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].

Financial Performance - Operating revenue for the first nine months was CNY 40.76 billion, a decrease of 16.63% year-on-year[6]. - Net profit attributable to shareholders was a loss of CNY 245.96 million, a decrease of 207.27% compared to the same period last year[6]. - Basic and diluted earnings per share were both CNY -0.035, a decrease of 202.94% year-on-year[7]. - Total operating revenue for Q3 2018 was approximately ¥18.40 billion, a decrease of 16.4% compared to ¥22.01 billion in Q3 2017[30]. - Net profit for Q3 2018 was a loss of approximately ¥94.42 million, compared to a profit of ¥131.55 million in Q3 2017[31]. - The company reported a total loss of ¥507,214,668.22 for the first nine months of 2018, compared to a loss of ¥307,127,989.50 in the previous year[35]. - Net profit for Q3 2018 was a loss of ¥152,352,679.25, compared to a loss of ¥80,649,004.21 in Q3 2017, indicating a worsening performance[35]. Assets and Liabilities - Total assets decreased by 2.47% to CNY 45.82 billion compared to the end of the previous year[6]. - Total liabilities as of September 30, 2018, were 33,217,341,034.09 RMB, slightly up from 33,153,299,764.00 RMB at the beginning of the year[23]. - The total equity attributable to shareholders decreased to 9,184,171,586.77 RMB from 10,366,330,880.40 RMB at the beginning of the year[24]. - The total current assets as of September 30, 2018, amounted to 22,310,020,882.01 RMB, an increase from 21,791,284,366.97 RMB at the beginning of the year[22]. - The total non-current assets decreased to 23,513,072,500.39 RMB from 25,191,643,394.70 RMB at the beginning of the year[22]. - The total assets as of September 30, 2018, were 45,823,093,382.40 RMB, down from 46,982,927,761.67 RMB at the beginning of the year[24]. Cash Flow - Cash flow from operating activities for the first nine months was CNY 1.31 billion, a significant increase compared to a negative cash flow of CNY 124.59 million in the same period last year[6]. - The net cash flow from operating activities for the first nine months of 2018 was ¥1,202,236,636.15, a significant increase from ¥236,427,344.27 in the same period last year, representing a growth of approximately 408%[40]. - The total cash outflow from operating activities was ¥16,922,282,088.88, compared to ¥13,130,069,799.04, reflecting an increase of approximately 29%[40]. - The net cash flow from financing activities was -¥1,777,943,102.41, contrasting with a positive cash flow of ¥635,849,629.96 in the same period last year[41]. - The total cash and cash equivalents at the end of the period were ¥846,280,765.01, down from ¥1,872,890,102.82, representing a decrease of approximately 55%[41]. Shareholder Information - Total number of shareholders reached 172,287[11]. - The top ten shareholders hold a combined 83.65% of shares, with Citic Guoan Group holding 32.27% and Gansu Provincial Government holding 30.28%[11]. Financial Ratios and Metrics - The weighted average return on net assets decreased by 4.37 percentage points to -2.48%[7]. - Financial expenses surged by 110.18%, reaching ¥1,152,381,007.04, driven by increased bank loans and foreign exchange losses[17]. - Asset impairment losses rose by 120.60%, totaling ¥85,551,537.17, reflecting changes in inventory valuation[17]. - The company reported an asset impairment loss of ¥47.78 million in Q3 2018, contrasting with a gain of ¥2.63 million in Q3 2017[30]. Research and Development - Research and development expenses for Q3 2018 were ¥2.62 million, significantly higher than ¥0.14 million in Q3 2017[30]. - Research and development expenses increased to ¥127,120.00 in Q3 2018 from ¥71,408.58 in Q3 2017, reflecting a focus on innovation[34]. Other Financial Information - Non-recurring gains and losses included government subsidies of CNY 11.92 million for the first nine months[8]. - The company reported a loss of CNY 6.19 million from other operating income and expenses for the first nine months[9]. - Cash and cash equivalents decreased by 34.51% from the beginning of the year, totaling ¥2,831,269,179.19[14]. - Derivative financial assets increased by 243.29%, reaching ¥767,917,188.44, primarily due to increased margin for futures hedging[14]. - Prepaid accounts increased by 51.81%, amounting to ¥1,317,061,930.73, indicating a rise in normal settlement period prepayments[14].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 22.37 billion, a decrease of 16.78% compared to CNY 26.88 billion in the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of CNY 96.99 million, a decline of 171.92% from a profit of CNY 134.87 million in the previous year[18]. - The net cash flow from operating activities was a negative CNY 603.06 million, down 253.78% from a positive CNY 392.15 million in the same period last year[18]. - The total assets at the end of the reporting period were CNY 45.96 billion, a decrease of 2.17% from CNY 46.98 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were CNY 9.14 billion, down 11.82% from CNY 10.37 billion at the end of the previous year[18]. - The basic earnings per share for the reporting period was -CNY 0.014, a decrease of 170% compared to CNY 0.020 in the same period last year[19]. - The diluted earnings per share also stood at -CNY 0.014, reflecting the same percentage decrease as the basic earnings per share[19]. - The weighted average return on net assets was -0.99%, a decrease of 2.12 percentage points from 1.13% in the previous year[19]. - The company faced significant financial challenges, as indicated by the substantial declines in both revenue and profit metrics compared to the previous year[18][19]. Production and Operations - The production of refined copper in China for the first half of 2018 reached 4.41 million tons, representing a year-on-year increase of approximately 11.5%[23]. - The total output of zinc and zinc alloys from 45 domestic companies was 2.28 million tons, showing a year-on-year decline of 0.8%[25]. - The production of refined lead in China for the first half of 2018 was 2.42 million tons, an increase of 9.48% year-on-year[26]. - The company employs advanced smelting technologies, including a new silver-copper melting furnace and low-pollution wet zinc smelting processes[23]. - The company has established a sales network covering rapidly developing regions in China, utilizing subsidiaries for effective market engagement[24]. - The overall performance of the non-ferrous metal industry in China remained stable, with production of ten non-ferrous metals showing steady growth[26]. - The company is focused on innovation and sustainable development, with ongoing improvements in resource utilization and environmental management[23]. - The company anticipates that the domestic smelting capacity will increase in the second half of 2018 as maintenance activities are completed[23]. Financial Challenges and Investments - The company reported a loss of CNY 16,497,953.37 from other operating income and expenses[21]. - The company applied for 96 patents during the reporting period, including 58 invention patents, and received 66 authorized patents, of which 18 are invention patents[34]. - The company completed the production of approximately 83,500 tons of concentrate copper, lead, zinc, and molybdenum, representing a year-on-year increase of 13.9%[33]. - The smelting system produced approximately 205,800 tons of copper, lead, and zinc products, a year-on-year increase of 4.2%[33]. - The company’s project construction is progressing smoothly, including a 3 million-ton capacity expansion project and a tailings comprehensive development project in Peru, which has an annual processing capacity of 6.8 million tons[33]. - The company received approval from the China Securities Regulatory Commission for a major asset acquisition and fundraising project in June 2018[34]. - The company’s trade business has been expanded through the establishment of a financial trading platform, enhancing trade income and market share[28]. Shareholder and Governance - The company has committed to a share lock-up period of 36 months for certain shareholders, preventing them from transferring or managing their shares during this time[62]. - Shareholders are allowed to reduce their holdings by no more than 10% of their total shares within 24 months after the lock-up period ends[63]. - The company has issued a total of 238,981,037 shares as part of an asset acquisition, with specific lock-up conditions for different categories of shares[62]. - The lock-up period for debt-to-equity conversion shares is set at 12 months, while non-debt-to-equity conversion shares have a lock-up period of 12 months after their listing[62]. - The company has established a commitment to maintain the integrity of information provided to regulatory bodies[62]. - The shareholders' commitments include a provision for automatic extension of the lock-up period under certain market conditions[63]. - The company has committed to a stock price stabilization plan effective for three years post-IPO, which includes measures such as share buybacks and increases in shareholding by major shareholders if the average trading price falls below the latest net asset value per share for 20 consecutive trading days[65]. Environmental and Social Responsibility - The company has implemented pollution control measures in compliance with national environmental laws and standards, ensuring that all major pollutants are continuously and stably discharged within the limits[90]. - The company operates a total of 108 sets of industrial waste gas pollution prevention facilities and 27 sets of industrial wastewater treatment facilities[90]. - The comprehensive utilization rate of smelting waste slag and anode mud has reached 100%, with hazardous waste partially utilized and the rest properly stored or disposed of[90]. - The company has established 15 comprehensive emergency plans and 4 specialized emergency plans to effectively respond to environmental incidents[92]. - The company invested CNY 5,902,000 in poverty alleviation projects, helping 960 registered impoverished individuals to escape poverty[81]. - The company was awarded the title of "Advanced Support Unit" by the Gansu Provincial Government for its poverty alleviation efforts in 2017[81]. Legal and Compliance Issues - The company is involved in significant litigation and arbitration matters during the reporting period[66]. - The litigation includes a bankruptcy case involving Xu Mi Mountain Company and Factory Dam Company, with details disclosed on the Shanghai Stock Exchange[66]. - A lawsuit against Shanghai Honglu Trading Company involves a claim of RMB 65,098,080.3, with the case currently pending[68]. - The company is also pursuing a claim against Shangrao Company for RMB 43,097,181.8 related to a sales contract dispute[68]. - The company has incurred a loss of RMB 16,421,953.15 due to the inability of Shangrao Company to issue VAT invoices[69]. Market Risks - The company faces market environment risks, as fluctuations in the macroeconomic landscape can significantly impact product prices and profitability[56]. - The company is exposed to product price volatility risks, particularly in copper, lead, zinc, gold, and silver, which may adversely affect profits if prices fall below budgeted levels[58]. - The company is actively monitoring political risks in investment regions like South Africa and Peru, maintaining close contact with embassies[57].

Dividend Distribution - The company plans to distribute a cash dividend of 0.11 yuan per 10 shares, which represents 32.05% of the net profit attributable to the parent company for the year 2017[4]. - The total share capital for the dividend distribution is 6,972,965,867 shares, indicating a significant shareholder return strategy[4]. - The company has established a cash dividend policy that emphasizes reasonable returns to investors while ensuring sustainable development[123]. - The company plans to distribute cash dividends with a minimum ratio of 80% for mature stages without major capital expenditures, 40% for mature stages with major expenditures, and 20% for growth stages with major expenditures[124]. - The company has committed to distributing at least 10% of the annual distributable profits in cash each year[124]. - Over the past three years, the cumulative cash dividends distributed must not be less than 30% of the average annual distributable profits for those three years[125]. - The cash dividend for 2017 was set at 0.11 yuan per 10 shares, consistent with the previous year[128]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[129]. Financial Performance - The company's total revenue for 2017 was CNY 56,634,276,870, representing a 1.22% increase compared to CNY 55,949,603,150 in 2016[24]. - Net profit attributable to shareholders decreased by 4.85% to CNY 239,330,108.65 from CNY 251,524,387.88 in the previous year[24]. - The net profit after deducting non-recurring gains and losses fell by 65.83% to CNY 74,283,238.52, down from CNY 217,384,183.36 in 2016[24]. - The net cash flow from operating activities was negative at CNY -1,235,743,703, a decline of 400.68% compared to CNY 410,983,551.26 in 2016[24]. - Total assets increased by 5.77% to CNY 46,982,927,761 from CNY 44,421,319,324 in 2016[24]. - Basic earnings per share decreased by 12.50% to CNY 0.035 from CNY 0.04 in 2016[25]. - The weighted average return on equity decreased to 2.13%, down from 2.22% in the previous year[25]. - The company's consolidated revenue for the year was RMB 56,634,276,870.86, representing a 1.22% increase from the previous year[51]. - The total profit for the year was RMB 654,366,537.90, with a net profit of RMB 378,445,111.49, and a net profit attributable to shareholders of RMB 239,330,108.65[51]. Operational Highlights - The company produced 140,200 tons of cathode copper, ranking 10th among domestic peers in copper production[40]. - Zinc production reached 280,300 tons, placing the company 4th in the domestic zinc production ranking[40]. - Lead production was 23,100 tons, with the company ranking 13th among domestic lead producers[40]. - The company holds a total of 9.0469 million tons of metal resources, including 372,700 tons of copper, 1,749,800 tons of lead, and 6,924,400 tons of zinc as of December 31, 2017[39]. - The company has a gold resource reserve of approximately 809 tons from its overseas investments as of March 31, 2017[40]. - The company’s Peru tailings comprehensive development project commenced production in November 2017, expected to yield 24,200 tons of copper concentrate annually[40]. - The company completed the acquisition of Honglu Mining, adding 1.5708 million tons of copper, lead, and zinc metal resources, and 880 tons of silver metal resources[46]. Risk Management and Governance - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties, ensuring financial integrity[6]. - The report includes a detailed risk statement regarding potential future plans and development strategies, highlighting the importance of investor awareness[5]. - The company emphasizes that the forward-looking statements do not constitute a substantive commitment to investors, urging caution regarding investment risks[5]. - The company has established a comprehensive governance structure, with all board members present at the board meeting, ensuring effective oversight[6]. Legal and Compliance Issues - The company is involved in ongoing litigation regarding a dispute with a mining company, with the case still pending in court[141]. - As of December 2017, the company reported a total liability of 1,056 million related to arbitration proceedings[141]. - The company has faced multiple court rulings, including a dismissal of jurisdictional objections by the court in December 2015[142]. - The company is currently seeking to enforce a judgment related to a compensation claim against another mining entity[142]. - The company has been involved in a series of legal proceedings since 2015, with various appeals and court decisions impacting its operations[142]. Social Responsibility and Community Engagement - The company invested a total of 68.7 million in poverty alleviation projects, helping 1,046 registered poor individuals to escape poverty[170]. - In 2017, the company provided vocational skills training to 180 individuals, with an investment of 0.6 million[170]. - The company allocated 19.8 million to support 188 impoverished students in their education[170]. - A total of 234.9 million was invested in 13 other projects aimed at improving infrastructure and public services in impoverished villages, benefiting 377 registered poor individuals[170]. - The company has been recognized as an advanced unit in poverty alleviation efforts, enhancing its public image[167]. Environmental Management - The company achieved a 100% operation rate for industrial waste gas treatment facilities, ensuring compliance with environmental standards[176]. - The company has established 79 sets of pollution prevention facilities for industrial waste gas and 17 sets for wastewater treatment[177]. - The total emissions of sulfur dioxide from the Third Smelting Plant amounted to 1,756.67 tons, with a concentration of 46 mg/m³, complying with the lead-zinc industrial pollutant discharge standards[178]. - The company’s environmental management system has been enhanced, ensuring effective pollution control and compliance with environmental regulations[177]. Shareholder Structure and Equity Management - The total number of ordinary shares before the recent change was 6,274,965,867, and after the issuance of 698,000,000 new shares, it increased to 6,972,965,867[183]. - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 2,250,000,000 shares, representing 32.27% of total shares[192]. - The company does not have a controlling shareholder, as no single party can exercise actual control over the company[199]. - The company has a lock-up period of 36 months for major shareholders' shares post-IPO[195]. - The report indicates that there were no changes in controlling shareholders during the reporting period[198].

2018 年第一季度报告 公司代码：601212 公司简称：白银有色 白银有色集团股份有限公司 2018 年第一季度报告 1 / 15 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 8 | 2018 年第一季度报告 一、 重要提示 3.1 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。 3.2 公司全体董事出席董事会审议季度报告。 二、 公司基本情况 2.1 主要财务数据 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 | 46,896,030,129.86 | 46,982,927,761.67 | | -0.18 | | 归属于上市公司 | 10,091,489,129.29 | 10,366,330,880.40 | | -2.65 | | 股东的 ...

Financial Performance - Operating revenue for the first nine months was CNY 48,893,957,948.89, a 1.94% increase year-on-year[6] - Net profit attributable to shareholders was CNY 229,285,599.17, reflecting a 1.71% increase year-on-year[6] - The company reported a 30.53% decrease in net profit after deducting non-recurring gains and losses, totaling CNY 125,044,831.62[6] - The basic earnings per share decreased by 5.56% to CNY 0.034[7] - The company experienced a 46.72% decrease in investment income, which fell to RMB 104,641,104.64 from RMB 196,402,946.79, due to increased losses from equity method investments[19] - The company's operating profit for the first nine months of 2017 was a loss of ¥312,152,655.74, compared to a loss of ¥85,529,124.38 in the same period last year[35] - The net profit for Q3 2017 was a loss of ¥80,649,004.21, compared to a loss of ¥78,219,186.51 in Q3 2016, indicating a slight increase in losses[36] - The company reported a total comprehensive income after tax of -¥2,122,804,251.28, compared to ¥220,899,213.23 in the previous year[31] Assets and Liabilities - Total assets increased by 1.35% to CNY 45,019,349,312.17 compared to the end of the previous year[6] - Total liabilities reached CNY 31,892,826,509.47, compared to CNY 30,382,085,181.82, marking an increase of around 4.97%[24] - Current liabilities rose to CNY 24,918,758,159.82, up from CNY 24,118,197,733.00, indicating an increase of about 3.31%[24] - Non-current liabilities increased to CNY 6,974,068,349.65 from CNY 6,263,887,448.82, representing a growth of approximately 11.34%[24] - Owner's equity decreased to CNY 13,126,522,802.70 from CNY 14,039,234,143.01, a decline of about 6.50%[24] - The total number of shareholders reached 220,608 by the end of the reporting period[12] Cash Flow - Net cash flow from operating activities showed a significant decline of 104.83%, resulting in a negative CNY 124,592,099.78[6] - The company's cash flow from financing activities improved significantly, reaching RMB 2,304,358,957.63 compared to -RMB 3,895,547,824.12 in the previous year, primarily due to funds raised from the public offering[20] - Cash inflow from operating activities totaled CNY 58,667,821,939.33, a decrease of 3.3% compared to CNY 60,668,160,384.75 in the previous year[40] - Total cash outflow from operating activities was CNY 58,792,414,039.11, compared to CNY 58,089,450,735.30 last year[40] - Net cash flow from financing activities was CNY 2,304,358,957.63, recovering from a negative CNY -3,895,547,824.12 last year[41] Investments and Expenditures - The company reported a significant increase in development expenditures, which rose by 1,352.33% to RMB 17,428,669.32 from RMB 1,200,045.64, indicating increased investment in development activities[17] - The company received government subsidies totaling CNY 9,517,449.76 during the reporting period[9] - The company reported a 281.24% increase in available-for-sale financial assets, rising to RMB 4,111,118,982.26 from RMB 1,078,345,060.51, primarily due to the investment in a South African gold project[17] Shareholder Information - The largest shareholder, CITIC Guoan Group, holds 32.27% of the shares, amounting to 2,250,000,000 shares[13] Inventory and Receivables - Inventory increased significantly to CNY 10,086,263,446.49 from CNY 7,783,717,534.65, reflecting a growth of approximately 29.58%[23] - Accounts receivable decreased significantly by 72.70% to RMB 661,324,346.57 from RMB 2,422,016,145.40, attributed to the non-uniform sales of non-ferrous metal products based on market price fluctuations[16] - Other receivables rose to CNY 1,185,327,239.67 from CNY 1,013,369,278.12, an increase of about 16.95%[23] Taxation - The company’s tax and additional charges increased by 412.78% to RMB 122,473,348.14 from RMB 23,884,273.22, following the inclusion of various taxes into this category[19] - The company reported a total tax expense of ¥6,005,698.48 for the first nine months of 2017, compared to a tax benefit of ¥24,371,244.60 in the same period last year[36]

Financial Performance - The company's operating revenue for the first half of the year was ¥26,878,980,873.23, a decrease of 6.44% compared to the same period last year [18]. - Net profit attributable to shareholders was ¥134,867,261.06, representing an increase of 6.98% year-on-year [18]. - The net profit after deducting non-recurring gains and losses was ¥70,183,908.98, down 30.33% from the previous year [18]. - The net cash flow from operating activities was ¥392,151,059.15, a significant improvement from a negative cash flow of ¥446,199,518.03 in the same period last year [18]. - The company's total assets increased by 9.53% to ¥48,655,485,266.81 compared to the end of the previous year [18]. - The weighted average return on equity was 1.13%, slightly up from 1.12% year-on-year [19]. - The company achieved operating revenue of CNY 26,878.98 million for the first half of 2017, completing 52.70% of the annual plan, a decrease of 6.44% compared to the same period last year [43]. - The total profit amounted to CNY 334.07 million, an increase of 38.63% year-on-year, while net profit reached CNY 211.96 million, completing 51.70% of the annual plan, up by 28.62% year-on-year [43]. Risk Management - The company has described potential risks in the "Discussion and Analysis of Operating Conditions" section of the report [6]. - The report includes a risk statement regarding forward-looking statements, indicating that future plans do not constitute a commitment to investors [5]. - The company faces risks related to price volatility in non-ferrous metals, which could adversely affect operational performance if market prices fall below budgeted levels [62]. - The company is also exposed to overseas operational risks, including cultural and legal differences, which may impact business management and profitability [63]. - The company has implemented hedging strategies to mitigate price risks, although these strategies carry their own set of compliance and market risks [63]. Corporate Governance - The company has ensured that all board members attended the board meeting for the report [3]. - The report is unaudited, ensuring the financial report's authenticity and completeness is guaranteed by the responsible personnel [4]. - The company confirmed the authenticity and completeness of the prospectus, committing to legal responsibilities for any false statements or omissions [67]. - The company’s major shareholders have pledged that the prospectus contains no false records or misleading statements, and they will ensure compliance with legal obligations [67]. - The company’s board of directors and senior management committed to fulfilling all obligations and responsibilities from the IPO process, with penalties for non-compliance including extending the lock-up period [69]. Legal Matters - There are significant litigation and arbitration matters during the reporting period, including a lawsuit involving the factory dam company [74]. - The company is involved in a dissolution lawsuit against Inner Mongolia Baiyin Mining, with ongoing legal proceedings [75]. - The company has initiated a retrial procedure for a case that was previously adjudicated, with the Supreme People's Court involved [76]. - The company is facing a compensation claim related to the factory dam company, which is currently under execution proceedings [76]. - The total amount involved in the litigation against Inner Mongolia Baiyin Mining is approximately 1.86 million RMB [76]. Research and Development - The company applied for 71 patents during the reporting period, including 33 invention patents, and has a total of 688 patent applications to date [28]. - Research and development expenditure decreased by 44.05% year-on-year to CNY 156.21 million due to reduced investment in industrial application projects [50]. - New product development includes advancements in non-metal materials and industrial waste processing, with revenues of 24.32 million and 113.67 million respectively [60]. Market Operations - The company operates in the non-ferrous metals industry, covering exploration, mining, smelting, processing, and trade across multiple regions including South Africa and Peru [24]. - The company’s international operations include a controlling stake in First Gold Group in South Africa and a significant investment in the largest gold enterprise in South Africa, enhancing its global gold strategy [31]. - The company is actively pursuing a "going out" strategy to enhance its international operational capabilities and diversify its resource base [31]. - The company is expanding its market presence, particularly in the copper mining sector, with a reported revenue of 948.68 million from underground copper mining operations [60]. Shareholder Information - The total share capital increased from 6,274,965,867 shares to 6,972,965,867 shares after the issuance of 698,000,000 new shares [106]. - The state-owned shareholder Gansu Provincial State-owned Assets Supervision and Administration Commission reduced its holdings by 46,713,269 shares, now holding 2,111,577,513 shares [106]. - The company has a total of 254,663 common stock shareholders as of the end of the reporting period [107]. - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 2,250,000,000 shares, with a lock-up period of 36 months starting from February 15, 2020 [113]. Environmental and Social Responsibility - The company plans to invest CNY 7.68 million in poverty alleviation projects throughout 2017 [94]. - A total of 1,153 registered poor individuals have been helped to escape poverty [96]. - The company has completed the planting of 2,500 acres of black film potatoes and 100 acres of garlic in the supported villages [95]. - The company has conducted vocational skills training for 180 individuals, with an investment of CNY 0.6 million [96]. - The company has implemented multiple environmental protection projects, achieving a 100% operational rate for pollution control facilities in its key subsidiaries [100].

Dividend Distribution - The company plans to distribute a cash dividend of 0.11 CNY per 10 shares, which represents 30.50% of the net profit attributable to the parent company for the year 2016[4]. - The total share capital for the dividend distribution is 6,972,965,867 shares[4]. - The company distributed a cash dividend of 0.05 yuan per 10 shares to all shareholders based on a total share capital of 6,274,965,867 shares as of the end of 2015[121]. - In 2016, the cash dividend per 10 shares was 0.11 yuan, with a payout ratio of 30.50% of the net profit attributable to shareholders[122]. - The company has a policy to distribute at least 10% of the annual distributable profit in cash dividends[120]. - The cash dividend distribution policy emphasizes a minimum of 80% payout when in a mature stage without major capital expenditure[120]. - The company must disclose reasons and independent opinions if it fails to meet the cash dividend distribution policy[120]. - The company’s profit distribution policy aims to balance reasonable returns to investors with sustainable development[118]. - The company’s cash dividend distribution is subject to the approval of the shareholders' meeting, requiring a two-thirds majority vote[120]. - The company has not proposed a cash profit distribution plan during the reporting period despite having positive distributable profits[123]. - The company’s cash dividend policy is designed to ensure continuity and stability in returns to shareholders[118]. Financial Performance - The company's operating revenue for 2016 was CNY 55.95 billion, an increase of 1.90% compared to CNY 54.90 billion in 2015[18]. - The net profit attributable to shareholders for 2016 was CNY 251.52 million, representing a significant increase of 127.23% from CNY 110.69 million in 2015[18]. - The basic earnings per share for 2016 was CNY 0.040, up 122.22% from CNY 0.018 in 2015[20]. - The total assets at the end of 2016 were CNY 44.42 billion, a decrease of 1.50% from CNY 45.10 billion at the end of 2015[19]. - The net cash flow from operating activities for 2016 was CNY 410.98 million, a decrease of 69.75% compared to CNY 1.36 billion in 2015[18]. - The company reported a net profit of CNY 43.04 million in Q1 2016, with a total operating revenue of CNY 4.76 billion for the same quarter[22]. - The net profit attributable to shareholders for Q4 2016 was CNY 26.10 million, with an operating revenue of CNY 7.99 billion[22]. - The weighted average return on equity for 2016 was 2.22%, an increase of 1.27 percentage points from 0.95% in 2015[20]. - The company experienced a significant increase in net profit after deducting non-recurring gains and losses, reaching CNY 217.38 million in 2016, up 861.70% from CNY 22.60 million in 2015[18]. - The total net assets attributable to shareholders at the end of 2016 were CNY 11.12 billion, a slight decrease of 0.87% from CNY 11.22 billion at the end of 2015[19]. - The company achieved a total revenue of CNY 55,949,603,150.41, representing a growth of CNY 104,551.73 million or 1.9% compared to the previous year[43]. - The net profit for 2016 was CNY 48,755.94 million, which is an increase of CNY 32,806.05 million or 205.68% year-over-year[43]. Operational Highlights - The company’s main business includes the exploration, mining, smelting, processing, and trading of various non-ferrous metals such as copper, zinc, lead, gold, and silver, covering a full industry chain across multiple regions including China, South Africa, Peru, Congo (DRC), and the Philippines[30]. - In 2016, the production of ten types of non-ferrous metals increased by approximately 1.5% year-on-year, with domestic copper consumption expected to grow by around 5% and aluminum consumption by 8%[33]. - The company achieved a 100% zero-grade product rate for lead and zinc, and the A-grade cathode copper rate improved to over 95%[39]. - The company is focusing on international development, particularly in Peru, to enhance its overseas gold segment and deepen strategic cooperation with Kazakh mining companies[38]. - The company has established a comprehensive supplier evaluation system to ensure the quality and stability of raw material procurement, avoiding excessive reliance on specific suppliers[32]. - The company has a strong resource guarantee and competitive advantage due to its strategic location in key provinces and regions for non-ferrous metal resources in China[35]. - The company is actively implementing a "1336" strategic plan, emphasizing quality improvement, structural transformation, and innovation to drive sustainable development[38]. - The company has reported a significant increase in the value of its circular economy initiatives, continuously enhancing its operational quality and diversified development[38]. - The company has a well-established research and development center, which has accumulated a relative advantage in technology and process across the entire industry chain over the past 60 years[36]. - In 2016, the company produced 25,053 tons of copper concentrate, an increase of 7,598 tons or 43.53% year-over-year[42]. - The production of cathode copper reached 148,300 tons, an increase of 15,700 tons or 11.81% from the previous year[42]. - The company reported a significant increase in silver production, reaching 300 tons, which is an increase of 151.6 tons or 102.16% year-over-year[42]. Research and Development - The company applied for 111 patents in 2016, with 78 patents granted, including 3 that received the Gansu Province Patent Award[40]. - The company launched over 10 new high-tech and high-value-added products, including micro-fine composite self-adhesive enameled wire and electrolytic refined indium[40]. - Research and development expenses amounted to CNY 573,872,000, a decrease of 5.19% from the previous year[46]. - The company established a market-oriented salary mechanism to attract high-end and international talent for its transformation and development[40]. - The company is focusing on technological innovation to enhance the knowledge and value-added aspects of its products, aiming for a higher position in the industry value chain[104]. - The company is committed to technological innovation, with plans to accelerate project construction and develop new advantages and momentum[108]. - The company is increasing its focus on technology innovation to improve mining efficiency and recovery rates, aiming for breakthroughs in production efficiency and core processes[109]. Market and Trade - The company's trade business revenue for 2016 was 431 billion CNY, with a gross profit of 12.4 million CNY and a gross margin of 0.29%[54]. - The sales volume of non-ferrous metals in 2016 was significantly influenced by market conditions, with quarterly trade volumes of 3.38 billion CNY, 20.39 billion CNY, 15.19 billion CNY, and 4.19 billion CNY respectively[55]. - The company reported a 40.70% increase in overseas revenue, amounting to approximately 1.06 billion CNY[52]. - The gross margin for the main products varied, with copper at -0.28%, zinc at 7.19%, and lead at 5.25%[51]. - The company aims to enhance its trade business to improve profitability and expand marketing channels, aligning with its long-term strategic planning[52]. - The overall sales revenue and profit fluctuated due to changes in sales volume and market prices, particularly in the second quarter when sales increased significantly[56]. - The company has established a comprehensive marketing network across key regions, enhancing its competitive advantage in the trade sector[51]. - The average gross margin for the trade business in 2016 was 0.29%, indicating a stable profit source despite low margins[54]. - The company plans to continue expanding its non-ferrous metal trade business to improve quality, scale, and efficiency in the future[52]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Beijing Yongtuo Accounting Firm[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[5]. - The company’s legal representatives have confirmed the accuracy and completeness of the financial report[5]. - The board of directors and senior management are responsible for the report's content, ensuring no misleading statements or omissions[2]. - The company committed to ensuring the authenticity, accuracy, and completeness of the prospectus, taking legal responsibility for any false statements or omissions[124]. - The company will not transfer benefits to other units or individuals under unfair conditions, ensuring the protection of company interests[125]. - The company’s directors and senior management committed to linking their compensation system to the execution of measures to fill the dilution of immediate returns[125]. - The company will strictly fulfill all public commitments made during the initial public offering process[125]. - The company accepts supervision from regulatory bodies and the public regarding the fulfillment of these commitments[125]. - The company has not reported any instances of funds being occupied or overdue receivables during the reporting period[132]. - There were no changes in accounting policies or significant accounting errors reported during the period[132]. - The company has not received any non-standard audit opinions from its accounting firm[132]. - The company has not engaged in any related party transactions that would harm the interests of other shareholders[129]. - The company has confirmed that it has not produced or developed any products that compete with its own during the reporting period[128]. Legal Matters - The company is currently involved in significant litigation matters, including disputes with Baiyin Nonferrous Metals Group and Shanghai Honglu Trading Company[134]. - The company has ongoing litigation related to the dissolution lawsuit against Inner Mongolia Baiyin Mining, with no significant updates reported[136]. - The company has faced a total litigation amount of RMB 1,056,000 in a civil case, with the final judgment made in February 2017[137]. - The company is in the process of executing a court ruling related to boundary mining disputes, which has not yet been completed[137]. - The company has not disclosed any new product developments or market expansion strategies in the recent reports[134]. - There are no indications of facing delisting risks or bankruptcy restructuring at this time[133]. - The company has not reported any new mergers or acquisitions in the latest financial disclosures[134]. Social Responsibility and Community Engagement - The company invested CNY 2.8915 million in poverty alleviation projects, implementing 84 initiatives in 2016[151]. - The company constructed and renovated 5 roads totaling 38.5 kilometers and installed tap water for 1,665 households[151]. - The company promoted the cultivation of 600 acres of black film potatoes and 200 acres of jujube trees, along with 1,666.7 acres of pepper trees[151]. - The company provided financial aid to 201 university students from impoverished families[151]. - The company received an "Organizational Award" for its poverty alleviation efforts in Gansu Province in 2015[151]. - The company reported a total of 13 registered poverty-stricken villages, with 3 villages achieving poverty alleviation in 2016[151]. - The company completed the installation of 450 meters of power grid renovation[151]. - The company built 50 sheep pens and established a trading market as part of its agricultural support initiatives[151]. - The company was recognized as excellent in the provincial dual-link action inspection in 2016[151]. - The company focused on enhancing basic public services, including the construction of a comprehensive service center[151]. - Total funding for poverty alleviation amounted to 289.15 million RMB, with 6,527 individuals lifted out of poverty[152]. - Investment in industry development projects reached 268.15 million RMB, with 28 projects initiated[154]. - Financial support for impoverished students totaled 21 million RMB, benefiting 201 students[154]. - The company received the "Organizational Award" for the 2015 Gansu Province Joint Village and Household Action for the People[154]. - Future plans focus on infrastructure improvements, including road construction, safe drinking water, and housing renovations[155]. - Emphasis on developing local industries with initiatives like "one town, one industry" and "one village, one product" to increase farmer income[155]. - Commitment to enhancing public service capabilities by improving educational and cultural facilities in rural areas[155]. - The company aims to strengthen grassroots organization construction to enhance local economic development[155]. Environmental Protection - Environmental protection measures include achieving compliance in industrial waste emissions and enhancing resource utilization[157]. - The company invested a total of 177 million yuan in environmental protection projects, including heavy metal recovery and pollution control initiatives[164]. - The company achieved a 100% operational rate for environmental protection facilities alongside production facilities, with zero major environmental pollution incidents reported[165]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10, with a significant decrease from 293,740 in the previous month[169]. - The largest shareholder, CITIC Guoan Group Co., Ltd., held 2.25 billion shares, representing 35.86% of the total shares[171]. - The second-largest shareholder, Gansu Provincial Government State-owned Assets Supervision and Administration Commission, held 2.158 billion shares, accounting for 34.40%[171]. - The company has a total of 800 million shares held by Ruiyuan (Shanghai) Equity Investment Fund, representing 12.75% of the total shares[171]. - Gansu New Industry Asset Management Co., Ltd. held 400 million shares, which is 6.37% of the total shares[171]. - China Cinda Asset Management Co., Ltd. owned 374.9 million shares, making up 5.97% of the total shares[171]. - The company reported no changes in the total number of ordinary shares and share capital structure during the reporting period[168]. - The company has no controlling shareholder or actual controller, as CITIC Group and Guoan Group act in concert, collectively holding a significant portion of the company's equity[175]. - The company has fulfilled its obligations regarding the transfer of state-owned shares to the National Social Security Fund as per regulatory requirements[174]. - The report indicates that there are no changes in controlling shareholders or actual controllers during the reporting period[176]. - The company does not have any shareholders holding more than 10% of shares other than those already mentioned[178]. - The board of directors and senior management have not reported any shareholding changes during the reporting period[179]. - The total remuneration for the chairman is reported at 835,600 RMB, with no shareholding changes during the year[180]. - The company has not issued any preferred shares during the reporting period[178]. - There are no significant changes in the ownership structure or control relationships reported[176]. Employee and Management Information - The total number of employees in the parent company is 11,837, while the total number of employees in major subsidiaries is 3,687, resulting in a combined total of 15,524 employees[193]. - The company has 12,042 production personnel, 223 sales personnel, 1,446 technical personnel, 183 financial personnel, and 1,630 administrative personnel, totaling 15,524 employees[193]. - The educational background of employees includes 85 with postgraduate degrees, 1,831 university graduates, 2,633 with associate degrees, 6,423 with high school or vocational education, and 4,552 below high school level[193]. - The total remuneration payable to directors, supervisors, and senior management during the reporting period is 7.5165 million yuan[189]. - The actual remuneration received by all directors, supervisors, and senior management during the reporting period is 7.5165 million yuan[189]. - The company experienced changes in its board, including the resignation of Liu Li and the election of Lei Siwei as a new director[190]. - The company has no reported penalties from securities regulatory agencies in the past three years[192]. - The company has undergone management changes, including the appointment of Lei Siwei as general manager and the dismissal of several other executives[191]. - The company is focused on enhancing its operational efficiency and performance through strategic management and personnel adjustments[190]. - The company continues to prioritize the development of its workforce, with a significant number of employees in production and technical roles[193]. - The total remuneration paid for outsourced labor amounted to ¥217,687,735.32[196]. - The company implements a performance-based salary system, which includes basic salary, performance salary, and allowances[194]. - The company emphasizes employee training as a key strategy for talent management, focusing on various training forms to enhance overall employee quality[195]. Strategic Outlook - The company anticipates a better market environment for non-ferrous metals in 2017, driven by increased fixed asset investment and stable industrial production[92]. - The company expects continued high prices for non-ferrous metals due to rising costs and increased global attention on commodity markets[92]. - The company is focusing on supply-side reforms to suppress excess capacity and stabilize domestic demand growth[92]. - The company plans to enhance its investment in the non-ferrous metal industry, aiming for a diversified development strategy that includes finance, big data, and modern logistics[104]. - The company anticipates that the implementation of the "Belt and Road" initiative will drive demand for copper and zinc, contributing positively to future revenue growth[103]. - The company aims to transition from a traditional processing enterprise to an advanced modern manufacturing company, focusing on high-end non-ferrous metal products[104]. - The company has set a target to increase its market share in the recycling economy and improve resource utilization levels significantly[105]. - The company is actively pursuing overseas resource development, particularly in South America, to establish a copper resource production base[105]. - The company is focusing on overseas business expansion, particularly in Peru, and aims to strengthen management of its first gold company[107]. - The company is committed to optimizing traditional industries while promoting the development of strategic emerging industries, ensuring a balanced growth approach[104]. - The company plans to produce 463,000 tons of copper, lead, and zinc, 7,900 kg of gold, and 300 tons of silver in 2017, with a focus on improving operational quality and investment returns[106]. - The company aims to enhance traditional industry quality by reducing metal costs while achieving annual concentrate metal output, targeting a 96% grade rate for cathode copper[106]. - The company is expanding its emerging businesses, including projects in big data, logistics, and tourism, to support its transformation[107]. - The company is

2017 年第一季度报告 公司代码：601212 公司简称：白银有色 白银有色集团股份有限公司 2017 年第一季度报告 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 1 / 20 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2017 年第一季度报告 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 公司负责人廖明、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。 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 | 49,132,914,851.4 ...