From Industrial Operations to an Investment Perspective: SZSE Fund Department and E Fund Visit Zangge Mining

       Interactive Exchange: Maintaining Regular Dividend Distributions and Sharing Development with Shareholders

       During the interactive discussion session, investors held in-depth exchanges with the Company’s management on topics including dividend policy, production capacity planning, and industry prospects.

       The Company’s management stated that, for the 2026 interim dividend, the Company plans to distribute a cash dividend of RMB 10 for every 10 shares held, inclusive of tax. The total cash dividend is expected to amount to approximately RMB 1.564 billion, representing around 43% of net profit attributable to shareholders of the listed company for the period. From 2023 through the first half of 2026, the Company distributed cumulative cash dividends of RMB 8.403 billion, with an average dividend payout ratio of 62.3% during the period, ranking among the highest in the industry. During the reporting period, the Company also repurchased a total of 5.0256 million shares for approximately RMB 400 million.

       For investors, how a company translates its operating results into shareholder returns is an important dimension in assessing the long-term value of a listed company. The in-depth discussion on dividends, share repurchases, and related topics also enabled investors to gain a better understanding of the Company’s approach to balancing business development with shareholder returns.

       Looking ahead to the next stage of development, the Company’s management stated that Zangge Mining will continue to follow the overall approach of “improving quality, increasing output, controlling costs, and enhancing efficiency,” while developing a business structure featuring a strong domestic core and coordinated overseas expansion. The Company will continue to advance its potash, lithium, and copper businesses, further strengthening the foundation for long-term operations and sustainable shareholder returns.

       Professional Insights: Extending the Investment Perspective from Corporate Fundamentals to Market Styles

       While focusing on Zangge Mining’s operating fundamentals, project progress, and shareholder returns, the event also extended the discussion to broader market trends.

       During the discussion, Yang Zhengwang, Index Fund Manager at E Fund, shared his observations on the sources of returns from equity assets and prevailing market styles in light of the current market environment. He noted that the divergence between growth and value styles remains relatively pronounced, with each driven by different sources of return and market conditions. Growth investing places greater emphasis on industry trends and corporate earnings growth, while value investing is more closely associated with characteristics such as lower valuations, stronger cash flows, and shareholder returns.

       Yang highlighted two style-based investment tools: the CNI Value 100 Index and the CNI Growth 100 Index. He explained that the two indices have distinct characteristics in terms of return drivers and sector exposure. Rebalancing between value and growth styles can provide diversification benefits, reduce reliance on timing a single investment style, and help investors capture market opportunities from multiple dimensions, including earnings growth, valuation recovery, and dividend returns.

       Beginning with a company’s frontline operations and business fundamentals and then extending the perspective to the broader market environment, the event further demonstrated the broader value of investor education: helping investors not only gain closer insights into listed companies, but also develop a more diversified framework for understanding and assessing the market.

       This research visit was an important part of the “Investors Visit Listed Constituent Companies” series organized by the Fund Department of the Shenzhen Stock Exchange. As an important constituent company listed on the Shenzhen Stock Exchange, Zangge Mining has maintained a long-term presence across resource sectors including potash, lithium, and copper. Through a combination of exhibition hall visits, on-site tours of production facilities, and discussion sessions, investors gained a deeper understanding of the Company’s actual production and operating conditions as well as its strategic development plans, effectively promoting constructive interaction between the capital market and the real economy.