Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the total profit reached 1.835 billion yuan, an increase of 5.15% year-on-year. The net profit attributable to the parent company was 1.444 billion yuan, up 2.55% year-on-year. In the first quarter of 2025, the company achieved a total revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, with total profit of 608 million yuan, up 40.51% year-on-year, and net profit of 499 million yuan, up 53.09% year-on-year [5][6] - The company experienced an increase in production and prices for its main products, with total production of non-ferrous metals reaching 361,000 tons in 2024, including 84,800 tons of tin, 130,300 tons of copper, and 144,000 tons of zinc. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [5] - The supply-demand dynamics for tin remain favorable, with a tightening global supply due to policy restrictions in Southeast Asia and stable demand growth driven by sectors such as electric vehicles and semiconductors [5] - The company is a leader in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024, positioning it well to benefit from ongoing industry prosperity [5] Financial Data Summary - The company’s total assets were reported at 36.803 billion yuan, with a total market capitalization of 22.827 billion yuan. The earnings per share (EPS) for 2024 is projected at 0.88 yuan, with a net profit margin of 3.7% [6][8] - Forecasted net profits for 2025, 2026, and 2027 are 2.269 billion yuan, 2.406 billion yuan, and 2.828 billion yuan, respectively, indicating a strong growth trajectory [5][8]

Core Viewpoint - In the first quarter of 2025, Xiyeg股份 demonstrated significant growth in financial performance, with notable increases in revenue and net profit compared to the previous year [1][5]. Financial Performance - The total operating revenue reached 9.729 billion yuan, a year-on-year increase of 15.82% [1] - The net profit attributable to shareholders was 499 million yuan, up 53.09% year-on-year [1] - The net profit excluding non-recurring items was 494 million yuan, reflecting a 62.43% increase year-on-year [1] Profitability - The gross profit margin improved to 11.5%, an increase of 2.7% year-on-year [2] - The net profit margin was 5.22%, with a year-on-year growth of 26.39% [2] Cost Control - Total selling, administrative, and financial expenses amounted to 314 million yuan, accounting for 3.23% of revenue, a decrease of 27.65% compared to the same period last year [3] Cash Flow and Debt Situation - Operating cash flow per share was 0.39 yuan, a decline of 40.14% year-on-year [4] - Interest-bearing liabilities stood at 10.557 billion yuan, down 21.93% from the previous year, but still at a high level, with an interest-bearing asset-liability ratio of 28.33% [4] Other Key Indicators - The net asset per share was 11.5 yuan, reflecting a year-on-year growth of 4.48% [6] - Earnings per share were 0.29 yuan, an increase of 48.28% year-on-year [6] - Cash and cash equivalents amounted to 2.599 billion yuan, up 5.47% year-on-year [6] - Accounts receivable reached 741 million yuan, a year-on-year increase of 13.93% [6]

云南锡业股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 云南锡业股份有限公司（以下简称"本公司"或"公司"）2024 年度权益 分派方案已经公司 4 月 25 日召开的年度股东大会审议通过，现将权益分派事宜 公告如下： | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-026 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 一、股东大会审议通过权益分派方案情况 1、经公司股东大会审议通过的 2024 年度权益分派具体方案为：以 2024 年 12 月 31 日公司总股本 1,645,801,952 股为基数，向全体股东每 10 股派发现金股 利 1.90 元（含税），合计派发现金股利 312,702,370.88 元（含税）。除此之外， 不送红股，不以资本公积金转增股本。 2、公司自分配方案披露至实施期间，公司股本总额未发生变化。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q1 2025 revenue reached 9.729 billion RMB, representing a year-over-year increase of 15.82% and a quarter-over-quarter decrease of 23.76%. The net profit attributable to the parent company was 499 million RMB, up 53.08% year-over-year and up 210.55% quarter-over-quarter, driven by rising tin prices [1][2] - The report anticipates that the tight supply of tin mines will likely lead to an upward trend in tin prices from 2025 to 2027, which is expected to support the company's future performance [1][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a comprehensive gross margin of 11.50%, an increase of 6.57 percentage points quarter-over-quarter and 0.30 percentage points year-over-year. The average price of tin ingots in Q1 2025 was 260,700 RMB per ton, up 3.9% quarter-over-quarter, significantly contributing to the company's profitability [2] - The company produced 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc in Q1 2025, maintaining stable production levels [2] Profit Forecast and Valuation - The report maintains the company's EPS forecasts for 2025, 2026, and 2027 at 1.37 RMB, 1.57 RMB, and 1.71 RMB, respectively. The target price is set at 17.43 RMB, corresponding to a PE ratio of 12.72 times for 2025 [4][7]

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 9.73 billion yuan, a year-on-year growth of 15.82%, and net profit attributable to shareholders at 499 million yuan, up 53.08% [1] - The rise in prices for key metals such as tin, copper, and zinc contributed to the company's strong performance, alongside enhanced operational efficiency [1] - The company has initiated a mid-term cash dividend for the first time, with total dividends for 2024 amounting to 477 million yuan, representing 33.05% of the net profit [1] Financial Performance - In Q1 2025, the total production of non-ferrous metals reached 82,200 tons, including 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc, along with 30 tons of indium [1] - For the full year 2024, the company achieved total revenue of 41.973 billion yuan and a net profit of 1.444 billion yuan, reflecting a year-on-year growth of 2.55% [2] - The operating cash flow for the year was 3.405 billion yuan, an increase of 55.25%, and the debt-to-asset ratio decreased to 40.19%, down 9.05 percentage points from the beginning of the year [2] Shareholder Initiatives - The controlling shareholder proposed a share buyback plan, with a total amount between 100 million yuan and 200 million yuan, aimed at reducing registered capital and enhancing shareholder value [2] - The buyback initiative is based on the controlling shareholder's confidence in the company's future and aims to boost investor confidence and long-term value [2]

Group 1 - The core viewpoint of the article is that Xiyeg股份 (000960.SZ) reported a significant increase in both revenue and net profit for the first quarter of 2025, driven by rising market prices of its main products [1] Group 2 - The company achieved operating revenue of 9.729 billion yuan, representing a year-on-year growth of 15.82% [1] - The net profit attributable to shareholders of the listed company was 499 million yuan, reflecting a year-on-year increase of 53.08% [1] - The primary reason for the change in net profit is attributed to the year-on-year increase in market prices of the company's main products [1]

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-024 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 1、《云南锡业股份有限公司 2025 年第一季度报告》 表决结果：有效票数 3 票，其中同意票数 3 票，反对票数 0 票，弃权票数 0 票，报告审议通过。 经审核，监事会认为公司编制和审议《云南锡业股份有限公司 2025 年第一 季度报告》的程序符合法律、行政法规及中国证监会的相关规定，报告内容真实、 准确、完整地反映了锡业股份 2025 年第一季度生产经营的实际情况，不存在虚 假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露的《云南锡业股份有限公司 2025 年第一季度报 告》。 2、《云南锡业股份有限公司关于制定<舆情管理制度>的议案》 表决结果：有效票数 3 票，其中同意票数 3 票，反对票数 0 票，弃权票数 0 票，审议通过。 云南锡业股份有限公司 第九届监事会 2025 年第一次临时会议决议公告 本 ...

一、经会议审议、通过以下议案： 1、《云南锡业股份有限公司 2025 年第一季度报告》 表决结果：有效表决票数 9 票，其中同意票 9 票，反对票 0 票，弃权票 0 票，报告审议通过。 具体内容详见公司同日披露的《云南锡业股份有限公司 2025 年第一季度报 告》。 2、《云南锡业股份有限公司关于制定<舆情管理制度>的议案》 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-023 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 云南锡业股份有限公司 第九届董事会 2025 年第一次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 云南锡业股份有限公司（以下简称"公司"）第九届董事会 2025 年第一次 临时会议于 2025 年 4 月 25 日以通讯表决方式召开，根据《云南锡业股份有限公 司章程》第一百三十九条之规定，本次会议通知于 2025 年 4 月 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥9,728,527,580.71, representing a 15.82% increase compared to ¥8,399,442,096.28 in the same period last year[3] - Net profit attributable to shareholders was ¥499,447,974.95, a 53.08% increase from ¥326,255,352.66 year-on-year[3] - The net profit for Q1 2025 was reported at ¥507,638,280.77, a 46.39% increase from ¥346,764,914.25 in the same period last year, driven by rising market prices for key products[12] - Basic earnings per share rose by 48.28% to ¥0.2939, compared to ¥0.1982 in the same period last year[3] - Operating profit reached ¥605.82 million, up from ¥431.42 million, reflecting a growth of 40.4%[27] - The total comprehensive income for the current period is approximately ¥248.75 million, down from ¥308.05 million, reflecting a decrease of 19.3%[27] Cash Flow and Assets - The net cash flow from operating activities decreased by 40.14% to ¥639,727,190.13, down from ¥1,068,726,749.35 in the previous year[3] - Cash and cash equivalents at the end of the period were ¥2,598,567,899.06, an increase from ¥2,544,334,692.94 at the beginning of the period[23] - Total current assets increased to ¥12,795,127,439.44 from ¥12,278,913,702.96, representing a growth of 4.2%[24] - Total non-current assets decreased to ¥24,007,837,743.71 from ¥24,364,047,708.40, a decline of 1.5%[24] - The company reported a net cash outflow from financing activities of ¥465.66 million, an improvement from a net outflow of ¥546.04 million in the previous period[29] Liabilities and Equity - Short-term borrowings increased by 41.70% to ¥1,700,430,694.44, attributed to new bank loans during the reporting period[8] - Total liabilities increased to ¥14,802,922,389.67 from ¥14,726,102,806.62, showing a rise of 0.5%[25] - Total equity attributable to shareholders rose to ¥20,920,675,682.22 from ¥20,847,636,072.31, an increase of 0.3%[25] Production and Expenses - The total production of non-ferrous metals reached 82,200 tons, including 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc[17] - Total operating costs amounted to ¥9,112,125,342.26, up from ¥8,003,825,368.43, reflecting a growth of 13.8%[26] - Research and development expenses increased to ¥75.22 million from ¥68.94 million, marking a rise of 9.3%[27] - The company incurred financial expenses of ¥50.18 million, a decrease of 50.2% from ¥100.74 million in the previous period[27] Shareholder Information - The company has a total of 94,029 common shareholders at the end of the reporting period[15] - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million[21] Recognition and Initiatives - The company was recognized for its green factory initiatives and received awards for key technological projects in the non-ferrous metal industry[21] - The company's weighted average return on equity improved to 2.32%, up by 0.50 percentage points from 1.82%[3]

法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2024 年度股东会的 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650034 云南锡业股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）受贵公司聘请，本次指派刘 书含律师、李妍律师出席贵公司 2024 年度股东会（以下简称"本次股东会"）， 并按照律师行业公认的业务标准、道德规范及勤勉尽责精神，对贵公司提供的与 本次股东会有关的文件资料进行了审查，现根据《公司法》《证券法》《上市公 司股东会规则》及贵公司《章程》的规定，就贵公司本次股东会的相关问题出具 如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司已于2025年4月 1日召开了第九届董事会第八次会议，作出了关于召开本次股东会的决议，并于 2025年4月3日在《中国证券报》《证券时报》《证券日报》《上海证券报》和巨 潮资讯网等媒体刊登了召开本次股东会的通 ...