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].

Financial Performance - The company's operating revenue for 2019 was CNY 1,519,274,646.32, representing a 32.69% increase compared to CNY 1,144,988,699.50 in 2018[23]. - The net profit attributable to shareholders for 2019 was CNY 125,149,564.34, a decrease of 44.28% from CNY 224,609,903.77 in 2018[23]. - The net cash flow from operating activities for 2019 was CNY 429,302,111.50, reflecting a 10.65% increase from CNY 387,967,924.18 in 2018[23]. - The total assets at the end of 2019 were CNY 4,538,015,773.36, a 16.49% increase from CNY 3,895,675,113.63 at the end of 2018[24]. - The basic earnings per share for 2019 was CNY 0.24, down 44.19% from CNY 0.43 in 2018[25]. - The weighted average return on equity for 2019 was 4.63%, a decrease of 7.07 percentage points from 11.70% in 2018[25]. - The net assets attributable to shareholders at the end of 2019 were CNY 2,188,039,775.05, a 9.98% increase from CNY 1,989,539,226.25 at the end of 2018[24]. - The consolidated net profit was 107 million yuan, a decrease of 50.70% year-on-year, with the net profit attributable to shareholders declining by 44.28% to 125 million yuan[94]. Strategic Developments - The company plans to not distribute cash dividends or bonus shares for the year 2019, with retained earnings to be reinvested in core business development[5]. - The company has outlined potential risks in its future development strategy, which are detailed in the report[7]. - The company’s future plans and strategic developments are subject to investment risks, as highlighted in the forward-looking statements[6]. - The company plans to acquire 100% equity of Yunnan Shanhai Industrial Co., Ltd. and Lhasa Pinzhi Co., Ltd. through framework agreements signed on April 2, 2018[34]. - The estimated price for acquiring 40% equity of Guizhou Asia-Pacific Mining Co., Ltd. is approximately 776.82 million RMB, based on a pre-evaluation price of 1.94206 billion RMB[35]. - The total assessed value of Asia-Pacific Mining's equity is 1.8434245 billion RMB, with the final transaction price agreed at 1.25 billion RMB for the 40% equity transfer[35]. - A strategic cooperation agreement was signed with Minmetals Rare Earth Group on December 31, 2019, to establish a joint venture for antimony products, impacting global pricing and decision-making in the antimony industry[37]. - The company aims to strengthen cooperation in mineral resources along the Belt and Road Initiative, focusing on gold, silver, copper, lead, zinc, and antimony projects[39]. Operational Highlights - The company has two domestic production mines and two overseas mining rights projects currently under construction[33]. - The company reported non-recurring gains of CNY 11,694,958.75 for 2019, compared to CNY 18,907,018.44 in 2018[30]. - The company achieved a significant milestone in safety production, with no major accidents reported throughout the year[91]. - In 2019, the company completed a total ore output of 720,000 tons, exceeding the annual plan by 2.86%[76]. - The company conducted exploration work in three mining areas, completing 4,188.7 meters of drilling and discovering new lead-zinc ore bodies[79]. Market Conditions - In 2019, the global refined zinc production reached a historical high, with an average price of $2,506 per ton, down 13.5% from 2018[46]. - The average price of lead in 2019 was $2,004 per ton, a decrease of 10.8% year-on-year, while domestic lead prices also showed a downward trend[47]. - Antimony production from January to November 2019 was 56,300 tons, a year-on-year decrease of 14.67%, while antimony ingot prices averaged $6,632.95 per ton, down 19.2%[50][51]. - The global gold supply in 2019 was estimated at 4,800 tons, with demand reaching 4,650 tons, resulting in a surplus of 150 tons[53]. - The average international gold price in 2019 was $1,392.60 per ounce, an increase of 9.73% compared to the previous year[52]. Resource Management - The company controls domestic resource reserves of lead, zinc, copper, antimony, and silver amounting to 695,700 tons, 1,107,600 tons, 25,200 tons, 149,500 tons, and 1,587.71 tons respectively, all registered with the Ministry of Natural Resources[59]. - The overseas joint venture "Talu Aluminum Industry" has controllable resource reserves of antimony and gold reaching 264,600 tons and 499,000 tons respectively, with production expected to yield 16,000 tons of antimony concentrate and 2,200 tons of gold ingots annually[59]. - The company has increased its gold resource reserves to a total of 59.375 tons, with 49.9 tons from Talu Aluminum and 9.475 tons from the Ethiopia project[61]. - The company aims to produce 21,000 tons of antimony annually post the Talu Aluminum project, controlling nearly 15% of the global antimony supply[62]. Financial Management - The company has been recognized as an "A-level tax credit enterprise" for two consecutive years, which provides it with various financial benefits[73]. - The company reported a significant increase in financing cash flow, amounting to CNY 328,662,096.36, compared to a negative cash flow of CNY 104,691,773.60 in the previous year, marking a 413.93% change[96]. - The company issued 640 million yuan in convertible bonds to finance the acquisition of the Tal Aluminum project, with approval from the China Securities Regulatory Commission[85]. - The company is actively pursuing non-public stock issuance to attract long-term strategic investors, optimizing its equity structure[186]. Environmental and Safety Management - The company emphasizes environmental protection and safety management, aiming to create a "green mine" while adhering to national environmental regulations[71]. - The company is committed to strict safety management in mining operations to prevent accidents that could harm personnel and affect its reputation[200]. Research and Development - Total R&D investment amounted to 7.92 million RMB, accounting for 0.52% of operating revenue, with 83.33% of R&D costs capitalized[117]. - The company has established a long-term cooperation mechanism with several geological research institutions and universities to enhance its technological capabilities[69]. Future Outlook - The company anticipates zinc prices to fluctuate between $2,050 and $2,450 per ton in 2020, with domestic prices expected to range from ¥16,500 to ¥19,500 per ton[157]. - The company expects lead prices to range from $1,700 to $2,100 per ton in 2020, with domestic prices between ¥13,500 and ¥16,800 per ton[158]. - The company aims to achieve a production target of 650,000 tons for both ore extraction and beneficiation in the Tibet region in 2020[174]. - The company plans to invest a total of 80 million yuan in fixed assets for 2020, with 15 million yuan allocated for shaft projects and 65 million yuan for infrastructure[176].

Financial Performance - Operating revenue for the period reached CNY 702,262,583.18, representing an increase of 875.51% year-on-year[19]. - Net profit attributable to shareholders was CNY 2,411,106.61, a decrease of 87.08% compared to the same period last year[19]. - Basic earnings per share were CNY 0.005, down 87.50% from CNY 0.04 in the same period last year[19]. - The net profit after deducting non-recurring gains and losses was CNY 7,102,589.47, an increase of 94.68% year-on-year[19]. - The company reported a significant decline in non-operating income, dropping by 99.92% to ¥13,000.00, primarily due to the absence of government subsidies received in the previous year[26]. - Net profit for Q1 2020 was ¥969,262.17, a decrease from ¥16,153,876.10 in Q1 2019, reflecting a decline of approximately 94.0%[36]. - The company reported a gross profit margin of approximately 1.7% in Q1 2020, down from 76.5% in Q1 2019[35]. - The total comprehensive income for Q1 2020 was -21,469,138.57 RMB, compared to -11,170,939.30 RMB in Q1 2019, indicating a worsening of overall financial performance[39]. Cash Flow - Net cash flow from operating activities was CNY 31,390,241.32, an increase of 147.75% compared to the previous year[19]. - Cash flow from operating activities improved to ¥31,390,241.32, a 147.75% increase, driven by higher cash receipts from sales[26]. - In Q1 2020, the net cash flow from operating activities was ¥94,415,923.31, a significant improvement from -¥47,553,442.72 in Q1 2019[42]. - Total cash inflow from operating activities was ¥154,437,180.33, compared to ¥91,119,386.16 in the same period last year, indicating a year-over-year increase of approximately 69.5%[42]. - The net cash flow from financing activities was -¥38,236,590.56, compared to -¥3,609,875.00 in Q1 2019, indicating a significant increase in cash outflow[43]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,518,510,438.16, a decrease of 0.43% compared to the end of the previous year[19]. - Total liabilities decreased to CNY 1,709,322,239.33 from CNY 1,717,475,504.54, a reduction of approximately 0.9%[29]. - Current liabilities totaled CNY 961,675,400.80, down from CNY 1,005,284,663.87, reflecting a decrease of about 4.3%[29]. - Non-current liabilities increased to CNY 747,646,838.53 from CNY 712,190,840.67, marking an increase of approximately 5%[29]. - The company's cash and cash equivalents decreased to ¥22,233,704.74 from ¥63,788,997.26 year-over-year[28]. - Inventory increased significantly to CNY 45,693,420.14 from CNY 21,930,347.20, representing an increase of about 108.5%[30]. Shareholder Information - The total number of shareholders at the end of the reporting period was 27,021[22]. - The largest shareholder, Tibet Daoheng Investment Co., Ltd., held 203,834,996 shares, accounting for 38.76% of the total shares[22]. Expenses - Operating costs surged to ¥661,317,279.84, reflecting a dramatic rise of 1829.75% due to expanded trading activities[26]. - Management expenses decreased by 23.02% to ¥19,271,009.13, attributed to improved cost control measures[26]. - Financial expenses increased to 7,592,599.26 RMB from 5,708,502.39 RMB, primarily due to higher interest expenses of 9,188,321.29 RMB compared to 5,559,875.00 RMB in the previous year[39]. Investment Activities - Investment activities generated a cash outflow of ¥50,937,278.53, a 21.16% increase, mainly due to increased project investments[26]. - The company recorded investment income of 4,865,203.66 RMB, a significant increase from 596,930.06 RMB in Q1 2019[39].

Financial Performance - The company's operating revenue for 2019 was CNY 1,519,274,646.32, representing a 32.69% increase compared to CNY 1,144,988,699.50 in 2018[22]. - The net profit attributable to shareholders for 2019 was CNY 125,149,564.34, a decrease of 44.28% from CNY 224,609,903.77 in 2018[22]. - The net cash flow from operating activities for 2019 was CNY 429,302,111.50, reflecting a 10.65% increase from CNY 387,967,924.18 in 2018[22]. - The total assets at the end of 2019 were CNY 4,538,015,773.36, a 16.49% increase from CNY 3,895,675,113.63 at the end of 2018[23]. - The basic earnings per share for 2019 was CNY 0.24, down 44.19% from CNY 0.43 in 2018[24]. - The weighted average return on equity for 2019 was 4.63%, a decrease of 7.07 percentage points from 11.70% in 2018[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2019 was CNY 113,454,605.59, a decrease of 44.85% from CNY 205,702,885.33 in 2018[22]. - The company reported non-recurring gains of CNY 11,694,958.75 for 2019, compared to CNY 18,907,018.44 in 2018[30]. - The consolidated net profit was 107 million yuan, a decrease of 50.70% year-on-year, with the net profit attributable to shareholders dropping by 44.28% to 125 million yuan[93]. Strategic Plans and Acquisitions - The company plans to acquire 100% equity of Shanhai Trade Co. and Lhasa Pinzhi Co. as part of its domestic business expansion, with the acquisition process currently underway[33]. - The estimated transaction price for acquiring 40% equity of Guizhou Yatai Mining Co. is approximately 500 million CNY, based on a total equity valuation of 1.25 billion CNY[34]. - The company has invested 90 million USD to acquire a 50% stake in Tajik Aluminum's "Talu Gold" project, which is expected to process 1.5 million tons of ore annually and produce 16,000 metric tons of antimony concentrate[37]. - The company is actively pursuing market expansion through acquisitions and strategic partnerships in the mining sector[139]. - The company aims to strengthen its core business in non-ferrous metals while gradually expanding into precious metals[160]. - The company plans to introduce long-term strategic investors through a non-public stock issuance to optimize its equity structure and support business development[184]. Market and Industry Insights - In 2019, global refined zinc production reached a historical high, with an average price of $2,506 per ton, down 13.5% from 2018[45]. - The average price of lead in 2019 was $2,004 per ton, a decrease of 10.8% year-on-year, while domestic lead prices also showed a downward trend[46]. - Antimony production from January to November 2019 was 56,300 tons, a year-on-year decrease of 14.67%, while antimony ingot prices averaged $6,632.95 per ton, down 19.2%[49][50]. - The average international gold price in 2019 was $1,392.60 per ounce, an increase of 9.73% compared to 2018[51]. - The global refined lead market showed a trend of oversupply, with a balance of 6.4 tons in 2019, indicating a recovery in production[47]. Operational Efficiency and Risk Management - The company employs a planned procurement model to ensure quality and cost-effectiveness in purchasing raw materials and equipment[42]. - The company engages in hedging activities to mitigate market risks and stabilize profitability, successfully implementing its 2019 hedging plan[43]. - The company has established waste and environmental monitoring systems to manage pollution risks associated with metal mining and production[199]. - The company is committed to improving its information management systems to enhance operational efficiency and ensure effective communication across its subsidiaries[192]. - The company faces risks from price fluctuations of its main products, including zinc concentrate, lead-antimony concentrate (containing silver), and copper concentrate, which significantly impact profit levels[195]. Research and Development - Total R&D investment reached 7.92 million RMB, accounting for 0.52% of operating revenue, with 83.33% of R&D costs capitalized[116]. - The company has established a long-term cooperation mechanism with several geological research institutions and universities to enhance its technological capabilities[68]. - The company is focused on developing new technologies and products to enhance operational efficiency and market competitiveness[140]. Environmental and Social Responsibility - The company is committed to environmental protection and sustainable development, aiming to create a "harmonious mining area" while adhering to national environmental regulations[70]. - The company has been recognized as an "A-level tax credit enterprise" for two consecutive years, which provides it with various financial benefits[72]. - The company prioritizes safety management in mining operations to prevent accidents that could harm personnel and affect its reputation[198]. Future Outlook - The company anticipates that the average price of zinc in 2020 will fluctuate between $2,050 and $2,450 per ton on the London Metal Exchange (LME) and between ¥16,500 and ¥19,500 per ton on the Shanghai Futures Exchange (SHFE)[155]. - The company expects the average price of lead in 2020 to range from $1,700 to $2,100 per ton on the LME and from ¥13,500 to ¥16,800 per ton on the SHFE[156]. - The company aims to achieve a production target of 650,000 tons for both ore output and mineral processing in the Tibet region in 2020[172].

证券代码：601020 证券简称：华钰矿业 公告编号：临 2019-084 号 转债代码：113027 转债简称：华钰转债 西藏华钰矿业股份有限公司 关于投资者接待日活动举办情况的公告 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。 一、投资者接待日活动基本情况 西藏华钰矿业股份有限公司（以下简称"华钰矿业"或"公司"）于 2019 年 12 月 3 日在北京市月坛大厦举办了投资者接待日活动。参加本次活动的有机 构调研员、投资公司和个人投资者共 15 人，公司总经理徐建华先生、财务总监 邢建军先生及公司部分高管出席了会议。 二、投资者参与方式及活动主要内容 参加活动的投资者就其关注的公司生产经营情况以及未来发展等问题与公 司进行了沟通和交流。具体内容详见附后的《西藏华钰矿业股份有限公司投资 者接待日活动会议纪要》。 特此公告。 西藏华钰矿业股份有限公司董事会 2019 年 12 月 5 日 1 西藏华钰矿业股份有限公司 投资者接待日活动会议纪要 活动时间：2019 年 12 月 3 日下午 14:30-17:30 活动 ...

Financial Performance - Net profit attributable to shareholders was CNY 74,850,897.30, representing a decrease of 60.23% year-on-year[16] - Operating revenue for the period was CNY 655,708,683.79, down 24.31% from the same period last year[16] - Basic earnings per share decreased by 61.11% to CNY 0.14[18] - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, which was CNY 61,416,650.59, down 64.28% year-on-year[16] - The company reported a net profit margin decrease, with net profit for the first three quarters of 2019 at ¥655,708,683.79, down from ¥866,359,041.85 in the same period of 2018, a decline of about 24%[35] - Net profit for Q3 2019 reached approximately ¥33.7 million, down 8.2% from ¥36.8 million in Q3 2018[45] - The total profit for the first three quarters of 2019 was approximately ¥65.3 million, down from ¥101.6 million in the same period of 2018[45] Cash Flow - The net cash flow from operating activities was negative at CNY -161,748,052.19, a decline of 167.02% compared to the previous year[16] - Cash inflow from operating activities for the first three quarters of 2019 was CNY 884,836,791.02, down from CNY 1,122,217,053.95 in 2018, representing a decline of about 21.2%[48] - The net cash flow from operating activities for the first three quarters of 2019 was negative CNY 161,748,052.19, compared to a positive CNY 241,340,324.00 in the same period of 2018[48] - The company reported a cash inflow of CNY 673,882,394.92 from sales of goods and services in the first three quarters of 2019, compared to CNY 987,744,080.45 in 2018, reflecting a decrease of approximately 31.8%[48] - The company’s cash outflow for operating activities was CNY 1,046,584,843.21 in 2019, compared to CNY 880,876,729.95 in 2018, indicating an increase of about 18.8%[48] - Cash inflow from financing activities was CNY 763,000,000.00, a substantial increase from CNY 90,000,000.00 in the previous year[53] - Net cash flow from financing activities improved to CNY 508,229,422.71, compared to a net outflow of CNY -96,099,206.12 in the same quarter last year[53] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,460,663,346.80, an increase of 14.50% compared to the end of the previous year[16] - The company’s total liabilities increased, reflecting a growing financial leverage situation[16] - Total liabilities amounted to CNY 1,680,618,192.01, up from CNY 1,255,751,105.25, indicating an increase of around 33.7%[32] - Total liabilities were CNY 1,161,988,637.67, reflecting a slight increase from the previous year[58] - The total equity attributable to shareholders reached CNY 1,989,539,226.25, contributing to total equity of CNY 2,639,924,008.38[59] - The company’s cash and cash equivalents decreased to CNY 36,118,294.96 from CNY 119,864,136.09, a decline of about 69.8%[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 203,834,996, accounting for 38.76% of shares held by the top ten shareholders[21] - As of September 30, 2019, Tibet Daoheng Investment Co., Ltd. held 203,834,996 shares, accounting for 38.76% of the total share capital, with 200,015,339 shares pledged, representing 98.13% of its holdings and 38.03% of the total share capital[23] - Tibet Boshi Venture Capital Co., Ltd. held 111,120,778 shares, accounting for 21.13% of the total share capital, with 20,000,000 shares pledged, representing 18.00% of its holdings and 3.80% of the total share capital[23] Inventory and Receivables - Accounts receivable increased by 52.67% to CNY 41,442.95 million compared to the previous year, primarily due to increased credit limits to customers[25] - Prepayments surged by 757.71% to CNY 9,902.57 million, mainly due to prepayments for goods[25] - Inventory rose by 62.59% to CNY 8,182.28 million, attributed to increased procurement[25] - Accounts receivable increased to CNY 414,429,492.67 from CNY 271,450,846.36, representing a growth of approximately 52.5%[30] - Inventory grew to CNY 81,822,758.31, compared to CNY 50,323,494.46, indicating an increase of around 62.5%[30] Operating Costs and Expenses - Total operating costs for Q3 2019 were ¥379,824,894.03, compared to ¥224,461,264.22 in Q3 2018, indicating an increase of about 69%[37] - Operating profit for Q3 2019 was ¥35,140,142.39, down from ¥64,207,137.52 in Q3 2018, reflecting a decline of approximately 45%[37] - The company incurred financial expenses of approximately ¥6.8 million in Q3 2019, an increase from ¥5.5 million in Q3 2018[45] - The tax expenses for Q3 2019 were approximately ¥4.8 million, compared to ¥7.2 million in Q3 2018, reflecting a reduction in tax burden[45] Research and Development - Research and development expenses for Q3 2019 were ¥377,358.40, indicating ongoing investment in innovation despite overall profit decline[37] - Research and development expenses for Q3 2019 were approximately ¥377,000, indicating ongoing investment in innovation[45]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 233,941,023.57, a decrease of 59.39% compared to CNY 576,093,137.84 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 39,055,881.67, down 66.70% from CNY 117,287,764.53 year-on-year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 23,734,092.86, a decline of 79.46% compared to CNY 115,528,793.74 in the previous year[21]. - The net cash flow from operating activities was negative CNY 30,535,076.24, a significant decrease from CNY 158,382,214.75 in the same period last year, representing a decline of 119.28%[21]. - Basic earnings per share decreased to CNY 0.07, down 68.18% from CNY 0.22 in the same period last year[23]. - The weighted average return on net assets fell to 1.94%, a decrease of 4.35 percentage points compared to 6.29% last year[23]. - The operating cost decreased by 63.82% to ¥124,779,067.78 from ¥344,919,731.19 year-on-year[81]. - The company received government support funds of ¥16,384,100, which contributed to 40.39% of the total profit for the period[84]. Asset and Resource Management - The net assets attributable to shareholders increased to CNY 2,112,561,929.08, a growth of 6.18% compared to the previous year[23]. - Total assets rose to CNY 4,501,160,012.33, reflecting a 15.54% increase year-on-year[23]. - The company controls domestic resources of lead, zinc, copper, antimony, and silver totaling over 300,000 metal tons, with a mining capacity exceeding 70,000 tons/year[54]. - The company has controlled over 50% of its mineral resources through its own exploration efforts, ensuring low-cost and sustainable resource reserves[33]. Market and Pricing Trends - In the first half of 2019, the average price of LME three-month zinc was $2,664 per ton, a decrease of $587.5 per ton or 18.1% year-on-year[46]. - The average price of LME three-month lead in the first half of 2019 was $1,972 per ton, down 19.7% year-on-year[47]. - The average price of domestic 0 zinc in the first half of 2019 was 21,656 RMB per ton, a decrease of 3,364 RMB per ton or 13.4% year-on-year[46]. - The average price of SHFE lead futures contracts in the first half of 2019 was 16,834 RMB/ton, a year-on-year decrease of 12.5% and a month-on-month decrease of 10.4%[48]. - The average price of antimony ingots (99.65%) dropped from 50,000-51,000 RMB/ton in early January to 39,000-41,000 RMB/ton by late June, representing a decline of 20.8%[50]. - The average international price of antimony ingots (MMTA standard II) fell from 7,700-7,900 USD/ton in January and February to 6,100-6,350 USD/ton by the end of June, a decrease of 20.2%[50]. - The average international gold price in the first half of 2019 was 1,306.54 USD/oz, down 0.86% year-on-year[51]. Strategic Expansion and Acquisitions - The company is pursuing domestic business expansion through acquisitions, including a 100% stake in Shanhai Industrial Co. and Lhasa Pinzhi Co.[29]. - An overseas acquisition was made for a 50% stake in Talco Gold, with plans for production to commence by the end of 2019, targeting an annual processing capacity of 1.5 million tons[30]. - The company aims to expand its resource reserves through mergers and acquisitions, focusing on antimony, lead, zinc, copper, silver, and gold[37]. - The company plans to establish a new international metal trading platform to achieve revenue and profit growth, targeting to make trading a major business segment within three years[40]. - The company plans to enhance its international presence and resource acquisition in Central Asia, aligning with the Belt and Road Initiative[31]. - The company is actively expanding its international presence in line with the Belt and Road Initiative, enhancing its global resource acquisition strategy[68]. Operational Challenges and Risk Management - The company reported a significant risk related to the volatility of non-ferrous metal prices, which directly impacts profit levels[97]. - The company is focusing on building a professional talent team to address challenges arising from its rapid expansion and increased operational scale[98]. - The company has implemented a comprehensive safety management system to ensure safety in its high-risk mining operations[62]. - The company faces overseas operational risks due to cultural and legal differences as it expands its international presence[101]. - The company plans to enhance its management capabilities and processes to mitigate overseas operational risks[104]. Environmental and Social Responsibility - The company has implemented effective environmental protection measures, achieving compliance with waste discharge standards[172][173]. - The company has established various pollution prevention facilities, including a mine water treatment station and an integrated sewage treatment system, all of which are currently operating normally[174]. - The company actively participates in poverty alleviation efforts, providing support to low-income families and establishing a poverty alleviation fund[156]. - The company has committed to social welfare and charity initiatives, promoting the spirit of giving and hope[156]. - The company established the Tibet Huayu Mining Charity Poverty Alleviation Foundation, investing over CNY 1.8 million in various poverty alleviation projects since its inception[160]. - The average annual income of farmers and herdsmen in the region increased from CNY 400 to over CNY 8,000 over a decade, achieving a 20-fold growth[160]. Shareholder and Corporate Governance - The company held two shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[107]. - No profit distribution or capital reserve fund increase plan was proposed during the reporting period[108]. - The controlling shareholder, Daoheng Investment, committed not to interfere in the company's management and not to infringe on the company's interests[113]. - The company has established commitments to avoid competition and regulate related party transactions[118]. - The company appointed Lixin Certified Public Accountants as the auditing firm for the 2019 fiscal year, approved by the 2018 annual shareholders' meeting[126]. Stock Incentive Plans - The company granted a total of 5.6766 million restricted stocks to 44 incentive objects on June 22, 2016, with the total share capital after the incentive plan being 525,676,600 shares[146]. - The reserved restricted stocks granted in the 2016 plan have a lock-up period of 12 to 60 months, with four unlock phases based on meeting specific conditions[146]. - The company has consistently communicated the details of its stock incentive plans through announcements on the Shanghai Stock Exchange[146][148]. - The total share capital adjustments due to stock incentives reflect the company's commitment to employee motivation and retention strategies[146][148].