白银有色(601212) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 32,996,987,724.51, representing a 29.66% increase compared to CNY 25,448,796,213.12 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was a loss of CNY 67,670,863.08, an improvement from a loss of CNY 455,435,044.84 in the previous year[15]. - The net cash flow from operating activities decreased by 91.15%, amounting to CNY 165,791,287.41 compared to CNY 1,873,028,376.69 in the same period last year[15]. - The total assets of the company increased by 2.04%, reaching CNY 47,447,389,972.08 compared to CNY 46,500,874,193.54 at the end of the previous year[15]. - The basic earnings per share for the first half of 2021 was -0.009 CNY, an improvement from -0.062 CNY in the same period last year[16]. - The weighted average return on net assets increased by 2.95 percentage points, reaching -0.44% compared to -3.39% in the previous year[16]. - The company's operating revenue for the reporting period was approximately ¥32.997 billion, an increase of 29.66% compared to ¥25.449 billion in the same period last year[42]. - Operating costs rose to approximately ¥31.526 billion, reflecting a 26.05% increase from ¥25.012 billion, primarily due to increased sales of zinc and sulfuric acid, as well as rising prices of copper and purchased aluminum[42]. - The company reported a total revenue of 1,619,206,193.96 CNY for the first half of 2021, with a net profit of 91,177,440.23 CNY, reflecting a strong performance in the production and sales of electrolytic copper foil and its derivatives[56]. Market Conditions - The average price of copper in the first half of 2021 was ¥66,669 per ton, an increase of 50.19% compared to the same period in 2020[21]. - The average price of zinc in the first half of 2021 was ¥21,576 per ton, reflecting a 30.50% increase year-on-year[21]. - The average price of lead in the first half of 2021 was ¥15,178 per ton, up 6.19% from the previous year[21]. - The average price of gold in the first half of 2021 was ¥378.37 per gram, a 2.33% increase compared to the same period in 2020[21]. - The average price of silver in the first half of 2021 was ¥5,420.79 per kilogram, which is a 35.55% increase year-on-year[21]. - The company reported a significant fluctuation in metal prices due to changes in monetary policy and market conditions[21]. - The company anticipates continued volatility in metal prices influenced by global economic recovery and policy adjustments[21]. - The company faced market environment risks due to the cyclical nature of the non-ferrous metal industry, which is closely tied to macroeconomic conditions, impacting product prices and profitability[57]. Production and Capacity - The company produced 120,300 tons of copper, lead, zinc, and molybdenum metals in the first half of 2021, an increase of 46% year-on-year, with copper concentrate rising by 62.25% to 24,500 tons[33]. - The smelting system produced 101,800 tons of cathode copper, a 9.34% increase year-on-year, and 10,600 tons of lead, up 73.77%[33]. - The company's copper production capacity is 200,000 tons per year, with lead and zinc production capacity at 400,000 tons, and gold and silver production capacities at 15 tons and 500 tons respectively[26]. - The company has established a production capacity of 6.8 million tons per year for multi-metal selection in Peru[25]. - The company has built a battery-grade high-end copper foil project with a production line of 12,000 tons, which is now in operation, filling a gap in the local industry[27]. Research and Development - The company applied for 130 patents in the first half of 2021, with 41 being invention patents, accounting for 31.5% of the total[25]. - Research and development expenses increased by 80.22% to approximately ¥17.519 million, up from ¥9.721 million, indicating a significant investment in innovation[42]. - The company has developed a new process for comprehensive recovery of copper, cadmium, and cobalt from zinc smelting slag, enhancing resource utilization[25]. - The company has established 1 academician expert workstation and 17 technology innovation platforms, including 2 national-level and 11 provincial-level platforms[34]. Environmental Responsibility - The company has implemented an environmental management model that includes pollution control and risk assessment, with key subsidiaries identified as major polluters[67]. - The company has strengthened its environmental responsibilities and management systems to align with national environmental laws and standards[67]. - The company has conducted a review of its environmental risks and has taken steps to enhance its pollution control facilities[67]. - The company achieved a 100% comprehensive utilization rate for solid waste such as smelting slag and anode mud, with hazardous waste being either self-utilized or disposed of by qualified enterprises[73]. - The company has constructed 186 sets of industrial waste gas pollution prevention facilities and 30 sets of industrial wastewater treatment facilities, ensuring compliance with environmental standards[73]. Legal and Compliance - The company reported a significant legal dispute involving a sales contract with Shanghai Honglu, with a claim amounting to RMB 125,651,109.06 for undelivered copper[90]. - The company has committed to not engage in any competitive business activities that could harm the interests of its shareholders, ensuring compliance with relevant regulations[88]. - The major shareholder, Guoan Group, has faced liquidity issues leading to debt defaults and ongoing litigation, which may impact the company's operations[93]. - The company has not reported any significant related party transactions that could affect its financial standing[88]. Employee and Talent Management - The company has a total of 7,323 employees, with 49.3% being various types of talents, including 3,205 professional technical talents[30]. - The company has a dynamic talent management system, with a focus on attracting and cultivating high-end professionals in various engineering fields[31]. Financial Management - The company's cash and cash equivalents at the end of the period amounted to approximately ¥4.666 billion, representing a 39.66% increase from ¥3.341 billion[45]. - The financial expenses decreased by 43.78% to approximately ¥355.430 million, down from ¥632.265 million, due to reduced interest expenses and increased foreign exchange gains[42]. - The company reported a significant increase in contract liabilities, which rose by 138.81% to approximately ¥2.174 billion, reflecting higher prepayments received for products[45]. - The total amount of related party transactions for the current period is CNY 40,891,328.16, compared to CNY 91,557,810.52 in the previous period[95]. Risk Management - The company has implemented a comprehensive risk management system, establishing a three-tier risk prevention framework[35]. - The company is currently implementing a 6.8 million tons/year tailings comprehensive utilization expansion project, with construction underway on the main plant[33]. - The company is actively managing its debt and risk exposure in light of recent financial challenges faced by its major shareholder[93]. Corporate Governance - The company held its first temporary shareholders' meeting on March 2, 2021, where several proposals were approved, including daily related transactions and comprehensive credit applications[59]. - The company announced changes in its board and management personnel, including the election of Wang Bin as General Manager and the appointment of new independent directors[62]. - The company has appointed new board members and independent directors following recent resignations[63].