Financial Performance - The company's operating revenue for the first half of 2021 was CNY 32,996,987,724.51, representing a 29.66% increase compared to CNY 25,448,796,213.12 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was a loss of CNY 67,670,863.08, an improvement from a loss of CNY 455,435,044.84 in the previous year[15]. - The net cash flow from operating activities decreased by 91.15%, amounting to CNY 165,791,287.41 compared to CNY 1,873,028,376.69 in the same period last year[15]. - The total assets of the company increased by 2.04%, reaching CNY 47,447,389,972.08 compared to CNY 46,500,874,193.54 at the end of the previous year[15]. - The basic earnings per share for the first half of 2021 was -0.009 CNY, an improvement from -0.062 CNY in the same period last year[16]. - The weighted average return on net assets increased by 2.95 percentage points, reaching -0.44% compared to -3.39% in the previous year[16]. - The company's operating revenue for the reporting period was approximately ¥32.997 billion, an increase of 29.66% compared to ¥25.449 billion in the same period last year[42]. - Operating costs rose to approximately ¥31.526 billion, reflecting a 26.05% increase from ¥25.012 billion, primarily due to increased sales of zinc and sulfuric acid, as well as rising prices of copper and purchased aluminum[42]. - The company reported a total revenue of 1,619,206,193.96 CNY for the first half of 2021, with a net profit of 91,177,440.23 CNY, reflecting a strong performance in the production and sales of electrolytic copper foil and its derivatives[56]. Market Conditions - The average price of copper in the first half of 2021 was ¥66,669 per ton, an increase of 50.19% compared to the same period in 2020[21]. - The average price of zinc in the first half of 2021 was ¥21,576 per ton, reflecting a 30.50% increase year-on-year[21]. - The average price of lead in the first half of 2021 was ¥15,178 per ton, up 6.19% from the previous year[21]. - The average price of gold in the first half of 2021 was ¥378.37 per gram, a 2.33% increase compared to the same period in 2020[21]. - The average price of silver in the first half of 2021 was ¥5,420.79 per kilogram, which is a 35.55% increase year-on-year[21]. - The company reported a significant fluctuation in metal prices due to changes in monetary policy and market conditions[21]. - The company anticipates continued volatility in metal prices influenced by global economic recovery and policy adjustments[21]. - The company faced market environment risks due to the cyclical nature of the non-ferrous metal industry, which is closely tied to macroeconomic conditions, impacting product prices and profitability[57]. Production and Capacity - The company produced 120,300 tons of copper, lead, zinc, and molybdenum metals in the first half of 2021, an increase of 46% year-on-year, with copper concentrate rising by 62.25% to 24,500 tons[33]. - The smelting system produced 101,800 tons of cathode copper, a 9.34% increase year-on-year, and 10,600 tons of lead, up 73.77%[33]. - The company's copper production capacity is 200,000 tons per year, with lead and zinc production capacity at 400,000 tons, and gold and silver production capacities at 15 tons and 500 tons respectively[26]. - The company has established a production capacity of 6.8 million tons per year for multi-metal selection in Peru[25]. - The company has built a battery-grade high-end copper foil project with a production line of 12,000 tons, which is now in operation, filling a gap in the local industry[27]. Research and Development - The company applied for 130 patents in the first half of 2021, with 41 being invention patents, accounting for 31.5% of the total[25]. - Research and development expenses increased by 80.22% to approximately ¥17.519 million, up from ¥9.721 million, indicating a significant investment in innovation[42]. - The company has developed a new process for comprehensive recovery of copper, cadmium, and cobalt from zinc smelting slag, enhancing resource utilization[25]. - The company has established 1 academician expert workstation and 17 technology innovation platforms, including 2 national-level and 11 provincial-level platforms[34]. Environmental Responsibility - The company has implemented an environmental management model that includes pollution control and risk assessment, with key subsidiaries identified as major polluters[67]. - The company has strengthened its environmental responsibilities and management systems to align with national environmental laws and standards[67]. - The company has conducted a review of its environmental risks and has taken steps to enhance its pollution control facilities[67]. - The company achieved a 100% comprehensive utilization rate for solid waste such as smelting slag and anode mud, with hazardous waste being either self-utilized or disposed of by qualified enterprises[73]. - The company has constructed 186 sets of industrial waste gas pollution prevention facilities and 30 sets of industrial wastewater treatment facilities, ensuring compliance with environmental standards[73]. Legal and Compliance - The company reported a significant legal dispute involving a sales contract with Shanghai Honglu, with a claim amounting to RMB 125,651,109.06 for undelivered copper[90]. - The company has committed to not engage in any competitive business activities that could harm the interests of its shareholders, ensuring compliance with relevant regulations[88]. - The major shareholder, Guoan Group, has faced liquidity issues leading to debt defaults and ongoing litigation, which may impact the company's operations[93]. - The company has not reported any significant related party transactions that could affect its financial standing[88]. Employee and Talent Management - The company has a total of 7,323 employees, with 49.3% being various types of talents, including 3,205 professional technical talents[30]. - The company has a dynamic talent management system, with a focus on attracting and cultivating high-end professionals in various engineering fields[31]. Financial Management - The company's cash and cash equivalents at the end of the period amounted to approximately ¥4.666 billion, representing a 39.66% increase from ¥3.341 billion[45]. - The financial expenses decreased by 43.78% to approximately ¥355.430 million, down from ¥632.265 million, due to reduced interest expenses and increased foreign exchange gains[42]. - The company reported a significant increase in contract liabilities, which rose by 138.81% to approximately ¥2.174 billion, reflecting higher prepayments received for products[45]. - The total amount of related party transactions for the current period is CNY 40,891,328.16, compared to CNY 91,557,810.52 in the previous period[95]. Risk Management - The company has implemented a comprehensive risk management system, establishing a three-tier risk prevention framework[35]. - The company is currently implementing a 6.8 million tons/year tailings comprehensive utilization expansion project, with construction underway on the main plant[33]. - The company is actively managing its debt and risk exposure in light of recent financial challenges faced by its major shareholder[93]. Corporate Governance - The company held its first temporary shareholders' meeting on March 2, 2021, where several proposals were approved, including daily related transactions and comprehensive credit applications[59]. - The company announced changes in its board and management personnel, including the election of Wang Bin as General Manager and the appointment of new independent directors[62]. - The company has appointed new board members and independent directors following recent resignations[63].

Financial Performance - The company achieved a net profit attributable to the parent company of 72.97 million yuan in 2020, with a proposed profit distribution of 0.03 yuan per 10 shares, totaling 22,214,323.53 yuan, representing 30.44% of the net profit[3]. - The company's operating revenue for 2020 was approximately ¥61.42 billion, a decrease of 0.45% compared to 2019[15]. - The net profit attributable to shareholders for 2020 was approximately ¥72.97 million, representing a 25.71% increase from the previous year[15]. - The net cash flow from operating activities for 2020 was approximately ¥2.18 billion, down 13.24% from 2019[15]. - The total assets at the end of 2020 were approximately ¥46.50 billion, a decrease of 4.22% compared to the end of 2019[15]. - The basic earnings per share for 2020 was ¥0.010, an increase of 25.00% from 2019[16]. - The weighted average return on equity for 2020 was 0.50%, an increase of 0.02 percentage points from 2019[16]. - The consolidated operating revenue for 2020 was RMB 61,422,700,839.27, a decrease of 0.45% compared to RMB 61,700,280,812.11 in 2019[49]. - The company reported a net profit of approximately 4.82 billion, an 85.89% increase compared to the previous year, due to the sale of part of its equity in a subsidiary[65]. Risk Management - The company has disclosed potential risks in the "Discussion and Analysis of Operating Conditions" section of the report[5]. - The company has established a risk management system and implemented 30 new internal control regulations in 2020[44]. - 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 down in 2020[85]. - The company anticipates increased investment costs and reduced profits due to intensified competition and industry policy risks, as leading enterprises accelerate resource integration[85]. - Legal risks are present, particularly related to litigation and arbitration, necessitating careful management of legal contracts and potential issues[85]. - Environmental risks are heightened as the company aims to meet stricter environmental standards and carbon neutrality goals, which may impact production and profitability[85]. - The COVID-19 pandemic poses risks to the supply chain, particularly for copper concentrate imports from Kazakhstan and Mongolia, potentially affecting production and sales[86]. Corporate Governance - The company is committed to ensuring the accuracy and completeness of the annual report, with all board members present at the meeting[2]. - The audit report issued by Yongtuo Accounting Firm is a standard unqualified opinion[2]. - The company has not faced any situations where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[4]. - The board of directors is responsible for formulating and approving profit distribution plans, which must consider the opinions of independent directors and minority shareholders[88]. - The company has committed to strict compliance with the approval procedures for any related party transactions[94]. - The company has established a commitment to not interfere with its operational management by major shareholders[93]. - The company has not reported any instances of funds being occupied or overdue receivables during the reporting period[95]. Environmental Responsibility - The company has established a comprehensive environmental management system to address pollution and enhance sustainability[126]. - The total emissions of COD from the wastewater treatment system were 5.8296 tons, with a concentration range of 0.12-58.21 mg/L, well below the limit of 60 mg/L[127]. - The total emissions of ammonia nitrogen were 0.8042 tons, with a concentration range of 0.03-7.73 mg/L, below the limit of 8 mg/L[127]. - The company has implemented pollution control measures that ensure continuous compliance with national and local environmental regulations[131]. - The company has established 24 comprehensive emergency response plans, including for key polluting units, ensuring rapid response to environmental incidents[135]. - The company received a total of 1 administrative penalty from environmental authorities in 2020, amounting to 122,000 yuan due to emissions violations at the Northwest Lead-Zinc Smelting Plant[137]. Research and Development - The company invested RMB 30,423,913.30 in R&D expenses in 2020, an increase of 106.80% compared to RMB 14,711,567.75 in 2019[49]. - In 2020, the company applied for 197 patents, with 96 being invention patents, accounting for 48.7% of the total[25]. - The company is investing heavily in R&D, with a budget allocation of 150 million for new technologies and product development[164]. Market Position and Strategy - 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, covering the entire industry chain[23]. - The company has a market share of 1% in copper, 0.4% in lead, and 4.1% in zinc, with product quality widely recognized in the market[28]. - The company is leveraging regional advantages for domestic mineral procurement, ensuring price competitiveness and stable supply through long-term contracts with foreign mines[28]. - The company plans to continue adjusting its sales strategies based on market changes to capture opportunities and increase sales volume[52]. - The company aims to enhance its marketing strategies to expand market space and improve profitability[84]. Shareholder Relations - The company emphasizes a stable and continuous profit distribution policy, focusing on reasonable returns for investors while ensuring sustainable development[88]. - The cash dividend for 2020 was set at 0.03 RMB per 10 shares, based on 7,404,774,511 shares[90]. - The company has committed that major shareholders will not reduce their holdings by more than 10% of their total shares within 24 months after the lock-up period expires[93]. - The company has established a stock price stabilization plan that will be effective for three years post-IPO, including measures for share repurchase if the average trading price falls below the net asset value per share for 20 consecutive trading days[94]. Human Resources - The company has built a talent team of 7,087 people, with 44.4% being professional technical personnel, including 16 core technical staff[30]. - The company employs a total of 14,297 staff, with 8,415 in the parent company and 5,882 in major subsidiaries[178]. - The total remuneration payable to directors, supervisors, and senior management during the reporting period was 3.7566 million yuan[175]. Safety and Compliance - The company reported two general production safety accidents in 2020, resulting in 2 fatalities, with a government penalty of 200,000 yuan for each incident[105]. - The company has committed to strengthening safety risk analysis and improving emergency response plans following the accidents[106]. - The company has maintained effective communication with investors through various channels, enhancing investor understanding and protecting shareholder rights[184].

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].