 - The core point of the news is that Wenkong Development (600058) announced a major asset restructuring plan involving the acquisition of stakes in Wenkong Mining Holdings and Luzhong Mining from its controlling shareholder, China Minmetals Corporation, through asset swaps, share issuance, and cash payments [1] - The transaction is expected to constitute a significant asset restructuring and related party transaction, but it will not result in a change of actual control or a restructuring listing [1] - As of the announcement date, the transaction is still in the planning stage, and specific details will be disclosed in the restructuring proposal or report [1] Group 2 - To ensure fair information disclosure and protect investor interests, Wenkong Development has applied for a trading suspension of its stock starting December 30, 2025, for no more than 10 trading days [2] - The company will fulfill its information disclosure obligations during the suspension period and will announce the resumption of trading once the matters are confirmed [2] - Wenkong Development was listed on the Shanghai Stock Exchange on May 28, 1997, and is a key subsidiary of China Minmetals, which ranks 69th in the Fortune Global 500 [2] Group 3 - The company primarily engages in resource trading, metal trading, and supply chain services, covering a wide range of metallurgical industrial raw materials and various steel and metal products [3] - Its supply chain services include warehousing, processing, shipping, insurance brokerage, and online trading services, supported by a vast marketing and logistics network across China and overseas [3] Group 4 - Wenkong Development's stock price reached a limit increase today, currently trading at 11.52 yuan per share, with a total market capitalization of 12.348 billion yuan [4]

Core Viewpoint - The stock price of Southern Manganese (01091) has increased by over 7%, reaching 0.5 HKD with a trading volume of 5.118 million HKD, driven by a significant rise in electrolytic manganese prices [1] Group 1: Price Movement - In December, the price of electrolytic manganese has surged by over 2300 RMB per ton, reaching a three-year high [1] - As of December 18, the average price of electrolytic manganese was 17820 RMB per ton, reflecting a month-on-month increase of 200 RMB per ton [1] - The price has risen for 13 consecutive days in December, with a cumulative increase of nearly 15%, marking the highest level since May 2022 [1] Group 2: Market Analysis - The recent price increase of electrolytic manganese is attributed to multiple factors, including supply contraction, cost support, and improved demand [1] - Southern Manganese is a large enterprise group engaged in the production and research of manganese products, headquartered in Nanning, Guangxi [1] - The company is a significant supplier of manganese products globally and plays a key role in drafting and approving national and industry quality standards for electrolytic metal manganese and other manganese products [1]

2025 年第三季度经营数据公告 证券代码：601069 证券简称：西部黄金 公告编号：2025-074 西部黄金股份有限公司 公司报告期内黄金产品销售量较上年同期增加，外购合质金生产的标准金 11.44 吨，销 售 11.42 吨。锰矿石销售量 34.67 万吨，均销售至科邦锰业。 三、2025 年第三季度（1-9 月）矿石原材料的成本情况 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，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提 醒》要求，现将西部黄金股份有限公司（以下简称"公司"）2025 年第三季度 （1-9 月）主要有色金属品种产销量及盈利情况披露如下（财务数据未经审计）： 一、2025 年第三季度（1-9 月）主营业务分行业、分产品、分地区、分销售模式情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | ...

Core Insights - The "2025 Ningxia Top 100 Private Enterprises" list has been released, with an entry threshold of 584 million yuan, down from 599.8 million yuan last year. The total revenue of the listed companies reached 351.379 billion yuan, with 51 companies showing growth, adding 37.155 billion yuan [1][12] - The total assets of the top 100 companies amounted to 575.501 billion yuan, with 53 companies increasing their assets by 51.261 billion yuan. The total profit reached 50.680 billion yuan [1][12] - The top 100 private enterprises contributed a total tax revenue of 13.592 billion yuan, a year-on-year increase of 10.3%, accounting for 37.87% of the total tax revenue in the region [1][12] Industry Overview - The industrial structure of the top 100 includes 1 company from the primary industry, 81 from the secondary industry, and 18 from the tertiary industry. The manufacturing sector dominates with 73 companies, followed by real estate with 11, and construction, wholesale and retail, and energy supply with 4 each [3] - The regional distribution shows that Yinchuan has 40 companies on the list with a total revenue of 155.425 billion yuan, leading the rankings. Shizuishan has 22 companies, Wuzhong has 19, and other regions follow [3] Company Highlights - Baofeng Group ranks first with a revenue of 69.199 billion yuan, a year-on-year increase of 13.1%. It is involved in energy chemistry, new energy, and new storage industries. The company’s project in Inner Mongolia is the largest single-plant ethylene project globally [12] - Ningxia Jianlong, established in 2012, ranks third with a steel production capacity of 3.5 million tons and is part of a larger group with a total crude steel capacity of 43 million tons [5] - Tianyuan Manganese Group, the second-largest, achieved a revenue of 67.367 billion yuan, with a production capacity of 800,000 tons of electrolytic manganese, accounting for 48% of the national output [7]

Core Viewpoint - Western Gold shares increased by 5.01% on September 22, reaching a price of 29.79 yuan per share, with a trading volume of 938 million yuan and a turnover rate of 3.62%, resulting in a total market capitalization of 27.139 billion yuan [1] Company Overview - Western Gold Co., Ltd. is located in Urumqi, Xinjiang Uygur Autonomous Region, established on May 14, 2002, and listed on January 22, 2015. The company primarily engages in gold mining and smelting, as well as iron ore and chrome ore mining [1] - The revenue composition of the company includes: standard gold 42.49%, purchased gold 39.08%, electrolytic manganese 6.87%, self-produced gold 3.41%, gold concentrate and roasted sand 2.74%, manganese ore 1.73%, beryllium copper alloy 1.50%, manganese ingots 1.40%, jewelry, gold extraction agents, and others 0.44%, and other (supplement) 0.23%, sulfuric acid 0.10% [1] Shareholder Information - The Qianhai Open Source Fund has a fund that ranks among the top ten circulating shareholders of Western Gold. The Qianhai Open Source Gold and Jewelry Mixed A Fund (001302) reduced its holdings by 2.5839 million shares in the second quarter, holding 7.2844 million shares, accounting for 1.06% of circulating shares. The estimated floating profit today is approximately 10.3438 million yuan [2] - The Qianhai Open Source Gold and Jewelry Mixed A Fund (001302) was established on July 9, 2015, with a latest scale of 415 million yuan. Year-to-date returns are 60.53%, ranking 496 out of 8244 in its category; the one-year return is 58.9%, ranking 2342 out of 8066; and since inception, the return is 119.6% [2] Fund Manager Information - The fund manager of Qianhai Open Source Gold and Jewelry Mixed A Fund (001302) is Wu Guoqing. As of the report date, Wu has a cumulative tenure of 10 years and 1 day, with total fund assets of 5.333 billion yuan. The best fund return during his tenure is 364.8%, while the worst return is -29.57% [3] Fund Holdings - The Qianhai Open Source Gold and Jewelry Mixed A Fund (001302) has Western Gold as one of its top ten heavy positions. In the second quarter, it reduced its holdings by 2.5839 million shares, holding 7.2844 million shares, which accounts for 7.69% of the fund's net value. The estimated floating profit today is approximately 10.3438 million yuan [4]

Core Viewpoint - The stock price of Western Gold has surged significantly since September, with five limit-up days in seven trading days, despite the announcement of a subsidiary's production halt for maintenance [1][5]. Group 1: Subsidiary Production Halt - Western Gold's wholly-owned subsidiary, Xinjiang Hongfa Ferroalloy Co., Ltd., will halt production for maintenance after depleting its existing raw material inventory, with the maintenance period expected to last until the end of the year [3][4]. - The financial impact of this production halt on the company remains uncertain, but the company asserts that its main business operations will not be affected [4]. Group 2: Financial Performance - In the first half of the year, Western Gold reported total revenue of 5.03 billion yuan, a year-on-year increase of 69.01%, and a net profit of 154 million yuan, up 131.94% [5]. - The company produced 5.9 tons of gold in the first half of 2025, achieving 60.24% of its annual target, and also produced 4.04 million tons of electrolytic manganese and 15.97 million tons of manganese ore [5]. Group 3: Stock Price Movement - The stock price of Western Gold reached a historical high of 33.66 yuan per share on September 10, with an increase of over 80% in ten trading days, including five limit-up days [5]. - Following the peak, the stock price experienced a decline, closing at 31.99 yuan on September 11 and further dropping to 31.35 yuan on September 12, although the year-to-date increase remains around 175% [5].