Core Viewpoint - Yunnan Tin Company Limited (锡业股份) has received a proposal from its controlling shareholder, Yunnan Tin Group Co., Ltd. (云锡控股公司), to implement a share buyback to enhance shareholder value and investor confidence [1][3]. Group 1: Proposal Details - The proposal was made on April 10, 2025, by Yunnan Tin Group, which holds 177,922,654 shares, accounting for 10.81% of the total share capital of Yunnan Tin Company [1][2]. - The purpose of the buyback is to reduce the registered capital of the company, thereby increasing earnings per share and enhancing long-term value [3]. - The buyback will involve repurchasing A-shares through the Shenzhen Stock Exchange via a centralized bidding method [4][6]. Group 2: Buyback Specifications - The maximum buyback price will not exceed 150% of the average trading price of the company's shares over the 30 trading days prior to the board's approval of the buyback resolution [6]. - The total amount allocated for the buyback will be no less than RMB 100 million and no more than RMB 200 million [7]. - The funding for the buyback will come from the company's own funds or funds raised by the company [8]. - The buyback period will last no more than 12 months from the date the shareholders' meeting approves the final buyback plan [9]. Group 3: Shareholder Actions and Commitments - Yunnan Tin Group has not engaged in buying or selling company shares in the six months prior to the proposal and currently has no plans to increase or decrease its holdings during the buyback period [10]. - The shareholder has committed to facilitating the company in convening a board or shareholders' meeting to review the buyback proposal and will vote in favor of it [11]. - The company's board will carefully study the proposal in light of its current operational and financial status and future development plans, and will follow the necessary approval procedures [11].

（二）提议时间：2025 年 4 月 10 日。 二、提议人提议回购股份的原因和目的 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-018 | | --- | --- | --- | --- | --- | | 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 关于股东提议公司实施回购股份的提示性公告 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"锡业股份"或"公司"）于 2025 年 4 月 10 日收到云南锡业集团（控股）有限责任公司（以下简称"云锡控股公司"） 的《关于提议云南锡业股份有限公司实施股份回购的函》，云锡控股公司提议公 司以自有或自筹资金通过深圳证券交易所交易系统以集中竞价交易方式回购公 司发行的部分人民币普通股（A 股）股票用于减少公司注册资本，具体情况如下： 一、提议人的基本情况及提议时间 （一）提议人：云锡控股公司，云锡控股公司为公司控股股东 ...

智通财经4月10日电，锡业股份(000960.SZ)公告，股东云锡控股公司提议公司以自有或自筹资金通过深 圳证券交易所交易系统以集中竞价交易方式回购部分股份用于减少公司注册资本，回购资金总额不低于 1亿元且不超过2亿元。 锡业股份：股东提议1亿元-2亿元回购股份用于减少注册资本 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][17]. Core Insights - The company is expected to benefit from rising prices and increased production, with a projected net profit of 21.6 billion, 24 billion, and 25 billion for the years 2025 to 2027 respectively, corresponding to P/E ratios of 10.22, 9.21, and 8.77 [4][5]. - The company reported a strong growth in non-recurring net profit, which increased by 40.5% year-on-year [1]. - The report highlights a significant impact from impairment losses and mineral rights fee payments, particularly in Q4 2024, which affected the gross profit margin [2][3]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 419.73 billion, a slight decrease of 0.9% year-on-year, while the net profit attributable to the parent company was 14.44 billion, up 2.55% year-on-year [1]. - The production figures for 2024 included 84,800 tons of tin (up 6.0% YoY), 130,300 tons of copper (up 0.8% YoY), and 144,000 tons of zinc (up 6.9% YoY) [3]. - The average tin price in 2024 was 248,000 yuan/ton, reflecting a year-on-year increase of 16.9% [3]. Supply and Market Outlook - The tin supply is expected to face disruptions in 2025 due to geopolitical tensions and operational delays in key mining regions, which may sustain high tin prices [4]. - The report anticipates that the company will benefit from these supply constraints, maintaining a strong market position [4].

Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][15]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, primarily due to rising tin prices, with an expected average tin price of approximately 248,300 CNY/ton in 2024, reflecting a year-on-year increase of 16.92% [7][15]. - The company is the largest refined tin producer globally, holding a 25.03% market share worldwide and a 47.98% share in the domestic market for tin metal [2][14]. - The company aims to enhance its resource integration and production capabilities, targeting production goals of 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium by 2025 [9][15]. Financial Performance - In 2024, the company achieved a revenue of 41.973 billion CNY, a decrease of 0.91% year-on-year, and a net profit attributable to shareholders of 1.444 billion CNY, an increase of 2.55% year-on-year [7][4]. - The net profit excluding non-recurring items for 2024 was 1.943 billion CNY, representing a substantial year-on-year increase of 40.48% [7][4]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 313 million CNY, which accounts for 21.65% of the 2024 net profit [2][13]. Production and Resource Management - The total production of non-ferrous metals in 2024 was 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, zinc at 144,000 tons, and indium at 127 tons, showing respective year-on-year increases of 6%, 0.77%, 6.90%, and 24.51% [9][14]. - The company maintains a self-sufficiency rate of 30.21% for tin concentrate, 15.91% for copper concentrate, and 72.72% for zinc concentrate [9][14]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 42.577 billion CNY, 43.285 billion CNY, and 43.993 billion CNY, reflecting year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [15][4]. - The net profit forecast for 2025 to 2027 is 2.392 billion CNY, 2.603 billion CNY, and 2.815 billion CNY, with growth rates of 65.6%, 8.8%, and 8.1% respectively [15][4].

Core Viewpoint - The 2024 annual performance briefing and investor communication meeting of Xiyeg股份 was successfully held, focusing on the company's achievements and future goals amidst a complex economic environment [1][5]. Group 1: Meeting Overview - The meeting was themed "Anchoring Goals and Riding the Momentum, Reforming and Advancing on a New Journey," utilizing digital and virtual reality technologies for interactive communication with investors [2]. - Key executives, including the chairman and independent directors, participated in the meeting, highlighting the company's commitment to transparency and investor relations [1][3]. Group 2: Company Performance and Future Goals - The company reported strong performance in 2024, with a focus on achieving its "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," aiming to become a world-class leading enterprise [5][6]. - The company secretary provided a comprehensive review of the company's operational achievements and introduced the 2025 operational goals, enhancing investor understanding of the company's performance [6][9]. Group 3: Industry Insights - The vice president shared insights on the tin and indium industry, noting increased global supply disruptions and the strategic importance of tin in the renewable energy and electronic communication sectors, indicating a positive long-term demand outlook [7][8]. - The company is committed to sustainable development and has released its first sustainability report, emphasizing governance, environmental, and social aspects [8][12]. Group 4: Investor Relations and Communication - The company has strengthened its investor relations by establishing effective communication mechanisms with institutional investors and industry analysts, enhancing the "Chief Look at Tin" segment during the meeting [10]. - The company has consistently utilized video live streaming for its performance briefings over the past five years, receiving recognition for best practices in investor communication [14].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][15] Core Insights - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.444 billion yuan, up 2.55% year-on-year. The non-recurring net profit saw a significant increase of 40.48% year-on-year, reaching 1.943 billion yuan, primarily due to rising tin prices [1][7][14] - The average tin price in 2024 was approximately 248,300 yuan per ton, reflecting a year-on-year increase of 16.92% [1][7] - The company is the largest refined tin producer globally, holding a domestic market share of 47.98% and a global market share of 25.03% in 2024 [2][14] Financial Performance - The company reported a significant increase in cash flow from operating activities, amounting to 3.405 billion yuan, which is a 55.25% increase year-on-year [7][13] - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares, totaling approximately 313 million yuan, which represents 21.65% of the 2024 net profit [2][13] - The company’s total production of non-ferrous metals in 2024 was 361,000 tons, a 4% increase year-on-year, with specific increases in tin (6%), zinc (6.90%), and indium (24.51%) [1][9] Future Projections - Revenue projections for 2025-2027 are estimated at 42.577 billion yuan, 43.285 billion yuan, and 43.993 billion yuan, with year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [3][15] - The net profit attributable to shareholders is projected to reach 2.392 billion yuan, 2.603 billion yuan, and 2.815 billion yuan for the years 2025-2027, with significant growth of 65.6% in 2025 [3][15] - The company aims to produce 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium in 2025 [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company [7][63]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments. Supply-side disruptions are ongoing, and the demand side is recovering steadily, which is expected to drive tin prices upward. The company is likely to benefit significantly from this price increase [5][63]. Summary by Sections 1. Event: Company Releases 2024 Annual Report - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%. The net profit attributable to shareholders was 1.444 billion yuan, an increase of 2.55% year-on-year, while the net profit excluding non-recurring items was 1.943 billion yuan, a significant increase of 40.48% year-on-year [12][5]. 2. Performance Analysis - The company's non-recurring net profit saw significant growth due to the increase in tin and zinc prices. However, the overall net profit growth was limited due to the payment of mining rights transfer income and impairment provisions [12][16]. - In Q4 2024, the company reported revenue of 12.760 billion yuan, a year-on-year increase of 46.64% and a quarter-on-quarter increase of 22.25%. The net profit attributable to shareholders was 161 million yuan, a year-on-year decrease of 48.63% and a quarter-on-quarter decrease of 66.74% [12][5]. 3. Production and Resource Overview - The company achieved a record high production of non-ferrous metals in 2024, totaling 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, and zinc at 144,000 tons. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [2][18]. - As of December 31, 2024, the company held significant resource reserves, including 626,200 tons of tin metal and 1,149,900 tons of copper metal [2][43]. 4. Price Trends - In 2024, the average price of tin was approximately 248,300 yuan/ton, a year-on-year increase of 16.92%. The average prices for zinc and copper also saw increases of 8.60% and 10.31%, respectively [3][20]. - The company’s average tin ingot price in 2024 was 186,600 yuan/ton, reflecting an 11.38% year-on-year increase [20][19]. 5. Strategic Collaborations - The company signed strategic cooperation agreements with various partners, including PT Timah, to enhance its market position and secure raw material supplies [4][46]. 6. Profit Forecast and Investment Recommendations - The company is expected to benefit from ongoing supply-side disruptions and a recovering demand environment. Projected net profits for 2025, 2026, and 2027 are 2.371 billion yuan, 2.506 billion yuan, and 2.553 billion yuan, respectively [5][63].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][12] Core Views - The company is expected to benefit from the upward trend in tin prices driven by the fragility of tin ore supply, with a projected increase in net profit for 2025-2027 [3][5] - The company achieved a revenue of 419.73 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while net profit increased by 2.55% to 1.44 billion yuan [3][7] - The company plans to increase its tin product output to 90,000 tons in 2025, which is expected to enhance its market share amid tight global tin supply [4][5] Financial Summary - The company’s revenue and net profit projections for 2025-2027 are as follows: - 2025: Revenue of 43.56 billion yuan, net profit of 2.06 billion yuan (up 42.8% year-on-year) - 2026: Revenue of 45.38 billion yuan, net profit of 2.38 billion yuan (up 15.3% year-on-year) - 2027: Revenue of 47.15 billion yuan, net profit of 2.67 billion yuan (up 12.3% year-on-year) [3][7][9] - The company’s earnings per share (EPS) are projected to be 1.25 yuan, 1.44 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively [3][7] Market Position - The company produced 84,800 tons of tin in 2024, achieving a domestic market share of 47.98% and a global market share of 25.03%, both of which have increased compared to 2023 [4][5] - The company is positioned as a leader in the tin industry and is expected to further solidify its market position due to the anticipated increase in tin prices [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [7][63]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments. Supply-side disruptions are ongoing, and the demand side is recovering steadily, which is expected to drive tin prices upward. The company is likely to benefit significantly from the rising tin prices [5][63]. - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan. The non-recurring net profit saw a substantial increase of 40.48% to 1.943 billion yuan [12][5]. Summary by Sections 1. Event: Company Releases 2024 Annual Report - In 2024, the company achieved a revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%. The net profit attributable to shareholders was 1.444 billion yuan, up 2.55% year-on-year, while the non-recurring net profit was 1.943 billion yuan, up 40.48% year-on-year. The fourth quarter of 2024 saw a revenue of 12.760 billion yuan, a year-on-year increase of 46.64% [12][5]. 2. Commentary: Tin Supply Disruptions Drive Price Increases - The company’s revenue from tin ingots was 14.724 billion yuan, a year-on-year increase of 34.11%. The revenue from copper products was 8.586 billion yuan, up 9.45%, while zinc products generated 2.946 billion yuan, up 13.87% [16][5]. - The company’s total non-ferrous metal production reached a historical high of 361,000 tons in 2024, with tin production at 84,800 tons [2][18]. 3. Key Highlights: Global Leader in Tin and Indium Industry - The company holds a significant market share in the domestic and global tin markets, with a domestic market share of 47.98% and a global market share of 25.03% in 2023 [43][5]. - The company has signed strategic cooperation agreements with major players to enhance its resource integration capabilities and ensure stable raw material supply [46][5]. 4. Profit Forecast and Investment Recommendations - The company is expected to benefit from ongoing supply-side disruptions and a steady recovery in demand, with projected net profits of 2.371 billion yuan, 2.506 billion yuan, and 2.553 billion yuan for 2025, 2026, and 2027, respectively [63][5].