Financial Performance - Operating revenue for the first nine months decreased by 9.10% to CNY 10,027,824,302.10 compared to the same period last year[6]. - Net profit attributable to shareholders was a loss of CNY 471,972,557.83, compared to a loss of CNY 46,821,611.20 in the same period last year[6]. - The company's net profit for the period was -47.20 million yuan, a decrease of 42.52 million yuan compared to the same period last year, primarily due to a significant decline in the prices of recycled products such as lead and zinc[15]. - Net loss for the period increased to CNY -1,268,747,748.31 from CNY -839,397,486.51 in the same period last year[27]. - The company reported a total comprehensive loss of approximately ¥363.54 million for Q3 2015, compared to a loss of ¥59.41 million in Q3 2014[31]. - The total net profit for Q3 2015 was a loss of CNY 346,793,500.56, compared to a loss of CNY 70,262,758.11 in the same period last year[33]. Assets and Liabilities - Total assets increased by 9.26% to CNY 6,484,890,112.58 compared to the end of the previous year[6]. - Total liabilities increased to CNY 5,708,375,277.10 from CNY 5,069,705,272.74 at the beginning of the year[26]. - The company's total assets at the end of the reporting period were 6.48 billion yuan, compared to 5.94 billion yuan at the beginning of the year[23]. - The company reported a total equity of CNY 223,698,435.88, down from CNY 649,974,729.41 at the beginning of the year[27]. - Accounts payable increased by 380.00% to CNY 24,000.00 million compared to the beginning of the year[11]. - The company's accounts payable at the end of the reporting period reached 240 million yuan, a significant increase of 380% compared to the beginning of the year, primarily due to the issuance of bank acceptance bills for financing[12]. Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -256,638,749.59, a decrease of 420.83% compared to the same period last year[6]. - The net cash flow from operating activities was -256.64 million yuan, a decrease of 336.63 million yuan compared to the same period last year, mainly due to increased prepayments and cash payments for raw materials[16]. - Cash inflow from operating activities totaled CNY 11,957,370,710.85, while cash outflow was CNY 12,214,009,460.44 for the first nine months of 2015[35]. - The net cash flow from financing activities was 563.46 million yuan, an increase of 535.32 million yuan compared to the same period last year, primarily due to increased bank borrowings to enhance liquidity[16]. - The ending balance of cash and cash equivalents as of the end of September 2015 was CNY 305,629,931.10, up from CNY 227,804,849.09 at the end of the same period last year[36]. - The company reported a total cash outflow from operating activities of 8,624,590,385.09, slightly higher than 8,547,655,608.64 in the previous year[39]. Shareholder Information - The number of shareholders reached 49,379 at the end of the reporting period[9]. Future Outlook - The company expects a potential loss for the entire year of 2015 due to the continued weak market conditions and oversupply in the non-ferrous metal industry[19]. - The company plans to focus on cost control and operational efficiency to improve financial performance in the upcoming quarters[29].

Financial Performance - The company's operating revenue for the first half of 2015 was ¥6,736,772,559.15, a decrease of 7.20% compared to ¥7,259,782,812.52 in the same period last year[14]. - The net profit attributable to shareholders was a loss of ¥109,387,113.21, a decline of 1267.62% compared to a profit of ¥9,368,390.26 in the previous year[14]. - The company's net profit for the reporting period was -10,939.11 million RMB, a decrease of 11,876.91 million RMB year-on-year[23]. - Operating revenue was 6,736,772,559.15 RMB, down 7.20% from 7,259,782,812.52 RMB in the previous year[23]. - Gross profit from main business was 26,311.10 million RMB, a decrease of 9,081.71 million RMB year-on-year, with a gross margin of 3.93%, down 0.98 percentage points[27]. - The company's net loss attributable to shareholders increased to ¥921,954,247.75 from ¥839,397,486.51, indicating a worsening of approximately 9.8%[58]. - The total comprehensive income for the current period is -82,556,761.24 RMB, indicating a loss[71]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to ¥163,507,581.02, up 2061.15% from ¥7,565,774.97 in the same period last year[14]. - Cash and cash equivalents rose significantly to CNY 346,726,709.58 from CNY 44,391,411.25, marking an increase of over 680%[54]. - The company reported a net increase in cash and cash equivalents of CNY 186,101,027.79, compared to a decrease of CNY 94,333,656.99 in the prior year[67]. - The company's cash and cash equivalents at the end of the period amounted to RMB 346.73 million, an increase of RMB 302.34 million or 681.07% compared to the beginning of the period[156]. Production and Operational Efficiency - The total production of lead and zinc in the first half of 2015 was 317,600 tons, remaining stable compared to the same period last year[19]. - The company achieved 50.82% of its annual lead production target and 49.09% of its annual zinc production target by the end of June 2015[19]. - The company emphasized cost management and operational efficiency improvements in response to market pressures[20]. - The company’s management indicated a focus on improving operational efficiency and reducing costs in future strategies[60]. Assets and Liabilities - The company's total assets increased by 8.59% to ¥6,445,236,642.31 from ¥5,935,329,252.90 at the end of the previous year[14]. - Current liabilities increased to ¥5,594,112,979.95 from ¥4,947,790,706.83, representing a growth of approximately 13.1%[55]. - Total liabilities amounted to ¥5,814,150,682.66, compared to ¥5,195,138,758.54, showing an increase of approximately 11.9%[55]. - The company's equity attributable to shareholders decreased to ¥633,531,696.19 from ¥742,587,965.04, a decline of about 14.7%[55]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 39,577[46]. - The largest shareholder, Zhuzhou Smelter Group, reduced its holdings by 26,372,798 shares, holding 39.49% of the total shares at the end of the reporting period[47]. Research and Development - Research and development expenses were 7,206,269.23 RMB, a decrease of 24.26% compared to 9,514,397.41 RMB in the previous year[23]. - The company launched five new alloy products, achieving a high market share despite challenging market conditions[20]. Accounting and Financial Reporting - The financial statements are prepared based on the enterprise accounting standards and reflect the company's financial status and operating results accurately[6]. - The company’s accounting period runs from January 1 to December 31 each year[7]. - The company’s accounting currency is Renminbi (RMB)[8]. - The company recognizes deferred tax assets related to deductible temporary differences if new information indicates that the economic benefits can be realized within 12 months post-acquisition, reducing goodwill accordingly[88]. Inventory and Receivables - The total inventory at the end of the period is CNY 1,912,695,058.98, compared to CNY 1,769,383,331.58 at the beginning of the period[183]. - Accounts receivable at the end of the period amounted to ¥150,323,500.55, with a bad debt provision of ¥7,881,519.40, indicating a provision ratio of 4.74%[164]. - The company has adopted a risk-based approach to provision for bad debts, reflecting a proactive management strategy in financial risk assessment[176]. Impairment and Depreciation - Asset impairment losses increased by 3,531.86 million RMB to 12,151.27 million RMB due to market price declines[24]. - The depreciation expense for the current period is 12,827.13 million RMB, reflecting ongoing asset utilization[196]. - Impairment losses for construction in progress are recognized when the recoverable amount is less than the book value, and such losses cannot be reversed in future periods[129].

Financial Performance - Operating revenue for the reporting period was CNY 3,162,680,445.28, a decrease of 15.61% year-on-year[6] - Net profit attributable to shareholders was CNY -83,768,703.26, representing a significant decline of 1,339.10% compared to the previous year[6] - Operating income for the period was 14.14 million yuan, down 54.31% year-on-year, mainly due to a reduction in government subsidies received[13] - The net loss attributable to the parent company for Q1 2015 was ¥83,768,703.26, compared to a profit of ¥6,760,439.79 in Q1 2014[22] - The company reported a gross profit margin of approximately -3.1% for Q1 2015, compared to a positive margin in the previous year[20] - Operating profit for Q1 2015 was -¥96,945,794.53, a significant decline from -¥23,194,727.32 in Q1 2014[20] - The total comprehensive loss for Q1 2015 was ¥84,237,709.94, contrasting with a total comprehensive income of ¥6,288,991.34 in Q1 2014[22] - The company reported an operating profit of -¥82.214 million, a decline from -¥25.813 million in the same quarter last year[23] Cash Flow - Cash flow from operating activities was CNY -132,504,714.63, indicating a negative cash flow situation[6] - Cash flow from operating activities showed a net outflow of ¥132.505 million, worsening from a net outflow of ¥111.392 million in the previous year[25] - Cash flow from investing activities resulted in a net outflow of ¥18.492 million, compared to a larger outflow of ¥88.510 million in the same period last year[26] - Cash flow from financing activities generated a net inflow of ¥261.227 million, an increase from ¥176.576 million in Q1 2014[26] - Total cash inflow from operating activities was CNY 2,695,114,068.39, while cash outflow was CNY 2,769,756,608.25, indicating a challenging operational cash flow environment[27] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 6,426,495,906.39, an increase of 8.28% compared to the previous year[6] - Total liabilities were 5,770.54 million yuan, compared to 5,195.14 million yuan at the beginning of the year[17] - Accounts receivable at the end of the reporting period amounted to 267.51 million yuan, an increase of 57.42% compared to the beginning of the year[14] - Other receivables reached 162.51 million yuan, a growth of 100.71% from the beginning of the year, primarily due to hedging contracts[14] - Long-term borrowings at the end of the reporting period were 13.21 million yuan, a decrease of 54.45% compared to the beginning of the year, mainly due to the maturity of long-term loans[13] Shareholder Information - The number of shareholders at the end of the reporting period was 38,969[9] - Basic and diluted earnings per share for Q1 2015 were both -¥0.16, compared to ¥0.01 in the same period last year[22] - Total equity decreased to ¥581,904,017.41 in Q1 2015 from ¥649,974,729.41 in the previous year[19] Other Financial Metrics - The weighted average return on net assets decreased by 12.96 percentage points to -12.00%[6] - The company has not indicated any significant changes in cumulative net profit or major warnings for the next reporting period[13] - The company's cash and cash equivalents increased by 248.55% to CNY 154,727,000 at the end of the reporting period[12] - Inventory at the end of the reporting period was 1,825.16 million yuan, an increase from 1,693.46 million yuan at the beginning of the year[16] - Sales expenses decreased slightly to ¥23.695 million from ¥24.831 million, a reduction of 4.58% year-over-year[23] - Management expenses increased to ¥58.242 million from ¥51.700 million, reflecting a rise of 12.36% compared to the previous year[23]

Financial Performance - In 2014, the company reported a revenue of ¥15,102,244,651.14, a decrease of 6.60% compared to ¥16,169,744,518.34 in 2013[23] - The net profit attributable to shareholders was ¥39,812,450.60, an increase of 71.53% from ¥23,210,576.73 in the previous year[23] - The total assets decreased by 5.45% to ¥5,935,329,252.90 from ¥6,277,601,116.70 in 2013[23] - The company's net asset attributable to shareholders increased by 5.69% to ¥742,587,965.04 compared to ¥702,606,501.41 at the end of 2013[23] - Basic earnings per share rose to ¥0.08, a 100% increase from ¥0.04 in 2013[24] - The weighted average return on net assets improved to 5.51%, an increase of 2.44 percentage points from 3.07% in 2013[24] - The company reported a net cash flow from operating activities of ¥539,142,981.19, a decrease of 4.42% from ¥564,103,297.29 in 2013[23] - The company did not propose any profit distribution for 2014 due to negative distributable profits of ¥-839,397,486.51[3] - The company realized an operating income of 15.102 billion RMB, achieving 103.44% of the annual target, despite a year-on-year decrease of 6.60%[39] - The net profit for the year was 39.8318 million RMB, marking a significant increase of 71.58% compared to the previous year[32] Production and Sales - In 2014, the company achieved a total lead and zinc production of 648,400 tons, exceeding the annual target by 8.07% and representing a year-on-year growth of 5.01%[32] - The sales revenue for zinc and zinc alloy products reached 7.827 billion RMB, an increase of 7.78% year-on-year, while lead and lead product sales revenue grew by 21.10% to 1.561 billion RMB[39] - The company maintained a 42% market share in the hot-dip galvanized zinc market for the national galvanized sheet industry[39] - The company developed 21 new alloy products during the year, enhancing its product offerings and deep processing capabilities[32] Cost Management and Efficiency - The company implemented cost control measures, resulting in a 40.28% reduction in entertainment expenses and saving over 28 million RMB in procurement costs[35] - The comprehensive electricity consumption for zinc electrolysis decreased by 36.10 kWh/t compared to the previous year, indicating improved efficiency[32] - The cost of raw materials for zinc products is ¥5,963,492,186.88, accounting for 81.35% of total costs for that product line[44] Financial Risks and Management - The company successfully avoided market risks amounting to over 30 million RMB through financial derivative tools[35] - Financial expenses increased by 33.41% to ¥265,191,543.83, primarily due to foreign exchange losses and increased financing costs[46] - The company plans to strengthen financial management and explore new financing channels to mitigate financial risks[78] Environmental and Social Responsibility - The company achieved a 100% wastewater treatment rate and a 100% compliance rate for major heavy metal pollutants in discharged wastewater in 2014, with a 17.32% reduction in total industrial wastewater generated compared to 2013[85] - The company maintained a 100% smoke purification rate for industrial exhaust in 2014, ensuring that all environmental facilities operated in sync with production facilities[86] - The resource utilization rate for waste materials reached over 85%, with significant efforts made to reduce waste generation through technological upgrades[85] - The company has invested heavily in environmental protection facilities, with a total of 76 sets of air pollution control measures and 2 wastewater treatment facilities in operation by the end of 2014[87] - The company has actively engaged in social responsibility initiatives, donating CNY 172,800 for poverty alleviation and educational support in 2014[84] Corporate Governance - The company completed the election of a new board of directors and supervisory board in April 2014[140] - The company ensured that one-third of the board members are independent directors following the election of two new independent directors in January 2015[140] - The company has established a dedicated investor relations management system to enhance transparency and communication with shareholders, including a hotline for inquiries[142] - The company has linked the annual performance of its executives to the completion of operational goals, enhancing accountability and performance motivation[157] Future Outlook and Strategic Initiatives - The company plans to achieve a total production of 643,000 tons and revenue of CNY 14.7 billion in 2015[72] - The company aims to enhance profitability by improving industrial structure and extending upstream resource industries while selectively transforming downstream[71] - The company is focusing on technological innovation, particularly in ITO target materials and supercapacitor lead-carbon materials[73] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[122] - The company plans to implement new operational strategies aimed at reducing production costs by 5% over the next year[122] Legal and Compliance Issues - The company faced a lawsuit from Hunan Yongli Chemical Co., Ltd. for an outstanding payment of 39,536,785.72 RMB, which was originally claimed to be 39,834,908.55 RMB[91] - The company is currently in litigation regarding the sale of sulfur dioxide gas to Yongli Chemical, with ongoing court proceedings[91] - The company has actively addressed competition issues with its controlling shareholder, agreeing to measures to eliminate competition with subsidiaries[156]

Financial Performance - Operating revenue for the first nine months was CNY 11,031,243,345.70, a 0.93% increase year-on-year[7] - The net profit attributable to shareholders was a loss of CNY 46,821,611.20, improving from a loss of CNY 85,796,295.97 in the previous year[7] - Basic earnings per share improved to -0.09 CNY from -0.16 CNY[9] - The company reported a total revenue of CNY 3,771,460,533.18 for Q3 2014, a decrease of 2.41% from CNY 3,864,311,240.33 in Q3 2013[37] - Net profit attributable to the parent company was -¥56,190,001.46, compared to a profit of ¥108,106,608.14 in the same period last year[40] - Operating profit for Q3 2014 was -¥68,303,450.61, compared to a profit of ¥79,596,739.30 in Q3 2013[44] - The total profit for Q3 2014 was a loss of ¥70,262,758.11, compared to a profit of ¥89,623,863.15 in the same period last year, indicating a significant decline[45] Cash Flow - Net cash flow from operating activities increased by 113.02% to CNY 79,992,628.04 compared to the same period last year[7] - The company reported a net cash inflow from operating activities of RMB 7,999.26 million, a 113.02% increase year-on-year, attributed to higher prepayments and reduced cash outflows for raw material purchases[17] - Cash flow from operating activities for the first nine months of 2014 was ¥12,887,669,975.39, slightly up from ¥12,815,652,485.48 in the same period last year[47] - The net cash flow from operating activities for Q3 2014 was ¥79,992,628.04, an increase from ¥37,551,493.53 in the previous year[48] - The company reported a net cash outflow from investing activities of ¥76,259,288.55 for the first nine months of 2014, an improvement from a net outflow of ¥169,693,138.63 in the previous year[49] - Cash inflow from financing activities for the first nine months of 2014 was ¥6,095,953,528.07, slightly down from ¥6,144,837,345.74 in the same period last year[49] Assets and Liabilities - Total assets increased by 9.92% to CNY 6,449,167,701.60 compared to the end of the previous year[7] - Current liabilities rose to CNY 5,479,371,302.24, compared to CNY 4,649,698,393.29, reflecting an increase of about 17.83%[29] - Total liabilities increased to CNY 5,791,565,747.12 from CNY 5,167,214,972.93, representing an increase of about 12.06%[29] - The company experienced a significant decrease in long-term borrowings, which fell by 72.98% to RMB 8,236.62 million, primarily due to the maturity of long-term loans[15] - Non-current liabilities decreased to CNY 312,194,444.88 from CNY 517,516,579.64, a reduction of about 39.58%[34] Shareholder Information - The total number of shareholders reached 47,041 by the end of the reporting period[11] - The largest shareholder, Zhuzhou Smelting Group Co., Ltd., held 44.49% of the shares[12] Inventory and Receivables - Accounts receivable reached RMB 23,904.23 million, reflecting a 40.83% increase compared to the beginning of the year, primarily due to increased receivables from large steel customers[14] - Prepayments totaled RMB 19,821.49 million, up 139.43% from the start of the year, mainly due to increased advance payments for engineering contracts and raw materials[14] - The company’s other receivables increased by 43.49% to RMB 18,161.75 million, primarily due to an increase in futures margin deposits[14] - The company’s pre-receipts increased by 50.54% to RMB 25,176.04 million, indicating a rise in customer advance payments[14] Investment and Fair Value Changes - The fair value change profit reached RMB 2,753.92 million, a 377.89% increase compared to the same period last year, driven by improved hedging results[18] - The company reported a net investment loss of RMB 1,827.36 million, a decline of 154.06% year-on-year, primarily due to losses from hedging activities[18] - The fair value change income for Q3 2014 was ¥65,046,934.01, a substantial increase from ¥5,682,552.37 in Q3 2013[44]

Financial Performance - Revenue for the first half of 2014 was 7.26 billion RMB, a 2.75% increase compared to 7.07 billion RMB in the same period last year[28]. - The net profit attributable to shareholders was 9.37 million RMB, a significant increase of 203.27 million RMB compared to a loss of 193.90 million RMB in the previous year[28]. - The company achieved a net profit of 9.378 million yuan, a year-on-year improvement of 203.2857 million yuan, with a gross profit from main business of 353.9282 million yuan, an increase of 58.8417 million yuan compared to the previous year[31]. - The gross profit margin for the main business was 4.91%, an increase of 0.71 percentage points year-on-year, with the gross profit margin for precious metals increasing by 14.72 percentage points due to process optimization and rising prices[36]. - The company reported a negative retained earnings of CNY -775,155,528.40, improving from CNY -784,523,918.66 at the beginning of the year[79]. - The net profit for the current period is a loss of CNY 198,811,722.62, compared to a loss of CNY 6,647,977.06 in the previous period, indicating a significant increase in losses[99]. Production and Operational Efficiency - The total production of lead and zinc reached 319,000 tons in the first half of 2014, an increase of 4.08% year-on-year[26]. - The company plans to complete a lead and zinc production target of 600,000 tons for the year, with a focus on optimizing production processes and improving operational efficiency[33]. - The company improved its comprehensive recovery level, with gold, silver, and other metal outputs increasing by 64.29%, 47.04%, and 89.16% respectively[26]. - The company achieved a net cash flow from operating activities of 7.57 million RMB, a turnaround from a negative cash flow of 244.15 million RMB in the previous year[28]. Assets and Liabilities - The total assets at the end of the reporting period were 6.21 billion RMB, up 5.81% from 5.87 billion RMB at the end of the previous year[24]. - The total liabilities reached CNY 5,495,459,224.57, compared to CNY 5,167,214,972.93 at the start of the year, marking an increase of approximately 6.3%[79]. - The company's equity attributable to shareholders increased to CNY 715,145,122.27 from CNY 702,606,501.41, a rise of about 1.9%[79]. - The total current liabilities amounted to CNY 5,178,002,279.69, up from CNY 4,649,698,393.29, reflecting an increase of approximately 11.4%[79]. Shareholder Information - The company reported a total of 50,911 shareholders at the end of the reporting period[68]. - The largest shareholder, Zhuzhou Smelting Group Co., Ltd., holds 44.49% of the shares, totaling 234,647,171 shares[69]. - The company has maintained a stable shareholder structure with no significant changes in major shareholders during the reporting period[69]. Cash Flow and Investments - Cash flow from operating activities totaled CNY 7,655,836,549.16, slightly down from CNY 7,755,604,530.19 in the same period last year[88]. - The net cash flow from investing activities was negative at ¥89,983,824.79, improving from a negative ¥160,257,561.09 in the previous year[90]. - The company reported a net investment in subsidiaries with a significant portion allocated to technology development and new product sales, emphasizing its focus on innovation[172]. Research and Development - Research and development expenses increased by 17.64% to 9.51 million RMB compared to 8.09 million RMB in the previous year[28]. - The company has not reported any new product or technology developments in this period[54]. Financial Management and Accounting - The financial statements are prepared based on the assumption of the company's ongoing operations, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises issued by the Ministry of Finance[103]. - The company’s financial statements comply with the requirements of the Accounting Standards for Business Enterprises, reflecting the financial position, operating results, changes in shareholders' equity, and cash flows accurately and completely[104]. - The company has not made any changes to accounting policies or estimates during the reporting period[164]. Risk Management - The company uses derivative financial instruments, primarily forward commodity contracts, to hedge against price risks of expected transactions, with gains or losses from effective hedges initially recognized in equity[162]. - The company recognizes expected liabilities for guarantees, commercial acceptance notes, pending litigation, product quality assurance, loss contracts, and restructuring obligations[151].

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 6.76 million, an increase of 5241.33% compared to the same period last year[16]. - Operating revenue for the period was RMB 3.75 billion, representing a growth of 16.12% year-on-year[9]. - The company reported a basic and diluted earnings per share of ¥0.01, compared to a loss of ¥0.09 per share in the prior period[32]. - The net profit for the current period was ¥6,762,328.06, a significant recovery from a net loss of ¥45,649,864.62 in the previous period[32]. - The company recorded a comprehensive income of ¥6,288,991.34, recovering from a loss of ¥56,456,289.33 in the previous period[32]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 6.16 billion, up 4.92% from the end of the previous year[9]. - The company's total liabilities reached RMB 5.44 billion, compared to RMB 5.17 billion at the beginning of the year[27]. - The total liabilities amounted to ¥4,917,771,964.48, slightly up from ¥4,897,313,184.98 in the previous period[30]. - Current liabilities totaled ¥4,529,097,884.84, compared to ¥4,379,796,605.34 in the prior period[30]. - The company's equity attributable to shareholders was RMB 713.97 million, showing an increase from RMB 702.61 million at the beginning of the year[27]. Cash Flow - Cash flow from operating activities showed a net outflow of RMB 111.39 million, an improvement from RMB 139.90 million in the previous year[9]. - Cash inflow from operating activities was ¥4,302,148,561.15, compared to ¥3,307,381,730.41 in the previous period, indicating a growth of 30.1%[36]. - Cash outflow for purchasing goods and services was ¥2,390,638,349.95, compared to ¥1,949,960,705.55 in the previous period, representing an increase of about 22.5%[39]. - The net cash flow from financing activities was ¥176,575,633.07, down from ¥338,327,949.51, indicating a decrease of approximately 47.9%[38]. - The company experienced a net decrease in cash and cash equivalents of ¥23,847,954.47, contrasting with an increase of ¥184,576,967.55 in the previous period[38]. Accounts Receivable and Inventory - Accounts receivable at the end of the period increased by 54.40% to RMB 262.08 million, primarily due to increased receivables from self-operated trade by subsidiaries[16]. - Accounts receivable increased significantly from RMB 169.74 million to RMB 262.08 million[26]. - Inventory decreased from RMB 1.73 billion to RMB 1.67 billion[26]. Legal Matters - The company is involved in a legal dispute with China Bank, with the initial claim amounting to RMB 10 million plus interest of RMB 520,600, totaling RMB 10.62 million[17]. - In January 2014, China Bank filed two new lawsuits against the company, with claims of RMB 36.82 million and RMB 34.44 million respectively[18]. Operational Adjustments - The company reduced its asset impairment losses by 41.02%, amounting to a decrease of RMB 75.59 million compared to the previous year[16]. - The company’s long-term borrowings decreased by 46.51% to RMB 163.04 million, attributed to adjustments in the loan structure[16]. - The company’s prepayments increased by 148.71% to RMB 205.90 million, due to increased payments for unsettled raw material contracts[16]. - The company’s cash flow hedging related to raw materials and product forward contracts showed a reduction in floating losses, leading to a decrease in trading financial liabilities by 74.88% to RMB 5.24 million[16]. - The company is currently researching solutions to address competition issues as per commitments made by its controlling shareholder[19].

Financial Performance - The company's operating revenue for 2013 was CNY 16,169,744,518.34, representing a 32.04% increase compared to CNY 12,246,093,717.11 in 2012[19] - The net profit attributable to shareholders for 2013 was CNY 23,210,576.73, a significant recovery from a loss of CNY 619,969,228.81 in 2012[19] - The cash flow from operating activities increased by 42.77% to CNY 564,103,297.29 from CNY 395,120,192.32 in the previous year[19] - The basic earnings per share for 2013 was CNY 0.04, recovering from a loss of CNY 1.18 per share in 2012[19] - The weighted average return on equity improved to 3.07% in 2013 from -55.34% in 2012, an increase of 58.41 percentage points[19] - The company reported a net profit for the year of CNY 23,214,400, a significant increase of CNY 64,305,860 compared to a net loss of CNY 61,984,420 in 2012[38] - The company achieved a net cash inflow of CNY 95,187,200, an increase of CNY 128,117,000 from the previous year, primarily due to improved cash flow from operating activities[38] - The company reported a significant improvement in financial performance, achieving profitability in 2013 after previous losses, with a focus on reducing the asset-liability ratio[118] Assets and Liabilities - The total assets at the end of 2013 were CNY 5,867,412,957.52, a slight decrease of 1.12% from CNY 5,933,918,907.42 in 2012[19] - The net assets attributable to shareholders decreased by 13.13% to CNY 702,606,501.41 from CNY 808,794,838.56 in 2012[19] - Total current liabilities increased to CNY 4,649,698,393.29 from CNY 3,726,417,062.31, representing a growth of approximately 24.8%[137] - The company's total liabilities amounted to CNY 5,167,214,972.93, slightly up from CNY 5,127,625,093.47, indicating a marginal increase of 0.8%[137] - The total equity attributable to shareholders decreased to CNY 702,606,501.41 from CNY 808,794,838.56, a decrease of about 13.1%[137] Production and Operations - The total production of lead and zinc reached 617,500 tons, achieving 97.24% of the annual target, with a year-on-year growth of 9.73%[27] - The production of refined lead and zinc increased by 16.91% and 8.44% respectively, while the production of crude copper, silver, and refined indium grew by 74.50%, 48.56%, and 21.30% respectively[28] - The company achieved a market share of 42% in the hot-dip galvanized alloy market for the national galvanized sheet industry[32] - The company aims to produce 600,000 tons of lead and zinc in 2014, targeting sales revenue of over CNY 12.6 billion[59] Strategic Initiatives - The company implemented a strategic plan for 2013-2020 focusing on green development and transformation, with an emphasis on environmental governance[27] - The company plans to invest approximately CNY 25.77 million for ongoing projects including Kivcet direct lead smelting and ITO target material industrialization[61] - The company is focusing on enhancing its alloy product development and market expansion to improve operational efficiency[59] - The company is committed to increasing its environmental protection investments to meet stricter regulations in the non-ferrous metal smelting industry[64] Environmental and Social Responsibility - The company invested over 40 million RMB in environmental pollution control projects during 2013, including upgrades to gas treatment and wastewater systems[70] - The company successfully eliminated all solid waste, achieving a 100% utilization rate for smelting waste[69] - The company received multiple awards for social responsibility, including "Advanced Unit in Comprehensive Management" and "Safe Unit" in Hunan Province[67] - The company actively participated in charitable activities, contributing 501,000 RMB to poverty alleviation and education support throughout the year[67] Research and Development - Research and development expenses totaled CNY 25,125,952.28, accounting for 3.59% of net assets and 0.16% of operating revenue[36] - The company successfully developed a prototype for a super battery for electric vehicles and launched the ITO sintered target production line, which is now in the trial coating phase[27] - New product launches are expected to contribute an additional 200 million yuan in revenue, with a focus on innovative technologies in the zinc and lead sectors[101] Corporate Governance - The board of directors emphasized the importance of corporate governance and compliance, with ongoing training programs for management[101] - The company maintains a strict insider information management system, with no violations reported during the period[114] - The company has implemented a comprehensive information disclosure system to ensure transparency and timely communication with investors[114] Shareholder Information - The total number of shares outstanding at the end of the reporting period was 527,457,914, with 48.98% being unrestricted shares[82] - The largest shareholder, Zhuzhou Smelting Group Co., Ltd., holds 44.49% of the shares, totaling 234,647,171 shares[84] - The company is committed to enhancing shareholder value, with plans to increase dividends by 10% in the upcoming fiscal year[101] Challenges and Risks - The company faces challenges such as high asset-liability ratios and reliance on external power supply, impacting operational efficiency[49] - The company faces risks from macroeconomic policies, market operations, and financial management, which could impact its production and profitability[62] - The company is facing ongoing losses at Shuikoushan and Xikou Mountain due to various factors, including global macroeconomic adjustments[76] Financial Reporting and Compliance - The company received a standard unqualified audit opinion from Tianzhi International Accounting Firm for its financial statements[130] - The company’s financial statements are prepared based on the assumption of going concern, adhering to the accounting standards set by the Ministry of Finance[162] - The company has not experienced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the reporting period[79]