Xiyeg股份November 14On-site Research Content:
Company OverviewXiyeg股份 has an integrated industrial pattern encompassing the exploration, selection, smelting, deep processing, and new material research and trade of non-ferrous metal resources such as tin, indium, zinc, and copper. Its main products include tin ingots, cathode copper, zinc ingots, and indium ingots. An important equity holding, Yunnan Tin New Materials Co., Ltd., specializes in tin materials and tin chemical products. By the end of 2024, the company is expected to have a tin resource reserve of 626,200 tons and an indium resource reserve of 4,821 tons, ranking first globally in both tin and indium resource reserves. The domestic and global market shares for tin products in 2024 are projected to be 47.98% and 25.03%, respectively.In the first three quarters of 2025, the company actively organized production and sales, continuously strengthened operational management, closely monitored market changes, seized market opportunities, and worked hard to overcome challenges such as severe fluctuations in non-ferrous metal prices, tight raw material supply, and a year-on-year decline in processing fees. The company proactively controlled its operational rhythm, implemented multiple measures to reduce costs and increase efficiency, achieving stable and positive production and operational quality. The total output of non-ferrous metals in the first three quarters of 2025 was 271,000 tons, including 67,700 tons of tin products, 96,800 tons of copper products, and 105,300 tons of zinc products. The production of precious metals included 101.62 tons of indium products. The company achieved operating revenue of 34.417 billion yuan, a year-on-year increase of 17.81%, and a net profit attributable to shareholders of the listed company of 1.745 billion yuan, a year-on-year increase of 35.99%.Interactive Q&A Session1. In light of the increasingly scarce global tin resources, what measures is the company taking regarding resource assurance and extending the service life of mines?The company places great importance on resource expansion and considers it one of its long-term development strategies. In recent years, the company has continuously focused on the national requirements for strengthening the exploration, development, and reserve of strategic mineral resources, following the overall policy of “based in Yunnan, planning domestically, and radiating overseas.” It has systematically promoted the enhancement of existing resources and the reserve of new resources, while continuously increasing financial investment in geological comprehensive research, related mineral exploration activities, and deep-edge exploration work in mines. In 2024, the company discovered an additional tin resource reserve of 17,600 tons and a copper resource reserve of 34,800 tons. At the same time, the company continues to pay attention to industry developments and strengthen resource project reserves, striving to promote external resource expansion and enhance the reserve capacity of tin-based mineral resources, providing strong support for the company’s sustainable development and ensuring the security of national strategic metal resources.2. How does the company assess the future supply and demand situation in the tin industry?On the supply side, the quality of resources in traditional tin-producing areas is declining, and the cost of mining is gradually rising, leading to a downward trend in mine output. In recent years, there has been a clear tightening of policies in Southeast Asian tin-producing countries. Emerging tin-producing countries have significant potential but face fierce competition. It is expected that the short-term global tin supply will continue to be disrupted, highlighting the scarcity and strategic importance of tin resources. On the demand side, tin metal is an irreplaceable raw material in the fields of new energy and electronic communications. With the current rapid development of the global new energy industry, the rapid evolution of artificial intelligence, and the enhancement of new productivity, medium to long-term demand is expected to remain positive. Overall, the global supply-demand balance is tight, and the intertwined patterns of potential supply disruptions and macroeconomic fluctuations may continue.3. What impact does the explosion of AI technology have on tin demand?Tin, as a key material known as the “computing power metal,” is widely used in semiconductors, integrated circuits, PCB manufacturing, AI servers, and advanced packaging. According to relevant research institutions, the demand for AI computing power has driven the iteration of AI servers, HBM, optical modules, and other hardware, which utilize multi-GPU architectures and high-density multi-layer PCBs. This is expected to significantly increase the tin usage per device compared to traditional equipment and is likely to further expand the market demand for tin metal.4. How does the company respond to external challenges posed by the tightening global tin supply and ensure the stability and security of its supply chain?In the current situation of increasingly tight tin supply, the company will vigorously promote a “dual-channel” strategy for raw material procurement, stabilizing the procurement channels for concentrates while continuously expanding other raw material procurement channels. This will enhance the value contribution of precious metals and ensure stable raw material supply and smooth production operations, thereby ensuring the stability and security of the tin industry supply chain.5. What progress and development plans does the company have regarding the utilization of tailings resources in the future?The company has already conducted relevant technical research on tailings and has established an industrial experimental platform for tailings resource recovery and re-selection. The first phase of the Kite Mountain base project has entered the operational stage, and further efforts will be made to improve the technical and economic indicators of tailings re-selection, providing technical reserves for the next step of industrial production expansion. In the future, the company will further comprehensively utilize tailings resources based on existing foundations, fully demonstrating the economic benefits, resource grades, recovery rates, re-selection process technology levels, fixed asset investments, and production capacity scales, and strengthen the comprehensive utilization of tailings resources. The goal is to gradually establish three tailings resource utilization bases at Kite Mountain, Guanjia Mountain, and Yangbadi, striving to become an effective supplement to the company’s production materials during the 14th Five-Year Plan period.