证券代码：000426 证券简称：兴业矿业 内蒙古兴业矿业股份有限公司 投资者关系活动记录表 编号：2023 -01 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2022年度业绩说明会的全体投资者 | | 时间 | 2023年05月24日 15:00-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 吉兴业先生 | | | 董事、总经理 张树成先生 | | | 董事、副总经理、财务总监 董永先生 | | | 董事、副总经理、董事会秘书 孙凯先生 | | | 独立董事 张世潮先生 | | | 证券事务代表 尚佳楠女士 | | | 1 .吉董，公司23年一季报显示流动负债32亿，公司流动资产 6.8亿，即便银行贷款十亿，偿债压力十分重，为何还要斥资2亿多 | | 投资者关系活动主要内容 | ...

证券代码：000426 证券简称：兴业矿业 公告编号：2023-41 内蒙古兴业矿业股份有限公司 关于举办 2022 年度业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 重要内容提示： 内蒙古兴业矿业股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日 在巨潮资讯网上披露了《兴业矿业：2022 年年度报告》及《兴业矿业：2022 年 年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战 略等情况，公司定于 2023 年 05 月 24 日（星期三）15:00-16:30 在"价值在线" （www.ir-online.cn）举办内蒙古兴业矿业股份有限公司 2022 年度业绩说明会， 与投资者进行沟通和交流，广泛听取投资者的意见和建议。 董事长吉兴业先生，董事、总经理张树成先生，董事、副总经理、财务总监 董永先生，董事、副总经理、董事会秘书孙凯先生，独立董事张世潮先生，证券 事务代表尚佳楠女士。 三、投资者参加方式 会议召开时间：2023 年 05 月 24 日（星期三）15:00-16:30 会议召开方式：网络互 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥458,991,934.99, a decrease of 11.15% compared to the same period last year[4] - Net profit attributable to shareholders was ¥13,990,219.80, representing a significant decline of 76.96% year-over-year[4] - The total profit decreased by 78.87% to ¥15,992,658.47, highlighting a challenging financial environment[10] - The total profit for Q1 2023 was CNY 15.99 million, down 78.87% compared to the previous year[16] - Net profit attributable to shareholders was CNY 13.99 million, reflecting a decline of 76.96% year-on-year[17] - Net profit for Q1 2023 was CNY 15,992,658.47, significantly lower than CNY 75,695,999.64 in Q1 2022, indicating a decline of 78.9%[20] - The total comprehensive income for the first quarter was CNY 14,212,092.56, down from CNY 63,046,695.87 year-over-year, indicating a decrease of about 78%[22] Cash Flow - The net cash flow from operating activities decreased by 27.91% to ¥129,621,823.59 compared to the previous year[4] - The company's cash flow from operating activities decreased by 27.91% compared to the previous period[11] - The net cash flow from operating activities was CNY 129,621,823.59, down from CNY 179,795,103.81, showing a decrease of about 28%[23] - Cash inflows from operating activities amounted to CNY 536,702,749.87, compared to CNY 469,875,801.77 in the previous year, reflecting an increase of approximately 14.2%[23] - Cash outflows from operating activities totaled CNY 407,080,926.28, up from CNY 290,080,697.96, which is an increase of around 40.4%[23] - The cash flow from investing activities resulted in a net outflow of CNY 132,947,468.14, compared to a net outflow of CNY 72,188,801.19 in the previous year, indicating a worsening of approximately 84%[24] - The cash flow from financing activities showed a net outflow of CNY 23,716,763.89, compared to a net outflow of CNY 27,518,344.86 in the same period last year, reflecting an improvement of about 13.5%[24] - The ending cash and cash equivalents balance was CNY 70,911,498.43, down from CNY 209,422,525.87, representing a decrease of approximately 66.1%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,486,887,596.05, reflecting a decrease of 1.46% from the end of the previous year[4] - Total assets as of the end of Q1 2023 were CNY 9,486,887,596.05, down from CNY 9,627,417,740.00 at the beginning of the year[19] - Total liabilities decreased to CNY 3,911,926,046.47 from CNY 4,071,082,023.65, a decline of 3.9%[19] Research and Development - Research and development expenses surged by 688.68% to ¥13,932,410.63, driven by increased investments from subsidiaries[10] - The company reported R&D expenses of CNY 13,932,410.63 for Q1 2023, a significant increase from CNY 1,766,544.55 in Q1 2022, reflecting a growth of 692.5%[20] Market Conditions - The average market price of tin in Q1 2023 was CNY 208,894.07 per ton, down 37.61% from CNY 334,814.66 per ton in the same period last year[17] - The company experienced a significant decline in sales prices for its main products, zinc concentrate and tin concentrate, due to changes in market demand[17] Other Information - The weighted average return on equity was 0.25%, down from 1.13% in the same period last year, indicating a decline in profitability[4] - The company's total equity attributable to shareholders increased slightly by 0.34% to ¥5,569,348,777.04 compared to the previous year[4] - The company's subsidiary, Qianjinda Mining, faced production stoppages due to insufficient ore reserves and delays in resuming operations after the Spring Festival[17] - The basic and diluted earnings per share for the first quarter were CNY 0.0076, down from CNY 0.0330 year-over-year, indicating a decline of about 77%[22] - The company did not undergo an audit for the first quarter report[25]

Financial Performance - The company's operating revenue for 2022 was CNY 2,085,888,738.73, representing a 3.84% increase compared to CNY 2,008,804,402.32 in 2021[18]. - The net profit attributable to shareholders of the listed company decreased by 29.44% to CNY 173,900,470.00 from CNY 246,465,571.88 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 200,798,812.84, down 27.34% from CNY 276,352,582.23 in 2021[18]. - The net cash flow from operating activities increased by 12.89% to CNY 776,720,487.49, compared to CNY 688,043,714.49 in 2021[18]. - Basic earnings per share decreased by 29.43% to CNY 0.0947 from CNY 0.1342 in the previous year[18]. - The diluted earnings per share for 2022 was CNY 0.0947, a decrease of 29.43% compared to CNY 0.1342 in 2021[19]. - The weighted average return on equity was 3.19%, down from 4.69% in the previous year, reflecting a decline of 1.50%[19]. - Total assets increased by 6.30% to CNY 9,623,982,135.25 at the end of 2022, compared to CNY 9,053,627,782.98 at the end of 2021[19]. - Net assets attributable to shareholders rose by 3.47% to CNY 5,550,724,678.52 from CNY 5,364,742,471.13 in 2021[19]. - The total profit for 2022 was CNY 18,234,850, a decrease of 48.86% compared to the previous year, primarily due to provisions for bad debts and asset impairments totaling CNY 8,441,600[76]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.17 per 10 shares, based on a total of 1,837,192,219 shares[4]. - The total distributable profit for 2022 was CNY 297,078,111.11, with a cash dividend of CNY 31,232,267.72, representing 100% of the profit distribution[190]. - The cash dividend per 10 shares was CNY 0.17 (including tax), based on a total share capital of 1,837,192,219 shares[191]. - The company has established a stable and scientific return mechanism for investors, adhering to its profit distribution policy without any adjustments during the reporting period[189]. - The cash dividend totalled CNY 31,232,267.72, with a remaining undistributed profit balance of CNY 265,845,843.39 to be retained for the next year[191]. Operational Efficiency and Cost Management - The company has reported a significant increase in cash flow from operations, indicating improved liquidity and operational efficiency[18]. - The total operating costs for the mining sector were approximately ¥1.15 billion, an increase of 14.32% year-on-year[81]. - Labor costs in the mining sector increased to ¥333.13 million, accounting for 28.88% of total operating costs, up from 25.46% the previous year[87]. - The company has achieved an annual cost savings of CNY 154,200 through the implementation of deep hole blasting technology, significantly improving construction efficiency by nearly 4 times compared to traditional methods[98]. - The optimization of mining parameters has led to a reduction in ore loss and dilution, enhancing economic benefits and increasing the blasting volume per operation, thereby improving mining production capacity[98]. Market and Industry Outlook - The overall industry outlook for non-ferrous metals remains stable, with the company committed to improving its governance structure and internal controls to enhance profitability and risk resilience[140]. - The company is committed to expanding its overseas investment and international trade platform, focusing on acquiring foreign mineral resources, particularly gold mines[143]. - The company faces significant risks from market price fluctuations, particularly in the non-ferrous metals sector, which is highly cyclical and sensitive to international price changes[144]. - The company is focused on resource-based operations while expanding its global footprint and extending its industrial layout[141]. Research and Development - The company increased its R&D personnel to 139 in 2022, representing 13.63% of the workforce, a significant increase from 0 in 2021[111]. - R&D investment amounted to approximately CNY 75.34 million in 2022, accounting for 3.61% of operating revenue, compared to 0% in 2021[111]. - The company has established high-efficiency green mining R&D centers to accelerate technological advancements[74]. - The company is focusing on digital and intelligent mining solutions to address rising labor costs and energy consumption controls[102]. Risk Management - The company faces risks related to market price fluctuations, safety production, environmental protection, and policy changes[4]. - Safety production risks include natural disasters, equipment failures, and human errors that could lead to mining accidents[145]. - Environmental protection risks arise from waste emissions during mineral resource extraction, which could adversely affect the company's business outlook and financial performance[146]. - The company plans to enhance risk control awareness and conduct futures hedging to mitigate the impact of market price volatility on its performance[149]. Governance and Management - The company has a diverse management team with backgrounds in mining engineering, finance, and management, enhancing its operational capabilities[159][160]. - The current Chairman, Ji Xingye, has been in position since December 2011, indicating stability in leadership[159]. - The company is focused on maintaining a strong governance structure with independent directors overseeing operations[162]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 9.4629 million, with a standard total remuneration of CNY 7.8632 million[169]. Subsidiary Performance - Inner Mongolia Xingye Mining Co., Ltd. reported a net profit of -24.24 million CNY for its subsidiary Inner Mongolia Xingye Group Xilin, with a revenue of 143.02 million CNY, indicating a significant loss[137]. - The subsidiary Inner Mongolia Xingye Group Rongguan achieved a net profit of 181.52 million CNY with a revenue of 597.86 million CNY, reflecting strong performance in the non-ferrous metal selection business[137]. - The subsidiary Xilin Gol League Shuangyuan Nonferrous reported a net loss of -2.34 million CNY, with a revenue of only 9.58 million CNY, highlighting challenges in the non-ferrous metal smelting sector[137].

Financial Performance - The company's operating revenue for 2022 was ¥2,085,888,738.73, an increase of 3.84% compared to ¥2,008,804,402.32 in 2021[16]. - The net profit attributable to shareholders for 2022 was ¥173,900,470.00, a decrease of 29.44% from ¥246,465,571.88 in 2021[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥200,798,812.84, down 27.34% from ¥276,352,582.23 in 2021[16]. - The net cash flow from operating activities increased by 12.89% to ¥776,720,487.49 from ¥688,043,714.49 in 2021[16]. - The total assets at the end of 2022 were ¥9,623,982,135.25, reflecting a 6.30% increase from ¥9,053,627,782.98 at the end of 2021[17]. - The net assets attributable to shareholders at the end of 2022 were ¥5,550,724,678.52, up 3.47% from ¥5,364,742,471.13 at the end of 2021[17]. - The basic earnings per share for 2022 was ¥0.0947, a decrease of 29.43% from ¥0.1342 in 2021[17]. - The total profit for 2022 was CNY 18,234,850, a decrease of 48.86% year-on-year, while the net profit attributable to shareholders was CNY 17,390,050, down 29.44%[49]. - The company reported a significant increase in zinc concentrate revenue, which reached CNY 772,295,537.57, accounting for 37.02% of total revenue, reflecting a growth of 32.67%[50]. Dividends and Profit Distribution - The company reported a cash dividend of 0.17 yuan per 10 shares for all shareholders, based on a total of 1,837,192,219 shares[5]. - The total distributable profit for 2022 was CNY 297,078,111.11, with a cash dividend distribution of CNY 31,232,267.72, representing 100% of the profit distribution[139]. - The cash dividend totalled CNY 31,232,267.72, with a remaining undistributed profit balance of CNY 265,845,843.39 to be retained for the next fiscal year[139]. Business Operations and Strategy - The company has not changed its main business, which is focused on non-ferrous metal mining, since the last report period[14]. - The company's main business is non-ferrous and precious metal mining and smelting, with 99.71% of 2022 revenue coming from non-ferrous metal mining[27]. - The company operates 13 subsidiaries across five sectors: mining, smelting, investment, trade, and research[27]. - The company has maintained a leading position in the non-ferrous metal mining industry, with significant mineral reserves and production capacity[25]. - The company has established a complete industrial chain for non-ferrous metal resources, enhancing its risk resistance and development potential[37]. - The company plans to enhance its resource reserves by acquiring mining rights from its controlling shareholder, which will further strengthen its market position[44]. Risk Management - The company emphasizes the potential risks related to market price fluctuations, safety production, environmental protection, and policy changes[4]. - The company's future development outlook includes a discussion of potential risks in the management analysis section of the report[4]. - The company must obtain mining and exploration rights, and failure to renew these rights in a timely manner could adversely affect operations[104]. - The company plans to enhance risk control awareness and conduct futures hedging to mitigate the impact of market price fluctuations on performance[104]. Environmental Responsibility - The company is committed to environmental protection and has not been affected by environmental policies during the reporting period[24]. - The company has implemented measures to ensure that wastewater is treated and reused, with no external discharge occurring[151]. - The company has established a commitment management system to regulate the fulfillment of performance commitments and protect the interests of minority investors[149]. - The company has actively maintained and repaired pollution prevention facilities to ensure compliance with environmental standards during daily operations[151]. - The company has committed over 3 million yuan in donations for public health and poverty alleviation efforts during the reporting period[154]. Governance and Management - The company’s financial report has been confirmed as true, accurate, and complete by its management team, including the CEO and accounting head[4]. - The company has established an independent governance structure, ensuring operational independence from the controlling shareholder in personnel, business, assets, and financial matters[107][108]. - The company’s board includes 12 members, with 4 independent directors and 8 non-independent directors[113]. - The company has maintained a stable management structure with no reported resignations or dismissals during the reporting period[112]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 9.4629 million CNY, with a total standard for remuneration and allowances set at 7.8632 million CNY[122]. Research and Development - The company is committed to continuous research and development, collaborating with top research institutions to improve mining technology and processes[48]. - R&D investment amounted to ¥75,341,487.98 in 2022, accounting for 3.61% of operating revenue, a notable increase from 0% in 2021[75]. - The company has increased its R&D personnel to 139 in 2022, representing 13.63% of the workforce, a significant increase from 0% in 2021[75]. - The company is exploring automation technologies to address labor shortages and improve production efficiency in mining operations[70]. Subsidiary Performance - Inner Mongolia Xingye Mining Co., Ltd. reported a net profit of -24.24 million CNY for the year 2022, a significant decline compared to previous years[94]. - The company’s subsidiary, Rongbang Mining, achieved a net profit of 5.00 million CNY in 2022, down 84.59% from 32.46 million CNY in 2021, primarily due to lower ore grades during the construction of the second phase of the mining area[96]. - Qianjinda Mining reported a net profit of 30.32 million CNY in 2022, a decrease of 85.08% from 203.17 million CNY in 2021, attributed to insufficient ore reserves during construction[97]. Restructuring and Compliance - The company completed a restructuring that resulted in the acquisition of 100% of Yinman Mining, which is currently in the construction phase and will engage in silver mining and sales upon commencement of operations[161]. - The company has committed to maintaining the independence of its operations and avoiding any related party transactions that could harm shareholder interests[162]. - The company has established measures to prevent competition with the listed company, including ceasing competitive operations or transferring competing assets at fair prices[166]. - The company has confirmed that it has not engaged in any illegal activities or significant civil litigation related to economic disputes in the last five years[165]. Financial Management - The company has engaged Tianheng Accounting Firm for internal control audits, with a fee of 600,000 yuan for the reporting period[188]. - The company has confirmed a contingent liability of CNY 71.1788 million due to a lawsuit regarding a 51% equity transfer, which was reversed after winning the appeal[190]. - The company has included 14 subsidiaries and partnerships in its consolidated financial statements, an increase of 1 compared to the previous year, due to the establishment of Haishuo Investment, with a total subscribed capital contribution ratio of 100%[187]. - The company has received partial cash dividends returned from related parties, totaling RMB 1,005,600, with specific amounts from different entities[177].

[Company Basic Information and Important Notice](index=1&type=section&id=公司基本信息与重要提示) This section provides essential company information, emphasizing management's assurance of report accuracy and the unaudited status of the quarterly report [Important Notice](index=1&type=section&id=重要内容提示) The board, supervisory board, and senior management guarantee the quarterly report's truthfulness and completeness, with financial information verified by key personnel; this report is unaudited - The board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the quarterly report and assume legal responsibility[2](index=2&type=chunk) - The company's head, chief accountant, and head of accounting department declare that the financial information is **true, accurate, and complete**[2](index=2&type=chunk) - This quarterly report is **unaudited**[2](index=2&type=chunk)[21](index=21&type=chunk) [Key Financial Data](index=2&type=section&id=一%E3%80%81主要财务数据) This section presents key financial data, including significant changes in accounting metrics, non-recurring items, and detailed analysis of balance sheet, income statement, and cash flow variations [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue and net profit attributable to the parent company grew significantly this quarter, while year-to-date net profit and EPS declined, and operating cash flow increased substantially Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Yuan) | YoY Change (Current Period) | Year-to-Date (Yuan) | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 642,112,933.53 | 43.22% | 1,647,970,202.56 | 3.02% | | Net Profit Attributable to Shareholders of Listed Company | 101,207,764.21 | 117.19% | 229,869,997.47 | -13.54% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 109,839,246.67 | 116.87% | 243,992,548.67 | -15.41% | | Net Cash Flow from Operating Activities | — | — | 672,295,839.59 | 44.77% | | Basic Earnings Per Share | 0.0551 | 116.93% | 0.1251 | -13.55% | | Diluted Earnings Per Share | 0.0551 | 116.93% | 0.1251 | -13.55% | | Weighted Average Return on Net Assets | 1.83% | — | 4.20% | -0.83% | | Total Assets (End of Current Period) | 9,265,175,601.91 | 2.34% (比上年度末) | — | — | | Total Equity Attributable to Shareholders of Listed Company (End of Current Period) | 5,585,500,534.25 | 4.11% (比上年度末) | — | — | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were negative this period, influenced by non-current asset disposal, other non-operating items, and income tax effects Non-Recurring Gains and Losses Items for Q3 2022 and Year-to-Date | Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -4,283,164.65 | -6,441,323.03 | | Government Subsidies Included in Current Profit/Loss | 412,898.95 | 976,220.32 | | Gains/Losses from Debt Restructuring | 350.00 | 3,404.42 | | Gains/Losses from Fair Value Changes and Investment Income | — | 2,213,015.51 | | Other Non-Operating Income and Expenses | -5,418,849.48 | -12,000,985.80 | | Less: Income Tax Impact | -657,282.72 | -1,127,117.38 | | **Total** | **-8,631,482.46** | **-14,122,551.20** | [Analysis of Changes in Key Accounting Data and Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) This section analyzes changes in key balance sheet, income statement, and cash flow items, detailing reasons for fluctuations in assets, liabilities, revenues, expenses, and cash flows [Balance Sheet Items Variation Analysis](index=3&type=section&id=资产负债表项目) Balance sheet items showed significant shifts, with monetary funds, construction in progress, and short-term non-current liabilities increasing, while accounts receivable and other current assets decreased Balance Sheet Key Items Variation (Period-End vs. Year-Start) | Item | Period-End Amount (Yuan) | Year-Start Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Monetary Funds | 242,016,607.06 | 135,880,264.59 | 78.11% | | Accounts Receivable | 3,664,174.60 | 7,660,986.93 | -52.17% | | Prepayments | 7,495,922.90 | 4,975,342.95 | 50.66% | | Other Current Assets | 7,058,012.73 | 65,501,738.07 | -89.22% | | Construction in Progress | 771,503,911.50 | 536,797,147.95 | 43.72% | | Right-of-Use Assets | 17,258,876.07 | 27,461,007.47 | -37.15% | | Notes Payable | 30,000,000.00 | — | N/A | | Employee Compensation Payable | 32,828,868.75 | 52,126,397.79 | -37.02% | | Taxes Payable | 208,503,028.01 | 97,182,217.19 | 114.55% | | Non-Current Liabilities Due Within One Year | 1,268,665,720.16 | 606,368,297.87 | 109.22% | | Bonds Payable | 69,574,119.05 | 827,917,598.68 | -91.60% | | Lease Liabilities | 92,954.03 | 14,601,255.17 | -99.36% | | Contract Liabilities | 122,925,926.01 | 208,628,417.65 | -41.08% | | Other Current Liabilities | 16,013,420.70 | 27,161,142.95 | -41.04% | | Special Reserves | 2,132,111.97 | 3,061,624.16 | -30.36% | - Monetary funds increased by **78.11%** from year-start to period-end, primarily due to increased cash flow from operating activities during the reporting period[6](index=6&type=chunk) - Construction in progress increased by **43.72%** from year-start to period-end, primarily due to increased investment in the second phase construction of Yinman Mining's tailings pond by the company's subsidiary during the reporting period[8](index=8&type=chunk) - Taxes payable increased by **114.55%** from year-start to period-end, primarily due to increased value-added tax, corporate income tax, and resource tax during the reporting period[8](index=8&type=chunk) [Income Statement Items Variation Analysis](index=3&type=section&id=利润表项目) R&D expenses, other income, and asset disposal gains increased, while investment income, credit impairment losses, total profit, and income tax expenses decreased, with total profit impacted by subsidiary underproduction and prior-year special income Income Statement Key Items Variation (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | R&D Expenses | 38,079,797.46 | — | N/A | | Other Income | 979,274.74 | 693,178.54 | 41.27% | | Investment Income (Losses indicated by "-") | -4,578,996.78 | -2,798,183.76 | -63.64% | | Credit Impairment Losses (Losses indicated by "-") | 144,298.82 | 35,717,809.74 | -99.60% | | Asset Impairment Losses (Losses indicated by "-") | -1,321,227.95 | — | N/A | | Gains/Losses on Asset Disposal (Losses indicated by "-") | 192,880.71 | 29,129.04 | 562.16% | | Non-Operating Income | 356,927.31 | 109,287.51 | 226.59% | | Total Profit | 285,379,104.89 | 370,626,585.68 | -23.00% | | Income Tax Expense | 55,523,878.17 | 104,758,197.34 | -47.00% | | Net Other Comprehensive Income After Tax | -9,636,065.91 | -1,477,613.39 | -552.14% | - R&D expenses **increased** in the current period compared to the prior period, primarily due to increased R&D investment by the company's subsidiaries Yinman Mining, Rongguan Mining, and Rongbang Mining during the reporting period[8](index=8&type=chunk) - Total profit showed a **23.00% decrease** in the current period compared to the prior period, primarily due to subsidiary Qianjinda Mining's inability to achieve full-capacity production and significant special income in the prior year[9](index=9&type=chunk)[10](index=10&type=chunk) - Income tax expense showed a **47.00% decrease** in the current period compared to the prior period, primarily due to a year-on-year decrease in total profit and an increased profit contribution from Yinman Mining, which applies a 15% corporate income tax rate[10](index=10&type=chunk) [Cash Flow Statement Items Variation Analysis](index=5&type=section&id=现金流量表项目) Operating cash flow significantly increased due to VAT refunds and lower tax payments, while investing and financing cash flows decreased, driven by increased asset acquisition and bank loan repayments Cash Flow Statement Key Items Variation (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 672,295,839.59 | 464,389,418.74 | 44.77% | | Net Cash Flow from Investing Activities | -355,647,272.62 | -289,980,951.00 | -22.65% | | Net Cash Flow from Financing Activities | -249,694,281.99 | -205,087,433.50 | -21.75% | | Net Increase in Cash and Cash Equivalents | 66,954,284.98 | -30,678,965.76 | 318.24% | - Net cash flow from operating activities showed a **44.77% increase** in the current period compared to the prior period, primarily due to a year-on-year increase in VAT refund received and a decrease in various taxes paid during the reporting period[10](index=10&type=chunk) - Net cash flow from investing activities showed a **22.65% decrease** in the current period compared to the prior period, primarily due to increased cash payments for asset acquisition and a significant investment earnest money refund received in the prior year[10](index=10&type=chunk) - Net cash flow from financing activities showed a **21.75% decrease** in the current period compared to the prior period, primarily due to the company repaying bank loans, leading to a year-on-year decrease in bank loan balances[10](index=10&type=chunk) [Shareholder Information](index=5&type=section&id=二%E3%80%81股东信息) This section details shareholder information, including the total number of common shareholders, top ten holdings, and confirms the absence of preferred shareholders [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=5&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of period-end, the company had 57,302 common shareholders; the controlling shareholder, Inner Mongolia Xingye Group, held 30.27% of shares, largely pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **57,302**[11](index=11&type=chunk) Top 10 Common Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xingye Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 30.27% | 556,075,350.00 | 191,875,264.00 | Pledged | 555,000,086 | | | | | | | Frozen | 556,075,350 | | National Trust Co., Ltd. - National Trust · Hengying No. 5 Collective Fund Trust Plan for Business Management | Other | 8.83% | 162,244,603.00 | 162,244,603.00 | — | — | | Chifeng Fulong Public (Group) Co., Ltd. | State-Owned Legal Person | 7.27% | 133,648,294.00 | — | Pledged | 40,000,000 | | Yang Quanyu | Domestic Natural Person | 1.20% | 22,100,000.00 | — | — | — | | BXRF Fund - Minsheng Bank - Sichuan Trust - Chenxing No. 2 Securities Investment Collective Fund Trust Plan | Other | 1.02% | 18,721,082.00 | — | — | — | | Lin Xian | Domestic Natural Person | 0.87% | 15,909,700.00 | — | — | — | | Ningbo Meishan Bonded Port Area Dongzhi Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.77% | 14,180,507.00 | — | — | — | | Nantong Jinjiu Ruixin Investment Management Co., Ltd. - Zhonghui Jinjiu Ruixin Private Equity Fund Phase 2 | Other | 0.75% | 13,698,630.00 | — | — | — | | Li Xianlai | Domestic Natural Person | 0.74% | 13,626,093.00 | — | Pledged | 13,486,817 | | | | | | | Frozen | 13,531,260 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.73% | 13,439,453.00 | — | — | — | - There are **no related party relationships** between the company's controlling shareholder, Inner Mongolia Xingye Group Co., Ltd., and National Trust Co., Ltd. or Chifeng Fulong Public (Group) Co., Ltd., nor are they considered concerted parties as stipulated in the 'Measures for the Administration of the Takeover of Listed Companies'[12](index=12&type=chunk) [Total Number of Preferred Shareholders and Top Ten Preferred Shareholders' Holdings](index=6&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%AC%E5%8F%B8%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%2010%20%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company has no preferred shareholders - The company has **no preferred shareholders**[13](index=13&type=chunk) [Other Important Matters](index=6&type=section&id=三%E3%80%81其他重要事项) This section covers other significant events, specifically the controlling shareholder's restructuring process, from its initiation to the current execution phase [Controlling Shareholder Restructuring Matters](index=6&type=section&id=控股股东重整事项) Controlling shareholder Xingye Group entered restructuring in October 2019; the court approved a consolidated restructuring plan in August 2022, terminating proceedings and entering execution - The company's controlling shareholder, Xingye Group, received a Civil Ruling from the court on **October 8, 2019**, ruling to accept its restructuring application and **formally entering restructuring proceedings**[13](index=13&type=chunk) - On **August 15, 2022**, Xingye Group received a Civil Ruling from the court, **approving the substantive consolidated restructuring plan** (draft) for Inner Mongolia Xingye Group Co., Ltd., Chifeng Yulong International Hotel Co., Ltd., and Xiwuzhumuqinqi Budunyingen Mining Co., Ltd., and **terminating the restructuring proceedings**[14](index=14&type=chunk) - Since then, the substantive consolidated restructuring plan for Xingye Group and the other two companies has **entered the execution phase**[14](index=14&type=chunk) [Quarterly Financial Statements](index=8&type=section&id=四%E3%80%81季度财务报表) This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement for the quarter and year-to-date periods [Consolidated Balance Sheet](index=8&type=section&id=1%E3%80%81合并资产负债表) As of September 30, 2022, total assets reached **9.265 billion Yuan**, up **2.34%** year-to-date, with total liabilities at **3.674 billion Yuan** and owner's equity at **5.591 billion Yuan** Consolidated Balance Sheet Key Data (As of September 30, 2022) | Item | September 30, 2022 (Yuan) | January 1, 2022 (Yuan) | | :--- | :--- | :--- | | Total Assets | 9,265,175,601.91 | 9,053,627,782.98 | | Total Current Assets | 571,279,916.28 | 574,028,217.62 | | Total Non-Current Assets | 8,693,895,685.63 | 8,479,599,565.36 | | Total Liabilities | 3,674,064,108.07 | 3,683,259,581.51 | | Total Current Liabilities | 3,131,738,848.97 | 2,348,320,810.97 | | Total Non-Current Liabilities | 542,325,259.10 | 1,334,938,770.54 | | Total Owner's Equity | 5,591,111,493.84 | 5,370,368,201.47 | | Total Equity Attributable to Parent Company Owners | 5,585,500,534.25 | 5,364,742,471.13 | [Consolidated Income Statement from Year-Start to Period-End](index=10&type=section&id=2%E3%80%81合并年初到报告期末利润表) Year-to-date total operating revenue reached **1.648 billion Yuan**, up **3.02%**, while net profit attributable to parent company shareholders was **230 million Yuan**, a **13.54%** decrease Consolidated Income Statement Key Data (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,647,970,202.56 | 1,599,617,059.98 | | Total Operating Costs | 1,339,372,137.67 | 1,240,522,198.92 | | Operating Profit | 304,014,294.43 | 392,736,794.62 | | Total Profit | 285,379,104.89 | 370,626,585.68 | | Net Profit | 229,855,226.72 | 265,868,388.34 | | Net Profit Attributable to Parent Company Shareholders | 229,869,997.47 | 265,869,824.19 | | Basic Earnings Per Share | 0.1251 | 0.1447 | | Diluted Earnings Per Share | 0.1251 | 0.1447 | [Consolidated Cash Flow Statement from Year-Start to Period-End](index=12&type=section&id=3%E3%80%81合并年初到报告期末现金流量表) Year-to-date operating cash flow increased **44.77%** to **672 million Yuan**, while investing and financing cash flows were negative, resulting in a **67 million Yuan** net increase in cash and equivalents Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 672,295,839.59 | 464,389,418.74 | 44.77% | | Net Cash Flow from Investing Activities | -355,647,272.62 | -289,980,951.00 | -22.65% | | Net Cash Flow from Financing Activities | -249,694,281.99 | -205,087,433.50 | -21.75% | | Net Increase in Cash and Cash Equivalents | 66,954,284.98 | -30,678,965.76 | 318.24% | | Ending Balance of Cash and Cash Equivalents | 196,288,853.09 | 89,089,612.44 | [Audit Report](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2022 third-quarter report is unaudited - The company's third-quarter report is **unaudited**[21](index=21&type=chunk)

Risk Management and Compliance - The company reported a significant focus on risk management, highlighting potential market price fluctuations, safety production, environmental protection, and policy risks[3]. - The company emphasizes the importance of investor awareness regarding potential risks associated with its operations[3]. - The company’s financial statements have been audited by Tianheng Accounting Firm, ensuring compliance and accuracy in financial reporting[12]. - The company has not been listed as a key pollutant discharge unit by environmental protection authorities, and there were no administrative penalties for environmental issues during the reporting period[132]. - The company has committed to maintaining independence from its controlling shareholder in terms of personnel, finance, assets, and operations, ensuring compliance with regulatory requirements[138]. Business Operations and Strategy - The main business remains unchanged, focusing on non-ferrous metal mining, with no alterations reported during the fiscal year[11]. - The company has not reported any changes in its main business operations during the reporting period, maintaining its focus on mining activities[11]. - The company operates 13 subsidiaries across five major sectors: mining, smelting, investment, trade, and research and development[26]. - The company aims to expand its market presence and enhance its operational efficiency through strategic mergers and acquisitions[26]. - The company is focusing on resource extension, overseas market expansion, and brand establishment as part of its strategic development plan[84]. Financial Performance - The company's operating revenue for 2021 was ¥2,008,804,402.32, representing a 113.65% increase compared to 2020[13]. - The net profit attributable to shareholders for 2021 was ¥246,465,571.88, a significant turnaround from a loss of ¥183,859,290.18 in 2020, marking a 234.05% increase[13]. - The net cash flow from operating activities reached ¥688,043,714.49, a 64.84% increase from ¥417,397,335.11 in 2020[13]. - The total profit reached CNY 356.56 million, marking a significant year-on-year growth of 278.19%[47]. - The company’s mining output and sales volume increased due to the resumption of operations at its subsidiaries, particularly Yinman Mining and Qianjinda Mining[46]. Environmental Initiatives - The company has committed to improving safety investments and establishing a comprehensive environmental management system to avoid adverse impacts from environmental issues[89]. - The company has implemented measures to reduce carbon emissions, such as replacing coal-fired boilers with biomass fuel boilers, which has improved thermal efficiency and significantly reduced carbon emissions[135]. - The company has achieved compliance with the autonomous region's green mine construction standards for several subsidiaries, enhancing its commitment to sustainable mining practices[134]. - The company has actively engaged in land reclamation and geological environment management, including tree planting and grass sowing, to improve the ecological environment of mining areas[134]. - The company has maintained a zero pollution incident record during the reporting period, demonstrating effective environmental monitoring and compliance[134]. Shareholder and Management Information - The company’s major shareholder remains unchanged, with Inner Mongolia Xingye Group holding a significant stake since December 2011[11]. - The company has established a clear communication channel through its board secretary and securities representative for investor relations[9]. - The company’s independent directors have extensive backgrounds in finance and management, contributing to the governance of the company[99][100]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 9.32 million, with a total standard of CNY 7.86 million[107]. - The company has not experienced any resignations or dismissals among directors, supervisors, or senior management during the reporting period[96]. Internal Control and Governance - The internal control system was enhanced, with risk management and internal control processes being continuously improved to increase operational efficiency[124]. - The board of directors strictly followed relevant regulations and actively participated in decision-making processes, ensuring the scientific and objective nature of board decisions[112]. - The audit and legal committee held 10 meetings during the reporting period, discussing various important matters including the annual audit and internal control evaluations[113]. - The company has a comprehensive salary policy that includes a salary system for senior management and key positions[117]. - The company has not faced any penalties from securities regulatory authorities in the past three years[105]. Subsidiaries and Investments - The company has established two wholly-owned subsidiaries, Xingye Ruijin and Xingye Gold, which have been included in the consolidated financial statements, increasing the number of subsidiaries to 13[162]. - The company has invested a total of 1,101.85 thousand yuan in exploration activities across various subsidiaries during the reporting period[40]. - The company has established a subsidiary in Beijing to enhance its technological research and development capabilities, focusing on mineral exploration and processing[45]. - The company has established a trading subsidiary in Shanghai to enhance its capabilities in price discovery and product preservation[38]. - The company completed a restructuring, acquiring 100% of Yinan Mining, which is currently in the construction phase and will engage in silver mining and sales upon commencement of operations[142]. Market and Sales Performance - The company’s sales from zinc concentrate accounted for 28.98% of total revenue, with a year-on-year increase of 51.59%[48]. - The total sales revenue from domestic sales was ¥2,008,804,402.32, reflecting a growth of 113.65% year-on-year[50]. - The total sales amount of the top five customers reached CNY 1,102,990,133.47, accounting for 54.91% of the annual total sales[61]. - The company’s sales strategy combines spot sales and futures pricing to mitigate price volatility risks[39]. - The company has optimized its mining and selection processes to enhance production efficiency and reduce costs[39]. Legal and Regulatory Matters - The company faced a lawsuit regarding the transfer of 51% equity in Tongdu Mining, with a disputed amount of 306 million CNY, which resulted in a previously recognized estimated liability of 71.18 million CNY being reversed after winning the appeal[165]. - The company was fined 6.3 million CNY for illegal land occupation, and has since complied with the penalty and is in the process of obtaining the necessary land use approvals[166]. - The company is undergoing a restructuring process due to its controlling shareholder, Xingye Group, entering reorganization proceedings, with the first creditors' meeting held on November 18, 2020[167]. - The restructuring plan for Xingye Group was initially approved by various creditor groups, but a group with secured claims did not approve it, leading to further negotiations[168]. - The company has confirmed that there have been no significant debts or violations of securities regulations in the past five years[146].