Xingye Silver&Tin announced on October 10 that the company disclosed the "Announcement on Outbound Investment to Acquire Control of Weiling Co., Ltd. and the Initiation of a Partial Tender Offer to Weiling Co., Ltd. Shareholders" on August 19, 2026. The company's wholly-owned subsidiary, Tibet Shannan Antimony-Gold Resources Co., Ltd., issued a partial tender offer to all shareholders of Weiling New Energy Co., Ltd., proposing to acquire 78,177,450 shares at 18.00 yuan per share, representing 30.00% of Weiling's total share capital; the offer period ran from August 31, 2026 to September 29, 2026.
Regarding the tender offer results and completion of share transfer, Xingye Silver&Tin's announcement showed: According to the pre-accepted offer information published on the Shenzhen Stock Exchange website on September 30, 2026, as of 15:00 on September 29, 2026, the pre-accepted offer shares temporarily held by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited totaled 15,936,390 shares, representing 6.12% of Weiling's total share capital. The number of pre-accepted shares exceeded the effectiveness condition of 13,029,575 shares (representing 5.00% of Weiling's total share capital), and the tender offer became effective. Shannan Antimony-Gold has acquired all valid pre-accepted offer shares in accordance with the "Weiling New Energy Co., Ltd. Tender Offer Report," with the final acquired shares totaling 15,936,390 shares, representing 6.12% of Weiling's total share capital, at a total consideration of 286,855,020 yuan (excluding taxes and fees). As of the disclosure date of this announcement, the fund settlement and share transfer registration procedures for this tender offer have been completed, and all 15,936,390 shares of Weiling have been transferred and registered under Shannan Antimony-Gold. Prior to this tender offer, Shannan Antimony-Gold held no shares in Weiling;after completion of this transfer, Shannan Antimony-Gold holds 15,936,390 shares of Weiling, representing 6.12% of Weiling's total share capital, becoming a shareholder holding more than 5% of Weiling. After the completion of this tender offer and share transfer, Shannan Antimony-Gold has not yet obtained control of Weiling.Shannan Antimony-Gold plans to continue increasing its shareholding in Weiling in the future through methods including but not limited to centralized bidding, block trades, negotiated transfers, and tender offers. Whether it can ultimately obtain control of Weiling remains uncertain. The company will disclose subsequent progress in a timely manner in accordance with relevant regulations.
Xingye Silver&Tin announced on the evening of September 2: At approximately 15:30 on July 26, 2026, a production accident occurred at the wholly-owned subsidiary Xiwuzhumuqin Banner Yinman Mining Co., Ltd., between 19-1 and 25-1 of the west main haulage at the 750 level in the third zone of the underground mine, resulting in one fatality and no injuries. After the accident, Yinman Mining received the "On-Site Handling Decision" ((Xi) Yingji Xianjue [2026] No. 257) and the "On-Site Handling Decision" ((Xi) Yingji Xianjue [2026] No. 260) issued by the Xiwuzhumuqin Banner Emergency Management Bureau. In accordance with the requirements of the Xiwu Banner Emergency Management Bureau, Yinman Mining's mining area and beneficiation tailings system were successively shut down. After the accident, Yinman Mining carried out comprehensive and in-depth safety production self-inspections and strictly implemented accident prevention and various rectification measures. Recently, Yinman Mining received the "Notice on Approving the Resumption of Production of the Beneficiation Tailings System of Xiwuzhumuqin Banner Yinman Mining Co., Ltd." (Xi Yingji Fa [2026] No. 102) issued by the Xiwu Banner Emergency Management Bureau, approving the resumption of production of Yinman Mining's beneficiation tailings system.Yinman Mining's beneficiation plant will resume production on September 3, 2026. Currently, Yinman Mining's mining area is making every effort to advance various rectification work, striving to achieve resumption of production in the mining area as soon as possible.The company will fulfill its information disclosure obligations in a timely manner in accordance with relevant regulations based on subsequent progress, and reminds investors to pay attention to investment risks.
Xingye Silver&Tin disclosed its 2026 semi-annual report on August 29, showing: In H1 2026, the company achieved operating revenue of 4.281697 billion yuan, up 73.13% YoY; total profit of 2.6111055 billion yuan, up 180.76% YoY; and net profit attributable to shareholders of the publicly listed firm of 2.2630562 billion yuan, up 184.42% YoY. Regarding the reasons for the increase in operating revenue, Xingye Silver&Tin explained:Yubang Mining's capacity was gradually released, with ore-derived silver production and sales increasing YoY, while also benefiting from YoY increases in market prices of main mineral products such as silver and tin.
Xingye Silver&Tin's semi-annual report showed: In H1 2026, the company's main mineral product operating revenue as a proportion of overall operating revenue was as follows: ore-derived silver 2.5106191 billion yuan, accounting for 58.64%; ore-derived tin 808.2269 million yuan, accounting for 18.88%; ore-derived zinc 510.5231 million yuan, accounting for 11.92%; ore-derived lead 136.0437 million yuan, accounting for 3.18%; ore-derived iron 97.1065 million yuan, accounting for 2.27%; ore-derived copper 78.5046 million yuan, accounting for 1.83%; ore-derived antimony 53.9056 million yuan, accounting for 1.26%; ore-derived gold 67.1535 million yuan, accounting for 1.57%; ore-derived bismuth 11.4428 million yuan, accounting for 0.27%; ore-derived indium 3.0873 million yuan, accounting for 0.07%; among which,ore-derived tin and ore-derived silver combined accounted for 77.52% of operating revenue.
Xingye Silver&Tin also presented mineral product production and sales data in its semi-annual report:
Regarding the company's main business, Xingye Silver&Tin stated: The company is a large mining group primarily engaged in the exploration, mining, and beneficiation of non-ferrous metals and precious metals. As of the disclosure date of this report, the company has more than 20 subsidiaries, of which 8 are producing mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine under Atlantic Tin's Atlas Tin SAS is in the construction phase; Tanghe Shidai Mining is in a suspended construction phase; Yitong Mining and Yunnan Xigui are in the exploration phase. The business positioning and division of labor among platform subsidiaries are clear: Hainan Fund is mainly engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, undertaking market expansion outside China and the integration of high-quality mineral resources; Hainan Guomao and Tianjin Guomao are mainly engaged in the sales of non-ferrous metal mineral products and procurement of some raw materials; Xingye Ruijin mainly conducts process research, technical R&D, and transformation in exploration, mining and beneficiation, and comprehensive tailings recovery and utilization. Tibet Shannan Antimony-Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms.
Regarding the company's main operating model, Xingye Silver&Tin stated: The mining rights held by the company are mostly polymetallic, with main products being non-ferrous metals and precious metals such as silver, tin, zinc, lead, iron, copper, antimony, and gold. Currently, sales are primarily in the form of concentrates or mixed concentrates. To date, the company has focused on its core non-ferrous metal resources business and established an integrated business system covering exploration, reserves, development, and trade. Business synergies are being gradually released, helping the company enhance operational stability and solidify its long-term development foundation.
A research report from Huaxin Securities commenting on Xingye Silver&Tin showed: Key performance drivers: During the reporting period, Yubang Mining's capacity was gradually released, driving a significant YoY increase in ore-derived silver production and sales, coupled with YoY price increases for main mineral products such as silver and tin driven by macro and demand factors, leading to steady improvement in the company's recurring profitability. In addition, the company's transfer of a 60% stake in Shuangyuan Nonferrous contributed a total of 454 million yuan in non-recurring gains and losses, including investment income of 321 million yuan; as Shuangyuan Nonferrous was originally an excess-loss entity, the parent company's deductible loss amount increased after the equity transfer, correspondingly reducing income tax expenses by 133 million yuan. Yinman Phase II officially commenced, with capacity expansion progressing steadily. Construction land for Yinman Phase II was approved by the Inner Mongolia Autonomous Region government on July 14, 2026, and construction officially began on July 19, with commissioning with ore expected in Q4 2028. As the company's core mine, Yinman Mining mainly produces silver, tin, zinc, copper, lead, antimony, and other metal products; after expansion, mining and beneficiation capacity will increase from 1.65 million mt/year to 2.97 million mt/year, with core metal production growing significantly, further solidifying the company's long-term profitability and competitive advantages. Domestic acquisitions plus dual-track overseas expansion, with the resource portfolio steadily expanding. Silver and tin prices stay high, and the company's long-term capacity growth is expected, maintaining a "Buy" investment rating. Risk warnings: 1) downstream demand falling short of expectations; 2) metal price downside risk; 3) the company's expanded capacity release falling short of expectations; 4) the company's acquisition progress falling short of expectations.
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