Financial Performance - The company's operating revenue for the current period is CNY 111.61 billion, a decrease of 8.90% compared to CNY 122.52 billion in the same period last year[5]. - Net profit attributable to shareholders increased by 13.85% to CNY 1.95 billion from CNY 1.71 billion year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 37.08% to CNY 2.48 billion from CNY 1.81 billion in the previous year[5]. - Basic earnings per share increased to CNY 0.57, up 14.00% from CNY 0.50 in the previous year[5]. - Total operating revenue for Q1 2025 was CNY 111.61 billion, a decrease of 8.5% compared to CNY 122.52 billion in Q1 2024[23]. - Net profit for Q1 2025 reached CNY 2.03 billion, an increase of 12.8% from CNY 1.80 billion in Q1 2024[25]. - Total equity attributable to shareholders rose to CNY 80.00 billion in 2025, up from CNY 77.95 billion in 2024, reflecting a growth of 2.7%[21]. - Total comprehensive income for Q1 2025 was RMB 2,029,985,154, compared to RMB 4,671,296,932 in Q1 2024, reflecting a significant decrease[26]. Cash Flow - Cash flow from operating activities showed a significant improvement, with a net amount of CNY 558.15 million compared to a negative CNY 6.07 billion in the same period last year, marking a 109.20% increase[10]. - Cash inflow from operating activities in Q1 2025 was RMB 126,522,924,593, down from RMB 146,952,976,149 in Q1 2024, showing a decline of approximately 13.9%[29]. - Cash outflow from operating activities in Q1 2025 totaled RMB 125,964,778,001, compared to RMB 153,021,530,563 in Q1 2024, representing a decrease of about 17.6%[30]. - Net cash flow generated from operating activities for Q1 2025 was RMB 558,146,592, a significant recovery from a negative cash flow of RMB -6,068,554,414 in Q1 2024[30]. - Cash inflow from investment activities in Q1 2025 was RMB 7,304,041,751, compared to RMB 5,972,266,318 in Q1 2024, indicating an increase of approximately 22.3%[30]. - Cash outflow from investment activities totaled $11.58 billion in Q1 2025, compared to $8.74 billion in Q1 2024, representing a 32.5% increase[31]. - The net cash flow from financing activities was $3.63 billion in Q1 2025, compared to $3.06 billion in Q1 2024, showing an 18.6% increase[31]. - The ending balance of cash and cash equivalents was $15.39 billion in Q1 2025, up from $13.76 billion in Q1 2024, representing a 11.8% increase[32]. Assets and Liabilities - Total assets attributable to shareholders increased by 9.84% to CNY 212.14 billion from CNY 193.13 billion year-on-year[5]. - The total liabilities of the company as of March 31, 2025, were CNY 109.88 billion, up from CNY 86.21 billion at the end of 2024, reflecting an increase of approximately 27.5%[19]. - The company's current assets amounted to CNY 137.32 billion as of March 31, 2025, compared to CNY 115.00 billion at the end of 2024, indicating a rise of about 18.6%[17]. - Short-term borrowings increased significantly to CNY 60.89 billion as of March 31, 2025, up from CNY 44.83 billion at the end of 2024, representing a growth of approximately 35.8%[19]. - The company's accounts receivable rose to CNY 7.16 billion as of March 31, 2025, compared to CNY 6.36 billion at the end of 2024, indicating an increase of about 12.6%[17]. - The total non-current liabilities decreased to CNY 12.30 billion in 2025 from CNY 19.12 billion in 2024, a decrease of 35.8%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 123,970[11]. - The largest shareholder, Jiangxi Copper Group Co., Ltd., holds 44.79% of the shares, totaling 1,550,799,110 shares[11]. - Minority interests increased slightly to CNY 9.96 billion in 2025 from CNY 9.86 billion in 2024, a growth of 1.1%[21]. Research and Development - Research and development expenses for Q1 2025 were CNY 341.13 million, an increase of 25.4% compared to CNY 272.21 million in Q1 2024[23]. Future Plans - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[26]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[34].

智通财经APP获悉，截止4月17日，未平仓空单比位列前三位为药明康德（02359）、赣锋锂业 （01772）、万科企业（02202），空仓比分别为15.63%、14.23%、13.24%。 未平仓空单比（绝对值）较上一次减少最多为再鼎医药（09688）、美的集团（00300）、康龙化成 （03759），分别减少-1.31%、-0.80%、-0.76%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 6168.69 万股 | 6050.95 万股 | 15.63% | | 赣锋锂业(01772) | 5893.42 万股 | 5743.15 万股 | 14.23% | | 万科企业(02202) | 2.59 亿股 | 2.92 亿股 | 13.24% | | 中兴通讯(00763) | 9237.00 万股 | 9472.26 万股 | 12.54% | | BRILLIANCE CHI(01114) | 6.18 亿股 | 6.15 亿股 | 12.18% | | 福莱特玻璃(06 ...

特此公告。 证券代码：600362 证券简称：江西铜业 公告编号：临 2025-016 债券代码：137816 债券简称：22 江铜 01 江西铜业股份有限公司 第十届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 的虚假记载、误导性陈述或者重大遗漏负连带责任。 江西铜业股份有限公司（以下简称公司）第十届董事会第九次会 议，于 2025 年 4 月 28 日召开，公司 8 名董事均参加了会议。会议的 召开符合《中华人民共和国公司法》（以下简称《公司法》）、《江西铜 业股份有限公司章程》（以下简称《公司章程》）等有关法律法规及规 范性文件的规定，会议审议并通过了如下决议： 一、审议通过了《江西铜业股份有限公司 2025 年第一季度报告》 本议案已经公司第十届董事会独立审核委员会（审计委员会）第 四次会议审议，同意提交本次董事会审议。 表决结果：同意 8 票、反对 0 票、弃权 0 票。 详情请见公司于上海证券交易所网站（www.sse.com.cn）及本公 司网站（www.jxcc.com）披露的 2025 年第一季度报告。 江西铜业股份有限公司 董事会 2025 年 4 ...

[Table_Summary] 金：牛市未尽。1）短期金价冲高又回落，主要系市场定价中美贸易摩擦 边际缓和+联储独立性担忧缓解，叠加短线交易偏拥挤，属于正常调整： 本周美方对华关税立场有所软化，先是 4/23 凌晨贝森特提及预计中美贸 易关系缓和将在不久的未来发生，而后 4/23 晚间外媒称特朗普政府正考 虑对中国商品关税降至 50%-65%。此外，4/23 特朗普表示无意解雇美联 储主席鲍威尔，也打消了前期市场对联储独立性的担忧。同时，黄金短 期交易相对拥挤（尤其国内市场，本周沪金隐含波动率升至近 5 年峰值， 沪金单日成交额显著放量），放大了避险情绪边际缓和下的资金流出冲 击。2）黄金牛市并未结束：先看短期问题，黄金会需要一些时间震荡来 消化前期的热钱涌入，以及实现波动率正常化，但上涨逻辑并未损坏， 第一，本周关税缓和更像是美方在资本市场压力下 The Art of Deal 的再 次演绎，中方明确表示中美尚未就关税问题进行任何谈判，且中方显然 已做好准备不会轻易妥协；第二，虽然特朗普言辞反复，但其底层逻辑 仍是要求修正美国在全球利益版图中的位置，因此即便与中方开启谈判， 其核心诉求如削减贸易赤字等较难实 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's operating revenue was CNY 520.93 billion, a decrease of 0.18% compared to CNY 521.89 billion in 2023[10]. - The net profit attributable to shareholders was CNY 6.96 billion, representing a 7.03% increase from CNY 6.51 billion in the previous year[10]. - The net profit after deducting non-recurring gains and losses was CNY 8.29 billion, a significant increase of 54.22% from CNY 5.37 billion in 2023[10]. - The net cash flow from operating activities decreased by 77.06% to CNY 2.51 billion, down from CNY 10.93 billion in the previous year[10]. - The total assets at the end of 2024 were CNY 193.13 billion, an increase of 14.85% compared to CNY 168.15 billion at the end of 2023[10]. - The net assets attributable to shareholders increased by 15.61% to CNY 77.95 billion from CNY 67.42 billion in 2023[10]. - Basic earnings per share for 2024 were CNY 2.01, up 6.91% from CNY 1.88 in 2023[12]. - The weighted average return on equity increased to 9.58%, up from 9.23% in the previous year[12]. - The company reported a net cash flow from operating activities of CNY -6,068,554,414 in Q1 2024, indicating a significant cash outflow[20]. - The company’s consolidated operating revenue for the fiscal year 2024 is RMB 520,928,245,943, a decrease of RMB 964,266,223 or -0.18% compared to the previous year[52]. Production and Sales - Copper production increased by 9.28% to 229.19 thousand tons compared to the previous year (209.73 thousand tons)[26]. - Gold production rose by 4.99% to 118.26 tons year-on-year (previous year: 112.64 tons)[26]. - The revenue from copper cathodes was RMB 268,526,293,106, with a gross margin increase of 1.00 percentage point[61]. - The revenue from gold sales reached RMB 65,896,987,916, reflecting a year-over-year increase of 27.84%[61]. - The production volume of copper reached 229.19 million tons, reflecting a year-over-year increase of 9.28%[65]. - The production of gold was 118.26 tons, with a sales increase of 5.65% compared to the previous year[65]. Investments and Acquisitions - The company acquired a 49% stake in Jiangxi Depu Mining Equipment Co., gaining control over its operational decisions[70]. - Jiangxi Copper Group invested 12,600 million in Jiangxi Copper Group Silver Mountain Mining Co., holding 100% equity[98]. - Jiangxi Jiang Copper Huadong Copper Foil Co., with an investment of 98,965.10 million, holds 49% equity and focuses on the production and sales of electrolytic copper foil products[95]. - The acquisition of Jiangxi DePu Mining Equipment Co., Ltd. resulted in identifiable net assets with a fair value of RMB 76,886 thousand[175]. - The company acquired Jiangxi Chuanhe New Materials Co., Ltd. for a cash consideration of RMB 200 million, resulting in a 77.16% ownership stake[178]. Financial Management and Costs - Operating costs decreased by 1.07% to RMB 502,484,215,994, primarily due to changes in raw material prices and sales volume[54][55]. - Research and development expenses increased by 9.63% to RMB 1,118,434,386, indicating a focus on innovation[54][55]. - The company reported a significant increase in financing cash flow by 196.61% to RMB 5,732,637,522, driven by increased borrowing[54][55]. - The company’s financial costs increased to RMB 2,517,793, up from RMB 2,323,801, reflecting a rise of 8.4%[162]. - The company’s interest-bearing bank borrowings rose to RMB 47,776,953 thousand in 2024 from RMB 37,453,136 thousand in 2023, an increase of approximately 27.8%[168]. Risk Management and Compliance - The company emphasizes the importance of risk management and internal controls to mitigate potential risks associated with safety, currency fluctuations, and product price volatility[106]. - The company is exposed to foreign exchange risk due to its reliance on USD for international transactions, which could negatively impact profitability if not effectively managed[108]. - The company has maintained compliance with the corporate governance code and has not arranged insurance for directors facing legal litigation due to perceived low additional risk[116]. - The company received a corrective decision from the Shandong Securities Regulatory Bureau in April 2024, addressing compliance issues and has submitted a written report on corrective measures[125]. Dividend and Shareholder Information - The company plans to distribute a final dividend of RMB 7 per 10 shares for the fiscal year 2024, totaling approximately RMB 2,416,601,345.90, which accounts for 34.71% of the net profit attributable to shareholders[130]. - The proposed final dividend for 2024 is RMB 0.70 per share, up from RMB 0.60 per share in 2023, reflecting an increase of 16.7%[196]. - The total proposed final dividend amounts to RMB 2,416,601,000 for 2024, compared to RMB 2,077,424,000 in 2023, marking a year-over-year increase of approximately 16.3%[196]. - The company has 3,452,287,637 shares outstanding after excluding treasury shares, compared to 3,462,729,405 shares in 2023[196]. Future Outlook and Strategy - The company aims to enhance its core competitiveness and achieve high-quality development through innovation and talent-driven strategies[103]. - The company plans to produce 200,000 tons of copper concentrate, 2.37 million tons of cathode copper, 139 tons of gold, 1,243 tons of silver, 6.53 million tons of sulfuric acid, and 2.01 million tons of copper processing materials in 2025[104]. - The annual investment plan for 2025 is set at RMB 12.814 billion, which includes fixed asset and equity investments[104]. - The company is committed to green development, promoting low-carbon development in the industrial chain, and utilizing financial incentives for equipment upgrades and technology transformation[105].

观点聚焦 理由 我们认为，阿根廷经济改革有望带来营商环境的全面改善，提升当地盐湖的经济效益和开发效率。 一、阿根廷：南美第二大经济体与重要的新兴市场 1.1 宏观经济：走进南美洲第二大经济体 阿根廷位于南美洲南部，是仅次于巴西的南美第二大经济体。 根据中国商务部，阿根廷国土面积为278 万平方公里，东临大西洋，西部以安第斯山脉与智利为界，北部和东部与玻利维亚、巴拉圭、巴西、乌 拉圭接壤。根据阿根廷国家统计和人口普查局2024年7月的结果，阿根廷全国人口为4706万人，其中白 人和印欧混血人种占95%，布宜诺斯艾利斯市人口约289万人，是全国人口最集中的城市。根据世界银 行和阿根廷国家统计局，按当年汇率计算，2023年阿根廷GDP总量为6226亿美元，是南美洲第二大经济 体，2023年阿根廷人均GDP为1.32万美元，在世界银行的经济体收入水平分组中属于中上收入水平。 图表1：阿根廷在南美洲的地理位置 我们于2024年12月初前往阿根廷，进行了为期一周的产业深度调研，对赣锋锂业、紫金矿业在阿根廷的 盐湖项目进行实地考察，主要观点如下： 核心矛盾：经济改革是阿根廷矿业发展的核心变量。 阿根廷总统米莱的经济改革对矿 ...

Financial Performance - Operating revenue for the third quarter was RMB 123.27 billion, a decrease of 6.63% compared to the same period last year[3] - Net profit attributable to shareholders was RMB 1.37 billion, down 13.64% year-on-year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 981.36 million, a decrease of 31.67% compared to the previous year[3] - Basic earnings per share for the quarter was RMB 0.40, a decrease of 13.89% compared to the same period last year[3] - Operating revenue for the first three quarters of 2024 was CNY 396.37 billion, slightly down from CNY 399.56 billion in the same period of 2023, a decrease of 0.5%[19] - Net profit for the first three quarters of 2024 was CNY 6.98 billion, compared to CNY 6.52 billion in 2023, an increase of 7.1%[20] - The net profit attributable to shareholders of the parent company was CNY 4,984,199,890, compared to CNY 4,942,949,691 in 2023, indicating a growth of about 0.8%[21] - Total comprehensive income for the first three quarters of 2024 was CNY 11,104,203,774, up from CNY 9,046,233,059 in 2023, reflecting an increase of approximately 23%[22] Cash Flow - Cash flow from operating activities for the year-to-date was RMB 495.43 million, down 93.98% year-on-year[3] - Cash inflow from operating activities was CNY 465,360,771,471, a decrease from CNY 471,599,689,204 in the previous year, showing a decline of about 1%[24] - Cash outflow from investing activities totaled CNY 27,204,322,345, compared to CNY 25,665,372,082 in 2023, representing an increase of approximately 6%[26] - Cash inflow from financing activities was CNY 103,153,731,704, an increase from CNY 88,122,648,974 in the previous year, indicating a growth of about 17%[26] - The company reported a net cash flow from operating activities of CNY 495,429,337, a significant decrease from CNY 8,228,819,673 in the previous year[25] - Cash received from investment recoveries was CNY 13,200,101,447, compared to CNY 8,754,131,437 in 2023, reflecting an increase of approximately 50%[25] - The company’s cash flow from financing activities netted CNY 11,465,145,183, down from CNY 17,167,305,233 in the previous year, indicating a decline of about 33%[26] - Cash and cash equivalents decreased by 1,614,681,398 in the first three quarters of 2024 compared to an increase of 9,211,056,368 in the same period of 2023[27] - The ending balance of cash and cash equivalents for the first three quarters of 2024 is 17,870,095,815, down from 23,938,932,451 in the same period of 2023[27] - The beginning balance of cash and cash equivalents was 19,484,777,213 in the first three quarters of 2024, compared to 14,727,876,083 in the same period of 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were RMB 202.91 billion, an increase of 20.67% compared to the end of the previous year[3] - Net assets attributable to shareholders at the end of the reporting period were RMB 75.90 billion, up 12.57% year-on-year[3] - Total assets increased to CNY 202.91 billion as of September 30, 2024, up from CNY 168.15 billion at the end of 2023, representing a growth of 20.7%[18] - Non-current assets totaled CNY 72.77 billion, an increase from CNY 66.14 billion, reflecting a growth of 10.0%[18] - Total liabilities increased to CNY 117.06 billion from CNY 91.40 billion, a rise of 28.1%[17] - Current liabilities totaled CNY 96.25 billion, up from CNY 70.30 billion, reflecting a growth of 37.0%[16] - Long-term borrowings increased to CNY 16.05 billion from CNY 13.59 billion, a growth of 18.1%[17] Shareholder Information - The largest shareholder, Jiangxi Copper Group, holds 1.51 billion shares, representing 43.72% of the total shares outstanding[11] - The second-largest shareholder, Hong Kong Central Clearing, holds 1.07 billion shares, accounting for approximately 31.01% of the total shares[12] - The company has no reported pledges or restrictions on shares held by major shareholders, indicating a stable ownership structure[12] Government Support and Strategic Initiatives - The company reported a significant increase in government subsidies, amounting to RMB 116.48 million for the quarter[4] - The company has implemented strict hedging strategies to mitigate risks associated with commodity price fluctuations[4] - The company is actively monitoring market conditions for potential expansion and strategic acquisitions in the future[12] Research and Development - Research and development expenses rose to CNY 900.98 million, up from CNY 649.95 million, an increase of 38.5%[19] Non-Recurring Items - Non-recurring gains and losses for the quarter totaled RMB 386.14 million, significantly impacted by changes in non-operating income[4] - Other comprehensive income improved to CNY 5.60 billion from a loss of CNY 51.22 million, indicating a significant recovery[18]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2024, representing a 15% year-over-year growth[2]. - The company's operating revenue for the first half of 2024 reached RMB 272,193,803,000, representing a 2.04% increase compared to RMB 266,749,635,000 in the same period of 2023[28]. - Profit before tax increased by 13.90% to RMB 5,097,198,000 from RMB 4,475,186,000 year-on-year[28]. - Net profit attributable to shareholders rose by 7.01% to RMB 3,715,621,000 compared to RMB 3,472,301,000 in the previous year[28]. - The total assets of the company increased by 34.62% to RMB 226,358,513,000 from RMB 168,150,906,000 at the end of the previous year[28]. - Total liabilities increased by 55.54% to RMB 142,170,636,000 from RMB 91,402,241,000 at the end of the previous year[28]. - The net assets attributable to shareholders increased by 10.12% to RMB 74,244,543,000 from RMB 67,422,048,000 at the end of the previous year[28]. - Basic earnings per share increased to RMB 1.07, up 7.00% from RMB 1.00 in the previous year[28]. - The net cash flow from operating activities showed a significant decline, with a net outflow of RMB 4,799,711,000 compared to a net inflow of RMB 6,464,968,000 in the same period last year, a decrease of 174.24%[29]. - The company reported a significant increase of 84.62% in net profit attributable to shareholders after deducting non-recurring gains and losses, reaching RMB 4,992,604,000 compared to RMB 2,704,242,000 in the previous year[29]. Production and Operations - User data indicates a rise in production output, with copper production reaching 300,000 tons, up 10% compared to the same period last year[2]. - Copper production reached 1.175 million tons, up 18.89% year-on-year, while gold production increased by 31.02% to 72.06 tons[60]. - The company operates five smelting plants, with the Guixi Smelting Plant being the largest and most technologically advanced in China[39]. - The main products include cathode copper, gold, silver, sulfuric acid, copper rods, copper tubes, and copper foils, totaling over 50 varieties[39]. - The procurement of copper concentrate is conducted both domestically and internationally, with pricing based on LME copper prices and LBMA gold and silver prices[43]. - The sales of cathode copper are primarily directed towards copper processing enterprises, with major markets in East and South China, and some exports to South Korea, Japan, and Southeast Asia[44]. Strategic Initiatives - The company has set a future outlook with a projected revenue growth of 20% for the second half of 2024, driven by increased demand in the market[2]. - New product development includes the introduction of a high-purity copper product line, expected to contribute an additional 200 million CNY in revenue by the end of 2024[2]. - The company is expanding its market presence by entering Southeast Asian markets, targeting a 5% market share within the next two years[2]. - A strategic acquisition of a local mining company is in progress, which is anticipated to increase copper reserves by 15%[2]. - The company aims to achieve trial production of the Kazakhstan tungsten mine project in Q3 2024 and expedite the construction of the Wushan copper mine expansion[61]. - The company has established a South America office and is strengthening its presence in Africa to enhance international strategic layout[62]. Financial Management and Investments - The company has invested 50 million CNY in new technology for refining processes, aiming to improve efficiency by 25%[2]. - The company has invested RMB 800 million in Jiangxi Xianjian Copper Functional Materials Technology Co., which focuses on new materials technology and environmental consulting services[82]. - The company has a 70% stake in Jiangxi Copper East Electric New Materials Technology Co., with an investment amount of RMB 6.58 billion[82]. - The company has engaged in a significant acquisition, purchasing 100% of PIM Cupric Holdings Limited for USD 1.1159 billion, enhancing its resource portfolio[83]. - The company has reported a total related party transaction amount of approximately 2.28 billion RMB for loans, with interest rates not lower than those offered by domestic financial institutions[137]. Risk Management - The board has emphasized the importance of risk management in future projections, particularly regarding commodity price fluctuations[2]. - The company faces risks from price fluctuations of copper, gold, and silver, which are influenced by global economic conditions and market speculation[91]. - The company has implemented measures to mitigate risks from product price volatility, including hedging strategies and improving operational efficiency[91]. - The company emphasizes strict risk management protocols for hedging activities, prohibiting speculative trading to ensure long-term stability[85]. Environmental Responsibility - The company is classified as a key pollutant discharge unit, with specific environmental compliance standards to meet[101]. - The company has implemented measures to ensure compliance with environmental regulations, including monitoring and reporting of pollutant levels[103]. - The company has achieved significant improvements in its environmental protection management systems, including the implementation of low-emission technologies in smelting processes[118]. - The company has established emergency response plans for sudden environmental pollution incidents, enhancing its ability to prevent and mitigate environmental hazards[113]. - The company has committed to increasing its environmental protection investments and adapting to new safety and environmental requirements[111]. Corporate Governance - The company held its first extraordinary general meeting of shareholders on January 4, 2024, where three proposals were approved without any objections[96]. - The company plans to hold its annual general meeting on June 6, 2024, with 11 proposals to be discussed[96]. - The company experienced a change in its board of directors, with Zheng Gaoqing elected as chairman and Zhou Shaobing as vice chairman on June 7, 2024[99]. - Yu Minxin was appointed as the financial director on June 7, 2024, following the resignation of Yu Tong due to job changes[99]. - The company has confirmed compliance with the corporate governance code during the reporting period, with no significant additional risks identified[154]. Employee and Workforce - The total number of employees in the company is 25,733, with production personnel accounting for 68.25% (17,564 employees)[178]. - The total employee compensation during the reporting period amounted to RMB 1,369,718,079.90[181]. - The company has established a comprehensive training plan to enhance employee skills and support strategic goals[182]. - The employee age distribution shows that 31.93% are aged 35 and below, while 15.11% are aged 56 and above[180]. - The company has a diverse educational background among employees, with 35.47% holding a high school diploma or below[179].

Financial Performance - For the six months ended June 30, 2024, the company reported operating income of RMB 272,193,803,000, an increase of 2.04% compared to RMB 266,749,635,000 for the same period in 2023[5]. - The pre-tax profit for the same period was RMB 5,097,198,000, reflecting a growth of 13.90% from RMB 4,475,186,000 in the previous year[5]. - Net profit attributable to shareholders for the first half of 2024 was RMB 3,715,621,000, up 7.01% from RMB 3,472,301,000 in the prior year[5]. - In the first half of 2024, the company achieved operating revenue of RMB 273.09 billion, a year-on-year increase of 2.08% compared to RMB 267.53 billion in the same period last year[34]. - Net profit attributable to shareholders was RMB 3.62 billion, reflecting a year-on-year growth of 7.66% from RMB 3.36 billion[34]. - Gross profit for the same period was RMB 9,789,031 thousand, compared to RMB 5,888,612 thousand in 2023, indicating a significant increase of approximately 66%[87]. - Net profit for the period was RMB 4,127,091 thousand, up from RMB 3,728,280 thousand in 2023, reflecting an increase of about 11%[88]. Assets and Liabilities - The company's total assets as of June 30, 2024, reached RMB 226,358,513,000, representing a significant increase of 34.62% from RMB 168,150,906,000 at the end of the previous year[5]. - Total liabilities increased by 55.54% to RMB 142,170,636,000 from RMB 91,402,241,000 year-over-year[5]. - The net assets attributable to shareholders rose to RMB 74,244,543,000, a 10.12% increase from RMB 67,422,048,000 at the end of the previous year[5]. - The company's total equity reached RMB 84,187,877 thousand as of June 30, 2024, compared to RMB 76,748,665 thousand at the end of 2023, showing a growth of approximately 9.5%[94]. - Current liabilities increased to RMB 120,564,039 thousand from RMB 70,296,033 thousand, reflecting an increase of approximately 71%[93]. - Non-current liabilities totaled RMB 21,606,597 thousand as of June 30, 2024, up from RMB 21,106,208 thousand at the end of 2023, indicating an increase of about 2.4%[94]. Cash Flow and Financial Position - The company reported a significant increase in cash flow from operating activities, with a net cash flow of RMB -4,799,711,431, compared to RMB 6,464,968,486 in the previous year, indicating a decline of 174.24%[6]. - The company's cash and cash equivalents at the end of the reporting period amounted to RMB 58,010,581,206, an increase of RMB 2,239,055,000 (or 62.86%) compared to the end of the previous year, primarily due to cash inflows from financing activities[44]. - The company's accounts receivable at the end of the reporting period were RMB 6,210,580,894, an increase of RMB 223,947,000 (or 56.39%) compared to the end of the previous year, primarily due to increased revenue[45]. - The company's short-term borrowings at the end of the reporting period were RMB 73,865,903,931, an increase of RMB 3,780,364,000 (or 104.83%) compared to the end of the previous year, mainly due to new short-term borrowings[45]. - The company's cash interest coverage ratio showed a significant decline of 151.66%, dropping to -3.26 from 6.31 in the previous year[79]. Production and Operations - The company primarily engages in the extraction, smelting, and processing of copper and gold, establishing a complete industrial chain in the copper and related non-ferrous metal sectors[13]. - The company operates five smelting plants, with the Guixi Smelter being the largest and most technologically advanced in China for copper smelting[15]. - The main products include cathode copper, gold, silver, and sulfuric acid, which are essential raw materials for various industries such as electronics, machinery, and chemical production[16]. - The production of cathode copper increased by 18.89% to 1.175 million tons, while gold production rose by 31.02% to 72.06 tons[35]. - The company’s processing rate for copper products was only 61.8% in the first half of 2024, indicating a significant market surplus[27]. Market and Industry Trends - In the first half of 2024, copper prices fluctuated between RMB 68,000 and RMB 88,000 per ton, with a peak near RMB 88,000 due to tight supply expectations and increased demand from AI applications[24]. - The domestic copper cathode production reached 6.672 million tons in the first half of 2024, representing a year-on-year growth of 3.6%[26]. - The import of copper concentrate increased by 2.7% year-on-year from January to May 2024, while scrap copper imports surged by 22.2% during the same period[25]. - The company is the largest copper producer in China, with an annual copper cathode production exceeding 2 million tons[29]. Research and Development - Research and development expenses increased by 47.04% to RMB 563.96 million, indicating a strong focus on innovation[40]. - The group recognized government grants as income amounting to RMB 232,986 for the six months ended June 30, 2024, compared to RMB 159,903 in the same period of 2023[106]. Corporate Governance and Compliance - The company plans to maintain high standards of corporate governance and has adhered to the listing rules throughout the reporting period[81]. - The company appointed Ernst & Young as the auditor for both domestic and international audits for the fiscal year 2024[72]. - The company received a corrective decision from the Shandong Securities Regulatory Bureau regarding compliance issues and submitted a written rectification report in May 2024[74]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 106,727[63]. - Jiang Copper Group holds 1,513,888,110 shares, accounting for approximately 43.72% of the total shares[69]. - The total shares held by the top ten shareholders is significant, with Jiang Copper Group being the largest shareholder[69]. Risks and Challenges - The company faces uncertainties due to geopolitical conflicts and global economic recovery challenges, which may impact its operational resilience[60]. - The company acknowledges that macroeconomic conditions directly influence overall consumer demand, affecting the demand for its products[57].

Dividend and Financial Data - The board has proposed a final dividend of RMB 0.60 per share for the fiscal year 2023[3]. - The company has confirmed that all financial data in the report is derived from audited consolidated financial statements prepared in accordance with Chinese accounting standards[4]. - The board has ensured the authenticity, accuracy, and completeness of the annual report, with no significant omissions or misleading statements[5]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[6]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[6]. Financial Performance - The company's operating revenue for 2023 reached CNY 521.89 billion, an increase of 8.74% compared to CNY 479.94 billion in 2022[27]. - Net profit attributable to shareholders for 2023 was CNY 6.51 billion, reflecting an increase of 8.53% from CNY 5.99 billion in the previous year[27]. - The net cash flow from operating activities for 2023 was CNY 10.93 billion, up by 2.72% from CNY 10.64 billion in 2022[27]. - Total assets at the end of 2023 amounted to CNY 168.15 billion, a slight increase of 0.49% from CNY 167.33 billion in 2022[28]. - The company's net assets attributable to shareholders decreased by 8.29% to CNY 67.42 billion from CNY 73.52 billion in the previous year[28]. - Basic earnings per share for 2023 were CNY 1.88, an increase of 8.53% compared to CNY 1.73 in 2022[33]. - The weighted average return on equity for 2023 was 9.23%, up from 8.36% in 2022[33]. - The company reported a pre-tax profit of CNY 8.63 billion for 2023, representing a 15.12% increase from CNY 7.50 billion in 2022[30]. - Non-controlling interests' income surged by 412.67% to CNY 482.31 million in 2023 from CNY 94.08 million in 2022[30]. - The total liabilities increased by 7.05% to CNY 91.40 billion in 2023 from CNY 85.38 billion in 2022[30]. Production and Operational Highlights - In 2023, the production of cathode copper reached 209.73 thousand tons, a year-on-year increase of 14.02% compared to 183.94 thousand tons in 2022[47]. - Gold production increased by 26.85% year-on-year, totaling 112.64 tons in 2023, up from 88.80 tons in 2022[47]. - The company successfully launched several new projects, including an 18 thousand tons/year cathode copper energy-saving project and a 100 thousand tons/year new energy electromagnetic wire project, which was completed in just 158 days[52]. - The average copper price for 2023 was $8,525 per ton, reflecting a decrease of 3.0% compared to the previous year[64]. - The company achieved a reduction of over 23.5 million kWh in electricity consumption in 2023, contributing to its green development initiatives[58]. Research and Development - The company obtained 209 patents in 2023, including 35 invention patents, showcasing its commitment to innovation[53]. - Research and development expenses increased by 12.97% to RMB 1.02 billion, indicating a focus on innovation[73]. - Research and development expenses totaled RMB 5,442 million, representing 1.04% of operating revenue, with capitalized R&D accounting for 5.25% of total R&D expenses[115]. - The company had 2,708 R&D personnel, accounting for 10.39% of the total workforce[116]. Market and Strategic Initiatives - The company is actively pursuing digital transformation, with 10 national standards for intelligent manufacturing in non-ferrous metals approved[54]. - The company is expanding its market presence through strategic projects in resource recycling and environmental protection, including a 5,000 tons/day mining project that commenced construction in November[52]. - The company plans to produce 200,000 tons of copper concentrate, 2.32 million tons of cathode copper, 128 tons of gold, 1,286 tons of silver, 5.97 million tons of sulfuric acid, and 197,000 tons of copper processing materials in 2024[176]. - Capital expenditure for 2024 is set at RMB 13.51 billion, with the realization of production targets dependent on macroeconomic conditions and market demand[176]. Risk Management - The company faces commodity price risks due to high volatility in copper, gold, and silver prices influenced by global economic factors[157]. - The company acknowledges risks related to safety production, currency fluctuations, and product price volatility, and has established measures to mitigate these risks[182][184][185]. - The company will closely monitor international copper and gold price trends and employ hedging strategies to manage price volatility risks[187]. - The company faces risks from changes in the macroeconomic environment, which directly affect overall consumer demand and product demand, particularly in the copper market[188]. Corporate Governance - The company adheres to corporate governance regulations and continuously improves its governance structure to ensure compliance with relevant laws[192]. - The company maintains independence from its controlling shareholder, Jiangxi Copper Group, ensuring that business operations are conducted on a market-oriented basis[200]. - The company has implemented measures to ensure equal rights for all shareholders, particularly minority shareholders, in decision-making processes[198]. - The company has not faced significant legal risks that would require additional insurance arrangements for its directors[196].