告别充实的一年，我们即将迎来全新的开端。值此辞旧迎新的美好时刻，我谨代表贝博艾弗森体育平台，向过去一年里辛勤耕耘、拼搏奉献的海内外兴业同仁，向默默支持我们的员工家属，向与我们携手同行的合作伙伴、投资者，以及长期以来关心支持贝博艾弗森体育平台发展的各级领导、社会各界朋友，致以最诚挚的感谢和最美好的新年祝福！

As we bid farewell to a fulfilling year and embrace a brand-new beginning, I would like to extend, on behalf of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd., our most heartfelt gratitude and best New Year wishes to all Xingye colleagues at home and abroad for their hard work and dedication over the past year, to our employees’ families for their steadfast support, to our partners and investors for walking alongside us, and to leaders at all levels and friends from all sectors of society who have long cared for and supported the development of Xingye Silver&Tin.

2025年是贝博艾弗森体育平台“二三”规划攻坚突破的关键之年，这一年，全球经济在贸易保护主义升温、不确定性增加等因素影响下，增速呈现温和放缓的态势；而中国经济的韧性增长与产业升级政策，则为矿业提供了稳定的需求增长与转型动力。在此背景下，贝博艾弗森体育平台全体员工并肩作战、锐意进取，在复杂环境中稳扎稳打，在挑战面前勇于突破，盈利创造历史新高，再次交出了一份稳健发展的圆满答卷。

2025 was a critical year for breakthroughs in the implementation of Xingye Silver&Tin’s Second Three-Year Plan. During this year, global economic growth moderated amid rising trade protectionism and increased uncertainties. Meanwhile, the resilient growth of the Chinese economy and its industrial upgrading policies provided stable demand growth and transformation momentum for the mining sector. Against this backdrop, all employees of Xingye Silver&Tin worked side by side, forged ahead with determination, made steady progress in complex environments, and bravely broke through challenges. Our profit reached a historic high, delivering a comprehensive report of robust development once again.

这一年，我们以战略性并购整合关键资源，成功收购了宇邦矿业85%股权及大西洋锡业100%股权，显著提升了公司在银、锡等核心金属领域的资源储备；同时，启动收购威领股份控制权，拟实现产业整合，进一步优化国内资源与产业协同。

Over the past year, we achieved strategic mergers and acquisitions to consolidate key resources, successfully acquiring an 85% equity stake in Yubang Mining and a 100% equity stake in Atlantic Tin Limited, which significantly enhanced the Company’s resource reserves in core metals such as silver and tin. Meanwhile, we initiated the acquisition of controlling rights in Willing New Energy Co., Ltd., aiming to advance industry integration and further optimize the synergy between domestic resources and industrial operations.

这一年，我们将地质勘探置于战略核心，通过持续投入与科学运作，探矿增储成果斐然：宇邦矿业银矿石量增加超过1.8亿吨，银金属量增加超过6000吨；融冠矿业和锡林矿业探矿增储工作取得阶段性成果；银漫矿业深部斑岩型矿床的探索获得重要进展；云南、西藏区块勘探工作稳步推进。这为公司今后的可持续发展奠定了更加坚实的资源基础。

Over the past year, we positioned geological prospecting at the core of our strategy. Through sustained investment and scientific operations, we achieved remarkable results in exploration and reserve expansion: Yubang Mining increased its silver ore reserves by over 180 million tons and silver metal content by over 6,000 tons; Rongguan Mining and Xilin Mining made phased progress in exploration and reserve expansion; Yinman Mining achieved significant advances in exploring deep-seated porphyry deposits; and exploration work in Yunnan and Xizang progressed steadily. These accomplishments have laid a more solid resource foundation for the Company’s future sustainable development.

这一年，我们坚定不移推进“立足内蒙，专注资源主业；面向全球，布局产业延伸”战略，除收购大西洋锡业摩洛哥锡矿外，成功完成远东黄金印尼与澳大利亚金矿资产投资，海外矿业市场实现重要突破。同时，公司正式纳入 MSCI 中国指数，于国际资本市场获得重要认可，双重进展为国际化战略再添新翼。

Over the past year, we resolutely advanced our strategy of “Rooted in Inner Mongolia, focus on core resources business; Global in vision, pursue industrial extension and expansion.” In addition to acquiring the Moroccan tin mine of Atlantic Tin, we successfully completed investments in Far East Gold’s Indonesian and Australian gold mine assets, marking a major breakthrough in overseas mining markets. Moreover, the Company’s inclusion in the MSCI China Index represents significant recognition in the international capital market. These dual developments have added fresh momentum to our internationalization strategy.

这一年，我们深化科技创新，多座矿山在数字化、智能化、低碳化转型道路上取得实质性突破。银漫矿业复杂银锡多金属矿高效综合利用关键技术及应用荣获自治区科学技术进步奖，大结构充填体下破碎矿体无矿柱安全低贫损开采技术及应用荣获中国黄金协会科学技术奖；融冠矿业荣获自治区“创新型中小企业”“专精特新中小企业”荣誉称号……

Over the past year, we deepened technological innovation, achieving substantive breakthroughs in the digital, intelligent, and low-carbon transformation of multiple mines. The key technology and its application for the efficient and comprehensive utilization of complex silver-tin polymetallic ore from Yinman Mining was awarded the Autonomous Region Science and Technology Progress Award. The technology and its application for safe, low-dilution, and pillar-less mining of fragmented ore bodies under large-scale backfill structures was awarded the China Gold Association Science and Technology Award. Rongguan Mining was honored with the titles of “Innovative Small and Medium-sized Enterprises” and “Specialized and Small and Medium-sized Enterprises” by the Autonomous Region…

这一年，我们以内生增长为核心驱动，银漫矿业成功通过297万吨/年改扩建工程立项，荣邦矿业三期改建工程正式开工，为持续增产增效注入动能；这一年，我们尤为注重ESG管理，先后荣获第三届易董ESG价值评级“2025年度上市公司ESG价值传递奖”及第十九届华夏机构投资者年会“ESG实践典型案例”荣誉；这一年，我们坚持兴业特色管理理念，持续推进精细化管理与降本增效；这一年，我们积极履行社会责任，推动地企和谐共生，品牌美誉度持续提升。每一个项目的推进、每一项技术的革新、每一份成绩的取得，都凝聚着全体兴业人的智慧、汗水与担当，都彰显了贝博艾弗森体育平台自强不息、躬耕不辍的企业精神。

Over the past year, we focused on endogenous growth as the core driver. Yinman Mining successfully obtained approval for its 2.97-million-ton annual expansion and upgrade project, while the third-phase renovation project at Rongbang Mining officially commenced, injecting momentum for sustained production and efficiency gains. Over the past year, we placed particular emphasis on ESG Management, earning the “2025 Listed Company ESG Value Communication Award” at the 3rd YiDong ESG Value Rating and the “ESG Practice Exemplary Case” honor at the 19th China Institutional Investors Annual Conference. Over the past year, we adhered to Xingye’s distinctive management philosophy, continuously advancing refined management as well as cost reduction and efficiency improvement. Over the past year, we actively fulfilled our social responsibilities, promoting harmonious coexistence between the enterprise and local communities, which further enhanced our brand reputation. Every project advanced, every technological innovation achieved, and every achievement realized embodies the wisdom, dedication, and responsibility of all Xingye people, showcasing the relentless and diligent spirit of Xingye Silver&Tin.

2026年，对贝博艾弗森体育平台而言，意义非凡。我们将迎来兴业成立三十五周年。从1991年创业维艰的蹒跚起步，到历经市场洗礼、危机考验后的凤凰涅槃；从立足区域的深耕细作，到放眼全球的国际视野；从传统矿业模式的探索，到如今迈向安全、绿色、智能、高效、可持续的高质量发展新阶段——兴业走过的三十五年，是一部浸透着奋斗汗水的创业史诗，是一曲激荡着改革创新的时代乐章。

The year 2026 holds extraordinary significance for Xingye Silver&Tin, as we will celebrate the Company’s 35th anniversary. From the challenging beginnings in 1991, through market trials and crises that forged resilience and renewal, to evolving from a regionally focused enterprise into one with a global outlook—and from exploring traditional mining models to now advancing toward a new stage of high-quality development characterized by safety, green practices, intelligence, efficiency, and sustainability—Xingye’s 35-year journey is an epic of entrepreneurship forged through hard work and a vibrant chapter of reform and innovation in tune with the times.

三十五年来，我们始终专注主业，心无旁骛。我们在有色行业的脉络里探寻价值，在大地深处开拓未来。我们经历过挫折，但从未放弃攀登；我们拥抱过辉煌，但从未停止前行。正是这份对矿业初心的坚守，对实业报国的担当，支撑着我们穿越坎坷，成长为今天产业链逐步完整、技术实力不断增强、具备一定行业影响力的国际矿企。兴业的成长历程，是中国矿业波澜壮阔发展史的一个缩影；兴业的发展面貌，也是一代民营企业在改革开放中奋力前行的生动写照。

For thirty-five years, we have remained dedicated to our core business with unwavering focus. We have sought value within the veins of the non-ferrous metals industry and carved out a future from the depths of the earth. We have faced setbacks but never ceased striving; we have celebrated achievements but never stopped moving forward. It is this steadfast commitment to our mining origins and our sense of responsibility to serve the nation through industry that has carried us through challenges and enabled us to grow into an international mining enterprise with an increasingly integrated industrial chain, strengthened technical capabilities, and growing influence in the sector. Xingye’s growth story is a reflection of the remarkable development of China’s mining industry, and its evolution vividly illustrates the determined progress of a generation of private enterprises within the context of reform and opening-up.

饮水思源，感恩奋进。我们深切懂得，贝博艾弗森体育平台的每一个进步，都得益于国家的繁荣富强和改革开放的伟大时代；离不开各级党委、政府的指导与扶持；离不开于广大股东、投资者的信任与托付；离不开所有合作伙伴的鼎力相助；更归功于一代代兴业人的薪火相传、接续奋斗。这份深厚的情谊与支持，是我们最宝贵的财富，也是我们迈向未来最坚实的底气。

With gratitude we reflect on our origins, and with resolve we strive ahead. We are deeply aware that every step of progress made by Xingye Silver&Tin has been possible because of the nation’s prosperity and strength and the great era of reform and opening-up. It would not have been achievable without the guidance and support of Party committees and governments at all levels, the trust and commitment of our shareholders and investors, the strong partnership and assistance of all our collaborators, and above all, the dedication and perseverance passed down through generations of Xingye people. This profound goodwill and support are our most valuable assets and the firmest foundation upon which we advance into the future.

三十五周年，是兴业发展史上的一个重要里程碑，更是迈向新征程的起跑线。站在新的历史节点，展望2026年，我们将筑牢安全环保红线，夯实可持续发展根基；深化战略引领，优化全球资源布局；强化创新驱动，激发内生增长潜能；提升运营效能，追求卓越价值创造，聚焦质量效益双提升，实现更稳健的经济回报与高质量发展；加强人才梯队建设，持续培育与引进高素质专业人才，激发组织活力与创造力；弘扬兴业“双质”文化，凝聚共同奋斗力量。

The 35th anniversary marks a significant milestone in Xingye’s history and, more importantly, a starting line for a new journey. Standing at this new historical juncture and looking ahead to 2026, we will uphold stringent safety and environmental standards to solidify the foundation for sustainable development; deepen strategic guidance to optimize our global resource footprint; strengthen innovation-driven growth to unlock endogenous potential; enhance operational efficiency, pursuit excellence in value creation, focus on elevating both quality and performance to deliver more robust economic returns and high-quality development; build a strong talent pipeline by continuously cultivating and attracting high-caliber professionals, energizing organizational vitality and creativity; and promote Xingye’s “Being Simple & Focusing on Quality” culture (Be a simple person and do things with quality) to unite our collective strength in common endeavor.

前路浩荡，万事可期。我们坚信，凭借三十五年的深厚积淀，依托全体兴业人的同心同德，汇聚社会各界的磅礴之力，贝博艾弗森体育平台必将在新时代的浪潮中，驭势而行，砥砺拼搏，续写更加辉煌灿烂的未来！让我们以三十五周年为新起点，怀揣赤子之心，永葆创业激情，共同开创贝博艾弗森体育平台更加美好、更加壮阔的明天！

The path ahead is vast and promising. We firmly believe that, drawing on the solid foundation built over thirty-five years, the unity and commitment of all Xingye people, and the tremendous support from across society, Xingye Silver&Tin will ride the waves of the new era, advance with unwavering determination, and continue to write an even more brilliant future. Let us take this 35th anniversary as a new starting point, move forward with utter innocence, sustain our entrepreneurial spirit, and work together to create a brighter and more expansive tomorrow for Xingye Silver&Tin!

最后，衷心祝愿我们伟大的祖国国泰民安、繁荣昌盛！祝愿贝博艾弗森体育平台的事业蒸蒸日上、基业长青！祝愿全体兴业人及家属，祝愿所有关心支持贝博艾弗森体育平台的朋友们，在新的一年身体健康、工作顺利、阖家幸福、万事如意！

Finally, may our country enjoy prosperity and our people live in harmony! May the Xingye Silver&Tin thrive and build to last! May all Xingye employees and their families, as well as every friend who has cared for and supported Xingye Silver&Tin, enjoy good health, success in work, family well-being, and fulfillment in all endeavors in the coming year!

                      董事长：吉兴业

                       2025年12月31日

Chairman: Ji Xingye

December 31, 2025