招金黄金(000506) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors and senior management declare the semi-annual report content to be true, accurate, and complete, advising investors of investment risks; no cash dividends, bonus shares, or capital reserve conversions are planned for this half-year period - The company's board of directors and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, free from false records, misleading statements, or major omissions[5] - The company's head, chief accountant, and accounting department head declare the financial report to be true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Definitions This section defines common terms used in the report, including abbreviations for the company, its main subsidiaries, and related parties, to ensure clear understanding of the content - “Company”, “Listed Company”, “Zhaojin Gold”, and “Zhongrun Resources” all refer to “Zhaojin International Gold Co., Ltd.”[11] - “Vatukoula Gold Mine” and “VGML” refer to “Vatukoula Gold Mines (Fiji) Limited”[11] Company Profile and Key Financial Indicators Company Profile The company's stock abbreviation changed from "Zhongrun Resources" to "Zhaojin Gold", with Lei Tang as legal representative, and its registered and office address in Jinan; the company name, stock abbreviation, and registered address changed during the reporting period - The company's stock abbreviation has changed from “Zhongrun Resources” to “Zhaojin Gold”, stock code 000506, listed on the Shenzhen Stock Exchange[13] - The company's legal representative is Lei Tang, with both its registered and office addresses located at 25-6 Jiefang East Road, Lixia District, Jinan City, Shandong Province[13][15] - The company disclosed an announcement on July 23, 2025, regarding the change of its company name, stock abbreviation, and registered address, and the completion of industrial and commercial registration[16] Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant growth in operating revenue and net profit attributable to shareholders, with net cash flow from operating activities turning positive, total assets decreasing due to subsidiary disposal, and net assets attributable to shareholders increasing Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 196,031,581.37 | 98,873,094.09 | 98.27 | | Net Profit Attributable to Listed Company Shareholders | 44,694,599.05 | -54,931,580.75 | 181.36 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Gains and Losses | 13,549,157.15 | -51,270,734.69 | 126.43 | | Net Cash Flow from Operating Activities | 15,300,725.54 | -2,631,460.68 | 681.45 | | Basic Earnings Per Share (yuan/share) | 0.05 | -0.06 | 183.33 | | Diluted Earnings Per Share (yuan/share) | 0.05 | -0.06 | 183.33 | | Weighted Average Return on Net Assets | 7.81 | -8.54 | 16.35 | | Period-end Indicators | Current Period-end (yuan) | Prior Year-end (yuan) | Period-end vs. Prior Year-end Change (%) | | Total Assets | 1,486,114,708.52 | 2,522,764,227.75 | -41.09 | | Net Assets Attributable to Listed Company Shareholders | 615,357,980.76 | 529,407,519.19 | 16.24 | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 31.15 million yuan, primarily from investment income on equity disposal and debt restructuring gains recognized from the disposal of subsidiary Xinjin International Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off of impairment provisions) | 30,989,204.90 | Primarily investment income of 30,606,110.65 yuan from the disposal of subsidiary Xinjin International this period | | Debt restructuring gains or losses | 1,001,150.66 | Primarily from the company's settlement of debt waived by Xu Feng this period | | Other non-operating income and expenses apart from the above | -844,913.66 | | | Total | 31,145,441.90 | | Management Discussion and Analysis Main Business Activities During the Reporting Period The company's main business involves gold mining and mineral product sales, benefiting from rising international gold prices and increased output from the Vatukoula Gold Mine, alongside real estate leasing; significant investment was made in mining operations, process optimization, and capacity enhancement Industry Development In the first half of 2025, global economic uncertainty and geopolitical tensions drove a significant increase in international gold prices, with London spot gold and Shanghai Gold Exchange Au9999 prices rising over 24%, and China's gold reserves continuing to grow - In the first half of 2025, the London spot gold fixing price was 3,287.45 USD/ounce, an increase of 24.31% from the beginning of the year; the average price for the first half was 3,066.59 USD/ounce, an increase of 39.21% from the same period last year[25] - The Shanghai Gold Exchange Au9999 gold closing price at the end of June was 764.43 yuan/gram, an increase of 24.50% from the beginning of the year; the weighted average price for the first half was 725.28 yuan/gram, an increase of 41.07% from the same period last year[25] - In the first half of 2025, China increased its gold reserves by 18.97 tons, reaching 2,298.55 tons by the end of June[26] Company's Main Business The company's primary business involves gold mining and mineral product sales, with its core asset being the Vatukoula Gold Mine in Fiji; gold prices, the mine's gold output, and unit production costs are key factors influencing the company's performance - The company's main business includes mining and mineral product sales, with gold as the primary commodity[27] - The company's controlled subsidiary, Vatukoula Gold Mines (Fiji) Limited (Vatukoula Gold Mine), primarily engages in gold exploration, mining, smelting, and mineral product sales[27] - Gold prices, Vatukoula Gold Mine's gold output, and unit production costs are the main factors affecting the company's performance[27] Operating Model The Vatukoula Gold Mine operates a complete mining, beneficiation, and smelting industrial chain, encompassing exploration, various mining methods, beneficiation processes, and sales of gold doré and gold concentrate at international market prices - The Vatukoula Gold Mine possesses a complete mining and smelting industrial chain, along with procurement, production, and sales systems[28] - Mining methods include long-hole stoping, shrinkage stoping, and cut-and-fill methods; beneficiation processes include crushing, grinding, flotation, and pressure filtration systems, with tailings reprocessing utilizing grinding, whole-ore cyanidation carbon-in-pulp process, elution, electrolysis, and gold doré smelting[28] - Sales involve air freighting gold doré to Australian refineries for settlement at international market prices in USD on the day of sale, and sea freighting gold concentrate to domestic companies for settlement at the average international market price in USD one month after shipment[28] Production and Operation Status During the reporting period, the Vatukoula Gold Mine produced 9,399.62 ounces of gold, including 3,272.43 ounces from tailings recovery; the company invested in technical upgrades and facility maintenance, while its real estate leasing business in Weihai had a 50% occupancy rate for 34,139.35 square meters of property - During the reporting period, the Vatukoula Gold Mine produced a total of 9,399.62 ounces of gold, of which 3,272.43 ounces were recovered from tailings[29] - The company continuously increased capital investment for maintenance and upgrades in underground ore hoisting, beneficiation process optimization, tailings reprocessing capacity enhancement, tailings dam expansion, and power plant facility maintenance, with tailings processing capacity expected to increase by at least 30%[29][30] - The company owns properties at 10 Shantou East Road and 205, 207 Zhuhai Road in Wendeng District, Weihai City, with the Zhuhai Road properties totaling 34,139.35 square meters and an occupancy rate of 50%[30] Core Competitiveness Analysis The company's core competitiveness lies in its substantial gold mineral resource reserves and promising exploration prospects, particularly the Vatukoula Gold Mine's underground gold metal resources of 103.77 tons, significantly increased from previous estimates, complemented by global recruitment of senior mining talent to optimize production processes and technology - Through years of mining asset operation, the company has accumulated a considerable scale of gold mineral resource reserves[31] - The Vatukoula Gold Mine's mining and exploration rights areas possess broad resource prospects, with its retained resources and exploration potential being its core competitiveness[31] - As of October 31, 2024, the Vatukoula Gold Mine's underground mining resource gold metal content was 103.77 tons, a significant increase from previous estimates[31] - The company attracts senior mining talent globally to optimize exploration, mining, beneficiation, and tailings treatment processes and technologies[32] Main Business Analysis During the reporting period, the company's main business revenue surged by 98.27% year-on-year, driven by increased sales volume and unit selling price of Vatukoula Gold Mine products; operating costs decreased by 1.94% due to product mix adjustments and reduced amortization from accounting estimate changes, with the mining sector contributing most revenue and profit, and a significantly improved gross profit margin Year-on-Year Changes in Key Financial Data Operating revenue increased by 98.27% due to higher sales volume and unit prices at Vatukoula Gold Mine; operating costs decreased by 1.94% from product structure adjustments and reduced amortization; net cash flow from operating activities grew by 681.45%, and net cash flow from investing activities increased by 7473.84% primarily due to cash received from subsidiary disposal Key Financial Data Year-on-Year Change | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 196,031,581.37 | 98,873,094.09 | 98.27 | Subsidiary Vatukoula Gold Mine's sales volume and unit selling price both increased compared to the same period last year | | Operating Cost | 110,431,194.28 | 112,615,205.62 | -1.94 | Product structure adjustment (reduced smelting) and decreased amortization expenses for shafts and mining rights due to increased reserves at Vatukoula Gold Mine | | Net Cash Flow from Operating Activities | 15,300,725.54 | -2,631,460.68 | 681.45 | Operating cash flow achieved positive growth | | Net Cash Flow from Investing Activities | 526,307,337.46 | -7,137,493.73 | 7473.84 | Cash received from disposal of subsidiary amounted to 668 million yuan | | Net Cash Flow from Financing Activities | -324,344,114.04 | 14,583,175.82 | -2324.10 | Increased cash payments related to financing activities, with multiple non-financial institution loans repaid | | Net Increase in Cash and Cash Equivalents | 217,801,168.82 | 3,176,587.40 | 6756.45 | Cash recovered from disposal of subsidiary | Operating Revenue Composition During the reporting period, the mining industry accounted for 98.37% of revenue, growing by 100.02% year-on-year with a gross profit margin of 43.89%, an increase of 58.64%; the Fiji region contributed 98.83% of operating revenue, up 100.97% year-on-year Operating Revenue Composition (by Industry, Product, Region) | Category | Current Period Amount (yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (yuan) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 196,031,581.37 | 100 | 98,873,094.09 | 100 | 98.27 | | By Industry | | | | | | | Mining Industry | 192,829,426.55 | 98.37 | 96,404,117.82 | 97.50 | 100.02 | | Other Businesses | 3,202,154.82 | 1.63 | 2,468,976.27 | 2.50 | 29.70 | | By Product | | | | | | | Gold Sales | 192,829,426.55 | 98.37 | 96,404,117.82 | 97.50 | 100.02 | | Other Businesses | 3,202,154.82 | 1.63 | 2,468,976.27 | 2.50 | 29.70 | | By Region | | | | | | | Fiji Region | 193,739,538.51 | 98.83 | 96,404,117.82 | 97.50 | 100.97 | | Jinan Region | 2,292,042.86 | 1.17 | 2,468,976.27 | 2.50 | -7.17 | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Profit Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Mining Industry | 192,829,426.55 | 108,197,889.96 | 43.89 | 100.02 | -2.19 | 58.64 | | By Product | | | | | | | | Gold Sales | 192,829,426.55 | 108,197,889.96 | 43.89 | 100.02 | -2.19 | 58.64 | | By Region | | | | | | | | Fiji Region | 193,739,538.51 | 108,750,561.58 | 43.87 | 100.97 | -1.69 | 58.62 | Non-Main Business Analysis During the reporting period, non-main business activities significantly contributed to total profit, with investment income accounting for 47.72%, primarily from the disposal of subsidiary Xinjin International, and credit impairment losses contributing 18.50% Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 31,607,261.31 | 47.72 | Primarily investment income of 30.61 million yuan from the disposal of subsidiary Xinjin International this period | No | | Asset Impairment | -550,612.34 | -0.83 | Inventory impairment losses recognized by the company in accordance with enterprise accounting standards and company accounting policies | No | | Non-operating Income | 49,654.98 | 0.07 | | No | | Non-operating Expenses | 894,568.64 | -1.35 | Primarily contract penalties and compensation incurred by the company this period | No | | Credit Impairment Losses | 12,252,470.31 | 18.50 | Primarily provisions for bad debts on accounts receivable and other receivables recognized or reversed by the company in accordance with enterprise accounting standards and company accounting policies | No | | Gains from Disposal of Assets | 383,094.25 | 0.58 | Gains from disposal of the company's non-current assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 41.09% year-on-year, mainly due to the disposal of subsidiary Xinjin International; cash, fixed assets, short-term borrowings, and other non-current assets significantly increased in proportion, while intangible assets and contract liabilities substantially decreased; overseas assets, primarily VGML(UK) equity, performed well, though some assets remain restricted by litigation or pledges Significant Changes in Asset Composition Period-end cash and cash equivalents increased to 20.75% of total assets, mainly from proceeds of subsidiary disposal; fixed assets rose to 40.24% due to reduced overall asset scale; intangible assets significantly decreased by 48.22% from the disposal of mining rights; short-term borrowings and other payables also saw substantial changes, reflecting loan repayments and new borrowings Significant Changes in Asset Composition | Item | Current Period-end Amount (yuan) | Proportion of Total Assets (%) | Prior Year-end Amount (yuan) | Proportion of Total Assets (%) | Proportion Change (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 308,425,748.27 | 20.75 | 90,564,889.18 | 3.59 | 17.16 | Primarily due to a significant increase in period-end cash and cash equivalents from receiving 668 million yuan in equity proceeds from the disposal of subsidiary Xinjin International this period | | Fixed Assets | 598,079,729.04 | 40.24 | 568,097,977.94 | 22.52 | 17.72 | After the disposal of subsidiary Xinjin International this period, the company's asset scale decreased, leading to an increase in the proportion of fixed assets to total assets | | Intangible Assets | 49,419,658.99 | 3.33 | 1,300,431,062.39 | 51.55 | -48.22 | Disposal of subsidiary Xinjin International this period reduced intangible assets—mining rights by 1.251 billion yuan | | Other Non-current Assets | 118,186,240.28 | 7.95 | 2,826,293.46 | 0.11 | 7.84 | This period, the company's subsidiary Vatukoula Gold Mine withdrew from an associate and purchased assets, prepaying 14 million USD to Longtian Group, leading to an increase in the period-end balance of other non-current assets | | Short-term Borrowings | 285,261,250.00 | 19.20 | 85,177,390.28 | 3.38 | 15.82 | This period, 85 million yuan of loans from Jinan Rural Commercial Bank Lixia Branch were repaid, and 285 million yuan of one-year loans from Zhaojin Finance Company were added | | Other Payables | 333,211,187.83 | 22.42 | 814,603,881.71 | 32.29 | -9.87 | Primarily due to the repayment of non-financial institution loans this period, leading to a significant decrease in the period-end balance of other payables compared to the beginning of the year | Major Overseas Assets The company's primary overseas asset is a 79.52% equity stake in VGML(UK), with an asset scale of 1,080.85 million yuan, operating under a mine manager responsibility system led by the board, generating 105.74 million yuan in profit this period, representing 2.59% of the company's net assets Major Overseas Assets | Specific Content of Asset | Reason for Formation | Asset Scale (million yuan) | Location | Operating Model | Control Measures to Ensure Asset Security | Profit/Loss (million yuan) | Proportion of Overseas Assets to Company's Net Assets (%) | Major Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | VGML(UK) 79.52% Equity | Equity Acquisition | 1,080.85 | UK, Fiji | Mine Manager Responsibility System under Board Leadership | Company dispatches management team to oversee mine operations | 105.74 | 2.59 | No | Asset Restriction Status At the end of the reporting period, 2.06 million yuan of the company's cash and cash equivalents were frozen for environmental protection and workers' compensation, and 44.53 million yuan of investment properties were seized due to litigation Asset Restriction Status | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Status | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,055,080.44 | 2,055,080.44 | Frozen | VGML's time deposits for environmental protection, workers' compensation, etc | | Investment Properties | 44,534,836.41 | 19,889,043.31 | Seized | Litigation seizure | | Total | 46,589,916.85 | 21,944,123.75 | —— | —— | Investment Analysis During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[47][48][49] Major Asset and Equity Sales During the reporting period, the company did not sell major assets but divested a 51% stake in its controlled subsidiary Xinjin International to its controlling shareholder, Zhaojin Ruining Mining Co., Ltd., for 668.46 million yuan, facilitating strategic adjustment, focusing on precious metals, and improving cash flow - The company did not sell major assets during the reporting period[50] Major Equity Sales | Counterparty | Equity Sold | Sale Date | Transaction Price (million yuan) | Net Profit Contributed by Equity from Period Start to Sale Date (million yuan) | Impact on Company | Proportion of Net Profit Contributed by Equity Sale to Total Net Profit (%) | Equity Sale Pricing Principle | Related Party Transaction | Relationship with Counterparty | Equity Fully Transferred | Implemented as Planned | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Zhaojin Ruining Mining Co., Ltd. | 51% equity of Xinjin International Co., Ltd. | April 25, 2025 | 668.46 | -0.10 | Helps the company adjust its strategy, focus more on precious metal investment and development business; improves the company's cash flow, reflecting the controlling shareholder's strong support for the company's healthy and sustainable development | 68.48 | The transaction price was determined based on the appraisal report, combined with industry market conditions and the company's actual situation, through friendly negotiation | Yes | Shandong Zhaojin Ruining Mining Co., Ltd. is the company's controlling shareholder | Yes | Yes | April 10, 2025, April 15, 2025 | http://www.cninfo.com.cn | Analysis of Major Controlled and Invested Companies The company's major controlled subsidiaries include Zhongrun Mining, Zhongrun International Mining, Vatukoula Gold Mines (UK), and Vatukoula Gold Mines (Fiji); during the reporting period, Vatukoula Gold Mines (Fiji) saw significant operating profit growth due to increased gold revenue and reduced costs, while the company disposed of Xinjin International Co., Ltd. and deregistered Weihai Dingyijia Hotel Management Co., Ltd Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongrun Mining Development Co., Ltd. | Subsidiary | Mining Investment | 500 million yuan | 708,649,629.05 | 414,992,313.13 | | -2,908,296.70 | -2,908,296.70 | | Zhongrun International Mining Co., Ltd. | Subsidiary | Mining Investment | 50,000 USD | 1,172,116,585.63 | 197,375,841.00 | | 7,339,708.05 | 7,339,708.05 | | Vatukoula Gold Mines (UK) Limited | Subsidiary | Mining Investment | 17,212,767.16 GBP | 1,080,853,548.77 | 16,036,136.63 | 193,739,538.51 | 105,735,049.05 | 105,735,049.05 | | Vatukoula Gold Mines (Fiji) Limited | Subsidiary | Gold Mining and Processing | 4,000,000.00 FJD | 1,080,853,548.77 | -619,406,714.29 | 193,739,538.51 | 95,553,986.01 | 95,553,986.01 | | Beijing Zhongrun Qiansheng Technology Development Co., Ltd. | Subsidiary | Commercial | 497.30 million yuan | 426,876.35 | -18,782,629.17 | 1,089,449.57 | -3,370,443.06 | -3,370,443.06 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Xinjin International Co., Ltd. | Equity Transfer | The company did not conduct business and had no impact on the company's production and operations | | Weihai Dingyijia Hotel Management Co., Ltd. | Deregistration | The company did not conduct business and had no impact on the company's production and operations | - During the reporting period, Vatukoula Gold Mine's operating profit increased compared to the same period last year, primarily due to a 100.02% increase in gold operating revenue and a 2.19% decrease in operating costs compared to the same period last year[55] Risks Faced by the Company and Countermeasures The company faces multiple risks including industry policy changes, gold market price fluctuations, safety production, operational challenges, exchange rate volatility, and political, legal, and tax risks in overseas operations; it actively responds by strengthening policy research, adjusting marketing strategies, enhancing safety management, optimizing cost control, implementing hedging measures, and maintaining communication with local governments Industry Policy Change Risk The mining industry is highly susceptible to national and international industrial policies, where policy changes can lead to significant fluctuations in operating performance; the company mitigates this risk by monitoring policy changes and enhancing communication with government bodies - The mining industry is a cyclical industry closely related to national industrial policies, and policy changes can lead to significant fluctuations in a company's daily operating performance[56] - Company countermeasures: Continuously monitor relevant policy changes, strengthen understanding and research of national and regional policies, enhance communication and coordination with government departments, and promptly adopt responsive measures[56] Product Market Price Fluctuation Risk Gold sales are a primary revenue source, and international gold price fluctuations, influenced by various factors, introduce uncertainty to the company's performance; the company will closely monitor price changes, adjust marketing strategies, and strengthen cost control - Gold sales are one of the company's main sources of operating revenue, and fluctuations in gold prices and changes in supply and demand will have a significant impact on the company's profitability[58] - Company countermeasures: Continuously monitor international macroeconomic conditions and geopolitical environments, closely track price changes, promptly adjust marketing and operating strategies, and strengthen cost control[58] Safety Production Risk Despite enhanced safety management, natural disasters, personnel quality, and other factors may still lead to safety accidents, impacting the company's image; the company prevents risks by implementing safety responsibilities, improving systems, strengthening training, and increasing investment - Due to factors such as natural disasters, personnel quality, technical capabilities, and technological levels, the company still faces the risk of production safety accidents[59] - Company countermeasures: Decompose and implement safety management goals and responsibilities to each position and individual, revise and improve various safety production management systems, solidify safety production standardization, strengthen source prevention, establish and improve a dual prevention mechanism, ensure safety investment, and conduct thorough safety training[59] Operating Risk The mining, beneficiation, smelting, and sales model is susceptible to policy, price, environmental, and technological factors, potentially leading to increased costs and reduced revenue; the company will enhance operational efficiency through equipment upgrades, technological transformation, and management optimization - If national policy adjustments, product market price fluctuations, environmental policies, production processes, technical indicator requirements, and other factors lead to increased production costs and reduced sales revenue, the company's operations will be put in a passive position[60] - Company countermeasures: Accelerate the upgrade of old equipment, integrate into Zhaojin Group's technology research and development, market research, and product sales systems, and continuously improve cost control management through technological transformation and management optimization to enhance enterprise operating efficiency[60] Exchange Rate Fluctuation Risk The company's primary gold operations are in Fiji, settled in Fijian dollars and US dollars, making it vulnerable to severe exchange rate fluctuations that could impact performance; the company will closely monitor exchange rates and adopt reasonable settlement methods and hedging measures - The company's main gold mining and smelting operations are located in Fiji, with business transactions settled in Fijian dollars and US dollars; if the exchange rates of RMB, Fijian dollars, and US dollars fluctuate sharply in the future, it will have a certain impact on the company's performance[61] - Company countermeasures: Closely monitor and track exchange rate fluctuations, adopt reasonable settlement methods and hedging measures to reduce the impact of exchange rate fluctuations on the company[61] Overseas Operating Political, Legal, and Tax Risks The company's subsidiary in Fiji faces political, legal, tax, and cultural risks due to differences from domestic conditions; the company will maintain communication with the Fijian government and conduct country-specific risk assessments - The company's subsidiary is located in Fiji, which has significant differences from China in terms of politics, law, economy, taxation, and cultural development, posing certain political, legal, and tax risks[62] - Company countermeasures: Maintain close communication with the Fijian government and relevant departments, constantly monitor changes in political and policy situations, conduct country-specific risk assessments, and enhance risk prevention and response capabilities[62] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, the company experienced multiple changes in its board of directors and senior management, including the departures of Li Jiangwu, Wang Fei, Sun Tieming, Zhang Guoming, and Zheng Yuzhi, and the appointments or elections of Lei Tang, Sun Yingxiang, Yang Limin, Weng Zhanbin, Jiang Guipeng, and Xie Fengyu Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Li Jiangwu | Director | Resignation | February 05, 2025 | Personal reasons | | Wang Fei | Director | Resignation | February 05, 2025 | Job transfer | | Sun Tieming | Director | Resignation | February 05, 2025 | Job transfer | | Zhang Guoming | Deputy General Manager | Dismissal | February 06, 2025 | Personal reasons | | Zheng Yuzhi | Chief Financial Officer | Dismissal | February 06, 2025 | Job transfer | | Lei Tang | General Manager | Appointment | February 07, 2025 | Appointment | | Sun Yingxiang | Deputy General Manager | Appointment | February 07, 2025 | Appointment | | Yang Limin | Chief Financial Officer | Appointment | February 07, 2025 | Appointment | | Weng Zhanbin | Director | Election | February 25, 2025 | Election | | Jiang Guipeng | Director | Election | February 25, 2025 | Election | | Lei Tang | Director | Election | February 25, 2025 | Election | | Zheng Yuzhi | Chairman | Resignation | February 25, 2025 | Job transfer | | Weng Zhanbin | Chairman | Election | February 26, 2025 | Election | | Zheng Yuzhi | Director | Term expiration | June 18, 2025 | Re-election | | Sheng Jun | Director | Term expiration | June 18, 2025 | Re-election | | Xie Fengyu | Director | Election | June 18, 2025 | Re-election | | Xie Fengyu | Director | Resignation | July 18, 2025 | Work reasons | Profit Distribution and Capital Reserve Conversion to Share Capital The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[66] Social Responsibility The company actively fulfills its social responsibilities by improving corporate governance, safeguarding shareholder rights, prioritizing employee development and safety, promoting environmental protection, engaging in social welfare, and paying taxes in accordance with the law, striving for a win-win outcome in both economic and social benefits Protecting Shareholder Rights The company strictly adheres to laws and regulations, improves its governance structure, treats all shareholders fairly, ensures true, accurate, and timely information disclosure, and communicates with investors through various channels - The company strictly adheres to laws and regulations, continuously improves its corporate governance structure, and treats all shareholders fairly, openly, and justly[69] - During the reporting period, the company held 5 interim shareholders' meetings and 1 annual shareholders' meeting, ensuring shareholders' equal rights through on-site and online participation[69] - The company establishes contact with investors through various channels, including Shenzhen Stock Exchange's interactive platform, investor hotlines, and performance briefings[69] Protecting Employee Rights The company adheres to a people-oriented approach, prioritizing employee safety, labor protection, and social security, and fosters shared growth through incentive and restraint mechanisms, employee training, and talent development initiatives like the "Eagle Growth" program - The company adheres to a people-oriented approach, placing high importance on employee production safety, labor protection, and social security[70] - The company enhances the professional skills and management capabilities of Vatukoula Gold Mine's technical backbone through the "Eagle Growth" training program, stimulating vitality through talent cultivation[70] Adhering to "Safety First" The company enhances safety production awareness and skills through intensified safety education and training, and implements a full-staff safety production responsibility system to effectively prevent accidents - The company enhances employee safety production awareness and relevant skills through increased safety production education and training, and implements a full-staff safety production responsibility system to effectively prevent safety accidents[72] Environmental Protection Vatukoula Gold Mine actively fulfills its environmental protection responsibilities, implementing energy-saving and emission-reduction measures, utilizing energy-efficient products, reducing pollutant emissions, and promoting compliant drainage system construction to gradually build a green mine - Vatukoula Gold Mine actively fulfills its environmental protection responsibilities, diligently implements various energy-saving and emission-reduction measures, actively uses energy-saving products, reduces pollutant emissions, and promotes the construction of compliant drainage systems to gradually create an ecological mining scenario based on green mine standards[73] Developing Social Welfare The company actively participates in social welfare activities, strengthening communication with local communities and governments; Vatukoula Gold Mine sponsors local schools, community events, and sports, and provides essential services to promote social harmony - The company actively organizes and participates in various social welfare activities, continuously strengthening communication and coordination with stakeholders such as local communities and governments[74] - Vatukoula Gold Mine actively sponsors local schools, community activities, and sports events in Fiji, and provides basic services such as water and electricity facility maintenance, road maintenance, and waste removal to surrounding communities[74] Fulfilling Other Social Responsibilities The company consistently adheres to lawful operation and tax payment, strictly complies with financial systems and accounting standards, accurately accounts for operating results, and actively fulfills its social responsibilities and obligations - The company consistently regards lawful operation and tax payment as fundamental principles for development, focusing on achieving simultaneous economic and social benefits[75] - During the reporting period, the company strictly complied with enterprise financial systems and accounting standards, accurately accounted for enterprise operating results, and actively paid taxes in accordance with national laws, regulations, and policies[75] Important Matters Litigation Matters The company is involved in several significant litigation and arbitration cases, including loan disputes with Li Xiaoming, Pace International Trade (Beijing) Co., Ltd., Cui Wei, and Yantai Shengrui Investment Co., Ltd.; some cases have been ruled or judged, but enforcement is complex, with risks of unrecoverable amounts or installment repayments Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Status of Litigation (Arbitration) Judgment Enforcement | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | The company filed an arbitration application with the China International Economic and Trade Arbitration Commission regarding the receivable claim from Li Xiaoming | 80 million USD | No | On March 7, 2019, the China International Economic and Trade Arbitration Commission issued an "Arbitration Award" | The award ordered Li Xiaoming to repay a good faith deposit of 80 million USD and overdue payment penalties, with Shengjie (Beijing) Enterprise Management Co., Ltd. bearing joint and several liability | The company has submitted an application for compulsory enforcement to the Beijing No. 1 Intermediate People's Court Enforcement Division and has imposed a consumption restriction order on Li Xiaoming and Shengjie (Beijing) Enterprise Management Co., Ltd. As Li Xiaoming filed for bankruptcy in Hong Kong, the company has declared its claim to the Hong Kong Official Receiver's Office and completed the claim registration process. The bankruptcy case is not yet concluded | August 01, 2018 | http://www.cninfo.com.cn | | The company's lawsuit regarding the receivable of 37.07 million yuan principal and related interest from Pace International Trade (Beijing) Co., Ltd. | 37.07 million yuan | No | On July 25, 2019, the company received the "Civil Judgment" from the Jinan Intermediate People's Court. In April 2020, the Provincial High Court issued a "Civil Judgment", rejecting the appeal and upholding the original judgment | The judgment ordered Pace International to repay the company a loan principal of 37.07 million yuan and corresponding interest | In March 2021, the company applied to the Jinan Intermediate Court for compulsory enforcement. The court enforced the seizure and freezing of its equity. On July 22, 2025, the court issued an "Enforcement Ruling", imposing high consumption restrictions on Pace International, and finding no executable property of the respondent Pace International, thus terminating this enforcement procedure | November 28, 2018 | http://www.cninfo.com.cn | | Cui Wei Loan Dispute Case | 220 million yuan | No | On May 13, 2020, due to a loan dispute, Cui Wei filed a lawsuit with the court. The Shanghai No. 1 Intermediate People's Court issued a "Civil Ruling" dismissing Cui Wei's lawsuit. Cui Wei appealed the ruling. On February 26, 2021, the Shanghai Higher People's Court issued a "Civil Ruling", rejecting the appeal and upholding the original ruling | On August 6, 2021, after confirmation with the company and the court, a total of 150 million yuan in principal and interest still needed to be paid | As of now, the company still owes 82 million yuan | June 16, 2020 | http://www.cninfo.com.cn | | Yantai Shengrui Investment Co., Ltd. v. Zhongrun Yantai Branch and the company for loan contract dispute | 232.17 million yuan | No | On November 6, 2024, the Muping District People's Court of Yantai City issued Civil Judgment No. (2024) Lu 0612 Min Chu 3459. The company appealed the judgment. On March 19, 2025, the Yantai Intermediate People's Court issued a "Civil Judgment" | Judgment: 1. Uphold the first item of the Civil Judgment No. (2024) Lu 0612 Min Chu 3459 issued by the Muping District People's Court of Yantai City, Shandong Province; 2. Revoke the second, third, and fourth items of the Civil Judgment No. (2024) Lu 0612 Min Chu 3459 issued by the Muping District People's Court of Yantai City, Shandong Province; 3. The appellant shall pay the appellee Yantai Shengrui attorney fees of 3.6 million yuan | The company and the counterparty signed a "Repayment Agreement" and have paid the amounts due as per the agreement | September 12, 2024 | http://www.cninfo.com.cn | Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company's controlling shareholder, Shandong Zhaojin Ruining Mining Co., Ltd., and its controlling shareholder, Shandong Zhaojin Group Co., Ltd., maintained good integrity, with no unfulfilled effective court judgments or overdue large debts - During the reporting period, the company's controlling shareholder, Shandong Zhaojin Ruining Mining Co., Ltd., and its controlling shareholder, Shandong Zhaojin Group Co., Ltd., maintained good integrity, with no unfulfilled effective court judgments or large debts overdue and unpaid[85] Major Related Party Transactions During the reporting period, the company engaged in several significant related party transactions, including sales of goods and provision of services in ordinary operations, disposal of subsidiary equity, related party borrowings, and deposit/loan activities with an affiliated financial company; these transactions adhered to market price principles and impacted the company's financial position Related Party Transactions Related to Ordinary Operations The company conducted gold concentrate sales transactions of 36.88 million yuan with Zhaoyuan Huatang Trading Co., Ltd., accounting for 98.28% of similar transactions, and provided labor services of 0.64 million yuan to Shandong Zhaojin Geological Exploration Co., Ltd Related Party Transactions Related to Ordinary Operations | Related Party | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Pricing Principle | Related Party Transaction Price | Related Party Transaction Amount (million yuan) | Proportion of Similar Transactions (%) | Approved Transaction Limit (million yuan) | Exceeded Approved Limit | Settlement Method for Related Party Transactions | Market Price for Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoyuan Huatang Trading Co., Ltd. | Controlling Shareholder's Related Party | Sale of Goods | Gold Concentrate Sales | Market Price | Market Price | 36.88 | 98.28 | 300.00 | No | Bank Transfer | Market Price | | Shandong Zhaojin Geological Exploration Co., Ltd. | Controlling Shareholder's Related Party | Provision of Services | Provision of sample processing, assaying, transportation, and other services | Market Price | Market Price | 0.64 | 1.72 | 24.00 | No | Bank Transfer | Market Price | | Total | | | | | | 37.52 | | 324.00 | | | | Related Party Transactions Involving Asset or Equity Acquisition/Disposal The company transferred its 51% equity stake in Xinjin International to its controlling shareholder, Zhaojin Ruining Mining Co., Ltd., for 668.46 million yuan, generating an investment income of 30.61 million yuan; this transaction facilitates resource integration, strategic adjustment to focus on precious metal mining investment, and improved cash flow Related Party Transactions Involving Asset or Equity Acquisition/Disposal | Related Party | Assets Transferred | Transfer Price (million yuan) | Settlement Method for Related Party Transactions | Transaction Gain/Loss (million yuan) | Book Value of Assets (million yuan) | Appraisal Value of Assets (million yuan) | Related Party Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Pricing Principle | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Zhaojin Ruining Mining Co., Ltd. | 51% equity of the company's subsidiary Xinjin International | 668.46 | Cash Settlement | 30.61 | 638.03 | 668.46 | Controlling Shareholder | Equity Transfer | The company transferred its 51% equity stake in Xinjin International to Zhaojin Ruining | The transaction consideration was determined based on the appraisal report issued by the appraisal institution, combined with industry market conditions and the company's actual situation, through friendly negotiation | April 10, 2025 | http://www.cninfo.com.cn | - This equity transfer helps the company integrate resources and adjust its strategy, focusing more on precious metal mining investment and development; it also improves the company's cash flow, reflecting the controlling shareholder's strong support for the company's healthy and sustainable development[88] Related Party Creditor-Debtor Relationships During the reporting period, the company borrowed 420 million yuan from its controlling shareholder, Zhaojin Ruining Mining Co., Ltd., and 61.80 million yuan from Ningbo Meishan Bonded Port Area Ransheng Shengtong Investment Partnership (Limited Partnership), both of which have been repaid; there were no outstanding receivables from related parties at period-end Payables to Related Parties | Related Party | Related Party Relationship | Reason for Formation | Beginning Balance (million yuan) | Amount Increased This Period (million yuan) | Amount Repaid This Period (million yuan) | Interest Rate | Interest This Period (million yuan) | Period-end Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Meishan Bonded Port Area Ransheng Shengtong Investment Partnership (Limited Partnership) | Under the control of the same natural person | Borrowed 72 million yuan from Ransheng Shengtong in 2024 | 61.80 | 0.00 | 61.80 | 3.1% | 0.59 | 0 | | Shandong Zhaojin Ruining Mining Co., Ltd. | Controlling Shareholder | Borrowed 420 million yuan from Zhaojin Ruining in 2025 | 0 | 420.00 | 420.00 | 3.1% | 2.37 | 0 | Dealings with Affiliated Financial Companies The company has deposit and loan transactions with Shandong Zhaojin Group Finance Co., Ltd., an affiliate of its controlling shareholder; at period-end, the deposit balance was 199.91 million yuan and the loan balance was 285.00 million yuan Deposit Business | Related Party | Related Party Relationship | Daily Maximum Deposit Limit (million yuan) | Deposit Interest Rate Range | Beginning Balance (million yuan) | Total Deposits This Period (million yuan) | Total Withdrawals This Period (million yuan) | Period-end Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Zhaojin Group Finance Co., Ltd. | Controlling Shareholder's Related Party | 200.00 | 0.45%/year - 0.65%/year | 0 | 1,388.32 | 1,188.41 | 199.91 | Loan Business | Related Party | Related Party Relationship | Loan Limit (million yuan) | Loan Interest Rate Range | Beginning Balance (million yuan) | Total Loans This Period (million yuan) | Total Repayments This Period (million yuan) | Period-end Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Zhaojin Group Finance Co., Ltd. | Controlling Shareholder's Related Party | 400.00 | 3.3%/year | 0 | 285.00 | 0 | 285.00 | Major Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, major guarantees, or entrusted wealth management matters; its main leasing business involved two properties in Wendeng District, Weihai City, totaling 34,139.35 square meters, with an occupancy rate of 50% - The company had no trusteeship, contracting, major guarantees, or entrusted wealth management during the reporting period[95][96][98][99] - The company primarily owns properties at 10 Shantou East Road and 205, 207 Zhuhai Road in Wendeng District, Weihai City, with the Zhuhai Road properties totaling 34,139.35 square meters and an occupancy rate of 50%[97] Explanation of Other Important Matters During the reporting period, the company recovered Pingwu Zhongjin equity transfer funds and released the equity pledge, received all Xinjin International equity transfer payments, and had its stock delisting risk warning removed after an unqualified audit opinion; the company name, stock abbreviation, and registered address were subsequently changed to "Zhaojin International Gold Co., Ltd." and "Zhaojin Gold" - The company has received 80 million yuan in equity transfer payments for Pingwu Zhongjin from Zijin Southern Investment Co., Ltd., and released the pledge on 100% equity of Zhongrun International Mining Co., Ltd. held by Zhongrun Mining on April 10, 2025[102] - The company has received all 668.46 million yuan of the 51% equity transfer payment for Xinjin International[103] - The company's stock was subject to delisting risk warning and other risk warnings on May 6, 2024, due to three consecutive years of negative net profit after non-recurring items and an audit report with a disclaimer of opinion, with the stock abbreviation changed to “*ST Zhongrun”[103] - After Huaxing Certified Public Accountants issued an unqualified audit report, the company's delisting risk warning and other risk warnings were removed on June 5, 2025, and the stock abbreviation was changed to “Zhongrun Resources”[104] - The company name has been changed to “Zhaojin International Gold Co., Ltd.”, the stock abbreviation to “Zhaojin Gold”, and the stock code “000506” remains unchanged[105] Major Matters of Company Subsidiaries Company subsidiary VGML paid 14 million USD to repurchase the option from Sandstorm Gold, terminating the "Gold Purchase Agreement" and "Net Smelter Return (NSR) Royalty Agreement"; Vatukoula Gold Mine withdrew from associate Jinpen Mining and acquired exploration licenses and results; Zhongrun Mining acquired a 28.8% stake in Tibet Zhongjin, achieving 100% control - In March 2025, company subsidiary VGML paid 14 million USD to Sandstorm Gold, terminating the "Gold Purchase Agreement" and "Net Smelter Return (NSR) Royalty Agreement", and releasing all guarantee obligations[107] - Vatukoula Gold Mine has withdrawn from its associate Jinpen Mining (Fiji) Private Limited and acquired SPL1201 and 1344 special exploration licenses and exploration results for a consideration of 45% equity and 17 million USD, of which 14 million USD has been paid[107] - Zhongrun Mining Development Co., Ltd. acquired a 28.8% equity stake in Tibet Zhongjin from Shandong Bona Investment Co., Ltd. for 6.4 million yuan, achieving 100% control over Tibet Zhongjin[108] Share Changes and Shareholder Information Share Change Status During the reporting period, the company's restricted shares increased by 86,600 shares, unrestricted shares decreased by 86,600 shares, and total share capital remained unchanged, primarily due to former director Wang Fei's purchase of company shares through the secondary market Share Change Status | | Number of Shares Before Change (shares) | Proportion Before Change (%) | Net Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 346,800.00 | 0.04 | 86,600.00 | 433,400.00 | 0.05 | | 3. Other Domestic Held Shares | 346,800.00 | 0.04 | 86,600.00 | 433,400.00 | 0.05 | | Domestic Natural Person Held Shares | 0 | 0 | 86,600.00 | 86,600.00 | 0.01 | | II. Unrestricted Shares | 928,670,961.00 | 99.96 | -86,600.00 | 928,584,361.00 | 99.95 | | 1. RMB Ordinary Shares | 928,670,961.00 | 99.96 | -86,600.00 | 928,584,361.00 | 99.95 | | III. Total Share Capital | 929,017,761.00 | 100.00 | 0 | 929,017,761.00 | 100.00 | - Mr. Wang Fei resigned from his position as a company director on February 5, 2025, due to a job transfer; on June 27, 2025, Mr. Wang Fei purchased 86,600 shares of the company through the secondary market[112] Changes in Restricted Shares During the reporting period, Mr. Wang Fei's restricted shares increased by 86,600 shares, with the period-end total restricted shares being 86,600 shares, due to executive lock-up requirements Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Shares Released from Restriction This Period (shares) | Shares Increased in Restriction This Period (shares) | Period-end Restricted Shares (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Fei | 0 | 0 | 86,600 | 86,600 | Executive Lock-up Shares | Executed according to relevant laws and regulations | | Total | 0 | 0 | 86,600 | 86,600 | -- | -- | Company Shareholder Numbers and Shareholding Status At the end of the reporting period, the total number of ordinary shareholders was 47,833; controlling shareholder Shandong Zhaojin Ruining Mining Co., Ltd. held 20.00%, making it the largest shareholder; Ningbo Ransheng Shengyuan Investment Management Partnership (Limited Partnership) and its concerted parties held a significant proportion of shares, with some pledged or frozen - At the end of the reporting period, the total number of ordinary shareholders was 47,833[117] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Period-end Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Zhaojin Ruining Mining Co., Ltd. | State-owned Legal Person | 20.00 | 185,803,552 | 185,803,552 | 0 | 185,803,552 | Not Applicable | 0 | | Ningbo Ransheng Shengyuan Investment Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 10.08 | 93,647,336 | -139,352,664 | 0 | 93,647,336 | Pledged | 93,647,336 | | | | | | | | | Frozen | 93,647,336 | | Hangzhou Huicheng No. 1 Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 4.09 | 37,998,501 | -27,870,533 | 0 | 37,998,501 | Not Applicable | 0 | | Ningbo Meishan Bonded Port Area Ransheng Shengchang Investment Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 2.91 | 27,032,046 | -18,580,355 | 0 | 27,032,046 | Not Applicable | 0 | | Zhou Rong | Domestic Natural Person | 2.47 | 22,980,000 | 22,980,000 | 0 | 22,980,000 | Not Applicable | 0 | | Yang Feng | Domestic Natural Person | 1.18 | 10,977,000 | 10,977,000 | 0 | 10,977,000 | Not Applicable | 0 | | CITIC Securities Co., Ltd. - Qianhai Open Source Gold, Silver and Jewelry Theme Selected Flexible Allocation Mixed Securities Investment Fund | Other | 1.05 | 9,730,300 | 9,730,300 | 0 | 9,730,300 | Not Applicable | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Person | 0.60 | 5,528,954 | 5,501,750 | 0 | 5,528,954 | Not Applicable | 0 | | Hangzhou Zhengyu Private Equity Fund Management Co., Ltd. - Zhengyu Cycle Selected Huale No. 1 Private Equity Investment Fund | Other | 0.56 | 5,197,920 | 3,428,820 | 0 | 5,197,920 | Not Applicable | 0 | | Shanghai Ningyongfu Private Equity Fund Management Partnership (Limited Partnership) - Ningyongfu - Xiaoman No. 6 Private Equity Investment Fund | Other | 0.53 | 4,905,200 | 4,905,200 | 0 | 4,905,200 | Not Applicable | 0 | - The company's second largest shareholder, Ningbo Ransheng Shengyuan Investment Management Partnership (Limited Partnership), and Ningbo Meishan Bonded Port Area Ransheng Shengchang Investment Management Partnership (Limited Partnership) are related parties and concerted actors[118] - Zhaojin Ruining and Ransheng Shengyuan signed a "Voting Rights Waiver Agreement", where Ransheng Shengyuan waived the voting rights of all remaining shares held in the company after this share transfer[118] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, former director Wang Fei increased his shareholding by 86,600 shares, with a period-end total of 86,600 shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Beginning Shareholding (shares) | Shares Increased This Period (shares) | Shares Decreased This Period (shares) | Period-end Shareholding (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Fei | Director | Resigned | 0 | 86,600 | 0 | 86,600 | | Total | -- | -- | 0 | 86,600 | 0 | 86,600 | Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder changed to Shandong Zhaojin Ruining Mining Co., Ltd. on January 14, 2025, and the actual controller changed to Zhaoyuan Municipal People's Government on the same date - The company's controlling shareholder changed to Shandong Zhaojin Ruining Mining Co., Ltd. on January 14, 2025[121] - The company's actual controller changed from Guo Changwei to Zhaoyuan Municipal People's Government on January 14, 2025[121] Bond