兴业银锡(000426) - 2020 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential information, the report's structure, and definitions of key terms used throughout the document Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - The company's main business may face risks such as market price fluctuations, production safety, environmental protection, and policy changes[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this period[5] Table of Contents This report's clear directory structure covers key chapters including important notices, company profile, business overview, management discussion and analysis, significant matters, share changes, preferred and convertible bonds, director/supervisor/senior management information, corporate bonds, financial reports, and reference documents Definitions This section defines common terms used in the report, including major entity names like China Securities Regulatory Commission, Shenzhen Stock Exchange, and the company, as well as the reporting period (January 1, 2020, to June 30, 2020) Main Definition Items | Definition Item | Refers to | Definition Content | | :--- | :--- | :--- | | Company / This Company / Listed Company / Xingye Mining | Refers to | Inner Mongolia Xingye Mining Co., Ltd | | Xingye Group | Refers to | Inner Mongolia Xingye Group Co., Ltd | | Xilin Mining | Refers to | Inner Mongolia Xingye Group Xilin Mining Co., Ltd | | Reporting Period | Refers to | January 1, 2020 - June 30, 2020 | Company Profile and Key Financial Indicators This section outlines the company's basic information and presents a summary of its key financial performance and position during the reporting period Company Profile Inner Mongolia Xingye Mining Co., Ltd., stock ticker "Xingye Mining" and stock code 000426, is listed on the Shenzhen Stock Exchange, with its legal representative being Ji Xingye and contact address in Chifeng City, Inner Mongolia Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Xingye Mining | | Stock Code | 000426 | | Stock Exchange for Listing | Shenzhen Stock Exchange | | Company Chinese Name | Inner Mongolia Xingye Mining Co., Ltd | | Legal Representative | Ji Xingye | - The company's contact information and information disclosure location remained unchanged during the reporting period, as detailed in the 2019 annual report[10][11] Key Accounting Data and Financial Indicators During the reporting period, the company's key financial indicators significantly declined, with operating revenue decreasing by 30.16% and net profit attributable to shareholders falling by 135.58% to -183.85 million yuan Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 235,873,581.60 | 337,755,185.38 | -30.16% | | Net Profit Attributable to Shareholders of Listed Company | -183,853,767.13 | -78,041,673.15 | -135.58% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -118,344,515.17 | -57,784,912.07 | -104.80% | | Net Cash Flow from Operating Activities | -2,197,227.65 | 181,605,334.22 | -101.21% | | Basic Earnings Per Share (yuan/share) | -0.1001 | -0.0425 | -135.53% | | Diluted Earnings Per Share (yuan/share) | -0.1001 | -0.0425 | -135.53% | | Weighted Average Return on Net Assets | -3.50% | -1.50% | -2.00% | | Current Reporting Period End vs. Prior Year End | | | | | Total Assets | 9,053,273,462.34 | 9,269,385,280.99 | -2.33% | | Net Assets Attributable to Shareholders of Listed Company | 5,147,796,413.55 | 5,369,239,276.80 | -4.12% | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses totaled -65.51 million yuan, primarily driven by non-current asset disposal losses, government subsidies, debt restructuring gains, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | -4,428,668.48 | | Government subsidies recognized in current profit or loss | 226,087.39 | | Debt restructuring gains and losses | 218,284.07 | | Other non-operating income and expenses apart from the above | -76,906,802.17 | | Less: Income tax impact | -15,381,847.23 | | Total | -65,509,251.96 | Business Overview This section details the company's primary business activities, main products, operating model, significant asset changes, and core competitive advantages Main Businesses During the Reporting Period The company's main business is non-ferrous and precious metal mining and smelting, which remained unchanged during the reporting period, with 11 subsidiaries operating across mining, smelting, investment, and trading segments - The company's main business is non-ferrous and precious metal mining and smelting, with no significant changes during the reporting period[16] - The company has 11 subsidiaries, categorized into four segments: mining, smelting, investment, and trading[16] - Revenue from non-ferrous metal mining accounted for 98.89% of total operating revenue from January to June 2020, with performance driven by product output, sales volume, market prices, and mining costs[16] Main Products and Uses The company's main products include lead, zinc, silver, tin, copper, and iron, along with bismuth and tungsten, which are essential basic materials widely used across various industries from electronics to defense - The company's main products include non-ferrous metals such as lead, zinc, silver, tin, copper, and iron, as well as bismuth and tungsten[16] - Zinc is primarily used in galvanizing, brass, zinc-based alloys, and chemical products; lead is mainly used in lead-acid batteries and radiation shielding equipment[16][17] - Silver is widely used in industrial sectors such as electronics, renewable energy, and healthcare; tin is extensively used in solder, tinplate, and tin chemicals[18][19] - Copper is widely applied in electrical, electronic, machinery manufacturing, construction, and defense industries; iron ore is primarily used for steelmaking[20] - Tungsten is an indispensable basic material and strategic resource for the national economy and modern defense, used in manufacturing hard alloys and cutting tools; bismuth is mainly used in fusible alloys, fire extinguishing devices, pharmaceuticals, and superconducting materials[21][22] Main Business Model The company operates a complete industrial chain from resource exploration to sales, primarily selling multi-variety associated ore as concentrates or mixed concentrates, with a focus on planned procurement, self-produced raw ore, and market-driven sales strategies - The company possesses multi-variety associated ores, primarily selling products such as concentrates or mixed concentrates[23] - The company has established a relatively complete industrial chain encompassing non-ferrous metal resource exploration, reserves, development, mining, smelting, and trading[23] - The procurement model involves planned procurement through bidding, inquiry and comparison, and framework agreements, with strict supervision and approval processes[23] - The production model primarily uses self-produced raw ore, with mining and beneficiation operations organized according to annual production plans and continuous process optimization[24] - The sales model adopts a "produce-to-sell" approach, ensuring full production and sales through public bidding, pricing, payment-before-delivery, and payment-on-delivery strategies[24] Significant Changes in Major Assets During the reporting period, no significant changes occurred in the company's major assets, including equity investments, fixed assets, intangible assets, and construction in progress Significant Changes in Major Assets | Major Asset | Significant Change Description | | :--- | :--- | | Equity Investments | No significant changes occurred | | Fixed Assets | No significant changes occurred | | Intangible Assets | No significant changes occurred | | Construction in Progress | No significant changes occurred | - The company had no major overseas assets during the reporting period[26] Core Competitiveness Analysis The company's core competitiveness remained stable, stemming from its advantageous location in Inner Mongolia's rich mineral resource region, extensive mineral reserves, large production scale (e.g., Yinman Mining as the largest silver producer), controlling shareholder's resource support, and strong talent and technological advantages in mining and management - The company's location in Inner Mongolia, which boasts the largest mineral resource reserves in China, provides a significant geographical advantage for its development[26][27] - The company possesses abundant mineral resources and a large production scale, with its subsidiary Yinman Mining being the largest silver production mine in China, demonstrating strong profitability[28] - The controlling shareholder, Xingye Group, has committed to transferring its exploration rights into mining rights and injecting them into the listed company, further enriching the company's product portfolio and resource reserves[29] - The company has cultivated a team of highly qualified professionals in mineral exploration, mining, smelting, and enterprise management, utilizing industry-leading process equipment and automated control technologies[30] Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial position, investment activities, and risk management strategies during the reporting period Overview In the first half of 2020, the company's operating performance significantly declined due to COVID-19 related delays in resuming work, leading to reduced production and sales, although key subsidiaries like Yinman Mining have resumed operations and new projects have commenced production - In the first half of 2020, the company and its subsidiaries experienced delays in resuming work due to the COVID-19 pandemic, resulting in a year-on-year decrease in the production and sales of main products[31] Key Financial Performance for H1 2020 | Indicator | Amount (10,000 yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 23,587.36 | -30.16% | | Total Profit | -23,105.36 | -160.85% | | Net Profit Attributable to Shareholders of Listed Company | -18,385.38 | -135.58% | - Subsidiary Yinman Mining has resumed production; Qianjinda Mining has restarted construction, with production expected in Q4 2020; Rongbang Mining officially commenced production during the reporting period[32] Main Business Analysis The company's main business revenue decreased by 30.16% due to reduced production and sales caused by the pandemic, with zinc concentrate revenue declining significantly while iron and lead concentrate revenues increased due to higher prices and sales volumes Key Financial Data YoY Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 235,873,581.60 | 337,755,185.38 | -30.16% | Reduced production and sales due to pandemic | | Operating Cost | 128,418,434.22 | 158,135,878.43 | -18.79% | Reduced production and sales due to pandemic | | Selling Expenses | 591,499.11 | 1,057,362.67 | -44.06% | Decrease in sales volume of door-to-door delivery products | | Administrative Expenses | 143,197,799.71 | 134,239,449.59 | 6.67% | Expenses during shutdown period recognized in current profit or loss | | Financial Expenses | 83,466,431.39 | 81,297,756.35 | 2.67% | Increase in interest expenses | | Income Tax Expense | -47,198,718.63 | -10,535,517.04 | -348.00% | Decrease in total profit | | Net Cash Flow from Operating Activities | -2,197,227.65 | 181,605,334.22 | -101.21% | Decrease in cash received from sales of goods and services | | Net Cash Flow from Investing Activities | -88,584,805.86 | -134,344,829.04 | 34.06% | Decrease in cash paid for acquisition of fixed assets, intangible assets, etc | | Net Cash Flow from Financing Activities | -87,804,987.78 | -70,138,269.21 | -25.19% | Increase in cash paid for debt repayment | | Net Increase in Cash and Cash Equivalents | -178,587,021.29 | -22,877,764.03 | -680.61% | Decrease in net cash flow from operating activities | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | % of Operating Revenue | Prior Year Period Amount (yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Mining Industry | 233,244,867.64 | 98.89% | 336,120,800.99 | 99.52% | -30.61% | | | Other | 2,628,713.96 | 1.11% | 1,634,384.39 | 0.48% | 60.84% | | By Product | Zinc Concentrate | 121,864,795.86 | 51.67% | 182,327,393.46 | 53.98% | -33.16% | | | Iron Concentrate | 81,897,151.37 | 34.72% | 56,174,247.10 | 16.63% | 45.79% | | | Lead Concentrate | 14,240,853.44 | 6.04% | 9,646,567.08 | 2.86% | 47.63% | | | Lead-Silver Concentrate | 9,577,077.56 | 4.06% | 17,578,497.63 | 5.20% | -45.52% | | | Copper-Silver Concentrate | 3,239,448.52 | 1.37% | 30,249,672.89 | 8.96% | -89.29% | | | Low-grade Tin Concentrate | 7,841.81 | 0.00% | 1,757,645.69 | 0.52% | -99.55% | | | Tungsten Concentrate | 2,417,699.08 | 1.02% | - | 0.00% | 100% | | | Tin Concentrate | - | 0.00% | 38,386,777.14 | 11.37% | -100.00% | | By Region | Domestic Sales | 235,873,581.60 | 100.00% | 337,755,185.38 | 100.00% | -30.16% | - The year-on-year decrease in operating revenue and operating cost in the mining industry was primarily due to the impact of the COVID-19 pandemic, which delayed the resumption of work for the company and its subsidiaries, leading to reduced production and sales of main products[36] - The year-on-year increase in operating revenue and operating cost for iron concentrate was mainly due to changes in macroeconomic conditions and market supply-demand dynamics, resulting in higher sales prices and increased sales volumes[38] Analysis of Assets and Liabilities The company's asset and liability structure changed, with long-term equity investments increasing due to an equity transfer and equity method accounting, while construction in progress and long-term borrowings decreased due to reclassification and asset transfers Significant Changes in Asset Composition | Item | Current Period End Amount (yuan) | % of Total Assets | Prior Year End Amount (yuan) | % of Total Assets | % Change | Significant Change Description | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 34,217,999.36 | 0.38% | 21,814,377.76 | 0.24% | 0.14% | No significant changes occurred | | Accounts Receivable | 72,054,229.60 | 0.80% | 86,380,592.71 | 0.96% | -0.16% | Decrease in accounts receivable balance | | Inventories | 151,948,603.66 | 1.68% | 229,353,746.19 | 2.55% | -0.87% | Decrease in inventory of finished goods and work-in-progress | | Long-term Equity Investments | 490,169,735.78 | 5.41% | 291,339,613.24 | 3.23% | 2.18% | Equity transfer of Tiantong Mining, remaining equity accounted for by equity method | | Fixed Assets | 2,994,111,995.37 | 33.07% | 2,970,702,484.11 | 32.97% | 0.10% | No significant changes occurred | | Construction in Progress | 751,475,843.33 | 8.30% | 840,796,143.10 | 9.33% | -1.03% | Part of Qianjinda Mining's shaft engineering transferred to fixed assets | | Short-term Borrowings | 545,900,190.29 | 6.03% | 545,000,000.00 | 6.05% | -0.02% | No significant changes occurred | | Long-term Borrowings | 420,769,700.00 | 4.65% | 544,538,903.11 | 6.04% | -1.39% | Reclassification of long-term borrowings due within one year | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (yuan) | Fair Value Change Gain/Loss for the Period (yuan) | Cumulative Fair Value Change Recognized in Equity (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 267,495,370.91 | -52,295,370.91 | 105,826,927.93 | 215,200,000.00 | Investment Analysis During the reporting period, the company did not undertake any significant equity investments, non-equity investments, or derivative investments - The company had no securities investments during the reporting period[41] - The company had no derivative investments during the reporting period[42] Significant Asset and Equity Disposals During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[43] - The company did not dispose of any significant equity during the reporting period[43] Analysis of Major Holding and Participating Companies The company's major subsidiaries, including Rongguan Mining, Yinman Mining, Xilin Mining, Rongbang Mining, and Qianjinda Mining, primarily engage in non-ferrous metal mining, with varying financial performances during the period Major Subsidiary Financial Data (H1 2020) | Company Name | Company Type | Main Business | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xingye Group Xilin Mining Co., Ltd | Subsidiary | Non-ferrous metal mining | 542,417,495.99 | 184,134,888.97 | 5,705,930.52 | -23,584,262.40 | -18,835,164.60 | | Inner Mongolia Xingye Group Rongguan Mining Co., Ltd | Subsidiary | Non-ferrous metal mining | 923,552,760.15 | 363,496,737.57 | 185,944,912.05 | 74,824,781.91 | 45,944,687.97 | | Xilingol Shuangyuan Non-ferrous Metal Smelting Co., Ltd | Subsidiary | Non-ferrous metal smelting | 87,721,308.11 | -816,519,899.30 | - | -5,338,941.01 | -5,343,745.36 | | Xiwuzhumuqin Qi Yinman Mining Co., Ltd | Subsidiary | Non-ferrous metal mining | 3,531,194,321.83 | 2,294,910,335.64 | 16,060,479.76 | -74,910,073.76 | -69,467,624.24 | | Chifeng Rongbang Mining Co., Ltd | Subsidiary | Non-ferrous metal mining | 375,857,491.04 | 43,384,894.40 | 29,382,996.39 | -6,436,829.51 | -5,337,999.54 | | Zhengxiangbai Qi Qianjinda Mining Co., Ltd | Subsidiary | Non-ferrous metal mining | 660,938,862.96 | 109,414,096.85 | 1,666.70 | -1,867,485.51 | -2,597,670.75 | Risks Faced by the Company and Countermeasures The company faces risks from market price fluctuations, production safety, environmental protection, and policy changes, which it addresses through market forecasting, hedging, safety investments, environmental management, and strategic resource acquisition - The company's main business may face market price fluctuation risks, significantly influenced by international non-ferrous metal prices and macroeconomic conditions[48] - Mining activities inherently carry safety production risks such as rockfalls, roof collapses, and subsidence[48] - Mineral resource mining and beneficiation processes may generate waste, leading to environmental pollution, landscape changes, and soil erosion risks[49] - The paid acquisition system for mining and exploration rights may pose policy risks, as failure to renew or obtain mining rights in a timely manner could impact production and operations[49][50] - Countermeasures include strengthening market forecasting, engaging in futures hedging, increasing safety investments, enhancing environmental management, and seeking and reserving strategic resources[50] Significant Matters This section details important events during the reporting period, including shareholder meetings, profit distribution plans, unfulfilled commitments, litigation, integrity status, related party transactions, significant contracts, social responsibility, and subsidiary-specific significant matters Annual and Extraordinary General Meetings During the Reporting Period During the reporting period, the company held its first and second extraordinary general meetings in 2020, as well as the 2019 annual general meeting, with investor participation rates ranging from 38.36% to 41.94% Shareholder Meetings During the Reporting Period | Meeting Session | Meeting Type | Investor Participation Rate | Date Held | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | | 2020 First Extraordinary General Meeting | Extraordinary General Meeting | 41.94% | May 11, 2020 | May 12, 2020 | | 2020 Second Extraordinary General Meeting | Extraordinary General Meeting | 38.36% | May 29, 2020 | May 30, 2020 | | 2019 Annual General Meeting | Annual General Meeting | 41.71% | June 29, 2020 | June 30, 2020 | Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[52] Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company The controlling shareholder, Xingye Group, and its concerted parties have multiple unfulfilled performance compensation commitments totaling 104.77 million yuan and 127.16 million shares, with judicial restructuring proceedings currently underway - Xingye Group, Ji Wei, Ji Xiang, and Ji Zhe committed that Yinman Mining's mining rights assets would achieve a cumulative net profit of no less than 1,293.47 million yuan for 2017-2019[54] - Xingye Group committed that Tanghe Times would achieve a cumulative audited net profit after tax of no less than 370.72 million yuan for 2019-2021[54] - Xingye Group's unfulfilled performance compensation for Rongbang Mining in 2017 and 2018 amounted to 5.65 million yuan and 19.87 million yuan, respectively, and for Tanghe Times in 2017 amounted to 79.25 million yuan, totaling 104.77 million yuan, with a remaining balance of 86.52 million yuan after deducting dividends payable and rent[55] - Yinman Mining failed to meet its performance commitments for 2017-2019, requiring compensation of 770.57 million yuan, corresponding to 127,156,540 shares and cash dividends of 5.07 million yuan[55] - Due to Xingye Group entering judicial restructuring, the company is currently unable to proceed with share repurchase and cancellation and will continue to urge them to fulfill their compensation obligations[55] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[56] Litigation Matters The company is involved in a lawsuit with Tibet Pengxi Investment Co., Ltd. regarding a 51% equity transfer agreement for Tongdu Mining, where the company lost in the first instance and has appealed - The company is involved in a lawsuit with Tibet Pengxi Investment Co., Ltd. regarding a 51% equity transfer agreement for Tongdu Mining, initiated by Tibet Pengxi[57] - The company lost in the first instance, ordered to pay equity transfer fees and liquidated damages, and has recognized a provision of 57.10 million yuan (of which 56.91 million yuan in liquidated damages was recognized as non-operating expenses)[57][228][249] - The company has appealed to the Yunnan Provincial Higher People's Court, with the date for the second instance hearing yet to be announced[57] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company's controlling shareholder, Xingye Group, entered judicial restructuring proceedings on October 8, 2019, which are steadily progressing as of the end of the reporting period - The company's controlling shareholder, Xingye Group, received a civil ruling from the court on October 8, 2019, accepting its restructuring application and formally entering restructuring proceedings[59] - On July 13, 2020, Xingye Group held its first creditor's meeting, electing a creditors' committee, and the restructuring work is steadily progressing[59] Significant Related Party Transactions During the reporting period, the company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, or joint external investments, but did have non-operating related party receivables and payables - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[61][62] Related Party Receivables and Payables (Period-end Balance) | Related Party | Related Relationship | Reason for Formation | Period-end Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Inner Mongolia Xingye Group Co., Ltd | Controlling Shareholder | Tanghe Times, Rongbang Mining performance compensation | 8,651.93 | | Kunming Dongchuan Tongdu Mining Co., Ltd | Joint Venture | Current account | 3,409.8 | | Chen Barag Banner Tiantong Mining Co., Ltd | Joint Venture | Current account | 0 (Opening 1,922.82) | | Inner Mongolia Xingye Group Co., Ltd | Controlling Shareholder | Rent | 718.42 | Significant Contracts and Their Performance The company had no significant entrustment, contracting, wealth management, or other major contracts during the reporting period, but engaged in office building leases with its controlling shareholder and provided significant guarantees for subsidiaries - The company leases office buildings from its controlling shareholder, Xingye Group, for a term from January 1, 2018, to December 31, 2020, with an annual rent of 7,184,160.00 yuan[66][67] Company Guarantees for Subsidiaries (Period-end) | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Tanghe Times | 75,708.15 | 58,415 | Joint and several liability guarantee | 1-5 years | No | Subsidiary Guarantees for Subsidiaries (Period-end) | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Xilin Mining | 4,300 | 4,300 | Mortgage | 3 years | No | | Xilin Mining | 4,000 | 4,000 | Mortgage | 3 years | No | | Xilin Mining | 4,000 | 4,000 | Mortgage | 3 years | No | - As of the end of the reporting period, the total approved guarantee limit was 1,080 million yuan, with an actual guarantee balance of 707.15 million yuan, accounting for 13.74% of the company's net assets[70] Social Responsibility The company prioritizes environmental protection, ensuring compliance with regulations and achieving green mining certifications for several subsidiaries, while actively pursuing land reclamation and geological environment restoration - All of the company's subsidiaries are not listed as key polluting units by environmental protection authorities, and their pollutant discharge concentrations meet discharge standards[72] - Subsidiary Yinman Mining has completed the environmental protection acceptance for its mine water emergency disposal project and obtained a pollutant discharge permit[72][73] - Subsidiaries Xilin Mining, Rongguan Mining, and Rongbang Mining have all passed the autonomous region-level green mine construction assessment[76][77] - The company actively promotes land reclamation and geological environment management, further improving the ecological environment of its mining areas[75] - The company has not undertaken any targeted poverty alleviation work during the semi-annual reporting period and has no immediate plans for future targeted poverty alleviation[78] Significant Matters of Company Subsidiaries Yinman Mining, a wholly-owned subsidiary, which had been suspended since a major safety accident on February 23, 2019, has now completed its rectification, passed expert acceptance, retrieved its safety production license, and resumed operations - The company's wholly-owned subsidiary, Yinman Mining, had been in a state of production suspension and business closure since a major safety production accident on February 23, 2019[79] - As of now, Yinman Mining's rectification has passed expert acceptance, it has retrieved its "Safety Production License," and has resumed production[79] Share Changes and Shareholder Information This section details the company's share capital movements and the ownership structure, including major shareholders and their shareholding status Share Change Status During the reporting period, the company's restricted shares decreased by 14.21 million shares, while unrestricted shares increased by the same amount, with the total share capital remaining unchanged at 1,837,192,219 shares Share Change Status | Item | Number of Shares Before Change (shares) | Proportion | Net Increase/Decrease in This Change (shares) | Number of Shares After Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 376,108,102 | 20.47% | -14,210,313 | 361,897,789 | 19.70% | | II. Unrestricted Shares | 1,461,084,117 | 79.53% | 14,210,313 | 1,475,294,430 | 80.30% | | III. Total Shares | 1,837,192,219 | 100.00% | 0 | 1,837,192,219 | 100.00% | Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 32,618 common shareholders, with the top ten shareholders including the controlling shareholder, Inner Mongolia Xingye Group, whose shares are fully pledged and frozen - As of the end of the reporting period, the total number of common shareholders was 32,618[83] Top 10 Common Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Common Shares Held at Period-end (shares) | Number of Restricted Common Shares Held (shares) | Number of Unrestricted Common Shares Held (shares) | Share Status | Number of Pledged or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xingye Group Co., Ltd | Domestic Non-state-owned Legal Person | 30.27% | 556,075,350 | 191,875,264 | 364,200,086 | Pledged/Frozen | 555,000,086/556,075,350 | | Gansu Northwest Mining Group Co., Ltd | Domestic Non-state-owned Legal Person | 7.94% | 145,823,042 | 0 | 145,823,042 | Pledged/Frozen | 145,823,042/145,823,042 | | Chifeng Fulong Public (Group) Co., Ltd | State-owned Legal Person | 7.52% | 138,184,794 | 0 | 138,184,794 | Pledged | 40,000,000 | | Li Xianlai | Domestic Natural Person | 4.94% | 90,771,793 | 0 | 90,771,793 | Pledged | 83,629,999 | | Ji Xiang | Domestic Natural Person | 3.63% | 66,623,003 | 66,223,003 | 400,000 | Pledged | 66,223,003 | | Ji Wei | Domestic Natural Person | 3.60% | 66,223,003 | 66,223,003 | 0 | Pledged | 66,223,003 | | Ji Zhe | Domestic Natural Person | 1.62% | 29,798,597 | 29,798,597 | 0 | Pledged | 29,798,597 | | Li Jia | Domestic Natural Person | 1.33% | 24,492,900 | 0 | 24,492,900 | Pledged | 24,480,000 | - Natural person shareholder Ji Xiang is the son of Ji Xingye, the actual controller of the company's controlling shareholder Xingye Group; Ji Wei is the daughter of Ji Xingye; Ji Zhe is the daughter of Ji Xingjun, the company's general manager and director[84] Preferred Shares Related Information This section confirms that the company had no preferred shares during the reporting period No Preferred Shares During the Reporting Period The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[87] Convertible Corporate Bonds Related Information This section confirms that the company had no convertible corporate bonds during the reporting period No Convertible Corporate Bonds During the Reporting Period The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[88] Directors, Supervisors, and Senior Management Information This section provides details on the shareholding and changes of the company's directors, supervisors, and senior management Shareholding Changes of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[89] Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes during the reporting period[90] Corporate Bonds Related Information This section confirms that the company has no publicly issued corporate bonds listed on stock exchanges that are either undue or not fully redeemed by the approval date of the semi-annual report No Publicly Issued Corporate Bonds Listed on Stock Exchanges That Are Undue or Not Fully Redeemed by the Approval Date of the Semi-Annual Report The company has no publicly issued corporate bonds listed on stock exchanges that are either undue or not fully redeemed by the approval date of the semi-annual report - The company has no publicly issued corporate bonds listed on stock exchanges that are either undue or not fully redeemed by the approval date of the semi-annual report[91] Financial Report This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on major items, accounting policies, and risk disclosures Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[92] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2020, providing a comprehensive view of its financial position and operating results Consolidated Balance Sheet As of June 30, 2020, the company's consolidated total assets were 9.05 billion yuan, a 2.33% decrease from the end of 2019, with total liabilities at 3.90 billion yuan and total owners' equity at 5.15 billion yuan Consolidated Balance Sheet Key Data | Item | June 30, 2020 (yuan) | December 31, 2019 (yuan) | | :--- | :--- | :--- | | Total Assets | 9,053,273,462.34 | 9,269,385,280.99 | | Total Current Assets | 592,946,863.00 | 778,547,530.38 | | Total Non-current Assets | 8,460,326,599.34 | 8,490,837,750.61 | | Total Liabilities | 3,899,850,926.72 | 3,894,518,817.70 | | Total Owners' Equity | 5,153,422,535.62 | 5,374,866,463.29 | Parent Company Balance Sheet As of June 30, 2020, the parent company's total assets were 5.97 billion yuan, a slight increase from the end of 2019, with total liabilities at 1.31 billion yuan and total owners' equity at 4.65 billion yuan Parent Company Balance Sheet Key Data | Item | June 30, 2020 (yuan) | December 31, 2019 (yuan) | | :--- | :--- | :--- | | Total Assets | 5,966,668,280.23 | 5,897,041,169.86 | | Total Current Assets | 1,161,085,441.13 | 1,069,694,534.65 | | Total Non-current Assets | 4,805,582,839.10 | 4,827,346,635.21 | | Total Liabilities | 1,313,710,549.18 | 1,297,527,945.49 | | Total Owners' Equity | 4,652,957,731.05 | 4,599,513,224.37 | Consolidated Income Statement In the first half of 2020, the company's consolidated total operating revenue was 235.87 million yuan, a 30.16% year-on-year decrease, resulting in a total loss of 231.05 million yuan and a net loss attributable to parent company owners of 183.85 million yuan Consolidated Income Statement Key Data | Item | H1 2020 (yuan) | H1 2019 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 235,873,581.60 | 337,755,185.38 | | Total Operating Cost | 379,202,883.12 | 405,219,992.37 | | Total Profit | -231,053,550.18 | -88,577,723.74 | | Net Profit | -183,854,831.55 | -78,042,206.70 | | Net Profit Attributable to Parent Company Owners | -183,853,767.13 | -78,041,673.15 | | Basic Earnings Per Share | -0.1001 | -0.0425 | Parent Company Income Statement In the first half of 2020, the parent company's operating revenue was 19.01 million yuan, a 19.98% year-on-year decrease, with a total profit of 60.88 million yuan and a net profit of 92.67 million yuan Parent Company Income Statement Key Data | Item | H1 2020 (yuan) | H1 2019 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 19,007,398.44 | 23,726,752.42 | | Operating Profit | 117,787,196.93 | 477,858,318.09 | | Total Profit | 60,879,189.20 | 477,858,318.09 | | Net Profit | 92,666,034.87 | 496,133,907.80 | | Total Comprehensive Income | 53,444,506.68 | 500,945,305.29 | Consolidated Cash Flow Statement In the first half of 2020, the company's net cash flow from operating activities was -2.20 million yuan, from investing activities was -88.58 million yuan, and from financing activities was -87.80 million yuan, resulting in a net decrease in cash and cash equivalents of 178.59 million yuan Consolidated Cash Flow Statement Key Data | Item | H1 2020 (yuan) | H1 2019 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,197,227.65 | 181,605,334.22 | | Net Cash Flow from Investing Activities | -88,584,805.86 | -134,344,829.04 | | Net Cash Flow from Financing Activities | -87,804,987.78 | -70,138,269.21 | | Net Increase in Cash and Cash Equivalents | -178,587,021.29 | -22,877,764.03 | Parent Company Cash Flow Statement In the first half of 2020, the parent company's net cash flow from operating activities was -150.31 million yuan, from investing activities was 189.92 million yuan, and from financing activities was -40.96 million yuan, leading to a net decrease in cash and cash equivalents of 1.35 million yuan Parent Company Cash Flow Statement Key Data | Item | H1 2020 (yuan) | H1 2019 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -150,305,447.15 | -479,841,717.08 | | Net Cash Flow from Investing Activities | 189,920,832.00 | 524,582,000.00 | | Net Cash Flow from Financing Activities | -40,960,567.74 | -44,488,888.89 | | Net Increase in Cash and Cash Equivalents | -1,345,182.89 | 251,394.03 | Consolidated Statement of Changes in Owners' Equity In the first half of 2020, the company's consolidated total owners' equity decreased by 221.44 million yuan, primarily due to a net loss attributable to parent company owners of 183.85 million yuan and a 39.22 million yuan decrease in other comprehensive income Consolidated Statement of Changes in Owners' Equity | Item | Opening Balance (yuan) | Change in Current Period (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 5,369,239,276.80 | -221,442,863.25 | 5,147,796,413.55 | | Minority Interests | 5,627,186.49 | -1,064.42 | 5,626,122.07 | | Total Owners' Equity | 5,374,866,463.29 | -221,443,927.67 | 5,153,422,535.62 | Parent Company Statement of Changes in Owners' Equity In the first half of 2020, the parent company's total owners' equity increased by 53.44 million yuan, mainly driven by a net profit of 92.67 million yuan, partially offset by a 39.22 million yuan decrease in other comprehensive income Parent Company Statement of Changes in Owners' Equity | Item | Opening Balance (yuan) | Change in Current Period (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,599,513,224.37 | 53,444,506.68 | 4,652,957,731.05 | Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the Accounting Standards for Business Enterprises - Basic Standards and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[112] - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period[113] Company's Major Accounting Policies, Accounting Estimates, and Prior Period Errors This section details the company's key accounting policies and estimates, including financial instruments, receivables, inventories, fixed assets, intangible assets, and revenue recognition, noting the adoption of new revenue standards in 2020 - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, and cash flows[115] - The company adopted the new revenue standard from January 1, 2020, reclassifying customer prepayments to contract liabilities and other current liabilities[167][171][175] Impact of New Revenue Standard Adjustment on Consolidated Balance Sheet (January 1, 2020) | Item | December 31, 2019 (yuan) | January 1, 2020 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Advances from Customers | 142,746,424.67 | - | -142,746,424.67 | | Contract Liabilities | - | 126,324,269.63 | 126,324,269.63 | | Other Current Liabilities | 2,438,161.36 | 18,860,316.40 | 16,422,155.04 | Taxation The company's main taxes include corporate income tax (25%), VAT (16%, 13%, with gold products exempt), urban construction tax (1%, 5%, 7%), education surcharge (5%), and resource tax (ranging from 3% to 7% for various minerals), with no tax incentives during the reporting period Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Corporate Income Tax | 25% | | Value-Added Tax | 16%, 13% (gold products exempt) | | Urban Construction Tax | 1%, 5%, 7% | | Education Surcharge | 5% | | Resource Tax | Lead, Zinc ore 6%; Silver, Iron ore 5%; Tin ore 3%; Copper ore 7%; Tungsten ore 6.5% | - The company had no tax incentives or approvals during the reporting period[177] Notes to Major Items of Consolidated Financial Statements This section provides detailed notes for each major item in the consolidated financial statements, covering monetary funds, receivables, inventories, fixed assets, intangible assets, borrowings, payables, employee compensation, taxes, and various gains and losses, along with disclosures on restricted assets, financial instrument risks, and fair value measurements Monetary Funds The period-end balance of monetary funds was 34.22 million yuan, a significant decrease from the opening balance of 227.58 million yuan, with restricted funds totaling 7.45 million yuan primarily due to frozen bank deposits and environmental governance deposits Monetary Funds Detailed Classification | Item | Period-end Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | Cash | 333,438.52 | 412,970.08 | | Bank Deposits | 26,518,995.46 | 207,164,379.58 | | Other Monetary Funds | 7,365,565.38 | 20,000,253.17 | | Total | 34,217,999.36 | 227,577,602.83 | - The total restricted monetary funds at period-end amounted to 7,446,226.66 yuan, including bank deposits of 80,661.28 yuan frozen due to contract disputes and environmental governance deposits of 7,365,565.38 yuan[179] Accounts Receivable The period-end book value of accounts receivable was 72.05 million yuan, with a bad debt provision of 9.15 million yuan, representing an impairment rate of 11.27%, primarily concentrated in receivables due within one to two years Accounts Receivable by Category | Category | Book Balance (yuan) | Proportion (%) | Bad Debt Provision (yuan) | Impairment Rate (%) | Book Value (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bad debt provision calculated by portfolio | 81,202,619.51 | 100.00 | 9,148,389.91 | 11.27 | 72,054,229.60 | Accounts Receivable by Aging | Aging | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 year | 963,069.94 | | 1 to 2 years | 79,043,681.29 | | Over 5 years | 1,195,868.28 | | Total | 81,202,619.51 | Prepayments The period-end balance of prepayments was 11.11 million yuan, a significant increase from the opening balance of 4.41 million yuan, with 91.29% of prepayments due within one year, and the top five prepayments accounting for 80.69% of the total Prepayments by Aging | Aging | Period-end Balance (yuan) | Proportion (%) | Opening Balance (yuan) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 10,145,067.21 | 91.29 | 3,219,819.70 | 73.08 | | 1 to 2 years | 286,769.57 | 2.58 | 663,764.48 | 15.06 | | 2 to 3 years | 118,553.70 | 1.07 | 2,830.19 | 0.06 | | Over 3 years | 562,597.74 | 5.06 | 520,007.38 | 11.80 | | Total | 11,112,988.22 | 100.00 | 4,406,421.75 | 100.00 | - The aggregated amount of the top five prepayments by payee at period-end was 8,967,438.29 yuan, accounting for 80.69% of the total prepayments at period-end[186] Other Receivables The period-end book balance of other receivables was 295.03 million yuan, with a bad debt provision of 53.83 million yuan, primarily comprising equity transfer payments, performance compensation, related party current accounts, and investment earnest money Other Receivables by Nature of Funds | Nature of Funds | Period-end Book Balance (yuan) | Opening Book Balance (yuan) | | :--- | :--- | :--- | | Equity transfer payment | 105,952,501.00 | 105,952,501.00 | | Performance compensation | 86,519,284.27 | 86,519,284.27 | | Related party current accounts | 50,770,831.01 | 63,166,900.00 | | Investment earnest money | 40,000,000.00 | 40,000,000.00 | | Total | 295,030,308.42 | 307,175,868.98 | Other Receivables Bad Debt Provision Accrual | Bad Debt Provision | Balance as of January 1, 2020 (yuan) | Accrued in Current Period (yuan) | Balance as of June 30, 2020 (yuan) | | :--- | :--- | :--- | :--- | | Total | 48,519,015.32 | 5,310,150.47 | 53,829,165.79 | - The company recognized a full impairment provision for dividends receivable from Baoshang Bank Co., Ltd. due to its severe credit risk[189] Top Five Other Receivables by Debtor at Period-end | Unit Name | Nature of Funds | Period-end Balance (yuan) | Aging | % of Total Other Receivables | Period-end Bad Debt Provision (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Linxi Yixin Mining Co., Ltd | Equity transfer payment | 105,952,501.00 | Within 1 year | 35.91 | 5,297,625.05 | | Inner Mongolia Xingye Group Co., Ltd | Performance compensation | 86,519,284.27 | Within 3 years | 29.33 | 17,303,856.85 | | Anhui Xinhua Financial Group Co., Ltd | Investment earnest money | 40,000,000.00 | 1 to 2 years | 13.56 | 4,000,000.00 | | Kunming Dongchuan Tongdu Mining Co., Ltd | Related party current accounts | 34,098,000.00 | 1 to 2 years | 11.56 | 1,704,900.00 | | Bairin Right Banner Juyuan Mining Co., Ltd | Related party current accounts | 16,672,831.01 | Within 3 years | 5.65 | 16,672,831.01 | Inventories The period-end book value of inventories was 151.95 million yuan, an increase from the opening balance of 140.92 million yuan, with inventory impairment provisions totaling 1.63 million yuan, mainly for raw materials, work-in-progress, and finished goods Inventory Classification and Impairment Provisions | Item | Period-end Book Value (yuan) | Opening Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 73,196,355.28 | 73,358,863.84 | | Work-in-progress | 48,639,566.30 | 41,953,817.35 | | Finished Goods | 27,968,021.20 | 25,599,362.15 | | Total | 151,948,603.66 | 140,921,388.47 | | Total Inventory Impairment Provisions | 1,626,041.96 | 1,415,749.99 | Other Current Assets The period-end total of other current assets was 80.01 million yuan, primarily consisting of deductible input VAT of 76.66 million yuan and deferred expenses of 3.34 million yuan Other Current Assets Details | Item | Period-end Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | Deductible Input VAT | 76,663,334.45 | 75,226,011.30 | | Deferred Expenses - Rent | 3,337,012.75 | - | | Prepaid Taxes | 11,552.33 | 4,939.16 | | Deferred Expenses - Heating | - | 283,342.17 | | Total | 80,011,899.53 | 75,514,292.63 | Long-term Equity Investments The period-end book value of long-term equity investments was 490.17 million yuan, mainly comprising investments in joint venture Tongdu Mining and associate Tiantong Mining, with an investment loss of 3.68 million yuan for the current period Long-term Equity Investments | Investee | Opening Balance (yuan) | Investment Gains/Losses Recognized under Equity Method (yuan) | Closing Balance (yuan) | | :--- | :--- | :--- | :--- | | Kunming Dongchuan Tongdu Mining Co., Ltd | 289,558,186.24 | -1,849,652.73 | 287,708,533.51 | | Chen Barag Banner Tiantong Mining Co., Ltd | 204,292,197.66 | -1,830,995.39 | 202,461,202.27 | | Total | 493,850,383.90 | -3,680,648.12 | 490,169,735.78 | Other Equity Instrument Investments The period-end balance of other equity instrument investments was 215.20 million yuan, a decrease from the opening balance of 267.50 million yuan, with the investment in Baoshang Bank Co., Ltd. having a fair value of zero due to severe credit risk Other Equity Instrument Investments | Item | Period-end Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | China Credit Trust Co., Ltd | 215,200,000.00 | 257,812,750.91 | | Baoshang Bank Co., Ltd | - | 9,682,620.00 | | Total | 215,200,000.00 | 267,495,370.91 | - The equity investment in Baoshang Bank Co., Ltd. had a fair value of zero at period-end due to its severe insolvency[198] Fixed Assets The period-end book value of fixed assets was 2.99 billion yuan, an increase from the opening balance of 2.91 billion yuan, with 154.22 million yuan transferred from construction in progress and 352.38 million yuan of fixed assets lacking property certificates Fixed Assets Classification | Item | Period-end Book Value (yuan) | Opening Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 1,671,065,535.27 | 1,697,822,139.39 | | Shaft Engineering Assets | 827,735,320.98 | 687,358,827.81 | | Machinery and Equipment | 467,133,774.97 | 491,495,079.01 | | Transportation Equipment | 14,351,209.32 | 24,926,190.38 | | Other Equipment | 13,826,154.83 | 12,635,934.18 | | Total | 2,994,111,995.37 | 2,914,238,170.77 | - The original value of fixed assets increased by 164.72 million yuan in the current period, of which 154.22 million yuan was transferred from construction in progress[201] - The net value of fixed assets for which property certificates had not yet been obtained at period-end was 352.38 million yuan[204] Construction in Progress The period-end book value of construction in progress was 751.48 million yuan, a decrease from the opening balance of 877.78 million yuan, with major projects including Qianjinda Mining's silver-lead-zinc polymetallic mining and beneficiation project, which transferred 153.27 million yuan to fixed assets Construction in Progress | Item | Period-end Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | Construction in Progress | 741,521,082.86 | 867,793,595.09 | | Engineering Materials | 9,954,760.47 | 9,986,159.59 | | Total | 751,475,843.33 | 877,779,754.68 | Major Construction in Progress Projects | Project Name | Budget (yuan) | Period-end Book Value (yuan) | Project Progress (%) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Qianjinda Mining - Silver-Lead-Zinc Polymetallic Mine 300,000 tons/year Mining and Beneficiation Project | 527,610,000.00 | 296,933,812.06 | 85.33% | Own funds | | Tanghe Times - Copper-Nickel Mine 3.3 million tons/year Mining and Beneficiation Project | 1,137,490,000.00 | 354,992,361.37 | 31.21% | Own funds and special borrowings | | Ruineng Mining - Dazuozi Mountain Lead-Zinc Mine Shaft Construction Project | 36,216,100.00 | 35,311,449.00 | 97.50% | Own funds | - Qianjinda Mining's silver-lead-zinc polymetallic mining and beneficiation project transferred 153.27 million yuan to fixed assets in the current period[207] Intangible Assets The period-end book value of intangible assets was 3.37 billion yuan, primarily comprising mining rights, exploration and development costs, and geological results totaling 3.19 billion yuan, and land use rights of 174.45 million yuan Intangible Assets Classification | Item | Period-end Book Value (yuan) | Opening Book Value (yuan) | | :--- | :--- | :--- | | Land Use Rights | 174,446,330.30 | 153,418,123.11 | | Mining Rights, Exploration and Development Costs, and Geological Results | 3,187,611,889.12 | 3,208,213,524.81 | | Software Use Rights | 3,433,903.72 | 2,867,438.28 | | Total | 3,365,492,123.14 | 3,364,499,086.20 | - The original value of intangible assets increased by 23.76 million yuan in the current period, and accumulated amortization increased by 22.77 million yuan[211] Goodwill The period-end book value of goodwill was 193.43 million yuan, mainly from Zhengxiangbai Qi Qianjinda Mining Co., Ltd., with no changes or impairment provisions recognized in the current period Goodwill Book Value | Name of Investee or Event Forming Goodwill | Opening Balance (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | | Xiwuzhumuqin Qi Yitong Mining Co., Ltd | 36,124.55 | 36,124.55 | | Zhengxiangbai Qi Qianjinda Mining Co., Ltd | 193,396,894.32 | 193,396,894.32 | | Total | 193,433,018.87 | 193,433,018.87 | - There were no changes in goodwill or impairment provisions recognized in the current period[212] Long-term Deferred Expenses The period-end balance of long-term deferred expenses was 35.20 million yuan, primarily consisting of temporary land use expenditures, with an increase of 1.92 million yuan and amortization of 0.96 million yuan in the current period Long-term Deferred Expenses Details | Item | Opening Balance (yuan) | Increase in Current Period (yuan) | Amortization in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Temporary Land Use Expenditures | 34,217,514.50 | 1,916,867.99 | 955,242.25 | 35,179,140.24 | | Equipment Lease | 23,664.71 | - | 5,194.68 | 18,470.03 | | Total | 34,241,179.21 | 1,916,867.99 | 960,436.93 | 35,197,610.27 | Deferred Income Tax Assets and Liabilities The period-end total deferred income tax assets were 310.81 million yuan, mainly from uncompensated losses and fixed asset depreciation, while deferred income tax liabilities totaled 431.14 million yuan, primarily from asset revaluation gains and fair value changes of other equity instruments Recognized Deferred Income Tax Assets | Item | Period-end Deferred Income Tax Assets (yuan) | Opening Deferred Income Tax Assets (yuan) | | :--- | :--- | :--- | | Uncompensated Losses | 241,965,671.46 | 189,710,230.51 | | Fixed Asset Depreciation | 25,564,821.76 | 28,197,445.05 | | Bad Debt Provisions | 15,502,864.00 | 14,167,491.87 | | Total | 310,809,845.98 | 244,061,995.72 | Recognized Deferred Income Tax Liabilities | Item | Period-end Deferred Income Tax Liabilities (yuan) | Opening Deferred Income Tax Liabilities (yuan) | | :--- | :--- | :--- | | Asset Revaluation Gains | 337,265,056.00 | 341,578,178.30 | | Fair Value Changes of Other Equity Instrument Investments | 37,696,297.65 | 48,349,485.37 | | Total | 431,135,019.24 | 444,900,956.83 | - Unrecognized deductible losses for deferred income tax assets totaled 321.51 million yuan, expiring between 2020 and 2025[216] Other Non-current Assets The period-end total of other non-current assets was 104.44 million yuan, primarily comprising prepaid land acquisition fees of 69.11 million yuan, prepaid equipment purchases of 17.93 million yuan, and prepaid engineering costs of 15.91 million yuan Other Non-current Assets Details | Item | Period-end Balance (yuan) | Opening Balance (yuan) | | :--- | :--- | :--- | | Prepaid Land Acquisition Fees | 69,113,809.88 | 82,760,293.35 | | Prepaid Equipment Purchases | 17,929,130.17 | 16,128,769.53 | | Prepaid Engineering Costs | 15,907,961.34 | 864,202.26 | | Prepaid Exploration Fees | 1,485,525.21 | 1,485,525.21 | | Total | 104,436,426.60 | 101,238,790.35 | Short-term Borrowings The period-end total of short-term borrowings was 545.90 million yuan, primarily consisting of secured and guaranteed borrowings, with intere