证券代码：600961 证券简称：株冶集团 公告编号：2025-016 株洲冶炼集团股份有限公司 关于变更持续督导独立财务顾问主办人的公告 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、准确性和完整性依法承担法律责任。 中信建投证券股份有限公司（以下简称"中信建投"或"独立财务顾问"）为株 洲冶炼集团股份有限公司（以下简称"株冶集团"或"上市公司"、"公司"）发行股 份及支付现金购买湖南水口山有色金属集团有限公司持有的水口山有色金属有 限责任公司 100.00%股权、湖南湘投金冶私募股权投资基金企业（有限合伙）持 有的湖南株冶有色金属有限公司 20.8333%股权并募集配套资金暨关联交易的独 立财务顾问。截至目前，本次交易已实施完毕，持续督导期已于 2024 年 12 月 31 日届满。鉴于本次交易涉及的业绩承诺等尚未完结的督导事项仍在履行中， 中信建投仍需履行持续督导职责。 近日，公司收到中信建投出具的《关于变更持续督导独立财务顾问主办人的 函》，原独立财务顾问主办人吕映霞女士因个人工作变动原因，无法继续作为独 立财务顾问主办人履行相应职责，原独立财务 ...

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 [6][18]. Core Views - The company reported a revenue of 19.759 billion yuan for 2024, a year-on-year increase of 1.82%, primarily driven by rising prices of base metals, leading to increased product revenue. The net profit attributable to shareholders reached 787 million yuan, up 28.70% year-on-year [3][6]. - The production and sales of gold and silver increased, with gold production rising by 8.05% year-on-year and sales up by 36.42%. However, zinc and lead production saw slight declines [4]. - The company benefits from high-grade mineral resources, particularly from the Shuikoushan lead-zinc mine, which is among the top in the country in terms of value [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.371 billion yuan, a year-on-year increase of 16.76%, and a net profit of 205 million yuan, reflecting a significant year-on-year growth of 155.56% [3]. - The average prices for gold and silver in 2024 were 557 yuan per gram and 7219 yuan per kilogram, respectively, showing substantial increases compared to the previous year [4]. Production and Sales - Zinc and zinc alloy production was 642,500 tons, a decrease of 2.94% year-on-year, while sales increased by 0.77%. Lead and lead alloy production decreased by 3.79%, with sales down by 2.08% [4]. - The company’s gold production was 3.7 tons, with sales reaching 4.07 tons, marking a 36.42% increase in sales year-on-year [4]. Profitability - The company achieved a gross profit of 1.742 billion yuan, with a gross margin of 8.8%. Gold contributed 23.6% to the gross profit, while silver accounted for 25.3% [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.13 billion, 1.17 billion, and 1.21 billion yuan, respectively, reflecting an upward revision in gold and silver price predictions [6].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has shown significant growth in its financial performance, particularly in precious metals, which has contributed to a strong increase in profits [3][19]. - The acquisition of the Shuikoushan mine has enhanced the company's capabilities in precious metals, leading to a notable increase in revenue and profit margins [2][19]. - The report anticipates continued growth in the company's earnings driven by rising production levels and improving processing fees in the zinc sector [3][48]. Summary by Sections 1. Event Overview - The company reported a revenue of 19.759 billion yuan for 2024, a year-on-year increase of 1.82%, and a net profit attributable to shareholders of 787 million yuan, up 28.70% year-on-year [12]. 2. Performance Analysis - Precious metals revenue has significantly increased, with gold and silver revenues reaching 2.489 billion yuan and 2.010 billion yuan respectively, accounting for 22.8% of total revenue, an increase of 8.6 percentage points from 2023 [2][19]. - The company achieved a record net profit of 277 million yuan in Q1 2025, a 74.07% increase year-on-year, driven by the performance of precious metals [12][3]. 3. Company Highlights - Zinc processing fees have rebounded significantly, which is expected to improve the profitability of the company's smelting operations [48]. - The company is controlled by China Minmetals, which has several quality assets that may be injected into the listed company in the future, enhancing its growth potential [50]. 4. Earnings Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.093 billion yuan, 1.221 billion yuan, and 1.359 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 10, and 9 times based on the closing price on April 21, 2025 [3][55][60]. - The report emphasizes the company's strong position in the zinc smelting industry and its potential for continued growth due to rising production and processing fees [3][60].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.81 CNY based on a 17X PE valuation for 2025 [4][8]. Core Insights - The company has shown significant growth in precious metals, with a notable increase in revenue and net profit in recent quarters. The 2024 annual revenue reached 19.76 billion CNY, a year-on-year increase of 1.82%, while the net profit attributable to the parent company was 790 million CNY, up 28.7% [7]. - The company benefits from a strong resource and industrial chain advantage, with mining rights for key resources and a complete industrial chain covering zinc, lead, and various precious metals, enhancing its market competitiveness [7]. - The dual drivers of zinc smelting and precious metals segments have demonstrated the company's resilience, with the precious metals segment experiencing substantial revenue growth due to rising prices [7]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2025-2027 are 22.44 billion CNY, 23.67 billion CNY, and 25.12 billion CNY, respectively, with a compound annual growth rate of 13.6% from 2024 [2][12]. - **Net Profit**: Expected net profits for 2025-2027 are 1 billion CNY, 1.1 billion CNY, and 1.24 billion CNY, reflecting a growth rate of 27.2% in 2025 [2][12]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.93 CNY in 2025, increasing to 1.15 CNY by 2027 [2][12]. - **Profitability Ratios**: The gross margin is expected to improve from 8.8% in 2024 to 10.0% in 2027, while the net margin is projected to rise from 4.0% to 4.9% over the same period [12].

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company has shown significant growth in precious metals, revitalizing its status as a long-standing lead-zinc enterprise [1] - The company reported a revenue of 19.76 billion yuan for 2024, a year-on-year increase of 1.82%, and a net profit attributable to the parent company of 790 million yuan, up 28.7% year-on-year [7] - The first quarter of 2025 saw a revenue of 4.803 billion yuan, reflecting an 8.5% year-on-year growth, with a net profit of 277 million yuan, a substantial increase of 74.07% year-on-year [7] - The company benefits from resource and industry chain advantages, enhancing its market competitiveness [7] - The zinc smelting business and precious metals segment drive the company's performance resilience, with significant revenue growth in both sectors [7] Financial Summary - The company’s projected earnings per share for 2025-2027 are 0.93, 1.03, and 1.15 yuan respectively, with an upward revision from the previous estimate of 0.87 yuan for 2025 [2][8] - Revenue is expected to grow from 19.76 billion yuan in 2024 to 25.12 billion yuan in 2027, with a compound annual growth rate of approximately 6.2% [3] - The gross margin is projected to improve from 8.8% in 2024 to 10.0% in 2027, while the net margin is expected to rise from 4.0% to 4.9% over the same period [3] - The company’s price-to-earnings ratio is projected to decrease from 15.3 in 2024 to 9.7 in 2027, indicating potential value appreciation [3]

证券代码：600961 证券简称：株冶集团 公告编号：2025-015 株洲冶炼集团股份有限公司 关于股东权益变动触及 1%整数倍的提示性公告 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。 重要内容提示： 本次权益变动后，湖南湘投金冶私募股权投资基金企业（有限合伙）（以 下简称"湘投金冶"）持有的股份由 65,370,510 股减少至 58,435,410 股，占公 司总股本的比例由 6.09%减少至 5.45%，股东权益变动触及 1%的整数倍（即 6%）。 本次权益变动不触及要约收购，不会导致公司控股股东及实际控制人发 生变化。 公司于 2025 年 4 月 21 日收到湘投金冶发来《告知函》，获悉在 2025 年 4 月 21 日，湘投金冶通过集中竞价交易的方式减持公司无限售流通股 6,935,100 股，现将本次权益变动相关情况公告如下： 一、本次权益变动基本情况 （2）本次权益变动所涉及股份均享有表决权，不存在表决权委托或受限等 1 任何权利限制或限制转让的情况。 （3）本公告数据中比例的计算保留小数点后两位，尾数 ...

株洲冶炼集团股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 株洲冶炼集团股份有限公司 2024 年年度股东大会会议材料 | | | 目 录 | | --- | --- | --- | | 序号 | | 议案名称 | | 1 | 关于 2024 | 年度董事会工作报告的议案 | | 2 | 关于 2024 | 年度监事会工作报告的议案 | | 3 | | 关于独立董事述职报告的议案 | | 4 | | 关于提请股东大会授权董事会以简易程序向特定对象发 | | | 行股票的议案 | | | 5 | 关于 2024 | 年年度报告及摘要的议案 | | 6 | 关于 2024 | 年度财务决算报告的议案 | | 7 | 关于 2025 | 年度财务预算报告的议案 | | 8 | 关于 2024 | 年度利润分配预案的议案 | | 9 | | 关于续聘会计师事务所的议案 | | 10 | | 关于对会计师事务所履职情况评估报告的议案 | | | | 关于接受、使用银行授信额度并授权董事长签署融资相关 | | 11 | 法律文书的议案 | | | 12 | 关于 2024 | 年度内部控制评价报告 ...

中信建投证券股份有限公司 关于 株洲冶炼集团股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 2024 年度持续督导意见暨持续督导总结报告 独立财务顾问 二〇二五年四月 声 明 中信建投证券股份有限公司（以下简称"中信建投"或"本独立财务顾问"） 作为株洲冶炼集团股份有限公司（以下简称"株冶集团"、"公司"或"上市公 司"）发行股份及支付现金购买资产并募集配套资金暨关联交易的独立财务顾问， 根据《公司法》《证券法》《重组管理办法》《上市规则》等法律法规的规定和要 求，按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态 度，经过审慎核查，结合上市公司 2024 年度报告，出具本持续督导意见暨持续 督导总结报告。 1、出具本持续督导意见暨持续督导总结报告所依据的文件、材料由相关各 方向本独立财务顾问提供。相关各方对所提供的资料的真实性、准确性、完整 性负责，相关各方保证不存在任何虚假记载、误导性陈述或重大遗漏，并对所 提供资料的合法性、真实性、完整性承担个别和连带责任。 2、本持续督导意见暨持续督导总结报告不构成对上市公司的任何投资建议， 对投资者根据本持续督导意见所做出的任何 ...

Core Viewpoint - Zhuzhou Smelter Group Co., Ltd. reported a strong performance in Q1 2025, with revenue of approximately 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit attributable to shareholders of approximately 283 million yuan, a year-on-year increase of 112.94% [2][3] Company Overview - Zhuzhou Smelter Group is a large state-owned enterprise primarily engaged in the smelting, processing, and sales of non-ferrous metals, particularly zinc and lead, and is a leading zinc smelting company in China [2] - The company has advanced wet and pyrometallurgical zinc smelting processes and has a high resource utilization rate by recovering precious metals from smelting waste [2] - The company produces zinc alloys and hot-dip galvanized alloys for applications in automotive, battery, and construction sectors, maintaining a leading market share in domestic zinc products [2] Performance Drivers - The increase in Q1 performance is attributed to high prices of precious metals, particularly gold, driven by factors such as interest rate expectations in developed economies, geopolitical risks, and industrial demand growth [3] - The company has enhanced its profitability through mining and sourcing raw materials for precious metal refining, significantly increasing unit value and profit contribution [3] - The acquisition of Shuikoushan Mine has transformed the resource base into a profit source, and the technical upgrade project at Kangjiabao Mine has further released advanced production capacity [3] Operational Efficiency - The company has focused on meticulous cost control and process optimization, effectively maintaining low impurity levels in products and reducing unit production costs through technical improvements in smelting electricity consumption [3][4] - The domestic zinc product market demand is robust, and the company has adjusted its production strategy to meet high-quality zinc ingot demand, achieving premium sales [4] - The combination of precious metal business growth, accelerated mining capacity release, and internal cost reduction efforts has significantly contributed to the company's performance growth [4]

株洲冶炼集团股份有限公司 董事会审计委员会会议决议暨审核意见 根据中国证券监督管理委员会《上市公司治理准则》《上海 证券交易所上市公司自律监管指引第 1 号—规范运作》《上海证 券交易所股票上市规则》及《公司章程》《公司董事会专门委员 会实施细则》等有关规定，株洲冶炼集团股份有限公司（以下简 称"公司"）董事会审计委员会于 2025 年 4 月 16 日以通讯方式 召开了 2025 年第三次会议，就提交公司第八届董事会第十一次 会议的相关事项进行了事前审核。 公司董事会审计委员会本次会议应到委员 5 人，实到委员 5 人，符合相关规定人数，会议由公司董事会审计委员会主任李志 军先生主持。 经参会委员共同商榷，发表如下书面审核意见： 审议并通过了《关于 2025 年第一季度报告的议案》 审核意见：公司 2025 年第一季度报告的编制和审议程序符 合法律、法规、《公司章程》及公司内部管理制度的各项规定， 内容和格式符合中国证监会和上海证券交易所的要求，公司财务 报表在所有重大方面公允反映了公司 2025 年 3 月 31 日的财务状 况以及 2025 年一季度的经营成果和现金流量，报告所披露的信 息真实、客观、完 ...