Production and Sales - In 2022, the company produced 11,083 tons of electrolytic nickel, a decrease of 8.43% compared to 2021, and 9,302 tons of cathode copper, a decrease of 15.68%[35] - The sales volume of cathode copper in 2022 was 9,775 tons, a decrease of 11.55% from 11,051 tons in 2021[41] - The company sold 12,752 tons of electrolytic nickel in 2022, a growth of 16.53% year-on-year, while sales of cathode copper decreased by 11.55% to 9,775 tons[146] Revenue and Profit - The company's total revenue for electrolytic nickel reached RMB 2,066,783 thousand, representing a 73.1% increase, while other products generated revenue of RMB 80,405 thousand, accounting for 2.8% of total revenue[40] - The company's operating revenue for 2022 reached RMB 2,863,725 thousand, representing a 20.1% increase from RMB 2,382,408 thousand in 2021[67] - The total profit for 2022 was RMB 833,462 thousand, compared to RMB 570,184 thousand in 2021, reflecting a growth of 46.2%[108] - The net profit attributable to ordinary shareholders for the year ended December 31, 2022, was RMB 744,654 thousand, compared to RMB 515,585 thousand in 2021, reflecting a significant increase[18] Costs and Expenses - The average selling cost of electrolytic nickel in 2022 was RMB 74,542 per ton, an increase of 17.36% year-on-year, while the average selling cost of cathode copper was RMB 51,866 per ton, up 19.12% from 2021[36] - The average sales price of cathode copper in 2022 was RMB 59,605 per ton, down 2.35% from RMB 61,041 per ton in 2021[41] - The gross profit from the main business for 2022 was RMB 1,210.9 million, an increase of RMB 335.3 million from RMB 875.6 million in 2021[42] - The company's gross profit margin improved to 43.2% in 2022, compared to 38.3% in 2021[67] - Research and development expenses increased to RMB 94,094 thousand, a rise of 36.2% from RMB 69,089 thousand in 2021[67] Assets and Liabilities - The company's total current assets as of December 31, 2022, were RMB 2,222,608 thousand, an increase from RMB 2,185,681 thousand in 2021[2] - The company's total assets as of December 31, 2022, were RMB 7,829,460 thousand, an increase from RMB 7,393,500 thousand in 2021[68] - The total liabilities decreased to RMB 2,139,794 thousand in 2022 from RMB 2,447,071 thousand in 2021, a reduction of 12.6%[69] - The net debt of the group was RMB 375.0 million as of December 31, 2022, down from RMB 1,072.4 million in 2021, resulting in a capital liability ratio of 6.18% compared to 17.82% in 2021[180] Cash Flow - Cash and cash equivalents increased to RMB 626,512 thousand in 2022, up from RMB 425,750 thousand in 2021, reflecting a growth of 47.2%[68] - Cash inflow from operating activities in 2022 was RMB 867.0 million, an increase of RMB 184.0 million compared to RMB 683.0 million in 2021[157] - The net cash outflow from investing activities was RMB 16.4 million, primarily due to the construction of fixed assets[157] Investments and Future Plans - The company completed an investment of RMB 38.9 million in the Xinjiang Yakesi project to enhance production capacity and ore quality in 2022[38] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[67] - The company plans to produce 8,500 tons of electrolytic nickel in 2023, a decrease of 10.5% from 2022, and 6,829 tons of cathode copper, down 26.0% from 2022[165] Shareholder Information - The company plans to distribute a final dividend of RMB 0.15 per share, pending approval at the annual general meeting[110] - Shareholders' equity increased from RMB 4,946.4 million in 2021 to RMB 5,689.7 million in 2022, primarily due to profits earned in 2022[179] Impairments and Provisions - The company reported a net impairment loss of RMB 99.5 million in 2022, significantly higher than RMB 3.5 million in 2021[155] - The group recognized an impairment provision of RMB 65.8 million for fixed assets planned for elimination due to energy consumption standards not being met, as part of an overall upgrade and transformation plan[200] Market Conditions and Strategy - The group expects domestic consumption of electrolytic nickel and cathode copper to continue to grow in 2023, driven by the Chinese government's projected GDP growth of approximately 5%[188] - The company's operational strategy includes ongoing improvements in mining activities and environmental restoration, with future liabilities expected to be adjusted based on mining impacts[30]

Financial Performance - The company reported a revenue of RMB 1,740.8 million for the six months ended June 30, 2022, a significant increase of 50.4% compared to RMB 1,157.1 million in the same period last year[7]. - Net profit attributable to shareholders reached RMB 609.6 million, up 164.0% from RMB 230.9 million in the previous year[7]. - The gross profit for the period was RMB 790 million, compared to RMB 380 million in the same period last year, mainly due to higher average selling prices and sales volumes of electrolytic nickel and cathode copper[34]. - The total comprehensive income for the period was RMB 609,677,399.46, compared to RMB 228,749,779.05 in the prior year, showcasing strong overall financial performance[103]. - The company's operating profit was RMB 670,489,246.61, significantly higher than RMB 273,510,814.26 reported in the same period of 2021, indicating improved operational efficiency[100]. Sales and Production - The sales volume of electrolytic nickel was 8,075 tons, an increase of approximately 37.4% compared to 5,879 tons in the same period last year[7]. - The sales volume of cathode copper was 5,014 tons, which is a 15.8% increase from 4,331 tons in the previous year[7]. - The company plans to produce 3,131 tons of electrolytic nickel and 4,559 tons of cathode copper in the second half of 2022, subject to market conditions[23]. Pricing and Market Conditions - The average selling price for electrolytic nickel was RMB 160,506 per ton, up 33.7% from RMB 120,055 per ton in the previous year[7]. - The average selling price for cathode copper was RMB 63,887 per ton, an increase of 6.6% compared to RMB 59,938 per ton in the same period last year[7]. - The average LME price for electrolytic nickel was USD 27,867 per ton, a 59.1% increase from USD 17,521 per ton in the same period last year[20]. - The average price for cathode copper on the LME was USD 9,742 per ton, a 7.5% increase from USD 9,064 per ton year-on-year[20]. Expenses and Investments - Research and development expenses amounted to RMB 63 million, a new expenditure compared to no R&D expenses in the same period last year[37]. - The company spent approximately RMB 3.4 million on mineral exploration activities during the period[24]. - Total capital expenditure for the period was RMB 480,794,000, with the largest portion (85.53%) allocated to the transfer of mining rights at the Huangshan West No. 30 mine[58]. Assets and Liabilities - As of June 30, 2022, total assets increased by 9.6% year-on-year to RMB 8,100 million, while shareholders' equity rose by 12.4% to RMB 5,561 million[42]. - The total interest-bearing debt was RMB 1,219.15 million, slightly down from RMB 1,234 million at the end of the previous year[45]. - Total liabilities were RMB 2,539,592,755.62, which is an increase from RMB 2,447,070,478.58, marking a rise of about 3.8%[98]. Shareholder Information - The company does not recommend the distribution of an interim dividend for 2022[9]. - Major shareholders include Xinjiang Nonferrous Metals Group with 885,204,000 shares (40.06% of total share capital) and Shanghai Yilian with 282,896,000 shares (12.80%)[78][79]. - As of June 30, 2022, the total issued share capital was 2,210,000,000 shares, with 1,451,000,000 domestic shares (65.66%) and 759,000,000 H-shares (34.34%)[77]. Corporate Governance - The company fully complied with the corporate governance code as per the listing rules during the reporting period[85]. - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, with a meeting attendance rate of 90%[86]. - The company appointed a new chairman of the board, Mr. Guo Quan, effective June 2, 2022, following the resignation of Mr. Zhang Guohua[89]. Financial Management - Net financial expenses decreased from RMB 38 million to RMB 26 million, attributed to adjustments in financing scale and loan rates based on cash flow and market interest rate changes[38]. - Investment income increased to RMB 62 million from RMB 25 million in the previous year, primarily due to higher investment income from joint ventures[39]. - The company reduced its financial expenses, with net financial costs decreasing to RMB 26,070,827.19 from RMB 37,685,730.50 in the previous year, reflecting better cost management[100]. Cash Flow - The net cash inflow from operating activities was RMB 624.8 million, an increase of RMB 323.1 million compared to the previous year, driven by higher sales revenue from key products[42]. - The total cash inflow from operating activities was RMB 1,321,884,956.60, compared to RMB 852,987,391.90 in the previous year, indicating a year-over-year increase of about 55%[105]. - The net cash flow from investment activities was RMB 35,127,286.48, compared to a net outflow of RMB 30,806,266.06 in the previous year, indicating a significant turnaround[108].

Resource and Production - As of December 31, 2021, the total resource amount for the four nickel-copper mines is estimated at 95,297,324 tons, with a total metal content of 481,838 tons of copper and 472,917 tons of nickel[27]. - The estimated reserves for the four nickel-copper mines as of December 31, 2021, are 46,577,131 tons, containing 284,401 tons of copper and 259,660 tons of nickel[27]. - The estimated resource amount for the two vanadium mines is 26,569,500 tons, with a total of 242,315 tons of V2O5[28]. - The company produced 12,103 tons of electrolytic nickel in 2021, a 2.40% increase from 2020[39]. - The production of cathode copper reached 11,031 tons, which is a 0.27% increase from the previous year[39]. - In 2021, the company produced a total of 1,000,120 tons of ore from the Kalatongke mine and 1,471,931 tons from Xinjiang Yakes and Hami Jubao[43]. Financial Performance - In 2021, the company achieved operating revenue of RMB 2,382.4 million, an increase of 28.51% compared to 2020[40]. - The net profit for 2021 was RMB 514.3 million, up from RMB 179.2 million in 2020, marking a significant improvement[40]. - The comprehensive profit attributable to shareholders was RMB 515.6 million in 2021, compared to RMB 151.8 million in 2020[40]. - The total revenue from the main business in 2021 was RMB 2,301.1 million, with sales of electrolytic nickel contributing RMB 1,367.4 million (59.4% of total revenue) and cathode copper contributing RMB 674.6 million (29.3% of total revenue)[44]. - The gross profit margin improved to 38.23% in 2021, up from 23.58% in 2020[40]. - The net cash inflow from operating activities was RMB 683.0 million in 2021, an increase of RMB 330.7 million from RMB 352.3 million in 2020[68]. Market and Sales - The average sales price of electrolytic nickel in 2021 was RMB 124,957 per ton, a 17.73% increase from 2020[40]. - The average sales price of cathode copper rose to RMB 61,041 per ton, reflecting a 47.24% increase compared to the previous year[40]. - The company sold 10,943 tons of electrolytic nickel in 2021, a decrease of 3.37% compared to 2020[40]. - The company plans to produce 9,500 tons of electrolytic nickel in 2022, a decrease of 19.5% compared to 2021, and 9,228 tons of cathode copper, a decrease of 18.2%[49]. Investments and Future Plans - The company invested approximately RMB 100.3 million in 2021 to enhance the Kalatongke mining operations, including a daily mining capacity of 3,400 tons and a daily selection capacity of 3,000 tons[46]. - In 2022, the company plans to invest RMB 175.9 million to further improve the Kalatongke mining operations and optimize processes[52]. - The company plans to invest RMB 19.1 million in 2022 for geological exploration and resource control, focusing on existing major mining areas[53]. - The company expects the domestic non-ferrous metal market to continue growing in 2022, driven by an anticipated GDP growth of approximately 5.5% in China[48]. Governance and Management - The company has established a strategic committee for ESG initiatives[22]. - The board consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors[112]. - The company has maintained compliance with the corporate governance code throughout the fiscal year 2021[109]. - The board is responsible for overall leadership and governance, including deciding on the company's operational plans and investment proposals[110]. - The company has adopted a diversity policy for the board, considering factors such as gender, age, and professional experience in director appointments[113]. Environmental, Social, and Governance (ESG) - The company is focused on sustainable development and has established a governance structure for Environmental, Social, and Governance (ESG) that includes a Board and an ESG Working Group to oversee and manage ESG-related risks[176]. - The company has identified key ESG issues through stakeholder feedback and surveys, focusing on areas such as emissions management, resource usage, and employee practices[190]. - The company has set effective management policies and internal control systems for ESG issues, ensuring compliance with ESG reporting guidelines[190]. - The company aims to improve ESG performance and create greater value for the community through collaboration with stakeholders[188]. - The company emitted approximately 481,600 tons of mining waste rock, 2,137,100 tons of tailings, 313,000 tons of smelting water quenching slag, 80.76 tons of waste gas, and 384.03 tons of greenhouse gases in 2021[194]. Risk Management - The company has established a risk management and internal control system to safeguard assets and ensure compliance with relevant laws and regulations[163]. - The board of directors conducted two reviews of the risk management and internal control systems during the year, covering the periods up to December 31, 2020, and June 30, 2021[164]. - The company faces commodity price risks due to fluctuations in international and domestic market prices, which could significantly impact revenue and overall earnings[71].

Financial Performance - The company recorded consolidated operating revenue of RMB 1,157.1 million for the six months ended June 30, 2021, representing an increase of 83.1% compared to RMB 632.1 million for the same period last year[8]. - The net profit attributable to shareholders was RMB 230.9 million, a significant turnaround from a net loss of RMB 62.3 million in the same period last year[8]. - The company's consolidated revenue for the period was RMB 1,157.1 million, an increase of 83.1% compared to RMB 632.1 million in the same period last year[20]. - The consolidated net profit for the period was RMB 228.7 million, a significant improvement from a net loss of RMB 62.6 million in the same period last year[20]. - The basic and diluted earnings per share for the six months ended June 30, 2021, were both RMB 0.104, recovering from a loss of RMB 0.028 in the same period of 2020[105]. - The company's total profit for the six months ended June 30, 2021, was approximately RMB 272.80 million, compared to a loss of RMB 77.90 million in the same period of 2020[103]. - Operating profit for the six months ended June 30, 2021, was approximately RMB 273.40 million, a turnaround from an operating loss of RMB 74.92 million in the same period of 2020[103]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2021, was approximately RMB 230.88 million, compared to a loss of RMB 62.31 million in the same period of 2020[104]. Sales and Production - The sales volume of electrolytic nickel reached approximately 5,879 tons, an increase of about 51.9% compared to 3,870 tons in the same period last year[8]. - The average selling price of electrolytic nickel and cathode copper was approximately RMB 120,055 per ton and RMB 59,938 per ton, respectively, representing increases of about 33.5% and 57.5% compared to the same period last year[8]. - The sales volume of cathode copper was 4,331 tons, a decrease of 30.7% from 6,248 tons in the same period last year[20]. - The group’s revenue from copper concentrate increased by 322.7% year-on-year to RMB 80.6 million, with an average selling price of RMB 13,290 per ton, up 82.2% compared to the same period last year[35]. - Sales volume of copper concentrate reached 6,066 tons, representing a 132.0% increase year-on-year, driven by significant price and volume increases[35]. - The company plans to produce 5,678 tons of electrolytic nickel and 5,637 tons of cathode copper in the second half of 2021, subject to market conditions[25]. Financial Position - As of June 30, 2021, total assets amounted to RMB 7,335,757,307.09, an increase from RMB 7,263,263,840.26 as of December 31, 2020, reflecting a growth of approximately 1%[98]. - The company reported a total liability of RMB 2,670,606,883.77, a decrease from RMB 2,831,096,346.31 in the previous period, representing a reduction of approximately 6%[98]. - The company's total equity reached RMB 4,665,150,423.32, compared to RMB 4,432,167,493.95 at the end of 2020, reflecting an increase of approximately 5%[98]. - The net debt ratio (net debt to total capital) improved to 22.61% from 26.38% at the end of 2020, reflecting a decrease in net debt[44]. - The total liabilities to equity ratio improved to approximately 57.3% from 63.9%, indicating a stronger financial position[98]. Cash Flow - Cash inflow from operating activities was RMB 301.7 million, up RMB 150.3 million from RMB 151.4 million in the previous year, driven by increased sales prices and volumes of key products[41]. - The net cash flow from operating activities for the six months ended June 30, 2021, was RMB 301,680,990.41, an increase from RMB 151,383,114.42 for the same period in 2020, representing a growth of 99%[108]. - The company raised RMB 528,000,000.00 from financing activities, down from RMB 885,695,172.67 in the prior year, reflecting a decline of about 40.5%[110]. - The total cash and cash equivalents at the end of the period reached RMB 472,300,501.95, compared to RMB 232,464,294.21 at the end of June 2020, marking an increase of approximately 103.5%[110]. Expenditures - The total expenditure for mineral exploration activities during the period was approximately RMB 1.5 million[26]. - The total expenditure for mining development activities during the period was approximately RMB 12.6 million[28]. - The total expenditure for ore extraction activities during the period was approximately RMB 143.4 million[29]. - Capital expenditures for the group totaled RMB 77,622,000, with the mining and smelting operations at Karatung accounting for 55.3% of the total[59]. - The group plans to invest approximately RMB 221.2 million in mining expansion and smelting upgrades at Karatung, and RMB 58.4 million at the Fukang smelting plant[60]. Shareholder Information - The total issued share capital as of June 30, 2021, is 2,210,000,000 shares, with 65.66% being domestic shares and 34.34% being H shares[75]. - Major shareholders include Xinjiang Nonferrous Metals Group with 40.06% of the total share capital[76]. - The board does not recommend any interim dividend for 2021, consistent with 2020[78]. Governance and Compliance - The board consists of nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors, with a meeting attendance rate of 90.91%[5]. - The supervisory board has five members and held two meetings during the period, achieving an attendance rate of 80%[6]. - The company has adopted a standard code for securities trading by directors, supervisors, and senior management, ensuring compliance with regulations[7]. - A non-executive director violated the trading code by selling 5,000,000 shares during the blackout period without prior notification[9]. - The company has implemented remedial measures to prevent future violations, including communication with the involved director and re-distribution of the trading code to all directors[11]. Accounting Policies - The financial statements for the six months ended June 30, 2021, are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[135]. - The company follows a continuous operation basis for preparing financial statements, ensuring compliance with relevant regulations[134]. - The group includes all subsidiaries in the consolidated financial statements, starting from the date of actual control acquisition[141]. - The company recognizes financial assets and liabilities based on their fair value at the time of initial recognition, impacting the overall financial performance[149]. - The group recognizes expected credit losses based on historical data, current conditions, and forecasts of future economic conditions[155].

Resource and Production - As of December 31, 2020, the total resource amount for the four nickel-copper mines is estimated at 97,630,708 tons, with a total metal content of 484,587 tons of copper and 477,723 tons of nickel[10]. - The reserves for the Kalatongke nickel-copper mine are estimated at 19,437,837 tons, with a copper grade of 1.0% and a nickel grade of 0.60%, yielding 195,053 tons of copper and 117,577 tons of nickel[10]. - The company holds a 51% stake in the Xianghe Street and Mujiahe vanadium mines, which have a total resource amount of 26,569,500 tons and a total vanadium pentoxide content of 242,315 tons as of December 31, 2020[11]. - The company is the second-largest producer of electrolytic nickel in China, primarily engaged in the mining, selection, smelting, refining, and sales of nickel, copper, and other non-ferrous metals[8]. - The company acquired 100% ownership of the Kalatongke, Huangshandong, Huangshan, and Xiangshan nickel-copper mines, with the latter three acquired in 2009[8]. - The company produced 11,819 tons of electrolytic nickel in 2020, a growth of 6.65% from 2019[23]. - The company produced 11,001 tons of cathode copper in 2020, an increase of 27.9% from 2019[23]. - The company produced 795,765 tons of ore from the Kalatongke mine and 1,525,411 tons from Xinjiang Yakes and Hami Jubao in 2020[28]. - The company plans to produce 11,800 tons of electrolytic nickel and 11,277 tons of cathode copper in 2021, reflecting an expected increase in production levels compared to the previous year[33]. Financial Performance - In 2020, the company achieved operating revenue of RMB 1,853.9 million, an increase of 11.8% compared to 2019[24]. - The net profit for 2020 was RMB 179.2 million, a significant increase from RMB 24.8 million in 2019[24]. - The comprehensive profit attributable to the company's shareholders was RMB 151.8 million in 2020, compared to RMB 27.4 million in 2019[24]. - The average selling price of electrolytic nickel in 2020 was RMB 106,136 per ton, an increase of 8.5% from 2019[24]. - The average selling cost of electrolytic nickel decreased by 12.0% to RMB 69,826 per ton in 2020[24]. - The company sold 11,325 tons of electrolytic nickel in 2020, a decrease of 5.6% compared to 2019[24]. - The revenue from cathode copper was RMB 465.1 million in 2020, a 45.9% increase from RMB 318.8 million in 2019, with sales volume rising by 46.5%[46]. - The gross profit margin for the main business in 2020 was 22.4%, an increase of 3.9 percentage points from 18.5% in 2019[47]. - The company's total assets decreased by 4.1% to RMB 7,263.3 million in 2020, down from RMB 7,573.0 million in 2019[52]. - The net cash inflow from operating activities was RMB 352.3 million in 2020, an increase of RMB 76.1 million from RMB 276.2 million in 2019[52]. - The company's debt-to-equity ratio improved to 26.38% in 2020 from 29.94% in 2019, indicating a stronger financial position[54]. Investments and Future Plans - The company plans to expand its market presence through strategic partnerships and potential acquisitions in the non-ferrous metals sector[14]. - The company aims to increase its resource exploration activities to support future growth and sustainability initiatives[14]. - The company plans to invest RMB 257 million in 2021 for further enhancements in mining and environmental standards at the Kalatongke mine[36]. - The company has successfully acquired several mining companies, enhancing its nickel and copper resource reserves and production capacity, and plans to continue pursuing mergers and acquisitions in 2021[40]. - The company is focusing on improving management and operational efficiency in 2021 to ensure stable production and potential growth in electrolytic nickel and cathode copper output[32]. Corporate Governance - The board consists of eight members, including one executive director, four non-executive directors, and three independent non-executive directors[93]. - The board has adopted a diversity policy to enhance corporate governance, considering factors such as gender, age, cultural background, and professional experience when appointing directors[94]. - The board's responsibilities include approving the overall development strategy and annual business plans, as well as overseeing management performance[100]. - The company emphasizes a commitment to diversity and inclusion within the board, ensuring that all opinions are heard and respected[94]. - The company has a structured process for nominating and selecting board candidates, including background checks and assessments of independence[113][115]. Environmental and Social Responsibility - The company emphasizes safety and environmental protection, achieving its safety production goals in 2020 while adhering to national regulations[31]. - The company has implemented strict internal management to prevent child labor and forced labor, with no serious violations reported in 2020[165]. - The company is committed to investing in new technologies and processes to improve resource utilization and environmental protection[176]. - The company achieved a 100% utilization rate of industrial waste through various recycling measures, including using mining waste for underground filling and road paving[169]. - The company has a sulfur dioxide removal rate of 99.0% to 99.6% from its flue gas, meeting national emission standards[167]. Employee Management - The total number of employees as of December 31, 2020, was 2,151, with 878 employees under 35 years old, 850 between 35 and 50 years old, and 423 over 50 years old[153]. - The employee turnover rate for those under 35 years old was 3.30%, for those between 35 and 50 years old was 0.70%, and for those over 50 years old was 0.09%, with an overall turnover rate of 4.09%[153]. - The percentage of employees trained in 2020 was 78.24% for senior management, 75.95% for middle management, and 91.39% for other employees[162]. - The average training hours completed per employee in 2020 were 67 hours for senior management, 53 hours for middle management, and 28.76 hours for other employees[162]. Risk Management - The company has established a risk management policy that includes assessing business objectives, identifying risk factors, and implementing appropriate measures to manage risks[140]. - The board has conducted at least two reviews of the risk management and internal control systems during the year, focusing on management structure, accounting standards, and compliance with relevant laws[139]. - The internal audit department has been set up to ensure accurate and timely recording of accounting and management data, and to review the effectiveness of the risk management system[140].

Financial Performance - The consolidated operating revenue for the first half of 2020 was RMB 632.1 million, an increase of 6.3% compared to RMB 594.4 million in the same period last year[8]. - The net loss attributable to shareholders for the first half of 2020 was RMB 62.3 million, compared to a net loss of RMB 59.2 million in the same period last year[8]. - The basic loss per share attributable to shareholders was RMB 0.028, slightly higher than RMB 0.027 in the previous year[9]. - The group recorded a consolidated net loss of RMB 62.6 million, compared to a net loss of RMB 60.9 million in the same period last year[22]. - The company's operating loss for the six months ended June 30, 2020, was approximately RMB 74.92 million, compared to an operating loss of RMB 70.42 million for the same period in 2019, indicating a deterioration of about 6.0%[101]. - The total comprehensive loss for the six months ended June 30, 2020, was approximately RMB 62.60 million, compared to RMB 60.91 million for the same period in 2019, an increase of about 2.8%[103]. Revenue and Sales - The group's consolidated revenue was RMB 632.1 million, an increase of 6.3% from RMB 594.4 million in the same period last year[22]. - The production of electrolytic nickel was 5,849 tons, an increase of 6.9% from 5,474 tons in the same period last year[22]. - The sales volume of cathode copper was 6,248 tons, an increase of 89.1% from 3,304 tons in the same period last year[22]. - The group's revenue from copper concentrate decreased by 52.1% year-on-year to RMB 19 million, with an average selling price of RMB 7,294 per ton, down 23.3% compared to the same period last year[37]. - The sales volume of copper concentrate was 2,615 tons, a decline of 37.5% year-on-year, attributed to lower sales prices and quantities[37]. Costs and Expenses - The company faced increased production costs due to the impact of COVID-19, which led to a temporary suspension of mining operations from late January to March 2020[18]. - Sales and marketing expenses decreased by 9.6% year-on-year to RMB 16 million, primarily due to reduced transportation costs from lower sales volumes of electrolytic nickel and sulfuric acid[38]. - Administrative expenses fell by 10.3% year-on-year to RMB 51 million, mainly due to reduced employee compensation and related costs[39]. - The company's financial expenses (net) for the six months ended June 30, 2020, were approximately RMB 50.13 million, compared to RMB 48.52 million for the same period in 2019, an increase of about 3.3%[101]. Assets and Liabilities - As of June 30, 2020, total assets increased by 1.3% to RMB 7,673 million, while shareholders' equity decreased by 1.3% to RMB 4,198 million due to losses during the period[43]. - The total liabilities as of June 30, 2020, were RMB 3,474,843,383.72, compared to RMB 3,320,030,195.05 on December 31, 2019, indicating an increase of about 4.65%[98]. - The company's total liabilities to total assets ratio as of June 30, 2020, was approximately 45.3%, compared to 43.8% at the end of 2019, indicating a slight increase in leverage[98]. Cash Flow - The net cash inflow from operating activities was RMB 151.4 million, a significant increase from RMB 1.2 million in the same period last year, driven by higher sales revenue from cathode copper[43]. - The net cash flow from operating activities for the six months ended June 30, 2020, was RMB 151,383,114.42, a significant increase compared to RMB 1,228,574.68 for the same period in 2019[106]. - The net cash flow from financing activities was a negative RMB 132,361,566.84 for the six months ended June 30, 2020, compared to a negative RMB 244,303,704.65 in 2019, showing an improvement of approximately 45.7%[108]. Investments and Capital Expenditures - Capital expenditures for the six months ended June 30, 2020, totaled RMB 85.399 million, with 48.3% allocated to mining and related operations[65]. - Future investments include approximately RMB 151.8 million for mining expansion projects and RMB 137.0 million for refining capacity upgrades[66][67]. - The company plans to invest approximately RMB 8.8 million in exploration capital expenditures[68]. Corporate Governance - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors[90]. - The supervisory board held one meeting during the period with a 100% attendance rate[91]. - The audit committee reviewed the group's unaudited financial performance and confirmed compliance with relevant accounting standards[93]. - The company fully complies with the corporate governance code as per the listing rules during the reporting period[89]. Employee Information - The total number of employees as of June 30, 2020, is 2,186, with production personnel accounting for 67.98% of the workforce[86]. - Employee social insurance contributions range from 16% to 18% for pension insurance, 6% to 9% for medical insurance, and 0.5% for unemployment insurance, based on the total basic monthly salary[86]. Legal and Contingent Liabilities - The company is liable for a total of RMB 330 million in four loan judgments from the Xi'an Intermediate People's Court[57]. - As of June 30, 2020, the estimated liabilities for pending litigation were RMB 1.6153 billion, slightly increased from RMB 1.6152 billion as of December 31, 2019[60]. - The company is involved in ongoing litigation regarding bond claims amounting to approximately RMB 486 million[60]. Market Conditions - The prices of electrolytic nickel and cathode copper experienced significant declines during the pandemic but began to recover in June 2020[18]. - The company adopted a sales strategy of withholding sales to maximize profits, resulting in decreased sales volume of electrolytic nickel during the period[8]. Share Capital - The total issued share capital as of June 30, 2020, was 2.21 billion shares, with 65.66% being domestic shares and 34.34% H shares[80]. - As of June 30, 2020, Xinjiang Nonferrous Metals Industry (Group) Co., Ltd. holds 885,204,000 shares, representing approximately 61.01% of the relevant class shares and 40.06% of the total share capital[81].

Xinjiang Xinxin Mining Industry Co., Ltd.* 新 疆 新 鑫 礦 業 股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 3833 179 年 度 報 告 目錄 | --- | --- | |-------|--------------------------| | | | | 2 | 公司資料 | | 5 | 財務資料概要 | | 6 | 主席報告書 | | 12 | 管理層討論與分析 | | 17 | 董事、監事及高級管理人員 | | 23 | 企業管治報告 | | 36 | 環境、社會及管治報告 | | 44 | 董事會報告 | | 56 | 監事會報告 | | 60 | 獨立審計師報告 | | 68 | 合併及公司資產負債表 | | 71 | 合併及公司利潤表 | | 73 | 合併及公司現金流量表 | | 75 | 合併股東權益變動表 | | 76 | 公司股東權益變動表 | | 77 | 財務報表附註 | | 191 | 財務報表補充資料 | 新疆新鑫礦業股份有限公司 1 公司資料 | --- | --- | --- | |-- ...

Xinjiang Xinxin Mining Industry Co., Ltd * 新疆 新 鑫 礦 業 股 份 有 限 公 司 〔於中華人民共和國註冊成立的股份有限公司〕 股份代號 : 3833 中 期 報 告 129 目錄 公司資料 2 3 公司業績 資源量和儲量 4 5 管理層討論與分析 14 董事權益 15 股本及股息 16 僱員及福利 17 企業管治 | --- | --- | |-------|----------------------------------| | | | | | | | 18 | 合併及公司資產負債表（未經審計） | | 20 | 合併及公司利潤表（未經審計） | | 22 | 合併及公司現金流量表（未經審計） | | 24 | 合併股東權益變動表（未經審計） | | 25 | 公司股東權益變動表（未經審計） | | 26 | 財務報表附註（未經審計） | 新疆新鑫礦業股份有限公司 1 公司資料 | --- | --- | |-----------------------------------------|--------------------------------- ...

Xinjiang Xinxin Mining Industry Co., Ltd.* 新 疆 新 鑫 礦 業 股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 3833 20 年 度 報 告 無震別 目錄 2 公司資料 5 財務資料概要 6 主席報告書 11 管理層討論與分析 16 董事、監事及高級管理人員 22 企業管治報告 33 環境、社會及管治報告 40 董事會報告 53 監事會報告 57 獨立審計師報告 65 合併及公司資產負債表 68 合併及公司利潤表 70 合併及公司現金流量表 72 合併股東權益變動表 73 公司股東權益變動表 74 財務報表附註 196 財務報表補充資料 新疆新鑫礦業股份有限公司 1 公司資料 | --- | --- | |-------------------------------------------------|-------------------------------------------------------------------------------------| | | | | | | | 執行董事 | 公司秘書 | ...