Financial Performance - The company's operating revenue for 2020 was ¥907,574,758.05, a decrease of 11.07% compared to ¥1,020,530,162.26 in 2019[35]. - The net profit attributable to shareholders for 2020 was ¥147,158,889.08, down 13.87% from ¥170,859,251.95 in 2019[35]. - The net cash flow from operating activities was ¥263,286,310.40, representing a decline of 22.39% from ¥339,230,430.50 in 2019[35]. - The total assets at the end of 2020 increased by 33.87% to ¥3,568,207,483.75 from ¥2,665,391,450.34 at the end of 2019[35]. - The net assets attributable to shareholders rose by 13.43% to ¥2,417,997,101.24 at the end of 2020, compared to ¥2,131,663,855.48 at the end of 2019[35]. - The basic earnings per share for 2020 was ¥0.1343, a decrease of 12.68% from ¥0.1538 in 2019[35]. - The company reported a net profit of ¥60,384,128.14 in Q4 2020, showing a significant increase compared to previous quarters[40]. - The company received government subsidies amounting to ¥1,385,902.05 in 2020, which were included in the current profit and loss[41]. - The company's operating revenue for the reporting period was ¥907,574,758.05, a decrease of 11.07% compared to ¥1,020,530,162.26 in the same period last year[112]. - The cost of goods sold decreased by 16.29% to ¥553,932,971.72 from ¥661,745,911.84 year-on-year[112]. - The net cash flow from operating activities decreased by 22.39% to ¥263,286,310.40, influenced by a 26.31% drop in cash inflows from operating activities[112]. Market and Operational Risks - The company acknowledges significant market risks due to the cyclical nature of the non-ferrous metal industry, which can impact operating performance if metal prices decline sharply[9]. - The company emphasizes the importance of strengthening market price forecasting and adopting pricing sales models to mitigate the impact of price fluctuations[9]. - The company recognizes the potential impact of policy risks related to mining rights and the necessity of timely renewals to ensure continued operations[15]. - The company faces market risks due to the cyclical nature of the non-ferrous metal industry, with potential impacts from price fluctuations of lead, zinc, and copper[192]. - Environmental protection risks are acknowledged, with the company committed to increasing investments in environmental compliance to meet stricter regulations[194]. Acquisitions and Business Strategy - The company has completed the acquisition of 65% equity in Yubang Mining, aiming to enhance its mineral resource reserves and reduce reliance on a single mine[10]. - The company is actively exploring and acquiring quality mines outside its current operations to further diversify its resource base[10]. - The company plans to acquire Guocheng Industrial, which has a resource reserve of 7,444 million tons of ore and 98,305 tons of molybdenum[76]. - The company completed the acquisition of 65% of Yubang Mining, which has the largest silver reserves in China and ranks seventh globally[87]. - The company aims to enhance its core competitiveness through the integration of Yubang Mining and Guocheng Industrial, which will improve its sustainable development capabilities[71]. - The company has expanded its business scope to include the trade of non-ferrous metal products and precious metals, reflecting a diversification strategy[31]. - The company is focusing on the precious metals sector, including silver, gold, and molybdenum, while optimizing resource allocation[178]. - The company aims to develop a business model that integrates precious metals as the core, with traditional non-ferrous metals as the foundation, and comprehensive resource utilization as a supplement[179]. Internal Control and Management - The company maintains effective internal control over financial reporting as of December 31, 2020, according to the audit by Tianjian Accounting Firm[7]. - The company has implemented measures to strengthen its internal control and rectify identified deficiencies in financial management[7]. - The company has strengthened its internal control systems and enhanced its management of entrusted enterprises during the reporting period[107][111]. - The company aims to enhance its financial management through budget control and cost management, with a focus on improving budget execution and resource allocation[187]. Safety and Environmental Management - The company has established a complete safety responsibility system and management protocols to mitigate safety production risks[16]. - The company emphasizes the importance of safety and environmental protection in its operations, implementing comprehensive safety management and regular inspections[184]. - The company reported no fatal accidents or environmental pollution incidents throughout the year, indicating improved safety and environmental management[108]. - The company is committed to enhancing environmental protection investments to comply with stricter national environmental standards, which may increase operational costs[11]. Production and Sales - The company produced 4.7 million tons of zinc concentrate, accounting for 1.16% of the national output of 405.8 million tons[72]. - The company’s lead concentrate production was 0.63 million tons, representing 0.32% of the national output of 197 million tons[72]. - The company’s acquisition of Yubang Mining added 37.66 tons of silver production, which is 1.18% of the national silver output of 3,200 tons[72]. - The company processed 197,190 tons of lead-zinc ore and 23,570 tons of copper ore during the reporting period[100]. - The total sales volume of non-ferrous metal mining decreased by 15.32% to 614,315.1 tons compared to 725,439.55 tons last year[121]. - The revenue from sulfuric acid and its by-products increased by 32.38% to ¥76,414,824.00, due to higher selling prices[119]. - The average selling price of lead concentrate decreased by 18.58% to 10,075.13 RMB/metal ton, while zinc concentrate decreased by 2.19% to 10,417.91 RMB/metal ton[99]. - The average selling price of copper concentrate increased by 9.75% to 36,962.74 RMB/metal ton compared to the previous year[99]. Financial Position and Investments - Cash and cash equivalents increased by 74.83% compared to the beginning of the period, primarily due to funds raised from convertible bonds[84]. - The net increase in cash and cash equivalents rose by 115.20% to ¥342,314,574.29, driven by the issuance of convertible bonds[115]. - The total investment during the reporting period was ¥264,037,897.70, a decrease of 19.02% compared to ¥326,060,932.59 in the previous year[151]. - The company has invested ¥12,752,917.04 in the lead-zinc-sulfur new mining project, with a cumulative investment of ¥632,930,010.02, achieving a project progress of 79.63%[151]. - The company raised a total of ¥83,711.79 million through the issuance of convertible bonds, with ¥19,953.03 million utilized by the end of the reporting period[163].

Acquisition and Investments - The company acquired 65% of Yubang Mining for RMB 979.69 million, with the transaction still pending completion, indicating some uncertainty[8]. - The company is actively pursuing the acquisition of Yubang Mining, which has significant silver-lead resource reserves[40]. - The company is investing in a titanium resource recycling project funded by convertible bonds, aimed at improving product diversity and operational scale[15]. - The company successfully issued convertible bonds totaling 85 million RMB, with a net amount raised of approximately 837.12 million RMB, to be used for the titanium iron resource recycling project[56]. - The company plans to pay CNY 350 million for the acquisition of 100% equity in Yaxing Group as part of its bankruptcy reorganization plan[186]. - The investment scale for the Sulfur-Titanium Iron Resource Recycling Project is CNY 2.9835143 billion, with CNY 850 million funded by raised capital and the remainder sourced by the company itself[190]. Financial Performance - The company's operating revenue for the first half of 2020 was ¥377,309,506.44, a decrease of 32.42% compared to ¥558,321,023.77 in the same period last year[30]. - The net profit attributable to shareholders for the first half of 2020 was ¥49,116,420.04, down 68.28% from ¥154,848,800.28 in the previous year[30]. - The net profit after deducting non-recurring gains and losses was ¥29,918,685.84, a decline of 73.22% compared to ¥111,721,349.99 in the same period last year[30]. - The net cash flow from operating activities was ¥77,772,615.98, a decrease of 62.54% from ¥207,633,798.67 in the previous year[30]. - The total profit for the period was 60.21 million, down 66.30% year-on-year[47]. - The company's total operating revenue for the reporting period was ¥377,309,506.44, a decrease of 32.42% compared to ¥558,321,023.77 in the same period last year[69]. Operational Challenges - The company faces risks from price fluctuations in metals such as silver, lead, zinc, and copper, which could significantly impact operational performance[7]. - The company is enhancing its exploration and acquisition strategies to reduce reliance on a single mining operation, particularly the Dongshengmiao mine[10]. - Environmental regulations may impose additional costs on the company, affecting profitability if stricter standards are implemented[12]. - The company faces risks related to reliance on a single mining operation, which could significantly impact profitability if operational disruptions occur[108]. - The company is facing risks related to the implementation of fundraising investment projects, which may not achieve expected returns due to market fluctuations and management issues[114]. Production and Sales - The company extracted 728,000 tons of lead-zinc ore and 133,500 tons of copper ore during the reporting period[47]. - The production of zinc concentrate was 21,357.75 tons, while lead concentrate production was 2,783.83 tons[47]. - The revenue from non-ferrous metal selection business accounted for 70.88% of total operating revenue in the first half of 2020[37]. - The newly added non-ferrous metal trading business contributed 21.12% to the company's revenue, having a certain impact on total income but not significantly affecting net profit[37]. - The company's lead concentrate production decreased by 25.90% to 2,783.83 tons, zinc concentrate production decreased by 22.23% to 21,357.75 tons, and copper concentrate production decreased by 33.94% to 849.55 tons compared to the same period last year[50]. Environmental and Safety Measures - The company has constructed a new dust removal facility with a capacity of 5000 tons/day, achieving good operational efficiency[155]. - The company has implemented pollution control measures since 2007, including the integration of two sulfuric acid production systems and wastewater treatment processes[171]. - The company has established emergency response plans for environmental incidents and has been monitoring environmental parameters as required by authorities[167]. - The company is actively processing environmental impact assessments for its 1.8 million tons/year mining expansion project[156]. - The company has committed to ISO 14000 environmental management system certification[176]. Corporate Governance and Shareholder Relations - The company has committed to avoiding competition with its controlling shareholders and related parties, ensuring no engagement in similar business activities that could harm the interests of the company and its minority shareholders[121]. - The company has made a commitment to ensure that all senior management personnel are exclusively employed by the listed company and do not hold positions in the controlling party[123]. - The company is currently fulfilling its commitment to avoid unnecessary related party transactions, ensuring that any necessary transactions are conducted at fair market prices[122]. - The company has a participation rate of approximately 74.25% in its shareholder meetings, indicating strong investor engagement[117]. - The company reported a non-audited half-year financial report for 2020[126].

Financial Performance - In 2020, the company's operating revenue was ¥907,574,758.05, a decrease of 11.07% compared to ¥1,020,530,162.26 in 2019[36]. - The net profit attributable to shareholders was ¥147,158,889.08, down 13.87% from ¥170,859,251.95 in the previous year[36]. - The net cash flow from operating activities was ¥263,286,310.40, representing a decline of 22.39% compared to ¥339,230,430.50 in 2019[36]. - The total assets at the end of 2020 amounted to ¥3,568,207,483.75, an increase of 33.87% from ¥2,665,391,450.34 at the end of 2019[36]. - The net assets attributable to shareholders reached ¥2,417,997,101.24, reflecting a growth of 13.43% from ¥2,131,663,855.48 in 2019[36]. - The basic earnings per share were ¥0.1343, down 12.68% from ¥0.1538 in the previous year[36]. - The weighted average return on equity was 6.49%, a decrease of 1.20% from 7.69% in 2019[36]. - The company achieved a total operating revenue of CNY 907.57 million, a decrease of 11.07% compared to the previous year[116]. - The net profit attributable to shareholders was CNY 147.16 million, down 14.75% year-on-year[116]. - The cash flow from operating activities decreased by 22.39% to CNY 263.29 million, primarily due to a decline in average selling prices[118]. Market and Operational Risks - The company acknowledges significant market risks due to the cyclical nature of the non-ferrous metal industry, with potential impacts from price fluctuations of lead, zinc, and copper[10]. - The company emphasizes the importance of enhancing market price forecasting and adopting a pricing model to mitigate the impact of market price volatility[10]. - The company recognizes the potential impact of policy risks related to mining rights and the necessity of timely renewals to ensure continued operations[16]. - The company has identified operational risks associated with its main mining site, Dongshengmiao, and is taking measures to enhance safety and operational stability[11]. - The company faced challenges in production due to the COVID-19 pandemic, impacting operations at its main mine in Shandong[49]. Strategic Initiatives and Acquisitions - The company has completed the acquisition of 65% equity in Yubang Mining, actively promoting the injection of Guocheng Industrial to enrich its product offerings and mitigate operational risks[11]. - The company aims to enhance its core competitiveness through the injection of assets from Guocheng Industrial, which includes a large molybdenum mine with reserves of 98,305 tons[80]. - The company completed the acquisition of 65% of Yubang Mining, which has the largest silver mine discovered in China, with a silver metal volume ranking seventh globally and first in Asia[75]. - The company is focused on increasing its mineral resource reserves through internal exploration and external acquisitions to reduce reliance on a single mine[11]. Environmental and Safety Measures - The company is committed to strengthening environmental protection investments to comply with increasingly stringent national environmental regulations[12]. - The company has established a complete safety responsibility system and management protocols to mitigate safety production risks[17]. Production and Sales Performance - In 2020, the company produced 4.7 million tons of zinc concentrate, accounting for 1.16% of the national output of 405.8 million tons[76]. - The company produced 0.63 million tons of lead concentrate, representing 0.32% of the national output of 197 million tons in 2020[76]. - The total amount of lead-zinc ore mined was 1.86 million tons, while copper ore mined was 229,578 tons[104]. - The production of zinc concentrate reached 47,164.04 metal tons, and lead concentrate production was 6,410.74 metal tons[104]. - The sales volume of lead concentrate decreased by 18.12% to 95,457,514.32, while zinc concentrate sales dropped by 18.96% to 530,750,060.94[127]. - The total sales volume of non-ferrous metal mining was 614,315.1 tons, down 15.32% from 725,439.55 tons in 2019[128]. Financial Position and Investments - Cash and cash equivalents grew by 74.83% compared to the beginning of the period, primarily due to funds raised from the issuance of convertible bonds[88]. - The total investment amount for the reporting period was ¥264,037,897.70, a decrease of 19.02% compared to the previous year[155]. - The company has ongoing significant non-equity investments, including a project for comprehensive utilization of tailings with an investment of ¥244,368,910.57[155]. - The total amount of funds raised in 2020 was CNY 837.12 million, with CNY 199.53 million utilized by the end of the reporting period, leaving a balance of CNY 641.88 million[188]. - The company has committed to invest CNY 837.12 million in the titanium iron resource recycling project, with 23.84% of the investment completed by the end of the reporting period[188]. Subsidiary Performance - Dongkuang Company reported a net profit of CNY 184.66 million, contributing over 10% to the company's net profit[197]. - Tianjin Guorui achieved a net profit of CNY 5.48 million with total assets of CNY 87.69 million[200]. - Chaoyang Bank, a significant associate, reported total assets of CNY 105.23 billion and a net profit of CNY 293.99 million[200]. - Limhe Xinhai Company generated operating income of CNY 76.41 million and a net profit of CNY 8.92 million[197]. - Jinpeng Mining reported a net loss of CNY 18.17 million, with total assets of CNY 239.42 million[197]. - Guocheng Resources incurred a net loss of CNY 6.98 million, with total assets of CNY 246.57 million[197]. - Guocheng Jiahua reported a net loss of CNY 17.09 million, with total assets of CNY 1.52 million[197]. - The report indicates ongoing challenges in profitability for several subsidiaries, highlighting the need for strategic adjustments[197].

Financial Performance - The company's operating revenue for Q1 2021 was ¥217,706,983.44, representing a 12.78% increase compared to ¥193,041,202.05 in the same period last year[7] - Net profit attributable to shareholders was ¥49,607,713.34, an increase of 88.71% from ¥26,287,309.98 year-on-year[7] - The net profit after deducting non-recurring gains and losses was ¥40,789,568.03, reflecting a significant increase of 136.00% compared to ¥17,283,524.68 in the previous year[7] - Basic earnings per share rose to ¥0.0453, an increase of 88.75% from ¥0.024[7] - Total operating revenue for Q1 2021 was CNY 217,706,983.44, an increase of 12.83% compared to CNY 193,041,202.05 in the same period last year[53] - Net profit for Q1 2021 was CNY 49,607,713.34, up 88.61% from CNY 26,287,309.98 in the previous year[55] - The total comprehensive income for Q1 2021 was CNY 47,461,424.77, compared to CNY 26,287,309.98 in the same period last year, an increase of 80.59%[58] Cash Flow - The net cash flow from operating activities surged to ¥167,013,958.73, a remarkable increase of 1,286.58% from ¥12,045,029.43 in the same period last year[7] - Cash inflows from operating activities amount to ¥346,004,343.74, up from ¥177,542,133.95 in the previous period, reflecting a strong operational cash generation[64] - Cash outflows from operating activities total ¥178,990,385.01, compared to ¥165,497,104.52 in the previous period, indicating increased operational expenses[66] - The net cash flow from operating activities is ¥167,013,958.73, a significant increase from ¥12,045,029.43 in the previous period[66] - The company reported a net cash decrease of ¥289,278,729.22 primarily due to the payment for the equity transfer of Yubang Mining[26] - The ending cash and cash equivalents balance was CNY 489,614,154.12, down from CNY 659,552,352.52 at the beginning of the period[71] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,050,007,712.65, up 41.53% from ¥3,568,207,483.75 at the end of the previous year[7] - Total liabilities increased significantly, with contract liabilities rising by 2845.15% to ¥108,096,675.93 due to increased advance receipts[22] - The company reported a significant increase in intangible assets by 405.32% to ¥1,851,412,325.21 due to the consolidation of Yubang Mining's mining rights[22] - Total liabilities increased to CNY 2,162,819,878.18 from CNY 1,150,210,382.51, representing an increase of about 88%[46] - The company's total equity amounted to CNY 2,417,997,101.24, reflecting a stable financial position[76] Shareholder Information - The top two shareholders, Gansu Jianxin Industrial Group Co., Ltd. and Zhejiang Guocheng Holdings Group Co., Ltd., held 40.99% and 32.99% of shares, respectively[12] - The company did not engage in any repurchase agreements during the reporting period[17] Investments and Financial Management - The company has invested ¥27,157.11 million of the raised funds, accounting for 32.44% of the total raised amount[33] - The company received a bank loan of ¥10,000,000.00 during the reporting period[26] - The company reported an investment loss of ¥1,793,610.21, a stark contrast to an investment gain of ¥1,511,336.34 in the previous period[61] - The company has made significant investments totaling ¥465,920,332.53 during the current period, compared to ¥184,409,788.32 in the previous period, reflecting a focus on growth initiatives[66] Changes in Financial Position - Cash and cash equivalents decreased by 33.57% to ¥554,228,280.52 due to the payment for the equity transfer of Yubang Mining[22] - Accounts receivable decreased by 47.62% to ¥36,167,539.67 primarily due to the collection of last year's receivables[22] - Inventory increased by 48.28% to ¥59,364,668.18 due to an increase in stock levels[22] - Total equity decreased slightly to CNY 2,043,023,328.21 from CNY 2,047,717,303.68, a decrease of 0.23%[52] Compliance and Adjustments - The company adjusted its financial statements to comply with new leasing standards, increasing right-of-use assets by CNY 792,000.00[78] - The first quarter report was not audited[82]

Financial Performance - Net profit attributable to shareholders decreased by 54.32% to CNY 38,454,287.91 for the reporting period[7] - Operating revenue for the period was CNY 214,979,969.28, down 14.43% year-on-year[7] - Basic earnings per share decreased by 52.58% to CNY 0.0351[7] - The weighted average return on equity was 1.74%, a decrease of 5.03% compared to the previous year[7] - The company reported a 44.86% decrease in income tax expenses, amounting to approximately CNY 16.65 million, attributed to a reduction in total profit[37] - The company reported a decrease in sales expenses to CNY 1,011,541.13 from CNY 5,493,330.73, a reduction of approximately 81.7%[80] - The net profit for Q3 2020 was CNY 87,456,268.85, a decrease of 54.4% compared to CNY 191,450,323.94 in the same period last year[91] - Total revenue for Q3 2020 was CNY 30,976,569.30, significantly lower than CNY 475,873,770.54 in the previous year[94] Assets and Liabilities - Total assets increased by 33.32% to CNY 3,553,477,822.04 compared to the end of the previous year[7] - The total liabilities of the company as of September 30, 2020, were CNY 1,193,617,336.11, compared to CNY 533,727,594.86 at the end of 2019, reflecting an increase of around 123%[71] - The company's current assets reached CNY 1,453,304,355.39, significantly up from CNY 649,001,477.58 in the previous year, indicating a growth of about 124%[67] - The total amount of other receivables reached CNY 309,979,657.69, including CNY 200,000,000.00 in receivable dividends[117] - The total amount of deferred tax assets is CNY 17,610,168.01, indicating potential future tax benefits[109] Cash Flow - The net cash flow from operating activities decreased by 41.29% to CNY 155,635,027.38 compared to the same period last year[7] - The company reported a 91.12% decrease in cash received from investment activities, amounting to approximately CNY 27.15 million, due to reduced financial asset investment activities[38] - The total cash inflow from investment activities is ¥27,803,837.41, significantly down from ¥522,245,438.08 in the prior period, indicating a decline of 94.7%[101] - The net cash flow from financing activities is ¥839,917,000.00, a substantial increase compared to a negative cash flow of ¥331,539,670.19 in the previous period[101] Shareholder Information - The total number of shareholders at the end of the reporting period was 12,496, with the top ten shareholders holding significant stakes[10] - Gansu Jianxin Industrial Group Co., Ltd. held 40.99% of the shares, while Zhejiang Guocheng Holdings Group Co., Ltd. held 32.99%[10] - The company did not engage in any repurchase transactions during the reporting period[17] Investments and Acquisitions - The company acquired a 34% stake in Yubang Mining for CNY 36 million, enhancing its market position[39] - The company plans to acquire 65% of Yubang Mining for a total price of RMB 979.69 million, with RMB 400 million already paid as a deposit[40] - Yubang Mining signed contracts worth a total of RMB 1.41457 billion for mining and construction projects, which will significantly enhance its production capacity[40] Financial Management - The company reported non-recurring gains and losses of CNY 31,526,815.05 during the reporting period[9] - The company has accumulated a total of RMB 204.13 million in non-operating fund occupation, with RMB 183.83 million repaid by the end of September 2020[56] - The company has not engaged in any securities or derivative investments during the reporting period[47][49] - The company has not reported any violations regarding external guarantees during the reporting period[60] Future Outlook and Strategy - The company is closely monitoring the feasibility of asset injection from Zhongxi Mining and ensuring compliance with regulatory requirements[41] - Guocheng Mining is exploring new projects, including the Yubang Mining silver multi-metal project and the comprehensive utilization of sulfur-titanium iron, showcasing its commitment to innovation and growth[63] - The company's major shareholder, Guocheng Group, has committed to injecting assets from Zhongxi Mining by the end of 2020, following a restructuring process[41]

证券代码：000688 证券简称：国城矿业 公告编号：2020-084 国城矿业股份有限公司 关于参加重庆辖区 2020 年投资者网上集体接待日活动的公告 | --- | |-----------------------------------------------------------------------------------------------------| | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 | | 为推动辖区上市公司做好投资者关系管理工作，促进上市公司完善公司治理，进一步提高 | | 上市公司质量，重庆上市公司协会联合上证所信息网络有限公司、深圳市全景网络有限公司举 | | 办辖区上市公司 2020 年投资者网上集体接待日活动，活动将于 2020 年 11 月 26 | | 下午 15：00-16 ：30 举行，投资者可以登陆全景 . 路演天下（ http://rs.p5w.net | | 互动平台参与交流。 届时，公司董事长吴建元先生、总经理李伍波先生、财务总监郭巍女士、董事会秘书王丹 | | 女士将参加本次活动，并通过 ...

Financial Performance - Operating revenue for the reporting period was CNY 366,771,316.66, a 46.00% increase year-on-year[8] - Net profit attributable to shareholders decreased by 54.68% to CNY 86,774,760.94 year-to-date[8] - Basic earnings per share decreased by 52.94% to CNY 0.0792 year-to-date[8] - The company reported a 55.65% increase in net profit excluding non-recurring gains and losses for the reporting period[8] - The average return on equity decreased by 5.05% to 3.62% year-to-date[8] - The net profit for the third quarter of 2020 was ¥86,774,760.94, a decrease of 54.6% compared to ¥191,450,323.94 in the same period last year[74] - Total operating revenue for the third quarter was ¥843,668,761.61, an increase of 4.1% from ¥809,542,746.23 in the previous year[74] - The operating profit for the quarter was ¥103,494,493.93, down 53.3% from ¥221,295,448.85 year-over-year[74] - The basic and diluted earnings per share were both ¥0.0792, compared to ¥0.1683 in the same quarter last year, reflecting a decline of 52.9%[77] Assets and Liabilities - Total assets increased by 33.28% to CNY 3,552,461,420.56 compared to the end of the previous year[8] - Total liabilities reached CNY 1,193,282,442.54, a significant increase from CNY 533,727,594.86, representing an increase of about 123.5%[55] - The company's non-current liabilities increased significantly to CNY 730,627,028.53 from CNY 34,099,817.41, indicating a substantial rise in long-term financial obligations[55] - The total current assets surged to CNY 1,353,974,678.55 from CNY 609,497,700.01, reflecting an increase of approximately 122.5%[60] - The company's current liabilities decreased to CNY 462,655,414.01 from CNY 499,627,777.45, showing a reduction of about 7.4%[55] - The total equity attributable to shareholders rose to CNY 2,359,178,978.02, up from CNY 2,131,663,855.48, reflecting an increase of about 10.7%[57] Cash Flow - Cash flow from operating activities decreased by 41.29% to CNY 155,635,027.38 year-to-date[8] - Cash inflow from operating activities for Q3 2020 was CNY 895,739,818.05, down from CNY 940,917,876.83 in the previous year, a decrease of about 4.8%[82] - Cash outflow from operating activities totaled CNY 740,104,790.67 in Q3 2020, compared to CNY 675,808,424.18 in the same period last year, an increase of approximately 9.5%[83] - The net cash flow from operating activities for Q3 2020 was CNY 155,635,027.38, down from CNY 265,109,452.65 in Q3 2019, reflecting a decrease of about 41.3%[83] - Cash inflow from investment activities was CNY 27,803,837.41 in Q3 2020, significantly lower than CNY 522,245,438.08 in the previous year, a decline of approximately 94.7%[83] - The net cash flow from investment activities for Q3 2020 was -CNY 487,936,193.88, compared to CNY 141,524,838.03 in the same period last year, indicating a negative shift[83] - Cash inflow from financing activities was CNY 840,849,056.60 in Q3 2020, a substantial increase from CNY 416,120.70 in the previous year[83] Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,496[15] - The top ten shareholders held a combined 79.12% of the shares, with Gansu Jianxin Industrial Group Co., Ltd. holding 40.99%[15] - The company did not engage in any repurchase transactions during the reporting period[17] - The company repurchased a total of 41,743,867 shares, accounting for 3.67% of the total share capital, with a total repurchase amount between RMB 400 million and RMB 800 million[33] Government Support and Subsidies - The company received government subsidies amounting to CNY 1,247,280.53 during the reporting period[10] Investment Activities - The company plans to acquire a 65% stake in Yubang Mining for ¥97.969 million, with a total of ¥400 million paid in transaction fees to date[30] - The company is monitoring the feasibility of asset injection from its controlling shareholder, which includes a significant capacity expansion project at Zhongxi Mining[31] - The company issued convertible bonds on July 15, 2020, with a total scale of RMB 850 million, raising a net amount of RMB 837.12 million after deducting issuance costs[32] - The company plans to invest all raised funds into the titanium-sulfur resource recycling project, which has a construction period of 24 months and is expected to be completed by the end of 2022[39] Tax and Expenses - The company reported a significant increase in tax liabilities, with a rise of 259.42% to ¥24,619,419.98 from ¥6,849,829.98[21] - The company reported a decrease in tax expenses to ¥5,348,286.16 from ¥6,397,142.94 in the previous year, a reduction of 16.4%[67] - Sales expenses decreased significantly by 87.59% to ¥2,263,185.31, attributed to a reduction in shipping costs[23] - Investment income dropped by 87.16% to ¥5,920,264.42, mainly due to decreased gains from the disposal of financial assets and long-term equity investments[23]

Acquisition and Investments - The company acquired 65% of Yubang Mining for RMB 979.69 million, with the transaction pending completion and associated uncertainties[10]. - The company is actively pursuing the acquisition of Yubang Mining, which has a significant silver-lead resource reserve of 158.98 million tons[40]. - The company is in the process of acquiring additional equity stakes and expanding its market presence through strategic investments[92]. - The company successfully issued convertible bonds totaling RMB 85,000,000, with net proceeds of RMB 837,117,924.52 allocated to the titanium iron resource recycling project[55]. - The company plans to invest 298.35 million RMB in the Sulfur-Titanium Iron Resource Recycling Comprehensive Utilization Project, with 85 million RMB sourced from raised funds and the remainder from self-raised funds, expected to be completed in 2022[181]. Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥476.90 million, a decrease of 14.58% compared to the same period last year[30]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥48.94 million, down 68.39% year-on-year[30]. - The net profit after deducting non-recurring gains and losses was approximately ¥29.96 million, a decline of 73.19% compared to the previous year[30]. - The net cash flow from operating activities was approximately ¥77.77 million, a decrease of 62.54% from the same period last year[30]. - The company reported a basic earnings per share of ¥0.0447, down 67.18% year-on-year[30]. Production and Operations - The company plans to expand Yubang Mining's processing capacity from 2,000 tons/day to 25,000 tons/day, with ongoing projects to increase production capabilities[11]. - The company processed 849.55 tons of copper concentrate and produced 21,357.75 tons of zinc concentrate during the reporting period[47]. - The company's lead concentrate production decreased by 25.90% year-on-year to 2,783.83 tons, while zinc concentrate production fell by 22.23% to 21,357.75 tons, and copper concentrate production dropped by 33.94% to 849.55 tons[49]. - The company experienced a significant decline in production volume, with lead and zinc ore mining down by 39.84% year-on-year due to COVID-19 impacts[66]. Market and Economic Conditions - The company's performance is closely tied to macroeconomic conditions, market supply and demand, and the prices of its main products[37]. - The company emphasizes the risk of metal price fluctuations affecting operational performance, particularly for silver, lead, and zinc[9]. - The average price of zinc in June was 16,925 yuan/ton, reflecting a 5.3% increase from April[46]. Environmental and Compliance Issues - The company acknowledges potential environmental compliance costs due to stricter regulations, which could impact profitability[14]. - Environmental protection risks are present due to waste generated during mining operations, with potential increased costs if regulations tighten[109]. - The company has implemented a wastewater treatment facility that recycles treated water for production use, ensuring no external discharge[158]. - The company has established emergency response plans for environmental incidents, with documentation filed with local environmental authorities[160]. Shareholder and Governance Matters - The company did not distribute cash dividends or bonus shares for the half-year period, indicating a focus on reinvestment[116]. - The participation rate in the 2020 first extraordinary general meeting was 74.2470%, reflecting strong shareholder engagement[116]. - The company has made commitments to avoid conflicts of interest and ensure fair treatment in related party transactions[120]. - The company has no significant related party transactions during the reporting period[130]. Risk Management - The company is enhancing its mining exploration and acquisition strategies to reduce reliance on a single mine, specifically the Dongshengmiao mine[12]. - The company is aware of policy risks related to mining rights and the necessity of timely renewals to avoid operational disruptions[16]. - The company has implemented measures to mitigate risks associated with mining operations, including strengthening exploration and digital mining initiatives[110]. Other Financial Metrics - The total assets at the end of the reporting period were approximately ¥2.67 billion, a slight increase of 0.14% compared to the end of the previous year[30]. - The company increased accounts receivable by 138.24%, indicating a significant rise in credit sales[38]. - The company's total profit for the period was 59.98 million, a decline of 66.43% year-on-year[47].

Financial Performance - Revenue for the first quarter of 2020 was ¥193,041,202.05, a decrease of 38.49% compared to ¥313,826,108.53 in the same period last year[9] - Net profit attributable to shareholders was ¥26,287,309.98, down 77.20% from ¥115,305,386.84 year-on-year[9] - The net cash flow from operating activities decreased by 85.59%, amounting to ¥12,045,029.43 compared to ¥83,584,531.61 in the previous year[9] - The company's operating revenue for Q1 2020 was ¥193,041,202.05, a decrease of 38.49% compared to ¥313,826,108.53 in the same period last year, primarily due to the impact of the pandemic on product sales and prices[27] - The net profit for Q1 2020 was ¥26,287,309.98, down 77.20% from ¥115,305,386.84 in the previous year, attributed to reduced sales volume and prices[27] - Total operating income for Q1 2020 was CNY 9,886,851.60, a decrease of 92.43% compared to CNY 130,794,609.61 in the same period last year[74] - The company reported a total profit of CNY 31,812,178.81 for Q1 2020, a decrease of 75.10% from CNY 128,033,120.30 in Q1 2019[74] Cash Flow and Investments - Cash flow from operating activities decreased by 50.22% to ¥177,542,133.95 from ¥356,646,481.50, mainly due to lower sales volume and average selling prices[29] - The company reported a net cash outflow from investing activities of ¥184,409,788.32, a significant decline compared to a net inflow of ¥39,053,358.38 in the previous year, indicating reduced investment activity[29] - The cash and cash equivalents net decrease was ¥172,362,725.94, a decline of 240.51% compared to an increase of ¥122,673,439.91 in the previous year, driven by reduced cash flow from operations and investments[29] - Cash outflow for investment activities was ¥184,409,788.32, a decrease of 8.7% from ¥201,875,674.92 in the previous period[79] - The net cash flow from investment activities was -¥184,409,788.32, compared to a positive cash flow of ¥39,053,358.38 in the previous period[79] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,623,538,736.54, a decrease of 1.57% from the previous year-end[9] - Total current assets amounted to ¥568,768,127.63, down from ¥649,001,477.58, indicating a decrease of about 12.4%[54] - Current liabilities decreased to CNY 426,927,437.16 from CNY 499,627,777.45, a reduction of about 14.5%[58] - Total liabilities decreased to CNY 461,985,642.63 from CNY 533,727,594.86, representing a decrease of approximately 13.4%[58] Shareholder Information - The top three shareholders hold 40.99%, 32.99%, and 0.88% of shares respectively, indicating concentrated ownership[19] - The company did not engage in any repurchase transactions during the reporting period[21] - The company repurchased a total of 41,743,867 shares, accounting for 3.6704% of the total share capital, with a total payment of RMB 469,379,801.03, at a maximum price of RMB 13.56 per share and a minimum price of RMB 9.90 per share[35] - The planned repurchase amount is between RMB 400 million and RMB 800 million, with a repurchase price not exceeding RMB 14 per share[35] Operational Impact and Future Plans - The company plans to closely monitor the development of the COVID-19 pandemic and actively respond to its adverse effects on financial status and operating results[13] - The company plans to acquire a 34% stake in Chifeng Yubang Mining Co., Ltd. for ¥36 million and has provided financial assistance of ¥9 million to facilitate the transaction[31] - The company has committed to injecting 100% equity of Inner Mongolia Zhongxi Mining Co., Ltd. into the listed company by the end of 2020, although there is uncertainty regarding the completion of this commitment[43] - The company has made commitments to avoid potential competition with its controlling shareholders and related parties, ensuring no engagement in similar business activities[38] Financial Management and Compliance - The company has signed a share custody agreement with its controlling shareholder, with a management fee adjustment to ¥4,200 million per year for managing the equity of 11 companies[34] - The company has committed to maintaining independence in its management, ensuring that key executives are solely employed by the company and do not hold positions in related parties[40] - The company will not engage in unnecessary related party transactions and will adhere to fair market practices in any necessary transactions[40] - The company has received feedback from the China Securities Regulatory Commission regarding its application for convertible bonds and has responded accordingly[35] - The first quarter report was not audited, indicating potential implications for financial reliability[89]

Financial Performance - The company's operating revenue for 2019 was CNY 1,020,530,162.26, a decrease of 16.75% compared to CNY 1,225,836,990.61 in 2018[29]. - The net profit attributable to shareholders for 2019 was CNY 170,859,251.95, down 57.82% from CNY 405,031,231.85 in 2018[29]. - The net cash flow from operating activities was CNY 339,230,430.50, a decline of 28.89% from CNY 477,038,390.54 in 2018[30]. - Basic earnings per share for 2019 were CNY 0.1538, a decrease of 56.81% compared to CNY 0.3561 in 2018[30]. - The company reported a significant drop in the net profit excluding non-recurring gains and losses, which was CNY 112,905,343.56, down 71.95% from CNY 402,445,577.38 in 2018[29]. - The weighted average return on equity for 2019 was 7.69%, down from 17.60% in 2018, reflecting a decrease of 9.91%[30]. - The gross profit margin fell by 35.33% to 35.16% in 2019, down from 54.37% in 2018, reflecting lower product prices[134]. - The net profit margin decreased by 49.10% to 16.74% in 2019 compared to 32.89% in 2018[134]. Operational Highlights - The company produced 57,800 tons of zinc concentrate, representing 2.06% of the national output of 2,805,800 tons, and 8,300 tons of lead concentrate, accounting for 0.67% of the national output of 1,231,200 tons in 2019[50]. - The company mined a total of 2,601,428.91 tons of lead-zinc ore and 258,091 tons of copper ore during the reporting period[69]. - The company has achieved an annual production scale of 2 million tons of lead and zinc ore, enhancing its competitive position in the industry[57]. - The company produced 2,859,519.91 tons of ore, a 17.73% increase compared to 2,428,846.56 tons in the previous year[98]. - The company reported a total sales volume of 725,439.55 tons in the non-ferrous metal mining sector, an increase of 11.71% year-over-year[95]. Market and Industry Conditions - The company acknowledges the volatility of non-ferrous metal prices and intends to strengthen market price forecasting and adopt pricing models to reduce impacts on performance[9]. - The company’s main business is in the non-ferrous metal sector, which is cyclical and subject to significant price fluctuations[9]. - The company faced significant pressure from falling prices of major mineral products due to a global economic downturn and declining demand for non-ferrous metals[63]. - The company recognizes the cyclical nature of the non-ferrous metals industry, with potential risks from price fluctuations due to global economic conditions and trade tensions[172]. Strategic Initiatives - The company plans to enhance its mineral resource reserves through exploration and potential acquisitions of quality mines to mitigate dependence on the Dongshengmiao mine[10]. - The company plans to enhance its market position by focusing on resource acquisition and management, as well as expanding into overseas markets due to increasing domestic resource dependency[49]. - The company is committed to digital mining construction to reduce uncertainties in mining operations and improve planning accuracy[12]. - The company aims to leverage technology and innovation to enhance operational efficiency and expand its market presence[162]. - The company is enhancing its digital mining capabilities to mitigate uncertainties in raw ore extraction[175]. Environmental and Regulatory Compliance - The company emphasizes the importance of environmental protection and plans to increase investments in this area to comply with stricter regulations[11]. - The company is adapting to stricter environmental regulations, which may lead to increased consolidation within the industry, benefiting larger, well-managed firms[49]. - The company will implement measures to mitigate risks associated with environmental regulations and potential increases in compliance costs[174]. Financial Management and Investments - The company will not distribute cash dividends or issue bonus shares for the fiscal year[6]. - The company has committed to using its retained earnings for future acquisition capital expenditures, rather than distributing cash dividends[186]. - The company is currently undergoing a convertible bond issuance, with all funds intended for the construction of a comprehensive utilization project for titanium and sulfur resources[179]. - The company has made significant progress in the construction of the Jinpeng Mining Project, including the completion of the tailings dry discharge system and ongoing design work for mining optimization[79]. - The company has incurred a loss of ¥972.75 million from its investment in Paisheng Technology, with an initial investment of ¥2,365.47 million[147]. Risk Management - The company reported a commitment to not reduce 375,160,511 shares for 12 months starting from February 12, 2018[193]. - The company has faced risks related to mining rights, which could significantly impact production if not renewed in a timely manner[176]. - The company has implemented strict internal controls for derivative trading to mitigate risks associated with price fluctuations and liquidity[152]. - The company has acknowledged the risks associated with the acquisition of Yubang Mining, including potential difficulties in recovering financial assistance if the acquisition does not proceed[178]. Corporate Governance - The company guarantees the independence of its assets and financial operations, including maintaining a separate financial accounting system and independent tax obligations[191]. - The company has committed to maintaining a governance structure that allows for independent decision-making and operational autonomy[191]. - The company has established a long-term commitment to maintain independence in its operations, ensuring that key management personnel are exclusively dedicated to the company[191].