中信建投证券股份有限公司 关于云南驰宏锌锗股份有限公司 收购报告书 之财务顾问报告 二〇二五年十一月 1 重要提示 本部分所述词语或简称与本财务顾问报告"释义"所述词语或简称具有相同含 义。 本次收购系中国铜业通过国有股权无偿划转方式取得云南冶金直接持有的驰宏 锌锗 1,944,142,784 股股份（占驰宏锌锗总股本的 38.57%）。本次无偿划转的划出方 云南冶金、划入方中国铜业均受国务院国资委下属中铝集团控制；本次收购前后， 上市公司的实际控制人未发生变化，均为国务院国资委。因此，本次收购是在同一 实际控制人控制的不同主体之间进行，未导致上市公司的实际控制人发生变化，根 据《收购管理办法》第六十二条第（一）款，本次收购可以免于以要约方式增持股 份。 中信建投证券接受收购人中国铜业的委托，担任本次收购的财务顾问，依照相 关法律法规规定，按照行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责 的原则，在审慎调查的基础上出具本财务顾问报告。 本财务顾问报告不构成对驰宏锌锗的任何投资建议，对投资者根据本财务顾问 报告所做出的任何投资决策可能产生的风险，本财务顾问不承担任何责任。本财务 顾问提请广大投资者认真阅 ...

驰宏锌锗公告，信息披露义务人云南冶金集团股份有限公司拟将其持有的驰宏锌锗19.44亿股A股股份 （占驰宏锌锗总股本的38.57%）无偿划转至中国铜业。本次无偿划转完成后，中国铜业将直接持有驰 宏锌锗19.44亿股股份（占驰宏锌锗总股本的38.57%），驰宏锌锗的控股股东将由云南冶金变更为中国 铜业，实际控制人未发生变化，仍为国务院国资委。 ...

Core Viewpoint - The announcement details the transfer of 1,944,142,784 shares of Yunnan Chihong Zinc & Germanium Co., Ltd. from Yunnan Metallurgical Group Co., Ltd. to China Copper Corporation, which constitutes 38.57% of the total share capital of the company, aimed at optimizing state-owned capital layout and improving resource allocation and operational efficiency [2][3]. Summary by Sections 1. Basic Situation of the Equity Change - The transfer agreement was signed on November 26, 2025, and involves the transfer of 1,944,142,784 shares from Yunnan Metallurgical to China Copper, maintaining the actual controller as the State-owned Assets Supervision and Administration Commission of the State Council [3][5]. 2. Parties Involved in the Transfer - The transferring party is Yunnan Metallurgical Group, and the receiving party is China Copper Corporation [4]. 3. Main Content of the Transfer Agreement - The agreement stipulates that the shares will be transferred without compensation, with the effective date based on the financial audit report dated December 31, 2024 [6][7]. 4. Employee and Debt Handling - The transfer does not involve changes to employee relations or the handling of debts and credits, which will remain with the respective parties as per the agreement [8][9]. 5. Compliance and Regulatory Approval - The transfer has been approved by China Aluminum Corporation and will require further compliance checks and registration with relevant authorities, ensuring it does not adversely affect the company's operations or shareholder interests [12][13].

本次无偿划转完成后，本公司的直接控股股东将由云南冶金变更为中国铜业，实际控制人未发生变化， 仍为国务院国资委。 格隆汇11月26日丨驰宏锌锗(600497.SH)公布，为优化国有资本布局，提升资源配置和运营效率，2025 年11月26日，中国铜业有限公司与云南冶金集团股份有限公司签署了《中国铜业有限公司与云南冶金集 团股份有限公司关于云南驰宏锌锗股份有限公司股份无偿划转协议》，云南冶金将其直接持有的公司 19.44亿股股份（占本公司总股本的38.57%）全部无偿划转给中国铜业。 ...

证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-052 云南驰宏锌锗股份有限公司 关于控股股东权益变动进展的提示性公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 为优化国有资本布局，提升资源配置和运营效率，2025 年 11 月 26 日， 中国铜业有限公司（以下简称"中国铜业"）与云南冶金集团股份有限公司（以 下简称"云南冶金"）签署了《中国铜业有限公司与云南冶金集团股份有限公司 关于云南驰宏锌锗股份有限公司股份无偿划转协议》（以下简称"《无偿划转协 议》"），云南冶金将其直接持有的云南驰宏锌锗股份有限公司（以下简称"本 公司""公司""驰宏锌锗"）1,944,142,784 股股份（占本公司总股本的 38.57%） 全部无偿划转给中国铜业（以下简称"本次无偿划转"）。 本次无偿划转完成后，本公司的直接控股股东将由云南冶金变更为中国 铜业，实际控制人未发生变化，仍为国务院国有资产监督管理委员会（以下简称 "国务院国资委"）。 云南冶金系中国铜业的全资子公司，本次无偿划转为在同一 ...

Core Viewpoint - The company has approved a joint investment with related parties to establish a new subsidiary, focusing on the rare metals industry chain extension [1][2]. Group 1: Joint Investment Overview - On August 27, 2025, the company's board approved a proposal to jointly invest with China Aluminum Group and others to establish a subsidiary named Zhonglv Qianxing (Chengdu) Technology Co., Ltd. [1] - The company will contribute 300 million RMB, including 100% equity of Yunnan Chihong International Ge Industry Co., Ltd., to hold a 20% stake in the new company [1]. Group 2: Progress of Joint Investment - On October 24, 2025, the company and its partners formally signed the investment agreement for Zhonglv Qianxing [2]. - On October 28, 2025, Zhonglv Qianxing completed its business registration and obtained a business license from the Chengdu High-tech Zone Market Supervision Administration [2]. - On November 25, 2025, the company completed the business change registration for Chihong Ge Industry and no longer holds equity in it, meaning it will not be included in the company's consolidated financial statements [3].

证券代码：600497 证券简称：驰宏锌锗 公告编号：2025-051 云南驰宏锌锗股份有限公司 2025 年 10 月 24 日，公司与中铝集团、中国铝业、云南铜业及中铝资本就 上述成立中铝乾星事项正式签署了《出资协议》，具体内容详见公司 2025 年 10 月 25 日披露于上海证券交易所网站（www.sse.com.cn）的《云南驰宏锌锗股份 有限公司关于与关联方共同投资设立参股公司暨关联交易的进展公告》（公告编 号：临 2025-047）。 2025 年 10 月 28 日，中铝乾星完成工商注册登记，并取得了成都市高新区 市场监督管理局颁发的《营业执照》。 二、共同投资进展 2025 年 11 月 25 日，驰宏锗业办理完成工商变更登记和《公司章程》备案 手续，取得了曲靖市经济技术开发区行政审批局换发的《营业执照》。至此，公 司不再持有驰宏锗业股权，驰宏锗业不再纳入公司合并报表范围。 特此公告。 关于与关联方共同投资设立参股公司暨关联交易 的进展公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 一、共同投资基本情况 ...

Core Viewpoint - The Shanghai Composite Index fell by 2.45% on November 21, with the non-ferrous metals sector experiencing a significant decline of 5.26%, making it the second-largest drop among various industries [1] Market Overview - The net outflow of capital from the two markets reached 128.99 billion yuan, with only the media sector seeing a net inflow of 1.48 billion yuan [1] - The electronics sector led the capital outflow, with a net outflow of 26.48 billion yuan, followed by the power equipment sector with 19.54 billion yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector saw a drop of 5.26%, with a total net capital outflow of 10.783 billion yuan [2] - Out of 137 stocks in this sector, only 2 stocks rose, while 135 stocks fell, including 11 that hit the daily limit down [2] - The top three stocks with the highest net capital inflow were: - Chihong Zn & Ge: 38.03 million yuan - Hailiang Co.: 35.79 million yuan - Xinjiang Zhonghe: 23.86 million yuan [2] Non-Ferrous Metals Capital Outflow - The top three stocks with the highest net capital outflow were: - Ganfeng Lithium: -1.011 billion yuan - Northern Rare Earth: -940.56 million yuan - Huayou Cobalt: -899.66 million yuan [3] - Other notable outflows included: - Tianqi Lithium: -777.09 million yuan - Zijin Mining: -585.94 million yuan [3]

Market Overview - On November 20, the industrial metals sector declined by 0.52% compared to the previous trading day, with Xinweiling leading the decline [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the industrial metals sector included: - Guocheng Mining (Code: 000688) with a closing price of 29.65, up 4.99% and a trading volume of 610,600 shares, totaling 1.823 billion yuan [1] - Asia-Pacific Technology (Code: 002540) with a closing price of 7.15, up 3.03% and a trading volume of 307,700 shares, totaling 220 million yuan [1] - Major decliners included: - Xinweiling (Code: 920634) with a closing price of 24.91, down 3.67% and a trading volume of 12,900 shares, totaling 33.008 million yuan [2] - Chang Aluminum (Code: 002160) with a closing price of 5.41, down 3.22% and a trading volume of 751,900 shares, totaling 413 million yuan [2] Capital Flow - The industrial metals sector experienced a net outflow of 1.961 billion yuan from institutional investors, while retail investors saw a net inflow of 1.359 billion yuan [2] - Key stocks with significant capital flow included: - Huayu Mining (Code: 601020) with a net inflow of 97.347 million yuan from institutional investors [3] - Xizang Zhuofeng (Code: 600338) with a net inflow of 94.423 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals industry, with the index rising by 1.51% and key stocks like Guocheng Mining and Yahua Group showing significant gains [1] - In October, the actual growth of the industrial added value of non-ferrous metals above designated size increased by 4.0% year-on-year, while the growth from January to October was 7.4%, which is 0.4 percentage points lower than the previous three quarters [1] - The demand in the energy storage market is robust, with leading domestic lithium battery companies placing large orders with upstream material suppliers, indicating a high growth trend in production for November [1] Group 2 - The non-ferrous metals ETF closely tracks the Guozheng Non-Ferrous Metals Industry Index, which selects 50 securities with significant size and liquidity in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of October 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metals Industry Index accounted for 52.91% of the index, including companies like Zijin Mining and Ganfeng Lithium [2]