Financial Performance - The company's operating revenue for the first half of 2020 was ¥7,279,837,069.89, representing a 73.79% increase compared to ¥4,188,962,285.05 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥94,018,880.12, a significant recovery from a loss of ¥33,982,494.65 in the previous year[22]. - Basic earnings per share for the first half of 2020 was ¥0.11, compared to a loss of ¥0.06 in the same period last year[22]. - The company reported a total profit of 144 million RMB, achieving the best performance in nearly a decade[35]. - The net profit for the first half of 2020 was ¥113,636,775.80, a recovery from a net loss of ¥32,943,375.99 in the same period of 2019[119]. - The company achieved an operating profit of ¥148,279,452.52 in the first half of 2020, a turnaround from an operating loss of ¥29,148,277.31 in the same period of 2019[119]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 53.6% to ¥179,258,202.88 from ¥386,341,197.72 in the same period last year[22]. - Cash and cash equivalents decreased by 85.06% to 147.17 million yuan, down from 985.04 million yuan in the same period last year[43]. - The cash and cash equivalents at the end of the period were CNY 109,071,286.17, down from CNY 887,843,140.22 at the end of the first half of 2019, indicating a decrease of approximately 87.8%[131]. - The net cash flow from operating activities decreased to -329,422,700.63 RMB from 227,691,369.31 RMB year-over-year, indicating a significant decline in operational performance[135]. - The ending balance of cash and cash equivalents was 37,934,184.71 RMB, down from 52,271,890.17 RMB, reflecting a decrease of about 27.5%[137]. Assets and Liabilities - Total assets decreased by 1.33% to ¥6,885,118,372.56 from ¥6,977,669,896.30 at the end of the previous year[22]. - The company's asset-liability ratio improved, decreasing by 2 percentage points compared to the beginning of the year[36]. - Total liabilities decreased from ¥6,341,566,319.18 to ¥6,133,968,905.12, a decline of approximately 3.28%[106]. - The total liabilities at the end of the period amount to 2,974,426,138.86 RMB, indicating a significant reduction from the previous period[165]. - The company's equity attributable to shareholders increased from ¥56,000,725.61 to ¥140,508,720.25, an increase of about 150.00%[106]. Operational Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the discussion and analysis section of the report[7]. - The company is currently facing operational risks due to its reliance on a single smelting processing model and the absence of self-owned mines, which may impact the profitability of its zinc products[50]. - The company’s future outlook remains uncertain due to the reported losses and negative equity[173]. Research and Development - Research and development expenses surged by 103.78% to 9.04 million RMB, driven by the initiation of new research projects[40]. - Research and development expenses increased to ¥9,035,516.36 in the first half of 2020, up from ¥4,433,914.64 in the same period of 2019, reflecting a growth of approximately 103.6%[115]. Environmental and Social Responsibility - The company has implemented various infrastructure improvements in the village, including roads and water supply systems, to support local economic growth[68]. - The company has established a "never-leaving poverty alleviation work team" to ensure sustainable development in the village[70]. - The company has completed its poverty alleviation plan as required by its controlling company[64]. Corporate Governance - The company has not appointed an accounting firm for the 2020 fiscal year as of the report date[56]. - The company has not reported any significant litigation or arbitration matters during the reporting period[56]. - The financial statements are prepared based on the latest accounting standards issued by the Ministry of Finance, reflecting the financial position as of June 30, 2020, and the operating results and cash flows for the first half of 2020[184]. Shareholder Information - The company has a total of 28,767 common stock shareholders as of the end of the reporting period[89]. - The top ten shareholders hold a total of 40.24% of the shares, with Zhuzhou Smelter Group Co., Ltd. being the largest shareholder at 212,248,593 shares[90].

Financial Performance - Operating revenue for the first quarter reached CNY 3,422,576,847.41, an increase of 84.65% year-on-year[12] - Net profit attributable to shareholders was CNY 41,708,932.70, a significant recovery from a loss of CNY 47,374,709.22 in the same period last year[12] - Basic earnings per share improved to CNY 0.04 from a loss of CNY -0.09 in the same period last year[12] - Total operating revenue for Q1 2020 was CNY 3,422,576,847.41, a 84.5% increase from CNY 1,853,510,592.05 in Q1 2019[42] - Net profit for Q1 2020 was CNY 48,528,861.59, a significant recovery from a net loss of CNY 47,774,999.75 in Q1 2019[45] - The total profit for Q1 2020 was CNY 59,929,827.13, a recovery from a loss of CNY 46,703,274.49 in Q1 2019[45] Cash Flow - Net cash flow from operating activities was CNY 125,293,467.25, a turnaround from a negative cash flow of CNY -60,255,345.12 in the previous year[12] - Net cash flow from operating activities increased by 307.94% year-over-year, reflecting improved profitability and cash inflow from asset disposals[24] - The net cash flow from operating activities for Q1 2020 was ¥125,293,467.25, a significant improvement compared to a net outflow of -¥60,255,345.12 in Q1 2019[53] - The net cash flow from investing activities was -¥40,498,575.55, an improvement from -¥229,834,485.37 in Q1 2019[53] - The net cash flow from financing activities was ¥254,320,976.34, down from ¥410,837,270.29 in Q1 2019[55] Assets and Liabilities - Total assets increased by 4.11% to CNY 7,264,778,131.39 compared to the end of the previous year[12] - Total liabilities increased to ¥6,547,861,269.05 from ¥6,341,566,319.18, representing a growth of approximately 3.3%[33] - Total assets decreased slightly to ¥4,728,307,823.07 from ¥4,769,094,759.52, indicating a decline of about 0.9%[38] - Total liabilities reached RMB 4,766,564,749.54, with current liabilities at RMB 3,456,776,828.11 and non-current liabilities at RMB 1,309,787,921.43[68] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,415[16] - The largest shareholder, Zhuzhou Smelter Group Co., Ltd., held 40.24% of the shares[16] Research and Development - Research and development expenses rose by 62.69% year-over-year, mainly due to new research project costs at a subsidiary[24] - Research and development expenses increased to CNY 2,506,127.29 in Q1 2020, up from CNY 1,540,384.43 in Q1 2019, marking a 62.7% increase[42] Inventory and Receivables - Accounts receivable rose by 47.68% compared to the beginning of the year, driven by an increase in receivables under credit marketing policies[21] - Inventory decreased by 21.07% compared to the beginning of the year, mainly due to reduced raw material stock and disposal of inventory[21] - Other receivables increased by 33% year-to-date, primarily due to an increase in futures margin deposits[21] - Inventory decreased to ¥215,494,270.96 from ¥507,744,157.64, showing a reduction of approximately 57.5%[37] Government Subsidies and Other Income - The company reported a government subsidy income of CNY 3,949,240.75, primarily from the amortization of deferred income[15] - The company reported investment income of CNY 21,604,991.79 in Q1 2020, with no comparable figure for Q1 2019[42] - Other comprehensive income after tax for Q1 2020 was CNY 401,690.77, compared to a loss of CNY 1,000,954.11 in Q1 2019[45] Financial Ratios - The weighted average return on net assets was not applicable, compared to -1.79% in the previous year[12]

Financial Performance - In 2019, the company reported a total revenue of ¥11,191,965,772.14, a decrease of 13.96% compared to ¥13,008,429,316.13 in 2018[20]. - The net profit attributable to shareholders was ¥77,439,844.92, a significant recovery from a loss of ¥1,631,818,694.33 in 2018[20]. - The company did not declare any profit distribution for 2019 due to a negative distributable profit of ¥-2,986,842,205.94[5]. - The basic earnings per share for 2019 was ¥0.01, recovering from a loss of ¥3.09 per share in 2018[21]. - The company's operating revenue for 2019 was approximately ¥11.19 billion, a decrease of 13.96% compared to ¥13.01 billion in the previous year[41]. - The company reported a net profit of approximately 77.44 million yuan for the year 2019, compared to a loss of approximately 1.63 billion yuan in 2018[84]. - The company reported a total revenue of 3.8 billion, with a net profit margin of 575.51 million[142]. - The company achieved a significant increase in revenue, achieving a total of 1.2 billion in 2019, representing a growth of 15% compared to the previous year[144]. Cash Flow and Assets - The operating cash flow net amount for 2019 was ¥726,814,795.67, an increase of 6.56% from ¥682,082,698.14 in 2018[20]. - The company's total assets at the end of the period were significantly impacted, with cash and cash equivalents decreasing by 53.43% to 2.26 billion yuan, while accounts receivable increased by 64.42% to 2.12 billion yuan[60]. - The company reported a significant reduction in management expenses by 48.74%, from ¥310.89 million to ¥159.37 million[41]. - The net cash flow from operating activities was 726.81 million yuan, an increase of 44.73 million yuan compared to the same period last year, primarily due to a significant decrease in inventory, reducing the funds tied up in purchasing goods by 249.61 million yuan[57]. - The total assets of Hunan Zhuzhou Smelter Group Co., Ltd. were CNY 1.17 billion, with a net asset value of CNY 112.88 million[72]. - The cash and cash equivalents decreased from CNY 485,269.72 million in 2018 to CNY 226,004.60 million in 2019[189]. - The total equity attributable to shareholders was CNY 56,000,725.61, compared to CNY 50,700,065.07 in 2018, marking an increase of about 10.3%[192]. Operational Efficiency and Cost Management - The company implemented significant cost reductions, with operating costs decreasing by 19.56% from ¥13.34 billion to ¥10.73 billion[41]. - The company achieved a net cash flow from operating activities of approximately ¥726.81 million, an increase of 6.56% from the previous year[41]. - The company reported a significant reduction in financial expenses, totaling CNY 149,360,241.71 in 2019, down from CNY 172,662,372.92 in 2018[196]. - The company has focused on improving operational efficiency and exploring new market opportunities in the coming years[6]. - The company has initiated 20 research projects, with two projects successfully applying for national science and technology special funds[39]. - The company has a structured approach to remuneration based on the annual operational performance targets and actual completion of key tasks[149]. Research and Development - Research and development expenses increased by 98.16%, rising from ¥24.71 million to ¥48.97 million, reflecting a focus on innovation[41]. - The company's total R&D investment was 48.97 million, accounting for 0.44% of total revenue, with 172 R&D personnel[54]. - The company is investing heavily in R&D, with a budget allocation of 75.47 million for new technologies[142]. - Investment in new technology development increased by 20% in 2019, with a budget allocation of 200 million for R&D initiatives[144]. Market and Product Development - The company plans to expand its production capacity with a new 300,000-ton zinc-based material project, which has already commenced operations[34]. - The company aims to establish a world-class smelting and deep processing base at the Hengyang site, focusing on intelligent manufacturing and comprehensive recycling[55]. - The company is actively developing new zinc alloy products to maintain market leadership[56]. - The company aims to launch three new products in 2020, which are expected to contribute an additional 150 million in revenue[144]. - The company plans to enhance its competitiveness through the establishment of a zinc alloy base and the optimization of cost elements[77]. Environmental and Social Responsibility - The company has implemented zero discharge of industrial wastewater and met the latest environmental emission standards for exhaust gases[107]. - The company has established a comprehensive environmental monitoring system, with a 100% publication rate of monitoring results on the national pollution source monitoring information management platform[109]. - A total of 145 registered poor individuals have been helped to escape poverty through targeted assistance[105]. - The company has focused on training agricultural techniques to improve villagers' production capabilities, thereby increasing their income[103]. - The company has actively engaged in community support and development through various initiatives, including "enterprise-local co-construction" and "precision poverty alleviation" efforts[107]. Governance and Management - The company has a diverse management team with members holding positions in various related organizations[147][148]. - The company has experienced changes in its board and management personnel, with several members having left their positions[146][147]. - The governance structure complies with the requirements set by the China Securities Regulatory Commission[157]. - The company has established a performance evaluation mechanism for senior management, linking annual salary to the completion of business objectives[171]. - The total number of employees in the parent company is 196, while the main subsidiaries employ 1,894, resulting in a total of 2,090 employees[152].

Financial Performance - Operating revenue for the period from January to September was CNY 6,937,249,987.89, a decrease of 22.64% year-on-year[17] - Net profit attributable to shareholders was CNY 4,587,359.92, recovering from a loss of CNY 1,571,356,324.58 in the previous year[19] - Basic earnings per share for the period was CNY 0.02, recovering from a loss of CNY 2.98 per share in the previous year[19] - The company reported a net loss of ¥2,936,516,284.29, slightly improved from a loss of ¥2,940,443,644.21 year-over-year[44] - Net profit for Q3 2019 was CNY 40,904,345.83, compared to a net loss of CNY 211,496,390.52 in Q3 2018, showing a significant turnaround[57] - Net profit for Q3 2019 was ¥5,743,633.53, recovering from a loss of ¥203,020,486.98 in Q3 2018[66] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 7,198,423,599.11, an increase of 21.15% compared to the end of the previous year[17] - Current liabilities rose to ¥4,371,798,935.17, compared to ¥3,996,505,794.45, reflecting an increase of about 9.4%[42] - Non-current liabilities totaled ¥2,233,464,484.57, up from ¥1,394,553,490.88, indicating a significant increase of approximately 60%[44] - The total liabilities reached ¥6,605,263,419.74, compared to ¥5,391,059,285.33, marking an increase of around 22.5%[44] - The company's equity increased to ¥593,160,179.37 from ¥550,700,065.07, showing a growth of about 7.7%[44] Cash Flow - Net cash flow from operating activities for the period was CNY 262,739,886.29, down 14.59% compared to the same period last year[17] - Net cash flow from investing activities was RMB -98,599,670, a decrease of RMB 24,359,180 year-on-year, mainly due to reduced net investment in construction projects[33] - Net cash flow from financing activities was RMB 60,514,560, an increase of RMB 34,479,600 year-on-year, primarily due to increased project borrowings[33] - The company's cash and cash equivalents were RMB 367,188,723.32 at the end of the reporting period, down from RMB 485,269,724.35 at the beginning of the year[39] - The company's cash inflow from operating activities for the first three quarters of 2019 was approximately ¥7.86 billion, a decrease of 26.4% compared to ¥10.65 billion in the same period of 2018[70] Revenue and Costs - Revenue for the period was RMB 693,735,000, a decrease of 22.64% year-on-year, mainly due to the shutdown of lead smelting capacity at the end of 2018 and reduced sales of zinc products[30] - Operating costs for the period were RMB 665,308,660, down 27.7% year-on-year, attributed to the same reasons affecting revenue[30] - The company reported a decrease in sales expenses by 42.9% year-on-year to RMB 3,582,060, attributed to reduced sales volume during the period[30] - Total operating costs for Q3 2019 were CNY 2,690,335,748, down from CNY 2,937,349,011 in Q3 2018, indicating a decrease of about 8.4%[54] - The company's total operating cost for Q3 2019 was ¥2,109,075,075.03, down from ¥2,444,428,454.15 in Q3 2018, indicating a reduction of approximately 13.7%[62] Research and Development - Research and development expenses increased by 111.25% year-on-year to RMB 1,912,670, reflecting increased investment in scientific research[30] - Research and development expenses for Q3 2019 were CNY 14,692,823.75, an increase from CNY 3,809,029.43 in Q3 2018, reflecting a growth of approximately 285%[54] - Research and development expenses for Q3 2019 were ¥11,643,925.86, compared to ¥12,207,242.18 in Q3 2018, indicating a decrease of approximately 4.6%[62] Shareholder Information - The total number of shareholders at the end of the reporting period was 25,619[25] - The largest shareholder, Zhuzhou Smelter Group Co., Ltd., held 40.24% of the shares[25] Other Income and Subsidies - Government subsidies recognized during the period amounted to CNY 6,238,339.16, primarily from deferred income amortization[19] - Non-operating income for the period included a gain of CNY 24,939,667.59 from hedging activities[21] Inventory and Receivables - Accounts receivable at the end of the reporting period reached RMB 241,976,038.97, an increase of 88.1% compared to the beginning of the year, primarily due to increased receivables from downstream customers[30] - Inventory levels decreased significantly to ¥579,638,106.47 from ¥1,075,451,623.67, representing a reduction of about 46%[44] Future Outlook and Guidance - The company provided guidance for Q4 2019, expecting revenue to be between $B million and $C million, indicating a growth rate of D%[80] - Future outlook remains positive with anticipated growth driven by M factors, including market trends and consumer demand[80]

证券代码：600961 证券简称：株冶集团 公告编号：2019-020 株洲冶炼集团股份有限公司 关于参加 2019 年湖南辖区上市公司投资者网上集体接待日 活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为贯彻落实《国务院办公室厅关于进一步加强资本市场中小投资 者合法权益保护工作的意见》文件精神，强化与投资者的互动交流， 使广大投资者能更深入全面地了解公司情况，株洲冶炼集团股份有限 公司（以下简称"公司"）将参加由中国证券监督管理委员会湖南监 管局指导，湖南省上市公司协会与深圳市全景网络有限公司联合举办 的"湖南辖区上市公司投资者网上集体接待日"活动，现将有关事项 公告如下： 本次投资者网上接待日活动将通过深圳市全景网络有限公司提 供的互联网平台举行，投资者可以登陆"全景·路演天下"网站 （http://rs.p5w.net）或关注微信公众号：全景网路演天下（微信 号：Roadshow_ly）参与本次投资者集体接待日活动，活动时间为 2019 年 9 月 10 日（星期二）下午 15:00 至 17:00。 ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥4,188,962,285.05, a decrease of 34.10% compared to ¥6,356,728,973.68 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥33,982,494.65, compared to -¥1,359,859,850.69 in the previous year, indicating a significant improvement[19]. - The net cash flow from operating activities was ¥386,341,197.72, down 6.46% from ¥413,043,780.41 in the same period last year[19]. - The total profit for the period was a loss of ¥28,898,700, a decrease in loss of ¥132,873,300 compared to the previous year[37]. - The company reported a net loss of ¥2,974,426,138.86, compared to a loss of ¥2,940,443,644.21 in the previous period, indicating a slight increase in losses[90]. - The total comprehensive income for the first half of 2019 was CNY -33,241,798.59, significantly improved from CNY -1,352,518,169.54 in the previous year[104]. Assets and Liabilities - The total assets increased by 31.47% to ¥7,811,846,217.41 from ¥5,941,759,350.40 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 67.62% to ¥16,419,147.82 from ¥50,700,065.07 at the end of the previous year[19]. - Current liabilities rose to ¥5,067,198,323.69 from ¥3,996,505,794.45, reflecting an increase of approximately 27%[90]. - The total liabilities amounted to ¥7,294,387,950.93, up from ¥5,391,059,285.33, showing an increase of around 35.3%[90]. - The company's equity attributable to shareholders decreased to ¥16,419,147.82 from ¥50,700,065.07, a decline of approximately 67.6%[90]. Cash Flow - Net cash flow from investing activities worsened by 62.25%, resulting in a cash outflow of ¥666,529,347.35 compared to ¥-410,803,934.27 last year[33]. - Net cash flow from financing activities increased significantly by 521.18% to ¥683,088,717.97 from ¥-162,184,565.05 in the previous year[33]. - Cash and cash equivalents increased by 102.99% to ¥985,043,140.22, representing 12.61% of total assets[38]. - The ending balance of cash and cash equivalents increased to RMB 887,843,140.22, compared to RMB 352,428,757.92 at the end of the previous period[118]. Operational Highlights - The company achieved a total zinc production of 150,000 tons in the first half of the year, generating revenue of 4.188 billion yuan[31]. - The zinc project at the Changning base reached a daily zinc output of 850 tons, achieving 94% of its designed capacity[31]. - The company is progressing with the transformation projects, with the zinc-based materials project 85% completed and the construction of the ITO target material project improving yield rates by 9%[31]. - The company is focusing on expanding its market presence in the environmental protection industry, actively seeking opportunities across various regions[31]. Risks and Challenges - The company faces market and operational risks due to reliance on a single smelting processing model and lack of self-owned mines[45]. - Financial risks include potential liquidity issues due to new project funding and operational costs, with plans to secure bank loans and reduce debt[47]. - Environmental risks are heightened by increasing regulatory demands, prompting the company to enhance production process controls and implement cleaner production practices[47]. - Employee restructuring poses risks to operational stability, with plans for training and policy communication to ensure workforce adaptability[47]. Shareholder Information - The total number of ordinary shareholders reached 27,013 by the end of the reporting period[73]. - The largest shareholder, Zhuzhou Smelter Group Co., Ltd., holds 212,248,593 shares, accounting for 40.24% of total shares[75]. - There were no significant related party transactions reported during the period[60]. Environmental Compliance - The company has implemented environmental monitoring plans and regularly publishes monitoring results on its platform[68]. - The company has established pollution prevention facilities that are operating stably and meeting discharge standards[65]. - The company has obtained environmental impact assessments and pollutant discharge permits for all ongoing projects[66]. - The company has completed emergency response plans for environmental incidents and conducted training and drills[67]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, indicating no significant issues affecting the company's ability to continue operations for at least 12 months from the reporting date[173]. - The financial statements comply with the relevant accounting standards and reflect the financial position as of June 30, 2019, and the operating results for the first half of 2019[174]. - The company recognizes financial assets or liabilities upon becoming a party to a financial instrument contract, with transactions accounted for on the trade date[186]. - The company estimates expected credit losses for receivables using a simplified model, measuring losses based on the entire lifetime expected credit losses[195].

Financial Performance - Net profit attributable to shareholders was CNY -47,374,709.22, a decline from CNY -32,127,820.75 in the same period last year[12] - Operating revenue decreased by 33.29% to CNY 1,853,510,592.05 compared to CNY 2,778,633,072.94 in the previous year[12] - The company reported a total profit of -46.70 million yuan, a decrease of 51% year-on-year, primarily due to the shutdown of the Qing Shui Tang smelting capacity at the end of 2018 and the trial production phase of its subsidiary, Zhuzhou Smelting Group[23] - The company reported a loss of CNY -24,296,205.35 from hedging activities during the period[15] - The total comprehensive income for Q1 2019 was CNY -48,775,953.86, compared to CNY -32,939,651.84 in Q1 2018[50] - Net profit for Q1 2019 was a loss of CNY 47,774,999.75, compared to a loss of CNY 32,127,820.75 in Q1 2018, representing a 48.5% increase in losses[50] - The total equity attributable to shareholders was CNY -134,027,286.70, compared to CNY -85,382,371.21 in the previous period, indicating a decline in shareholder equity[48] - The company reported a total comprehensive loss of ¥48,644,915.49 for Q1 2019, compared to a loss of ¥46,765,324.29 in Q1 2018[53] Assets and Liabilities - Total assets increased by 10.45% to CNY 6,562,835,367.81 compared to the end of the previous year[12] - Total liabilities increased to ¥6,060,911,256.60 from ¥5,391,059,285.33, representing a growth of approximately 12.5%[37] - Current liabilities totaled ¥4,084,658,606.22, up from ¥3,996,505,794.45, indicating an increase of about 2.2%[37] - Long-term borrowings rose significantly to ¥787,307,127.24 from ¥403,303,490.88, marking an increase of approximately 95.2%[37] - The company’s total assets at the end of the reporting period were 6.56 billion yuan, an increase from 5.94 billion yuan at the beginning of the period[34] - Accounts receivable at the end of the reporting period reached 217.18 million yuan, an increase of 69% compared to the beginning of the period, mainly due to increased receivables from downstream customers within the credit limit[23] - Other receivables decreased by 47% to 79.98 million yuan, primarily due to the return of profits from futures brokerage accounts to the company[26] - The company’s long-term borrowings increased by 95% to 787.31 million yuan, mainly due to project loans taken by its subsidiary, Zhuzhou Smelting Group[26] Cash Flow - Net cash flow from operating activities was CNY -60,255,345.12, worsening from CNY -30,009,401.41 year-on-year[12] - The company’s cash flow from operating activities was -60.26 million yuan, a decrease of 30.24 million yuan year-on-year, primarily due to increased accounts receivable affecting cash inflow[26] - The net cash flow from operating activities for Q1 2019 was a negative ¥60,255,345.12, worsening from a negative ¥30,009,401.41 in Q1 2018[59] - Cash received from sales of goods and services in Q1 2019 was ¥2,789,001,120.68, down from ¥3,377,667,046.64 in Q1 2018, reflecting a decline of approximately 17.5%[55] - The net cash flow from investing activities for Q1 2019 was a negative ¥229,834,485.37, compared to a negative ¥389,486,001.65 in Q1 2018, showing an improvement[59] - Cash inflow from financing activities in Q1 2019 was ¥1,262,700,473.08, compared to ¥1,531,685,707.68 in Q1 2018, indicating a decrease of about 17.5%[59] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,055[22] - The largest shareholder, Zhuzhou Smelter Group Co., Ltd., holds 40.24% of the shares[22] Expenses - The company’s management expenses decreased by 47.59% to 22.51 million yuan, mainly due to a significant reduction in management personnel following the shutdown of the Qing Shui Tang smelting capacity[26] - Research and development expenses for Q1 2019 were CNY 1,540,384.43, an increase from CNY 1,048,392.97 in Q1 2018[48] - The company reported a significant increase in financial expenses, totaling CNY 24,048,921.40 in Q1 2019, compared to CNY 34,693,629.71 in Q1 2018[48] Government Support - Government subsidies recognized in the current period amounted to CNY 7,520,152.22, primarily related to resource utilization[15] Other Financial Metrics - The weighted average return on net assets was -1.79%, compared to -0.17% in the previous year[12] - Basic earnings per share were CNY -0.09, compared to CNY -0.06 in the same period last year[12] - Total operating costs for Q1 2019 were CNY 1,883,436,620.28, down 34.3% from CNY 2,866,389,722.41 in Q1 2018[48] - Cash and cash equivalents decreased to ¥341,093,378.39 from ¥423,514,251.21, a decline of approximately 19.4%[39] - Total equity decreased to ¥501,924,111.21 from ¥550,700,065.07, a decline of about 8.8%[37] - The company reported an accumulated deficit of ¥2,987,818,353.43, compared to ¥2,940,443,644.21, indicating an increase in losses[37]

Financial Performance - In 2018, the company reported a total revenue of ¥13,008,429,316.13, a decrease of 5.71% compared to ¥13,796,828,901.74 in 2017[22] - The net profit attributable to shareholders was -¥1,631,818,694.33, representing a significant decline of 3,042.89% from a profit of ¥55,449,577.75 in 2017[22] - The company's net assets decreased by 75.25% to ¥50,700,065.07 at the end of 2018, down from ¥204,834,698.48 at the end of 2017[22] - The basic earnings per share for 2018 was -¥3.09, a decrease of 2,909.09% compared to ¥0.11 in 2017[25] - The weighted average return on net assets was -11.58% in 2018, a decrease of 41.94 percentage points from 30.36% in 2017[25] - The net profit after deducting non-recurring gains and losses was -¥992,525,497.26, a decline of 2,889.21% from ¥35,584,415.69 in 2017[22] - The total non-recurring losses for 2018 amounted to CNY 639 million, indicating significant financial challenges faced during the year[27] - The company reported a net profit of -1,667,793,312.24 RMB for the fiscal year 2018, resulting in a total distributable profit of -3,075,172,473.57 RMB, leading to no profit distribution for the year[89] Cash Flow and Investments - The net cash flow from operating activities increased by 103.54% to ¥682,082,698.14 in 2018, compared to ¥335,114,362.41 in 2017[22] - The company’s investment activities generated a net cash flow of approximately -948 million RMB, a significant increase in outflow compared to the previous year[46] - The company reported an investment income of 10,470.72 million yuan, a significant increase of 15,501.14 million yuan compared to the previous year's loss of 5,030.42 million yuan, mainly due to substantial profits from commodity futures hedging[64] - The company’s total revenue from zinc and zinc alloys was 8,467,696,547.42 yuan, a decrease of 16.21% year-on-year, with a gross margin of -4.35%, down 8.93 percentage points[72] Production and Operations - The company achieved a total lead and zinc production of 430,200 tons and reported a revenue of 13 billion RMB, a year-on-year decrease of 5.71%[42] - The company experienced a 17.44% decrease in zinc production volume and a 19.75% decrease in lead production volume compared to the previous year[54] - The company has no raw material base and relies entirely on external procurement, which influences its production planning and operational efficiency[36] - The company completed the main engineering construction of the zinc project within about one year, with trial production starting on December 26[41] Market and Sales - Domestic revenue accounted for 99.54% of total revenue, amounting to CNY 12,949,089,850.12, with a year-over-year decline of 4.85%[75] - Foreign revenue was CNY 59,339,466.01, representing only 0.46% of total revenue, with a significant decline of 68.33% year-over-year[75] - The company plans to achieve a total zinc production of 373,000 tons and an expected revenue of CNY 9 billion in 2019[83] - The company is focusing on expanding its market share by increasing channel development and maintaining stable customer relationships[83] Environmental and Social Responsibility - The company has committed to strengthening environmental management and implementing clean production practices in response to increasing regulatory demands[84] - The company achieved a 30% reduction in sulfur dioxide emissions compared to 2017, and wastewater discharge was also reduced by 30%[120] - The company has invested significantly in green transformation and upgrading, focusing on building green factories and complying with local industrial relocation requirements[117] - The company actively participated in poverty alleviation efforts, sending a dedicated team to support local development in Huayuan County, Hunan Province since 2018[117] Governance and Compliance - The company has maintained compliance with corporate governance standards as per the requirements of the China Securities Regulatory Commission[173] - The audit committee confirmed that the financial statements fairly reflect the company's operating results and cash flow for the year 2017, adhering to accounting standards[183] - The company has established a performance evaluation mechanism linking executive salaries to the achievement of annual business goals[187] - The company has not reported any major asset or equity acquisitions or disposals during the reporting period[108] Research and Development - The company’s R&D expenses increased by 45.13% to approximately 24.71 million RMB compared to the previous year[46] - The total R&D expenditure was CNY 24.71 million, accounting for 0.19% of total revenue, with 368 R&D personnel representing 9.83% of total employees[59] - The company is focusing on the development of new zinc alloy products and has ongoing research in areas such as high-aluminum zinc coatings and low-copper high-aluminum zinc alloys[62] Employee and Management - The total number of employees in the parent company and major subsidiaries is 4,778, with 3,619 in production, 1,022 in technical roles, and 40 in sales[168] - The company conducted 129 training sessions in 2018, training a total of 3,745 employees, with 1,746 employees receiving training certificates[170] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 4.484 million yuan[162] - The company has a salary management system that ties compensation to company performance and individual contributions, ensuring transparency in salary distribution[169]

Financial Performance - Operating revenue for the first nine months was CNY 8,967,431,038.46, a decrease of 11.22% year-on-year[6] - Net profit attributable to shareholders was CNY -647,578,167.32, a decrease of 893.62% compared to the same period last year[7] - Basic and diluted earnings per share were both CNY -2.98, reflecting a significant decline[7] - The company reported a total profit of -156,845.49 million RMB, a decrease of 3331% compared to the same period last year, primarily due to a fixed asset impairment loss of 136,816 million RMB from shutting down the Qing Shui Tang smelting capacity[14] - Total revenue for the third quarter was approximately $2.61 billion, a decrease of 26% compared to $3.53 billion in the same period last year[32] - Net profit for the quarter was a loss of approximately $211.5 million, compared to a profit of $36.19 million in the same quarter last year[34] - The company reported a total comprehensive income of approximately $7.26 million for the quarter, compared to a loss of $5.86 million in the same period last year[35] - The company incurred a significant operating loss of ¥243,978,670.05 in Q3 2018, compared to a profit of ¥28,007,931.1 in Q3 2017[39] Assets and Liabilities - Total assets decreased by 4.26% to CNY 5,573,065,297.86 compared to the end of the previous year[6] - Total assets amounted to CNY 5,573,065,297.86, a decrease from CNY 5,820,870,388.66 at the beginning of the year[23] - Current assets increased to CNY 3,981,536,603.97 from CNY 2,810,708,702.39, reflecting a growth of approximately 41.6%[23] - Inventory rose to CNY 1,875,558,586.23, up from CNY 1,645,103,702.24, indicating an increase of about 14%[23] - Total liabilities decreased to CNY 5,438,445,951.63 from CNY 5,616,035,690.18, a reduction of approximately 3.2%[24] - Current liabilities totaled CNY 4,176,212,551, down from CNY 5,087,420,343.92, showing a decline of about 17.9%[24] - The company reported a net loss of CNY 2,861,970,857.79, compared to a loss of CNY 1,273,197,866.54 at the beginning of the year[24] - Long-term borrowings increased to CNY 858,592,271.67 from CNY 409,860,298.26, reflecting a growth of approximately 109.5%[24] Cash Flow - Net cash flow from operating activities increased by 25.02% to CNY 307,618,095.96 compared to the same period last year[6] - The net cash flow from operating activities increased by 6,155.60 million RMB to 30,761.81 million RMB, primarily due to a reduction in cash outflows from increased payables[16] - Cash flow from operating activities for the first nine months of 2018 was ¥10,650,075,051.85, down from ¥12,383,373,206.76 in the same period last year[42] - The net cash flow from investment activities was -¥742,404,963.13 for Q3 2018, worsening from -¥64,882,103.50 year-over-year[44] - Cash inflow from financing activities totaled ¥5,386,450,593.56 in Q3 2018, up from ¥4,082,782,470.40 in the same quarter last year, representing an increase of approximately 31.93%[44] - The cash outflow for operating activities in the first nine months of 2018 was ¥8,767,378,843.88, compared to ¥9,363,112,103.87 in the previous year, indicating a reduction of approximately 6.36%[46] Shareholder Information - The total number of shareholders reached 31,391 by the end of the reporting period[12] - The largest shareholder, Zhuzhou Smelter Group, holds 40.24% of the shares[12] - The total equity attributable to shareholders decreased to CNY 130,943,190.61 from CNY 204,834,698.48, a decline of about 36%[24] Government Support and Impairment - The company received government subsidies amounting to CNY 291,684,970, primarily related to relocation and transformation[9] - Non-recurring gains and losses totaled CNY -923,778,157.26 for the reporting period[11] - The company expects significant losses in cumulative net profit due to asset impairment losses from government-mandated shutdowns of smelting capacity[19] - Fixed assets decreased by 243,666.74 million RMB to 27,375.50 million RMB, largely due to the aforementioned impairment loss and the transfer of certain assets to held-for-sale[15] - The company experienced a decline in total assets, with a reported asset impairment loss affecting overall profitability[38] Research and Development - Research and development expenses increased to approximately $3.81 million, up from $1.47 million year-over-year[33] - Research and development expenses increased to ¥2,003,134.71 in Q3 2018, up from ¥1,008,877.78 in Q3 2017, reflecting a focus on innovation[38] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[34] - Future outlook indicates a strategic focus on cost management and potential market expansion to recover from current losses[39]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately CNY 6.36 billion, a decrease of 3.29% compared to CNY 6.57 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2018 was a loss of approximately CNY 1.36 billion, a significant decline from a profit of CNY 6.86 million in the same period last year, representing a decrease of 19,909.57%[19]. - The basic earnings per share for the first half of 2018 was -CNY 2.58, compared to CNY 0.01 in the same period last year, reflecting a decrease of 25,900%[18]. - The weighted average return on net assets was -487.9% for the first half of 2018, down from 4.26% in the same period last year, a decrease of 492.16 percentage points[18]. - The total profit for the first half of 2018 was a loss of CNY 1,335,281,048.24, compared to a profit of CNY 59,878,531.03 in the same period last year[92]. - The total comprehensive income for the first half of 2018 was a loss of CNY 1,352,518,169.54, compared to a gain of CNY 779,456.55 in the same period last year[90]. Cash Flow and Assets - The net cash flow from operating activities for the first half of 2018 was approximately CNY 413 million, an increase of 795.94% compared to CNY 46.1 million in the same period last year[19]. - The total assets at the end of the reporting period were approximately CNY 5.17 billion, a decrease of 11.16% from CNY 5.82 billion at the end of the previous year[19]. - The company's cash and cash equivalents at the end of the period totaled CNY 410,728,957.92, down from CNY 521,046,762.71 at the beginning of the period, representing a decrease of approximately 21.2%[186]. - The company reported a significant increase in trading financial assets, with a year-end balance of CNY 16,042,669.67, up from CNY 6,703,213.27, marking an increase of approximately 139.5%[188]. - Accounts receivable at the end of the period amounted to CNY 183,510,769.07, with a bad debt provision of CNY 9,430,151.50, indicating a provision ratio of approximately 5.1%[196]. Production and Operations - The company achieved a total production of 226,000 tons of lead and zinc, completing 41.24% of the annual target[29]. - The company is focusing on optimizing production systems, achieving stable production in the zinc system and economic operation in the lead system[29]. - The company plans to implement a green upgrade project in Hunan, with construction progress reported at over 50%[30]. - Research and development expenses rose by 236.01% to approximately 5.25 million RMB, reflecting the company's increased investment in new products and projects[32]. Financial Management and Risks - The company anticipates significant losses due to asset impairment from government-mandated shutdowns in the Qing Shui Tang area[42]. - The company faces macroeconomic risks due to global trade policy instability and domestic economic pressures[43]. - The company aims to strengthen financial management to address high asset-liability ratios and ensure funding for ongoing projects[45]. - Environmental risks are increasing due to heightened regulatory requirements, prompting the company to improve production processes and ensure project progress[46]. Shareholder Information - The company held its annual and interim shareholder meetings in 2018, with all resolutions approved[48]. - The proposed profit distribution plan includes a stock dividend of 10 shares for every 10 shares held, with no cash dividends[49]. - The largest shareholder, Zhuzhou Smelter Group, holds 40.24% of the shares, totaling 212,248,593 shares[71]. - The second largest shareholder, Hunan Nonferrous Metals, holds 3.28% of the shares, totaling 17,282,769 shares[71]. Compliance and Governance - The company has not reported any penalties or corrective actions against its directors, supervisors, or senior management during the reporting period[57]. - The company has not disclosed any significant changes in its major contracts or performance agreements during the reporting period[62]. - The company has not appointed an accounting firm for the 2018 fiscal year[53]. - The company has not disclosed any new financing commitments or refinancing-related promises[52]. Accounting Policies - The company's financial statements require approval from the board of directors[113]. - The company applies the acquisition method for business combinations under common control, measuring assets and liabilities at their carrying amounts[120]. - The company recognizes impairment losses on financial assets when the present value of expected future cash flows is less than the carrying amount[136]. - The company uses the effective interest method to measure financial liabilities at amortized cost, except for those measured at fair value with changes recognized in profit or loss[133]. Employee and Social Responsibility - The company participates in local social basic pension and unemployment insurance, contributing monthly based on local regulations[167]. - The company recognizes employee compensation liabilities for severance benefits when the obligation is confirmed, impacting current profits or losses[168].