公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘路坷、主管会计工作负责人岳敏及会计机构负责人(会计主 管人员)武武声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉未来计划等前瞻性陈述，不代表对公司未来盈利预测，不构成 公司对投资者的实质承诺，敬请投资者注意投资风险。公司在本报告"第三节 十、公司面临的风险和应对措施"中，已详细描述公司可能面临的风险及公司 拟应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。此外，公 司 1 亿元（含）-2 亿元（含）回购股份并注销的方案已于 2025 年 8 月 7 日首 次实施。 第 1 页 共 162 页 第 2 页 共 162 页 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； （二）报告期内公开披露过的所有公司文件的正本及公告的原稿； （三）载有公司法定代表人签名的 2025 年半年度报告文本。 第 3 页 共 162 页 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a revenue of 10.4 billion yuan for H1 2025, representing a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 585 million yuan, up 57.8% year-on-year [2]. - In Q2 2025, the company achieved a revenue of 5.61 billion yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, with a net profit of 310 million yuan, up 46% year-on-year and 12% quarter-on-quarter [2]. - The report highlights a significant increase in gold and silver prices, with gold prices rising by 32% compared to 2024, and silver prices increasing by 16% [4]. Financial Performance Summary - Zinc product revenue for H1 2025 was 4 billion yuan, down 27.4% year-on-year, with a gross profit of 148 million yuan, down 51.8% year-on-year, and a gross margin of 3.7%, down 1.87 percentage points [3]. - Gold ingot revenue reached 1.451 billion yuan, up 36.5% year-on-year, with a gross profit of 294 million yuan, up 311% year-on-year, and a gross margin of 20.27%, up 13.54 percentage points [3]. - Silver ingot revenue was 1.115 billion yuan, up 26.36% year-on-year, with a gross profit of 207 million yuan, up 8% year-on-year, and a gross margin of 18.59%, down 3.16 percentage points [3]. - Lead product revenue was 818 million yuan, up 0.5% year-on-year, with a gross profit of 48 million yuan, up 17.96% year-on-year, and a gross margin of 5.84%, up 0.86 percentage points [3]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.208 billion yuan, 1.277 billion yuan, and 1.329 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 10 times, indicating good valuation attractiveness [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][43]. Core Views - The company's net profit attributable to shareholders for the first half of 2025 increased by 57.8% year-on-year, driven by rising gold prices and a recovery in zinc smelting processing fees [1][8]. - The company achieved a revenue of 10.4 billion yuan in 2025H1, representing a 14.9% increase, with a net profit of 585 million yuan, and a non-recurring net profit of 594 million yuan, which is an 88.63% increase [1][8]. - The significant profit growth is attributed to the substantial rise in gold prices and the recovery of zinc concentrate processing fees starting from Q4 2024 [1][9]. Summary by Sections Financial Performance - In 2025H1, the average gold price on the Shanghai Gold Exchange was 722 yuan per gram, up 38.6% year-on-year, while the average silver price increased by 20.3% to 8171 yuan per kilogram [3][9]. - The company reported a gross profit of 1.27 billion yuan in 2025H1, a 44.9% increase from 870 million yuan in 2024H1 [9]. - Research and development expenses rose significantly to 160 million yuan in 2025H1 from 80 million yuan in 2024H1, indicating increased investment in R&D [3][9]. Production Capacity - The company has a production capacity of 860,000 tons for lead, zinc, and copper mining, with 680,000 tons for zinc products and 100,000 tons for lead products [2][8]. - The annual production of lead and zinc metals exceeds 40,000 tons, with gold production estimated at 1.8 to 2 tons and silver at approximately 60 tons [2][8]. Profit Forecast - The company is expected to achieve net profits of 1.19 billion yuan, 1.38 billion yuan, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 51%, 16%, and 8% [4][44]. - The diluted EPS for the same years is projected to be 1.11 yuan, 1.29 yuan, and 1.39 yuan, with corresponding P/E ratios of 11.0, 9.5, and 8.8 [4][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The report highlights that the company's production capacity is expected to continue to rise in 2024, with a significant improvement in profitability in Q1 2025 [3][4] - The company achieved a revenue of 42 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.44 billion yuan, an increase of 2.55% year-on-year [4] - The report anticipates a revenue of 46.5 billion yuan for 2025, with projected production of 90,000 tons of tin, 125,000 tons of copper, and 131,600 tons of zinc [6][7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42 billion yuan, with a net profit of 1.44 billion yuan, and a non-recurring net profit of 1.94 billion yuan, reflecting a 40.5% increase year-on-year [4] - For Q1 2025, the company achieved a revenue of 9.73 billion yuan, a 15.8% increase year-on-year, and a net profit of 500 million yuan, a 53.1% increase year-on-year [4][6] Production and Pricing - In 2024, the company produced 84,800 tons of tin, a 6% increase year-on-year, with an average tin price of 248,000 yuan per ton, up 16.9% year-on-year [5] - For Q1 2025, the tin production was 24,200 tons, an 8% increase year-on-year, with an average tin price of 260,800 yuan per ton, a 20% increase year-on-year [6] Profitability Forecast - The report projects net profits for 2025, 2026, and 2027 to be 2.23 billion yuan, 2.42 billion yuan, and 2.56 billion yuan respectively, with corresponding EPS of 1.35, 1.47, and 1.55 yuan [7]

Core Viewpoint - The company has completed the construction of a resource comprehensive utilization project that enhances its green and low-carbon transformation while achieving comprehensive recovery of valuable metals such as silver, indium, lead, and zinc [1][2]. Group 1: Project Overview - The resource comprehensive utilization project utilizes a "hot acid leaching - low pollution iron removal - three-stage antimony salt purification" wet zinc smelting process, with an annual production capacity of 210,000 tons of zinc products and 400,000 tons of sulfuric acid [1]. - The project generates approximately 225,000 tons of leaching residue (wet basis) annually, which necessitated the establishment of a harmless treatment system for leaching residue to comply with industry standards [1]. Group 2: Environmental and Economic Impact - The project significantly reduces industrial hazardous waste emissions, reflecting the company's commitment to accelerating its green transformation [2]. - The company's total investment in energy conservation and environmental protection is projected to increase from 88 million to 541 million yuan from 2022 to 2024, indicating a strong focus on high-quality environmental initiatives [2]. Group 3: Compliance and Sustainability Efforts - In response to increasingly stringent environmental policies, the company is enhancing its environmental management system, promoting green mining, and ensuring compliance with pollution discharge standards [2]. - The company has seen a significant reduction in greenhouse gas emissions over the past three years, with total emissions of 778,100 tons, 745,300 tons, and 722,600 tons of CO2 equivalent, respectively, demonstrating a substantial downward trend [2]. Group 4: Corporate Responsibility - The company is committed to fulfilling its ESG responsibilities by balancing economic growth with environmental sustainability, focusing on efficient resource utilization and ecosystem restoration [3].

Core Viewpoint - Yunnan Tin Company Limited maintains a stable credit rating of AA+ due to its leading position in the tin industry, significant resource reserves, and strong financial performance, despite facing challenges from industry cyclicality and declining resource grades [1][2][3]. Company Overview - Yunnan Tin Company is recognized as a global leader in the tin industry, with substantial resource reserves and production capacity [1][7]. - The company has a strong market share, with a domestic market share of 47.98% and a global market share of 25.03% for tin products in 2024 [12][13]. Financial Performance - The total assets of the company were reported at 366.43 billion yuan as of March 2025, with total liabilities at 148.03 billion yuan [3][26]. - The company achieved a net profit of 15.70 billion yuan in 2024, reflecting a growth of 40.51% compared to the previous year [23][26]. - Operating revenue for 2024 was 519.98 billion yuan, with a slight decrease attributed to a reduction in trade business scale [23][26]. Industry Context - The tin market is experiencing price fluctuations, with prices rising from 230,000 yuan/ton to 280,000 yuan/ton, influenced by tightening global supply and recovering demand [6][7]. - The overall economic environment in China is expected to support continued growth, although external uncertainties may pose risks [5][6]. Resource Management - The company has significant mining resources concentrated in the Honghe and Wenshan regions, with proven reserves of tin, copper, zinc, and indium [10][11]. - Resource reserves for tin have decreased from 66.70 million tons in 2022 to 62.62 million tons in 2024, indicating a need for ongoing exploration and resource management [11][12]. Risk Factors - The company faces risks from the cyclical nature of the non-ferrous metals industry, which can impact profitability due to price volatility [6][7]. - Declining grades of resources and lower processing fees are also potential challenges that could affect the company's financial performance [1][12]. Future Outlook - The credit rating agency expects Yunnan Tin Company to maintain its credit rating over the next 12 to 18 months, provided it can enhance its capital structure and sustain profitability [1][2]. - The company is focused on strategic initiatives to enhance resource exploration and modernize mining operations, aiming to solidify its position as a key supplier of non-ferrous metals [9][10].

Group 1 - The core viewpoint of the news is the announcement of control changes in two A-share listed companies, Luoping Zinc & Electricity and *ST Dongjing, leading to their stock suspension starting May 28 [1][10] - Luoping Zinc & Electricity's controlling shareholder plans to transfer 72.43 million shares (22.396% of total shares) to Qujing Development Investment Group, which will change the actual controller from the county-level state-owned assets supervision to the city-level [7][13] - The company has faced significant operational challenges, with a projected revenue decline of 18% to 1.26 billion yuan in 2024 and a net loss of 78.85 million yuan [7][9] Group 2 - The involvement of city-level state-owned assets may provide financial support, debt restructuring, or resource injection to improve the company's operations, especially in the context of zinc price fluctuations and insufficient self-sufficiency [9] - *ST Dongjing is negotiating control transfer with equity investment institutions, with the new actual controller expected to hold 25%-29.99% of shares, indicating potential asset restructuring or business transformation [10][14] - The company reported a 16.71% revenue increase in the first quarter but still incurred a loss of 14.72 million yuan, facing delisting risk due to consecutive losses [10][14] Group 3 - Luoping Zinc & Electricity has diversified into agriculture, investing 260 million yuan in a rapeseed industry chain project, aiming to create a new profit growth point [12] - The dual-track model of "metals + agriculture" is seen as unique among listed companies, leveraging local resource advantages while mitigating cyclical industry risks [12] - The current control changes reflect broader trends in the capital market, with local state-owned assets optimizing resource allocation through cross-level integration [13][14]

Group 1 - The company provided guarantees for its subsidiaries, including a maximum guarantee of USD 60 million for Shengtun Metal International and USD 800,000 for Brother Mining SASU [2][4] - The total amount of external guarantees provided by the company and its subsidiaries is CNY 664,977.12 million, accounting for 42.97% of the company's latest audited net assets [10] - The company has no overdue external guarantees [3][5] Group 2 - The company reported a revenue of CNY 25.73 billion in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of CNY 2.005 billion, an increase of 657.63% [11][12] - The main business gross profit margin reached 19.15%, an increase of 8.21 percentage points compared to the previous year, driven by significant revenue growth in cobalt and copper products [11][13] - The company’s copper product gross margin was 35.23%, while cobalt product gross margin was 43.55%, reflecting strong profitability in these segments [16][17] Group 3 - The company’s overseas assets amounted to CNY 14.392 billion, accounting for 38.35% of total assets, with overseas revenue of CNY 14.466 billion, representing 57.71% of total revenue [35][36] - The overseas business gross margin has consistently exceeded that of domestic operations by more than 24 percentage points over the past three years [35][36] - The company’s overseas projects in the Democratic Republic of Congo and Indonesia have significantly contributed to its revenue growth, with the Congo project showing a revenue increase of 79.09% [38][39]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by increased sales of copper and cobalt products, despite a decline in trade services revenue [2][3][19]. Financial Performance - The company achieved operating revenue of 25.73 billion yuan in 2024, a year-on-year increase of 5.21% [2]. - The net profit attributable to shareholders reached 2.005 billion yuan, marking a substantial increase of 657.63% compared to the previous year [2]. - The gross profit margin for the main business was 19.15%, an increase of 8.21 percentage points year-on-year [3]. Product Performance - The gross margins for copper and cobalt products were notably high, at 35.23% and 43.55% respectively, with significant contributions to overall profitability [6][9]. - Revenue from copper products was approximately 10.48 billion yuan, while cobalt products generated about 1.46 billion yuan [7]. - The company’s cobalt production increased, contributing to a revenue growth of approximately 22.40% year-on-year [10]. Market Dynamics - The average annual price of copper was approximately 9,147.88 USD per metric ton, reflecting a year-on-year increase of 7.83% [3]. - Cobalt prices decreased by about 22.63% year-on-year, impacting the overall revenue from cobalt products [3]. - Zinc prices increased by approximately 8.18% year-on-year, contributing to revenue growth in the zinc segment [4]. Trade Services and Other Products - Revenue from trade services and other products decreased by 61.58% year-on-year, but the gross margin improved significantly [3][12]. - The company’s strategy to reduce trade business scale led to a substantial drop in revenue from this segment, but the gross margin increased to 15.94% [12][14]. Quarterly Performance - In the second half of 2024, the company reported total operating revenue of 14.32 billion yuan, a year-on-year increase of 28.52% [16]. - The fourth quarter alone saw revenue of 8.07 billion yuan, reflecting a year-on-year growth of 32.43% [16]. - There was a notable discrepancy between revenue growth and net profit trends in the third and fourth quarters, attributed to various operational factors [17][18]. International Operations - The company’s overseas assets totaled 14.39 billion yuan at the end of 2024, accounting for 38.35% of total assets [19]. - Overseas revenue reached 14.47 billion yuan, representing 57.71% of total revenue, an increase of 16.23 percentage points year-on-year [19].

事件:2024 年公司实现归母净利润14.4 亿元，同比+2.6%，实现扣非归母净利润19.4 亿元，同比 +40.5%。24Q4 实现归母净利润1.61 亿元，环比-67%，同比-49%。 2024 年公司锡锭产量同比+19%。2024 年公司锡锭、铜产品、锌产品产量分别为7.85、13.03、14.56 万 吨，同比+19.4%、0.8%、7.2%。 签署多项战略合作协议，公司未来成长可期。2024 年12 月23 日公司与克什克腾旗人民政府签署《锡产 业合作协议》，克什克腾旗地处大兴安岭成矿带，克旗人民政府将锡业股份确定为全旗锡资源整合的主 体，对现有探矿权、采矿权进行整合。此外，公司与兴业银锡于2025 年1 月21 日签署了《战略合作框 架协议》，有助于公司与合作方在未来发展过程中实现资源、业务、技术等多方面的合作。 预计25 年锡价将维持高位。Alphamin Resources 于3 月13 日宣布停产，2024年Alphamin Resources 的 Bisie 锡矿产量为17324 吨，占全球锡矿产量的比例为6%。2023 年，缅甸佤邦锡矿产量占全球锡矿产量 的比例约为18%。受缅甸地震影 ...