Yunnan Tin Company (000960) investor relations material

Executive summary

• Revenue reached ¥43.53 billion, up 3.72% year-over-year; net profit attributable to shareholders was ¥1.97 billion, up 36.14% year-over-year.

• Gross margin for tin ingots was 11.45%, with tin sales volume increasing 8.15% year-over-year.

• The company maintained its position as the world’s largest tin producer, with a domestic market share of 53.35% and global share of 27.16%.

• Total assets at year-end were ¥40.24 billion, up 9.81% from the previous year.

• Cash flow from operations declined 61.95% year-over-year due to higher prepayments and margin requirements.

Financial highlights

• Operating income: ¥43.53 billion (+3.72% YoY); net profit attributable to shareholders: ¥1.97 billion (+36.14% YoY).

• Gross margin for tin ingots: 11.45%; copper products: -0.81%; zinc products: 42.70%.

• Basic and diluted EPS: ¥1.1561; ROE: 9.77% (+2.08 percentage points YoY).

• Cash flow from operations: ¥1.30 billion (-61.95% YoY); total assets: ¥40.24 billion.

• Dividend: ¥2.5 per 10 shares (pre-tax), total cash dividend payout of ¥592 million, 30.13% of net profit.

Outlook and guidance

• 2026 revenue target: ¥43.6 billion; planned output: tin 90,000 tons, copper 125,000 tons, zinc 135,000 tons, indium 91.6 tons.

• Focus on resource security, production efficiency, and technological innovation to maintain global leadership in tin and indium.

• Key risks: global economic uncertainty, commodity price volatility, supply chain disruptions, and regulatory changes.