愛德新能源投資控股集團有限公司 Add New Energy Investment Holdings Group Limited (於開曼群島註冊成立的有限公司) 股份代號: 2623 | --- | --- | --- | --- | |----------------------------------|-------|-------|-------| | | | | | | | | | | | 目錄 | | | 頁碼 | | | | | | | | | | | | 公司資料 | | | 2 | | 未經審核中期簡明合併財務狀況表 | | | 3 | | | | | | | 未經審核中期簡明合併總綜合收益表 | | | 5 | | 未經審核中期簡明合併權益變動表 | | | 7 | | 未經審核中期簡明合併現金流量表 | | | 8 | | 未經審核中期簡明合併財務資料附註 | | | 9 | | 管理層討論與分析 | | | 24 | | | | | | | 其他資料 | | | 35 | | | | | | 1 愛德新能源投資控股集團有限公司 2021年中期報告 公司資料 | --- | --- | ...

Financial Performance - The total comprehensive income for the year ended December 31, 2020, was approximately RMB 618 million, a turnaround from a comprehensive loss of RMB 769 million for the year ended December 31, 2019, representing a significant recovery[6]. - Revenue increased to RMB 642.7 million, up 198.8% from RMB 323.3 million in the same period last year[6]. - The company achieved a revenue of approximately RMB 966.0 million for the year ended December 31, 2020, an increase of approximately RMB 642.7 million or 198.8% compared to RMB 323.3 million for the year ended December 31, 2019[18]. - The company reported a total comprehensive income of approximately RMB 61.8 million, turning around from a total comprehensive loss of approximately RMB 76.9 million in the previous year[18]. - Approximately 75.1% of total sales revenue in 2020 came from the sale of coarse iron powder, while 12.9% came from the sale of iron concentrate and spodumene concentrate[56]. - The total sales from trade activities amounted to RMB 812.8 million, representing 84.2% of total revenue for the year ended December 31, 2020[62]. - The company's gross profit increased from approximately RMB 1.3 million for the year ended December 31, 2019, to approximately RMB 78.2 million for the year ended December 31, 2020, representing a significant increase of approximately RMB 76.9 million[76]. - The overall gross margin improved from approximately 0.4% for the year ended December 31, 2019, to approximately 8.1% for the year ended December 31, 2020[76]. Mining Operations and Reserves - The verified reserves of the Yangzhuang Iron Mine are 28.8 million tons, with the reserve filing certificate obtained and currently under review by the relevant authorities[6]. - The Yangzhuang Iron Mine discovered rare earth reserves of 3,549 tons, with a metal content of 4.47 tons and an industrial grade of 0.12%[7]. - The total proven and probable ore reserves for Yangzhuang Iron Mine are approximately 43.93 million tons with an average grade of 24.58% total iron[33]. - The total proven and probable ore reserves for Zhuge Shangyu Titanium Iron Mine are approximately 546.29 million tons with an average grade of 5.69% titanium dioxide and 12.81% total iron[33]. - The total ore reserves for Yangzhuang Iron Mine as of December 31, 2020, are 37.06 million tons, with proven reserves of 5.86 million tons and probable reserves of 31.20 million tons[45]. - The total ore reserves for Zhuge Shangyu Titanium Iron Mine as of December 31, 2020, are 403.90 million tons, with proven reserves of 199.40 million tons and probable reserves of 204.50 million tons[45]. Internal Control and Governance - The company plans to enhance its internal control management by hiring independent third parties to improve self-assessment capabilities[10]. - The company is enhancing its internal control management to support overall performance improvement[15]. - The company has established a risk management system to identify, assess, and manage business-related risks, with no significant risks identified in 2020[164]. - The internal control system is designed in accordance with the COSO framework to ensure operational effectiveness and compliance with applicable laws[165]. - The board of directors is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[176]. - The company has not identified any significant internal control deficiencies following a review conducted in 2020[174]. Environmental and Sustainability Initiatives - The company has passed the environmental assessment for production technology upgrades at the Yangzhuang Iron Mine, allowing for the processing of construction materials[8]. - The company is focusing on environmental remediation and land reclamation at Yangzhuang Iron Mine, which is expected to generate economic benefits through the sale of processed materials[22]. - The company is committed to participating in carbon market projects and aims to align with national carbon neutrality goals by 2060[15]. - The company emphasizes environmental protection and sustainable development through technological innovation and energy efficiency improvements[183]. Strategic Plans and Future Outlook - The company aims to expand its new energy business significantly in 2021, focusing on the traditional iron and titanium mining operations while maintaining regional advantages[11]. - The company is actively exploring clean energy opportunities, including wind and solar power, as new economic growth points[17]. - The company plans to leverage its proximity to ports for trade and external ore processing to increase revenue, especially in light of improving iron powder prices[22]. - The company plans to enhance its mining technology and maintain its competitive advantage in traditional mining operations while expanding into the full titanium industry chain[83]. Shareholder Engagement and Corporate Governance - The company is committed to maintaining high corporate governance standards to enhance shareholder value[96]. - The company actively communicates with investors to enhance shareholder engagement and stock liquidity[88]. - The board consists of six members, ensuring a balanced composition of executive and independent non-executive directors[100]. - The company has adopted the corporate governance code as per the listing rules and has complied with all relevant provisions[93]. - The company has confirmed the independence of all independent non-executive directors as per the listing rules[199]. Financial Management and Capital Structure - The company’s total borrowings increased to approximately RMB 189.5 million as of December 31, 2020, from approximately RMB 162.5 million as of December 31, 2019[82]. - The company has established a competitive compensation structure for employees compared to market standards and practices[127]. - The company has a stock option plan in place to attract and retain top talent, which was conditionally adopted on April 9, 2012[200]. - The company does not have a predetermined dividend payout ratio, and past dividend distribution records cannot be used as a reference for future dividends[146].

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 342,591 thousand, a significant increase of 125.5% compared to RMB 152,215 thousand for the same period in 2019[16]. - Gross profit for the same period was RMB 36,148 thousand, compared to RMB 887 thousand in 2019, indicating a substantial improvement[16]. - Operating profit for the six months ended June 30, 2020, was RMB 30,105 thousand, recovering from an operating loss of RMB 19,210 thousand in 2019[16]. - Net profit for the period was RMB 18,195 thousand, compared to a net loss of RMB 27,390 thousand in the same period last year[18]. - Basic earnings per share for the six months ended June 30, 2020, was RMB 0.003, compared to a loss per share of RMB 0.006 in 2019[18]. - Total comprehensive income for the period was RMB 18,349 thousand, recovering from a total comprehensive loss of RMB 30,935 thousand in 2019[18]. - The gross profit increased from a loss of approximately RMB 1.1 million for the six months ended June 30, 2019, to a gross profit of approximately RMB 36.1 million for the same period in 2020, representing an increase of about RMB 35.3 million[99]. - The overall gross margin improved from 0.6% for the six months ended June 30, 2019, to 10.6% for the same period in 2020, primarily due to increased margins from lithium spodumene and anthracite sales[99]. Assets and Liabilities - As of June 30, 2020, total assets amounted to RMB 576,949,000, an increase from RMB 509,408,000 as of December 31, 2019, representing a growth of approximately 13.2%[7]. - Current assets were reported at RMB 322,067,000, up from RMB 229,972,000, indicating a significant increase of about 40%[7]. - Total liabilities reached RMB 290,953,000, compared to RMB 241,638,000 at the end of 2019, reflecting an increase of approximately 20.4%[12]. - The company's equity attributable to owners was RMB 285,996,000, up from RMB 267,770,000, showing a growth of about 6.5%[13]. - The company reported a non-current asset value of RMB 236,953,000, down from RMB 257,991,000, indicating a decrease of about 8.2%[7]. - The total liabilities as of June 30, 2020, were RMB 903,959,000, compared to RMB 913,914,000 as of December 31, 2019, showing a slight decrease of approximately 1%[38]. - The total inventory as of June 30, 2020, was RMB 43,745,000, down from RMB 65,249,000 as of December 31, 2019, reflecting a decrease of approximately 33%[41]. - The net accounts receivable as of June 30, 2020, was RMB 20,405,000, compared to RMB 13,957,000 as of December 31, 2019, representing an increase of about 46%[42]. - The total prepayments and other receivables increased significantly to RMB 125,892,000 as of June 30, 2020, from RMB 37,957,000 as of December 31, 2019[43]. Cash Flow - Cash and cash equivalents increased to RMB 114,104,000 from RMB 89,796,000, marking a growth of around 27%[7]. - Operating cash flow for the period was RMB 14,928,000, a significant improvement from an outflow of RMB 1,960,000 in 2019[24]. - The company experienced a net cash inflow from investing activities of RMB 16,831,000, contrasting with a net outflow of RMB 7,294,000 in the previous year[24]. - Cash and cash equivalents increased to RMB 114,104 thousand as of June 30, 2020, from RMB 20,380 thousand at the end of the previous year[24]. - The company reported other income of RMB 8,036 thousand for the six months ended June 30, 2020, compared to no other income in the same period of 2019[16]. Strategic Initiatives - The company has plans for market expansion and new product development, focusing on enhancing its renewable energy portfolio[3]. - Future outlook includes strategic initiatives aimed at improving operational efficiency and increasing market share in the renewable energy sector[3]. - The company is exploring potential mergers and acquisitions to bolster its growth strategy and enhance competitive positioning[3]. - Management emphasized the importance of maintaining competitive advantages in traditional iron and titanium mining operations while expanding into clean energy sectors[75][79]. - The company plans to continue refining its newly mastered ore selection technology and gradually achieve mass production, maintaining close ties with the regional upstream and downstream industry chain for better economic benefits[104]. Shareholder Information - Major shareholder Hongfa Holdings Limited holds 2,048,138,660 shares, representing 38.23% of the company's equity[115]. - Ms. Zhang Limei, as a spouse, has an interest in 2,170,196,660 shares, accounting for 40.51%[115]. - Jin Xin Mining Group Limited holds 326,344,000 shares, which is 6.09% of the total equity[116]. - Mr. Hu Benren has an interest in 326,344,000 shares through Jin Xin Mining Group Limited, also representing 6.09%[116]. - Mr. Yang Wei and his controlled companies collectively hold 444,442,000 shares, which is 8.30%[117]. - The company has a share option plan that allows for the issuance of up to 360,435,790 shares, approximately 6.73% of the total issued shares as of the report date[121]. - No share options have been granted under the plan since its adoption[125]. Compliance and Governance - The company confirms compliance with the corporate governance code throughout the reporting period[128]. - The audit committee reviewed the unaudited interim consolidated results for the six months ended June 30, 2020, ensuring compliance with applicable accounting standards[129]. - The company has adopted a standard code of conduct for directors regarding securities trading, confirming adherence during the reporting period[127].

Financial Performance - The total comprehensive loss for the year ended December 31, 2019, was approximately RMB 769 million, a decrease of 24.9% compared to a loss of RMB 1,024 million for the year ended December 31, 2018[19]. - Operating revenue increased to RMB 1,061 million, representing a 48.8% increase from RMB 1,172 million in the previous year[19]. - The company's total revenue for the year ended December 31, 2019, was approximately RMB 323.3 million, an increase of approximately RMB 106.1 million or 48.8% compared to RMB 217.2 million for the year ended December 31, 2018[120]. - The increase in revenue was primarily due to an increase in the turnover from the trading of iron powder by approximately RMB 125.1 million[120]. - The gross profit decreased from approximately RMB 11.2 million for the year ended December 31, 2018, to approximately RMB 1.3 million for the year ended December 31, 2019, a reduction of about RMB 9.9 million[193]. - The overall gross margin decreased from approximately 5.2% for the year ended December 31, 2018, to approximately 0.4% for the year ended December 31, 2019[194]. - The group's consolidated loss for the year ended December 31, 2019, was approximately RMB 76.9 million, a decrease of about RMB 25.5 million or approximately 24.9% compared to RMB 102.4 million for the year ended December 31, 2018[198]. Mining Operations and Reserves - The verified reserves of Yangzhuang Iron Mine are 28.8 million tons, with the reserve registration certificate obtained and geological data submitted for review[19][22]. - The Yangzhuang Iron Mine has an annual exploitable capacity of 2.3 million tons, with mining rights valid until 2019, currently undergoing renewal[47]. - The total proven and probable reserves for the Yangzhuang Iron Mine are approximately 43.93 million tons with an average grade of 24.58% total iron[138]. - The total JORC ore reserves for Zhuge Shangyu Titanium Iron Mine are estimated at 403.90 million tons, with 199.40 million tons classified as proven and 204.50 million tons as probable[157]. - The estimated resource amount for Yangzhuang Iron Mine as of December 31, 2019, is 79.0 million tons, with an average specific gravity of 3.24 tons/cubic meter[159]. - The estimated resource amount for Zhuge Shangyu Titanium Iron Mine as of December 31, 2019, is 494.9 million tons, with an average specific gravity of 3.16 tons/cubic meter[160]. Environmental Management - Cumulative investment in sustainable development exceeds RMB 53.34 million, with approximately RMB 52.22 million allocated for resource conservation and ecosystem restoration[46]. - The company achieved zero wastewater discharge from mining and processing activities, reflecting its commitment to water conservation[93]. - The company has planted a variety of selected plants in the mining area to support carbon offset initiatives[100]. - The company focuses on environmental management to maintain a harmonious relationship with the surrounding ecosystem[91]. - The company has implemented measures to reduce greenhouse gas emissions, including pre-selection of iron ore to lower energy consumption[99]. Employee and Community Engagement - A total of 105 employees were employed at the end of the reporting year, with 65% being administrative support staff and 14.09% aged 20-30[72]. - 100% of employees participated in vocational training, averaging 97 hours of training per employee[80]. - The company provided approximately 400 job opportunities to local communities, including 160 positions in QinJiaZhuang and 50 in ShuiNiu[82]. - The company donated a total of 121,000 RMB to support public education initiatives in the local community[82]. - A total of 263,500 RMB was donated for charitable causes, including support for the elderly and building care homes[83]. Safety and Quality Assurance - The company has a comprehensive safety management policy to ensure employee health and safety, with zero work-related injuries or fatalities reported[65]. - The company has established a strict quality assurance management system to ensure all sold products comply with regulatory requirements and meet customer needs[56]. - No complaints or returns regarding product quality were received during the reporting period, nor were there any recalls due to safety or health issues[57]. Strategic Initiatives - The company plans to enhance its proprietary mineral processing technology to maintain its competitive advantage in traditional mining operations[22][23]. - The company aims to expand its titanium industry chain, including the extraction and processing of titanium ore and related products, in collaboration with research institutions[22][23]. - The company is expanding into clean energy businesses, including wind and solar power, as new economic growth points[119]. - The company plans to enhance internal control management to lay a foundation for performance improvement[25].

Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 152,215,000, a significant increase from RMB 61,206,000 in the same period of 2018, representing a growth of 148%[14] - Gross profit for the same period was RMB 887,000, down from RMB 1,101,000 in 2018, indicating a decrease of 19.4%[14] - The company reported a net loss of RMB 27,390,000 for the six months ended June 30, 2019, compared to a net loss of RMB 30,490,000 in the same period of 2018, showing an improvement of 6.9%[14] - For the six months ended June 30, 2019, the total comprehensive expenses amounted to RMB 30,935,000, a decrease from RMB 36,310,000 in the same period of 2018, representing a reduction of approximately 14.5%[17] - The basic loss per share attributable to the owners of the company for the six months ended June 30, 2019, was RMB 0.006, compared to RMB 0.007 for the same period in 2018, indicating a slight improvement[17] - The company reported a loss of RMB 27,390,000 for the six months ended June 30, 2019, compared to a loss of RMB 30,490,000 for the same period in 2018, showing a reduction in losses of approximately 10.5%[20] - The company reported a total comprehensive loss attributable to owners of approximately RMB 30.9 million for the six months ended June 30, 2019, a decrease of about RMB 5.4 million or 14.8% compared to RMB 36.3 million for the same period in 2018[93] Assets and Liabilities - Total assets as of June 30, 2019, were RMB 478,378,000, a decrease from RMB 500,477,000 as of December 31, 2018, reflecting a decline of 4.4%[12] - Current assets decreased to RMB 197,260,000 from RMB 213,743,000, a reduction of 7.7%[6] - Non-current assets amounted to RMB 281,118,000, down from RMB 286,734,000, indicating a decrease of 2%[6] - Total liabilities increased to RMB 198,825,000 from RMB 189,989,000, representing a rise of 4.4%[12] - The total equity attributable to the owners of the company as of June 30, 2019, was RMB 279,553,000, down from RMB 383,973,000 as of June 30, 2018, indicating a decrease of approximately 27.2%[20] - The asset-liability ratio as of June 30, 2019, was approximately 29.7%, compared to 27.2% as of December 31, 2018[153] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2019, was RMB 5,811,000, significantly reduced from RMB 108,813,000 in the prior year, reflecting a decrease of approximately 94.7%[25] - Cash and cash equivalents at the end of the period were RMB 20,380,000, down from RMB 38,107,000 at the end of June 30, 2018, representing a decline of about 46.5%[25] - The company’s cash flow from financing activities was RMB 29,420,000, primarily from the issuance of ordinary shares, while there were no borrowings during the period[24] - Cash and cash equivalents amounted to approximately RMB 20.4 million as of June 30, 2019, down from RMB 33.4 million as of December 31, 2018[154] Operational Highlights - The company plans to focus on expanding its market presence and developing new technologies to enhance its product offerings[14] - The company has made significant prepayments to suppliers amounting to RMB 34,713,000, a substantial increase from RMB 1,256,000[56] - The company is actively responding to government initiatives by expanding into clean energy sectors such as wind, solar, and thermal energy[91] - The company continues to develop its iron and titanium concentrate business while deepening and expanding the complete industrial chain of titanium metal products[91] - The company is expanding its lithium carbonate business by importing and processing spodumene, capitalizing on the growing demand driven by AI and electric vehicles[166] Shareholder Information - The company has a significant shareholder, Hongfa Holdings Limited, owning 2,048,138,660 shares, representing 41.71% of the company[171] - Zhang Limei, a spouse of a director, holds 2,170,196,660 shares, which accounts for 44.19% of the company[175] - The company has implemented a share option scheme to attract and retain top talent, which was adopted in April 2012[178] - The total number of shares that can be issued under the plan is capped at 360,435,790 shares, representing approximately 7.34% of the issued shares as of the report date[179] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all relevant provisions during the reporting period[185] - The audit committee, established on April 9, 2012, is responsible for overseeing the company's financial reporting and risk management systems[186]

Financial Performance - The total comprehensive loss for the year ended December 31, 2018, was approximately RMB 102.4 million, a decrease of about RMB 38 million or 27% compared to RMB 140.4 million for the year ended December 31, 2016[6]. - The comprehensive loss from continuing operations for the year was approximately RMB 98.6 million, an increase of about RMB 12.6 million or 14.7% compared to RMB 86.0 million for the year ended December 31, 2017[6]. - The company reported a revenue of approximately RMB 217.2 million for the year ended December 31, 2018, an increase of approximately RMB 186.9 million or about 616.7% compared to RMB 30.3 million for the year ended December 31, 2017[113]. - The total comprehensive loss for the company was approximately RMB 102.4 million for the year ended December 31, 2018, a decrease of approximately RMB 38.0 million or about 27% compared to RMB 140.4 million for the year ended December 31, 2017[113]. - The total mining production cost for the year ended December 31, 2018, was RMB 202.165 million, compared to RMB 84.426 million in the previous year[157]. - The total cost of sales increased by approximately RMB 138 million or 202.9% to about RMB 206 million for the year ended December 31, 2018, compared to approximately RMB 68 million for the year ended December 31, 2017[183]. - The company achieved a gross profit for iron ore production improved from a loss of approximately RMB 37.8 million in 2017 to a loss of about RMB 2.2 million in 2018, primarily due to increased sales volume and reduced costs[188]. - The overall gross margin increased from a loss rate of approximately 124.4% in 2017 to a gross profit margin of about 5.2% in 2018[189]. - The net financial costs rose from approximately RMB 11.7 million in 2017 to about RMB 20.5 million in 2018[192]. - The company issued 322,348,000 shares on June 4, 2018, raising net proceeds of approximately RMB 29.42 million for general working capital and future investment opportunities[194]. Production and Operations - The company imported 10.8 thousand tons of spodumene and produced 18,000 tons of lithium concentrate with a grade of approximately 5.5%[9]. - The company has developed a new non-magnetic mineral processing technology, achieving a production capacity of 1 million tons after upgrading two production lines[6]. - The company processed 285,649 tons of iron ore, resulting in 35,480 tons of iron concentrate[43]. - The company processed 25.28 million tons of external ore for sale during the year due to a downturn in the global iron ore market[40]. - The company has a mining capacity of 2.3 million tons per year at its Yangzhuang Iron Mine, with mining rights valid until 2019[43]. - The company has achieved 100% utilization of recycled water in production, meeting national standards for both natural and treated water[93]. - The company has developed a tailings dry stacking system, which has been patented and maximizes the use of tailings sand[91]. - The company plans to enhance and achieve mass production of a new ore selection technology to maintain its competitive advantage in traditional mining operations[199]. - The production of iron concentrate with an iron content of around 64% was approximately 239.0 thousand tons[199]. Environmental and Sustainability Initiatives - The company invested over RMB 53.34 million in sustainable development, with approximately RMB 52.22 million allocated for natural resource conservation and ecosystem restoration[42]. - The company achieved a 100% green coverage rate with a total of over 2,000 trees planted since its establishment, contributing to greenhouse gas reduction[36]. - The company has implemented a zero wastewater discharge system, fully collecting and treating wastewater from ore processing and domestic sewage[89]. - The company has planted 2,282 trees, resulting in a total carbon dioxide removal equivalent of 52.486 tons of CO2e[102]. - The company is committed to sustainable development and has collaborated with research institutions to improve ore processing technology[43]. - The company has implemented strict recruitment procedures to ensure fair hiring practices and compliance with labor laws[67]. - The company has invested over RMB 120,000 in environmental management in surrounding communities[78]. - The company has established a joint primary school in the local community, donating RMB 121,000 for educational development[78]. - The company recognizes the importance of balancing energy use and climate change for long-term sustainability[95]. Strategic Initiatives and Future Plans - The company plans to explore blockchain technology related to mining and new energy sectors to create a decentralized global mining and new energy platform[12]. - The company is forming a joint venture with Xinjiang Zhongtai Group to capitalize on opportunities in the clean energy sector, particularly in traditional coal and petrochemical energy[15]. - The company plans to enhance its titanium industry chain and advance its new energy business significantly in 2019 and beyond[16]. - The company is actively expanding its clean energy business, utilizing leading solar thermal power generation technology, and plans to continue advancing this project in 2019[19]. - The company is focusing on low-cost exploration of rare metals and non-metallic mineral resources to enhance resource reserves and increase the value of its mining assets[23]. - The company is strategically positioning itself in the Xinjiang traditional coal energy technology and trade business, collaborating with state-owned enterprises to seize development opportunities in clean energy[125]. - The company plans to expand into clean energy businesses, including wind and solar power, while continuing to maintain its iron and titanium concentrate operations[113]. - The company aims to strengthen technical cooperation with the Chinese Academy of Sciences and the Russian Academy of Sciences to achieve significant technological breakthroughs[199]. Employee and Community Engagement - The company has a total of 149 employees, with 65% being production workers and 24.16% in middle management roles[68]. - The employee turnover rate is 2.9%, with male employees at 2.9% and female employees at 0%[70]. - 100% of employees participated in vocational training, averaging 97 hours of training per employee[76]. - The company has provided approximately 400 job opportunities in nearby villages[78]. - A total of RMB 263,500 has been donated for charity and community support initiatives[78]. Resource Estimates and Mining Operations - The Yangzhuang iron ore has a total proven and probable ore reserve of approximately 43.93 million tons with an average grade of 24.58% TFe[134]. - The Zhuzha Shangyu titanium iron ore has a total proven and probable ore reserve of approximately 546.29 million tons with an average grade of 5.69% titanium dioxide and about 12.81% TFe[134]. - The Qin Jiazhuang titanium iron ore project has a total proven and probable ore reserve of approximately 86.63 million tons with an average grade of 4.50% titanium dioxide and about 13.56% TFe[134]. - The total resource estimate for Yangzhuang iron ore is 79.0 million tons with an average grade of 26.2% TFe[150]. - The total resource estimate for Zhuzha Shangyu titanium iron ore is 199.45 million tons with an average grade of 12.82% TFe[148]. - The total resource estimate for Qin Jiazhuang titanium iron ore is 45.33 million tons with an average grade of 13.56% TFe[148]. - The average unit selling price for 65% iron concentrate was approximately RMB 572.9 per ton, a decrease of about 6.6% compared to RMB 613.2 per ton in the previous year[160]. - The average unit selling price for 46% titanium concentrate was approximately RMB 892.3 per ton, a significant decrease of about 45.5% from RMB 1,636.2 per ton in the previous year[161].