Core Viewpoint - The board of directors of Xinjiang Baodi Mining Co., Ltd. held its 15th meeting of the 4th session, where several key resolutions were passed regarding the company's half-year report and financial management strategies [1][2][3] Group 1: Meeting Resolutions - The board approved the "2025 Half-Year Report and its Summary" which was reviewed by the Audit and Compliance Management Committee [1] - The board approved the use of up to RMB 225 million of temporarily idle raised funds for cash management, allowing for the purchase of safe, liquid investment products with capital preservation agreements [2] - The board approved the "Special Report on the Storage and Actual Use of Raised Funds for the First Half of 2025," which was also reviewed by the Audit and Compliance Management Committee [3] - The board approved the report on the execution of the "Quality Improvement and Efficiency Enhancement Action Plan" for the first half of 2025 [3]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding significant corporate actions and financial results. Major Events - Cambrian: The company announced that recent online information regarding large orders and revenue forecasts is misleading and not true [4] - China Shipbuilding: The company has applied for voluntary delisting following a merger with China Shipbuilding Industry [5][6] - Kanda New Materials: The company plans to acquire 51% of Chengdu Zhongke Huamei for 275 million yuan to expand in the semiconductor integrated circuit sector [7] - Aimeike: A major arbitration case involving its subsidiary REGEN has been initiated, with a claim of approximately 1.6 billion yuan [8] - China Evergrande: A hearing regarding the company's liquidation is scheduled for September 16, with shares continuing to be suspended [9] - *ST Suwu: The company's stock price fell below 1 yuan, risking delisting if it remains below this threshold for 20 consecutive trading days [10] - Foton Motor: The company has identified tax payment issues amounting to approximately 28.83 million yuan for the years 2022-2024 [11][12] - Wolong Electric: The company has submitted an application for H-share issuance and listing in Hong Kong [13] - Dayuan Pump Industry: The company clarified that its liquid cooling business is part of its original operations, with first-quarter sales of approximately 1.6 million yuan [14] - Gansu Energy: The Jinhe Coal Mine has resumed production after passing safety inspections [15] - Chipsea Technology: The company plans to issue H-shares to enhance its international strategy [16] Financial Performance - China Telecom: Reported a net profit of 23.017 billion yuan for the first half of 2025, a year-on-year increase of 5.5% [17] - JD Group: Achieved a revenue of 356.7 billion yuan in Q2 2025, a year-on-year growth of 22.4% [19] - Chuanjinno: Reported a net profit of 177 million yuan for the first half of 2025, a significant increase of 166.51% [20] - Darentang: Achieved a net profit of 1.928 billion yuan for the first half of 2025, a year-on-year increase of 193.08% [21] - Baodi Mining: Reported a net profit of 61.592 million yuan for the first half of 2025, a decline of 40.11% [22] - Bailong Oriental: Achieved a net profit of 390 million yuan for the first half of 2025, a year-on-year increase of 67.53% [23] - Dunhuang Seed Industry: Reported a net profit of 54.454 million yuan for the first half of 2025, a year-on-year increase of 73.43% [24] - Huarui Precision: Achieved a net profit of 85.4597 million yuan for the first half of 2025, a year-on-year increase of 18.80% [25] - Chongqing Beer: Reported a net profit of 865 million yuan for the first half of 2025, a decline of 4.03% [26] - Heertai: Achieved a net profit of 354 million yuan for the first half of 2025, a year-on-year increase of 78.65% [27] Shareholding Changes - Junshi Biosciences: Major shareholder Shanghai Tanying plans to reduce its stake by up to 2% [28] - Tibet Tourism: Major shareholder Lvtou Group plans to reduce its stake by up to 0.97% [29] Strategic Partnerships - Shanying International: The company has signed strategic investment cooperation agreements with Yunyin Technology and Proton Technology to enhance industrial applications in the paper and packaging sectors [30]

Group 1 - The company, Baodi Mining, announced plans to use up to RMB 225 million of temporarily idle raised funds for cash management [2] - The investment will focus on high safety, good liquidity, and capital protection agreements [2] - The usage period for these funds is effective for 12 months from the date of approval by the board of directors, with the possibility of rolling use within the specified limit and timeframe [2]

证券日报网讯 8月14日晚间，宝地矿业发布公告称，公司第四届董事会第十五次会议审议通过了《公司 2025年半年度"提质增效重回报"行动方案执行情况的报告》等多项议案。 （文章来源：证券日报） ...

宝地矿业2025半年报 ...

Group 1 - The core viewpoint of the article is that Baodi Mining (601121) reported a significant decline in net profit for the first half of 2025 despite an increase in revenue [1] - The company achieved a net profit of approximately 61.59 million yuan, representing a year-on-year decrease of 40.11% [1] - Baodi Mining's main business activities include the mining, processing, and sale of iron ore and iron concentrate [1] Group 2 - For the first half of 2025, Baodi Mining reported an operating revenue of approximately 721 million yuan, which is a year-on-year increase of 23.65% [1] - As of the market close on August 14, Baodi Mining's stock price was 6.61 yuan per share, with a total market capitalization of 5.288 billion yuan [1]

Group 1 - Baodi Mining (SH 601121) announced the convening of its fourth board meeting on August 13, 2025, to review the proposal for the 2025 semi-annual report and its summary [1] - For the year 2024, Baodi Mining's revenue composition is as follows: iron ore mining accounts for 98.11%, while other businesses account for 1.89% [1] - As of the report, Baodi Mining has a market capitalization of 5.3 billion yuan [1] Group 2 - A report on sunscreen products indicates that the production cost is around 3 yuan, yet they are sold for several times that amount, highlighting significant profit margins in the industry [1]

证券代码：601121 证券简称：宝地矿业 公告编号：2025-055 新疆宝地矿业股份有限公司 第四届董事会第十五次会议决议公告 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法律责任。 新疆宝地矿业股份有限公司（以下简称"公司"）第四届董事会第十五次会议 通知于 2025 年 8 月 1 日以通讯方式发出，本次会议于 2025 年 8 月 13 日在公司会 议室以现场结合通讯的方式召开。本次会议由公司董事长高伟先生主持，应出席董 事 9 名，实际出席董事 9 名，全体高级管理人员列席会议。本次会议的召集、召开 符合《中华人民共和国公司法》《中华人民共和国证券法》及《新疆宝地矿业股份 有限公司章程》的有关规定，会议决议合法、有效。会议审议通过以下议案： （一）审议通过《关于公司〈2025 年半年度报告及其摘要〉的议案》 本议案已经公司董事会审计与合规管理委员会审议通过。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn）披露 的《新疆宝地矿业股份有限公司 2025 年半年度报告》及其摘要。 表决情况 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines key professional terms and abbreviations used throughout the report, essential for report comprehension - The chapter provides **definitions for professional terms and abbreviations** of the company and related parties, essential for report comprehension[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information, key accounting data, financial indicators, and details on non-recurring gains and losses [Company Basic Information](index=5&type=section&id=一、%20公司信息) This chapter details the company's basic business information, including its full name, stock code **601121**, and legal representative **Gao Wei** | Item | Content | | :--- | :--- | | **Company Full Chinese Name** | Xinjiang Baodi Mining Co., Ltd. | | **Company Chinese Abbreviation** | Baodi Mining | | **Legal Representative** | Gao Wei | | **Stock Exchange** | Shanghai Stock Exchange | | **Stock Abbreviation** | Baodi Mining | | **Stock Code** | 601121 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=七、%20公司主要会计数据和财务指标) Operating revenue increased by **23.65%**, but net profit attributable to shareholders declined by **40.11%** due to lower iron concentrate prices and rising costs, while operating cash flow grew steadily | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 721,459,395.05 | 583,489,722.00 | 23.65 | | Net Profit Attributable to Shareholders | 61,592,025.04 | 102,848,848.61 | -40.11 | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 54,053,926.12 | 91,933,753.51 | -41.20 | | Net Cash Flow from Operating Activities | 259,196,687.53 | 236,604,114.57 | 9.55 | | **Asset Status** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year-End (%)** | | Total Assets | 6,727,187,950.03 | 6,531,272,777.84 | 3.00 | | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.13 | -38.46 | | Basic EPS (Excl. Non-recurring) (RMB/share) | 0.07 | 0.11 | -36.36 | | Weighted Average Return on Net Assets (%) | 2.00 | 3.33 | decreased by 1.33 percentage points | - The company's profit decline was primarily due to a **decrease in iron concentrate selling prices** and **increased costs** compared to the prior period, leading to a lower gross profit margin[24](index=24&type=chunk)[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=九、%20非经常性损益项目和金额) Total non-recurring gains and losses for the period were **RMB 7.54 million**, mainly from investment income on structured deposits and government subsidies | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Fair Value Changes and Disposal Gains/Losses from Financial Assets Held | 5,412,052.70 | | Government Subsidies Recognized in Current Profit/Loss | 2,826,473.17 | | Funds Occupancy Fees Received from Non-financial Enterprises | -1,173,938.67 | | Other Non-operating Income/Expenses and Non-current Asset Disposal Gains/Losses | 546,044.27 | | **Total** | **7,538,098.92** | [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's industry, operations, core competitiveness, and key financial changes during the reporting period [Industry and Main Business Overview](index=9&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company primarily engages in iron ore mining, beneficiation, and iron concentrate sales, facing a challenging market with the Platts index declining by **7.01%** in the first half of 2025, while actively advancing multiple mining projects - In the first half of 2025, the iron ore market experienced a "rise first, then fall" trend, with the Platts index decreasing from **$106.9** at the beginning of the year to **$94.47** in June, a **7.01%** decline, with an average Platts index of **$100.7**, down **$16.7** year-on-year[32](index=32&type=chunk) - The company's main business involves iron ore mining, beneficiation, and iron concentrate sales, operating four major mining areas (Haxiyatu, Baoshan, Songhu, Beizhan) with an approved iron ore mining capacity of **13.7 million tons/year**[38](index=38&type=chunk) - The company is actively advancing key projects, including the **10 million tons/year** mining and beneficiation project at Beizhan Iron Mine, the expansion of Songhu Iron Mine to **2 million tons/year**, and production at Haxiyatu multi-metal iron mine, aiming to enhance capacity and consolidate its industry position[39](index=39&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company made significant progress on key projects, enhanced resource reserves, technological innovation, and internal controls, and is currently pursuing the acquisition of an **87%** stake in Congling Energy - Key project progress includes: Beizhan Company's **10 million tons/year** mining and beneficiation project obtaining a mining license; Songhu Iron Mine's **2 million tons/year** renovation and expansion project receiving approval; and Haxiyatu multi-metal iron mine's production and operation proceeding in an orderly manner[42](index=42&type=chunk) - The company has made progress in intelligent mine construction, with safety control platforms, integrated communication systems, 3D geological models, and unattended fixed equipment projects completed and in trial operation[45](index=45&type=chunk) - A significant event during the reporting period is the proposed acquisition of an aggregate **87%** equity stake in Congling Energy through share issuance and cash payment, along with raising supporting funds; this application was accepted by the Shanghai Stock Exchange on July 29, 2025[49](index=49&type=chunk)[50](index=50&type=chunk) [Analysis of Core Competitiveness](index=12&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness stems from its rich, high-grade resource endowment, geographical advantage in Xinjiang, significant potential scale from ongoing projects, and strong governance and shareholder support as a state-controlled listed entity - The company's mines boast iron ore grades higher than the national average, with Songhu Iron Mine averaging **44.46%** and Beizhan Iron Mine **42.45%**, indicating a strong and rare resource endowment[52](index=52&type=chunk)[53](index=53&type=chunk) - With the Songhu, Haxiyatu, and Beizhan projects reaching full production, the company's raw ore mining capacity and iron concentrate output will significantly increase, while the proposed acquisition of Congling Energy will further enhance its resource base in Southern Xinjiang[55](index=55&type=chunk) - As a state-controlled listed company and a "Double Hundred Enterprise" under the State-owned Assets Supervision and Administration Commission, the company possesses a standardized corporate governance structure, an excellent management team, and effective support from its controlling shareholder, Xin Mining Group, in resource acquisition and technological advancement[56](index=56&type=chunk) [Analysis of Key Operating Conditions](index=13&type=section&id=四、报告期内主要经营情况) This section analyzes the company's H1 operating performance across financial data, asset-liability structure, investment activities, and subsidiary operations, noting profit decline despite revenue growth, increased capital expenditure, and reduced subsidiary performance [Analysis of Financial Statement Item Changes](index=13&type=section&id=1、%20财务报表相关科目变动分析表) Operating costs surged by **62.31%** due to increased sales volume, while management and R&D expenses rose by **30.71%** and **49.56%** respectively; net cash flow from investing activities saw a **1,969.33%** outflow due to infrastructure investments and structured deposits, while financing cash flow turned positive from increased borrowings | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 721,459,395.05 | 583,489,722.00 | 23.65 | | Operating Cost | 477,816,672.57 | 294,384,561.62 | 62.31 | | Administrative Expenses | 69,680,242.98 | 53,308,026.49 | 30.71 | | Net Cash Flow from Investing Activities | -655,865,482.61 | 35,085,682.32 | -1,969.33 | | Net Cash Flow from Financing Activities | 137,805,033.95 | -56,707,232.37 | Not Applicable | [Analysis of Assets and Liabilities](index=13&type=section&id=3、%20资产、负债情况分析) As of the end of the reporting period, the company's asset-liability structure significantly changed, with trading financial assets increasing by **84.28%** due to structured deposit purchases, accounts receivable surging by **1,143.04%** from increased credit sales, and notes payable and long-term borrowings rising by **101.79%** and **139.03%** respectively to support project construction | Item Name | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 664,835,602.82 | 360,766,962.76 | 84.28 | | Accounts Receivable | 143,022,725.12 | 11,505,890.36 | 1,143.04 | | Notes Payable | 211,702,189.44 | 104,913,603.90 | 101.79 | | Long-term Borrowings | 239,127,462.62 | 100,041,500.00 | 139.03 | [Analysis of Investment Status](index=14&type=section&id=(四)%20投资状况分析) During the reporting period, the company's external investments focused on major non-equity projects, with significant capital commitments to the Songhu Iron Mine expansion (**RMB 980 million**), Beizhan Iron Mine project (**RMB 5.23 billion**), and Haxiyatu multi-metal iron mine project (**RMB 812 million**), while also deregistering Baodi Technology and Mengxi Mining - The company is advancing three key projects: - **Songhu Iron Mine**: **2 million tons/year** renovation and expansion, planned investment of **RMB 980 million**, with **RMB 522 million** completed - **Beizhan Iron Mine**: **10 million tons/year** project, estimated investment of **RMB 5.23 billion**, with **RMB 437 million** completed - **Haxiyatu Multi-metal Iron Mine**: **1.44 million tons/year** project, planned investment of **RMB 812 million**, with **RMB 680 million** completed - The company deregistered its wholly-owned subsidiary Baodi Technology (due to unsuccessful bidding for lithium mine exploration rights) and its associate company Mengxi Mining[64](index=64&type=chunk)[65](index=65&type=chunk) [Analysis of Major Holding and Associate Companies](index=16&type=section&id=(六)%20主要控股参股公司分析) During the reporting period, net profits of major subsidiaries Tianhua Mining and Hejing Beizhan significantly declined by **35.95%** and **42.22%** respectively, primarily due to lower iron concentrate selling prices and increased costs, which largely impacted the company's overall net profit | Company Name | Net Profit (RMB 10,000) | Notes | | :--- | :--- | :--- | | Tianhua Mining | 2,956.48 | Decreased by 35.95% YoY | | Hejing Beizhan | 8,234.92 | Decreased by 42.22% YoY | | Yi Wu Baoshan | 566.95 | - | | Haxiyatu | -131.40 | - | - The company's net profit decline was mainly due to the significant drop in net profits of subsidiaries Tianhua Company and Beizhan Company, fundamentally caused by **decreased iron concentrate selling prices** and **increased costs**[71](index=71&type=chunk) [Potential Risks](index=16&type=section&id=(一)%20可能面对的风险) The company faces significant risks including macroeconomic cyclical fluctuations impacting the steel industry, iron ore price volatility, policy adjustments, high customer concentration, safety production risks in mining, and potential delays in new and expansion projects - The company faces six major risks: **economic cycle risk**, **iron ore price fluctuation risk**, **industrial policy risk**, **customer concentration risk**, **safety production risk**, and **project progress falling short of expectations risk**[74](index=74&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=18&type=section&id=第四节%20公司治理、环境和社会) This section details changes in the company's board and senior management, including new appointments and governance structure adjustments, and confirms the absence of a profit distribution plan for the reporting period [Changes in Directors and Senior Management](index=18&type=section&id=一、公司董事、高级管理人员变动情况) During the reporting period, the company underwent significant personnel changes, with Mr. Gao Wei elected as the new Chairman and Mr. Zhao Qiwei appointed as the new General Manager, while the former Chairman Mr. Zou Yanping resigned, and the supervisory board was abolished, with its functions now exercised by the Audit and Compliance Management Committee - Company senior management adjustments: - **Gao Wei**: Transitioned from General Manager to Chairman - **Zhao Qiwei**: Promoted from Deputy General Manager to General Manager and Director - **Wang Jiangpeng**: Appointed as Deputy General Manager - **Zou Yanping**: Resigned from Chairman and all other positions - **Corporate Governance Structure Adjustment**: The supervisory board was abolished, and its functions are now exercised by the Audit and Compliance Management Committee[83](index=83&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Profit Distribution Plan](index=19&type=section&id=二、利润分配或资本公积金转增预案) The company has no profit distribution or capital reserve capitalization plan for this reporting period - For the first half of 2025, the company has **no profit distribution or capital reserve capitalization plan**[90](index=90&type=chunk) [Significant Matters](index=20&type=section&id=第五节%20重要事项) This section covers the fulfillment of commitments by the company and related parties, details of a major related-party transaction involving the acquisition of Congling Energy, and the progress of raised funds utilization [Fulfillment of Commitments](index=20&type=section&id=(一)%20公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内或持续到报告期内的承诺事项) During the reporting period, the company, its controlling shareholder, actual controller, and other related parties strictly fulfilled all commitments made in the initial public offering, major asset restructuring, and acquisition reports, including share lock-ups, avoiding horizontal competition, regulating related-party transactions, maintaining the listed company's independence, and stabilizing stock prices, with no breaches of commitment - The company and related parties strictly fulfilled all public commitments during the reporting period, covering aspects such as initial public offering, major asset restructuring, and acquisitions, with all commitments being timely and rigorously met[93](index=93&type=chunk) [Major Related-Party Transactions](index=44&type=section&id=十、重大关联交易) The most significant related-party transaction during the reporting period is the company's proposed acquisition of an **87%** equity stake in Congling Energy through share issuance and cash payment, along with raising supporting funds; this transaction, approved by the Xinjiang SASAC, was accepted by the Shanghai Stock Exchange on July 31, 2025, and is currently under review - The company is advancing a major related-party transaction to acquire an **82%** equity stake in Congling Energy through share issuance and cash payment, and an additional **5%** stake via cash payment, while raising supporting funds not exceeding **RMB 560 million**, aiming to make Congling Energy a wholly-owned subsidiary[49](index=49&type=chunk)[192](index=192&type=chunk) - This acquisition has received in-principle approval from the Xinjiang SASAC and was formally accepted by the Shanghai Stock Exchange on July 31, 2025, entering the review stage[194](index=194&type=chunk)[195](index=195&type=chunk) [Progress of Raised Funds Utilization](index=47&type=section&id=十二、募集资金使用进展说明) The company's net proceeds from its initial public offering amounted to **RMB 814.45 million**, with **RMB 598.17 million** cumulatively invested as of the end of the reporting period, representing a **73.45%** investment progress, primarily for the Songhu Iron Mine mining and beneficiation renovation and expansion project and supplementing working capital; the Songhu Iron Mine project's construction scale was changed from **1.5 million tons/year** to **2 million tons/year** during the period | Item | Amount (RMB) | | :--- | :--- | | Net Proceeds from IPO | 814,448,113.05 | | Cumulative Investment as of Period-End | 598,174,750.28 | | Cumulative Investment Progress | 73.45% | | Amount Invested This Year | 24,186,341.79 | - The construction scale of the "Xinjiang Tianhua Mining Co., Ltd. Songhu Iron Mine Mining and Beneficiation Renovation and Expansion Project" has been changed from **1.5 million tons/year** to **2 million tons/year**, but the amount of raised funds invested, implementation location, and entity remain unchanged[202](index=202&type=chunk) [Share Capital Changes and Shareholder Information](index=50&type=section&id=第六节%20股份变动及股东情况) This section confirms no changes in the company's total share capital or structure during the reporting period and provides details on its 31,035 shareholders, highlighting the stable and concentrated ownership by its top two state-owned corporate shareholders [Share Capital Changes](index=50&type=section&id=一、股本变动情况) During the reporting period, the company's total share capital and equity structure remained unchanged - During the reporting period, the company's **total share capital and equity structure remained unchanged**[204](index=204&type=chunk) [Shareholder Information](index=50&type=section&id=二、股东情况) As of the end of the reporting period, the company had **31,035** common shareholders, with the top two state-owned corporate shareholders, Xinjiang Geology and Mineral Investment (Group) Co., Ltd. and Turpan Jinyuan Mining and Metallurgy Co., Ltd., collectively holding **52.5%**, indicating a stable and concentrated ownership structure - As of the end of the reporting period, the company had a total of **31,035** common shareholders[205](index=205&type=chunk) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xinjiang Geology and Mineral Investment (Group) Co., Ltd. | 282,000,000 | 35.25 | State-owned Legal Person | | Turpan Jinyuan Mining and Metallurgy Co., Ltd. | 138,000,000 | 17.25 | State-owned Legal Person | | Xinjiang Haiyi Equity Investment Co., Ltd. | 37,189,669 | 4.65 | Domestic Non-state-owned Legal Person | | Xu Sihan | 20,726,471 | 2.59 | Domestic Natural Person | | Xinjiang State-owned Capital Industry Investment Fund Limited Partnership | 14,705,883 | 1.84 | Other | [Bond-Related Information](index=53&type=section&id=第七节%20债券相关情况) This section confirms that the company had no outstanding corporate bonds or other debt financing instruments during the reporting period [Corporate Bonds and Other Debt Financing Instruments](index=53&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has **no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments**[212](index=212&type=chunk) [Financial Report](index=54&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements, detailing key accounting policies and estimates, and providing comprehensive notes to the consolidated financial statement items [Financial Statements](index=54&type=section&id=二、财务报表) This semi-annual report is unaudited; the financial statements show total assets of **RMB 6.73 billion**, a **3.00%** increase from the beginning of the period, operating revenue of **RMB 721.46 million**, a **23.65%** year-on-year increase, but net profit attributable to parent company shareholders of **RMB 61.59 million**, a significant **40.11%** year-on-year decrease, while net cash flow from operating activities remained robust at **RMB 259.20 million** Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | **Total Assets** | **6,727,187,950.03** | **6,531,272,777.84** | | Total Liabilities | 2,758,078,646.53 | 2,663,886,137.71 | | Equity Attributable to Parent Company Owners | 3,089,032,361.93 | 3,046,008,479.50 | Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 721,459,395.05 | 583,489,722.00 | | Total Operating Costs | 595,982,152.66 | 392,151,624.35 | | Total Profit | 134,629,529.07 | 210,982,385.07 | | Net Profit Attributable to Parent Company Shareholders | 61,592,025.04 | 102,848,848.61 | Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 259,196,687.53 | 236,604,114.57 | | Net Cash Flow from Investing Activities | -655,865,482.61 | 35,085,682.32 | | Net Cash Flow from Financing Activities | 137,805,033.95 | -56,707,232.37 | | Cash and Cash Equivalents at Period-End | 570,027,006.19 | 1,053,207,690.21 | [Significant Accounting Policies and Estimates](index=73&type=section&id=五、重要会计政策及会计估计) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with key policies including revenue recognition upon customer control transfer, inventory valuation using the weighted average method, long-term equity investments accounted for by cost or equity method, fixed asset depreciation by straight-line or units-of-production method, and capitalization of qualifying development stage R&D expenditures, with no significant changes in accounting policies or estimates during the reporting period - The company uses a **12-month operating cycle** as the standard for classifying assets and liabilities as current or non-current[246](index=246&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services; for sales, revenue is recognized upon product weighing and delivery or when both parties sign the settlement statement, as per contract terms[299](index=299&type=chunk)[300](index=300&type=chunk) - The company accrues safety production fees in accordance with national regulations, charging them to relevant product costs or current profit/loss, and simultaneously recording them in the "Special Reserve" account[313](index=313&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=七、合并财务报表项目注释) This chapter provides detailed explanations of the composition and changes in major consolidated financial statement accounts, highlighting significant increases in trading financial assets due to structured deposit purchases, fluctuations in notes and accounts receivable from business model changes, substantial growth in construction in progress reflecting ongoing project investments, and increased long-term borrowings and notes payable supporting project funding

申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "保荐机构")作为新疆宝地矿业股份有限公司(以下简称"宝地矿业"、"公 司")首次公开发行股票并在上海证券交易所主板上市的保荐机构,根据《证券 发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所 上市公司自律监管指引第1号 -- 规范运作》《上海证券交易所上市公司自律监 管指引第11号 -- 持续督导》等有关规定,对宝地矿业拟使用部分暂时闲置募集 资金进行现金管理的事项进行了审慎核查,发表核查意见如下: 一、本次募集资金基本情况 经中国证券监督管理委员会《关于核准新疆宝地矿业股份有限公司首次公开 发行股票的批复》(证监许可[2023]305 号)文核准,并经上海证券交易所同意, 公司首次向社会公众公开发行人民币普通股(A股)200,000,000 股,募集资金 总额为人民币 87,600.00 万元,扣除发行费用(不含税)人民币 6,155.19 万元, 募集资金净额为人民币 81,444.81万元,该募集资金已于 2023年3月3日全部 到账,上述募集资金到位情况已经大华会计师事务所(特殊普通合伙)进行审验, 并出具了《验 ...