2015-08-30 16:00Financial Performance - The company's revenue for the first half of the year was ¥2,269,257,230.22, a decrease of 38.77% compared to ¥3,706,264,957.22 in the same period last year[20]. - Net profit attributable to shareholders was ¥463,024,467.83, down 53.92% from ¥1,004,883,580.25 year-on-year[20]. - Basic earnings per share decreased to ¥0.09, a decline of 53.99% from ¥0.20 in the previous year[21]. - The weighted average return on equity dropped to 3.15%, down 4.85 percentage points from 8.00% in the same period last year[21]. - The company's operating revenue for the current period is approximately ¥2.27 billion, a decrease of 38.77% compared to ¥3.71 billion in the same period last year[48]. - The company's total capital reserve as of June 30, 2015, was reported at 9,956,670,829.38 CNY, with a proposal to convert 10 shares into 20 shares, increasing total share capital to 16,887,198,699 shares[79]. - The company plans to distribute cash dividends of 0.18 CNY per share, totaling 1,013,231,921.94 CNY, based on a total share capital of 5,629,066,233 shares[78]. Production and Costs - Molybdenum production reached 8,638 tons with a cash production cost of RMB 55,200 per ton and a recovery rate of 85.24%[38]. - Tungsten production totaled 4,607 tons with a cash production cost of RMB 16,596 per ton and a recovery rate of 77.75%[39]. - Copper production amounted to 20,215 tons with a C1 cash cost of $0.61 per pound and a recovery rate of 88.4%[40]. - The company implemented cost control measures that resulted in a total reduction of production costs by RMB 142.77 million across various metal segments[42]. - The operating cost decreased by 43.06% to ¥1.33 billion from ¥2.33 billion year-on-year, primarily due to reduced sales volume of molybdenum products and the sale of gold, silver, and lead businesses[48][49]. Market Conditions - The average price of molybdenum concentrate in the first half of the year was ¥1,122.09 per ton, a decrease of 20.14% year-on-year[26]. - The average price of tungsten concentrate was ¥81,500 per ton, down 26.62% compared to the previous year[29]. - The international tungsten market is expected to remain weak, with global oversupply and significant inventory in China, leading to a challenging short-term outlook for tungsten prices[83]. - Copper prices have dropped from a peak of $3.5 per pound to a low of $2.27 per pound, but are expected to stabilize between $2.25 and $2.75 per pound after the seasonal slowdown[84]. Investments and Financing - The company made a total of RMB 500 million in equity investments during the reporting period, including investments in Shanghai KQJ Information Technology Co., Ltd. (RMB 100 million) and China Securities Intermediary Pricing System Co., Ltd. (RMB 400 million)[62]. - The company has invested RMB 300 million in various wealth management products, with expected returns of RMB 26.97 million from one of the products maturing in July 2016[68]. - The company issued RMB 4.9 billion in convertible bonds in December 2014, with net proceeds of RMB 4.843548 billion after deducting issuance costs[112]. - The total amount of convertible bonds issued is 4.9 billion RMB, with 601.93 million RMB converted into company shares during the reporting period[118]. Corporate Governance and Compliance - The company has a strong commitment to ensuring the accuracy and completeness of its financial reports[3]. - The company has received a standard unqualified audit report from Deloitte Huayong[3]. - The company emphasizes that all forward-looking statements are subject to various uncertainties and may differ significantly from actual results[3]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[4]. - The company has not provided any guarantees outside the prescribed decision-making procedures[4]. Strategic Focus and Development - The company operates in the mining sector, focusing on molybdenum and tungsten resources[8]. - The company has a significant competitive advantage due to its rich molybdenum resources and advanced mining technology, which helps to lower production costs[56][57]. - The company aims to enhance its cost competitiveness in the molybdenum and tungsten business by optimizing operations in the Luanchuan area and strengthening automation and information management[85]. - The company will accelerate the industrial layout of resource recycling to cultivate new economic growth points[85]. Shareholder Information - The total number of shareholders at the end of the reporting period was 62,342[131]. - The largest shareholder, Luoyang Mining Group Co., Ltd., holds 1,776,593,475 shares, representing 34.53% of total shares[134]. - Hongshang Industrial Holding Group Co., Ltd. reduced its holdings by 49,966,322 shares, now holding 1,676,740,000 shares, or 32.59%[134]. - The management team collectively increased their holdings by 2,658,764 shares during the reporting period[139]. Environmental and Social Responsibility - The company has implemented a comprehensive recovery of sulfur dioxide from roasting processes to produce sulfuric acid, promoting environmental sustainability[59]. - The company has been recognized as a national advanced mining enterprise for rational development and utilization of mineral resources by the Ministry of Land and Resources[59].