Financial Performance - Operating revenue for the first nine months was CNY 13,779,942,681.72, an increase of 2.46% year-on-year[4] - Net profit attributable to shareholders for the first nine months was CNY 683,069,282.18, a decrease of 17.10% compared to the same period last year[4] - The net cash flow from operating activities for the first nine months was CNY 1,735,622,532.88, down 23.77% year-on-year[4] - Total operating revenue for Q3 2020 reached ¥5,519,137,654.87, a 49.0% increase from ¥3,705,538,607.73 in Q3 2019[21] - Net profit attributable to shareholders for Q3 2020 was ¥313,995,779.41, compared to ¥126,623,952.97 in Q3 2019, reflecting a 148.5% increase[24] - Total operating profit for the first three quarters of 2020 was CNY 587.47 million, a decrease of 39% from CNY 961.82 million in the same period of 2019[28] - The total comprehensive income for Q3 2020 was ¥259,801,178.35, compared to ¥197,804,772.86 in Q3 2019, reflecting a 31.3% increase[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 30,983,944,817.79, a decrease of 1.24% compared to the end of the previous year[4] - Total liabilities amounted to CNY 13,283,831,900.80, a decrease of 2.73% from CNY 13,655,365,272.95 in the previous year[17] - Total equity reached CNY 17,700,112,916.99, slightly down from CNY 17,717,414,109.73 year-over-year[17] - Current assets increased to CNY 5,959,291,979.69, up 22.73% from CNY 4,855,963,876.61 in the previous year[18] - Non-current assets decreased to CNY 21,635,889,167.88, down from CNY 22,875,921,776.76 year-over-year[18] - Long-term borrowings increased by 97.43% to ¥5,203,063,344.00 from ¥2,635,402,232.00 year-on-year[9] - Total liabilities for the current period were CNY 11,061,085,541.66, a slight decrease from CNY 11,073,433,269.60 year-over-year[19] Cash Flow - The net cash flow from operating activities decreased by 23.77% to ¥1,735,622,532.88 compared to ¥2,276,867,156.96 in the previous year[11] - Total cash inflow from operating activities for the first nine months of 2020 was 6,715,455,320.55 RMB, up 21% from 5,551,220,909.39 RMB in the same period of 2019[32] - The cash outflow from investing activities in Q3 2020 was 626,745,262.47 RMB, down 51% from 1,275,272,260.51 RMB in Q3 2019[31] - The net cash flow from financing activities in Q3 2020 was -1,254,904,824.95 RMB, an improvement from -1,998,310,568.07 RMB in Q3 2019[31] Research and Development - The company's R&D expenses increased by 289.89% to ¥29,122,308.53 compared to ¥7,469,405.02 in the same period last year[10] - Research and development expenses in Q3 2020 amounted to ¥15,303,639.68, significantly up from ¥3,181,345.35 in Q3 2019, indicating a 380.5% increase[21] - R&D expenses increased significantly to CNY 5.61 million in Q3 2020, compared to CNY 0.90 million in Q3 2019, reflecting a focus on innovation[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 158,331, with Yunnan Metallurgical Group holding 38.19% of shares[6] - Shareholders' equity totaled approximately $17.72 billion, with total equity attributable to the parent company amounting to about $14.91 billion[36] Other Financial Metrics - The weighted average return on equity decreased by 1.08 percentage points to 4.55%[4] - The company reported a significant increase in trading financial assets, rising by 1,150.07% to CNY 45,169,929.49 due to substantial floating profits from futures positions[8] - Accounts receivable increased by 59.89% to CNY 38,467,775.55, attributed to delayed payments for zinc alloy sales[8] - Other receivables rose by 140.89% to CNY 349,618,574.39, mainly due to an increase in futures margin deposits[8] - The company reported a significant increase in credit impairment losses, with a loss of ¥10,010,919.13 compared to a gain of ¥7,343,255.11 in the previous year[10]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥8,260,805,026.85, a decrease of 15.21% compared to ¥9,743,130,918.16 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥369,073,502.77, down 47.08% from ¥697,392,688.29 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥347,183,269.44, a decrease of 47.43% compared to ¥660,387,257.87 in the same period last year[12]. - The net cash flow from operating activities was ¥1,145,431,557.84, down 25.62% from ¥1,540,056,024.56 in the previous year[12]. - Basic earnings per share for the reporting period (1-6 months) decreased by 47.08% to CNY 0.0725 compared to CNY 0.1370 in the same period last year[13]. - The weighted average return on equity dropped by 2.3273 percentage points to 2.4477% from 4.7750% year-on-year[13]. - The total amount of non-recurring gains and losses for the reporting period was CNY 21,890,233.33, with government subsidies contributing CNY 33,837,537.43[14]. - The company's revenue for the first half of 2020 was 8.261 billion yuan, with a total profit of 470 million yuan and a net profit attributable to shareholders of 369 million yuan[33]. Assets and Liabilities - The net assets attributable to shareholders at the end of the reporting period were ¥14,634,903,873.10, a decrease of 1.85% from ¥14,911,502,442.63 at the end of the previous year[12]. - Total assets at the end of the reporting period were ¥31,313,286,114.79, a slight decrease of 0.19% from ¥31,372,779,382.68 at the end of the previous year[12]. - The company's total liabilities increased to ¥13,872,399,070.63 from ¥13,655,365,272.95, representing a rise of approximately 1.6%[125]. - The total equity attributable to shareholders decreased to ¥14,634,903,873.10 from ¥14,911,502,442.63, a decline of about 1.9%[126]. - The company's total equity decreased to CNY 16,437,912,401.42 from CNY 16,658,452,383.77, a decline of 1.3%[129]. Production and Capacity - The company has a comprehensive production capacity of 400 tons for precious metals including copper, lead, and antimony, with a zinc and lead mining capacity of 300 million tons and 400,000 tons respectively[15]. - The company maintains a raw material self-sufficiency rate of 75%, sourcing the remaining 25% from external procurement[18]. - The company has a total smelting capacity of 630,000 tons, with lead smelting capacity at 230,000 tons and zinc smelting capacity at 400,000 tons[20]. - The company produced over 40 tons of germanium products, accounting for approximately 45% of domestic germanium metal output and over 30% of global output[23]. - In the first half of 2020, the company produced 42,500 tons of lead, accounting for 4.91% of the estimated domestic lead output of 865,000 tons[25]. - The company achieved a zinc production of 118,200 tons, representing 6.48% of the estimated domestic zinc output of 1,825,000 tons[25]. - The company’s germanium production was 24.22 tons, which is 38.75% of the estimated domestic germanium output of 62.5 tons[25]. Environmental and Social Responsibility - The company invested 3.28 billion yuan in environmental protection during the reporting period, accounting for 5.1% of sales revenue[28]. - The company donated 7.5 million yuan to support COVID-19 prevention efforts in Huangshi City, Hubei Province[34]. - The company has implemented a "1+N" poverty alleviation model, transitioning from "blood transfusion" to "blood production" methods, resulting in an annual income increase of over 5 million RMB for local farmers[74]. - The company has actively participated in pandemic prevention efforts, distributing materials and assisting in local agricultural management during the spring planting season[75]. - The company has established a farmers' cooperative to promote livestock farming, ensuring shared benefits between the cooperative and impoverished households[74]. Research and Development - Research and development expenses increased significantly by 222.26% to ¥13,818,668.85 from ¥4,288,059.67 in the previous year[46]. - The company has filed 477 patents, including 142 invention patents and 333 utility model patents, demonstrating a strong commitment to technological innovation[30]. Corporate Governance - The company did not propose any profit distribution or capital reserve transfer plan for the half-year period[61]. - The company’s board and supervisory board underwent a re-election process, appointing a new senior management team[120]. - The company has not reported any changes in controlling shareholders or actual controllers during the reporting period[117]. Compliance and Risk Management - The report has not been audited, and the management has declared the financial report's authenticity and completeness[2]. - The company has described potential risks it may face in the report, which investors should be aware of[4]. - The company is committed to strengthening safety production responsibilities and improving safety management systems to address high safety risks in the mining and smelting industry[58]. Market and Sales - The company’s trade business includes lead and zinc products, with sales primarily in East China and North China regions[24]. - The company aims to enhance market analysis capabilities and increase the use of futures hedging tools to mitigate market risks and expand profits[57].

Financial Performance - The net profit attributable to shareholders for 2019 was CNY 777,138,406.46, while the parent company achieved a net profit of CNY 1,150,769,800.95[3] - The company plans to distribute a cash dividend of CNY 1.2 per 10 shares, totaling CNY 610,954,988.16, which accounts for 78.62% of the net profit attributable to shareholders[3] - The actual distributable profit for 2019, after accounting for the surplus reserve and retained earnings, was CNY 829,429,786.34[3] - The company's operating revenue for 2019 was ¥16,403,340,800.23, a decrease of 13.44% compared to ¥18,950,719,417.68 in 2018[12] - The net profit attributable to shareholders for 2019 was ¥777,138,406.46, representing an increase of 24.78% from ¥622,792,483.84 in 2018[12] - The net cash flow from operating activities for 2019 was ¥2,543,194,090.18, down 5.51% from ¥2,691,527,090.86 in 2018[12] - The total assets at the end of 2019 were ¥31,372,779,382.68, a decrease of 1.49% from ¥31,846,566,582.49 at the end of 2018[12] - The company’s net assets increased from 6.881 billion yuan to 14.912 billion yuan, while the debt-to-asset ratio decreased from 66.66% to 43.52%[38] - The company achieved a net profit of 777.14 million yuan, an increase of 24.78% year-on-year[54] - The total revenue for the year was 1,612,653.92 million RMB, reflecting a decrease of 12.75% compared to the previous year[82] Operational Efficiency - The company has a comprehensive production capacity of 300,000 tons of ore selection, 400,000 tons of zinc and lead metal production capacity, and 63,000 tons of lead and zinc smelting capacity as of the end of 2019[17] - The company maintained a mining recovery rate of 95.53% and a smelting capacity utilization rate of 81.48%[49] - The company implemented cost reduction measures that resulted in over 100 million yuan in economic benefits, with mining and smelting units achieving over 50 million yuan in cost savings each[50] - The company has invested in new technologies and product development to improve operational efficiency and product quality[17] - The company is focusing on cost management by introducing a full-cost management concept to improve profitability[95] Market and Product Development - The company plans to continue expanding its market presence and enhance its product offerings in the zinc, lead, and germanium sectors[17] - The company plans to enhance resource exploration and increase reserves through both internal exploration and external resource integration[95] - The company is pursuing a strategy of industry integration, focusing on the synergy between upstream and downstream operations[93] - The company plans to enhance market analysis capabilities and utilize futures hedging tools to mitigate market risks and expand profits[97] Environmental Compliance and Initiatives - The company has implemented a comprehensive wastewater recycling system, achieving zero external discharge[173] - The company operates eight key pollutant discharge units, all of which comply with national pollution discharge standards and have zero environmental incidents[137] - The company has established a comprehensive quality management system and has been recognized as a "national AAAA standardization good behavior enterprise"[39] - The company is committed to improving its environmental management level through stricter pollution prevention and ecological protection measures[99] - The company has made significant investments in new technologies for waste gas treatment, which are expected to improve overall operational efficiency[186] Research and Development - Research and development expenses increased significantly by 221.75%, reaching ¥60,110,408.72 compared to ¥18,682,258.43 in the previous year[55] - The company applied for 99 patents in 2019, with 90 patents granted, including 12 invention patents[66] - The company is committed to ongoing research and development of new products aimed at reducing environmental impact and improving operational efficiency[165] Risk Management - The company has outlined potential risks in its operational analysis section, which investors should be aware of[4] - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting the importance of investment risk awareness[4] - The company has enhanced its risk resistance capabilities, with improved economic benefits for smelting enterprises due to high processing fees and increased production capacity[70] Corporate Governance - The company has received a standard unqualified audit report from its accounting firm, Xin Yong Zhong He[2] - There were no significant lawsuits or arbitration matters reported for the year[114] - The company has no plans for bankruptcy reorganization or facing delisting risks[113] - The company has not disclosed any significant contracts or their performance for the year[118] Community Engagement and Social Responsibility - The company has established a leadership mechanism for poverty alleviation, providing annual village work funding of 10,000 yuan per person and daily living subsidies of 50 yuan[130] - A total of 3,178 individuals have been lifted out of poverty through the company's initiatives, with a financial investment of 2.19 million yuan and material contributions valued at 150,000 yuan[133] - The company has allocated 12 million yuan to improve educational resources in impoverished areas and 10 million yuan for healthcare resources[134] Future Outlook - The company expects to achieve an operating revenue of ¥20 billion in 2020, with a net cash flow from operating activities of approximately ¥2.25 billion[95] - The company is exploring market expansion opportunities to enhance its competitive position in the industry[145] - The company plans to expand its zinc production capacity from 5,000 tons per year to 12,000 tons per year, and the flotation capacity from 200 tons per day to 400 tons per day[197]

Financial Performance - Net profit attributable to shareholders of the listed company was CNY 824,016,641.26, down 1.50% year-on-year[4] - Operating income for the period was CNY 13,448,669,525.89, representing a decline of 13.81% compared to the same period last year[4] - Basic earnings per share were CNY 0.1618, a decrease of 1.52% compared to the previous year[4] - The company reported a net profit of approximately CNY 102.84 million for Q3 2019, compared to CNY 123.68 million in Q3 2018, reflecting a decline of 16.83%[22] - The total profit for the first three quarters of 2019 was approximately CNY 1.01 billion, a decrease of 16.43% compared to CNY 1.21 billion in the same period of 2018[22] - The company reported a decrease in investment income to CNY 58,671,016.24 in Q3 2019, compared to CNY 54,874,155.67 in Q3 2018[23] - The company’s financial expenses for the first three quarters of 2019 were approximately CNY 417.19 million, down 9.59% from CNY 461.48 million in the same period of 2018[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,045,038,165.27, a decrease of 2.52% compared to the end of the previous year[4] - Total liabilities decreased from ¥15,080,686,091.33 to ¥13,699,382,819.02, a reduction of approximately 9.1% year-over-year[16] - Total assets increased from ¥27,026,526,285.41 to ¥27,385,009,786.83, reflecting a growth of about 1.3%[19] - Current liabilities reached ¥10,752,926,796.31, including short-term borrowings of ¥3,793,250,153.32 and accounts payable of ¥1,705,216,547.91[31] - Non-current liabilities totaled ¥4,327,759,295.02, with long-term borrowings at ¥3,761,190,508.00[32] - Total equity attributable to shareholders increased from ¥14,360,835,370.16 to ¥14,925,173,400.64, reflecting a rise of approximately 3.9%[16] Cash Flow - Net cash flow from operating activities increased by 27.87% to CNY 2,276,867,156.96 for the year-to-date[4] - Cash flow from operating activities for the first three quarters of 2019 was CNY 14,983,132,663.47, down 17.5% from CNY 18,075,953,423.60 in 2018[25] - The total cash inflow from operating activities was CNY 12,706,265,506.51, while cash outflow was CNY 10,429,398,349.55, resulting in a net cash flow of CNY 2,276,867,156.96[26] - The company experienced a net decrease in cash and cash equivalents of CNY 619,045,328.75 in Q3 2019, compared to a decrease of CNY 715,023,177.17 in Q3 2018[26] Shareholder Information - The number of shareholders at the end of the reporting period was 167,557[6] - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., held 38.19% of the shares[6] Research and Development - Development expenditures increased by 46.61% to ¥106,179,291.74 reflecting increased R&D efforts[9] - Research and development expenses for the first three quarters of 2019 were approximately CNY 7.47 million, a decrease of 23.36% from CNY 9.75 million in the same period of 2018[20] - R&D expenses increased to CNY 896,089.48 in Q3 2019, up 51.3% from CNY 591,994.79 in Q3 2018[23] Other Financial Metrics - The weighted average return on equity decreased by 0.27 percentage points to 5.63%[4] - The company reported a total of CNY 26,514,151.82 in non-recurring gains and losses for the current period[5] - The company reported a goodwill of ¥39,434,160.32 and intangible assets of ¥10,450,310,171.78[31] - Deferred tax assets were recorded at ¥131,646,421.83, while deferred tax liabilities were noted at ¥93,407.05[32]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥9.74 billion, a decrease of 5.78% compared to the same period last year[13]. - The net profit attributable to shareholders was approximately ¥697.39 million, down 4.69% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was approximately ¥660.39 million, reflecting a decline of 9.18% compared to the previous year[13]. - The company's cash flow from operating activities was approximately ¥1.54 billion, showing a slight increase of 0.20% year-on-year[13]. - The total assets at the end of the reporting period were approximately ¥30.87 billion, a decrease of 3.08% from the end of the previous year[13]. - The company's net assets attributable to shareholders increased by 2.57% to approximately ¥14.73 billion compared to the end of the previous year[13]. - The company's operating revenue for the current period is ¥9,743,130,918.16, a decrease of 5.78% compared to ¥10,341,157,631.13 in the same period last year[40]. - The operating cost decreased by 4.41% to ¥8,125,950,487.83 from ¥8,500,533,497.83[40]. - The total profit for the first half of 2019 was ¥651,620,651.95, compared to ¥1,003,385,367.77 in the first half of 2018, reflecting a decline of 35.0%[173]. Investment and Capital Management - The company reported no profit distribution or capital reserve transfer to shareholders during the reporting period[2]. - The company plans to distribute at least 10% of its distributable profits as cash dividends annually over the next three years, totaling no less than 30% of the average annual distributable profits during this period[63]. - The company completed the transfer of 11.01% equity in Yun Aluminum Haixin, valued at approximately 136.03 million yuan, to Yunnan Aluminum Co., Ltd. as part of its focus on core business[47]. - The company exited its 49% stake in Beifang Chihong through a capital reduction, with the equity valued at approximately 126.13 million yuan, completed by July 30, 2019[48]. - The company has established a special account for debt repayment to ensure timely payment of principal and interest[158]. - The company has maintained a loan repayment rate of 100%[162]. - The company has complied with all commitments outlined in the bond issuance prospectus during the reporting period[164]. Research and Development - Research and development expenses decreased by 28.26% to ¥4,288,059.67 from ¥5,976,970.13, indicating a reduction in research spending[40]. - The company increased its research project investment, leading to a 31.07% rise in research expenditures to ¥68,602,718.18 from ¥52,338,698.09[40]. - The company reported a decrease in research and development expenses to ¥1,287,254.15, a significant drop of 74.5% from ¥5,055,136.41 in the previous year[173]. Environmental Compliance and Sustainability - The company has received multiple honors for its environmental practices, including being recognized as a national "resource-saving and environmentally friendly" enterprise[31]. - The company is focused on strengthening safety production measures to address the high-risk nature of the mining industry and comply with increasing safety regulations[55]. - Environmental protection is a priority, with the company committed to improving pollution control and adhering to stricter environmental standards[56]. - The company has implemented strict measures to ensure that all pollutants discharged from its subsidiaries comply with environmental regulations, with zero environmental incidents reported[81]. - The company has maintained compliance with all major pollutant discharge standards, with no exceedances reported[95]. - The company is actively monitoring and managing its emissions to ensure ongoing compliance with environmental regulations[95]. - The company has invested CNY 330 million in environmental protection from January to June 2019, with no single project exceeding 10% of the total environmental investment[138]. Market Expansion and Production Capacity - The company has a comprehensive production capacity of 3 million tons for ore selection, 630,000 tons for lead-zinc smelting, and additional capacities for silver, gold, and germanium products[16]. - The company holds 74 exploration rights and 35 mining rights in China, and has 22 mining concessions in Bolivia, indicating ongoing market expansion efforts[21]. - The company plans to enhance technological innovation and improve resource utilization and product processing levels during the 13th Five-Year Plan period[23]. - The company aims to maintain a lead in the zinc and lead market, with a strategic goal of holding 10 million tons of zinc and lead reserves, although there are uncertainties in resource expansion[54]. - The company is focused on expanding its market presence through new product development and technological advancements[104]. Financial Position and Ratios - The company's current ratio decreased by 20.27% to 0.31 compared to the previous year-end[162]. - The quick ratio also declined by 22.22% to 0.14, primarily due to a decrease in cash balance by 698 million RMB[162]. - The debt-to-asset ratio improved by 6.13% to 44.45%, attributed to the repayment of interest-bearing debts[162]. - The EBITDA interest coverage ratio decreased by 12.5% to 5.88, reflecting a decline in total profit compared to the same period last year[162]. - The company's credit rating remains stable at AA+, with no changes reported during the current period[155]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 172,349[142]. - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., holds 1,944,142,784 shares, accounting for 38.19% of the total shares[143]. - The second-largest shareholder, Su Tingbao, holds 395,576,832 shares, representing 7.77% of the total shares[143]. - The company has not reported any significant accounting errors that require restatement during the reporting period[141]. Legal and Regulatory Compliance - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal standing[65]. - The company has committed to ensuring that any related party transactions are conducted at fair market prices and in compliance with legal requirements[63]. - The company has not disclosed any significant changes in its employee stock ownership plans or other incentive measures during the reporting period[66]. Community Engagement and Social Responsibility - The company invested a total of 1.0382 million RMB in poverty alleviation efforts, helping 615 individuals to escape poverty[75]. - The company allocated 0.552 billion RMB to industry development poverty alleviation projects, with 3 projects initiated[75]. - The company has established partnerships with 12 impoverished villages, investing a total of 1.3084 million RMB in various poverty alleviation initiatives[77]. - The company has implemented a comprehensive poverty alleviation strategy focusing on production development, relocation, and education[73].

Financial Performance - Net profit attributable to shareholders was CNY 363,430,599.59, down 10.26% year-on-year[4] - Operating revenue for the period was CNY 4,742,870,545.51, representing a decline of 3.35% compared to the same period last year[4] - Basic earnings per share were CNY 0.0714, a decrease of 10.19% compared to the previous year[4] - The total comprehensive income for Q1 2019 was ¥309,490,114.77, compared to ¥405,461,889.95 in Q1 2018, reflecting a decrease of 23.66%[19] - Net profit for Q1 2019 was ¥359,231,416.64, a decline of 10.91% compared to ¥403,171,723.25 in Q1 2018[18] - The net profit attributable to shareholders of the parent company was ¥363,430,599.59, down 10.27% from ¥404,996,261.28 in the same period last year[19] - Net profit for Q1 2019 was 306.40 million, a decline from 415.46 million in Q1 2018, representing a decrease of approximately 26.2%[21] Cash Flow - Net cash flow from operating activities was CNY 280,873,816.87, a decrease of 46.30% year-on-year[4] - Cash flow from operating activities showed a net increase of 280.87 million, significantly lower than 523.03 million in the same quarter last year[22] - Cash flow from investing activities resulted in a net outflow of 417.18 million, compared to an outflow of 286.23 million in Q1 2018[23] - Cash flow from financing activities recorded a net outflow of 587.88 million, an improvement from an outflow of 1.03 billion in the previous year[23] - The company reported a total cash outflow of CNY 606,142,099.03 in Q1 2019, compared to CNY -72,821,896.46 in Q1 2018, indicating a worsening cash position[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,470,581,914.18, a decrease of 1.18% compared to the end of the previous year[4] - Total liabilities decreased to ¥14,375,496,390.16 from ¥15,080,686,091.33, a reduction of approximately 4.67%[14] - Current assets totaled ¥3,496,679,054.06, down from ¥3,857,439,798.99, representing a decline of about 9.35%[16] - Total liabilities decreased to ¥13,790,171,934.26 from ¥14,514,117,304.31, reflecting a reduction in the company's debt levels[13] - Total equity rose to ¥17,095,085,524.02 from ¥16,765,880,491.16, reflecting an increase of approximately 1.97%[14] Shareholder Information - The total number of shareholders at the end of the reporting period was 181,621[5] - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., held 1,944,142,784 shares, accounting for 38.19% of total shares[5] Other Financial Metrics - The weighted average return on equity was 2.50%, down 0.39 percentage points from the previous year[4] - Financial expenses decreased by 29.43% to ¥129,124,918.37 from ¥182,968,014.26, due to a reduction in interest-bearing liabilities and increased exchange gains[8] - Income tax expenses fell by 36.61% to ¥78,993,640.72 from ¥124,622,706.14, reflecting a decrease in profits compared to the previous year[8] - Research and development expenses decreased significantly to ¥1,706,786.21 from ¥3,145,002.62, a reduction of 45.4%[18] Inventory and Receivables - Inventory decreased to ¥492,562,257.60 from ¥600,991,553.29, a decrease of approximately 18.01%[16] - Accounts receivable increased by 27.41% to ¥192,740,476.30 from ¥151,278,411.50, mainly due to the receipt of notes receivable[7] - Other receivables surged by 124.47% to ¥128,689,103.46 from ¥57,330,117.29, attributed to an increase in hedging margin[7] - Other current assets rose by 248.47% to ¥496,458,792.02 from ¥142,466,506.43, mainly due to the purchase of structured deposit products[7] Financial Reporting Changes - The company executed new financial instrument standards effective January 1, 2019, impacting the reporting of financial assets[30] - The company has adjusted its financial reporting to classify certain financial assets as trading financial assets as per the revised financial statement format[34] - The company has not made retrospective adjustments to prior comparative data under the new financial instrument standards, as the existing methods align with expected credit loss accounting[35]

Financial Performance - The net profit attributable to shareholders for 2018 was CNY 622,792,483.84, while the parent company achieved a net profit of CNY 1,042,292,675.90[2]. - The actual distributable profit for 2018 was CNY 523,758,769.74 after deducting the statutory surplus reserve of CNY 104,229,267.59[2]. - The company reported a total share capital of 5,091,291,568 shares as of December 31, 2018[2]. - The company's operating revenue for 2018 was approximately CNY 18.95 billion, an increase of 2.61% compared to CNY 18.47 billion in 2017[10]. - The net profit attributable to shareholders for 2018 was CNY 622.79 million, a decrease of 46.09% from CNY 1.16 billion in 2017[10]. - The net cash flow from operating activities decreased by 26.26% to CNY 2.69 billion in 2018 from CNY 3.65 billion in 2017[10]. - The basic earnings per share for 2018 was CNY 0.1223, down 53.67% from CNY 0.2640 in 2017[11]. - The company's total assets as of the end of 2018 were approximately CNY 31.85 billion, a decrease of 2.92% from CNY 32.80 billion at the end of 2017[10]. - The company reported a net asset attributable to shareholders of CNY 14.36 billion at the end of 2018, an increase of 4.03% from CNY 13.80 billion at the end of 2017[10]. - The company achieved operating revenue of CNY 18,950,719,417.68, an increase of 2.61% year-on-year[50]. - Operating costs rose to CNY 15,352,058,690.29, reflecting a 3.81% increase compared to the previous year[52]. - Net profit attributable to shareholders decreased to CNY 62,279.25 million, a decline of 46.09% year-on-year[50]. - Basic earnings per share fell to CNY 0.1223, down 53.67% from CNY 0.2640 in the previous year[50]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.7 per 10 shares, totaling CNY 356,390,409.76[2]. - In 2018, the company distributed cash dividends totaling approximately RMB 356.39 million, representing 57.22% of the net profit attributable to ordinary shareholders[103]. - The cash dividend per 10 shares was RMB 0.7 in 2018, an increase from RMB 0.3 in 2017[103]. - The company plans to distribute at least 10% of its annual distributable profits as cash dividends, with a cumulative cash distribution of no less than 30% of the average annual distributable profits over the last three years[100]. - The company has committed to distributing at least 10% of the annual distributable profit in cash dividends over the next three years, with a cumulative distribution of no less than 30% of the average annual distributable profit[105]. Operational Capacity and Production - The company has a comprehensive production capacity of 3 million tons of ore selection, 622,000 tons of lead-zinc smelting, and 150 tons of silver as of the end of 2018[16]. - The company produced 25.55 million tons of zinc metal and 9.74 million tons of lead metal in 2018, with a total output of 35.29 million tons of lead-zinc metals[43]. - The company’s lead and zinc smelting capacity is 622,000 tons, with lead smelting capacity at 230,000 tons and zinc smelting capacity at 392,000 tons[29]. - The company’s mining operations in Yunnan and Inner Mongolia have a combined lead and zinc selection capacity of 286,000 tons per year[27]. - The company plans to produce 350,000 tons of lead and zinc concentrate in 2019, a decrease of 2.9% compared to 2018[90]. Market and Sales Performance - The average selling price of zinc ingots increased by 10.72% compared to the previous year, reaching 20,728.15 RMB per ton, with total sales amounting to 621,513.88 million RMB[46]. - The total revenue from the top five customers was 567,753.83 million RMB, accounting for 29.96% of annual sales[57]. - The total revenue from zinc products was ¥806,913.33 million, with a gross margin of 29.31%, reflecting an 8.17% increase in revenue compared to the previous year[68]. - The company reported a significant increase in germanium product sales, with production up 87.78% to 40,483.63 kg and sales up 264.31% to 24,271.34 kg[54]. Environmental Management - The company has maintained zero environmental pollution incidents and zero government environmental penalties in 2018[47]. - The company’s environmental investment was 63.44 million RMB, accounting for 3.35% of sales revenue[36]. - The company has implemented advanced mining techniques, including the use of paste filling technology to minimize environmental impact[39]. - The company is committed to improving its environmental management practices in response to increasing regulatory pressures and aims to enhance pollution prevention measures[96]. - The company has established a comprehensive environmental protection strategy, ensuring compliance with national environmental impact assessments and obtaining necessary permits, including hazardous waste management licenses[175]. Risk Management - The company has outlined potential risks in its operations, which are detailed in the fourth section of the report[2]. - The company emphasizes the importance of investment risk awareness in its forward-looking statements[2]. - The company is actively managing risks associated with its overseas operations, including cultural and legal differences, to ensure successful international expansion[98]. - The company will enhance market analysis capabilities and utilize futures hedging tools to mitigate market risks associated with lead and zinc price fluctuations[92]. Research and Development - Research and development expenses totaled 86,696,986.38 RMB, accounting for 0.46% of operating revenue[60]. - The company increased its research and development expenditure by 202.66% to ¥72,423,699.53, indicating a focus on innovation[64]. - The company was awarded two provincial and ministerial-level scientific and technological achievements, highlighting its commitment to technological innovation[61]. Corporate Governance - The report includes a standard unqualified audit opinion from Ruihua Certified Public Accountants[2]. - The company has not disclosed any non-operational fund occupation by controlling shareholders or related parties[2]. - The company has confirmed that it will strictly adhere to its profit distribution policy as outlined in its articles of association[105]. - The company has no significant litigation or arbitration matters for the current year, indicating a stable legal standing[111]. Community Engagement and Social Responsibility - The company invested 36.65 million yuan in poverty alleviation efforts, assisting 1,984 individuals in escaping poverty out of 6,683 targeted[128]. - The company has established a comprehensive poverty alleviation plan, aligning with national strategies to combat poverty effectively[125]. - The company has provided vocational skills training with an investment of 7.7 million, training 232 individuals, and assisted 40 registered impoverished households in achieving employment[130]. - The company donated a total of 200,000 yuan in educational resources, including computers and teaching materials, to improve the educational environment for local schools[127]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 181,995, down from 182,188 the previous month[194]. - The largest shareholder, Yunnan Metallurgical Group Co., Ltd., holds 1,944,142,784 shares, representing 38.19% of the total shares[195]. - The company has 285,132,382 restricted shares that will become tradable on November 30, 2020, subject to a 36-month lock-up period[197]. - The company has no significant changes in controlling shareholders during the reporting period, maintaining stability in ownership[199].