金诚信矿业管理股份有限公司 资产减值及资产核销管理办法 第二条 本办法中所指"资产"包括货币资金、应收账款、其它应收款、存货 等流动资产，以及长期股权投资、固定资产、在建工程、无形资产及商誉等非流 动资产。 第三条 公司对资产减值准备计提与资产核销实行集中管理。公司财务管理中 心是公司范围内资产减值准备计提与资产核销的归口主管部门，负责组织管理公 司资产减值准备的计提，审核汇总公司资产核销报告，并负责落实办理；各职能 管理中心作为资产的管理部门是资产减值准备计提与资产核销的具体承办部门， 负责对所辖资产进行减值测试，在发生资产损失时，负责提交资产核销申请，并 就资产损失情况、损失原因及初步处理意见等形成资产核销报告。 第四条 本办法所称资产核销是指公司对其拥有或控制的、原预计可为企业 带来经济利益流入的资产，因坏账、盘亏、灾害、技术淘汰等原因造成了资产事 实损失，进行的资产原值或账面净值的终止确认。资产核销不包含未终止确认资 产原值情况下各项资产减值的计提，不包含因资产处置而减少的资产，不包含公 司日常生产经营过程中发生的资产销售、折让等情形。 第五条 本办法适用于公司及下属各单位。其中，下属各单位包括各板块 ...

金诚信矿业管理股份有限公司 总裁工作细则 第一章 总 则 第一条 为促进金诚信矿业管理股份有限公司（以下简称"公司"） 经营管理的 制度化、规范化、科学化，规范总裁的工作行为，保障总裁及管理层其他人员依法履行 职权，根据《中华人民共和国公司法》（以下简称《公司法》）、《上海证券交易所股票上 市规则》等有关法律、法规、规范性文件以及《金诚信矿业管理股份有限公司章程》（以 下简称《公司章程》）的规定，结合公司实际情况，制定本细则。 第二条 本细则所称管理层人员，包括公司总裁、副总裁、财务总监、董事会秘书、 总工程师、总经济师、首席专家、总裁助理，以及公司董事会确定的其他高级管理人员； 其中，董事会秘书的职责和权限由董事会秘书工作细则另行规定。 第三条 总裁及管理层其他人员履行职权除应遵守本细则的规定外，还应符合相关 法律、法规、规范性文件和公司章程的规定。 第二章 管理层人员的职权范围 第一节 管理层人员的职责 第四条 公司管理层人员应忠实履行职责，维护公司和全体股东的最大利益，并负 有下述忠实义务： （一）不得利用职权收受贿赂或者其他非法收入，不得侵占公司的财产； （二）不得挪用公司资金； （三）不得将公司资产 ...

金诚信矿业管理股份有限公司 财务负责人管理制度 第二条 财务负责人是公司财务、会计活动进行管理和监督的高级管理人员， 会计机构负责人是依法对公司经营活动进行会计核算和监督的负责人。 第三条 财务负责人定期参加公司总裁办公会，对公司所有财务数据信息、 财务报告的真实性、合法性、完整性、公允性、及时性负责；向总裁、董事会及 董事会审计与风险管理委员会报告工作，接受董事会审计与风险管理委员会的监 督。 第四条 财务负责人及会计机构负责人必须严格遵守国家有关法律、法规和 制度的规定，认真履行职责，切实维护公司及全体股东的利益。 第二章 任职资格和条件 第五条 公司设财务总监一名，是公司财务负责人，由总裁提名、董事会提 名委员会及审计与风险管理委员会审核，董事会聘任，任期与公司其他高级管理 人员一致，可连聘连任。 第六条 财务负责人和会计机构负责人不得在公司控股股东及其关联方中 担任除董事外的其他职务，不得在控股股东及其关联方领薪；与公司控股股东、 实际控制人和公司的董事、高级管理人员存在亲属关系的人员不得担任公司财务 负责人和会计机构负责人。 第一章 总 则 第一条 为规范金诚信矿业管理股份有限公司(以下简称"公司" ...

金诚信矿业管理股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为规范金诚信矿业管理股份有限公司（以下简称"公司"或"本公 司"）的公司行为，明确董事会秘书的职责权限，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上海证券交易所股票上市规则》（以下简称《上市规则》）、 《金诚信矿业管理股份有限公司章程》（以下简称《公司章程》）及其他有关规定， 制定本工作细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法律、 行政法规、部门规章、《上市规则》及《公司章程》等对公司高级管理人员的有 关规定，适用于董事会秘书。董事会秘书是公司与上海证券交易所（以下简称"交 易所"）之间的指定联络人。 第二章 任职资格 第三条 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识， 具有良好的职业道德和个人品德，并取得交易所颁发的董事会秘书资格证书。 第四条 有下列情形之一的人士不得担任公司董事会秘书： （一）《公司章程》规定的不得担任公司董事或者高级管理人员的情形； （二）最近三年曾受到过证监会行政处罚； （三）最近三年受到交易所公开谴责或三次以上通报批评的； （四）曾被证券交易所公开认定 ...

金诚信矿业管理股份有限公司 债务融资工具信息披露事务管理制度 第一章 总 则 第一条 为规范金诚信矿业管理股份有限公司（以下简称"公司"）在银行 间债券市场发行债务融资工具的信息披露行为，加强信息披露事务管理，提高企 业信息披露管理水平和信息披露质量，促进公司依法规范运行，保护投资者的合 法权益，根据中国银行间市场交易商协会（以下简称"交易商协会"）《银行间 债券市场非金融企业债务融资工具信息披露规则》要求，结合《金诚信矿业管理 股份有限公司章程》《金诚信矿业管理股份有限公司信息披露管理制度》等相关 规章制度及公司实际情况，特制定本制度。 第二条 公司按照《银行间债券市场非金融企业债务融资工具信息披露规则》 的规定建立健全本制度，真实、准确、完整、及时地披露信息，不得有虚假记载、 误导性陈述或者重大遗漏。 第三条 本制度由董事会负责制定，并保证制度的有效实施。 第二章 信息披露事务管理部门、负责人和职责 第四条 董事会办公室为公司信息披露事务的日常管理部门。 第五条 信息披露管理部门承担如下职责： （一）负责公司信息披露事务管理，准备交易商协会要求的信息披露文件， 保证公司信息披露程序符合交易商协会的有关规则 ...

关于解聘及聘任高级管理人员的公告 金诚信矿业管理股份有限公司 | 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-066 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据公司经营管理需要及《公司章程》的有关规定，经公司董事会审议通过， 公司对高级管理人员进行了调整，具体情况如下。 (二) 离任对公司的影响 本次为公司根据经营管理的需要，对高级管理人员工作内容进行调整并已对 相关工作做出妥善安排，胡洲先生的离任不会影响公司的正常生产经营。 截至本公告日，胡洲先生未持股公司股份，不存在应当履行而未履行的公开 承诺。 一、高级管理人员解聘情况 经公司总裁提名、提名委员会审核、公司第五届董事会第二十五次会议审议 通过，董事会解聘胡洲先生副总裁及总经济师职务，解聘决定自本次董事会审议 通过之日起生效。因工作内容调整，公司将聘任胡洲先生为首席运营专家。具体 情况如下： | | 离任职务 | 离任时间 | 原定任 ...

关于拟延长公司向不特定对象发行可转换公司债券股 东会决议有效期及相关授权有效期的公告 除延长上述有效期外，本次发行的其他事项不变。 特此公告。 证券代码：603979 证券简称：金诚信 公告编号：2025-067 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 金诚信矿业管理股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日 召开 2024 年第二次临时股东大会，逐项审议通过了《关于公司向不特定对象发 行可转换公司债券方案的议案》《关于公司向不特定对象发行可转换公司债券预 案的议案》《关于提请股东大会授权董事会（或董事会授权人士）办理本次向不 特定对象发行可转换公司债券具体事宜的议案》等相关议案。根据上述股东会决 议，公司本次发行的股东会决议的有效期及对董事会及其授权人士授权有效期为 自公司 2024 年第二次临时股东大会审议通过本次发行相关议案之日起 12 个月。 鉴于公司本次发行的股东会决议的有效期和股东会授权董事会全权办理本 ...

| 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | 金诚信矿业管理股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 10 日 14 点 00 分 召开地点：北京市丰台区育仁南路 3 号院 3 号楼公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 重要内容提示： 网络投票起止时间：自2025 年 9 月 10 日 股东会召开日期：2025年9月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 至2025 ...

证券代码：603979 证券简称：金诚信 公告编号：2025-064 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 第五届董事会第二十五次会议决议公告 根据《上市公司信息披露管理办法》《上海证券交易所股票上市规则》及中 国证监会、上海证券交易所等其他有关规定，公司编制了《金诚信矿业管理股份 有限公司 2025 年半年度报告及摘要》。 半年报全文详见上海证券交易所网站（www.sse.com.cn），半年报摘要详 见上海证券交易所网站及《中国证券报》《上海证券报》《证券日报》和《证券 时报》。 本议案提交董事会审议前，已经审计与风险管理委员会审议通过。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要提示：本次董事会所审议议案获得全票通过 一、董事会会议召开情况 金诚信矿业管理股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日 以书面形式发出了关于召开第五届董事会第二十五次会议的通知及相关材料。本 次会议于 2025 年 8 月 25 日在公司会议室以现场与视频相结合的方式召开 ...

Section 1 Definitions [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section defines common terms and abbreviations used in the report, primarily covering the company itself, its domestic and overseas subsidiaries, and related entities, laying the foundation for understanding the report content - Company/JCHX/JCHX Mining refers to JCHX Mining Management Co., Ltd[12](index=12&type=chunk) - The report lists numerous domestic and overseas subsidiaries and affiliates, such as Yunnan JCHX, JCHX Design Institute, JCHX Zambia, JCHX Congo, JCHX Serbia, covering the company's global business presence[12](index=12&type=chunk)[13](index=13&type=chunk) Section 2 Company Profile and Key Financial Indicators [2.1 Company Information](index=7&type=section&id=2.1%20Company%20Information) This section outlines the company's basic identification information, including its full Chinese and English names, abbreviations, and legal representative - Company Chinese Name: 金诚信矿业管理股份有限公司, Abbreviation: 金诚信[16](index=16&type=chunk) - Company English Name: JCHX MINING MANAGEMENT CO.,LTD., Abbreviation: JCHX[16](index=16&type=chunk) - Legal Representative: Wang Qinghai[16](index=16&type=chunk) [2.2 Contact Persons and Information](index=7&type=section&id=2.2%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: Wu Bangfu, Securities Affairs Representative: Wang Lidong[17](index=17&type=chunk) - Contact Phone/Fax: 010-82561878, Email: jchxsl@jchxmc.com[17](index=17&type=chunk) [2.3 Overview of Changes in Basic Information](index=7&type=section&id=2.3%20Overview%20of%20Changes%20in%20Basic%20Information) This section states that the company's registered address, office address, and website remained unchanged during the reporting period - Company Registered Address: Room 101, Building 1, No. 28 Yuanyuan West Road, Miyun Economic Development Zone, Beijing[18](index=18&type=chunk) - Company Office Address: Building 3, No. 3 Yuren South Road, Fengtai District, Beijing[18](index=18&type=chunk) - No changes in the company's basic information during the reporting period[18](index=18&type=chunk) [2.4 Overview of Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=2.4%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section discloses the company's designated newspapers and website for information disclosure, confirming no changes during the reporting period - Designated newspapers for information disclosure: "China Securities Journal", "Shanghai Securities News", "Securities Daily", "Securities Times"[19](index=19&type=chunk) - Website for semi-annual report publication: www.sse.com.cn[19](index=19&type=chunk) - No changes in information disclosure and document custody locations during the reporting period[19](index=19&type=chunk) [2.5 Company Stock Profile](index=7&type=section&id=2.5%20Company%20Stock%20Profile) This section provides basic information about the company's stock, including the listing exchange, stock abbreviation, and code - Stock Type: A-share, Listing Exchange: Shanghai Stock Exchange[20](index=20&type=chunk) - Stock Abbreviation: JCHX, Stock Code: 603979[20](index=20&type=chunk) [2.6 Key Accounting Data and Financial Indicators](index=8&type=section&id=2.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue increased by **47.82%**, and net profit attributable to shareholders increased by **81.29%**, driven by higher production and sales in mining resource development and cost control. Net cash flow from operating activities significantly grew by **255.08%** 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) Amount (Yuan) | Prior Year Period Amount (Yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,316,025,397.70 | 4,272,753,906.14 | 47.82 | | Total Profit | 1,557,383,813.56 | 807,181,029.09 | 92.94 | | Net Profit Attributable to Shareholders of Listed Company | 1,110,910,265.44 | 612,774,566.24 | 81.29 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 1,087,680,753.47 | 609,296,080.98 | 78.51 | | Net Cash Flow from Operating Activities | 1,725,885,887.16 | 486,052,469.62 | 255.08 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 9,887,921,901.99 | 8,984,300,857.46 | 10.06 | | Total Assets (Period-End) | 18,413,855,810.04 | 16,980,646,682.64 | 8.44 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 1.78 | 1.00 | 78.00 | | Diluted Earnings Per Share (Yuan/Share) | 1.69 | 0.95 | 77.89 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (Yuan/Share) | 1.74 | 1.00 | 74.00 | | Weighted Average Return on Net Assets (%) | 11.65 | 8.05 | Increased by 3.60 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 11.41 | 8.01 | Increased by 3.40 percentage points | - Operating revenue increased by **47.82%**, and net profit attributable to shareholders increased by **81.29%**, primarily due to increased production and sales of mineral products in the mining resource development business and the company's continuous cost reduction and control measures[24](index=24&type=chunk) [2.7 Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=2.7%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the detailed composition and total amount of the company's non-recurring gains and losses during the reporting period, totaling **23.2295 million yuan** - Disposal gains and losses of non-current assets: **14.1578 million yuan**[26](index=26&type=chunk) - Government grants recognized in current profit and loss: **7.4405 million yuan**[26](index=26&type=chunk) - Total non-recurring gains and losses: **23.2295 million yuan**[27](index=27&type=chunk) Section 3 Management Discussion and Analysis [3.1 Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=3.1%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company adheres to a "mining services" and "resource development" dual-driven business model, actively transforming into a diversified mining group. Performance is primarily driven by mining service volume, mineral product sales, and cost control - The company's business model is "mining services" and "resource development" dual-driven, promoting a comprehensive transformation from a single mining service enterprise to a diversified mining group[29](index=29&type=chunk) - The company's current performance is primarily driven by mining service business volume, mineral product sales, and control over procurement and other management costs[43](index=43&type=chunk) [3.1.1 Mining Services](index=10&type=section&id=3.1.1%20Mining%20Services) The company holds a leading position in mining engineering construction and mining operations management, possessing multiple advanced qualifications and extensive international experience and brand influence in Africa and Eurasia - The company's mining services business covers integrated services such as mining engineering construction, mining operations management, mining design and technology R&D, and mining machinery equipment manufacturing[30](index=30&type=chunk) - Possesses Grade I qualification for mining engineering general contracting, Grade II qualification for tunnel engineering specialized contracting, and Grade I qualification for blasting operations[31](index=31&type=chunk) - The company is one of the earliest Chinese mining service providers to "go global," with operations primarily in Africa and Eurasia, serving mines in Zambia, DRC, Ghana, Botswana, Serbia, and Laos[32](index=32&type=chunk) [3.1.2 Mining Resource Development](index=11&type=section&id=3.1.2%20Mining%20Resource%20Development) The company's proprietary mining resource projects primarily involve copper and phosphate rock, having acquired control of Liangchaha Phosphate Mine, Dikulushi Copper Mine, Lonshi Copper Mine, and Lubambe Copper Mine, and holding an equity stake in San Matias Copper-Gold-Silver Mine, with significant resource reserves - The company's proprietary mining resource projects primarily involve copper and phosphate rock products[33](index=33&type=chunk) - In H1 2025, the average LME copper price was approximately **9,410 USD/ton**, showing an upward trend; phosphate rock prices remained stable at a high level, with 30% grade ore in major producing areas long staying at **900–1100 yuan/ton**[33](index=33&type=chunk)[34](index=34&type=chunk) Company's Total Mineral Resources (Equity Resources) | Copper Metal (10,000 tons) | Silver Metal (tons) | Gold Metal (tons) | Phosphate Rock (10,000 tons, 31.00% grade) | | :--- | :--- | :--- | :--- | | 328 | 179 | 19 | 2,123 | - Guizhou Liangchaha Phosphate Mine: The company holds **90%** equity, with mining rights for **23.59 million tons** of phosphate rock; the southern mining area officially commenced production in H2 2023[36](index=36&type=chunk) - DRC Lonshi Copper Mine: The company holds **95%** equity; the western mining, beneficiation, and smelting integrated project commenced production in Q4 2023, with an annual copper metal output of approximately **40,000 tons** at full capacity; the eastern area, once fully operational, will bring the total annual output to approximately **100,000 tons** of copper metal[37](index=37&type=chunk)[38](index=38&type=chunk) - Colombia San Matias Copper-Gold-Silver Mine: The company currently directly holds **50%** equity in CMH; the Environmental Impact Assessment (EIA) report is still awaiting approval, posing uncertainties[40](index=40&type=chunk)[41](index=41&type=chunk) [3.2 Discussion and Analysis of Operations](index=14&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company deepened its "mining services" and "resource development" dual-driven strategy, achieving operating revenue of **6,316.0254 million yuan**, a **47.82%** year-on-year increase; net profit attributable to shareholders was **1,110.9103 million yuan**, an **81.29%** year-on-year increase. Overseas main business revenue accounted for **78.53%** - Achieved operating revenue of **6,316.0254 million yuan**, a **47.82%** year-on-year increase[44](index=44&type=chunk) - Net profit attributable to shareholders was **1,110.9103 million yuan**, an **81.29%** year-on-year increase[44](index=44&type=chunk) - Overseas main business revenue accounted for **78.53%**[44](index=44&type=chunk) [3.2.1 Mining Services Segment](index=15&type=section&id=3.2.1%20Mining%20Services%20Segment) The mining services segment generated revenue of **3,322.4628 million yuan** in H1, with overseas mining services accounting for **63.74%**. New and renewed contracts totaled approximately **7.1 billion yuan**, expanding into Zambian and Botswanan markets. Operations at DRC's Kamoa-Kakula Copper Mine were temporarily suspended due to seismic activity but have gradually recovered to about **70%** of previous levels - Mining services business revenue was **3,322.4628 million yuan**, accounting for **52.60%** of total operating revenue during the reporting period[45](index=45&type=chunk) - Overseas mining services achieved operating revenue of **2,117.6752 million yuan** in H1, accounting for **63.74%** of mining services operating revenue[45](index=45&type=chunk) - In H1, new and renewed mining services contracts totaled approximately **7.1 billion yuan**, including the first undertaking of the Mufulira mine construction project in Zambia and underground mining operations at the Khoemacau Copper Mine's fifth mining area in Botswana[45](index=45&type=chunk) - Underground mining operations at DRC's Kamoa-Kakula Copper Mine were temporarily suspended due to seismic activity, but mining volume has gradually recovered to about **70%** of pre-suspension levels[46](index=46&type=chunk) [3.2.2 Proprietary Mining Resource Projects](index=15&type=section&id=3.2.2%20Proprietary%20Mining%20Resource%20Projects) Proprietary mining resource projects showed good development momentum, achieving resource sales revenue of **2,912.1138 million yuan** in H1, a **238.03%** year-on-year increase, accounting for **46.11%** of operating revenue. Both copper metal and phosphate rock production and sales saw significant growth - Achieved resource sales revenue of **2,912.1138 million yuan** in H1, a **238.03%** year-on-year increase, accounting for **46.11%** of total operating revenue during the reporting period[47](index=47&type=chunk) H1 Copper Metal and Phosphate Rock Production and Sales | Product | Unit | 2025 Jan-Jun Production Volume | 2025 Jan-Jun Sales Volume | 2024 Jan-Jun Production Volume | 2024 Jan-Jun Sales Volume | | :--- | :--- | :--- | :--- | :--- | :--- | | Copper Metal (Equivalent) | tons | 39,442.09 | 43,912.62 | 13,212.47 | 12,631.26 | | Phosphate Rock | tons | 174,299.87 | 169,287.34 | 163,698.35 | 167,674.14 | [3.2.3 Scientific and Technological Innovation Achievements](index=15&type=section&id=3.2.3%20Scientific%20and%20Technological%20Innovation%20Achievements) The company achieved significant scientific and technological innovation results in H1, leading the compilation of national standards, participating in major national research projects, and having several experts selected for ministerial expert databases - The company, as the lead drafting unit, initiated the compilation of the national standard "Safety Technical Specification for Ultra-Deep Shaft Construction in Metal and Non-Metal Mines"[49](index=49&type=chunk) - Successfully participated in the research of a major national project, "Key Technologies for Large-Scale Enhanced Caving and Efficient Low-Dilution Mining in Underground Metal Mines"[49](index=49&type=chunk) - **8 experts** were selected for the Ministry of Natural Resources expert database, and **2 experts** were selected for the Ministry of Human Resources and Social Security postdoctoral fund review expert database[49](index=49&type=chunk) [3.3 Analysis of Core Competencies During the Reporting Period](index=16&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) During the reporting period, the company's core competencies in technology, management, deep resource development capabilities, and integrated equipment maintenance model remained stable, earning widespread recognition from clients - The company's core competencies remained unchanged, primarily reflected in its scientific research and technological advantages, deep resource development capabilities, and integrated equipment and maintenance operation model[50](index=50&type=chunk) [3.4 Major Operating Conditions During the Reporting Period](index=16&type=section&id=3.4%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial statement item changes, business type, and profit composition changes during the reporting period, along with an in-depth analysis of asset and liability conditions, including overseas assets and restricted assets [3.4.1 Main Business Analysis](index=16&type=section&id=3.4.1%20Main%20Business%20Analysis) The company's operating revenue increased by **47.82%**, primarily due to increased production efficiency in the resource development business. The decline in gross profit for mining services was mainly affected by internal management after the acquisition of Lubambe Copper Mine, the initial phase of Terra Mining's open-pit mining services, and seismic activity at Kamoa-Kakula Copper Mine Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (10,000 Yuan) | Prior Year Period Amount (10,000 Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 631,602.54 | 427,275.39 | 47.82 | | Operating Cost | 414,520.73 | 296,749.59 | 39.69 | | Taxes and Surcharges | 21,423.67 | 9,053.22 | 136.64 | | Net Cash Flow from Operating Activities | 172,588.59 | 48,605.25 | 255.08 | | Net Cash Flow from Financing Activities | -21,655.24 | 5,379.73 | -502.53 | - Operating revenue increased by **47.82%**, mainly due to increased production efficiency in the company's resource development business during the current period[52](index=52&type=chunk) - Net cash flow from operating activities increased by **255.08%**, mainly due to the growth in operating revenue and good collection of mineral product sales and mining services receivables[52](index=52&type=chunk) Profit Composition by Main Business Type | Main Business Type | Current Period Operating Revenue (10,000 Yuan) | Current Period Operating Cost (10,000 Yuan) | Current Period Gross Profit (10,000 Yuan) | Current Period Gross Profit Change Ratio from Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | Mining Services | 332,246.28 | 255,513.46 | 76,732.82 | -17.26% | | Mining Resource Development | 291,211.38 | 152,370.33 | 138,841.05 | 276.83% | | Total | 623,457.66 | 407,883.79 | 215,573.87 | 66.35% | - The decline in gross profit for mining services was mainly due to internal management after the acquisition of Lubambe Copper Mine, the initial phase of Terra Mining's open-pit mining services, and the impact of seismic activity at Kamoa-Kakula Copper Mine[56](index=56&type=chunk) [3.4.2 Analysis of Assets and Liabilities](index=17&type=section&id=3.4.2%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets at period-end were **18.414 billion yuan**, an **8.44%** increase from the end of the previous year. Monetary funds, financial assets held for trading, prepayments, and construction in progress all showed significant growth, reflecting business expansion and increased investment. Overseas assets accounted for **69.66%** of total assets Changes in Assets and Liabilities | Project Name | Current Period-End Amount (Yuan) | Prior Year-End Amount (Yuan) | Change Ratio from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,790,678,516.49 | 2,615,933,682.66 | 44.91 | | Financial Assets Held for Trading | 4,367,375.58 | 1,761,845.79 | 147.89 | | Accounts Receivable Financing | 172,767,258.63 | 322,661,178.65 | -46.46 | | Prepayments | 253,039,824.14 | 102,232,905.00 | 147.51 | | Construction in Progress | 333,206,529.10 | 135,924,646.88 | 145.14 | | Contract Liabilities | 346,904,071.68 | 79,185,637.46 | 338.09 | | Other Current Liabilities | 120,342,086.13 | 35,861,236.86 | 235.58 | | Long-Term Borrowings | 1,365,919,847.65 | 729,991,681.55 | 87.11 | | Lease Liabilities | 97,573,280.13 | 68,175,912.54 | 43.12 | - The increase in monetary funds was mainly due to the growth in operating revenue, strengthened collection of engineering payments and mineral product sales, and unused new long-term financing funds[59](index=59&type=chunk) - The increase in construction in progress was mainly due to investments in the Lonshi Copper Mine East Area mining and beneficiation project, Liangchaha Phosphate Mine North Area infrastructure project, and Lubambe Copper Mine technical upgrades[59](index=59&type=chunk) - Overseas assets totaled **12.827 billion yuan**, accounting for **69.66%** of total assets[61](index=61&type=chunk) Major Asset Restrictions as of the End of the Reporting Period | Project | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 111,716,451.41 | Deposits/Funds in Transit | | Fixed Assets | 46,415,323.13 | Mortgage | | Intangible Assets | 298,350,296.88 | Mortgage | [3.4.3 Analysis of Investment Status](index=20&type=section&id=3.4.3%20Analysis%20of%20Investment%20Status) During the reporting period, the company's long-term equity investments increased by **24.19%**, primarily due to the final payment for the acquisition of CMH equity. The company continued to advance major non-equity investment projects such as the Liangchaha Phosphate Mine North Area, Lubambe Copper Mine technical upgrades, and Lonshi Copper Mine East Area mining and beneficiation project - Long-term equity investments totaled **530.426 million yuan**, an increase of **24.19%** from the previous year, mainly due to the final payment of **20 million USD** for the acquisition of **50%** equity in CMH, a subsidiary of Cordoba Minerals[67](index=67&type=chunk)[68](index=68&type=chunk) - Cumulative investment in the construction of Liangchaha Phosphate Mine North Area was **595.7661 million yuan**, with new construction investment of **21.151 million yuan** in the current reporting period[69](index=69&type=chunk) - Cumulative investment in technical upgrades for Lubambe Copper Mine mining and beneficiation project was **54.8898 million USD**[71](index=71&type=chunk) - The Lonshi Copper Mine East Area mining and beneficiation project is planned to invest **751.344 million USD**, with an infrastructure construction period of **4.5 years**, and preparatory work was carried out during the reporting period[72](index=72&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (Yuan) | Period-Beginning Amount (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | | :--- | :--- | :--- | :--- | | Private Equity Funds | 15,526,999.80 | 15,509,572.26 | 17,427.54 | | Stocks - 600117 | 50,554,904.96 | 50,780,596.50 | -225,691.54 | | Convertible Bonds | 49,601,213.73 | 49,212,396.91 | 592,830.15 | | Stocks - WA8 | 4,367,375.58 | 1,761,845.79 | 2,537,237.25 | - The company holds **8,884,391 shares** of Warriedar Resources Limited, held by Terra Mining Australia, which are classified as financial assets measured at fair value[77](index=77&type=chunk) [3.4.4 Analysis of Major Holding and Participating Companies](index=25&type=section&id=3.4.4%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company established two new subsidiaries, JCHX Botswana and Jinghang Resources, both in the preparatory stage, with no significant impact on overall performance yet. The company's major subsidiaries are operating well, with some, like Sabwe Company, contributing significantly to net profit - During the reporting period, JCHX Botswana and Jinghang Resources were newly established, both in the initial preparatory stage, and have not yet commenced substantive business operations, thus having no impact on the company's overall production, operations, and performance[82](index=82&type=chunk) Financial Data of Major Subsidiaries (10,000 Yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | JCHX Zambia | 166,885.45 | 125,868.47 | 33,086.94 | 3,072.60 | 853.85 | | Yuancheng Technology | 129,687.80 | 32,860.74 | 268,378.55 | 6,257.08 | 4,635.98 | | JCHX International | 164,685.04 | 102,985.31 | 43,963.85 | 2,758.83 | 1,985.24 | | Zhiyong Industrial | 139,894.13 | 32,046.94 | 54,467.21 | 8,942.91 | 5,720.41 | | Liangchaha Mining | 62,840.65 | 42,386.82 | 13,380.34 | 2,573.72 | 1,917.78 | | Jinjing Mining | 55,206.18 | 5,021.28 | 22,833.07 | 4,692.09 | 3,211.76 | | Sabwe Company | 412,098.59 | 42,640.42 | 172,320.19 | 62,422.93 | 38,813.49 | | Zhaoyuan Mining | 315,492.01 | -910.78 | 57,582.82 | 3,254.40 | 2,655.63 | | Terra Mining Company | 67,775.65 | -7,354.05 | 41,116.22 | -7,419.01 | -7,068.78 | [3.5 Other Disclosure Matters](index=27&type=section&id=3.5%20Other%20Disclosure%20Matters) This section details the macroeconomic, industry cyclical, customer concentration, accounts receivable, overseas operations, safety and environmental, funding, talent competition, and force majeure risks faced by the company, and summarizes the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, including focusing on main business, innovation-driven, strengthening corporate governance, management upgrades, and emphasizing shareholder returns [3.5.1 Potential Risks](index=27&type=section&id=3.5.1%20Potential%20Risks) The company faces multiple risks including macroeconomic fluctuations, resource price volatility, high customer concentration, large accounts receivable, dispersed operating locations, overseas market operations, safety and environmental, quality, mineral resource estimation, funding, talent competition, and force majeure - Macroeconomic fluctuations may suppress demand growth in the mining services industry[85](index=85&type=chunk) - Fluctuations in copper, phosphate rock, and other resource prices will affect the company's profitability[86](index=86&type=chunk) - The top five customers' revenue accounted for **54.11%** of current operating revenue, indicating customer concentration risk[87](index=87&type=chunk) - Accounts receivable at the end of the reporting period were substantial, accounting for **12.64%** of total assets, posing bad debt risk[90](index=90&type=chunk) - Overseas assets totaled **12.827 billion yuan**, accounting for **69.66%** of total assets, facing overseas market operating risks such as political, economic, labor, fiscal, and exchange rate changes[93](index=93&type=chunk) - Mining services and resource development inherently involve high risks, potentially leading to casualties and property losses[94](index=94&type=chunk)[95](index=95&type=chunk) - Proprietary mining resource projects require significant capital investment, posing risks of insufficient funding or increased financing costs[98](index=98&type=chunk) - The company will strengthen risk identification and control, enhance market development, improve safety and environmental management, accelerate cash collection, introduce digital management, optimize financing structure, and strengthen talent development to mitigate risks[102](index=102&type=chunk) [3.5.2 Other Disclosure Matters](index=30&type=section&id=3.5.2%20Other%20Disclosure%20Matters) The company actively implemented its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, achieving record-high performance in H1. Through technological innovation, improved corporate governance, management upgrades, and enhanced investor communication, the company continuously increased its value and shareholder returns - The company deeply promoted its "mining services" and "resource development" dual-driven development plan, with H1 2025 operating revenue of **6,316.0254 million yuan**, a **47.82%** year-on-year increase; net profit attributable to parent company was **1,110.9103 million yuan**, an **81.29%** year-on-year increase[103](index=103&type=chunk) - Significant scientific and technological innovation achievements, including leading the compilation of national standards, participating in major national research projects, and independently developing unmanned shovel-loader systems[106](index=106&type=chunk) - Strengthened corporate governance, revised the "Articles of Association," abolished the Supervisory Board, and enhanced the functions of the Board's Audit and Risk Management Committee[107](index=107&type=chunk) - Emphasized shareholder returns, with a 2024 annual cash dividend of approximately **280.7 million yuan**, and cash dividend per share increasing by **125%** year-on-year, reaching a record high[110](index=110&type=chunk) - Formulated a "Market Value Management System" to enhance investor communication and information transparency through performance briefings, e-interaction platforms, and other channels[111](index=111&type=chunk) Section 4 Corporate Governance, Environment, and Society [4.1 Changes in Directors and Senior Management](index=32&type=section&id=4.1%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors, including the resignation of a vice chairman and the election of a new director. Additionally, the company abolished the Supervisory Board as required by the new "Company Law," with its responsibilities assumed by the Board's Audit and Risk Management Committee - Mr. Wang Xinyu resigned from his positions as director and vice chairman, Mr. Ye Pingxian was elected as a non-independent director of the Fifth Board of Directors, and Director Mr. Wang Xiancheng was elected as vice chairman of the Fifth Board of Directors[114](index=114&type=chunk) - The company's 2024 Annual General Meeting approved the abolition of the Supervisory Board, with its responsibilities to be exercised by the Board's Audit and Risk Management Committee[115](index=115&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=33&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) No profit distribution or capital reserve conversion to share capital plan was proposed in this semi-annual report - No profit distribution plan or capital reserve conversion to share capital plan in this semi-annual report[116](index=116&type=chunk) [4.3 Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&type=section&id=4.3%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company's second phase employee stock ownership plan has completed equity distribution for the first two allocation periods, currently holding **2,434,415 shares** of the company, with the duration expiring on December 13, 2025 - The company's second phase employee stock ownership plan completed share purchases on December 10, 2021, totaling **6,119,910 shares**[118](index=118&type=chunk) - The duration of the stock ownership plan is **48 months**, expiring on December 13, 2025[118](index=118&type=chunk) - Equity distribution for the first two allocation periods has been completed, with company-level performance completion rates of **100%** and **98%** respectively[119](index=119&type=chunk) - As of the end of the reporting period, this employee stock ownership plan still holds **2,434,415 shares** of the company[119](index=119&type=chunk) [4.4 Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=34&type=section&id=4.4%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company's mining services business is not classified as a heavily polluting industry, and its proprietary mining resource development operations strictly comply with domestic and international environmental regulations, actively fulfilling environmental and social responsibilities. No significant environmental information changes or penalties from ecological environment authorities occurred during the reporting period - Mining services business is not classified as a heavily polluting industry by the Ministry of Environmental Protection[121](index=121&type=chunk) - The company's proprietary mining resource projects strictly adhere to domestic or project-location country laws and regulations, preparing environmental or social impact reports and actively fulfilling environmental and social responsibilities[121](index=121&type=chunk) - During the reporting period, the company did not receive penalties from ecological environment administrative authorities in the project locations[122](index=122&type=chunk) Section 5 Significant Matters [5.1 Fulfillment of Commitments](index=36&type=section&id=5.1%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments during or continuing into the reporting period, including those related to initial public offering, refinancing, authenticity, avoiding horizontal competition, and standardizing related-party transactions - The company and its related parties strictly fulfilled commitments regarding the truthfulness, accuracy, and completeness of documents related to the initial public offering of shares[125](index=125&type=chunk) - JCHX Group and the actual controller strictly fulfilled commitments to avoid horizontal competition and standardize related-party transactions[125](index=125&type=chunk) - The company's directors and senior management strictly fulfilled share lock-up commitments[125](index=125&type=chunk) [5.2 Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=38&type=section&id=5.2%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties[7](index=7&type=chunk) [5.3 Irregular Guarantees](index=38&type=section&id=5.3%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) [5.4 Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=38&type=section&id=5.4%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts[127](index=127&type=chunk) [5.5 Significant Related-Party Transactions](index=38&type=section&id=5.5%20Significant%20Related-Party%20Transactions) This section discloses related-party transactions related to the company's daily operations, including property leases with Jingyun Industrial and design & procurement services and shareholder loans with CMH. It also details the progress of the company's acquisition of CMH equity, including the completed **100 million USD** payment and the plan to acquire an additional **5%** equity [5.5.1 Related-Party Transactions Related to Daily Operations](index=38&type=section&id=5.5.1%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The company renewed a property lease contract with Jingyun Industrial, a wholly-owned subsidiary of the controlling shareholder, with total lease payments of **20,918,436.30 yuan** (including tax) for 2025. Additionally, the company provided design and procurement services (**15.8 million USD**) and a shareholder loan (not exceeding **5 million USD**) to related party CMH, which has been repaid with **249,300 USD** in interest income recognized - The company signed a property lease contract with Beijing Jingyun Industrial Investment Co., Ltd., with total lease payments of **20,918,436.30 yuan** (including tax) for 2025[128](index=128&type=chunk) - The company signed a design and procurement service agreement for the Alacran Copper-Gold-Silver Mine with CMH, with a service fee of **15.8 million USD**; project optimization, design, and equipment selection are steadily progressing[131](index=131&type=chunk) - The company provided a shareholder loan not exceeding **5 million USD** to CMH, which has been repaid, with cumulative interest income of **249,300 USD** recognized from this loan[132](index=132&type=chunk) [5.5.2 Related-Party Transactions Involving Asset or Equity Acquisition/Disposal](index=39&type=section&id=5.5.2%20Related-Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisition%2FDisposal) The company has completed the **100 million USD** payment for **50%** equity in CMH. Currently, the company plans to acquire an additional **5%** equity in CMH to gain control, with a transaction price including **10 million USD** and contingent consideration, but the successful completion of this transaction depends on closing conditions such as EIA approval, posing uncertainties - As of the end of June 2025, the company invested **20 million USD** to subscribe for new shares in CMH, with a cumulative investment of **100 million USD**, completing the acquisition of **50%** equity in CMH[135](index=135&type=chunk) - The company plans to acquire an additional **5%** equity in CMH and obtain control, with a transaction price including **10 million USD** and contingent consideration (**4.4 million USD** or **15.4 million USD**)[136](index=136&type=chunk) - The successful completion of this transaction depends on fulfilling necessary external approval/filing procedures, approval of the Environmental Impact Assessment (EIA) for the Alacran Copper-Gold-Silver deposit, and other closing conditions, which currently involve certain uncertainties[136](index=136&type=chunk) [5.6 Significant Contracts and Their Performance](index=41&type=section&id=5.6%20Significant%20Contracts%20and%20Their%20Performance) This section details the company's significant guarantees performed and unfulfilled during the reporting period, including a total guarantee amount of **2,539.4547 million yuan** for subsidiaries, and multiple mining operations management, mining engineering construction contracts, and bank loan and guarantee contracts [5.6.1 Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=42&type=section&id=5.6.1%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) The company's total guarantee balance for subsidiaries is **2,539.4547 million yuan**, accounting for **25.48%** of the company's net assets. Among these, debt guarantees provided for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **2,227.3758 million yuan**. The company provided multiple significant guarantees for subsidiaries such as JCHX Congo, JCHX Botswana, Zhiyuan Mining, and Lubambe Copper Mine - As of the end of the reporting period, the total guarantee balance for subsidiaries was **2,539.4547 million yuan**, accounting for **25.48%** of the company's net assets[139](index=139&type=chunk) - Debt guarantees provided for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **2,227.3758 million yuan**[139](index=139&type=chunk)[140](index=140&type=chunk) - The company provided a parent company guarantee for its subsidiary JCHX Congo to fulfill a 5-year contracting agreement for the Kamoa-Kakula Copper Mine underground drift mining project, with an estimated contract value of approximately **993.4054 million USD**[140](index=140&type=chunk) - The company provided guarantee for its wholly-owned subsidiary Zhiyuan Mining Investment Co., Ltd. (Lonshi Copper Mine) for **80 million USD** and **20 million USD**[141](index=141&type=chunk) - The company provided a performance guarantee of **30 million USD** for its controlling subsidiary Lubambe Copper Mine Co., Ltd[140](index=140&type=chunk) [5.6.2 Other Significant Contracts](index=46&type=section&id=5.6.2%20Other%20Significant%20Contracts) The company has multiple ongoing mining operations management and mining engineering construction contracts, including large-scale projects such as Pulang Copper Mine, Khoemacau Copper Mine, Cukaru-Peki Copper-Gold Mine, and Kamoa-Kakula Copper Mine. Additionally, the company has signed loan and guarantee contracts with several banks to support its operations and project construction Mining Operations Management and Mining Engineering Construction Contracts (Partial) | No. | Contract Party | Project Content | Estimated Contract Period | Contract Amount (Estimated based on workload) (10,000 Yuan/10,000 USD) | Performance Status | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Yunnan Diqing Nonferrous Metals Co., Ltd. | Pulang Copper Mine Phase I Mining and Beneficiation Project Northern Mining Section Mining and Cutting Engineering and Mining General Contracting Project | Oct 10, 2024 to Oct 9, 2034 | 133,000 | Ongoing | | 5 | Khoemacau Copper Mining Proprietary Limited | Khoemacau Copper Mine Fifth Mining Area Underground Mining Business | Jul 1, 2025 to Jun 30, 2030 | US$8,050.17 | Ongoing | | 6 | Serbia Zijin Mining Co., Ltd. | Cukaru-Peki Copper-Gold Mine Lower Ore Body Shaft and Tunnel Engineering (Section 2) | 1 Air Intake Shaft Project: Apr 1, 2022 to Apr 19, 2027 | 71,785.00 | Ongoing | | 8 | Kamoa Copper SA | Kamoa-Kakula Copper Mine Underground Drift Mining Project | Dec 13, 2023 to Dec 12, 2028 | US$9,934.05 | Ongoing | Loan and Guarantee Contracts (Partial) | No. | Contract Party | Loan Contract Content | Guarantee Status | Credit Line (10,000 Yuan/10,000 USD) | Credit Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Bank of Beijing Youanmen Branch | Comprehensive credit line of up to 30,000 10,000 yuan | JCHX Group, Wang Xiancheng provide joint and several liability guarantee for 30,000 10,000 yuan under the "Comprehensive Credit Contract" | 30,000.00 | Jun 23, 2025 to Jun 22, 2026 | | 10 | HSBC Bank (China) Co., Ltd. Beijing Branch | Credit line of up to 1,500 10,000 USD | JCHX Group, Wang Xiancheng provide joint and several liability guarantee for 1,500 10,000 USD under the "Credit Contract" | 1,500 10,000 USD | Sep 6, 2024 to Sep 30, 2025 | | 34 | Mugunghwa (Hong Kong) Investment Co., Ltd. | Loan of 8,000 10,000 USD | JCHX Mining provides guarantee | 8,000 10,000 USD | Sep 29, 2022 to Sep 29, 2027 | [5.7 Explanation of Progress in Use of Raised Funds](index=51&type=section&id=5.7%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's convertible corporate bond (JCHX Convertible Bond) fundraising investment projects have been completed as planned, with remaining funds permanently used to supplement working capital, and relevant special accounts were closed in January 2024 - The company's convertible corporate bond (bond code 113615) fundraising investment projects have been completed as planned[149](index=149&type=chunk) - Remaining raised funds have been permanently used to supplement working capital, and the special accounts for convertible corporate bonds were closed in January 2024[149](index=149&type=chunk) Section 6 Share Changes and Shareholder Information [6.1 Share Capital Changes](index=52&type=section&id=6.1%20Share%20Capital%20Changes) From January 1 to June 30, 2025, the company's share count increased by **2,118 shares** due to "JCHX Convertible Bond" conversion, representing **0.0004%** of the total shares issued before conversion Share Change Table | | Quantity Before This Change | Proportion Before This Change (%) | Net Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 623,775,770 | 100 | 2,118 | 623,777,888 | 100 | | III. Total Shares | 623,775,770 | 100 | 2,118 | 623,777,888 | 100 | - From January 1, 2025, to June 30, 2025, the number of shares resulting from the conversion of "JCHX Convertible Bond" was **2,118 shares**, accounting for **0.0004%** of the total shares issued before the conversion[154](index=154&type=chunk) - As of June 30, 2025, the cumulative number of shares resulting from conversion was **40,369,456 shares**, accounting for **6.9196%** of the total shares issued before the "JCHX Convertible Bond" conversion[154](index=154&type=chunk) - The impact of this period's share change on earnings per share was **-0.000006 yuan/share**, and on net assets per share was **-0.00004 yuan/share**[155](index=155&type=chunk) [6.2 Shareholder Information](index=53&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **16,603**. JCHX Group Co., Ltd. was the largest shareholder, holding **38.88%** of shares and pledging a portion. Hong Kong Securities Clearing Company Limited held **2.23%** - Total number of common shareholders as of the end of the reporting period: **16,603**[156](index=156&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Change During Reporting Period | Period-End Shareholding | Proportion (%) | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JCHX Group Co., Ltd. | 0 | 242,519,049 | 38.88 | 0 | Pledged | 42,600,000 | | National Social Security Fund 406 Portfolio | 630,500 | 14,792,688 | 2.37 | 0 | Unknown | - | | Hong Kong Securities Clearing Company Limited | -20,194,421 | 13,893,186 | 2.23 | 0 | Unknown | - | | National Social Security Fund 111 Portfolio | 2,748,860 | 9,820,591 | 1.57 | 0 | Unknown | - | | Monetary Authority of Macao - Own Funds | 384,000 | 9,074,437 | 1.45 | 0 | Unknown | - | | Yingtan Jincheng Investment Development Co., Ltd. | 0 | 8,736,584 | 1.40 | 0 | None | 0 | | Yingtan Jinxin Investment Development Co., Ltd. | 0 | 7,491,777 | 1.20 | 0 | None | 0 | | Kuwait Investment Authority - Own Funds | 879,900 | 7,111,472 | 1.14 | 0 | Unknown | - | | National Social Security Fund 418 Portfolio | 6,972,754 | 6,972,754 | 1.12 | 0 | Unknown | - | | Generali China Life Insurance Co., Ltd. - Participating Product 2 | 0 | 6,894,557 | 1.11 | 0 | Unknown | - | - JCHX Group Co., Ltd. holds **100%** equity in Yingtan Jincheng Investment Development Co., Ltd. and Yingtan Jinxin Investment Development Co., Ltd[159](index=159&type=chunk) [6.3 Directors and Senior Management Information](index=55&type=section&id=6.3%20Directors%20and%20Senior%20Management%20Information) During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management Changes in Shareholdings of Current and Former Directors and Senior Management During the Reporting Period | Name | Position | Shares Held at Period-Beginning | Shares Held at Period-End | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Qinghai | Chairman | 254,200 | 254,200 | 0 | Not applicable | | Wang Xiancheng | Vice Chairman | 5,601,121 | 5,601,121 | 0 | Not applicable | | Huang Haigen | Director, President | 0 | 0 | 0 | Not applicable | | Wang Cicheng | Director, Executive Vice President | 1,399,514 | 1,399,514 | 0 | Not applicable | | Wang Youcheng | Director, Vice President | 1,399,514 | 1,399,514 | 0 | Not applicable | | Ye Pingxian | Director, Vice President | 0 | 0 | 0 | Not applicable | | Zhang Jianliang | Independent Director | 0 | 0 | 0 | Not applicable | | Pan Shuai | Independent Director | 0 | 0 | 0 | Not applicable | | Ye Xishan | Independent Director | 0 | 0 | 0 | Not applicable | | Yin Shizhou | Former Chairman of Supervisory Board | 712,265 | 712,265 | 0 | Not applicable | | Wang Qinghan | Former Supervisor | 0 | 0 | 0 | Not applicable | | Xu Wangqing | Former Employee Supervisor | 0 | 0 | 0 | Not applicable | | Zhou Genming | Vice President | 0 | 0 | 0 | Not applicable | | Wang Gang | Vice President | 0 | 0 | 0 | Not applicable | | Hu Zhou | Vice President, Chief Economist | 0 | 0 | 0 | Not applicable | | Ding Jingang | Vice President, Chief Engineer | 0 | 0 | 0 | Not applicable | | Liu Fengkun | Vice President | 0 | 0 | 0 | Not applicable | | Meng Zhuhong | CFO | 300,000 | 300,000 | 0 | Not applicable | | Wu Bangfu | Board Secretary | 300,000 | 300,000 | 0 | Not applicable | Section 7 Bond-Related Information [7.1 Convertible Corporate Bonds](index=57&type=section&id=7.1%20Convertible%20Corporate%20Bonds) The company publicly issued **1 billion yuan** "JCHX Convertible Bond" in December 2020. As of the end of the reporting period, the unconverted amount was **495.957 million yuan**. The company's long-term credit rating is AA, with a stable outlook. The company has decided not to exercise its early redemption right for "JCHX Convertible Bond" and will not redeem it early within the next six months - The company publicly issued **1 million lots** of convertible corporate bonds on December 23, 2020, with a total issuance amount of **1,000 million yuan**, abbreviated as "JCHX Convertible Bond," code 113615[166](index=166&type=chunk) - Number of convertible bondholders at period-end: **1,923**[167](index=167&type=chunk) Top Ten Convertible Bondholders (Partial) | Convertible Corporate Bondholder Name | Period-End Bondholding (Yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Agricultural Bank of China Co., Ltd. - Penghua Convertible Bond Fund | 45,148,000 | 9.10 | | Ping An Stable Allocation No. 3 Fixed Income Pension Product - Industrial and Commercial Bank of China Co., Ltd. | 39,737,000 | 8.01 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 22,290,000 | 4.49 | Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Before This Change (Yuan) | Converted to Shares (Yuan) | After This Change (Yuan) | | :--- | :--- | :--- | :--- | | JCHX Convertible Bond | 495,983,000 | 26,000 | 495,957,000 | - Cumulative converted shares: **40,369,456 shares**, accounting for **6.9196%** of the total shares issued before conversion. Unconverted amount: **495.957 million yuan**, accounting for **49.5957%** of the total convertible bond issuance[170](index=170&type=chunk) - The conversion price has been adjusted multiple times, with the latest conversion price at the end of this reporting period being **11.78 yuan/share**[173](index=173&type=chunk) - The company's long-term credit rating is **AA**, with a stable outlook[174](index=174&type=chunk) - The company decided not to exercise its early redemption right for "JCHX Convertible Bond" and will not exercise it within the next six months (April 10, 2025, to October 9, 2025)[176](index=176&type=chunk) Section 8 Financial Report [8.1 Financial Statements](index=61&type=section&id=8.1%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows [8.2 Company Basic Information](index=77&type=section&id=8.2%20Company%20Basic%20Information) The company was established through overall restructuring on May 9, 2011, and listed on the Shanghai Stock Exchange on June 30, 2015. As of the end of the reporting period, its registered capital was **623.776176 million yuan**, with main businesses in mining services and mining resource development - JCHX Mining Management Co., Ltd. was established through overall restructuring on May 9, 2011, and listed on the Shanghai Stock Exchange on June 30, 2015[202](index=202&type=chunk) - As of the end of the reporting period, the company's registered capital was **623.776176 million yuan**, and its share capital increased to **623.777888 million shares**[203](index=203&type=chunk) - The company belongs to the mining services industry and mining resource development industry[204](index=204&type=chunk) [8.3 Basis of Financial Statement Preparation](index=77&type=section&id=8.3%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with accounting standards issued by the Ministry of Finance and relevant disclosure regulations of the China Securities Regulatory Commission, with no significant doubts about its ability to continue as a going concern - The company prepares its financial statements on a going concern basis, based on actual transactions and events, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the disclosure requirements of "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" (Revised in 2023) by the China Securities Regulatory Commission[204](index=204&type=chunk) - There are no matters or circumstances that cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[205](index=205&type=chunk) [8.4 Significant Accounting Policies and Estimates](index=78&type=section&id=8.4%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates for revenue recognition, financial instrument measurement, inventory impairment provisions, fixed asset depreciation, intangible asset amortization, and deferred income tax assets, and clarifies various materiality standards - The company sets materiality standards for various financial indicators and transactions, such as significant accounts receivable/other receivables for which bad debt provisions are individually recognized if the current period's individual provision amount exceeds **10 million yuan**[211](index=211&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[226](index=226&type=chunk) - The company uses the transfer of control as the judgment criterion for revenue recognition; for performance obligations satisfied over time, revenue is recognized according to the progress of performance; for performance obligations satisfied at a point in time, revenue is recognized when the customer obtains control of the related goods[316](index=316&type=chunk)[317](index=317&type=chunk) - The company uses the moving weighted average method for measuring the cost of inventories issued; at the balance sheet date, inventories are measured at the lower of cost and net realizable value[260](index=260&type=chunk)[261](index=261&type=chunk) - Fixed assets are depreciated using the straight-line method; depreciation periods are **20 years** for buildings, **2-20 years** for machinery and equipment, and **2-10 years** for transportation vehicles[282](index=282&type=chunk) - Mining rights within intangible assets are amortized using the units-of-production method based on related proven and probable reserves; other intangible assets are amortized using the straight-line method[293](index=293&type=chunk) [8.5 Taxation](index=118&type=section&id=8.5%20Taxation) This section details the main tax categories and applicable tax rates for the company and its subsidiaries, including VAT, corporate income tax, and resource tax. The company and some subsidiaries enjoy a **15%** corporate income tax preferential rate as high-tech enterprises, while some overseas subsidiaries also benefit from local tax incentives or exemptions Major Tax Categories and Tax Rates (Partial) | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | Taxed at rates such as 1%, 3%, 5%, 6%, 9%, 10%, 12%, 13%, 14%, 15%, 16%, 20% | | Urban Maintenance and Construction Tax | 7%, 5%, 1% | | Corporate Income Tax | 15%, 20%, 25%, 27%, 8.25%, 16.50%, 30%, 3%, 2.5% | | Resource Tax | 3.5%, 7.5% | Taxable Entities with Different Corporate Income Tax Rates (Partial) | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Company, JCHX Research Institute, JCHX Design Institute, Intelligent Equipment Company, Jinuo Company, Zhiyong Industrial, Yuancheng Technology | 15% | | JCHX International, Mingzhu Exploration, Zhiyuan Mining, Zhaoyuan Mining | 0% | | JCHX Technology Company, Beijing Zhongchengcheng, Lijiang JCHX, Liangchaha Mining, Yunnan JCHX, Hubei JCHX, Pioneer Company, Guizhou JCHX | 25% | | JCHX Congo, Baian Mining, Jinjing Mining, Yuanjing Mining, Jinke Construction, Sabwe Company, JCHX Congo (DRC), Jinji Mining, Terra Mining, Jinrong Mining | 30% | - The company and JCHX Research Institute 2022-2024 passed the high-tech enterprise re-certification, enjoying a reduced corporate income tax rate of **15%**; this tax incentive policy has expired this year, and the re-application process for high-tech enterprise status is currently underway[353](index=353&type=chunk) - JCHX Design Institute, Intelligent Equipment Company, Jinuo Company, and Zhiyong Industrial enjoy a reduced corporate income tax rate of **15%** for 2023-2025[354](index=354&type=chunk)[355](index=355&type=chunk) - JCHX Serbia can reduce corporate income tax based on the effective investment ratio, with a reduction ratio of **97.60%** in 2024[356](index=356&type=chunk) - Yuancheng Technology applies a **15%** corporate income tax rate for encouraged enterprises in Hainan Free Trade Port[356](index=356&type=chunk) [8.6 Notes to Consolidated Financial Statement Items](index=122&type=section&id=8.6%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, long-term borrowings, and bonds payable, explaining their period-end balances, reasons for changes, and related accounting treatments [8.6.1 Monetary Funds](index=122&type=section&id=8.6.1%20Monetary%20Funds) The company's period-end monetary funds balance was **3,790.6785 million yuan**, of which **2,448.6220 million yuan** was deposited overseas. Other monetary funds include various restricted funds such as guarantees and funds in transit Composition of Monetary Funds | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 6,948,069.56 | 5,828,076.24 | | Bank Deposits | 3,671,951,258.34 | 2,532,172,695.32 | | Other Monetary Funds | 111,779,188.59 | 77,932,911.10 | | Total | 3,790,678,516.49 | 2,615,933,682.66 | | Of which: Funds Deposited Overseas | 2,448,622,016.70 | 1,487,859,574.32 | - Other monetary funds at period-end include restricted funds such as bank acceptance bill deposits of **299,010.47 yuan**, letter of guarantee deposits of **28,766,168.85 yuan**, borrowing deposits of **26,394,830.06 yuan**, mine geological environment restoration fund of **8,432,999.62 yuan**, and funds in transit of **47,821,557.64 yuan**[357](index=357&type=chunk) [8.6.2 Accounts Receivable](index=126&type=section&id=8.6.2%20Accounts%20Receivable) The company's period-end accounts receivable book balance was **2,848.0389 million yuan**, with the highest proportion being within 1 year. Bad debt provisions of **519.6417 million yuan** have been made. The top five debtors' accounts receivable and contract assets combined accounted for **49.48%** of the total Accounts Receivable by Aging | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year (inclusive) | 1,982,728,181.87 | | 1 to 2 years | 231,976,104.42 | | 2 to 3 years | 109,698,790.12 | | 3 to 4 years | 63,350,983.17 | | 4 to 5 years | 211,818,127.59 | | Over 5 years | 248,466,739.17 | | Total | 2,848,038,926.34 | Accounts Receivable Classified by Bad Debt Provision Method | Category | Book Balance (Yuan) | Proportion (%) | Bad Debt Provision (Yuan) | Provision Ratio (%) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bad debt provision by portfolio | 2,848,038,926.34 | 100.00 | 519,641,686.87 | 18.25 | 2,328,397,239.47 | - The total accounts receivable of the top five debtors and contract assets at period-end, grouped by debtor, amounted to **1,762.4236 million yuan**, accounting for **49.48%** of the total accounts receivable and contract assets at period-end[381](index=381&type=chunk) [8.6.3 Inventories](index=140&type=section&id=8.6.3%20Inventories) The company's period-end inventory book value was **1,549.5736 million yuan**, primarily consisting of raw materials, work-in-progress, and finished goods. Inventory impairment provisions of **3.9076 million yuan** were made in the current period, with a period-end impairment provision balance of **27.2816 million yuan** Inventory Classification | Project | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 1,025,873,200.22 | 25,835,616.66 | 1,000,037,583.56 | | Work-in-Progress | 124,387,113.39 | - | 124,387,113.39 | | Finished Goods | 189,053,675.50 | 1,445,980.14 | 187,607,695.36 | | Revolving Materials | 9,814,260.34 | - | 9,814,260.34 | | Contract Performance Costs | 190,369,611.35 | - | 190,369,611.35 | | Goods in Transit | 37,151,706.77 | - | 37,151,706.77 | | Low-Value Consumables | 205,617.05 | - | 205,617.05 | | Total | 1,576,855,184.62 | 27,281,596.80 | 1,549,573,587.82 | - Inventory impairment provisions increased by **3.9076 million yuan** in the current period, with a period-end inventory impairment provision balance of **27.2816 million yuan**[415](index=415&type=chunk) [8.6.4 Fixed Assets](index=149&type=section&id=8.6.4%20Fixed%20Assets) The company's period-end fixed assets book value was **5,771.3983 million yuan**, with machinery and equipment accounting for the largest proportion. Some fixed assets, such as the Lonshi mining area office camp and Maituo office building, have not yet completed property title certificates Book Value of Fixed Assets | Project | Period-End Book Value (Yuan) | | :--- | :--- | | Buildings and Structures | 474,326,641.09 | | Machinery and Equipment | 3,646,053,812.73 | | Transportation Vehicles | 116,323,270.81 | | Electronic and Other Equipment | 43,375,045.58 | | Temporary Facilities | 4,821,299.52 | | Tunnel Assets | 1,486,498,182.45 | | Total | 5,771,398,252.18 | Fixed Assets for Which Property Title Certificates Have Not Been Completed | Project | Book Value (Yuan) | Reason for Not Completing Property Title Certificates | | :--- | :--- | :--- | | Lonshi Mining Area Office Camp | 167,745,463.17 | No need to process | | Maituo Office Building | 53,656,080.29 | In process | | Dikulushi Mining Area Office Camp | 20,751,124.40 | No need to process | | Pulang Project Department Office Building | 6,870,504.49 | No need to process | | Zhongnan Dormitory Building | 1,548,000.00 | In process | | Subtotal | 250,571,172.35 | | [8.6.5 Intangible Assets](index=156&type=section&id=8.6.5%20Intangible%20Assets) The company's period-end intangible assets book value was **1,321.7718 million yuan**, with mining rights being the main component. Intangible assets increased by **24.9802 million yuan** in the current period, primarily due to the acquisition of land use rights and software Book Value of Intangible Assets | Project | Period-End Book Value (Yuan) | | :--- | :--- | | Land Use Rights | 67,415,387.14 | | Trademarks | 12,400,000.00 | | Non-Patented Technology | 82,363,345.15 | | Software | 21,757,132.68 | | Mining Rights | 1,137,835,941.75 | | Total | 1,321,771,806.72 | - Intangible assets increased by **24.9802 million yuan** in the current period, mainly due to the acquisition of land use rights of **23.1840 million yuan** and software of **1.7962 million yuan**[460](index=460&type=chunk) [8.6.6 Short-Term Borrowings](index=162&type=section&id=8.6.6%20Short-Term%20Borrowings) The company's period-end total short-term borrowings amounted to **852.2444 million yuan**, primarily guarantee-backed borrowings. There were no overdue short-term borrowings unpaid during the reporting period Short-Term Borrowing Classification | Project | Period-End Balance (Yuan) | | :--- | :--- | | Guarantee-Backed Borrowings | 852,199,881.26 | | Credit Borrowings | 44,469.69 | | Total | 852,244,350.95 | - The total amount of overdue short-term borrowings unpaid at the end of the current period was **0 yuan**[482](index=482&type=chunk) [8.6.7 Long-Term Borrowings](index=168&type=section&id=8.6.7%20Long-Term%20Borrowings) The company's period-end total long-term borrowings amounted to **1,365.9198 million yuan**, primarily consisting of guarantee-backed borrowings and pledged guarantee-backed borrowings Long-Term Borrowing Classification | Project | Period-End Balance