Financial Performance - The company's operating revenue for the first half of 2020 was CNY 25.45 billion, a decrease of 4.64% compared to CNY 26.69 billion in the same period last year[13]. - The net profit attributable to shareholders of the listed company was a loss of CNY 455.44 million, a decline of 252.36% compared to a profit of CNY 298.91 million in the previous year[13]. - The basic earnings per share for the first half of 2020 was -CNY 0.062, a decrease of 244.19% from CNY 0.043 in the same period last year[14]. - The weighted average return on net assets was -3.39%, a decrease of 6.31 percentage points compared to 2.92% in the previous year[14]. - The company reported a net profit excluding non-recurring gains and losses of -CNY 467.95 million, compared to -CNY 23.32 million in the same period last year[13]. - The company reported a net loss of CNY 423,256,209.08 for the first half of 2020, compared to a profit of CNY 496,953,129.73 in the same period of 2019[132]. - Total comprehensive income attributable to the parent company was approximately ¥-1.60 billion, down from ¥1.25 billion in the previous year, indicating a substantial decrease in overall profitability[134]. Cash Flow and Investments - The net cash flow from operating activities increased by 96.55% to CNY 1.87 billion, compared to CNY 952.97 million in the same period last year[13]. - The company reported a net cash flow from investment activities of ¥1,661,044,118.29, a significant improvement from a negative cash flow of ¥904,833,329.77 in the same period last year[47]. - The company reported a total cash inflow from operating activities of approximately ¥12.17 billion, compared to ¥11.90 billion in the previous year, indicating a year-over-year increase of 2.3%[142]. - The cash flow from investment activities showed a net outflow of approximately ¥611.58 million, an improvement from a net outflow of ¥1.08 billion in the same period of 2019[143]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 44.03 billion, down 9.31% from CNY 48.55 billion at the end of the previous year[13]. - The total liabilities decreased from CNY 31.94 billion to CNY 29.05 billion, a reduction of approximately 9.1%[125]. - The company's cash and cash equivalents as of June 30, 2020, were 3,152,866,162.29 RMB, a decrease from 3,207,347,926.52 RMB at the end of 2019[123]. - The total owner's equity at the end of the reporting period is 13,027.30 million, with a capital reserve of 5,309.58 million[154]. Production and Operations - The company’s main business includes the exploration, mining, smelting, processing, and trading of various non-ferrous metals and precious metals, covering a full industry chain[17]. - In the first half of 2020, the production of ten non-ferrous metals in China reached 29.282 million tons, a year-on-year increase of 2.9%, with refined copper production at 4.822 million tons, up 4.6%[19]. - The company produced 3386 kg of gold, a decrease of 733 kg or 17.8% year-on-year, primarily due to the impact of the pandemic[38]. - The company has established a production capacity of 6.8 million tons per year for multi-metal selection in Peru[21]. Research and Development - The company applied for 70 patents in the first half of 2020, with 41 being invention patents, accounting for 58.6% of the total[20]. - Research and development expenses increased by 32.18% to ¥9,720,934.05, up from ¥7,354,042.09 year-on-year[47]. - The company has ongoing technology research and development projects, with 38 projects in progress, including 5 national and provincial technology plan projects[20]. Market Conditions and Risks - The company faces significant market environment risks due to the cyclical nature of the non-ferrous metals industry, which is closely tied to macroeconomic conditions, with global economic growth slowing since 2019[60]. - The prices of the company's main products, including copper, zinc, lead, gold, and silver, are subject to significant volatility influenced by global economic conditions and market supply-demand dynamics[60]. - The company is actively monitoring the impact of the COVID-19 pandemic on its supply chain, particularly regarding copper concentrate imports from Kazakhstan and Mongolia, which may affect raw material availability[61]. Environmental and Social Responsibility - The company has implemented various poverty alleviation projects, focusing on infrastructure construction and improving public services[83]. - The company reported a total COD emission of 2.60644 tons for the first half of 2020, with a concentration range of 0.12-55.45 mg/L, well below the limit of 60 mg/L[91]. - The company has established a comprehensive environmental management system to ensure compliance with national environmental laws and regulations[90]. Corporate Governance and Shareholder Information - The company has appointed Yongtuo Accounting Firm as the financial and internal control auditor for the year 2020, following approval at the annual shareholder meeting[69]. - The largest shareholder, CITIC Guoan Group Co., Ltd., had its shares judicially frozen, impacting the company's stock situation[104]. - The company has committed to strictly adhere to the "Share Price Stabilization Plan" to protect minority shareholders' rights, which includes measures such as share repurchase if the average trading price falls below the latest net asset value per share for 20 consecutive trading days[67].

Financial Performance - Operating revenue decreased by 17.89% to CNY 9.70 billion compared to the same period last year[4] - Net profit attributable to shareholders was a loss of CNY 358.98 million, a decrease of 216.76% compared to the same period last year[4] - Basic earnings per share were CNY -0.048, a decrease of 209.09% compared to the same period last year[4] - The company reported a net profit attributable to the parent company of -358,975,550.22 CNY, compared to 307,442,898.57 CNY in the same period last year, indicating a significant decline[22] - The total comprehensive income amounted to -2,987,154,223.89 CNY, a stark contrast to 947,894,256.08 CNY in the previous year[22] - The operating profit for the quarter was -190,932,440.80 CNY, compared to a profit of -29,776.50 CNY in the same quarter last year[24] Asset and Liability Changes - Total assets decreased by 10.42% to CNY 43.49 billion compared to the end of the previous year[4] - Net assets attributable to shareholders decreased by 20.87% to CNY 11.13 billion compared to the end of the previous year[4] - The company's total liabilities decreased by 48.26% to 2,227,692,006.43 yuan, reflecting a reduction in long-term borrowings due within one year[11] - Total liabilities decreased to ¥29,836,555,496.30 from ¥31,942,824,966.88, reflecting a reduction of about 6.6%[18] - The total equity attributable to shareholders was ¥11,130,260,729.49, down from ¥14,065,491,592.54, indicating a decrease of approximately 20.9%[18] Cash Flow Analysis - Cash flow from operating activities decreased by 30.16% to CNY 641.56 million compared to the same period last year[4] - The net cash flow from operating activities for Q1 2020 was ¥453,703,164.81, an increase from ¥300,686,558.30 in Q1 2019, reflecting a growth of approximately 50.8%[28] - The net cash flow from financing activities in Q1 2020 was -¥2,218,546,520.12, which is a decline of ¥1,129,052,198.28 from -¥1,089,494,321.84 in Q1 2019[14] - The ending cash and cash equivalents balance was ¥961,251,878.38, down from ¥1,003,104,015.37 in Q1 2019, reflecting a decrease of about 4.2%[28] Production and Sales Performance - In Q1 2020, the company produced a total of 123,600 tons of copper, zinc, and lead products, a decrease of 7.83% year-on-year, with cathode copper production increasing by 25.69% to 45,500 tons[10] - The sales volume of major products in Q1 2020 reached 166,500 tons, including copper sales of 100,800 tons, zinc sales of 57,400 tons, and lead sales of 830 tons[10] - Total operating revenue for Q1 2020 was CNY 9,698,174,301.63, a decrease of 17.9% compared to CNY 11,811,355,418.99 in Q1 2019[21] - Total operating costs for Q1 2020 were CNY 10,018,415,866.85, down 14.5% from CNY 11,692,661,475.54 in Q1 2019[21] Impact of External Factors - The company faced significant impacts from the COVID-19 pandemic, particularly in the prices of its main products such as cathode copper, zinc, lead, and sulfuric acid[4] - The company’s revenue from taxes and surcharges decreased by 36.41% year-on-year to 27,985,360.03 yuan, impacted by the pandemic[13] Shareholder Information - The total number of shareholders at the end of the reporting period was 156,310[8] - The largest shareholder, CITIC Guoan Group, held 30.39% of the shares, totaling 2.25 billion shares[8]

Financial Performance - The net profit attributable to the parent company for 2019 was CNY 58.04 million, representing a profit distribution of CNY 0.024 per share, totaling CNY 17.77 million, which is 30.62% of the annual net profit[2]. - The company's operating revenue for 2019 was approximately ¥61.70 billion, a decrease of 0.40% compared to ¥61.95 billion in 2018[13]. - Net profit attributable to shareholders for 2019 was approximately ¥58.04 million, an increase of 124.10% from ¥25.90 million in 2018[13]. - The net cash flow from operating activities for 2019 was approximately ¥2.52 billion, a decrease of 16.92% compared to ¥3.03 billion in 2018[13]. - The total assets at the end of 2019 were approximately ¥48.55 billion, an increase of 6.24% from ¥45.70 billion at the end of 2018[13]. - The net assets attributable to shareholders at the end of 2019 were approximately ¥14.07 billion, an increase of 45.63% from ¥9.66 billion at the end of 2018[13]. - Basic earnings per share for 2019 were ¥0.008, a 100% increase from ¥0.004 in 2018[14]. - The weighted average return on net assets for 2019 was 0.48%, an increase of 0.22 percentage points from 0.26% in 2018[14]. - The company reported a net loss of approximately ¥784.28 million after deducting non-recurring gains and losses for 2019, compared to a loss of ¥96.06 million in 2018[13]. - The company's total revenue for the year was approximately 842.33 million RMB, with a significant increase of 121.96 million RMB compared to the previous year[20]. Risk Management - The company has outlined potential risks in the "Discussion and Analysis of Operating Conditions" section of the report[2]. - The company is currently constructing a production line for wet zinc slag processing with an annual capacity of 140,000 tons[29]. - The company is exposed to product price risks, particularly for copper, zinc, lead, gold, and silver, which are influenced by global market conditions[101]. - The company faces market environment risks due to global economic slowdown, which could impact product prices and profitability[100]. - Political risks are considered manageable as the company's main investment locations, South Africa and Peru, maintain stable relations with China[100]. Corporate Governance - The board of directors has approved the profit distribution plan, which is subject to the shareholders' meeting[2]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders and their related parties[2]. - The independent directors are required to provide opinions on the profit distribution plan and ensure that the decision-making process is transparent[104]. - The company’s profit distribution policy emphasizes the importance of reasonable returns to investors while considering the overall interests of all shareholders[104]. - The company has not proposed any cash profit distribution plan for the reporting period despite having positive distributable profits[106]. Environmental Responsibility - Baiyin Nonferrous has a total of 40 discharge outlets for pollutants, ensuring compliance with environmental standards[143]. - The company has established a comprehensive pollution treatment system, with wastewater being partially reused in production[142]. - The company is currently investing ¥28 million in the flue gas treatment project at the third smelting plant, which aims to reduce SO2 emissions by 60.84 tons and particulate emissions by 22.31 tons annually[161]. - The company reported total mercury emissions of 0.003874 tons, with a limit of 0.03 mg/L, and concentrations between 9.0 and 12.4 µg/L[143]. - The company has committed to fulfilling its responsibilities for safety and environmental protection, ensuring compliance with relevant laws and regulations[157]. Innovation and Development - The company applied for 171 patents in 2019, with 82 being invention patents, representing 47.9% of the total[26]. - The company established an innovation fund of CNY 10 million in 2019 to support innovation projects, talent development, and patent applications[51]. - The company is collaborating with the Chinese Academy of Environmental Sciences on a project to develop large-scale equipment for reducing heavy metal wastewater in zinc electrolysis[51]. - The company is focusing on environmental governance, aiming to reduce water pollutants and ensure stable emissions of waste gases and waste water[98]. - The company is actively developing high-end non-ferrous new materials and investing in clean energy and hydrogen energy sectors to capture future growth opportunities[97]. Market Position and Strategy - The company’s market share in copper, lead, and zinc is currently 1%, 0.4%, and 4.1% respectively, indicating a strong competitive position in the market[34]. - The company has built a marketing network covering rapidly developing regions in China, ensuring effective response to market changes and product sales[34]. - The company is leveraging opportunities from the Belt and Road Initiative to expand its production service industry and enhance its competitive advantages[97]. - The company is implementing a "three transformations" strategy focusing on information technology, smart mining, and green development to enhance high-quality growth[99]. - The company plans to enhance its emergency management system and capabilities to ensure safety and reduce major safety risks[98]. Shareholder Information - The company distributed a cash dividend of 0.024 yuan per 10 shares for the year 2019, totaling 17,771,458.83 yuan, which represents 30.62% of the net profit attributable to the parent company[105]. - The company’s cash dividend policy stipulates that at least 10% of the distributable profit must be distributed in cash each year[104]. - The company has a lock-up period of 36 months for shares held by major shareholders since the date of listing[178]. - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 2,250,000,000 shares, accounting for 30.39% of the total shares[172]. - The company has no actual controller, as no single party can exert control over the company[182]. Operational Efficiency - The company has implemented strict safety measures, including enhancing safety management and conducting training to prevent future accidents[123]. - The company is focused on enhancing its operational efficiency and safety standards to mitigate risks associated with mining activities[123]. - The company is enhancing budget management and performance evaluation to ensure effective cost control and operational efficiency[99]. - The company has established a new performance evaluation system for its subsidiaries to improve operational efficiency[186]. - The company is investing in new technologies to improve production efficiency, with an estimated cost of 50 million CNY for the upcoming year[194].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 26,688,241,444.57, representing a 19.31% increase compared to CNY 22,367,971,194.10 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 4,782,319.49, a significant recovery from a loss of CNY 96,998,419.27 in the previous year[15]. - The net cash flow from operating activities was CNY 952,969,671.45, compared to a negative cash flow of CNY -603,056,724.54 in the same period last year[15]. - The net assets attributable to shareholders of the listed company increased to CNY 11,518,289,157.42, a growth of 19.25% from CNY 9,658,699,221.10 at the end of the previous year[15]. - Total assets reached CNY 46,313,731,013.67, reflecting a slight increase of 1.35% from CNY 45,696,878,957.71 at the end of the previous year[15]. - Basic earnings per share for the reporting period (1-6 months) is 0.001 yuan/share, compared to -0.014 yuan/share in the same period last year, marking a significant improvement[16]. - The weighted average return on net assets increased by 1.04 percentage points to 0.05% from -0.99% year-on-year[16]. - The company reported a revenue of ¥26,688,241,444.57, an increase of 19.31% compared to ¥22,367,971,194.10 in the same period last year[39]. - Operating costs rose to ¥25,360,634,777.45, reflecting a 21.36% increase from ¥20,897,813,897.48 year-on-year, primarily due to increased sales of cathode copper, silver, and purchased aluminum[39][40]. - The company reported a significant increase in sales expenses, totaling ¥116,403,251.63, up 6.84% from the previous year, primarily due to increased transportation costs[39][40]. Production and Operations - The company produced 452,000 tons of copper in the first half of 2019, reflecting a growth of 5.8% year-on-year[21]. - The company produced a total of 8.8375 million tons of metals, including 329,000 tons of copper, 1.7215 million tons of lead, and 6.787 million tons of zinc[24]. - The company’s total output of ten non-ferrous metals reached 28.34 million tons in the first half of the year, with a year-on-year growth of 4.3%[21]. - The company’s gold production in the first half of 2019 was 4,119 kg, an increase of 23.88% year-on-year[31]. - The company’s lead production rose by 47.58% to 13,100 tons in the first half of 2019[31]. - The company’s silver production increased by 46.77% to 91 tons in the first half of 2019[31]. - In the first half of 2019, the company produced 6.89 million tons of cathode copper, a decrease of 10.35% year-on-year, while zinc production increased by 38.13% to 165,800 tons[31]. Research and Development - The company applied for 62 patents during the reporting period, including 24 invention patents, and implemented 40 R&D projects[22]. - The company has established 18 innovation platforms, including 2 national-level and 11 provincial-level platforms[22]. - The company is collaborating with North Industrial University on a project to develop an energy-saving system for zinc electrolysis, utilizing big data for monitoring and analysis[34]. - The company is advancing its key projects, including a copper smelting technology upgrade and a 3 million tons/year mining expansion project, with completion expected by the end of 2019[32]. Environmental Compliance - Environmental compliance is being strictly adhered to, with key subsidiaries implementing pollution control measures and meeting discharge standards[83]. - The company reported a total discharge of 2.847 tons of COD, which is below the annual limit of 40 tons[84]. - The company has achieved a total discharge of 0.363 tons of ammonia nitrogen, well within the annual limit of 4 tons[84]. - The company has established 159 sets of industrial waste gas pollution prevention facilities and 27 sets of industrial wastewater treatment facilities, ensuring compliance with environmental regulations[88]. - The company has implemented a comprehensive environmental management system to address pollution prevention and control effectively[88]. - Baiyin Nonferrous has been listed as a key pollutant discharge unit by the Gansu Provincial Environmental Protection Department, with compliance monitoring conducted according to national standards[92]. Financial Management - The company has implemented new financial instrument standards, resulting in significant reporting differences in various financial assets[42]. - The company reported a significant decrease in derivative financial assets, down 45.65% to ¥416,793,530.00, which accounted for 0.9% of total assets[42]. - The company has engaged in significant related party transactions, with a total of RMB 143,262,259.44 reported for the first half of 2019[72]. - The company has committed to a stock price stabilization plan, which includes measures such as share repurchase and increasing shareholding by major shareholders if the average trading price falls below the net asset value per share for 20 consecutive trading days[60]. - The company has appointed Beijing Yongtuo Accounting Firm as its financial and internal control auditor for the fiscal year 2019[62]. Market and Strategic Initiatives - The company is leveraging the "Belt and Road" initiative to enhance its resource procurement efficiency and reduce costs through strategic partnerships[27]. - The company plans to continue expanding its market presence and developing new products as part of its growth strategy[100]. - The company is focused on improving its financial health and operational efficiency in the upcoming quarters[111]. Shareholder and Governance - The company has not proposed any profit distribution or capital reserve increase for the reporting period[56]. - Major shareholders, including Guoan Group and Gansu Provincial State-owned Assets Supervision and Administration Commission, committed to not reducing their holdings by more than 10% within 24 months after the lock-up period ends[58]. - The company has not produced or developed any products that compete with its own, ensuring no conflict of interest among major shareholders[59]. - The company has committed to ongoing public disclosure of any changes in environmental information through designated media and the Shanghai Stock Exchange[96]. Legal and Risk Management - The company faces significant market environment risks, including rising costs and weak consumer demand, which increase operational pressure[53]. - The company has implemented strategies to mitigate legal risks by hiring professional legal teams to safeguard its interests in various jurisdictions[53]. - The company is exposed to exchange rate risks due to fluctuations in international and domestic economic environments, impacting profits from foreign currency transactions[53]. - There are significant ongoing litigations involving the company, including disputes related to contracts and civil lawsuits, which may impact its operations[63].

Financial Performance - The company reported a net profit attributable to shareholders of 25.90 million yuan for 2018, with an undistributed profit at the end of the year amounting to 285.51 million yuan[4]. - The company plans not to distribute profits for the 2018 fiscal year, pending approval from the shareholders' meeting[4]. - The company faced a net loss of 304.56 million yuan for the parent company, with an undistributed profit of -41.25 million yuan[4]. - The company's operating revenue for 2018 was CNY 61.95 billion, an increase of 9.38% compared to CNY 56.63 billion in 2017[19]. - The net profit attributable to shareholders for 2018 was CNY 25.90 million, a decrease of 89.18% from CNY 239.33 million in 2017[19]. - The net profit after deducting non-recurring gains and losses was CNY -96.06 million, a decline of 229.31% compared to CNY 74.28 million in 2017[19]. - The net cash flow from operating activities for 2018 was CNY 3.03 billion, a significant recovery from a negative cash flow of CNY -1.24 billion in 2017[19]. - The total assets at the end of 2018 were CNY 45.70 billion, a decrease of 2.74% from CNY 46.98 billion at the end of 2017[19]. - The net assets attributable to shareholders at the end of 2018 were CNY 9.66 billion, down 6.83% from CNY 10.37 billion at the end of 2017[19]. - The basic earnings per share for 2018 were CNY 0.004, a decrease of 88.57% from CNY 0.035 in 2017[20]. - The weighted average return on net assets for 2018 was 0.26%, a decrease of 1.71 percentage points from 1.97% in 2017[20]. Operational Highlights - The company primarily engages in the exploration, mining, smelting, processing, and trading of various non-ferrous and precious metals, including copper, lead, zinc, gold, and silver, with operations spanning multiple regions including South Africa, Peru, Kazakhstan, and the Democratic Republic of the Congo[27]. - The company has a production capacity of 200,000 tons of copper, 307,000 tons of lead and zinc, 15 tons of gold, and 500 tons of silver annually, showcasing its unique advantage in multi-variety non-ferrous metal production[31]. - The company owns 16 mining rights and 3 exploration rights in China, with a total metal content of 8.8375 million tons, including 329,000 tons of copper and 1,721,500 tons of lead[30]. - The company has established a production line capable of processing 140,000 tons of copper smelting slag annually, with a recovery capacity of 22,000 tons of copper, equivalent to that of a medium-sized mine[33]. - The company’s sales network includes over 30 storage facilities across northern and southern regions, allowing for effective market response and customer service[29]. Research and Development - The company applied for 163 patents in 2018, including 106 invention patents, and received 22 awards for technological progress[35]. - The company has established two academician expert workstations to enhance independent innovation capabilities and has three subsidiaries recognized as high-tech enterprises[35]. - The company is investing in high-end copper foil projects for lithium batteries, with construction initiated in July 2018, aiming to produce high-quality copper foils for electronic circuits[34]. - The company has developed advanced smelting technologies, including the "new silver copper melting furnace" process, which has received national awards for innovation[32]. Market Position and Strategy - The company ranked 12th among the top 50 enterprises in the national non-ferrous metals industry and 287th in the China Top 500 Enterprises list[37]. - The company’s market share in domestic copper, lead, and zinc reached 1.52%, 0.47%, and 4.42% respectively, indicating strong market presence and product quality recognition[39]. - The company is expanding its international operations, including a joint venture in Peru and acquiring minority stakes in the First Gold Company, which is a leading low-cost gold producer in South Africa[36]. - The company is leveraging the "Belt and Road" initiative to enhance resource security and improve import efficiency through strategic partnerships[38]. Environmental and Social Responsibility - The company has implemented pollution control measures, with the Third Smelting Plant achieving zero wastewater discharge through recycling[146]. - The company reported a total sulfur dioxide emission of 195.78 tons from the Third Smelting Plant, which is below the annual limit of 1,410 tons[147]. - The company achieved a sulfur dioxide emission level of 44 mg/m3 from the anode furnace and 13 mg/m3 from the Karl furnace, meeting environmental standards[148]. - The company has implemented targeted poverty alleviation as part of its corporate social responsibility initiatives[139]. - The company invested a total of 7.9821 million RMB in poverty alleviation efforts, implementing 27 projects across four categories[141]. Governance and Compliance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[2]. - The company has established a cash dividend policy that emphasizes reasonable returns to investors while ensuring sustainable development, with a minimum cash dividend of 10% of the distributable profit each year[108]. - The supervisory board monitors the execution of the cash dividend policy and can intervene if the board fails to comply with the established procedures[108]. - The company has a dedicated system for insider information management, ensuring confidentiality and proper registration of insiders[200]. - The company adheres to legal regulations and has established a comprehensive corporate governance structure, ensuring equal rights for all shareholders[199].

2018 年第三季度报告 白银有色集团股份有限公司 2018 年第三季度报告 1 / 22 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 10 | 2018 年第三季度报告 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张锦林、主管会计工作负责人吴贵毅及会计机构负责人（会计主管人员）汪东锋 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 公司代码：601212 公司简称：白银有色 二、 公司基本情况 2.1 主要财务数据 3 / 22 单位：元币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 45,823,093,382.40 46,982,927,761.67 -2.47 归属于上市公司 股东的净资 ...