Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥527.35 million, a decrease of 38.86% compared to ¥862.49 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of approximately ¥151.92 million, a decline of 2,156.17% compared to a profit of ¥7.39 million in the same period last year[19]. - The net cash flow from operating activities was negative at approximately ¥30.60 million, a decrease of 149.35% compared to ¥62.00 million in the same period last year[19]. - The basic and diluted earnings per share were both -¥0.47, a decrease of 2,450.00% compared to ¥0.02 in the same period last year[19]. - The total assets at the end of the reporting period were approximately ¥2.23 billion, an increase of 0.07% compared to ¥2.23 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were approximately ¥1.42 billion, a decrease of 9.62% compared to ¥1.57 billion at the end of the previous year[19]. - The company reported a significant increase in cash inflow from financing activities, with a year-on-year increase of 233.33% in cash received from borrowings[52]. - The company's overall financial performance reflects challenges in the mining sector, with several subsidiaries reporting losses[79]. Revenue and Costs - The company's revenue for the first half of 2020 was 527.35 million yuan, a decrease of 38.86% compared to 862.49 million yuan in the same period last year, primarily due to the impact of the COVID-19 pandemic and falling zinc prices[50]. - Operating costs for the first half of 2020 were 584.69 million yuan, down 25.17% from 781.36 million yuan year-on-year, attributed to lower zinc prices and reduced sales volume[50]. - Financial expenses rose by 122.47% to 9.55 million yuan, driven by increased bank credit and funding needs due to reduced sales returns amid falling zinc prices[45]. - Zinc ingot revenue dropped by 84.37% to ¥65.55 million, primarily due to a significant reduction in production and sales volume caused by the pandemic[56]. - The revenue from the non-ferrous metal smelting segment was ¥520.36 million, accounting for 98.67% of total revenue, with a decrease of 38.85% compared to the previous year[55]. Production and Operations - The company produced a total of 32,736.69 tons of main products including zinc water, zinc ingots, and zinc alloys in the first half of 2020, with zinc ingots at 4,307.857 tons, zinc water at 13,743.58 tons, and zinc alloys at 14,685.253 tons[45]. - The company has a raw material self-sufficiency rate of approximately 25%-30%, with an annual production capacity of 120,000 tons for zinc ingots and zinc alloys, and a processing capacity of 120,000 tons per year for leach residues[31]. - The company has introduced blowing zinc powder technology through its subsidiary Rongxin Rare Metals, significantly reducing costs in the cadmium and purification segments[37]. - The company aims to strengthen production coordination and ensure stable raw material supply and production operations in the second half of 2020[47]. - The company will focus on improving mining efficiency and resource integration to boost production capacity[46]. Environmental and Sustainability Efforts - The company emphasizes environmental sustainability by recycling waste and reducing emissions, aligning with its commitment to green development[36]. - The company has invested 50 million CNY in pollution control facilities to comply with environmental regulations[171]. - The wastewater treatment system at the zinc plant processes 200 m³/d of acidic wastewater and 2400 m³/d of comprehensive wastewater, with all treated wastewater reused in the production system[172]. - The company has implemented advanced emission control technologies, reducing particulate emissions to below 80 mg/m3[171]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[155]. Strategic Plans and Future Outlook - The company anticipates a recovery in global economic growth in the second half of 2020, driven by policy stimulus and a rebound in overseas demand[44]. - The company has set a performance guidance for the second half of 2020, expecting a revenue growth of 10% compared to the first half[171]. - A strategic acquisition of a local mining company is in progress, which is expected to increase the company's resource base by 30%[171]. - The company plans to implement a public bidding mechanism for raw material procurement to ensure fair pricing and reduce market volatility risks[86]. - The company will closely monitor national economic policies and adjust its operational strategies accordingly to ensure sustainable development[83]. Corporate Governance and Compliance - The company guarantees the authenticity, accuracy, and completeness of the information provided in its reports, ensuring no misleading statements or significant omissions[111]. - The company has committed to maintaining independence in its operations and compliance with relevant securities laws and regulations[94]. - The controlling shareholder, Zinc Electric Company, commits to avoiding any business competition with the company and ensuring compliance with relevant regulations[122]. - The company has not engaged in any securities or derivative investments during the reporting period[72][73]. - The semi-annual financial report has not been audited, indicating a need for further financial scrutiny[125]. Community Engagement and Social Responsibility - The company has paid CNY 50,000 to support the poverty alleviation census and pandemic prevention efforts in the He Wai village committee[195]. - The company plans to coordinate or fund CNY 200,000 to install 100 solar street lights in the He Wai village committee to improve travel conditions[200]. - The company aims to achieve poverty alleviation for all impoverished households in the He Wai village committee by 2020, ensuring "no worries about basic needs and three guarantees"[198]. - The company has allocated CNY 55,000 for various poverty alleviation initiatives, including employment transfer and education support[196]. - The company is committed to grassroots party building to enhance poverty alleviation and development efforts[200].

2020 年第一季度报告 2020 年 04 月 云南罗平锌电股份有限公司 2020 年第一季度报告全文 云南罗平锌电股份有限公司 1 云南罗平锌电股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李尤立、主管会计工作负责人李练森及会计机构负责人(会计主 管人员)张金美声明：保证季度报告中财务报表的真实、准确、完整。 2 云南罗平锌电股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部 | -22,373.29 | | | 分） | | | | 除上述各项之外的其他营业外收入和支出 | -490,568.70 | ...

Financial Performance - The company's operating revenue for 2019 was CNY 1,866,674,820.12, representing a 73.82% increase compared to CNY 1,073,923,466.10 in 2018[16] - The net profit attributable to shareholders for 2019 was CNY 25,565,427.57, a significant turnaround from a loss of CNY 257,773,420.38 in 2018, marking a 109.92% improvement[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 9,970,304.22, compared to a loss of CNY 229,959,179.10 in the previous year, reflecting a 104.34% increase[16] - The net cash flow from operating activities was CNY 337,662,898.05, up 49.05% from CNY 226,538,320.08 in 2018[16] - Basic earnings per share for 2019 were CNY 0.08, a recovery from a loss of CNY 0.80 per share in 2018, indicating a 110.00% increase[16] - The weighted average return on net assets was 1.65%, a significant recovery from -15.41% in 2018, showing an improvement of 17.06%[16] - The total operating revenue reached ¥1,866,674,820.12, an increase of 73.82% compared to ¥1,073,923,466.10 in the previous year, primarily due to increased production and sales of zinc products[50] - The operating cost for the period was ¥1,678,975,300.00, up 63.06% from ¥1,029,654,200.00 in the previous year, mainly due to the absence of production interruptions from environmental issues that affected the previous year[46] Production and Capacity - The company achieved a historical high in zinc production, with an increase of over 500,000 tons in total annual output[43] - The company has a zinc ingot production capacity of 120,000 tons per year and a comprehensive utilization plant capable of processing 120,000 tons of leach residue annually[32] - The company produced a total of 94,328.124 tons of zinc products in 2019, with sales revenue amounting to CNY 169,585.18 million, including CNY 74,675.36 million from zinc ingots, CNY 77,609.65 million from zinc water, and CNY 17,300.17 million from zinc alloys[61] - Zinc ingot sales volume increased by 15.79% to 42,352.738 tons, while production volume rose by 31.78% to 42,130.982 tons[54] - The sales volume of silver concentrate doubled, reaching 8,057.938 kg, with production increasing by 207.94% to 4,664.35 kg[55] - The company reported a 94.41% reduction in zinc ingot inventory, indicating effective sales management[56] - Zinc alloy production and sales volumes both increased by 100%, attributed to leasing production lines from a partner company[58] - The sales volume of zinc water surged by 3,182.64%, reflecting a significant operational ramp-up[58] Cash Flow and Investments - Operating cash inflow increased by 62.65% to CNY 2,135,747,103.34, while operating cash outflow rose by 65.49% to CNY 1,798,084,205.29, resulting in a net cash flow from operating activities of CNY 337,662,898.05[70] - The company reported a significant decrease in investment cash inflow by 99.45%, totaling CNY 132,584.03, indicating reduced investment activities[70] - The financing cash inflow decreased by 30.17% to CNY 168,700,000.00, while financing cash outflow decreased by 19.86% to CNY 320,639,516.40, leading to a net cash flow from financing activities of -CNY 151,939,516.40[70] Research and Development - The company has ongoing R&D projects focused on various technologies, including the recovery of zinc from acid mist and the purification of leachate, with a notable increase in R&D personnel by 203.13%[68] - The company’s research and development expenses rose by 49.16% to CNY 4,380,110.59, reflecting a focus on technological innovation and process improvement[67][68] - New product development includes the launch of a high-efficiency zinc extraction technology, expected to increase production capacity by 25%[113] - The company has established a long-term partnership with a leading technology firm to enhance its research and development capabilities[113] Environmental and Regulatory Compliance - The company is committed to environmental remediation and safety management, ensuring compliance with pollution discharge standards[93] - The company has faced increased environmental protection pressures due to stricter regulations, necessitating enhanced pollution control responsibilities[98] - The company has implemented measures to comply with the emission standards set forth in the relevant environmental regulations[185] - The company has established living sewage and mine water treatment stations at multiple mining sites, all of which are functioning properly[196] - The company has implemented noise pollution control measures by strategically placing high-noise equipment and using sound insulation techniques to meet standard limits[194] Strategic Outlook and Market Position - The company plans to produce 100,000 tons of zinc ingots in 2020, including zinc alloys, and aims to process 120,000 tons of dry slag[89] - The company plans to strengthen market exploration and improve marketing management to stabilize production and operational development[90] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next three years[113] - A strategic acquisition of a local mining company is in progress, which is anticipated to enhance resource availability and operational efficiency[113] Social Responsibility and Community Engagement - The company has actively participated in social responsibility initiatives, including infrastructure development and industry support in poverty-stricken areas[170] - In 2019, the company invested CNY 220,000 to install 50 solar streetlights in the village, improving living conditions[178] - The company coordinated CNY 1.3 million for road construction projects, successfully improving transportation access in the area[182] - The company provided CNY 38,200 for targeted poverty alleviation efforts, including vocational training for 52 individuals[180] Risk Management - The company has acknowledged various risks including macroeconomic fluctuations, product price volatility, and environmental risks in its future outlook[5] - The company will implement measures to mitigate risks, including enhancing internal control management and conducting futures hedging[95] - The company's raw material self-sufficiency rate is approximately 25%-30%, with most production materials still needing to be sourced externally, which increases production costs if prices rise[96] Corporate Governance - The company has a commitment to comply with securities laws and regulations, ensuring legal and compliant market participation[106] - The company has not faced significant administrative penalties or criminal sanctions in the last five years, nor does it have major civil litigation related to economic disputes[107] - The company commits to minimizing related party transactions and ensuring they do not harm the interests of the listed company and its shareholders[108]

云南罗平锌电股份有限公司 2019 年第三季度报告全文 云南罗平锌电股份有限公司 2019 年第三季度报告 2019 年 10 月 1 云南罗平锌电股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李尤立、主管会计工作负责人李练森及会计机构负责人(会计主 管人员)张金美声明：保证季度报告中财务报表的真实、准确、完整。 2 云南罗平锌电股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,204,855,904.44 | | 2,194,100,379.94 | 0.49% | | 归属于上市公司股东的净资产 | 1,544,169,61 ...

Financial Performance - The company's operating revenue for the first half of 2019 was approximately CNY 862.49 million, representing a 45.52% increase compared to CNY 592.70 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 7.39 million, a significant turnaround from a net loss of CNY 80.02 million in the previous year, marking a 109.23% improvement[19]. - Basic and diluted earnings per share improved to CNY 0.02, compared to a loss of CNY 0.25 per share in the previous year, reflecting an increase of 108.00%[19]. - The company achieved a net profit attributable to the parent company of 7.39 million yuan, a 109.23% increase compared to a net loss of 80.02 million yuan in the same period last year[32]. - The company reported a consolidated operating income of 862.49 million yuan, a 45.52% increase from 592.70 million yuan in the same period last year, primarily due to increased production and sales of zinc ingots and zinc water[39]. - The company expects improved zinc consumption in the second half of the year, driven by domestic infrastructure acceleration and stimulus policies[42]. - The company plans to implement cost reduction strategies and enhance profitability through market-oriented sales practices and effective production coordination[42]. Cash Flow and Assets - The net cash flow from operating activities decreased by 54.26% to CNY 62.00 million, down from CNY 135.54 million in the same period last year[19]. - The total assets at the end of the reporting period were CNY 2.16 billion, a decrease of 1.47% from CNY 2.19 billion at the end of the previous year[19]. - The company's cash and cash equivalents increased to ¥56,158,910.33, representing 2.60% of total assets[57]. - The company's current assets totaled CNY 418,380,707.47, slightly down from CNY 424,837,753.64 at the end of 2018, with cash and cash equivalents decreasing from CNY 90,192,989.85 to CNY 56,158,910.33[194]. - The total current liabilities were CNY 450,723,356.77, down from CNY 480,949,229.81, reflecting a decrease of about 6.3%[195]. - The company's long-term assets were valued at CNY 1,743,465,593.76, a slight decrease from CNY 1,769,262,626.30[194]. Production and Operations - The company continues to focus on zinc smelting and processing, lead-zinc ore mining, hydropower generation, and resource utilization, maintaining a robust product industry chain[26]. - The company has a self-sufficiency rate of over 30% for raw materials, with 100% ownership of subsidiaries in mining and a 60% stake in the Fuli lead-zinc mine[31]. - The company’s zinc smelting plant has a production capacity that allows for the extraction of by-products such as silver, germanium, and cadmium, enhancing profitability[30]. - The company has invested in two hydropower generation companies with capacities of 100,000 kW and 37,500 kW, respectively, providing new profit growth points[31]. - The company has implemented technology upgrades to improve the recovery efficiency of valuable metals from raw materials, enhancing overall profitability[37]. Environmental Compliance - Yunnan Luoping Zinc & Electricity Co., Ltd. is classified as a key pollutant discharge unit by environmental protection authorities[135]. - The company reported total emissions of 5.59 tons for particulate matter and 35.41 tons for nitrogen oxides, exceeding the permitted discharge limits[136]. - The company has implemented measures to control emissions from its coal-fired boilers, with a maximum discharge concentration of 400 mg/m3 for sulfur dioxide[135]. - The company is actively monitoring and managing its environmental impact in compliance with national pollution discharge standards[136]. - The company has a total of 1 organized discharge point for sulfuric acid mist, maintaining emissions below the limit of 20 mg/m3[137]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[7]. - The controlling shareholder, Guizhou Panhua Mining Group Co., Ltd., has committed to comply with securities laws and regulations, ensuring the independence of Yunnan Loping Zinc & Electricity Co., Ltd. from other controlled enterprises[83]. - The company has guaranteed that its equity in Xiangrong Mining Co., Ltd. and Derong Mining Co., Ltd. is legally held and free from any third-party rights or judicial restrictions[83]. - The company has committed to not engaging in substantial competition with its own operations in hydropower, lead, and zinc mining, and related products[85]. - The company has established a framework to ensure that all provided materials and information are complete and reliable[89]. Risk Management - The company faces various risks and has outlined measures to mitigate these risks in its report[6]. - The company faces risks from macroeconomic fluctuations, product price volatility, and raw material procurement challenges, and has implemented measures to mitigate these risks[70][71][72]. - The company is at risk of delisting if it reports consecutive net losses for two accounting years, as per the Shenzhen Stock Exchange regulations[76]. - The company has committed to ensuring that any related party transactions will follow market principles and comply with legal requirements[85]. Community Engagement and Social Responsibility - The company has been actively involved in training and improving management capabilities to adapt to market changes and enhance production efficiency[39]. - The company has implemented a targeted poverty alleviation plan, with a focus on enhancing grassroots organizational capacity and community engagement[164]. - The company has signed a contract with Luoping Wanxinglong Group for ginger cultivation with impoverished households[157]. - A total of CNY 11 million was allocated for poverty alleviation projects, with 58 impoverished individuals lifted out of poverty through various initiatives[162]. - The company has invested CNY 110,000 in the He Wai Village Agricultural Cooperative to support local konjac cultivation, benefiting local impoverished households and generating a 5% annual dividend for the village collective economy[160].

云南罗平锌电股份有限公司 2019 年第一季度报告全文 云南罗平锌电股份有限公司 2019 年第一季度报告 2019 年 05 月 1 云南罗平锌电股份有限公司 2019 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议, 其中独立董事尹晓冰先 生投弃权票，弃权理由为：一季度因公司向胜凯锌业延续去年模式但未经董事 会及股东大会审议通过就销售锌水，造成巨额资金被关联方占用形成大额应收 账款在报告期末未回收。但后在本人及独立董事林建章先生反复催促之下停止 该交易并于本报告公告日前已陆续回收被关联方占用资金，因此投弃权票。 公司负责人李尤立、主管会计工作负责人李练森及会计机构负责人(会计主 管人员)张金美声明：保证季度报告中财务报表的真实、准确、完整。 2 云南罗平锌电股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告 ...

Revenue and Profit - Revenue for Q1 2019 reached ¥444,025,456.96, an increase of 44.49% compared to ¥307,312,068.44 in the same period last year[7] - Net profit attributable to shareholders decreased by 56.79% to ¥3,355,163.91 from ¥7,764,770.90 year-on-year[7] - The net profit for the current period was RMB 3,139,713.93, a decrease of 58.95% compared to the previous period[18] - The total profit for the current period was ¥3,070,947.93, down from ¥10,357,875.08, reflecting a decrease of approximately 70.4%[50] - Basic earnings per share decreased by 50.00% to ¥0.01 from ¥0.02 year-on-year[7] Cash Flow and Liquidity - Net cash flow from operating activities fell by 89.14% to ¥2,593,639.71 from ¥23,879,283.58 in the same period last year[7] - The cash flow from operating activities showed a net outflow of RMB 2,593,639.71, a decline of 89.14% compared to the previous year[23] - The company's cash and cash equivalents decreased by 32.74% to RMB 60,664,545.65, mainly due to timely payments for goods[14] - Cash and cash equivalents at the end of the period were RMB 32,889,214.80, a decrease of 45.61% from the beginning of the period[23] - The ending cash and cash equivalents balance was CNY 32,889,214.80, down from CNY 60,469,117.42 in the previous year[59] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,139,009,040.06, down 2.51% from ¥2,194,100,379.94 at the end of the previous year[7] - Total current assets decreased from 424,837,753.64 yuan at the end of 2018 to 385,768,483.75 yuan by March 31, 2019[39] - Current liabilities decreased from CNY 480,949,229.81 to CNY 423,196,947.75, a reduction of about 12%[41] - Total liabilities decreased from CNY 646,504,223.64 to CNY 587,848,281.97, a decline of approximately 9%[41] - Non-current assets totaled CNY 1,753,240,556.31, down from CNY 1,769,262,626.30, reflecting a decrease of approximately 0.9%[40] Shareholder Information - The company reported a total of 34,993 common shareholders at the end of the reporting period[10] - The largest shareholder, Luoping Zinc & Electricity Co., Ltd., holds 27.40% of the shares, totaling 88,597,600 shares[10] Government Support and Subsidies - The company received government subsidies amounting to ¥10,000,000 during the reporting period[8] - The company received RMB 10,426,908.61 in cash related to operating activities, an increase of 116.51% year-on-year, mainly from government funding[23] Research and Development - Research and development expenses rose by 120.82% to RMB 1,585,460.69, attributed to increased salaries and depreciation of R&D equipment[18] - Research and development expenses rose to ¥1,585,460.69, compared to ¥717,975.44 in the previous period, marking an increase of about 120.4%[48] Legal and Compliance Issues - The company faced multiple lawsuits related to environmental pollution and securities false statements, which are currently pending in court[27][28] Operational Challenges - Accounts receivable increased significantly by 2411.94%, reaching RMB 83,367,955.90, primarily due to delayed payments from related transactions[15] - The company has stopped transactions with related parties that led to significant accounts receivable issues, recovering funds prior to the report's announcement[4] - The company reported a loss from investment activities of ¥3,810,300.08, slightly worse than the loss of ¥3,520,123.05 in the previous period[48] Future Outlook - The company expects to turn a profit in the first half of 2019, with a projected net profit of between 800,000 and 1,180,000 yuan, compared to a net loss of 8,002,310 yuan in the same period last year[31] - The gross profit margin for zinc products is expected to rise due to increased raw material procurement deductions compared to the previous year[31]

Financial Performance - The company's operating revenue for 2018 was CNY 1,073,923,466.10, a decrease of 33.66% compared to CNY 1,618,758,049.50 in 2017[18]. - The net profit attributable to shareholders for 2018 was a loss of CNY 257,773,420.38, representing a decline of 566.22% from a profit of CNY 55,289,658.19 in 2017[18]. - Basic earnings per share for 2018 were -CNY 0.80, down 570.59% from CNY 0.17 in 2017[19]. - The total revenue for the year was approximately 1.03 billion yuan, with a significant decrease of 42.18% compared to the previous year[62]. - The company achieved operating revenue of CNY 1,073.92 million, a decrease of 33.66% compared to CNY 1,618.76 million in the same period last year[51]. - The operating cost for the period was CNY 1,029.65 million, down 25.87% from CNY 1,388.98 million year-on-year, primarily due to reduced zinc ingot production and sales[51]. - The company reported a significant increase in lead concentrate revenue, which rose by 119.02% to CNY 51,829,400.25, with a gross margin of 54.34%[55]. - The company reported a substantial inventory impairment provision of approximately ¥32 million due to the continuous decline in zinc prices[40]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to CNY 226,538,320.08, a 2,095.91% increase from a negative cash flow of CNY 11,350,131.97 in 2017[18]. - The company's total cash inflow from operating activities decreased by 33.88% to approximately 1.31 billion yuan, primarily due to a reduction in zinc ingot sales volume[69]. - The company's cash and cash equivalents decreased by 12.01 million yuan, a 66.00% improvement compared to the previous year[72]. - Total assets at the end of 2018 were CNY 2,194,100,379.94, a decrease of 6.85% from CNY 2,355,346,377.04 at the end of 2017[19]. - The net assets attributable to shareholders decreased by 14.53% to CNY 1,540,020,532.70 from CNY 1,801,811,296.74 in 2017[19]. Operational Challenges - The company reported a significant decline in net profit due to various operational challenges faced during the year[18]. - The company faced increased losses in 2018 due to environmental compliance costs and a decline in zinc prices, leading to substantial inventory write-downs[31]. - The company incurred a loss of over 31 million yuan from inventory write-downs and fixed asset disposals in 2018[97]. - The company faced a significant increase in operating expenses due to environmental compliance measures, including over CNY 50 million in waste disposal fees[51]. Environmental Compliance and Management - The company has implemented measures to improve safety and compliance, including staff training and asset upgrades, to strengthen its operational foundation[31]. - The company is committed to enhancing environmental management and compliance with stricter pollution control standards[105]. - The company has committed to regular public announcements regarding the progress of environmental remediation efforts[155]. - The company has taken steps to ensure compliance with environmental regulations and improve operational practices[155]. - The company plans to continue investing in environmental protection measures and pollution control technologies[156]. Strategic Initiatives - The company has actively pursued a strategy of acquiring and integrating mining assets to increase self-sufficiency in raw materials, with significant reserves acquired in recent years[29]. - The company plans to produce 93,000 tons of zinc ingots in 2019, aiming to maximize profits from the smelting segment based on the results of environmental remediation[48]. - The company aims to strengthen its integrated operations in mining, electricity, and metallurgy, while seeking acquisition opportunities in the industry[97]. - The company plans to produce 32,000 tons of lead-zinc concentrate, 93,000 tons of zinc ingots, and 24 million kWh of electricity in 2019[99]. Governance and Compliance - The company has established a strict governance structure in compliance with the Company Law and Securities Law, ensuring transparency and accuracy in information disclosure[194]. - The company has committed to ensuring that any related party transactions are conducted at fair market prices[129]. - The company has undertaken to fulfill obligations related to profit compensation agreements with its shareholders[127]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws[157]. Risks and Future Outlook - The company has identified various risks including policy risk, product price fluctuation risk, and environmental risk[4]. - The company expects zinc consumption growth to maintain at 1.8% in 2019, supported by government infrastructure investments[47]. - Zinc prices are expected to fluctuate between $2,200 and $2,800 per ton in 2019, with domestic prices ranging from 18,000 to 22,000 yuan per ton[96]. - The company will adjust zinc production based on seasonal water and electricity supply variations to manage costs effectively[104].

Financial Performance - Operating revenue for the reporting period was CNY 181,440,886.38, representing a decline of 69.88% year-on-year [8]. - Net profit attributable to shareholders was a loss of CNY 60,603,377.72, a decrease of 252.53% compared to the same period last year [8]. - Basic earnings per share were -CNY 0.19, a decrease of 258.33% compared to the same period last year [8]. - The company reported an operating loss of 96.63 million, a decrease of 264.60% year-on-year [24]. - Net profit was -140.90 million, representing a decline of 399.20% year-on-year [24]. - The estimated net profit for 2018 is projected to be between -197.8 million yuan and -198 million yuan, indicating a significant loss compared to a net profit of 55.29 million yuan in 2017 [37]. Cash Flow - The net cash flow from operating activities was CNY 69,108,147.69, down 29.39% from the previous year [8]. - Cash outflow from operating activities decreased by 46.81% year-on-year, mainly due to reduced procurement of raw materials [29]. - The net cash flow from operating activities increased by 293.20% year-on-year, driven by significant sales of inventory and waste materials during the production halt [30]. - Cash flow from investment activities decreased by 87.78% year-on-year, reflecting a significant reduction in investment payments [29]. - The net cash flow from investment activities increased by 91.14% year-on-year, mainly due to the cash acquisition of Hongtai Mining, which led to increased cash outflows in investment activities [9]. - Cash inflows from financing activities decreased by 86.52% compared to the previous year, primarily due to the significant cash inflow from a non-public stock issuance in the prior period [13]. - The net cash flow from financing activities decreased by 126.35% year-on-year, attributed to the previous year's non-public stock issuance that resulted in higher cash inflows [17]. - The net increase in cash and cash equivalents decreased by 128.72% compared to the same period last year, mainly due to a reduction in net cash flow from financing activities [18]. - The company's cash and cash equivalents at the end of the period decreased by 79.98% year-on-year, indicating liquidity challenges [29]. - The company's cash and cash equivalents at the end of the period decreased by 79.98% compared to the same period last year, primarily due to a reduction in bank deposits and cash equivalents [20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,114,661,971.18, a decrease of 10.22% compared to the end of the previous year [8]. - The company's cash and cash equivalents decreased by 31.19% from RMB 83,710,920.44 to RMB 57,603,639.54 [18]. - Accounts receivable and notes receivable dropped by 85.57%, from RMB 18,248,952.65 to RMB 2,632,632.99 [18]. - Inventory decreased by 35.84%, from RMB 431,063,706.20 to RMB 276,548,974.58, primarily due to sales during environmental remediation [20]. - Short-term borrowings decreased by 75.79%, from RMB 325,420,683.46 to RMB 78,770,000.00, due to funds raised from a non-public offering [20]. - The company experienced a significant increase in prepayments, which rose by 1680.82% to RMB 36,163,317.00, attributed to prepayment sales [20]. - Construction in progress increased by 157.67%, from RMB 20,306,856.06 to RMB 52,325,487.40, due to new projects related to environmental remediation [20]. - Other current assets increased by 84.91%, primarily due to an increase in input VAT credits [20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,255 [12]. - The largest shareholder, Luoping Zinc & Electricity Company, held 27.40% of the shares [12]. - Guizhou Panhua Mining Group Co., Ltd. held 18.80% of the shares, with 53,799,900 shares pledged [12]. - The top ten shareholders did not conduct any agreed repurchase transactions during the reporting period [15]. - The company did not engage in any repurchase transactions during the reporting period [15]. Operational Challenges - The company's operating revenue decreased by 30.47% year-on-year, primarily due to the suspension of zinc smelting production lines for environmental rectification [23]. - Tax and additional charges increased by 39.58% year-on-year, mainly due to higher resource taxes and other fees [25]. - Sales expenses decreased by 48.21% year-on-year, attributed to a reduction in zinc ingot sales volume [25]. - Management expenses increased by 137.35% year-on-year, primarily due to disposal and transportation costs related to environmental requirements [25]. - The company faced environmental issues that resulted in production suspension and required the disposal of lead-containing waste, incurring additional costs [37]. - The company is in the process of liquidating and deregistering several wholly-owned subsidiaries, including Chuxiong Hengyun Mining Co., Ltd. [34]. Financial Ratios - The weighted average return on net assets was -3.59%, a decrease of 5.83% year-on-year [8]. - The company reported a 215.96% increase in accumulated losses, with undistributed profits at RMB -205,741,923.16 compared to RMB -65,115,484.00 at the beginning of the period [21].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 592.70 million, an increase of 15.98% compared to CNY 511.03 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 80.02 million, a decrease of 1,126.46% compared to a profit of CNY 7.80 million in the same period last year[19]. - The net cash flow from operating activities was CNY 135.54 million, a significant improvement of 166.51% compared to a negative cash flow of CNY 203.80 million in the same period last year[19]. - The total assets at the end of the reporting period were CNY 2.15 billion, a decrease of 8.52% from CNY 2.36 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 1.72 billion, down 4.53% from CNY 1.80 billion at the end of the previous year[19]. - The basic and diluted earnings per share were both CNY -0.25, a decrease of 1,350.00% compared to CNY 0.02 in the same period last year[19]. - The weighted average return on net assets was -4.54%, a decline of 5.02% compared to 0.48% in the same period last year[19]. - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company reported non-recurring losses totaling CNY 4.72 million during the reporting period[24]. - The company faced significant challenges in profitability, as indicated by the drastic decline in net profit and earnings per share[19]. Operational Highlights - The company operates in the lead-zinc mining, zinc smelting, hydropower generation, and resource utilization sectors, with a focus on zinc ingots and various by-products[27]. - The company has a total hydropower generation capacity of 201,250 kW, including a self-owned hydropower station with a capacity of 60,000 kW[33]. - The company increased its construction projects by 69.24% compared to the beginning of the period, mainly due to the addition of small-scale technical improvement projects[34]. - The company has successfully acquired 100% equity of Xiangrong Mining and Derong Mining, with lead-zinc ore reserves of 363,700 tons and 412,000 tons respectively[32]. - The company has developed a resource comprehensive utilization plant with an annual capacity of 139,500 tons, effectively processing leaching residues from zinc smelting[36]. - The company has implemented technology upgrades to reduce pollution and improve resource utilization efficiency, including a new multi-chamber furnace process[36]. - The company has strengthened its integrated industrial chain of "mining-power-smelting," optimizing production and reducing costs[35]. - The company has been recognized for its "Jiulong" brand electrolytic zinc, which is registered with the Shanghai Futures Exchange and has been awarded the title of "China Famous Trademark"[35]. - The company actively pursues external mining investments to enhance its raw material supply rate[32]. Revenue and Cost Analysis - Operating costs rose to 526.75 million yuan, a 24.41% increase from 423.39 million yuan year-on-year, primarily due to rising zinc prices and increased raw material procurement costs[43]. - Management expenses surged by 97.07% to 74.96 million yuan, attributed to significant costs related to the disposal of lead-containing waste[43]. - The company's revenue from non-ferrous metal smelting reached ¥592,412,323.52, accounting for 99.95% of total revenue, with a year-on-year increase of 15.96%[50]. - Zinc ingot sales contributed ¥522,344,332.94, representing 88.13% of total revenue, with a 13.72% increase compared to the previous year[51]. - Lead concentrate sales revenue increased by 68.96%, with sales volume of 1,739.812 tons at a price of ¥15,691.52 per ton, compared to 1,149.663 tons at ¥14,054.76 per ton last year[52]. - The revenue from power generation rose by 82.87%, attributed to increased electricity sales due to environmental rectification leading to zinc plant shutdowns[52]. - The company's gross profit margin for non-ferrous metal smelting was 11.12%, a decrease of 6.01% year-on-year[51]. Environmental Compliance and Challenges - The company has faced significant environmental compliance costs and plans to strengthen its environmental risk management practices[89]. - The company has been subject to administrative penalties for environmental violations, including improper waste management practices[128]. - The company is undergoing environmental remediation measures due to issues reported by the Ministry of Ecology and Environment, with production expected to resume by September 15, 2018[130]. - The company has acknowledged the need for improvements in environmental compliance and has taken steps to address reported issues[128]. - The company has implemented a comprehensive environmental monitoring plan and maintains strict adherence to environmental regulations[161]. - The company has established a robust environmental management and monitoring mechanism to ensure compliance with environmental standards[161]. Future Outlook and Strategic Initiatives - The company expects a net loss for the first three quarters of 2018, with projected net profit ranging from -15,000 to -12,000 thousand yuan, compared to a net profit of 4,752.78 thousand yuan in the same period of 2017[84]. - The company is optimistic about future growth prospects in the zinc industry, driven by increasing demand and favorable market conditions[138]. - The company is focused on expanding its market presence and enhancing product offerings in the zinc and related sectors[138]. - The company is actively pursuing new strategies for operational efficiency and cost management[138]. - The company is committed to ongoing research and development of new technologies to improve product quality and production processes[138]. - The company aims to strengthen its competitive position in the market through strategic partnerships and collaborations[138]. Community Engagement and Social Responsibility - The company has coordinated over 1 million yuan in funding for road hardening in several natural villages in the first half of 2018[198]. - A total of 16.8 million yuan was allocated for poverty alleviation efforts, with 13 million yuan in material contributions[199]. - The company has signed contracts with the Luo Ping Wan Xing Long Group to support ginger cultivation among impoverished households[196]. - The goal for 2018 is to help at least 8 households achieve poverty alleviation, with per capita income reaching national standards[192]. - By 2020, the company aims to ensure all impoverished households are lifted out of poverty through various means including industrial development and employment transfer[193]. - In the first half of 2018, 52 individuals received vocational skills training as part of employment transfer poverty alleviation initiatives[199].