Financial Performance - The company's operating revenue for 2019 was CNY 136.1 billion, an increase of 28.40% compared to CNY 106.0 billion in 2018[17]. - Net profit attributable to shareholders for 2019 was CNY 4.28 billion, reflecting a growth of 4.65% from CNY 4.09 billion in the previous year[17]. - The net profit after deducting non-recurring gains and losses was CNY 4.00 billion, up 30.56% from CNY 3.06 billion in 2018[17]. - The total assets at the end of 2019 reached CNY 123.83 billion, a 9.70% increase from CNY 112.88 billion at the end of 2018[17]. - The net assets attributable to shareholders increased by 26.52% to CNY 51.19 billion from CNY 40.46 billion in 2018[17]. - The company generated a net cash flow from operating activities of CNY 10.67 billion, which is a 4.23% increase compared to CNY 10.23 billion in 2018[17]. - Basic earnings per share for 2019 remained at CNY 0.18, while diluted earnings per share also stood at CNY 0.18[18]. - The weighted average return on equity was 11.38%, slightly down from 11.70% in 2018[18]. - The company reported a significant increase in cash flow, particularly in the fourth quarter, with net cash flow from operating activities reaching CNY 4.61 billion[20]. - The company achieved a sales revenue of 136.098 billion yuan, representing a year-on-year growth of 28.40% compared to 105.994 billion yuan in the previous year[57]. - The net profit attributable to shareholders reached 4.284 billion yuan, an increase of 4.65% from 4.094 billion yuan in the previous year[57]. Production and Resource Management - The company achieved over 1,000 billion CNY in total assets, operating income, and market capitalization, with significant increases in gold, copper, and zinc production[5]. - The company completed the acquisition of the Timok copper-gold mine in Serbia and initiated the acquisition of the Buritica gold project in Colombia, enhancing resource reserves and production capacity[5]. - The company aims to double copper production by 2022, with key projects like the Timok copper mine and the Kamoa-Kakula copper mine expected to start production by mid-2021 and reach full capacity by 2023[6]. - The company plans to implement significant upgrades to its gold production facilities, including projects in Gansu, Shanxi, and Guizhou provinces[6]. - The company ranks first among Chinese non-ferrous metal enterprises and first globally in gold production, with gold resources amounting to approximately 1,886.87 tons, representing 13.83% of the national total[39]. - In 2019, the company produced 40.8 tons of gold, accounting for 12.98% of the national gold output of 314.37 tons[40]. - The company's copper resources are approximately 5,725.42 million tons, which is about 50.03% of the national total of 11,443.49 million tons[39]. - The company produced 36.99 million tons of copper in 2019, representing 22.73% of the national copper output of 162.78 million tons[40]. - The company achieved a significant increase in gold and copper resource reserves through exploration and acquisitions[69]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and invest in new technologies and products to drive future growth[1]. - The company is committed to a new management system that aligns with its international development strategy over the next 2-3 years[6]. - The company emphasizes the importance of technological innovation and effective management in maximizing economic and social benefits[6]. - The company is focused on accelerating the construction of major projects, with the goal of achieving 30% of design capacity at the Timok copper-gold mine and Kamoa-Kakula copper mine by 2021[126]. - The company aims to achieve a compound annual growth rate (CAGR) of 21.9% to 26.0% for copper production from 2020 to 2022[121]. - The company plans to invest approximately RMB 6.575 billion in project construction (including technological upgrades) and RMB 6.8 billion in mergers and acquisitions in 2020[133]. - The company is pursuing both mergers and acquisitions and independent exploration to increase its valuable mineral resources, particularly gold and copper[128]. - The company anticipates that gold will maintain its upward price trend due to ongoing global uncertainties and increased market demand for safe-haven assets[119]. Environmental and Social Responsibility - The company is focusing on sustainable development, aiming for zero fatalities, occupational diseases, and environmental accidents[6]. - The company has established 9 national-level "green mines" and 2 national-level "green factories," enhancing its commitment to environmental sustainability[74]. - The company has implemented strict environmental protection measures, achieving compliance with national and local pollutant discharge standards[165]. - The company reported a total annual discharge of COD at 149.2664 tons, with a concentration of 10.458 mg/L[166]. - The company has implemented internal recycling measures, resulting in zero external wastewater discharge[170]. - The company invested a total of 5,176.56 million in various poverty alleviation projects, including 2,275.6 million for targeted poverty alleviation efforts[161]. - The company has been recognized as one of the top ten charitable enterprises in China at the national level[161]. - The company conducted six industrial poverty alleviation projects with an investment of RMB 796 million[159]. - The company emphasized a combination of "blood transfusion" and "blood production" in its poverty alleviation strategy, focusing on sustainable development[156]. Corporate Governance and Risk Management - The company has developed a modern corporate governance structure, enhancing decision-making efficiency and operational mechanisms[51]. - The company is committed to enhancing its international management system to improve operational efficiency and reduce costs[127]. - The company emphasizes the importance of risk management across financial, market, and environmental sectors to protect shareholder interests[130]. - The company aims to enhance its corporate governance structure to ensure effective decision-making and execution of strategic goals[132]. - The company will strengthen its market research and risk control measures to minimize the adverse impacts of the COVID-19 pandemic on its operations[131].

Financial Performance - The company achieved operating revenue of RMB 101.63 billion, representing a year-on-year increase of 33.42% compared to RMB 76.17 billion in the same period last year[12]. - The net profit attributable to shareholders of the listed company was RMB 3.01 billion, a decrease of 10.34% from RMB 3.35 billion in the previous year[5]. - The net cash flow from operating activities for the year-to-date was RMB 6.06 billion, down 8.49% from RMB 6.62 billion in the same period last year[5]. - The weighted average return on net assets was 8.35%, down 1.1 percentage points from 9.45% in the previous year[6]. - The basic earnings per share were RMB 0.131, a decrease of 10.27% from RMB 0.146 in the same period last year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2.75 billion, down 14.67% from RMB 3.23 billion in the previous year[5]. - Total operating revenue for Q3 2019 reached ¥34,428,931,694, a 30.7% increase from ¥26,358,888,293 in Q3 2018[34]. - Net profit for Q3 2019 was ¥1,336,206,160, compared to ¥839,218,245 in Q3 2018, representing a 59.2% increase[36]. - The total comprehensive income for Q3 2019 reached CNY 1,053,161,797, compared to CNY 878,174,745 in the same period last year, marking an increase of 19.9%[38]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 117.54 billion, an increase of 4.13% from RMB 112.88 billion at the end of the previous year[5]. - The company's total current assets decreased to ¥29.62 billion from ¥30.45 billion at the end of 2018[28]. - The total assets decreased to ¥58,527,304,628 from ¥62,219,598,738 year-over-year, a decline of 6.8%[33]. - Total liabilities rose to ¥69,817,479,371 from ¥65,605,591,140, indicating an increase of about 3.4%[30]. - The company’s total liabilities included CNY 12,002,967,575 in bonds payable, an increase of 35.18% from CNY 8,879,453,693[19]. - Current liabilities totaled 37,223,097,530 RMB, a decrease from 37,298,053,805 RMB, indicating improved management of short-term obligations[49]. - Total liabilities reached ¥30,266,483,302, with current liabilities at ¥17,755,661,974[53]. Expenses - Sales expenses rose by 44.26% to CNY 933,171,423 in the first nine months of 2019 compared to CNY 646,854,298 in the same period of 2018, primarily due to the inclusion of newly acquired companies[15]. - Management expenses increased by 33.06% to CNY 2,770,548,321 in the first nine months of 2019, up from CNY 2,082,120,964 in the same period last year[16]. - Financial expenses surged by 44.08% to CNY 1,160,425,465 in the first nine months of 2019, compared to CNY 805,379,586 in the same period of 2018, mainly due to increased interest expenses from acquisition financing[17]. - Research and development expenses rose by 62.07% to ¥281.14 million, up from ¥173.46 million in the previous year[21]. - The company reported a significant increase in financial expenses, which rose to ¥309,538,900 in Q3 2019 from ¥144,958,013 in Q3 2018, marking a 113.5% increase[34]. Cash Flow - Cash and cash equivalents decreased by 33.75% to CNY 6,684,487,987 at the end of the period from CNY 10,089,890,808 at the beginning of the year[18]. - Cash inflow from operating activities totaled CNY 106.47 billion, up from CNY 82.32 billion year-over-year, indicating a growth of approximately 29%[43]. - Cash outflow from operating activities increased to CNY 100.42 billion from CNY 75.70 billion, reflecting a rise of about 32.6%[43]. - Cash inflow from financing activities amounted to CNY 25.10 billion, compared to CNY 16.30 billion in the previous year, marking an increase of approximately 54%[44]. - The company reported a net cash flow from investment activities of 2,783,451,219 RMB, a significant improvement from -163,075,917 RMB in the previous period[46]. Shareholder Information - The company reported a total of 676,158 shareholders at the end of the reporting period[8]. - The largest shareholder, Minxi Xinghang State-owned Assets Investment and Operation Co., Ltd., held 25.88% of the shares[8]. - The company received tax refunds amounting to CNY 532.83 million, compared to CNY 131.26 million in the same period of 2018, indicating a significant increase of approximately 305%[43]. Production and Operations - The company's gold production from mines increased to 19,768 kg in 2019 from 15,538 kg in 2018, representing a growth of 27.5%[13]. - The production of copper concentrate from mines increased to 200,803 tons in 2019 from 167,880 tons in 2018, a growth of 19.6%[13]. - The overall gross margin for the mining enterprise decreased to 43.57% in the first three quarters of 2019, down from 48.68% in the same period last year, a decline of 5.11 percentage points[14]. - The gross margin for smelting processing of gold was 0.53% in 2019, compared to 0.23% in 2018, indicating an improvement[13].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 67.20 billion, representing a 34.90% increase compared to CNY 49.81 billion in the same period last year[14]. - The net profit attributable to shareholders of the listed company decreased by 26.64% to CNY 1.85 billion from CNY 2.53 billion year-on-year[14]. - The net cash flow from operating activities was CNY 4.41 billion, down 11.53% from CNY 4.98 billion in the previous year[14]. - The total assets at the end of the reporting period were CNY 116.58 billion, an increase of 3.28% from CNY 112.88 billion at the end of the previous year[14]. - The basic earnings per share decreased by 27.27% to CNY 0.08 from CNY 0.11 in the same period last year[15]. - The weighted average return on net assets was 5.29%, a decrease of 1.8 percentage points compared to 7.09% in the previous year[15]. - The company achieved a sales revenue of 67.198 billion RMB, a year-on-year increase of 34.90% compared to 49.814 billion RMB in the same period last year[25]. - The total profit for the first half of 2019 was RMB 3.04 billion, a decrease of 19.6% from RMB 3.78 billion in the same period of 2018[175]. - The company's comprehensive income for the first half of 2019 was RMB 3.28 billion, an increase of 37.3% compared to RMB 2.39 billion in the first half of 2018[176]. Production and Operations - The company produced 151,735 kg of gold, a year-on-year increase of 44.63% compared to 104,911 kg in the previous year[26]. - The copper production was 397,269 tons, representing a year-on-year increase of 17.81% from 337,212 tons[28]. - The company produced 226,180 tons of refined copper, a year-on-year increase of 3.83% from 217,846 tons in the same period last year[29]. - The company produced 295,377 tons of zinc, a year-on-year increase of 21.24% from 243,628 tons, primarily due to the new acquisition of the Bisha project[31]. - The company produced 250,609 kilograms of silver, a year-on-year decrease of 18.58% from 307,787 kilograms[33]. - The company produced 1.68 million tons of iron concentrate, a year-on-year increase of 32.28% from 1.27 million tons[35]. - The company achieved significant growth in overseas gold, copper, and zinc production, with copper production increasing by 156.42% year-on-year[38]. Financial Management - The company reported non-operating income of CNY 196.51 million, which includes government subsidies and other income[17]. - The company’s revenue from mainland China customers accounted for over 87.53% of total revenue, with 50.45% coming from the Shanghai Gold Exchange[53]. - The top five suppliers accounted for 30.28% of total purchases, while the top five customers contributed 60.37% of total sales revenue[54]. - The company’s investment income was RMB 57.95 million, a significant decrease from RMB 127.61 million in the same period of 2018[175]. - The company reported a financial expense of RMB 850.89 million, which increased from RMB 660.42 million in the first half of 2018[175]. - The company has paid interest on 83 billion RMB of medium-term notes, 10 billion RMB of short-term financing bonds, and 350 million USD of dollar bonds on time[166]. Environmental Responsibility - The company emphasizes safety and environmental protection, adhering to the principle of "safety first, prevention foremost" to mitigate risks[79]. - The company has established emergency response plans for environmental incidents, enhancing its management system and conducting regular drills[132]. - The company has implemented self-monitoring plans for environmental compliance across its subsidiaries, ensuring adherence to national regulations[133]. - The company has invested in pollution control facilities, ensuring stable operation and compliance with environmental standards[130]. - The company has no reported exceedances in emissions for the monitored pollutants during the reporting period[129]. - Total emissions of COD were 52.24 tons, with a concentration of less than 25 mg/L[116]. Strategic Initiatives - The company is advancing A-share public issuance, enhancing its capital operation capabilities[41]. - The company plans to enhance operational management and accelerate internationalization and informatization strategies[59]. - Cost control measures will be implemented to improve production efficiency and achieve annual operational targets[60]. - The company aims to optimize its financial structure through a public offering of A-shares[61]. - The company is committed to poverty alleviation efforts, focusing on precise poverty alleviation strategies and collaborating with local governments and social organizations[105]. Shareholder Information - The total number of common shareholders reached 693,997 by the end of the reporting period[146]. - The largest shareholder, Minxi Xinghang State-owned Assets Investment Management Co., holds 5,960,742,247 shares, representing 25.88% of total shares[147]. - The report indicates that BlackRock, Inc. holds 407,344,782 H shares, which is approximately 1.77% of the registered capital[150]. - The company has 289,389,067 shares under lock-up conditions, which will be tradable after June 7, 2020[149]. Risk Factors - The company faced risks related to market fluctuations and operational challenges, as noted in the risk disclosure section[6]. - The company faces metal price risks, as revenue and profit are significantly influenced by the prices of gold, copper, and zinc[79]. - The company is focused on international expansion, addressing potential risks in politically unstable regions through enhanced communication with local governments[79].

Financial Performance - The company achieved operating revenue of RMB 29.04 billion in Q1 2019, representing a 27.02% increase compared to RMB 22.86 billion in the same period last year[11]. - The net profit attributable to shareholders was RMB 874.48 million, a decrease of 19.43% from RMB 1.09 billion year-on-year[5]. - The company reported a total profit of RMB 1.43 billion, a decline of 15.34% compared to RMB 1.69 billion in the previous year[5]. - The basic earnings per share were RMB 0.038, down 19.15% from RMB 0.047 in the same period last year[5]. - The company reported a net profit of ¥1,496,313,499 for Q1 2019, compared to a net profit of ¥1,659,566,066 in Q1 2018, showing a decrease of about 9.8%[28]. - The total profit for Q1 2019 was CNY 359,664,784, a decrease of 9.6% from CNY 398,031,392 in Q1 2018[31]. - The company's operating profit for Q1 2019 was CNY 382,879,503, down from CNY 421,692,815 in Q1 2018, indicating a decline of 9.2%[31]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 113.13 billion, showing a slight increase of 0.23% from RMB 112.88 billion at the end of the previous year[5]. - The total liabilities as of March 31, 2019, were 65,945,152,396 RMB, compared to 65,605,591,140 RMB at the end of 2018[24]. - The company's total equity as of March 31, 2019, was 47,189,068,480 RMB, slightly down from 47,273,712,702 RMB at the end of 2018[24]. - The total assets of the company decreased to ¥61,687,004,546 in Q1 2019 from ¥62,219,598,738 in Q1 2018, a decline of about 0.9%[27]. - The total liabilities decreased to ¥29,378,553,179 in Q1 2019 from ¥30,266,483,302 in Q1 2018, a reduction of about 2.9%[26]. - The company's equity attributable to shareholders totaled RMB 40,455,434,274, with total equity amounting to RMB 47,273,712,702[42]. Cash Flow - The cash flow from operating activities for the period was RMB 1.28 billion, down 3.17% from RMB 1.33 billion in the same period last year[5]. - The net cash flow from investing activities for Q1 2019 was -2,344,181,092 RMB, a decrease of 598,853,303 RMB compared to Q1 2018[20]. - The net cash flow from financing activities in Q1 2019 was -866,705,936 RMB, a decrease of 2,146,193,704 RMB compared to Q1 2018[20]. - The cash flow from operating activities for Q1 2019 was CNY 30,697,087,270, compared to CNY 24,302,056,718 in Q1 2018, showing an increase of 26.5%[33]. - The net cash flow from financing activities was CNY -1,275,626,555, compared to CNY 1,453,682,000 in the previous year, showing a negative shift[37]. Expenses - The overall gross margin for the group decreased to 12.81% in 2019, down 2.55 percentage points year-on-year[12]. - Sales expenses rose to 303.41 million yuan in Q1 2019, a 32.79% increase compared to 228.49 million yuan in Q1 2018[13]. - Management expenses increased by 44.21% to 896.12 million yuan in Q1 2019 from 621.41 million yuan in Q1 2018, primarily due to the inclusion of newly acquired companies[14]. - Financial expenses decreased by 11.48% to 549.80 million yuan in Q1 2019 from 621.13 million yuan in Q1 2018, mainly due to reduced exchange losses[15]. - Research and development expenses for Q1 2019 amounted to ¥51,920,413, compared to ¥43,102,117 in Q1 2018, reflecting a rise of approximately 20.5%[28]. Production and Operations - The company's gold production increased to 9,696 kg in 2019 from 7,624 kg in 2018, representing a growth of 27.3%[12]. - The company's operating costs rose by 30.84% to 25.32 billion yuan in Q1 2019 compared to 19.35 billion yuan in Q1 2018[18]. - The gross margin for mining operations decreased to 46.85% in 2019, down 4.29 percentage points year-on-year due to lower unit selling prices and higher unit costs[12]. - The company did not report any significant new product developments or market expansions during this quarter[10]. Other Income and Investments - The company recorded a non-operating income of RMB 129.69 million during the reporting period[7]. - The investment income for Q1 2019 was 24.44 million yuan, a significant improvement from a loss of 54.74 million yuan in Q1 2018[18]. - The company reported a significant increase in other income, which rose by 1116.17% to 6.90 million yuan in Q1 2019 from 0.57 million yuan in Q1 2018[18]. - The company has ongoing investments in long-term equity amounting to RMB 7,041,753,269, indicating a focus on strategic growth[39].

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The company is a China-registered joint-stock limited company listed on the Hong Kong and Shanghai Stock Exchanges, primarily engaged in metal mineral resource operations - Zijin Mining Group Co., Ltd. is a joint-stock limited company registered in China, listed on the Hong Kong Stock Exchange (stock code: 2899) and Shanghai Stock Exchange (stock code: 601899)[3](index=3&type=chunk) - The company is primarily engaged in the exploration, mining, smelting, processing, and sales of gold, copper, zinc, and other metal mineral resources[6](index=6&type=chunk) - As of the end of 2018, the Group held **195** exploration rights (covering **2,279.90** sq km) and **233** mining rights (covering **874.45** sq km)[6](index=6&type=chunk) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the company's key financial performance and position data from 2014 to 2018, including income statement and balance sheet metrics Key Income Statement Data 2014-2018 (RMB) | Indicator | 2018 | 2017 | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 105,994,246,123 | 94,548,619,098 | 78,851,137,811 | 74,303,573,739 | 58,760,533,928 | | **Operating Profit** | 6,181,371,066 | 5,026,644,755 | 2,312,970,073 | 1,944,488,905 | 3,460,158,957 | | **Total Profit** | 6,130,179,782 | 4,567,960,193 | 2,126,051,706 | 2,086,172,191 | 3,324,137,990 | | **Net Profit** | 4,682,676,553 | 3,247,549,197 | 1,687,267,902 | 1,342,687,764 | 2,635,441,991 | | **Net Profit Attributable to Parent Company Shareholders** | 4,093,773,630 | 3,507,717,627 | 1,839,798,820 | 1,655,671,617 | 2,345,062,669 | Key Balance Sheet Data as of Year-End 2014-2018 (RMB Thousand) | Indicator | 2018 | 2017 | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 112,879,303 | 89,315,263 | 89,217,700 | 83,914,034 | 75,159,588 | | **Total Liabilities** | 65,605,591 | 51,672,418 | 58,101,192 | 51,985,779 | 41,490,665 | | **Total Equity Attributable to Parent Company Shareholders** | 40,455,434 | 34,999,723 | 27,762,475 | 27,537,174 | 28,059,455 | [Chairman's Report](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E5%A0%B1%E5%91%8A) The Chairman's Report outlines the company's strategic direction, operational achievements, and future outlook, emphasizing internationalization and growth [Chairman's Address](index=8&type=section&id=Chairman%27s%20Address) Chairman Chen Jinghe reviews 2018's asset and revenue breakthroughs and accelerated international development, outlining the future strategy amidst global economic uncertainties - In 2018, the company's **total assets** and **operating revenue** both exceeded **RMB 100 billion**, with strong growth in net profit attributable to the parent company and operating cash flow[12](index=12&type=chunk) - The company's gold, copper, and zinc resource reserves significantly increased, with copper equity resource reserves nearing **50 million tonnes**, gold exceeding **1,700 tonnes**, and zinc (lead) approximately **10 million tonnes**[12](index=12&type=chunk) - The 2019 work theme is "grasping reform, stabilizing growth, and promoting development," focusing on advancing management system reform, ensuring performance growth, accelerating major project construction, and emphasizing risk control[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Business Overview](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%81) The company engages in global exploration, mining, smelting, and sales of gold, copper, and zinc, holding a leading position in China's metal mining industry - The company's business model covers a complete industrial chain from exploration and M&A, mine development, and smelting to technological research and financial trade[16](index=16&type=chunk) Zijin Mining's Resource Reserves and Production as a Proportion of China's Total | Indicator | Zijin Mining | China's Total Mine Output | Zijin/China's Total | | :--- | :--- | :--- | :--- | | **Gold Resource Reserves** (tonnes) | 1,727.97 | 13,195.56 | 13.10% | | **Mined Gold Production** (tonnes) | 36.50 | 345.97 | 10.55% | | **Copper Resource Reserves** (10,000 tonnes) | 4,952.11 | 10,607.75 | 46.68% | | **Mined Copper Production** (10,000 tonnes) | 24.86 | 150.60 | 16.51% | | **Zinc Resource Reserves** (10,000 tonnes) | 836.61 | 18,493.85 | 4.52% | | **Mined Zinc Production** (10,000 tonnes) | 27.80 | 284.03 | 9.79% | - The company's core competitiveness is reflected in its advantages across various aspects, including institutional mechanisms, strategic development, resource reserves, technological innovation, cost control, industrial synergy, talent, and corporate culture[20](index=20&type=chunk)[21](index=21&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) In 2018, the company achieved significant revenue and net profit growth, driven by increased mined copper production and substantial reserve expansion through strategic international acquisitions, making overseas projects a major growth driver Key Financial Indicators for 2018 | Indicator | 2018 Amount (RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | **Sales Revenue** | 105,994,246,123 | 12.11% | | **Net Profit Attributable to Parent Company Shareholders** | 4,093,773,630 | 16.71% | | **Total Assets (Year-End)** | 112,879,303,842 | 26.38% | Major Mineral Product Production 2016-2018 | Product | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | | **Mined Gold** (tonnes) | 36.50 | 37.48 | 42.55 | | **Mined Copper** (10,000 tonnes) | 24.86 | 20.80 | 15.50 | | **Mined Zinc** (10,000 tonnes) | 27.80 | 27.00 | 25.00 | - In 2018, the company's overseas projects accounted for **52.26%** of the Group's total mined gold production, **24.19%** of mined copper, and **35.94%** of mined zinc; resource reserves percentages were even higher at **65.50%**, **78.34%**, and **25.29%** respectively, with overseas business expected to surpass domestic operations within **2-3 years**[47](index=47&type=chunk) Equity Resource Reserves of Major Minerals as of Year-End 2018 | Mineral Type | Unit | 2018 Year-End | 2017 Year-End | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | | **Gold Ore** | Metal Tonnes | 1,727.97 | 1,320.07 | 30.90 | | **Copper Ore** | Metal 10,000 Tonnes | 4,952.11 | 3,147.51 | 57.33 | | **Zinc Ore** | Metal 10,000 Tonnes | 836.61 | 783.04 | 6.84 | [Discussion and Analysis of Company's Future Development](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E9%97%9C%E6%96%BC%E5%85%AC%E5%8F%B8%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E7%9A%84%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) The company aims to become a "high-tech, high-efficiency, large-scale international mining group" by 2030, focusing on internationalization, large-scale projects, and asset securitization, with plans for significant production increases in copper and zinc 2019 Major Mineral Product Production Plan | Product | 2019 Planned Production | Year-on-Year Growth | | :--- | :--- | :--- | | **Mined Gold** | 40 tonnes | 9.6% | | **Mined Copper** | 35 10,000 tonnes | 41.1% | | **Mined Zinc** | 38 10,000 tonnes | 36.7% | | **Mined Silver** | 275 tonnes | 24.6% | - The core of the 2019 business strategy is "grasping reform, stabilizing growth, and promoting development," with key focuses including: continuous deepening of reform, strengthening production and operation management, firm international development, promoting A-share public offering, cultivating international talent, solidifying safety and environmental protection foundations, and adhering to innovation-driven and resource-priority strategies[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The main risks faced by the company include metal price risk, financial market risk, safety and environmental risk, and country and community risks associated with overseas projects[72](index=72&type=chunk) - The total capital expenditure plan for 2019 is **RMB 11.4 billion**, including **RMB 6 billion** for project construction, **RMB 5 billion** for investment and M&A, and **RMB 400 million** for geological exploration[73](index=73&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section analyzes the company's financial performance, operational results, and financial position, highlighting key drivers and changes in revenue, costs, and profitability [Analysis of Principal Business](index=20&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E5%88%86%E6%9E%90) In 2018, the Group's sales revenue reached **RMB 105.99 billion**, a **12.11%** increase, driven by higher sales volumes and prices of mined copper and refined copper, while maintaining a stable capital-to-debt ratio 2018 Sales by Product (RMB 10,000) | Product Name | Sales Amount | 2017 Sales Amount | Unit Price Change (%) | | :--- | :--- | :--- | :--- | | **Mined Gold** | 910,774 | 932,029 | 1.08% | | **Refined Gold** | 5,559,990 | 4,843,690 | -1.59% | | **Mined Copper** | 881,965 | 716,280 | 2.75% | | **Refined Copper** | 1,896,420 | 1,806,051 | 3.85% | | **Mined Zinc** | 401,176 | 406,671 | -2.48% | | **Refined Zinc** | 368,919 | 396,876 | 1.04% | 2018 Gross Profit Margin by Product | Product Name | 2018 Gross Profit Margin (%) | 2017 Gross Profit Margin (%) | | :--- | :--- | :--- | | **Mined Gold** | 31.37 | 33.95 | | **Mined Copper** | 49.95 | 50.61 | | **Mined Zinc** | 65.34 | 66.74 | | **Overall Gross Profit Margin** | 12.59 | 13.94 | | **Overall Gross Profit Margin (Excluding Smelting)** | 46.31 | 47.24 | - Financial expenses decreased by **37.69%** year-on-year, primarily due to exchange gains recorded this year compared to exchange losses last year; investment income significantly increased by **581.26%** year-on-year, mainly from increased equity-accounted long-term equity investments and gains from disposal of financial assets[81](index=81&type=chunk)[82](index=82&type=chunk) - As of the end of 2018, the Group's total borrowings increased to **RMB 47.148 billion** from **RMB 37.019 billion** at the end of 2017; the capital-to-debt ratio (total liabilities/total equity) was **1.388**, largely consistent with **1.373** in 2017[106](index=106&type=chunk)[107](index=107&type=chunk) [Biographies of Directors, Supervisors, and Senior Management](index=34&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E4%BA%BA%E5%93%A1%E7%B0%A1%E4%BB%8B) This section provides an overview of the company's leadership, highlighting the professional backgrounds and expertise of its directors, supervisors, and senior management team - The company's core management possesses deep professional backgrounds in geology, mining, and management; Chairman Mr. Chen Jinghe is a professor-level senior engineer, the discoverer of Zijinshan Gold-Copper Mine, and the company's founder[121](index=121&type=chunk) - Most of the executive director team members are internally cultivated, possessing rich industry practical experience and long-term service to the company[121](index=121&type=chunk)[122](index=122&type=chunk) - Independent non-executive directors include experts from various fields such as accounting, finance, law, and mining engineering (including academicians of the Chinese Academy of Engineering), providing professional support for corporate governance[124](index=124&type=chunk)[125](index=125&type=chunk) [Board of Directors' Report](index=37&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) The Board of Directors' Report details the company's strategic investments, profit distribution plans, employee information, and share capital structure, reflecting key governance and operational decisions [Analysis of Investment Status](index=37&type=section&id=%E6%8A%95%E8%B3%87%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) In 2018, the company completed two significant overseas acquisitions, RTB BOR Group and Nevsun, under its internationalization strategy, substantially enhancing its gold, copper, and zinc resource reserves - The company increased capital by **USD 350 million** in cash to acquire a **63%** equity stake in Serbia's state-owned copper company RTB BOR Group, with plans to cumulatively invest approximately **USD 1.26 billion** over **6 years** for technical upgrades and expansion[132](index=132&type=chunk) - The company acquired **100%** equity in Canadian listed company Nevsun Resources Ltd. through a cash tender offer of approximately **CAD 1.858 billion** (approximately **RMB 9.363 billion**), gaining its two core assets: the Timok copper-gold mine in Serbia and the Bisha copper-zinc mine in Eritrea[132](index=132&type=chunk) - Following capital increase and equity transfer, the company's shareholding in Xiamen Zijin Tongguan, the main entity of the White River Copper-Molybdenum Mine project in Peru, increased from **45%** to **51%**, achieving controlling interest[133](index=133&type=chunk) [Profit Distribution Plan](index=41&type=section&id=%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%88%96%E8%B3%87%E6%9C%AC%E5%85%AC%E7%A9%8D%E9%87%91%E8%BD%89%E5%A2%9E%E9%A0%90%E6%A1%88) The company's 2018-2020 shareholder return plan targets annual cash dividends of no less than **25%** of distributable profit, with a proposed 2018 dividend of **RMB 1.0 per 10 shares**, totaling approximately **RMB 2.303 billion** Dividend Distribution Plans for the Past Three Years (RMB) | Dividend Year | Dividend per 10 Shares (RMB, pre-tax) | Cash Dividend Amount (RMB, pre-tax) | Ratio to Net Profit Attributable to Listed Company Shareholders (%) | | :--- | :--- | :--- | :--- | | **2018** | 1.0 | 2,303,121,889 | 56.26 | | **2017** | 0.9 | 2,072,809,700 | 59.09 | | **2016** | 0.6 | 1,381,873,133 | 75.11 | [Employee Information](index=44&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%92%8C%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E5%93%A1%E5%B7%A5%E6%83%85%E6%B3%81) As of the reporting period end, the company had **19,226 employees**, with production personnel being the largest group, and approximately **40%** holding college degrees or higher, supported by a "lean and well-paid" compensation strategy Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | **Production Personnel** | 8,613 | | **Sales Personnel** | 268 | | **Technical Personnel** | 5,645 | | **Financial Personnel** | 509 | | **Administrative Personnel** | 4,191 | | **Total** | 19,226 | [Share Capital and Shareholder Information](index=46&type=section&id=%E8%82%A1%E6%9C%AC%E8%88%87%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) As of the end of 2018, the company had **721,545 shareholders**, with Minxi Xinghang State-owned Assets Investment and Operation Co., Ltd. as the controlling shareholder holding **25.88%** and HKSCC Nominees Limited holding **24.80%** of H shares Top Ten Shareholders' Shareholding (as of December 31, 2018) | Rank | Shareholder Name | Share Class | Number of Shares Held (shares) | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | | 1 | Minxi Xinghang State-owned Assets Investment and Operation Co., Ltd. | Domestic Shares | 5,960,742,247 | 25.88% | | 2 | HKSCC Nominees Limited | H Shares | 5,711,416,190 | 24.80% | | 3 | China Securities Finance Corporation Limited | Domestic Shares | 691,190,823 | 3.00% | [Independent Directors' Report](index=60&type=section&id=%E7%8D%A8%E7%AB%8B%E8%91%A3%E4%BA%8B%E5%A0%B1%E5%91%8A) Independent directors diligently fulfilled their duties in 2018, providing professional opinions on strategic planning, financial reports, and executive compensation, ensuring compliance and fairness in major transactions - Independent directors diligently performed their duties in 2018, attending most board and shareholder meetings, and providing professional opinions on company strategic planning, periodic report reviews, and executive compensation assessments through their work in specialized committees[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk) - Independent directors reviewed significant matters such as related party transactions, external guarantees, use of raised funds, and changes in accounting policies, issuing independent opinions that these matters followed legal procedures, had fair pricing, and did not harm the interests of the company or minority shareholders[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) - Independent directors conducted on-site investigations of subsidiaries to gain in-depth understanding of the company's operations, safety, and environmental protection, offering suggestions to the Board to promote scientific decision-making and standardized operations[225](index=225&type=chunk) [Supervisors' Report](index=63&type=section&id=%E7%9B%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) In 2018, the Supervisory Board held **six meetings**, overseeing the company's legal operations, financial status, major acquisitions, related party transactions, and internal controls, concluding that decisions were compliant and financial reports were fair - In 2018, the Supervisory Board held **6 meetings**, overseeing the company's legal operations, financial status, major asset acquisitions, related party transactions, and internal controls, concluding that the company's decision-making procedures were legal and compliant, financial reports were true and fair, and no actions harming shareholders' or company interests were found[230](index=230&type=chunk)[234](index=234&type=chunk) - The Supervisory Board performed its oversight duties by attending Board meetings and conducting in-depth investigations of subsidiaries, while also strengthening leadership over the Supervision and Audit Department, focusing on key sensitive areas to prevent fraud risks[233](index=233&type=chunk) - In 2019, the Supervisory Board will continue to focus on the company's core tasks of "grasping reform, stabilizing growth, and promoting development," emphasizing oversight of high-risk businesses and overseas investment and M&A, and intensifying anti-corruption efforts[236](index=236&type=chunk)[237](index=237&type=chunk) [Social Responsibility Performance](index=66&type=section&id=%E7%A9%8D%E6%A5%B5%E5%B1%A5%E8%A1%8C%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB%E7%9A%84%E5%B7%A5%E4%BD%9C%E6%83%85%E6%B3%81) This section details the company's commitment to social responsibility, including targeted poverty alleviation efforts and environmental protection initiatives, demonstrating its dedication to sustainable development [Targeted Poverty Alleviation Efforts](index=66&type=section&id=%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E6%89%B6%E8%B2%A7%E5%B7%A5%E4%BD%9C%E6%83%85%E6%B3%81) The company actively engaged in targeted poverty alleviation around mining areas in 2018, investing over **RMB 101 million** and helping **773 registered impoverished individuals** through industrial, employment, and educational initiatives Summary of 2018 Targeted Poverty Alleviation Achievements (RMB 10,000) | Indicator | Quantity and Implementation Status | | :--- | :--- | | **Total Funds Invested** | 10,144.90 | | **Number of People Helped Out of Poverty** (persons) | 773 | | **Investment in Industrial Poverty Alleviation** | 726 | | **Investment in Education for Poverty Alleviation** | 784 (Student Sponsorship 262.7 + Education Resource Improvement 521.3) | | **Investment in Ecological Protection for Poverty Alleviation** | 2,813.37 | [Environmental Information](index=69&type=section&id=%E7%92%B0%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E6%B3%81) The company adheres to environmental regulations, investing **RMB 663 million** in 2018 for ecological protection, restoring **399.4 hectares** of vegetation, and ensuring stable compliance with discharge standards across its **20 key polluting subsidiaries** - In 2018, **20** of the company's subsidiaries were designated as key polluting units, all of which strictly adhered to national and local emission standards, achieving stable compliance with discharge requirements[251](index=251&type=chunk) - Throughout the year, **RMB 663 million** was invested in environmental and ecological funds, restoring **399.4 hectares** of vegetation and planting **602,000** thousand plants[266](index=266&type=chunk) - All construction projects under the company strictly implemented environmental impact assessments and the "three simultaneous" system; in 2018, **14** projects obtained environmental assessment approvals, and **7** projects passed self-inspections for environmental completion[261](index=261&type=chunk) [Corporate Governance Report](index=78&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The company maintains high corporate governance standards, largely complying with the Hong Kong Corporate Governance Code, with a board composed of **11 directors** and four specialized committees to enhance decision-making - The company is committed to maintaining a high level of corporate governance, with its practices formulated in accordance with the Hong Kong "Corporate Governance Code"; during the reporting period, the company complied with most of the code's provisions[276](index=276&type=chunk) - The Board of Directors consists of **11** directors, including **6** executive directors, **1** non-executive director, and **4** independent non-executive directors, with a composition that meets domestic and overseas listing rules; the roles of Chairman and President are held by different individuals[278](index=278&type=chunk)[279](index=279&type=chunk) - The Board of Directors has four specialized committees: the Strategy Committee, Executive and Investment Committee, Audit and Internal Control Committee, and Nomination and Remuneration Committee, to improve decision-making mechanisms; each committee held meetings and fulfilled its respective responsibilities during the reporting period[286](index=286&type=chunk)[300](index=300&type=chunk)[304](index=304&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk) [Audit Report](index=89&type=section&id=%E5%AF%A9%E8%A8%88%E5%A0%B1%E5%91%8A) Ernst & Young Hua Ming LLP issued an unqualified audit opinion on the company's 2018 financial statements, confirming their fair presentation, with key audit matters including non-current asset impairment, business combinations, and impairment assessment of receivables - Ernst & Young Hua Ming LLP issued a standard unqualified audit opinion on the company's 2018 financial statements, deeming them to fairly reflect the company's financial position, operating results, and cash flows in all material respects[329](index=329&type=chunk) - Key audit matters include: - **Impairment of Non-current Assets**: Impairment testing of property, plant and equipment, construction in progress, intangible assets, and goodwill involves significant judgments on key assumptions such as future cash flows and discount rates[331](index=331&type=chunk)[333](index=333&type=chunk) - **Business Combinations Not Under Common Control**: Acquisitions of RTB BOR Group in Serbia, Nevsun Resources in Canada, and Xiamen Zijin Tongguan involved complex accounting treatments such as determining the acquisition date and fair value assessment[335](index=335&type=chunk) - **Impairment Assessment of Receivables**: Assessing the impairment of accounts receivable and other receivables using the expected credit loss model involves significant management accounting estimates[340](index=340&type=chunk) [Financial Statements and Notes](index=96&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%8F%8A%E9%99%84%E8%A8%BB) This section presents the company's consolidated and parent company financial statements, along with detailed notes explaining accounting policies, significant estimates, and specific financial item breakdowns [Consolidated Financial Statements](index=96&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The consolidated financial statements present the Group's overall financial position and operating results, showing total assets of **RMB 112.879 billion**, total liabilities of **RMB 65.606 billion**, operating revenue of **RMB 105.994 billion**, and net profit attributable to parent company shareholders of **RMB 4.094 billion** for 2018 Consolidated Balance Sheet Summary (December 31, 2018) | Item | Amount (RMB) | | :--- | :--- | | **Total Current Assets** | 30,448,688,235 | | **Total Non-current Assets** | 82,430,615,607 | | **Total Assets** | 112,879,303,842 | | **Total Current Liabilities** | 37,223,097,530 | | **Total Non-current Liabilities** | 28,382,493,610 | | **Total Liabilities** | 65,605,591,140 | | **Total Equity Attributable to Parent Company Shareholders** | 40,455,434,274 | | **Total Shareholders' Equity** | 47,273,712,702 | Consolidated Income Statement Summary (2018) | Item | Amount (RMB) | | :--- | :--- | | **Operating Revenue** | 105,994,246,123 | | **Operating Cost** | 92,651,374,475 | | **Operating Profit** | 6,181,371,066 | | **Total Profit** | 6,130,179,782 | | **Net Profit** | 4,682,676,553 | | **Net Profit Attributable to Parent Company Shareholders** | 4,093,773,630 | Consolidated Cash Flow Statement Summary (2018) | Item | Amount (RMB) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | 10,233,009,701 | | **Net Cash Flow from Investing Activities** | (13,640,210,446) | | **Net Cash Flow from Financing Activities** | 7,655,168,438 | | **Net Increase in Cash and Cash Equivalents** | 4,178,494,196 | [Company Financial Statements](index=103&type=section&id=%E5%85%AC%E5%8F%B8%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The parent company's financial statements show total assets of **RMB 62.220 billion** and total liabilities of **RMB 30.266 billion** as of year-end 2018, with operating revenue of **RMB 4.086 billion** and net profit of **RMB 2.374 billion**, primarily driven by investment income Company Balance Sheet Summary (December 31, 2018) | Item | Amount (RMB) | | :--- | :--- | | **Total Assets** | 62,219,598,738 | | **Total Liabilities** | 30,266,483,302 | | **Total Shareholders' Equity** | 31,953,115,436 | Company Income Statement Summary (2018) | Item | Amount (RMB) | | :--- | :--- | | **Operating Revenue** | 4,085,832,610 | | **Operating Profit** | 2,497,338,945 | | **Investment Income** | 1,939,227,308 | | **Net Profit** | 2,373,747,350 | [Notes to Financial Statements](index=109&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the company's basic information, financial statement preparation basis, significant accounting policies, and estimates, including changes due to new financial instrument and revenue standards, consolidation scope changes, and segment reporting - The company adopted the newly revised financial instrument and revenue standards from **January 1, 2018**, and retrospectively adjusted opening balances according to transition provisions, primarily impacting financial asset classification, impairment models, and revenue recognition methods[471](index=471&type=chunk)[472](index=472&type=chunk)[479](index=479&type=chunk) - The notes provide detailed disclosure of the accounting treatment for business combinations not under common control completed in 2018, including the acquisitions of RTB BOR Group, Nevsun Resources, Zijin Tongguan, and Beijing Anchuang, covering the fair value of identifiable assets and liabilities at the acquisition date[774](index=774&type=chunk)[778](index=778&type=chunk)[783](index=783&type=chunk)[789](index=789&type=chunk) - Segment reporting is categorized by product type into multiple segments including gold bullion, copper, zinc, concentrates, and trading; in 2018, the copper concentrate and gold concentrate segments contributed the highest profits, while the smelting and trading gold segment contributed the largest revenue[891](index=891&type=chunk)[892](index=892&type=chunk)

Financial Performance - The company's operating revenue for 2018 was CNY 105.99 billion, an increase of 12.11% compared to CNY 94.55 billion in 2017[15]. - The net profit attributable to shareholders for 2018 was CNY 4.09 billion, representing a growth of 16.71% from CNY 3.51 billion in 2017[15]. - The net cash flow from operating activities reached CNY 10.23 billion, up by 4.80% from CNY 9.76 billion in the previous year[15]. - The total assets at the end of 2018 amounted to CNY 112.88 billion, a significant increase of 26.38% compared to CNY 89.32 billion at the end of 2017[15]. - The company's net assets attributable to shareholders were CNY 40.46 billion, reflecting a growth of 15.59% from CNY 35.00 billion in 2017[15]. - Basic earnings per share for 2018 were CNY 0.18, an increase of 12.50% from CNY 0.16 in 2017[16]. - The weighted average return on equity for 2018 was 11.70%, up by 0.6 percentage points from 11.10% in 2017[17]. - The company achieved total assets and operating income exceeding 100 billion, with net profit attributable to the parent company and operating cash flow showing significant growth[31]. - The company achieved a sales revenue of 105.99 billion CNY, representing a year-on-year growth of 12.11% compared to 94.55 billion CNY in the previous year[41]. - The company reported a comprehensive gross profit margin of 12.59% in 2018, a decrease of 1.35 percentage points compared to the previous year[67]. Production and Resource Management - The company holds 1,727.97 tons of gold resources, accounting for 13.10% of China's total gold resources[27]. - The copper resource reserves stand at 49.52 million tons, representing 46.68% of China's total copper resources[27]. - Gold, copper, and zinc production maintained a leading position among domestic mining enterprises, with expectations for a 10% increase in gold production and substantial growth in copper and zinc output[33]. - The company holds substantial resource reserves, including 1,728 tons of gold, 4.952 million tons of copper, and 837,000 tons of zinc, with a notable copper resource at the Kamoa Copper Mine exceeding 42 million tons[31]. - The company produced 683,078 tons of copper, reflecting a growth of 7.40% compared to 636,008 tons in the previous year[46]. - The production of gold was 241,628 kg, a year-on-year increase of 13.03% from 213,765 kg[43]. - The group produced 461,169 tons of zinc, a year-on-year decrease of 1.25% from 466,998 tons in the previous year[49]. - The company plans to produce 40 tons of gold in 2019, a year-on-year increase of 9.6%[118]. - The copper production target for 2019 is set at 350,000 tons, reflecting a significant year-on-year growth of 41.1%[118]. - Zinc production is expected to reach 380,000 tons in 2019, which is a 36.7% increase compared to the previous year[118]. Investments and Acquisitions - The company successfully acquired the RTB BOR Group in Serbia and NEVSUN in Canada, significantly increasing its gold, copper, and zinc resource reserves[40]. - The company invested $350 million (approximately 2.398 billion RMB) to acquire a 63% stake in RTB BOR Group, Serbia's only copper mining and smelting company, which produced 42,500 tons of copper in 2018[104]. - The acquisition of Nevsun Resources Ltd. was completed for approximately CAD 1.858 billion (approximately 9.363 billion RMB), giving the company 100% ownership of Nevsun, which has significant assets including the Timok copper-gold project and the Bisha copper-zinc mine[104]. - The company plans to invest approximately $1.26 billion (including the initial $350 million) in RTB BOR Group over the next six years to enhance production capacity, targeting an annual copper output of 120,000 tons post-expansion[104]. - The company is focusing on enhancing its international management system and operational model to support its internationalization strategy[120]. Environmental and Social Responsibility - The company is committed to sustainable development, focusing on resource prioritization in mergers and exploration, while enhancing risk management and environmental safety[33]. - The company donated 206.5 million yuan for community development and social responsibility initiatives during the reporting period[57]. - The company invested RMB 101 million in poverty alleviation efforts, significantly improving living conditions in surrounding rural areas[162]. - A total of 773 registered impoverished individuals were lifted out of poverty through the company's initiatives[163]. - The company allocated RMB 726 million to 23 poverty alleviation projects focused on industrial development[163]. - The company is committed to green mining development and has established a green mining development plan[115]. - The company has implemented strict management of wastewater, with total cadmium emissions at 0.002628 tons, well below the regulatory threshold[169]. - The company is actively collaborating with third-party environmental protection firms and research institutions to enhance pollution control facilities[176]. - In 2018, Zijin Mining Group invested CNY 663 million in environmental protection and ecological restoration, recovering vegetation over 399.4 hectares and planting 602,000 trees[184]. Governance and Compliance - The company has no major litigation or arbitration matters reported for the fiscal year[140]. - The independent directors believe the profit distribution plan protects the rights of minority investors[134]. - The company has committed to not engage in competing business activities during the period of being controlled by its major shareholder[136]. - The company has appointed Ernst & Young Hua Ming as its auditor for the fiscal year, with an audit fee of RMB 1,045,000[138]. - The company has established environmental self-monitoring plans for all subsidiaries, complying with environmental department requirements[192]. - The company has ongoing environmental protection projects, including the reclamation greening project in Xinjiang, which is currently under construction[191].

Financial Performance - Net profit attributable to shareholders rose by 51.40% to CNY 3.35 billion for the first nine months of the year[8]. - Operating revenue for the first nine months reached CNY 76.17 billion, reflecting a 22.90% increase year-on-year[8]. - Basic earnings per share increased by 46.00% to CNY 0.146 per share[9]. - The company reported a net profit excluding non-recurring gains and losses of CNY 3.23 billion, up 98.61% year-on-year[9]. - In Q3 2018, the net profit attributable to shareholders was 826 million yuan, up 16.53% year-on-year[16]. - The company achieved a net profit attributable to shareholders of 3.352 billion yuan for the first nine months of 2018, representing a year-on-year increase of 51.40%[16]. - Net profit for the first nine months of 2018 was ¥3.91 billion, a significant increase of 46.3% compared to ¥2.67 billion in the same period last year[38]. - The company reported a total profit of CNY 571,172,551 for Q3 2018, compared to CNY 413,470,997 in Q3 2017, reflecting an increase of about 38.2%[41]. Assets and Liabilities - Total assets increased by 1.91% to CNY 91.27 billion compared to the end of the previous year[8]. - Total current assets increased to ¥27,519,254,690 from ¥27,163,968,288, reflecting a growth of approximately 1.31%[29]. - Total non-current assets increased to ¥63,746,763,741 from ¥62,388,486,419, representing a growth of about 2.18%[30]. - Total liabilities increased to ¥53,005,275,097 from ¥51,719,899,502, an increase of approximately 2.48%[31]. - The company reported a total liability of ¥34.25 billion, an increase from ¥31.84 billion in the previous year[34]. - The company’s total current liabilities increased to ¥16.83 billion from ¥11.90 billion year-on-year[34]. - The company’s long-term borrowings stood at ¥5.71 billion, slightly up from ¥5.68 billion in the previous year[34]. Cash Flow - Cash flow from operating activities increased by 14.83% to CNY 6.62 billion for the first nine months[8]. - Operating cash inflow for the period reached ¥82.32 billion, a 28.2% increase from ¥64.19 billion in the same period last year[46]. - Net cash flow from operating activities amounted to ¥6.62 billion, up 14.8% from ¥5.76 billion year-on-year[46]. - Cash inflow from sales of goods and services was ¥81.77 billion, compared to ¥63.30 billion in the same period last year, indicating a significant growth[46]. - Cash paid for purchasing goods and services increased to ¥68.32 billion from ¥51.49 billion, reflecting higher operational costs[46]. Shareholder Information - The total number of shareholders reached 724,787 by the end of the reporting period[12]. - The largest shareholder, Minxi Xinghang State-owned Assets Investment and Operation Co., held 25.88% of shares[12]. Expenses - Sales expenses for the first nine months of 2018 were 646.85 million yuan, a 12.36% increase compared to 575.69 million yuan in the same period last year[18]. - Financial expenses decreased by 58.43% to 805.38 million yuan in the first nine months of 2018, down from 1.937 billion yuan in the previous year[20]. - Research and development expenses for the first nine months of 2018 were ¥173.46 million, a decrease of 10% compared to ¥192.75 million in the same period last year[37]. - Financial expenses for Q3 2018 totaled CNY 63,240,044, down from CNY 119,830,966 in Q3 2017, representing a decrease of about 47.3%[41]. Investment and Growth - The company recorded an investment income of ¥286.55 million, recovering from a loss of ¥238.41 million in the previous year[38]. - The company plans to enhance the utilization of low-grade resources to ensure sustainable development[16]. - The production of copper from mining reached 182,469 tons in 2018, up from 152,812 tons in 2017, with a gross margin of 52.31%[17]. - The total assets under construction increased by 36.30% to 4.493 billion yuan compared to the beginning of the year[21]. Other Financial Metrics - The weighted average return on equity improved by 2.29 percentage points to 9.45%[9]. - The overall gross margin for mining enterprises increased to 48.68% in the first three quarters of 2018, up 2.62 percentage points from the previous year[17]. - The company’s other comprehensive income after tax for the first nine months was a loss of ¥639.89 million, compared to a gain of ¥621.23 million in the same period last year[38]. - Total comprehensive income for Q3 2018 was CNY 878,174,745, compared to CNY 1,013,297,353 in Q3 2017, showing a decrease of about 13.3%[41]. - The company experienced a foreign exchange loss of CNY 204,940,288 in Q3 2018, compared to a gain of CNY 147,485,181 in Q3 2017, representing a significant negative shift[41].

Financial Performance - The company's operating revenue for the first half of 2018 reached CNY 49.81 billion, a 32.75% increase compared to CNY 37.52 billion in the same period last year[19]. - Net profit attributable to shareholders was CNY 2.53 billion, representing a 67.82% increase from CNY 1.51 billion year-on-year[19]. - The net profit after deducting non-recurring gains and losses was CNY 2.38 billion, up 172.00% from CNY 873.71 million in the previous year[19]. - Cash flow from operating activities amounted to CNY 4.98 billion, a 50.66% increase compared to CNY 3.31 billion in the same period last year[19]. - Basic earnings per share for the first half of 2018 were CNY 0.110, a 59.42% increase from CNY 0.069 in the same period last year[20]. - The total profit amounted to 3.781 billion RMB, with net profit attributable to shareholders reaching 2.526 billion RMB, a significant increase of 67.82% from 1.505 billion RMB in the previous year[33]. - The company's total revenue for the first half of 2018 reached 49.81 billion RMB, an increase of 16.75 billion RMB compared to the same period last year[62]. - The comprehensive gross margin for the company is 14.25%, a decrease of 0.34 percentage points year-on-year, primarily due to the increased proportion of trade income[54]. Production and Sales - The company produced 104,911 kg (3,372,964 ounces) of gold, an increase of 21.87% compared to 86,083 kg in the same period last year[34]. - Copper production reached 337,212 tons, reflecting an 8.57% increase from 310,589 tons in the previous year[34]. - Zinc production was recorded at 243,628 tons, a slight decrease of 0.49% from 244,828 tons in the previous year[37]. - The company’s gold business accounted for 46.53% of the total operating revenue during the reporting period[34]. - The average price of gold during the first half of the year was 1,317.73 USD/ounce, a year-on-year increase of 6%[26]. - The total production of zinc and lead amounted to 167,585 tons, with zinc production at 148,311 tons and lead production at 19,274 tons[39]. - Silver production decreased by 8.64% year-on-year to 307,787 kg, with mining silver at 115,144 kg, down 6.17%[40]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 90.99 billion, a 1.60% increase from CNY 89.55 billion at the end of the previous year[19]. - The company's net assets were 37.721 billion RMB, with a slight decrease of 0.06% from 35.187 billion RMB at the beginning of the year, primarily due to a profit distribution of 2.073 billion RMB[33]. - The total liabilities reached 53.27 billion RMB, up from 51.67 billion RMB at the end of the previous year[190]. - The total equity attributable to shareholders was 34.98 billion RMB, slightly down from 35.00 billion RMB at the end of the previous year[190]. Research and Development - The company has established a complete research and development system, including the only national key laboratory in the gold industry[25]. - R&D expenditure was ¥135.96 million, a slight increase of 2.12% from ¥133.14 million year-over-year[69]. - The company’s technological innovation efforts have been recognized, with a key laboratory for low-grade gold resource utilization passing national evaluation[50]. Internationalization and Acquisitions - The company’s internationalization efforts have accelerated, with significant contributions from overseas projects such as the Kolwezi copper mine in the Democratic Republic of the Congo[32]. - The company is actively pursuing multiple overseas acquisition opportunities to accelerate international development[46]. - The company plans to enhance its international strategy and complete annual operational targets, focusing on production and sales maximization[75]. Environmental and Safety Management - The company has established a comprehensive safety and environmental management system, aiming for zero fatalities and zero environmental incidents[47]. - The company strictly adheres to national environmental protection laws and regulations, focusing on resource conservation and pollution reduction[130]. - In the first half of 2018, all key pollutant discharge units met national and local environmental discharge standards, achieving stable compliance in wastewater, waste gas, and noise management[131]. - The company is committed to ecological civilization construction and pollution reduction initiatives[130]. Financial Management - The company's financial expenses decreased by 45.76% year-on-year to 660.42 million RMB, mainly due to reduced exchange losses from RMB fluctuations[57]. - Investment income for the first half of 2018 was 127.61 million RMB, an increase of 44.80 million RMB compared to the previous year[59]. - The total bank credit amount reached 135.1 billion RMB, with 30.9 billion RMB utilized and 104.2 billion RMB unutilized as of June 30, 2018[178]. Shareholder Information - The company has a total of 740,950 common stock shareholders as of the end of the reporting period[155]. - The largest shareholder, Minxi Xinghang State-owned Assets Investment Co., Ltd., holds 5,960,742,247 shares, representing 25.88% of total shares, with 289,389,067 shares frozen[158]. - The total number of shares held by the top ten shareholders with limited sale conditions is 5,671,353,180 shares[158]. Social Responsibility and Community Engagement - In the first half of 2018, the company invested over RMB 62 million in 71 poverty alleviation projects, improving infrastructure and education in surrounding rural areas[123]. - The company allocated RMB 6,257.31 million for poverty alleviation efforts, with RMB 1,000 million specifically for healthcare resources in impoverished areas[124]. - The company has established a long-term mechanism for precise poverty alleviation, aligning with the national goal of eradicating poverty by 2020[120].