Financial Performance - The company's operating revenue for Q3 2022 was CNY 299,587,845.56, a decrease of 38.09% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2022 was CNY 92,632,980.16, an increase of 14.12% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 96,032,255.08, reflecting a year-on-year increase of 23.28%[5]. - Total operating revenue for Q3 2022 was CNY 552,366,664.80, a decrease of 48.3% compared to CNY 1,068,139,505.94 in the same period last year[24]. - Net profit for Q3 2022 reached CNY 161,213,042.17, an increase of 9.1% compared to CNY 147,506,357.03 in Q3 2021[25]. - The company's total comprehensive income for Q3 2022 was CNY 161,213,042.17, compared to CNY 147,506,357.03 in the same period last year, indicating a positive trend[26]. - The net profit for the third quarter of 2022 was CNY 130,153,739.55, compared to CNY 115,516,126.55 in the same quarter of 2021, indicating an increase of about 12.4%[37]. Assets and Liabilities - The total assets at the end of Q3 2022 amounted to CNY 5,495,074,863.28, representing a 9.86% increase from the end of the previous year[7]. - The total assets of the company as of September 30, 2022, amounted to CNY 4,264,088,252.34, an increase from CNY 4,100,531,863.36 at the end of 2021[34]. - The company's total liabilities increased to CNY 1,449,371,000.00, compared to CNY 1,200,000,000.00 in the previous year, indicating a rise of approximately 20.7%[21]. - Total liabilities as of Q3 2022 amounted to CNY 1,800,617,380.87, an increase of 7.9% from CNY 1,667,879,852.96 at the end of the previous year[24]. - The company's total liabilities as of September 30, 2022, were CNY 1,490,825,781.73, slightly up from CNY 1,471,584,458.08 in the previous year[34]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 340,278,753.43, an increase of 62.57% year-on-year[5]. - The cash flow from operating activities for the first three quarters of 2022 was CNY 383,875,286.26, significantly higher than CNY 233,882,169.76 in the same period of 2021, marking an increase of approximately 64.1%[40]. - Total cash inflow from operating activities in Q3 2022 was CNY 750,643,706.41, down from CNY 1,227,988,370.53 in Q3 2021, indicating a decline of approximately 38.8%[29]. - Cash outflow from operating activities in Q3 2022 was CNY 410,364,952.98, compared to CNY 1,018,677,126.93 in Q3 2021, reflecting a decrease of about 59.7%[29]. - The company reported a net cash outflow from investing activities of CNY -280,364,470.02 in Q3 2022, compared to CNY -117,879,366.40 in Q3 2021, indicating increased investment expenditures[29]. - The company reported a net cash outflow from investing activities of CNY 204,559,124.51 in Q3 2022, compared to a net outflow of CNY 155,828,413.02 in Q3 2021[41]. Shareholder Information - The top two shareholders hold 26.66% of the total shares, with Tibet Daoheng Investment Co., Ltd. owning 16.27%[12]. - The top ten unrestricted shareholders collectively hold 91,482,629 shares, accounting for 16.27% of the total share capital[15]. - The company reported a pledge of 44,690,000 shares, which constitutes 48.85% of the shares held by the largest shareholder, representing 7.95% of the total share capital[17]. Business Challenges and Adjustments - The company adjusted its business structure due to unstable non-ferrous metal prices and reduced trade volume, impacting revenue[11]. - The company faced challenges in product transportation due to an outbreak in Tibet in early August, affecting sales revenue[11]. - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[18]. - There are no reported mergers or acquisitions in the recent financial disclosures[18]. Inventory and Equity - The company's current assets reached CNY 449,372,820.35, compared to CNY 309,491,619.63 in the previous year, indicating a growth of approximately 45.2%[21]. - Inventory levels rose significantly to CNY 223,386,722.02 from CNY 64,890,773.00, marking an increase of approximately 244.5%[21]. - The company's inventory as of September 30, 2022, was CNY 78,663,435.34, an increase from CNY 57,165,902.76 in the same period of 2021, reflecting growth in stock levels[32]. - The equity attributable to shareholders at the end of Q3 2022 was CNY 2,970,587,364.22, up 10.84% compared to the end of the previous year[7]. - Total equity reached CNY 3,694,457,482.41, up from CNY 3,333,796,998.75 in the previous year, reflecting a growth of 10.9%[24]. - The total equity increased to CNY 2,348,396,337.25 in Q3 2022 from CNY 2,167,782,370.91 in Q3 2021, reflecting a growth of about 8.3%[35].

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2022, representing a year-on-year increase of 15%[15]. - The net profit attributable to shareholders was 300 million RMB, up 20% compared to the same period last year[15]. - The company's operating revenue for the first half of 2022 was ¥252,778,819.24, a decrease of 56.73% compared to the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was ¥48,485,664.06, down 32.19% year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥52,586,537.07, reflecting a decrease of 21.67% compared to the previous year[21]. - The company's cash flow from operating activities was ¥106,903,124.88, a decline of 11.94% from the same period last year[21]. - The weighted average return on net assets for the first half of 2022 was 1.79%, a decrease of 1.01 percentage points compared to the same period last year[21]. - The company achieved operating revenue of CNY 253 million and a net profit attributable to shareholders of CNY 48 million during the reporting period[60]. - The company reported a revenue of 132,728,358.94 USD for the period, with a net profit of 101,650,018.11 USD, indicating a stable performance[112]. Assets and Investments - The company’s total assets reached 5 billion RMB, with a debt-to-asset ratio of 40%[15]. - The company's total assets at the end of the reporting period were ¥5,068,449,363.05, an increase of 1.34% from the end of the previous year[21]. - The company has controlled resource reserves of 860,000 tons of lead, 1,440,000 tons of zinc, 170,000 tons of antimony, 2,427 tons of silver, and 14,628 tons of copper domestically[47]. - The company’s overseas joint venture, Talco Gold, has controllable resource reserves of 26,460 tons of antimony and 49.90 tons of gold, which have been registered with the Tajikistan National Resource Reserve Committee[47]. - The company has completed the acquisition of a 40% stake in Guizhou Yatai Mining Co., Ltd. for ¥50,000,000, aiming to enhance its gold resource reserves[28]. - The company has completed the acquisition of the Talco Gold project in Tajikistan, which has officially commenced production[33]. - The company has made significant equity investments in various mining projects, including a 50% stake in Talu Mining, which has a controllable resource of 49.9 tons of gold[106]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[15]. - The company plans to strengthen cooperation in mineral resources and technology in Central Asia, aligning with the national "Belt and Road" initiative[31]. - The company is focusing on mining project investment opportunities in regions such as Inner Mongolia, Xinjiang, Yunnan, Guizhou, and Guangxi[33]. - The company aims to ensure stable supply of human, material, and financial resources for domestic and overseas project construction[33]. Production and Operations - The company's production output for the first half of 2022 was 222,100 tons, achieving 37.02% of the planned 600,000 tons[61]. - The company plans to produce 21,000 tons of antimony annually after the Taluy Gold project reaches full production, controlling nearly 15% of the global antimony supply[53]. - The "Talu Gold Industry" project commenced trial production in April 2022, with an annual processing capacity of 1.5 million tons and expected annual output of 16,000 tons of antimony concentrate and 2.2 tons of gold ingots[31]. - The processing plant has completed installation and began trial production in April, processing 80,769 tons of ore from April to June, and officially entered production in July[70]. Research and Development - The company has allocated 100 million RMB for research and development in the upcoming year[15]. - The company is focusing on technological innovations to reduce production costs and improve resource utilization rates across mining and processing operations[78]. Environmental and Social Responsibility - The company has committed to social responsibility by donating 1.5374 million yuan annually for poverty alleviation in local communities[95]. - The company has constructed a 4,500 square meter dust suppression facility at the Shannan branch, significantly reducing environmental pollution[129]. - The company has established a comprehensive pollution prevention and control system, ensuring compliance with national standards[138]. - The company has actively pursued environmental compliance and has obtained necessary permits, including pollutant discharge and radiation safety licenses[138]. - The company has conducted quarterly environmental monitoring of surface water, groundwater, and air quality, with all discharge indicators meeting national standards[142]. Legal and Compliance Issues - The company is currently involved in significant litigation, with a total claimed compensation amounting to RMB 69,355,618.55 from 15 individuals due to alleged false statements regarding securities[158]. - The court has frozen the company's bank deposits totaling RMB 67,814,728.72 as part of the ongoing legal proceedings[158]. - The company was criticized by the Shanghai Stock Exchange for violations, involving the company and key personnel, including the controlling shareholder and the actual controller, with a focus on improving compliance and governance[171]. - The company has not declared any dividends or stock bonuses for the reporting period, indicating a focus on reinvestment[124]. Financial Management - The company completed a bank loan renewal of 105 million yuan and is actively promoting financing efforts[81]. - The company has provided a total guarantee amount of RMB 5,274.80 million, which accounts for 1.97% of the company's net assets[192]. - The company has signed a rental contract with Daoheng Investment for RMB 147,840 for a one-year lease[186].

2022 年第一季度报告 | --- | --- | --- | --- | --- | --- | |------------|--------|-------|-------|--------------------|-----------| | | | | | | | | 证券代码： | 601020 | | | 证券简称： | ST 华钰 | | 债券代码： | 113027 | | | 债券简称：华钰转债 | | | 转股代码： | 191027 | | | 转股简称：华钰转股 | | 西藏华钰矿业股份有限公司 2022 年第一季度报告 二零二二年四月 1 / 20 2022 年第一季度报告 单位：元 币种：人民币 2 / 20 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人刘良坤、主管会计工作负责人邢建军及会计机构负责人刘志霞（会计主管 ...

Financial Performance - In 2021, the company's operating revenue was CNY 1,408,261,710.69, a decrease of 40.80% compared to CNY 2,378,942,506.55 in 2020[23]. - The net profit attributable to shareholders in 2021 was CNY 150,648,874.60, representing an increase of 108.13% from CNY 72,380,454.50 in 2020[23]. - The net cash flow from operating activities for 2021 was CNY 259,326,113.15, down 52.28% from CNY 543,397,713.82 in 2020[23]. - The total assets at the end of 2021 were CNY 5,001,676,851.71, an increase of 1.77% from CNY 4,914,793,515.33 at the end of 2020[25]. - The basic earnings per share for 2021 was CNY 0.27, up 92.86% from CNY 0.14 in 2020[25]. - The weighted average return on equity for 2021 was 4.63%, an increase from 3.16% in 2020[25]. - The company achieved a comprehensive cost control in 2021, with overall costs being 2.1% lower than the budget[58]. - The company reported a net profit of CNY 27,181,898.71 in Q1 2021, with a total operating revenue of CNY 274,355,525.67[26]. - The net profit attributable to shareholders for Q4 2021 was a loss of CNY 2,025,207.21, despite an operating revenue of CNY 340,122,204.75[26]. - The company received government subsidies amounting to CNY 7,424,156.84 in 2021, which are closely related to its normal business operations[30]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has a commitment to ensuring the authenticity, accuracy, and completeness of its financial reports[6]. - The company’s legal representative is Liu Liangkun, and the board secretary is Sun Yanchun[20]. - The company organized 12 board meetings and 201 interim announcements to ensure compliance and protect investor rights[64]. - The company conducted a thorough internal control system review and completed necessary rectifications by September 2021[73]. Operational Highlights - The planned mining output for 2021 was 620,000 tons, and the planned processing output was also 620,000 tons, both of which were successfully completed[35]. - The actual completion of lead, zinc, and antimony metal was 39,522 tons, and silver metal was 60,738 kilograms, exceeding the planned target of 35,611 tons for the former[36]. - The company completed the environmental system certification and energy system certification review in 2021[51]. - The company achieved a sales revenue of 1.408 billion RMB, a decrease of 40.80% year-on-year[102]. - The company reported a total metal output of 20,000 tons of lead, 17,000 tons of zinc, 8,000 tons of antimony, and 605 tons of silver from the Koyue lead-zinc polymetallic mine in Tibet[141]. Investment and Expansion - The company invested 4.46 million yuan in safety, environmental protection, and occupational health in 2021, enhancing overall management levels[49]. - The total budget investment for the Kangqiao Qizhong Antimony Mine project was 138 million USD, with significant expenditures on geological exploration and mining systems[41]. - The company acquired 40% equity in Guizhou Yatai Mining Co., Ltd. for a transaction price of 500 million CNY, with the assessed value of the entire equity at 1.25 billion CNY[80]. - The company’s overseas project, Talco Gold, is expected to process 1.5 million tons of ore annually, producing 16,000 tons of antimony and 2.2 tons of gold, significantly enhancing profitability and risk resilience[83]. - The company aims to enhance its overseas expansion capabilities, particularly in precious metal mining projects along the Belt and Road Initiative[83]. Resource Management - The company aims to expand its non-ferrous metal resource reserves, focusing on lead, zinc, antimony, copper, silver, and gold, while also increasing its precious metal business[166]. - The company has completed the delivery and industrial change procedures for the acquired equity in Yatai Mining, laying a solid foundation for project development[82]. - The company has a remaining mining resource lifespan of 21 years for the Zha Xi Kang lead-zinc polymetallic mine[138]. - The company controls a total of 145,000 tons of zinc resources, 87,000 tons of lead resources, and 17,000 tons of antimony resources domestically[93]. - The company’s total gold resources from various projects amount to 118.565 tons, including 49.9 tons from the Tower Aluminum project and 9.475 tons from the Ethiopia project[93]. Market Conditions - The company reported a significant recovery in the prices of non-ferrous metals such as lead, zinc, and antimony due to global economic recovery and limited supply restoration[166]. - The average price of 0 zinc spot increased to 22,434 RMB/ton, up by 4,142 RMB/ton or 22.6% compared to 2020[88]. - The total global refined zinc consumption in 2021 reached 14.144 million tons, an increase of 584,000 tons or 4.3% year-on-year[88]. - The company’s lead consumption in 2021 was 12.212 million tons, reflecting a growth of 4.3% compared to 2020[86]. Risk Management - The company faces risks related to price fluctuations of its main products, including zinc concentrate, lead-antimony concentrate, copper concentrate, and gold concentrate, which significantly impact profitability[196]. - The company is subject to various regulatory changes affecting the mining industry, which may impact future operations[134]. - The company is in a rapid development phase, facing challenges in comprehensive management and talent team construction as it expands its production scale and diversifies its operations[199]. Human Resources - The company emphasizes the importance of human resource management and strategic partnerships with leading educational institutions to enhance talent reserves[173]. - The company had 50 R&D personnel, making up 17% of the total workforce[124]. - A talent training system will be built to address internal talent gaps, focusing on the development of specialized and versatile talents[195]. - The company will establish an effective incentive mechanism and clarify talent selection standards to combine material and spiritual incentives for employees[194].

Financial Performance - The company's operating revenue for Q3 2021 was ¥483,887,616.67, representing a 13.00% increase compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2021 was ¥81,170,346.58, showing a significant increase of 111.45% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥77,897,193.97, up by 101.49% compared to the same period last year[6]. - The basic earnings per share for Q3 2021 was ¥0.15, reflecting a 99.67% increase year-on-year[6]. - Total revenue for the third quarter of 2021 was CNY 1,068,139,505.94, a decrease from CNY 1,810,250,210.27 in the same period of 2020, representing a decline of approximately 41%[22]. - Net profit for the third quarter of 2021 was CNY 147,506,357.03, compared to CNY 55,691,989.61 in the same quarter of 2020, reflecting an increase of approximately 164%[23]. - The total comprehensive income for the third quarter of 2021 was CNY 147,506,357.03, compared to CNY 55,691,989.61 in the same period of 2020, representing a significant increase[24]. - Basic and diluted earnings per share for the third quarter of 2021 were both CNY 0.28, up from CNY 0.12 in the same quarter of 2020, indicating a 133.33% increase[24]. Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥4,859,957,188.34, a decrease of 1.21% from the end of the previous year[7]. - Total assets as of September 30, 2021, were RMB 4,859,957,188.34, slightly down from RMB 4,914,793,515.33 at the end of 2020, a decrease of about 1.1%[19]. - The total liabilities and shareholders' equity amounted to CNY 4,859,957,188.34, slightly down from CNY 4,914,793,515.33 year-over-year[22]. - The total equity attributable to shareholders increased to CNY 3,335,081,557.66 from CNY 3,177,823,766.19, marking an increase of approximately 5%[22]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥209,311,243.60, down by 61.82% year-on-year[6]. - Net cash flow from operating activities for the third quarter of 2021 was CNY 209,311,243.60, down from CNY 548,165,776.81 in the same period of 2020, reflecting a decrease of 61.91%[25]. - Cash inflow from operating activities totaled CNY 1,227,988,370.53, compared to CNY 2,476,191,176.44 in the previous year, a decline of 50.49%[25]. - Cash outflow from operating activities was CNY 1,018,677,126.93, down from CNY 1,928,025,399.63 in the same period of 2020, a decrease of 47.25%[25]. - Net cash flow from investing activities was -CNY 117,879,366.40 for the third quarter of 2021, compared to -CNY 410,474,503.59 in the same period of 2020, showing an improvement of 71.25%[25]. - Net cash flow from financing activities was -CNY 80,647,639.93, compared to -CNY 137,816,351.00 in the same period of 2020, indicating a 41.51% improvement[26]. - The ending balance of cash and cash equivalents as of the third quarter of 2021 was CNY 39,316,279.31, compared to CNY 63,730,486.40 at the end of the same period in 2020, a decrease of 38.41%[26]. Shareholder Information - The company has not reported any related party transactions or concerted actions among shareholders, ensuring transparency in shareholder relations[16]. - The top ten shareholders hold a total of 18.48% of the company's shares, with the largest shareholder, Tibet Daoheng Investment Co., Ltd., holding 18.48%[16]. Market Conditions - The company reported a significant increase in net profit for the year-to-date, attributed to rising market prices for zinc and lead-antimony concentrates[11]. - The company experienced a 40.99% decrease in operating revenue for the year-to-date, primarily due to fluctuations in the non-ferrous metal market[11]. Costs and Expenses - Total operating costs for the third quarter of 2021 were CNY 916,266,084.73, down from CNY 1,760,679,027.10 in the previous year, indicating a reduction of about 48%[22]. - The company’s financial expenses were CNY 33,908,390.33, slightly up from CNY 33,603,964.14 year-over-year[22]. - The company plans to continue focusing on cost reduction and efficiency improvements to enhance profitability in future quarters[23].

Financial Performance - The company reported a significant increase in revenue for the first half of 2021, with total revenue reaching RMB 850 million, representing a year-on-year growth of 25%[16]. - The net profit attributable to shareholders for the first half of 2021 was RMB 150 million, an increase of 30% compared to the same period last year[16]. - The company's operating revenue for the first half of 2021 was ¥584,251,889.27, a decrease of 57.73% compared to the same period last year[21]. - Net profit attributable to shareholders was ¥71,503,735.23, an increase of 225.31% year-on-year[21]. - The basic earnings per share for the first half of 2021 was ¥0.129, representing a 222.50% increase from ¥0.04 in the same period last year[22]. - Future guidance estimates a revenue target of RMB 1.8 billion for the full year 2021, reflecting a growth rate of 20%[16]. User Growth and Market Expansion - User data indicates a growth in active users, with the number of registered users increasing by 15% to 1.2 million[16]. - The company plans to expand its market presence by entering two new provinces by the end of 2021, aiming for a 20% increase in market share[16]. Product Development and Investment - New product development includes the launch of a high-grade mineral product line, expected to contribute an additional RMB 50 million in revenue by Q4 2021[16]. - The company has allocated RMB 100 million for research and development in new technologies aimed at improving mining efficiency[16]. - The company is actively seeking investment opportunities in mining projects both domestically and internationally, focusing on precious and non-ferrous metals[31]. Resource Reserves and Production - The company controls domestic resource reserves of lead, zinc, copper, antimony, and silver at 656,800 tons, 1,053,500 tons, 25,000 tons, 139,400 tons, and 1,429.52 tons respectively[42]. - The company has overseas resource reserves of antimony and gold at 264,600 tons and 499,000 tons respectively, which are registered with the Tajikistan National Resource Reserve Committee[42]. - The company’s gold resource reserves from acquisitions reached 68.615 tons, enhancing its production capacity as projects commence[42]. - The actual ore output for the first half of 2021 was 237,200 tons, achieving 38.30% of the planned 620,000 tons[54]. - The actual mineral processing volume for the first half of 2021 was 237,700 tons, achieving 38.35% of the planned 620,000 tons[54]. Financial Position and Cash Flow - The company maintains a strong cash position with cash reserves of RMB 200 million, ensuring liquidity for ongoing operations and investments[16]. - The net cash flow from operating activities was ¥121,403,131.11, down 70.61% compared to the previous year[21]. - The company has completed a financing of 55 million yuan from the Construction Bank in the first half of 2021[68]. Risk Factors and Compliance - Risk factors include potential regulatory changes and market volatility, which could impact future performance[16]. - The company faces risks from price fluctuations in non-ferrous metals, which significantly impact profitability, and is actively engaging in futures hedging to mitigate these risks[102]. - The company has been publicly reprimanded by the Shanghai Stock Exchange for its controlling shareholder's judicial auction of shares, emphasizing the need for compliance and timely disclosure[167]. Environmental Responsibility - The company achieved a significant milestone in environmental protection, with all waste gas, noise, and wastewater meeting discharge standards in 2021[120]. - The company has implemented a comprehensive wastewater treatment system, ensuring that all production wastewater is recycled and reused in the mining process[121]. - The company has maintained a zero record for significant environmental accidents, demonstrating its commitment to safety and environmental responsibility[121]. Corporate Governance and Management - The company has elected Liu Liankun as the new chairman of the board following the resignation of Liu Jianjun, effective from May 26, 2021[110]. - The company held two shareholder meetings during the reporting period, ensuring equal rights for all shareholders, particularly minority shareholders[109]. - The company is committed to ensuring accurate and complete information disclosure to protect investor interests[167]. Related Party Transactions - The company reported a total of 31,917.66 million RMB in related party transactions for the year 2020, with significant contributions from sales of zinc and lead-antimony concentrates[175]. - The company identified issues with related party transactions involving Tibet Kaiheng and Tibet Chengkang, which were not timely recognized and disclosed, leading to a negative audit opinion for the 2020 financial internal control audit report[150].

Financial Performance - Net profit attributable to shareholders of the listed company reached CNY 27,181,898.71, an increase of 1,027.36% year-on-year [19]. - Operating revenue for the period was CNY 274,355,525.67, representing a decline of 60.93% compared to the same period last year [19]. - The company reported a net profit excluding non-recurring gains and losses of CNY 27,175,780.01, an increase of 282.62% year-on-year [19]. - Basic earnings per share rose to CNY 0.049, an increase of 880.00% compared to CNY 0.005 in the same period last year [19]. - Diluted earnings per share also stood at CNY 0.049, reflecting the same growth as basic earnings per share [19]. - The company's operating revenue for Q1 2021 reached CNY 107,230,973.38, a significant increase from CNY 4,030,557.14 in Q1 2020, representing a growth of approximately 2,558% [39]. - Net profit for Q1 2021 was CNY 25,441,259.69, compared to a net profit of CNY 969,262.17 in Q1 2020, indicating a substantial increase [39]. - The total profit for Q1 2021 was CNY 29,213,387.39, compared to CNY 4,303,428.30 in Q1 2020, reflecting a substantial increase [39]. - The company’s total comprehensive income for Q1 2021 was CNY 25,441,259.69, compared to CNY 969,262.17 in Q1 2020, showing a significant increase [39]. Cash Flow - Net cash flow from operating activities was CNY 30,669,082.59, down 2.30% from the previous year [19]. - Cash flow from operating activities is 30,669,082.59 CNY, a slight decrease of 2.30% compared to 31,390,241.32 CNY, mainly due to an increase in tax payments [26]. - Cash flow from investing activities is -70,816,730.19 CNY, an increase of 39.03% compared to -50,937,278.53 CNY, primarily due to increased payments for project costs [28]. - Cash flow from financing activities is 36,497,534.73 CNY, a significant increase of 213.22% compared to -32,236,590.56 CNY, mainly due to increased loans [28]. - Cash inflow from operating activities was ¥316,202,852.23, down 63.8% from ¥871,953,236.56 in Q1 2020 [42]. - Net cash flow from investing activities was ¥-70,816,730.19, worsening from ¥-50,937,278.53 in Q1 2020 [43]. - Cash inflow from financing activities was ¥75,000,000.00, an increase from ¥56,000,000.00 in Q1 2020 [43]. - Net cash flow from financing activities was ¥36,497,534.73, compared to ¥-32,236,590.56 in Q1 2020 [43]. - The company reported a net increase in cash and cash equivalents of ¥-3,673,178.50 for Q1 2021 [43]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,815,835,118.61, a decrease of 2.01% compared to the end of the previous year [19]. - Total liabilities decreased to 1,594,155,758.89 CNY from 1,736,969,749.14 CNY [32]. - The company's total current assets are 239,203,725.42 CNY, down from 345,374,163.93 CNY [31]. - The company's total assets as of March 31, 2021, amounted to CNY 3,891,257,432.98, an increase from CNY 3,848,396,394.90 at the end of 2020 [35]. - The total liabilities of the company were CNY 1,820,823,877.04, compared to CNY 1,795,877,732.86 at the end of 2020 [36]. - The equity attributable to shareholders of the parent company was CNY 2,070,433,555.94, up from CNY 2,052,518,662.04 at the end of 2020 [36]. - The company's non-current assets totaled CNY 3,759,670,699.67, an increase from CNY 3,723,528,592.32 at the end of 2020 [35]. Shareholder Information - The total number of shareholders at the end of the reporting period was 47,238 [24]. - The top shareholder, Tibet Daoheng Investment Co., Ltd., held 19.53% of the shares, totaling 108,146,175 shares [24]. Operational Efficiency - Operating costs decreased by 67.14% to 217,307,126.23 CNY from 661,317,279.84 CNY, attributed to the same reduction in trading volume [26]. - Management expenses increased by 10.36% to 21,266,788.90 CNY from 19,271,009.13 CNY, mainly due to the expiration of social security reduction policies [26]. - The gross profit margin improved, with operating costs at CNY 77,841,285.63, compared to CNY 1,471,387.62 in the previous year, reflecting enhanced operational efficiency [39]. - The company experienced a notable increase in management expenses, which rose to CNY 21,266,788.90 in Q1 2021 from CNY 19,271,009.13 in Q1 2020, an increase of approximately 10.4% [39].

Financial Performance - The company's operating revenue for 2020 was CNY 2,378,942,506.55, representing a 56.58% increase compared to CNY 1,519,274,646.32 in 2019[25]. - The net profit attributable to shareholders for 2020 was CNY 72,380,454.50, a decrease of 42.16% from CNY 125,149,564.34 in 2019[25]. - The net cash flow from operating activities increased by 26.58% to CNY 543,397,713.82 in 2020, up from CNY 429,302,111.50 in 2019[27]. - The total assets at the end of 2020 were CNY 4,914,793,515.33, an 8.30% increase from CNY 4,538,015,773.36 at the end of 2019[27]. - The basic earnings per share for 2020 was CNY 0.14, down 41.67% from CNY 0.24 in 2019[27]. - The weighted average return on equity for 2020 was 3.16%, a decrease of 1.47 percentage points from 4.63% in 2019[27]. - The company reported a non-operating income of CNY 9,275,982.39 in 2020, related to government subsidies[30]. - The net profit after deducting non-recurring gains and losses for 2020 was CNY 68,966,288.87, a decrease of 39.21% from CNY 113,454,605.59 in 2019[27]. - The company achieved a sales revenue of CNY 2.378 billion in 2020, representing a year-on-year increase of 56.58%[95]. - The net profit attributable to shareholders decreased by 42.16% to CNY 0.72 billion, while the overall net profit dropped by 56.02% to CNY 0.47 billion[95]. Investments and Acquisitions - The acquisition of 40% equity in Guizhou Asia-Pacific Mining Co., Ltd. was valued at 125 million RMB, with the transaction price set at 50 million RMB[37]. - The Asia-Pacific Mining project has gold reserves of 59.14 tons, aimed at enhancing the company's gold resource reserves and overall profitability[38]. - The company completed the acquisition of 70% equity in Tigray Resources Private Limited for 1.2 million USD, which holds gold reserves of 9.475 tons[41]. - The company successfully acquired a 40% stake in Guizhou Apac Mining for a transaction value of 500 million CNY, enhancing its gold resource reserves by 59.14 tons[134]. - The company is actively expanding its precious metals sector through acquisitions, including the "Ethiopian Gold Project" and the "Guizhou Asia-Pacific Mining Co., Ltd. Niubao Gold Mine Project"[181]. Operational Highlights - The actual ore output in 2020 was 613,000 tons, achieving 94.31% of the planned 650,000 tons, while the actual selection output was 610,700 tons, achieving 93.95% of the planned[65]. - Fixed asset investment in Tibet for 2020 totaled 96.19 million yuan, with significant investments in shaft engineering and infrastructure projects[66]. - The company completed the construction of a 30-kilometer 110KV high-voltage power supply line and two substations for the Talu Jinye project in 2020[69]. - The mining system engineering plan aimed to excavate 28,995 meters, with 26,353 meters completed by the end of 2020, achieving 91% of the target[72]. - The company aims to complete a mining output of 620,000 tons and a selection output of 620,000 tons in the Tibet region for 2021[161]. Market and Industry Trends - The zinc price increased by over 20% year-on-year, recovering from a low of 14,265 RMB/ton to exceed the initial price by year-end[46]. - In 2020, domestic lead consumption increased by 0.8% year-on-year, reaching 4.977 million tons, supported by strong growth in lead-acid batteries and electric bicycles[47]. - Antimony ingot prices rose from $5,750-$6,100 per ton in January to a peak of $6,675-$6,950 per ton in December, marking a 15.0% increase from January[49]. - Gold prices surged to a historical high of $2,075.14 per ounce in August 2020, with an annual increase of 25.07%, and the average price for the year was $1,769.59 per ounce, up 27.07% year-on-year[50]. - The company expects continued high volatility in the non-ferrous metals market due to increased demand from new infrastructure and renewable energy sectors[150]. Corporate Governance and Compliance - The audit report from Lixin Certified Public Accountants indicated a qualified opinion, but the financial statements fairly reflect the company's financial position as of December 31, 2020[6]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not disclosed any significant changes in shareholder structure or stock variations during the reporting period[13]. - The company has not faced any risks of suspension or termination of its listing status during the reporting period[198]. - There are no significant accounting policy changes or major accounting errors reported during the period[198]. Research and Development - The company reported a significant increase in R&D expenses, which rose by 178.17% to CNY 3.67 million, reflecting a focus on innovation[96]. - The total R&D investment amounted to CNY 4,346,677.30, representing 0.18% of total revenue, with 15 R&D personnel accounting for 3.59% of the total workforce[112]. Social Responsibility and Community Engagement - The company’s charity foundation has donated over CNY 3 million to support social welfare initiatives, demonstrating its commitment to corporate social responsibility[94]. - The company is committed to improving safety management and environmental protection measures to mitigate operational risks[173][174]. Future Outlook and Strategic Plans - The company anticipates a significant rebound in China's economy, projecting an 8.1% growth in 2021, which will positively impact global economic recovery[149]. - The company plans to non-publicly issue 150,000,000 shares, raising up to RMB 680 million to support the expansion into the precious metals sector and alleviate operational funding pressure[165]. - The company is focused on integrating resource development with capital operations to establish itself as a benchmark enterprise in the domestic non-ferrous industry[151]. - The company is leveraging the "Belt and Road" initiative to enhance cooperation in mineral resources and technology with countries along the route, particularly in Central Asia and Africa[153]. Risk Management - The company faces risks related to price fluctuations of non-ferrous metals, which significantly impact profitability[171]. - The company has not distributed dividends in the last three years, maintaining a cash dividend policy of at least 20% of distributable profits when no major investments are planned[178].

Financial Performance - Operating income for the period from January to September was CNY 1,810,250,210.27, representing a significant increase of 176.08% compared to the same period last year[19]. - Net profit attributable to shareholders of the listed company was CNY 60,367,503.03, a decrease of 19.35% year-on-year[19]. - Basic earnings per share for the period was CNY 0.12, down 14.29% from the previous year[21]. - The weighted average return on net assets was 2.72%, a decrease of 0.97 percentage points compared to the previous year[21]. - The company reported a net loss from investment income of ¥1,176,697.17 in Q3 2020, an improvement from a loss of ¥2,482,484.18 in Q3 2019[43]. - Net profit for Q3 2020 reached approximately ¥7.04 million, compared to ¥33.72 million in Q3 2019, indicating a significant decrease of approximately 79.1%[49]. - The total profit for Q3 2020 was approximately ¥7.04 million, down from ¥38.52 million in Q3 2019, reflecting a decline of about 81.7%[49]. - Operating profit for Q3 2020 was approximately ¥7.34 million, a decrease from ¥38.61 million in Q3 2019, representing a decline of about 81.0%[49]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,884,464,812.75, an increase of 7.63% compared to the end of the previous year[19]. - The company's total liabilities decreased by 70.85% to RMB 15,200.00 million, mainly from loan repayments[30]. - Total liabilities decreased slightly to CNY 1,703,337,948.26 from CNY 1,717,475,504.54, a reduction of about 0.8%[35]. - Current liabilities increased to ¥1,283,167,520.63 from ¥1,024,233,275.77, representing a rise of approximately 25.3%[39]. - The company's total liabilities reached ¥1,822,910,934.17, compared to ¥1,645,303,112.52 in the previous year, indicating an increase of about 10.8%[39]. - The total current assets were reported at CNY 104,140,401.22, reflecting the company's liquidity position[62]. Cash Flow - Net cash flow from operating activities for the period reached CNY 548,165,776.81, a remarkable increase of 438.90% compared to the same period last year[19]. - Cash inflow from operating activities for the first three quarters of 2020 was CNY 2,476,191,176.44, significantly up from CNY 884,836,791.02 in the same period of 2019, representing an increase of approximately 179%[52]. - The net cash flow from operating activities for the first three quarters of 2020 was CNY 548,165,776.81, a turnaround from a net outflow of CNY 161,748,052.19 in the same period of 2019[52]. - Cash outflow from investing activities for the first three quarters of 2020 was CNY 456,245,428.90, compared to CNY 476,796,642.92 in the same period of 2019[53]. - The net cash flow from financing activities for the first three quarters of 2020 was -CNY 137,816,351.00, a decrease from a net inflow of CNY 506,414,755.34 in the same period of 2019[53]. Shareholder Information - Net assets attributable to shareholders of the listed company amounted to CNY 2,498,623,479.26, reflecting a growth of 14.19% year-on-year[19]. - The total number of shareholders at the end of the reporting period was 35,843[24]. - The largest shareholder, Tibet Daoheng Investment Co., Ltd., held 34.78% of the shares, with 193,052,921 shares pledged[24]. - Shareholders' equity rose to CNY 3,181,126,864.49, up from CNY 2,820,540,268.82, indicating an increase of approximately 12.8%[36]. Operational Efficiency - Accounts receivable decreased by 74.88% to RMB 6,969.19 million, attributed to enhanced collection efforts and reduced sales credit limits[27]. - Long-term equity investments surged by 395.62% to RMB 29,741.10 million, primarily due to the acquisition of Asia Pacific Mining[30]. - The gross profit margin improved significantly due to increased trade volume, reflecting a robust business expansion strategy[30]. - The company reported a 270.08% rise in operating costs, reaching RMB 163,116.94 million, driven by the same increase in trade volume[30]. - Financial expenses rose by 49.92% to RMB 3,360.40 million, mainly due to increased convertible bond interest[30]. Changes in Accounting Standards - The company has executed a new revenue recognition standard, leading to a reclassification of contract liabilities[30]. - The company executed new revenue standards on January 1, 2020, affecting the classification of contract liabilities and other current liabilities[63].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,382,044,362.14, representing a 490.77% increase compared to CNY 233,941,023.57 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 21,979,950.43, a decrease of 43.72% from CNY 39,055,881.67 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 18,278,191.98, a decrease of 22.99% compared to the previous year[24]. - The net cash flow from operating activities was CNY 413,074,762.24, showing a significant increase from a negative cash flow of CNY -30,535,076.24 in the previous year[24]. - The total assets increased by 4.94% to CNY 4,762,109,359.40 compared to the end of the previous year[24]. - The basic earnings per share decreased by 42.86% to CNY 0.04 from CNY 0.07 in the same period last year[24]. - The weighted average return on net assets decreased by 0.94 percentage points to 1.00% compared to the previous year[24]. - Operating costs amounted to ¥1,299,541,684.05, reflecting a 941.47% increase year-on-year[85]. - The company reported a total of ¥860.64 million in government subsidies, contributing to a profit increase of ¥1,433.54 million, which accounted for 56.16% of the total profit[89]. Corporate Governance - The company has confirmed that all directors attended the board meeting for the report[5]. - The company has not faced any violations in decision-making procedures for providing guarantees[8]. - The controlling shareholder, Daoheng Investment, has committed not to interfere in the company's management and not to infringe on the company's interests[120]. - The company has made commitments to avoid competition with peers and to regulate related party transactions[123]. - During the reporting period, the company held two shareholder meetings, ensuring equal rights for all shareholders, particularly minority shareholders[115]. Risk Management - The report includes a risk statement regarding forward-looking statements, indicating potential risks in future plans and development strategies[7]. - The company faces risks related to product price fluctuations, particularly in non-ferrous metals, which significantly impact profitability due to global economic and political factors[107]. - The company emphasizes strict safety production management to mitigate risks associated with mining operations, which are inherently high-risk[109]. - Environmental pollution risks are managed through the establishment of waste treatment systems and environmental assessment systems to ensure compliance with national requirements[110]. Strategic Initiatives - The company signed a strategic cooperation agreement with China Minmetals Rare Earth Group to establish a joint venture for antimony products, enhancing its market position[33]. - The company plans to continue seeking mining project investment opportunities domestically and internationally, focusing on precious and non-ferrous metals[38]. - The company aims to enhance its international presence and reputation by aligning with the "Belt and Road" initiative, focusing on resource and technology cooperation in Central Asia[37]. - The company is focused on building a professional talent team to manage the challenges of expanding operational scale and geographic distribution[108]. Environmental Compliance - The company has implemented effective environmental protection measures, achieving compliance with emission standards for waste gas, noise, and wastewater[190]. - The company has established a comprehensive pollution prevention and control system, including wastewater treatment facilities and dust suppression measures[190]. - The company conducts quarterly environmental monitoring of surface water, groundwater, and air quality, with results meeting national standards[200]. Acquisitions and Investments - The company completed the transfer of 19% equity in Guizhou Asia-Pacific Mining Co., Ltd., with a total valuation of CNY 125 million for the entire equity[34]. - The company acquired a 50% stake in Tajik Aluminum's "Talu Mining" for $90 million, with an annual processing capacity of 1.5 million tons and production of 16,000 tons of antimony and 2.2 tons of gold post-launch[37]. - The company completed the acquisition of Tigre Resources in Ethiopia for $1.2 million, which holds mining rights with gold reserves of 9.475 tons, currently in the construction phase[37]. - The company acquired a 40% stake in Guizhou Asia-Pacific Mining for 500 million yuan, adding 59.14 tons of gold resources[73]. Community Engagement - The company contributed a total of 909.28 million RMB towards poverty alleviation efforts, helping 2,100 registered impoverished individuals to escape poverty[171]. - The "transportation team" initiative resulted in a revenue of 9,075,800.18 RMB for local farmers, increasing their annual income to over 8,000 RMB, a 20-fold increase[170]. - The company plans to continue supporting local impoverished households through material and employment assistance[176]. - The company is committed to using its charitable foundation to conduct various public welfare activities, including disaster relief and education support[176]. Legal Matters - There are significant litigation matters involving the company, specifically a civil lawsuit against Linzhou County Jiangxia Township Caisheng Mining Co., Ltd. regarding a 10 million RMB deposit related to an asset acquisition agreement[133]. - The court ruled that Linzhou County Jiangxia Township Caisheng Mining Co., Ltd. must repay the 10 million RMB deposit and an additional 3 million RMB in penalties within 30 days of the judgment[139]. Financial Instruments - The company plans to issue up to RMB 410 million in convertible bonds, which was approved by the board in December 2019[200]. - The company has decided to terminate the public offering of convertible bonds and instead plans to privately issue up to 150 million shares[200].