Group 1 - The 10-year U.S. Treasury yield rose by 11.16 basis points to 4.5985%, marking the first time since February 13 that it surpassed the 4.6% threshold [1] - The 20-year Treasury yield increased by 13.21 basis points, reaching a daily high of 5.1247%, approaching the peak of 5.2838% from November 1, 2023 [1] - The 30-year Treasury yield climbed by 12.27 basis points to 5.0923%, nearing the October 23, 2023 peak of 5.1764% and the psychological 6% level [1] Group 2 - Concerns over U.S. fiscal sustainability have led to a significant sell-off in long-term Treasuries, with the 30-year yield surpassing 5%, raising worries about future financing costs [1] - The U.S. stock market experienced a sharp decline, with major indices recording their worst single-day performance in a month, influenced by the pressures from the bond market [1] Group 3 - From a medium to long-term perspective, the decline in U.S. dollar credit and the onset of a Federal Reserve rate cut cycle, along with global central banks increasing gold purchases, suggest that gold prices may continue to trend upward after a short-term adjustment [2] - The easing of tariff policies has improved market risk appetite, putting pressure on the safe-haven attributes of precious metals in the short term [2] - In the context of global trade policy uncertainty and ongoing central bank gold purchases, gold prices are expected to exhibit a pattern of rising more easily than falling [2] Group 4 - Companies related to gold and precious metals include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), WanGuo Gold Group (03939), LaoPu Gold (06181), and JiHai Resources (02489) [3]

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong 300 upstream index, which has seen an increase of 8.15% over the past month but a decline of 2.93% over the last three months and a year-to-date decrease of 2.65% [2] - The CSI Hong Kong 300 upstream index is composed of securities selected from the CSI Hong Kong 300 index based on industry classification, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2][3] - The top ten holdings of the CSI Hong Kong 300 upstream index include China National Offshore Oil Corporation (29.31%), PetroChina Company Limited (12.47%), Zijin Mining Group (10.38%), China Shenhua Energy Company (10.05%), and Sinopec Limited (9.52%) [2] Group 2 - The market sectors represented in the CSI Hong Kong 300 upstream index are entirely from the Hong Kong Stock Exchange, with the oil and gas sector accounting for 51.69%, coal at 18.07%, precious metals at 15.59%, industrial metals at 9.95%, and rare metals at 3.15% [3] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and can also be adjusted temporarily under special circumstances [3]

Investment Rating - The report assigns a "Buy" rating for Zhaojin Mining, with a target price of 29.6 HKD, indicating a significant upside from the current price of 18.84 HKD [5]. Core Views - Zhaojin Mining is positioned as a high-potential gold enterprise with three main advantages: strong management capabilities through its partnership with Zijin Mining, an imminent increase in production from the Haiyu Gold Mine, and a cost advantage due to high-quality resources [1][2][4]. Summary by Sections Company Overview - Zhaojin Mining, established in 2004, is a comprehensive gold producer and refiner based in Shandong, China, with over 20 gold mines and a resource reserve exceeding 1,300 tons, ranking third among domestic gold mining companies [1][12]. Management and Strategic Partnership - The acquisition of a 20% stake by Zijin Mining for 4.06 billion CNY in late 2022 has positioned Zijin as the second-largest shareholder, enhancing Zhaojin's operational management and resource acquisition capabilities [1][14][15]. Financial Analysis - The company's revenue has shown steady growth, with a projected net profit of 36.1 billion CNY in 2025, reflecting a PE ratio of 18.5 [4][19]. The average profit per gram of gold is expected to rise from 116 CNY/g in 2018 to 355 CNY/g in 2024, driven by rising gold prices [2][39]. Resource Strength - Zhaojin Mining holds over 1,446 tons of gold resources, with 517 tons being extractable. The Haiyu Gold Mine, expected to start production in 2025, is projected to significantly boost the company's output [29][30][44]. Production Capacity - The company has maintained a stable gold production level of around 20 tons annually, with expectations for increased output following the commissioning of new mines [36][38]. Cost Structure - Zhaojin Mining benefits from a low-cost production structure, with an average cost of 214 CNY/g for gold, which is competitive within the industry [39][41]. Market Outlook - The report anticipates that gold prices will continue to rise due to various factors, including inflation risks and a potential decline in the US dollar index, which could further enhance Zhaojin's profitability [3][4].

Investment Rating - The report assigns a "Buy" rating for Zhaojin Mining with a target price of 29.6 HKD, reflecting a valuation of 27X for 2025 [5][4]. Core Viewpoints - Zhaojin Mining is positioned as a high-potential gold enterprise with three main advantages: management empowerment through collaboration with Zijin Mining, significant production increases from the upcoming Haiyu Gold Mine, and cost advantages from high-quality resources [1][2][3]. Summary by Sections Company Overview - Zhaojin Mining, founded in 2004, is a comprehensive gold producer and refiner based in Shandong, China, with over 20 gold mines and a resource reserve exceeding 1300 tons, ranking third among domestic gold mining companies [12][1]. Management and Strategic Partnerships - The acquisition of a 20% stake by Zijin Mining in late 2022 enhances Zhaojin's operational capabilities, providing management expertise and resources for faster and more stable growth [1][14][15]. Financial Analysis - The company's revenue has shown steady growth, with a projected net profit of 36.1 billion, 46.4 billion, and 57.6 billion CNY for 2025-2027, corresponding to PE ratios of 18.5, 14.4, and 11.6 respectively [4][19]. Resource Strength - Zhaojin Mining holds over 1300 tons of gold resources, with a significant portion coming from key mines like Haiyu, Dayingge, and Abujar, which collectively account for 70% of the company's total resources [29][30]. Production Capacity - The company maintains a stable gold production level around 20 tons, with expectations for increased output following the commissioning of the Haiyu Gold Mine, projected to produce 15-20 tons annually starting in 2025 [44][49]. Cost Management - Zhaojin Mining benefits from low production costs due to high-quality resources, with the average cost per gram of gold expected to decrease further as new mines come online [39][41]. Market Outlook - The report anticipates that gold prices will continue to rise due to various factors, including inflation risks and a potential decline in the US dollar index, which could further enhance Zhaojin's profitability [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][11]. Core Views - The company's performance in Q1 2025 exceeded expectations, driven by rising gold prices, with a revenue of 2.938 billion yuan, a year-on-year increase of 52.27% and a net profit of 659 million yuan, up 197.76% year-on-year [1][2]. - The average gold price in Q1 2025 was 2807 USD/ounce, reflecting a year-on-year increase of 38.3% [2]. - The company has made significant progress in resource expansion through exploration and acquisitions, adding 261.16 tons of gold resources in 2024, bringing total gold resources to 1446.16 tons [3]. - The company holds a 70% stake in the Haiyu gold mine, which is expected to contribute significantly to future production, with an anticipated annual output of 15-20 tons of gold [3]. - A partnership with Zijin Mining has been established to expand overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds gold and zirconium-titanium sand mines in Fiji and Malawi [4]. Financial Summary - The company forecasts steady revenue growth, with projected net profits of 2.976 billion yuan in 2025, 3.251 billion yuan in 2026, and 4.308 billion yuan in 2027, corresponding to PE ratios of 20, 18, and 14 respectively [5][6]. - The financial projections indicate a revenue increase from 11.551 billion yuan in 2024 to 21.322 billion yuan in 2027, with a compound annual growth rate of 13.7% [5].

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 11,550.68 million, a 37.5% increase from RMB 8,423.62 million in 2023[12]. - Gross profit for 2024 was RMB 4,521.95 million, up 34.1% from RMB 3,370.29 million in 2023[12]. - The company's net profit attributable to shareholders was RMB 1,450.80 million, representing a 111.8% increase compared to RMB 686.43 million in 2023[12]. - Earnings per share for 2024 was RMB 0.35, compared to RMB 0.14 in 2023, marking a 150% increase[12]. - Revenue for the year was approximately RMB 11,550,680,000, representing a year-over-year increase of about 37.12% due to rising gold prices and increased sales volume[22]. - Net profit for the year was approximately RMB 1,851,333,000, marking a significant increase of about 120.81% from the previous year, driven by higher gold prices and increased production and sales[23]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, reflecting a year-over-year increase of about 150.00%[24]. - The gross margin for the year was approximately 39.15%, a decrease of about 0.86% from 40.01% in 2023[53]. Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 53,567.95 million, an increase of 14.5% from RMB 46,867.40 million in 2023[13]. - The company's total liabilities increased to RMB 28,375.65 million from RMB 24,623.07 million in 2023, reflecting a 15.5% rise[13]. - Cash and cash equivalents decreased to RMB 2,029.83 million from RMB 2,916.10 million in 2023, a decline of 30.4%[13]. - The group's total outstanding bank loans and other borrowings amounted to approximately RMB 12,984,719,000, an increase from RMB 9,767,317,000, with about RMB 7,573,647,000 due within one year[62]. - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% the previous year, primarily due to an increase in debt levels[64]. Production and Resources - The total gold production for the year reached 26,449.73 kg (approximately 850,377.84 ounces), an increase of about 7.15% compared to the previous year[21]. - The company holds approximately 46.50 million ounces of gold mineral resources and about 16.63 million ounces of recoverable gold reserves as of December 31, 2024[10]. - The company expanded its gold resources by 261.16 tons in 2024, bringing total gold resources to 1,446.16 tons, with a recoverable amount of 517.54 tons[32]. - The total proven and probable gold reserves amount to 258.58 million tons with an average grade of 2.44 g/t, yielding a total metal content of 630.27 tons[37]. - The total measured and indicated gold resources stand at 216.98 million tons with an average grade of 2.36 g/t, equating to 512.75 tons of metal[37]. Strategic Initiatives - The company aims to achieve a production strategy of "half in the province, half outside" and is targeting a "double H" development model for international competitiveness[10]. - The company plans to enhance its technological advantages and cost efficiency in gold production to sustain growth in future years[10]. - The company aims to enhance production capacity and operational efficiency as part of its strategic focus for 2025, which is a critical year for achieving its "14th Five-Year" goals[17]. - The company is committed to maintaining a sustainable and innovative operational strategy to enhance long-term shareholder value[19]. - The company plans to invest RMB 142 million in geological exploration throughout the year to enhance resource growth[74]. Market and Economic Conditions - The international gold market experienced strong performance in 2024, with prices reaching a peak of USD 2,790.07 per ounce on October 31, driven by inflation concerns and geopolitical factors[29]. - The average international gold price for the year was $2,388.64 per ounce, with a peak of $2,790.07 and a low of $1,984.08[30]. - The increase in gold production was primarily attributed to overseas acquisitions of mines and an increase in refining and processing output[21]. Corporate Governance and Compliance - The company has established a safety and environmental committee to ensure compliance with environmental protection laws and regulations[139]. - The company has maintained a good relationship with customers throughout the year, emphasizing the importance of customer feedback[143]. - The company has not reported any significant violations of applicable laws and regulations during the year[140]. - The independent auditor has issued an unqualified opinion on the disclosed continuing connected transactions for the fiscal year ending December 31, 2024[185]. - The independent non-executive directors have confirmed that the continuing connected transactions were conducted under normal business terms and in the overall interest of shareholders[183]. Shareholder Returns - The board of directors proposed a cash dividend of RMB 0.05 per share, up from RMB 0.04 per share in the previous year[25]. - The anticipated distribution of dividends is subject to approval at the annual general meeting scheduled for June 2, 2025[26]. - The company declared a final cash dividend of RMB 0.04 per share for the fiscal year ending December 31, 2024, consistent with the previous year[113]. - The distributable reserves as of December 31, 2024, amounted to approximately RMB 5,301,104,000, an increase from RMB 4,379,653,000 in 2023[119]. Employee and Social Responsibility - The company has a total of 7,036 employees as of December 31, 2024, and invested RMB 4.3578 million in employee training during the year[146]. - The company made charitable donations totaling RMB 28,074,061 during the year, up from RMB 15,814,870 in 2023[124]. - The company has been recognized for its contributions to rural construction and civil action initiatives, highlighting its commitment to social responsibility[95]. Research and Development - The company has a strong focus on research and development of new products and technologies, although specific details were not provided in the extracted content[110]. - Research and development investments have increased by 25%, focusing on sustainable technologies and resource recycling[92].

Group 1: Gold Price Surge - Gold prices have significantly exceeded most optimistic forecasts, with a year-to-date increase surpassing 12% as of April 22, reaching historical highs of $3,500 per ounce [1][2] - Goldman Sachs has raised its year-end gold price target from $3,300 to $3,700 per ounce, with extreme scenarios suggesting a potential peak of $4,500 per ounce [1][2] Group 2: Company Performance - Zhaojin Mining reported a Q1 revenue of 3.041 billion RMB, a year-on-year increase of 53.5%, and a net profit of 659 million RMB, reflecting a staggering growth of 197.8% [1][2] - The stock price of Zhaojin Mining surged over 10% on April 22, reaching a peak of 20.85 HKD, with a cumulative increase of nearly 100% over the past three months [2] Group 3: Market Dynamics - The current economic environment is characterized by high uncertainty, leading to a decline in investor risk appetite, which has resulted in a "certainty premium" for gold as a substitute for sovereign currencies [4] - Since 2001, G20 central banks have collectively increased their gold reserves by nearly 5,000 tons, with China, Russia, India, Turkey, and Japan being the primary contributors [4] Group 4: Future Outlook - The ongoing rise in gold prices is expected to continue, supported by central bank purchases and inflows into ETFs, which will provide additional capital to challenge new highs [5][9] - Zhaojin Mining's upcoming sea gold mine project is projected to produce over 15 tons of gold annually, enhancing the company's overall production capacity [9] - The company's strategic focus on mergers, acquisitions, and resource expansion is anticipated to further bolster its growth prospects [9]

Core Viewpoint - The gold market is experiencing a significant surge, with gold prices expected to continue rising in 2025, driven by various factors including increased demand from central banks and geopolitical tensions [1][3][4]. Group 1: Gold Price Trends - In 2024, international gold prices rose over 27%, with COMEX gold contracts reaching $3,397.2 per ounce, marking a 27.52% increase from the end of the previous year [1]. - Historical precedents show that gold prices can experience substantial increases during crises, with past bull markets seeing prices rise over 20 times and 6 times respectively [2][3]. - Current predictions from major financial institutions suggest a bullish outlook for gold prices, with estimates ranging from $3,300 to $4,200 per ounce by the end of 2025 [4][5]. Group 2: Factors Driving Demand - The demand for gold has surged due to multiple factors, including central banks' increased purchases and geopolitical uncertainties, particularly following the U.S. freezing of Russian dollar assets [3]. - The U.S. tariff policies have heightened global supply chain risks, leading to increased inflation expectations and a shift towards gold as a safe-haven asset [3]. - The current gold market is characterized by a complex interplay of monetary system restructuring, geopolitical shifts, and supply chain transformations [3]. Group 3: Company Performance - Zhaojin Mining's Q1 2025 report showed a revenue of 3.041 billion RMB, a 53.5% increase year-on-year, and a net profit of approximately 830 million RMB, reflecting a 197.9% growth [2]. - The company is well-positioned to benefit from the rising gold prices due to its significant production potential and strategic acquisitions [6][9]. - Zhaojin Mining's flagship Haiyu Gold Mine is expected to contribute significantly to its production capacity, with an annual output of 15-20 tons anticipated post-2025 [7][8]. Group 4: Growth Potential - The global gold supply is growing slowly, with annual production remaining between 3,400 to 3,600 tons, creating a widening supply-demand gap that benefits companies with substantial production capabilities [6][9]. - Zhaojin Mining's international strategy includes acquisitions that will enhance its production capacity, such as the acquisition of Iron Ridge Mining and the exploration of new mining opportunities [8][9]. - The company's innovative deep mining technology and international resource integration are expected to drive its growth trajectory in the evolving gold market [10].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 3,041,060,802.19, a 53.6% increase compared to RMB 1,981,094,650.84 in Q1 2024[17]. - Net profit for Q1 2025 was RMB 830,191,011.15, up 197.5% from RMB 278,698,767.52 in Q1 2024[17]. - Basic earnings per share for Q1 2025 was RMB 0.17, compared to RMB 0.05 in Q1 2024[17]. - Total profit for Q1 2025 was RMB 656.16 million, a 101.5% increase from RMB 325.90 million in Q1 2024[20]. - Net profit for Q1 2025 was RMB 577.96 million, up 99.7% from RMB 289.64 million in Q1 2024[20]. - Basic earnings per share for Q1 2025 was RMB 0.15, compared to RMB 0.07 in Q1 2024[20]. - The company reported a significant increase in investment income, reaching RMB 73.58 million in Q1 2025 compared to RMB 26.57 million in Q1 2024[20]. Asset and Liability Management - As of March 31, 2025, the total assets of Zhaojin Mining Industry Company Limited amounted to RMB 56.21 billion, an increase from RMB 53.43 billion as of December 31, 2024, representing a growth of approximately 5.3%[7]. - Total assets increased from RMB 43,375,618,316.06 on December 31, 2024, to RMB 45,594,620,519.18 on March 31, 2025, reflecting a growth of 5.1%[14]. - Total liabilities rose from RMB 28.33 billion as of December 31, 2024, to RMB 30.37 billion as of March 31, 2025, indicating an increase of approximately 7.2%[9]. - Total liabilities rose from RMB 18,783,200,754.12 to RMB 20,430,163,129.02, an increase of 8.8%[14]. - The total equity attributable to the owners of the parent company increased from RMB 21.09 billion to RMB 21.78 billion, a rise of about 3.2%[9]. - The total equity attributable to shareholders increased from RMB 24,592,417,561.94 to RMB 25,164,457,390.16, a rise of 2.3%[14]. Cash Flow and Liquidity - The company's cash and cash equivalents increased from RMB 2.89 billion to RMB 3.62 billion, marking a growth of around 25.2%[7]. - The company's cash and cash equivalents increased significantly from RMB 741,485,498.45 to RMB 1,823,371,295.08, a growth of 146.2%[12]. - Cash flow from operating activities for Q1 2025 was RMB 952.57 million, reflecting strong operational performance[23]. - Cash flow from investing activities showed a net outflow of RMB 1,463.27 million, indicating significant investment in growth[23]. - Cash flow from financing activities generated a net inflow of RMB 1,237.01 million, primarily from borrowings[23]. - The total cash and cash equivalents increased by RMB 726.31 million during Q1 2025, indicating improved liquidity[23]. Borrowings and Investments - Short-term borrowings increased from RMB 4.28 billion to RMB 5.37 billion, reflecting a growth of approximately 24.7%[9]. - The long-term borrowings increased from RMB 5.41 billion to RMB 6.04 billion, indicating a growth of approximately 11.5%[9]. - The company’s long-term borrowings increased from RMB 3,337,525,000.00 to RMB 3,820,525,000.00, reflecting a growth of 14.5%[14]. Inventory and Expenses - The company's inventory rose from RMB 6.25 billion to RMB 6.39 billion, an increase of about 2.3%[7]. - Inventory levels rose from RMB 2,492,529,105.15 to RMB 2,574,368,853.88, indicating a 3.3% increase[12]. - The company reported a decrease in research and development expenses from RMB 61,319,600.92 in Q1 2024 to RMB 37,906,428.88 in Q1 2025, a reduction of 38.1%[17]. - Research and development expenses for Q1 2025 were RMB 31.34 million, down from RMB 40.06 million in Q1 2024[20]. Strategic Focus - The company continues to focus on expanding its market presence and enhancing its operational efficiency through strategic investments and financial management[4].

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 11,550.68 million, a 37.6% increase from RMB 8,423.62 million in 2023[12]. - Gross profit for 2024 was RMB 4,521.95 million, up 34.1% from RMB 3,370.29 million in 2023[12]. - The company's net profit attributable to shareholders was RMB 1,450.80 million, representing a 111.8% increase compared to RMB 686.43 million in 2023[12]. - Revenue for the year was approximately RMB 11,550,680,000, representing a 37.12% increase from RMB 8,423,618,000 in 2023, driven by rising gold prices and increased sales volume[22]. - Net profit for the year was approximately RMB 1,851,333,000, a significant increase of about 120.81% from RMB 838,418,000 in 2023, attributed to higher gold prices and increased production and sales[23]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, reflecting a 150.00% increase from RMB 0.14 in 2023[24]. - The gross margin for the year was approximately 39.15%, a decrease of about 0.86% from 40.01% in 2023[53]. - Other income and gains for the year amounted to approximately RMB 582,509,000, an increase of about 10.54% from RMB 526,967,000 in 2023[54]. Assets and Liabilities - Total assets increased to RMB 53,567.95 million in 2024, a rise of 14.5% from RMB 46,867.40 million in 2023[13]. - The company's total liabilities were RMB 28,375.65 million, compared to RMB 24,623.07 million in 2023, indicating a 15.5% increase[13]. - Cash and cash equivalents decreased to RMB 2,029.83 million in 2024 from RMB 2,916.10 million in 2023, a decline of 30.4%[13]. - Total outstanding bank loans and other borrowings amounted to approximately RMB 12,984,719,000, an increase from RMB 9,767,317,000 in 2023[62]. - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% in 2023, primarily due to an increase in debt levels[64]. Production and Resources - The total gold production for the year reached 26,449.73 kg (approximately 850,377.84 ounces), an increase of about 7.15% compared to the previous year[21]. - As of December 31, 2024, the company reported approximately 46.50 million ounces of gold mineral resources and about 16.63 million ounces of recoverable gold reserves[10]. - The increase in gold production was primarily due to overseas acquisitions of mines and increased refining output[21]. - The company successfully completed the acquisition of two overseas projects, contributing to a new gold resource increase of 261.16 tons, bringing total gold resources to 1,446.16 tons as of December 31, 2024[32]. - The total proven and controlled ore reserves for gold amount to 258.58 million tons with an average grade of 2.44 g/t, yielding a total metal content of 630.27 tons[37]. - The inferred gold reserves are estimated at 463.63 million tons with an average grade of 1.76 g/t, resulting in a total metal content of 815.89 tons[37]. Strategic Initiatives - The company aims to achieve a "dual H" development strategy, targeting a production ratio of "50% domestic, 50% international" in the future[10]. - The company plans to enhance its technological advantages and cost efficiency in gold production to ensure continuous growth in gold reserves and production[10]. - The company aims to enhance production capacity and operational efficiency, focusing on becoming a world-class gold mining company by 2025[17]. - The company is committed to a strategy of sustainable and innovative growth, aiming to create long-term value for shareholders[19]. - The company will continue to focus on its core business and internationalization strategy, strengthening resources, talent, technology, and management[17]. Market and Economic Factors - The international spot gold price reached a peak of USD 2,790.07 per ounce on October 31, 2024, influenced by inflation, geopolitical factors, and central bank purchasing[29]. - The average international gold price for the year was $2,388.64 per ounce, with a peak of $2,790.07 and a low of $1,984.08[30]. - The geopolitical risks and global economic adjustments are expected to maintain gold's strong asset allocation appeal[74]. Corporate Governance and Shareholder Relations - The board of directors proposed a cash dividend of RMB 0.05 per share, up from RMB 0.04 per share in 2023, pending approval at the annual general meeting[25]. - The company declared a final cash dividend of RMB 0.04 per share for the fiscal year ending December 31, 2024, consistent with the previous year[113]. - The distributable reserves as of December 31, 2024, amounted to approximately RMB 5,301,104,000, an increase of 21% from RMB 4,379,653,000 in 2023[119]. - The company has established a safety and environmental committee to ensure compliance with environmental protection laws and regulations[139]. - The company has maintained good relationships with customers and suppliers, ensuring effective and efficient service delivery[142]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[92]. - The company has achieved a major breakthrough in resource exploration, with a total of 175 patents granted and 211 patents applied for during the year[32]. - The company plans to invest RMB 142 million in geological exploration throughout the year to enhance resource growth[74]. Employee and Social Responsibility - The company has a total of 7,036 employees as of December 31, 2024, and invested RMB 4.3578 million in employee training during the year[146]. - The company made charitable donations totaling RMB 28,074,061 during the year, compared to RMB 15,814,870 in 2023, reflecting a significant increase[124]. - The company has implemented a compensation policy linked to performance, enhancing management of salary distribution and career development opportunities[146]. Compliance and Risk Management - The management discussion and analysis section of the annual report provides insights into the company's major risks and uncertainties, as well as future development indicators[109][110]. - The company has not reported any significant violations of applicable laws and regulations during the year[140]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted under normal business terms and in the overall interest of shareholders[183].